Cover
Cover | 3 Months Ended |
Mar. 31, 2023 shares | |
Entity Listings [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2023 |
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 | 1,331,917,887 |
Entity Central Index Key | 0000092230 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q1 |
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, $5 par value |
Trading Symbol | TFC |
Security Exchange Name | NYSE |
Series I | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock |
Trading Symbol | TFC.PI |
Security Exchange Name | NYSE |
Series J Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock |
Trading Symbol | TFC.PJ |
Security Exchange Name | NYSE |
Series O | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PO |
Security Exchange Name | NYSE |
Series R Preferred Stock | |
Entity Listings [Line Items] | |
Title of 12(b) Security | Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock |
Trading Symbol | TFC.PR |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and Due from Banks | $ 4,629 | $ 5,379 |
Interest-bearing deposits with banks | 32,967 | 16,042 |
Securities borrowed or purchased under agreements to resell | 3,637 | 3,181 |
Trading assets at fair value | 4,601 | 4,905 |
AFS securities at fair value | 71,858 | 71,801 |
HTM securities (fair value of $48,097 and $47,791, respectively) | 56,932 | 57,713 |
LHFS (including $1,911 and $1,065 at fair value, respectively) | 2,160 | 1,444 |
Total loans and leases | 327,673 | 325,991 |
ALLL | (4,479) | (4,377) |
Loans and leases, net of ALLL | 323,194 | 321,614 |
Premises and equipment | 3,519 | 3,605 |
Goodwill | 27,014 | 27,013 |
CDI and other intangible assets | 3,535 | 3,672 |
Loan servicing rights at fair value | 3,303 | 3,758 |
Other assets (including $1,549 and $1,582 at fair value, respectively) | 37,005 | 35,128 |
Total assets | 574,354 | 555,255 |
Liabilities | ||
Noninterest-bearing deposits | 128,719 | 135,742 |
Interest-bearing deposits | 276,278 | 277,753 |
Short-term borrowings (including $1,789 and $1,551 at fair value, respectively) | 23,678 | 23,422 |
Long-term debt | 69,895 | 43,203 |
Other liabilities (including $2,589 and $2,971 at fair value, respectively) | 13,390 | 14,598 |
Total liabilities | 511,960 | 494,718 |
Shareholders’ Equity | ||
Preferred stock | 6,673 | 6,673 |
Common stock, $5 par value | 6,660 | 6,634 |
Additional paid-in capital | 34,582 | 34,544 |
Retained earnings | 27,038 | 26,264 |
AOCI, net of deferred income taxes | (12,581) | (13,601) |
Noncontrolling interests | 22 | 23 |
Total shareholders’ equity | 62,394 | 60,537 |
Total liabilities and shareholders’ equity | $ 574,354 | $ 555,255 |
Common shares outstanding | 1,331,918 | 1,326,829 |
Common shares authorized | 2,000,000 | 2,000,000 |
Preferred shares outstanding | 223 | 223 |
Preferred shares authorized | 5,000 | 5,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
HTM securities, Fair Value | $ 48,097 | $ 47,791 |
Loans Held for Sale, Fair Value | 1,911 | 1,065 |
Loans Receivable, Fair Value Disclosure | 17 | 18 |
Other Assets, Fair Value Disclosure | 1,549 | 1,582 |
Short-term borrowings, fair value | 1,789 | 1,551 |
Other Liabilities, Fair Value Disclosure | $ 2,589 | $ 2,971 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income | ||
Interest and fees on loans and leases | $ 4,656 | $ 2,644 |
Interest on securities | 752 | 640 |
Interest on other earning assets | 377 | 73 |
Total interest income | 5,785 | 3,357 |
Interest Expense | ||
Interest on deposits | 1,125 | 32 |
Interest on long-term debt | 514 | 132 |
Interest on other borrowings | 278 | 10 |
Total interest expense | 1,917 | 174 |
Net Interest Income | 3,868 | 3,183 |
Provision for credit losses | 502 | (95) |
Net Interest Income After Provision for Credit Losses | 3,366 | 3,278 |
Noninterest Income | ||
Noninterest income | 2,234 | 2,142 |
Noninterest Expense | ||
Personnel expense | 2,181 | 2,051 |
Professional fees and outside processing | 314 | 363 |
Software expense | 214 | 232 |
Net occupancy expense | 183 | 208 |
Amortization of intangibles | 136 | 137 |
Equipment expense | 110 | 118 |
Marketing and customer development | 78 | 84 |
Operating lease depreciation | 46 | 48 |
Regulatory costs | 75 | 35 |
Merger-related and restructuring charges | 63 | 216 |
Other expense | 291 | 182 |
Total noninterest expense | 3,691 | 3,674 |
Earnings | ||
Income before income taxes | 1,909 | 1,746 |
Provision for income taxes | 394 | 330 |
Net income | 1,515 | 1,416 |
Noncontrolling interests | 2 | 1 |
Preferred stock dividends and other | 103 | 88 |
Net income available to common shareholders | $ 1,410 | $ 1,327 |
Basic EPS | $ 1.06 | $ 1 |
Diluted EPS | $ 1.05 | $ 0.99 |
Basic weighted average shares outstanding (in shares) | 1,328,602 | 1,329,037 |
Diluted weighted average shares outstanding (in shares) | 1,339,480 | 1,341,563 |
Insurance income | ||
Noninterest Income | ||
Noninterest income | $ 813 | $ 727 |
Wealth management income | ||
Noninterest Income | ||
Noninterest income | 339 | 343 |
Investment banking and trading income | ||
Noninterest Income | ||
Noninterest income | 261 | 261 |
Service charges on deposits | ||
Noninterest Income | ||
Noninterest income | 249 | 252 |
Card and payment related fees | ||
Noninterest Income | ||
Noninterest income | 230 | 212 |
Mortgage banking income | ||
Noninterest Income | ||
Noninterest income | 142 | 121 |
Lending related fees | ||
Noninterest Income | ||
Noninterest income | 106 | 85 |
Operating lease income | ||
Noninterest Income | ||
Noninterest income | 67 | 58 |
Securities gains (losses) | ||
Noninterest Income | ||
Noninterest income | 0 | (69) |
Other income | ||
Noninterest Income | ||
Noninterest income | $ 27 | $ 152 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,515 | $ 1,416 |
OCI, net of tax: | ||
Net change in net pension and postretirement costs | (14) | 8 |
Net change in cash flow hedges | 125 | 5 |
Net change in AFS securities | 853 | (4,989) |
Net change in HTM securities | 55 | 44 |
Other, net | 1 | 1 |
Total OCI, net of tax | 1,020 | (4,931) |
Total OCI | 2,535 | (3,515) |
Income Tax Effect of Items Included in OCI: | ||
Net change in net pension and postretirement costs | (3) | 2 |
Net change in cash flow hedges | 38 | 1 |
Net change in AFS securities | 262 | (1,513) |
Net change in HTM securities | 15 | 13 |
Total income taxes related to OCI | $ 312 | $ (1,497) |
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, 2021 | $ 69,271 | $ 6,639 | $ 6,673 | $ 34,565 | $ 22,998 | $ (1,604) | |
Beginning balance (in shares) at Dec. 31, 2021 | 1,327,818 | ||||||
Add (Deduct): | |||||||
Net income | 1,416 | 1,415 | $ 1 | ||||
OCI | (4,931) | (4,931) | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (89) | $ 18 | (106) | (1) | |||
Issued in connection with equity awards, net (in shares) | 3,596 | ||||||
Cash dividends declared on common stock | (637) | (637) | |||||
Cash dividends declared on preferred stock | (88) | (88) | |||||
Equity-based compensation expense | 80 | 80 | |||||
Other, net | 22 | 22 | |||||
Ending balance at Mar. 31, 2022 | 65,044 | $ 6,657 | 6,673 | 34,539 | 23,687 | (6,535) | 23 |
Ending balance (in shares) at Mar. 31, 2022 | 1,331,414 | ||||||
Beginning balance at Dec. 31, 2022 | $ 60,537 | $ 6,634 | 6,673 | 34,544 | 26,264 | (13,601) | 23 |
Beginning balance (in shares) at Dec. 31, 2022 | 1,326,829 | 1,326,829 | |||||
Add (Deduct): | |||||||
Net income | $ 1,515 | 1,513 | 2 | ||||
OCI | 1,020 | 1,020 | |||||
Stock transactions: | |||||||
Issued in connection with equity awards, net | (20) | $ 26 | (45) | (1) | |||
Issued in connection with equity awards, net (in shares) | 5,089 | ||||||
Cash dividends declared on common stock | (691) | (691) | |||||
Cash dividends declared on preferred stock | (103) | (103) | |||||
Equity-based compensation expense | 83 | 83 | |||||
Other, net | 53 | 56 | (3) | ||||
Ending balance at Mar. 31, 2023 | $ 62,394 | $ 6,660 | $ 6,673 | $ 34,582 | $ 27,038 | $ (12,581) | $ 22 |
Ending balance (in shares) at Mar. 31, 2023 | 1,331,918 | 1,331,918 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 1,515 | $ 1,416 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for credit losses | 502 | (95) |
Depreciation | 180 | 195 |
Amortization of intangibles | 136 | 137 |
Securities (gains) losses | 0 | 69 |
Net change in operating assets and liabilities: | ||
LHFS | (846) | 180 |
Loan servicing rights | 27 | (380) |
Pension asset | (1,346) | (410) |
Derivative assets and liabilities | (12) | 986 |
Trading assets | 304 | (1,497) |
Other assets and other liabilities | (490) | (558) |
Other, net | 148 | (231) |
Net cash from operating activities | 118 | (188) |
Cash Flows From Investing Activities: | ||
Proceeds from sales of AFS securities | 4 | 3,127 |
Proceeds from maturities, calls and paydowns of AFS securities | 1,279 | 5,259 |
Purchases of AFS securities | (140) | (7,219) |
Proceeds from maturities, calls and paydowns of HTM securities | 858 | 857 |
Purchases of HTM securities | 0 | (3,020) |
Originations and purchases of loans and leases, net of sales and principal collected | (1,835) | (134) |
Net cash received (paid) for FHLB stock | (1,147) | (1) |
Net cash received (paid) for securities borrowed or purchased under agreements to resell | (456) | 1,706 |
Net cash received (paid) for asset acquisitions, business combinations, and divestitures | 0 | (488) |
Other, net | (613) | (121) |
Net cash from investing activities | (2,050) | (34) |
Cash Flows From Financing Activities: | ||
Net change in deposits | (8,498) | 11,842 |
Net change in short-term borrowings | 224 | (145) |
Proceeds from issuance of long-term debt | 35,029 | 66 |
Repayment of long-term debt | (8,444) | (1,699) |
Cash dividends paid on common stock | (691) | (637) |
Cash dividends paid on preferred stock | (103) | (88) |
Net cash received (paid) for hedge unwinds | (378) | (198) |
Other, net | (32) | (92) |
Net cash from financing activities | 17,107 | 9,049 |
Net Change in Cash and Cash Equivalents | 15,175 | 8,827 |
Cash and Cash Equivalents, January 1 | 21,421 | 20,295 |
Cash and Cash Equivalents, March 31 | 36,596 | 29,122 |
Supplemental Disclosure of Cash Flow Information: | ||
Net cash paid (received) during the period for interest expense | 1,667 | 156 |
Net cash paid (received) during the period for income taxes | 23 | 40 |
Noncash investing activities: | ||
Transfer of AFS securities to HTM | $ 0 | $ 59,436 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 should be referred to in connection with these unaudited interim consolidated financial statements. The Company updated its accounting policies in connection with recently adopted accounting standards. There were no other 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, 2022 that could have a material effect on the Company’s financial statements. Reclassifications In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Additionally, during the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior periods were revised to conform to the current presentation. Certain other 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 during the reporting periods. 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 securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. Loan Modifications In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers that are experiencing financial difficulty. The scope of these loan modifications varies from portfolio to portfolio but generally falls into one of the following categories: • Renewals: represent the renewal of a loan where the Company has concluded that the borrower is experiencing financial difficulty. Commercial renewals result in an extension of the maturity date of the loan (or in some cases a contraction of the loan term), and other significant terms of the loan (e.g., interest rate, collateral, guarantor support, etc.) are re-evaluated in connection with the renewal event. • Term extensions: represent an adjustment to the maturity date of the loan that typically results in a reduction to the borrower’s scheduled payment over the remainder of the loan. • Capitalizations: represents the capitalization of forborne loan payments and/or other amounts advanced on behalf of the borrower into the principal balance of a residential mortgage loan. • Payment delays: provide the borrower with a temporary postponement of loan payments that is considered other-than-insignificant, which has been defined as a payment delay that exceeds 90 days, or three payment cycles, over a rolling 12-month period. These postponed loan payments may result in an extension of the ultimate maturity date of the loan or may be capitalized into the principal balance of the loan in certain circumstances. • Combinations: in certain circumstances more than one type of a modification is provided to a borrower (e.g., interest rate reduction and term extension). • Other: represents other types of loan modifications that are not considered significant for disclosure purposes. The Company has identified borrowers that are included in the Loan Modifications disclosures in “Note 5. Loans and ACL” as follows: • Commercial: the Company evaluates all modifications of loans to commercial borrowers that are rated substandard or worse and includes the modifications in its disclosure to the extent that the modification is considered other-than-insignificant. • Consumer and credit card: loan modifications to consumer and credit borrowers are generally limited to borrowers that are experiencing financial difficulty. As a result, the Company evaluates all modifications of consumer and credit card loans and includes them in the disclosure to the extent that they are considered other-than insignificant. Refer to the Annual Report on Form 10-K for the year ended December 31, 2022 for accounting policies related to prior period, including the Company’s TDR policies. ALLL The ALLL represents management’s best estimate of expected future credit losses related to its loan and lease portfolio at the balance sheet date. The Company’s ALLL estimation process gives consideration to relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. The quantitative models used to forecast expected credit losses use portfolio balances, macroeconomic forecast data, portfolio composition and loan attributes as the primary inputs. Loss estimates are informed by historical loss experience that includes losses incurred on loans that were previously modified by the Company. As a result, the Company has concluded that aside from the limited circumstances where principal forgiveness is granted to a borrower, the financial effect of loan modifications is already inherently included in the ALLL. Income Taxes The Company’s provision for income taxes is based on income and expense reported for financial statement purposes after adjustments for permanent differences such as interest income from lending to tax-exempt entities, tax credits, and amortization expense related to qualified tax credit investments. In computing the provision for income taxes, the Company evaluates the technical merits of its income tax positions based on current legislative, judicial, and regulatory guidance. The proportional amortization method of accounting is used on affordable housing and other qualified tax credit investments, such that the initial cost of the investment giving rise to tax credits is amortized in proportion to the allocation of tax credits in each period as a component of the provision for income taxes. Truist includes the initial investment cash flows and subsequent credits within operating activities in the Consolidated Statement of Cash Flows. Standard / Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Troubled Debt Restructurings and Vintage Disclosures Eliminates TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. Truist adopted this standard on a modified-retrospective basis. Upon adoption, the Company eliminated the separate ACL estimation process for loans classified as TDRs. The adoption of this standard did not have a material impact on the financial statements. The Company’s revised disclosures in accordance with the new standard are included in “Note 5. Loans and ACL.” Fair Value Hedging – Portfolio Layer Method Introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio. Additionally, expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The adoption of this standard did not have a material impact on the Company’s active last-of-layer hedges. Investments in Tax Credit Structures Allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, reporting entities were only permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit structures. Truist early adopted this standard on a modified-retrospective basis. The adoption of this standard did not have a material impact on the financial statements. Refer to “Note 14. Commitments and Contingencies” for additional information regarding tax credit investments. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Business Combinations, Divestitures, and Noncontrolling Interests Noncontrolling Interest On April 3, 2023, the Company completed its sale of a 20% stake of the common equity in Truist Insurance Holdings, LLC to an investor group led by Stone Point Capital, LLC for $1.95 billion, with the proceeds, net of tax, recognized as an increase to shareholders’ equity. In connection with the transaction, the noncontrolling interest holder received profit interests representing 3.75% coverage on Truist Insurance Holdings’ fully diluted equity value at transaction close, and certain consent and exit rights commensurate with a noncontrolling investor. The transaction allows Truist to maintain strategic flexibility and future upside in Truist Insurance Holdings, which will continue to benefit from Truist’s operations, access to capital, and client relationships, while creating additional opportunities for growth of Truist Insurance Holdings through the support of a strong blue-chip investor in Stone Point Capital. |
Securities Financing Activities
Securities Financing Activities | 3 Months Ended |
Mar. 31, 2023 | |
Offsetting [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure | Securities Financing Activities Securities purchased under agreements to resell 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. The following table presents securities borrowed or purchased under agreements to resell: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Securities purchased under agreements to resell $ 2,685 $ 2,415 Securities borrowed 952 766 Total securities borrowed or purchased under agreements to resell $ 3,637 $ 3,181 Fair value of collateral permitted to be resold or repledged $ 3,520 $ 3,058 Fair value of securities resold or repledged 657 864 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 14. 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: March 31, 2023 December 31, 2022 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 631 $ 10 $ 641 $ 318 $ — $ 318 State and Municipal 297 — 297 272 — 272 GSE 23 — 23 74 — 74 Agency MBS - residential 666 6 672 1,019 26 1,045 Corporate and other debt securities 185 304 489 369 50 419 Total securities sold under agreements to repurchase $ 1,802 $ 320 $ 2,122 $ 2,052 $ 76 $ 2,128 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 | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Investment Securities The following tables summarize the Company’s AFS and HTM securities: March 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,083 $ 2 $ 644 $ 10,441 GSE 332 — 31 301 Agency MBS - residential 64,382 1 9,208 55,175 Agency MBS - commercial 2,872 — 474 2,398 States and political subdivisions 425 17 17 425 Non-agency MBS 3,884 — 786 3,098 Other 20 — — 20 Total AFS securities $ 82,998 $ 20 $ 11,160 $ 71,858 HTM securities: Agency MBS - residential $ 56,932 $ — $ 8,835 $ 48,097 December 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,080 $ — $ 785 $ 10,295 GSE 339 — 36 303 Agency MBS - residential 65,377 — 10,152 55,225 Agency MBS - commercial 2,887 — 463 2,424 States and political subdivisions 425 15 24 416 Non-agency MBS 3,927 — 810 3,117 Other 21 — — 21 Total AFS securities $ 84,056 $ 15 $ 12,270 $ 71,801 HTM securities: Agency MBS - residential $ 57,713 $ — $ 9,922 $ 47,791 The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below: March 31, 2023 (Dollars in millions) Amortized Cost Fair Value FNMA $ 41,783 $ 35,517 FHLMC 42,308 35,747 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 be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value March 31, 2023 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 $ 2,587 $ 8,448 $ 19 $ 29 $ 11,083 $ 2,528 $ 7,869 $ 18 $ 26 $ 10,441 GSE — 7 11 314 332 — 7 10 284 301 Agency MBS - residential — 65 580 63,737 64,382 — 62 547 54,566 55,175 Agency MBS - commercial 1 7 71 2,793 2,872 1 7 68 2,322 2,398 States and political subdivisions 3 94 139 189 425 3 93 148 181 425 Non-agency MBS — — — 3,884 3,884 — — — 3,098 3,098 Other 6 — 14 — 20 6 — 14 — 20 Total AFS securities $ 2,597 $ 8,621 $ 834 $ 70,946 $ 82,998 $ 2,538 $ 8,038 $ 805 $ 60,477 $ 71,858 HTM securities: Agency MBS - residential $ — $ — $ — $ 56,932 $ 56,932 $ — $ — $ — $ 48,097 $ 48,097 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 March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 1,267 $ 27 $ 8,977 $ 617 $ 10,244 $ 644 GSE 112 5 175 26 287 31 Agency MBS - residential 1,267 65 53,717 9,143 54,984 9,208 Agency MBS - commercial 318 24 2,066 450 2,384 474 States and political subdivisions 42 1 210 16 252 17 Non-agency MBS — — 3,098 786 3,098 786 Other 5 — 15 — 20 — Total $ 3,011 $ 122 $ 68,258 $ 11,038 $ 71,269 $ 11,160 HTM securities: Agency MBS - residential $ — $ — $ 48,097 $ 8,835 $ 48,097 $ 8,835 Less than 12 months 12 months or more Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 2,069 $ 49 $ 8,186 $ 736 $ 10,255 $ 785 GSE 180 14 114 22 294 36 Agency MBS - residential 25,041 3,263 30,050 6,889 55,091 10,152 Agency MBS - commercial 790 92 1,631 371 2,421 463 States and political subdivisions 251 21 20 3 271 24 Non-agency MBS — — 3,117 810 3,117 810 Other 21 — — — 21 — Total $ 28,352 $ 3,439 $ 43,118 $ 8,831 $ 71,470 $ 12,270 HTM securities: Agency MBS - residential $ 29,369 $ 5,613 $ 18,422 $ 4,309 $ 47,791 $ 9,922 At March 31, 2023 and December 31, 2022, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio, including non-agency MBS, 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. HTM debt securities consist of residential agency MBS. Accordingly, the Company does not expect to incur any credit losses on investment securities. The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Three Months Ended March 31, 2023 2022 Gross realized gains $ — $ 13 Gross realized losses — (82) Securities gains (losses), net $ — $ (69) |
Loans and ACL
Loans and ACL | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Loans and ACL | Loans and ACL In the first quarter of 2023, the Company adopted the Troubled Debt Restructurings and Vintage Disclosures accounting standard. Certain newly required disclosures in this footnote are presented as of and for the period ended March 31, 2023 only as the adoption of this guidance did not impact the prior periods. As such, disclosures were provided related to TDRs as of December 31, 2022 and for the three months ended March 31, 2022 under prior accounting standards. Refer to “Note 1. Basis of Presentation” for additional information. The following tables present loans and leases HFI by aging category. Government guaranteed loans are not placed on nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured. Accruing March 31, 2023 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 166,663 $ 125 $ 35 $ 394 $ 167,217 CRE 22,519 34 — 117 22,670 Commercial construction 5,947 3 — 1 5,951 Consumer: Residential mortgage 55,057 491 674 233 56,455 Home equity 10,370 65 10 132 10,577 Indirect auto 26,498 511 — 270 27,279 Other consumer 27,523 164 10 45 27,742 Student 4,046 356 594 — 4,996 Credit card 4,692 56 38 — 4,786 Total $ 323,315 $ 1,805 $ 1,361 $ 1,192 $ 327,673 (1) Includes government guaranteed loans of $649 million in the residential mortgage portfolio and $590 million in the student portfolio. Accruing December 31, 2022 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 163,604 $ 256 $ 49 $ 398 $ 164,307 CRE 22,568 25 1 82 22,676 Commercial construction 5,844 5 — — 5,849 Consumer: Residential mortgage 55,005 614 786 240 56,645 Home equity 10,661 68 12 135 10,876 Indirect auto 27,015 646 1 289 27,951 Other consumer 27,289 187 13 44 27,533 Student 4,179 402 706 — 5,287 Credit card 4,766 64 37 — 4,867 Total $ 320,931 $ 2,267 $ 1,605 $ 1,188 $ 325,991 (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student portfolio. The following tables present the amortized cost basis of loans by origination year and credit quality indicator: March 31, 2023 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial: Pass $ 9,673 $ 41,280 $ 19,702 $ 10,213 $ 7,556 $ 13,686 $ 59,715 $ — $ (217) $ 161,608 Special mention 56 585 357 113 83 137 643 — — 1,974 Substandard 65 745 375 166 452 440 998 — — 3,241 Nonperforming 1 55 50 41 22 57 168 — — 394 Total 9,795 42,665 20,484 10,533 8,113 14,320 61,524 — (217) 167,217 Gross charge-offs — 9 15 1 3 15 32 — — 75 CRE: Pass 1,042 5,649 3,269 2,302 3,426 3,902 834 — (74) 20,350 Special mention 6 273 113 74 289 208 — — — 963 Substandard 38 223 47 33 526 372 1 — — 1,240 Nonperforming — 37 3 2 — 75 — — — 117 Total 1,086 6,182 3,432 2,411 4,241 4,557 835 — (74) 22,670 Gross charge-offs — 2 — — — 4 — — — 6 Commercial construction: Pass 219 1,628 1,618 636 219 157 1,021 — — 5,498 Special mention 37 84 36 176 — — 1 — — 334 Substandard 1 39 6 19 — 53 — — — 118 Nonperforming — — — — 1 — — — — 1 Total 257 1,751 1,660 831 220 210 1,022 — — 5,951 Consumer: Residential mortgage: Current 649 13,827 17,194 6,076 3,037 14,274 — — — 55,057 30 - 89 days past due 2 33 57 25 29 345 — — — 491 90 days or more past due — 11 29 50 56 528 — — — 674 Nonperforming — 6 11 9 12 195 — — — 233 Total 651 13,877 17,291 6,160 3,134 15,342 — — — 56,455 Gross charge-offs — — 1 — — — — — — 1 Home equity: Current 6,506 3,864 — 10,370 30 - 89 days past due 44 21 — 65 90 days or more past due 6 4 — 10 Nonperforming 46 86 — 132 Total — — — — — — 6,602 3,975 — 10,577 Gross charge-offs — — — — — — 2 — — 2 Indirect auto: Current 2,077 10,757 6,504 3,667 2,147 1,339 — — 7 26,498 30 - 89 days past due 6 147 130 82 70 76 — — — 511 Nonperforming — 57 71 49 48 45 — — — 270 Total 2,083 10,961 6,705 3,798 2,265 1,460 — — 7 27,279 Gross charge-offs — 39 34 17 16 21 — — — 127 Other consumer: Current 2,915 10,324 5,181 2,777 1,563 1,690 3,053 20 — 27,523 30 - 89 days past due 4 71 36 20 16 12 4 1 — 164 90 days or more past due — 8 1 — — — 1 — — 10 Nonperforming — 4 15 10 6 9 — 1 — 45 Total 2,919 10,407 5,233 2,807 1,585 1,711 3,058 22 — 27,742 Gross charge-offs — 45 25 14 10 5 6 — — 105 Student: Current — — — 16 66 3,964 — — — 4,046 30 - 89 days past due — — — — 1 355 — — — 356 90 days or more past due — — — — 1 593 — — — 594 Total — — — 16 68 4,912 — — — 4,996 Gross charge-offs — — — — — 5 — — — 5 Credit card: Current 4,675 17 — 4,692 30 - 89 days past due 54 2 — 56 90 days or more past due 36 2 — 38 Total — — — — — — 4,765 21 — 4,786 Gross charge-offs — — — — — — 50 1 — 51 Total $ 16,791 $ 85,843 $ 54,805 $ 26,556 $ 19,626 $ 42,512 $ 77,806 $ 4,018 $ (284) $ 327,673 Gross charge-offs $ — $ 95 $ 75 $ 32 $ 29 $ 50 $ 90 $ 1 $ — $ 372 December 31, 2022 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial: Pass $ 45,890 $ 21,642 $ 11,219 $ 8,258 $ 4,977 $ 9,686 $ 57,854 $ — $ (199) $ 159,327 Special mention 243 302 143 160 61 88 721 — — 1,718 Substandard 518 387 113 413 249 187 997 — — 2,864 Nonperforming 47 53 10 28 46 27 187 — — 398 Total 46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199) 164,307 CRE: Pass 6,141 3,595 2,220 3,846 2,092 2,265 757 — (70) 20,846 Special mention 106 118 74 229 281 5 18 — — 831 Substandard 106 99 35 422 121 134 — — — 917 Nonperforming — 3 — — 77 2 — — — 82 Total 6,353 3,815 2,329 4,497 2,571 2,406 775 — (70) 22,676 Commercial construction: Pass 1,501 1,500 825 290 212 71 1,056 — — 5,455 Special mention 80 — 93 — — — 35 — — 208 Substandard 114 — 18 1 53 — — — — 186 Total 1,695 1,500 936 291 265 71 1,091 — — 5,849 Consumer: Residential mortgage: Current 13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 30 - 89 days past due 55 61 32 37 43 386 — — — 614 90 or more days past due 5 31 62 62 91 535 — — — 786 Nonperforming 4 6 10 12 17 191 — — — 240 Total 13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 Home equity: Current 6,843 3,818 — 10,661 30 - 89 days past due 48 20 — 68 90 days or more past due 9 3 — 12 Nonperforming 44 91 — 135 Total — — — — — — 6,944 3,932 — 10,876 Indirect auto: Current 11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 30 - 89 days past due 147 174 111 100 60 54 — — — 646 90 days or more past due 1 — — — — — — — — 1 Nonperforming 41 77 56 56 34 25 — — — 289 Total 11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 Other consumer: Current 11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 30 - 89 days past due 68 44 26 20 10 7 10 2 — 187 90 days or more past due 8 1 1 1 — — 2 — — 13 Nonperforming 4 11 8 9 2 8 2 — — 44 Total 11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 Student: Current — — 17 71 57 4,034 — — — 4,179 30 - 89 days past due — — — 1 1 400 — — — 402 90 days or more past due — — — 1 1 704 — — — 706 Total — — 17 73 59 5,138 — — — 5,287 Credit card: Current 4,750 16 — 4,766 30 - 89 days past due 63 1 — 64 90 days or more past due 36 1 — 37 Total — — — — — — 4,849 18 — 4,867 Total $ 91,819 $ 58,390 $ 28,512 $ 21,376 $ 11,830 $ 33,635 $ 76,710 $ 3,981 $ (262) $ 325,991 (1) Includes certain deferred fees and costs and other adjustments. ACL The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2022 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2022 Commercial: Commercial and industrial $ 1,426 $ (31) $ 17 $ (93) $ — $ 1,319 CRE 350 (1) 1 (67) — 283 Commercial construction 52 (1) 1 1 — 53 Consumer: Residential mortgage 308 (2) 6 (2) — 310 Home equity 96 (1) 5 (12) — 88 Indirect auto 1,022 (102) 23 14 — 957 Other consumer 714 (76) 21 38 — 697 Student 117 (6) — 3 1 115 Credit card 350 (41) 9 30 — 348 ALLL 4,435 (261) 83 (88) 1 4,170 RUFC 260 — — (7) — 253 ACL $ 4,695 $ (261) $ 83 $ (95) $ 1 $ 4,423 (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (75) $ 13 $ 151 $ (1) $ 1,497 CRE 224 (6) 1 32 — 251 Commercial construction 46 — 1 40 — 87 Consumer: Residential mortgage 399 (1) 2 13 (81) 332 Home equity 90 (2) 6 (7) — 87 Indirect auto 981 (127) 26 100 13 993 Other consumer 770 (105) 17 98 (1) 779 Student 98 (5) — 5 — 98 Credit card 360 (51) 9 40 (3) 355 ALLL 4,377 (372) 75 472 (73) 4,479 RUFC 272 — — 10 — 282 ACL $ 4,649 $ (372) $ 75 $ 482 $ (73) $ 4,761 (1) Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. The commercial ALLL increased $156 million and the consumer ALLL decreased $49 million for the three months ended March 31, 2023. The increase in the commercial ALLL primarily reflects loan growth and increased economic uncertainty. The decrease in the consumer ALLL was primarily driven by the impact of the Troubled Debt Restructurings and Vintage Disclosures accounting standard, under which reasonable expectations of TDRs are no longer considered, partially offset by increased economic uncertainty. Considerations for the increased economic uncertainty include the potential impacts related to the risks associated with inflation, rising rates, geopolitical events, and recession. 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. Forecasts of macroeconomic variables used in loss forecasting include, but are not limited to, unemployment trends, U.S. real GDP, corporate credit spreads, rental rates, property values, 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 considers optimistic and pessimistic third-party macro-economic forecasts in order to capture uncertainty in the economic environment. These forecasts, along with the primary economic forecast, are weighted 40% baseline, 30% optimistic, and 30% pessimistic in the March 31, 2023 ACL, unchanged since December 31, 2022. While the scenario weightings were unchanged, each forecast scenario reflected deterioration in certain economic variables over the reasonable and supportable forecast period when compared to the prior period. The primary economic forecast shaping the ACL estimate at March 31, 2023 included GDP growth in the low-single digits and an unemployment rate near mid-single digits. 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 March 31, 2023 ACL estimate includes adjustments to consider the impact of current and expected events or risks not captured by the loss forecasting models, the outcomes of which are uncertain and may not be completely considered by quantitative models. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: March 31, 2023 December 31, 2022 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 68 $ 326 $ 120 $ 278 CRE 11 106 75 7 Commercial construction — 1 — — Consumer: Residential mortgage — 233 4 236 Home equity 1 131 2 171 Indirect auto — 270 3 286 Other consumer — 45 — 6 Total $ 80 $ 1,112 $ 204 $ 984 The following table presents a summary of nonperforming assets and residential mortgage loans in the process of foreclosure: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Nonperforming loans and leases HFI $ 1,192 $ 1,188 Foreclosed real estate 3 4 Other foreclosed property 66 58 Total nonperforming assets $ 1,261 $ 1,250 Residential mortgage loans in the process of foreclosure $ 226 $ 248 Loan Modifications The following table summarizes the period-end amortized cost basis of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted. This table includes modification activity that occurred on or after January 1, 2023. The volume of payment delay modifications is expected to increase throughout 2023 as the cumulative period over which such modifications are evaluated gradually extends to a full 12-month rolling period: March 31, 2023 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 390 $ 51 $ — $ — $ — $ — $ — $ — $ 441 0.26 % CRE 103 — — 71 — — — — 174 0.77 Commercial construction 1 — — — — — — — 1 0.02 Consumer: Residential mortgage — 29 32 25 1 92 20 4 203 0.36 Home equity — — — — 2 — — 1 3 0.03 Indirect auto — 5 — 5 5 — — 6 21 0.08 Other consumer — 5 — — 1 — — 1 7 0.03 Credit card — — — — — — — 5 5 0.10 Total $ 494 $ 90 $ 32 $ 101 $ 9 $ 92 $ 20 $ 17 $ 855 0.26 The table above excludes trial modifications totaling $64 million as of March 31, 2023. Such modifications will be included in the modification activity disclosure if the borrower successfully completes the trial period and the loan modification is finalized. As of March 31, 2023, Truist had $353 million in unfunded lending commitments related to the modified obligations summarized in the table above. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: For the Three Months Ended March 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended weighted average term by 4 months and increased the weighted average interest rate by 0.4%. CRE Extended weighted average term by 9 months and increased the weighted average interest rate by 0.1%. Commercial construction Extended weighted average term by 5 months. Term Extensions Commercial and industrial Extended weighted average term by 3 months. Residential mortgage Extended weighted average term by 158 months. Indirect auto Extended weighted average term by 25 months. Other Consumer Extended weighted average term by 25 months. Capitalizations Residential mortgage Capitalized $19 thousand on a weighted average basis into the outstanding balance of the loan. Payment Delays CRE Provided 233 days of payment deferral on a weighted average basis. Residential mortgage Provided 195 days of payment deferral on a weighted average basis. Indirect auto Provided 129 days of payment deferral on a weighted average basis. Combination - Interest Rate Adjustment and Term Extension Residential mortgage Extended weighted average term by 97 months and decreased the weighted average interest rate by 0.8%. Home equity Extended weighted average term by 318 months and decreased the weighted average interest rate by 2.3%. Indirect auto Extended weighted average term by 11 months and decreased the weighted average interest rate by 7%. Other consumer Extended weighted average term by 101 months and decreased the weighted average interest rate by 3%. Combination - Capitalization and Term Extension Residential mortgage Extended weighted average term by 111 months and capitalized $31 thousand on a weighted average basis into the outstanding loan balance. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Extended weighted average term by 82 months, decreased weighted average interest rate by 0.3% and capitalized $23 thousand on a weighted average basis into the outstanding loan balance. Upon Truist’s determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. Truist closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the delinquency status of loans that were modified during the quarter: Payment Status (Amortized Cost Basis) March 31, 2023 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 406 $ 1 $ 34 $ 441 CRE 174 — — 174 Commercial construction 1 — — 1 Consumer: Residential mortgage 153 33 17 203 Home equity 3 — — 3 Indirect auto 19 1 1 21 Other consumer 7 — — 7 Credit card 3 1 1 5 Total $ 766 $ 36 $ 53 $ 855 Total nonaccrual loans included above $ 131 $ 10 $ 39 $ 180 The following table provides the amortized cost basis of financing receivables that were modified during the quarter that were in payment default: March 31, 2023 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 34 $ — $ — $ — $ — $ — $ — 34 Consumer: Residential mortgage — 2 1 5 6 2 1 17 Indirect auto — — — — — — 1 1 Credit card — — — — — — 1 1 Total $ 34 $ 2 $ 1 $ 5 $ 6 $ 2 $ 3 $ 53 TDRs The following table presents a summary of TDRs: (Dollars in millions) Dec 31, 2022 Performing TDRs: Commercial: Commercial and industrial $ 136 CRE 5 Commercial construction 1 Consumer: Residential mortgage 1,252 Home equity 51 Indirect auto 462 Other consumer 31 Student 30 Credit card 18 Total performing TDRs 1,986 Nonperforming TDRs 214 Total TDRs $ 2,200 ALLL attributable to TDRs $ 152 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 March 31, 2022 Type of Modification Prior Quarter Loan Balance Related ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ — $ 8 $ 10 $ — Consumer 148 191 329 15 Credit card 2 — 2 1 Re-modification of previously designated TDRs 21 11 Unearned Income, Discounts, and Net Deferred Loan Fees and Costs The following table presents additional information about loans and leases: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Unearned income, discounts, and net deferred loan fees and costs $ 299 $ 269 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 qualitative impairment test. Truist concluded 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 March 31, 2023, and therefore no triggering event occurred that required a quantitative goodwill impairment test. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information. The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2023 relates to the reorganization of Prime Rate Premium Finance Corporation. Activity during 2022 reflects the acquisition of BankDirect Capital Finance, BenefitMall, and Kensington Vanguard National Land Services. Refer to “Note 2. Business Combinations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the acquisitions and “Note 18. Operating Segments” for additional information on segments. (Dollars in millions) CB&W C&CB IH Total Goodwill, January 1, 2022 $ 16,870 $ 6,149 $ 3,079 $ 26,098 Mergers and acquisitions — — 912 912 Adjustments and other (5) 5 3 3 Goodwill, December 31, 2022 16,865 6,154 3,994 27,013 Adjustments and other — 216 (215) 1 Goodwill, March 31, 2023 $ 16,865 $ 6,370 $ 3,779 $ 27,014 The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: March 31, 2023 December 31, 2022 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,465) $ 1,008 $ 2,473 $ (1,403) $ 1,070 Other, primarily client relationship intangibles 3,802 (1,275) 2,527 3,812 (1,210) 2,602 Total $ 6,275 $ (2,740) $ 3,535 $ 6,285 $ (2,613) $ 3,672 |
Loan Servicing
Loan Servicing | 3 Months Ended |
Mar. 31, 2023 | |
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, commercial mortgages, and other consumer loans. Servicing rights are capitalized by the Company as Loan servicing rights on the Consolidated Balance Sheets. Income earned by the Company on its loan servicing rights is derived primarily from contractually specified servicing fees, late fees, net of curtailment costs, and other ancillary fees. Residential Mortgage Activities The following tables summarize residential mortgage servicing activities: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 UPB of residential mortgage loan servicing portfolio $ 272,323 $ 274,028 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 214,830 217,046 Mortgage loans sold with recourse 200 200 Maximum recourse exposure from mortgage loans sold with recourse liability 128 127 Indemnification, recourse and repurchase reserves 55 56 As of / For the Three Months Ended March 31, 2023 2022 UPB of residential mortgage loans sold from LHFS $ 2,507 $ 8,818 Pre-tax gains recognized on mortgage loans sold and held for sale 16 39 Servicing fees recognized from mortgage loans serviced for others 163 145 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.27 % 0.31 % Weighted average interest rate on mortgage loans serviced for others 3.52 3.41 The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Three Months Ended March 31, (Dollars in millions) 2023 2022 Residential MSRs, carrying value, January 1 $ 3,428 $ 2,305 Additions 44 147 Sales (428) — Change in fair value due to changes in valuation inputs or assumptions (1) (1) 350 Realization of expected net servicing cash flows, passage of time, and other (57) (110) Residential MSRs, carrying value, March 31 $ 2,986 $ 2,692 (1) The first quarter of 2023 includes realized gains on the portfolio sale of excess servicing. The sensitivity of the fair value of the Company’s residential MSRs to changes in key assumptions is presented in the following table: March 31, 2023 December 31, 2022 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 7.7 % 14.0 % 8.3 % 8.6 % 12.5 % 9.0 % Effect on fair value of a 10% increase $ (87) $ (110) Effect on fair value of a 20% increase (167) (211) OAS 1.7 % 12.1 % 4.6 % 1.2 % 11.4 % 4.0 % Effect on fair value of a 10% increase $ (57) $ (55) Effect on fair value of a 20% increase (111) (108) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.5 % 99.5 % Adjustable-rate residential mortgage loans 0.5 0.5 Total 100.0 % 100.0 % Weighted average life 7.1 years 6.8 years The sensitivity calculations above are hypothetical and should not be considered 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 15. Fair Value Disclosures” for additional information on the valuation techniques used. Commercial Mortgage Activities The following table summarizes commercial mortgage servicing activities: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 UPB of CRE mortgages serviced for others $ 36,245 $ 36,622 CRE mortgages serviced for others covered by recourse provisions 9,829 9,955 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,820 2,861 Recorded reserves related to recourse exposure 16 17 CRE mortgages originated during the year-to-date period 1,041 7,779 Commercial MSRs at fair value 291 301 |
Other Assets and Liabilites
Other Assets and Liabilites | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,151 $ 19 $ 1,193 $ 20 Total lease liabilities 1,498 22 1,545 23 Weighted average remaining term 6.4 years 5.4 years 6.6 years 5.6 years Weighted average discount rate 2.8 % 3.4 % 2.7 % 3.4 % Three Months Ended March 31, (Dollars in millions) 2023 2022 Operating lease costs $ 82 $ 85 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. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Assets held under operating leases (1) $ 2,090 $ 2,090 Accumulated depreciation (554) (550) Net $ 1,536 $ 1,540 (1) Includes certain land parcels subject to operating leases that have indefinite lives. Bank-Owned Life Insurance Bank-owned life insurance consists of life insurance policies held on certain teammates for which the Company is the beneficiary. The carrying value of bank-owned life insurance was $7.7 billion at March 31, 2023 and $7.6 billion at December 31, 2022. |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | Borrowings The following table presents a summary of short-term borrowings: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 FHLB advances $ 18,900 $ 18,900 Securities sold under agreements to repurchase 2,122 2,128 Securities sold short 1,789 1,551 Collateral in excess of derivative exposures 455 403 Master notes 310 370 Other short-term borrowings 102 70 Total short-term borrowings $ 23,678 $ 23,422 The following table presents a summary of long-term debt: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Truist Financial Corporation: Fixed rate senior notes $ 16,059 $ 14,107 Floating rate senior notes 999 999 Fixed rate subordinated notes (1) 1,895 1,882 Capital notes (1) 626 625 Structured notes (2) 12 12 Truist Bank: Fixed rate senior notes 5,246 6,982 Floating rate senior notes 1,249 1,749 Fixed rate subordinated notes (1) 4,795 4,767 Fixed rate FHLB advances 2 2 Floating rate FHLB advances 37,800 10,800 Other long-term debt (3) 1,212 1,278 Total long-term debt $ 69,895 $ 43,203 (1) Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. (2) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (3) Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Common Stock The following table presents total dividends declared per share of common stock: Three Months Ended March 31, 2023 2022 Cash dividends declared per share $ 0.52 $ 0.48 |
AOCI
AOCI | 3 Months Ended |
Mar. 31, 2023 | |
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, AFS securities, and HTM securities transferred from AFS securities. (Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total AOCI balance, January 1, 2022 $ (86) $ (9) $ (1,510) $ — $ 1 $ (1,604) OCI before reclassifications, net of tax 2 — (5,036) — 1 (5,033) AFS Securities transferred to HTM, net of tax — — 2,872 (2,872) — — Amounts reclassified from AOCI: Before tax 8 6 61 57 — 132 Tax effect 2 1 14 13 — 30 Amounts reclassified, net of tax 6 5 47 44 — 102 Total OCI, net of tax 8 5 (4,989) 44 1 (4,931) AOCI balance, March 31, 2022 $ (78) $ (4) $ (3,627) $ (2,828) $ 2 $ (6,535) AOCI balance, January 1, 2023 $ (1,535) $ (78) $ (9,395) $ (2,588) $ (5) $ (13,601) OCI before reclassifications, net of tax (26) 125 903 — 1 1,003 Amounts reclassified from AOCI: Before tax 16 — (65) 70 — 21 Tax effect 4 — (15) 15 — 4 Amounts reclassified, net of tax 12 — (50) 55 — 17 Total OCI, net of tax (14) 125 853 55 1 1,020 AOCI balance, March 31, 2023 $ (1,549) $ 47 $ (8,542) $ (2,533) $ (4) $ (12,581) 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 Net interest income |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesFor the three months ended March 31, 2023 and 2022, the provision for income taxes was $394 million and $330 million, respectively, representing effective tax rates of 20.6% and 18.9%, respectively. The higher effective tax rate for the three months ended March 31, 2023 was primarily due to higher income before taxes, discrete tax expense recognized in the current quarter compared to discrete tax benefits recognized in the three months ended March 31, 2022, and the adoption of the Investments in Tax Credit Structures accounting standard related to the proportional amortization of tax credit investments in the current quarter. Refer to “Note 1. Basis of Presentation” for additional information on the adoption of this guidance. 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 | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (Dollars in millions) Income Statement Location 2023 2022 Service cost Personnel expense $ 93 $ 139 Interest cost Other expense 111 88 Estimated return on plan assets Other expense (228) (269) Amortization and other Other expense 20 8 Net periodic (benefit) cost $ (4) $ (34) Truist makes contributions to the qualified pension plans up to the maximum amount deductible for federal income tax purposes. Discretionary contributions totaling $1.3 billion were made to the Truist pension plan during the three months ended March 31, 2023. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | Commitments and Contingencies Truist utilizes a variety of financial instruments to mitigate exposure to risks and meet the financing needs and provide investment opportunities for clients. These financial instruments include commitments to extend credit, letters of credit and financial guarantees, derivatives, and other investments. 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 as a limited partner in certain projects through the New Market Tax Credit program, which is a Federal financial program aimed to stimulate business and real estate investment in underserved communities via a Federal tax credit. Following the first quarter of 2023 adoption of the Investments in Tax Credit Structures accounting standard, these tax credits, referred to as “Other qualified tax credits” below, qualify for the proportional amortization method. Refer to “Note 1. Basis of Presentation” for additional information. The following table summarizes certain tax credit and certain equity investments: (Dollars in millions) Balance Sheet Location Mar 31, 2023 Dec 31, 2022 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 5,765 $ 5,869 Amount of future funding commitments included in carrying amount Other liabilities 1,726 1,762 Lending exposure Loans and leases for funded amounts 1,625 1,547 Renewable energy investments: Carrying amount Other assets 272 264 Amount of future funding commitments not included in carrying amount NA 444 361 SBIC and certain other equity method investments: Carrying amount Other assets 597 596 Amount of future funding commitments not included in carrying amount NA 597 532 The following table presents a summary of tax credits and amortization associated with the Company’s tax credit investment activity. Activity related to the Company’s renewable energy investments was immaterial. Three Months Ended March 31, (Dollars in millions) Income Statement Location 2023 2022 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 157 $ 150 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits (1) Provision for income taxes $ 148 $ 124 Other community development investments (1) Other noninterest income 2 19 (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. 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) Mar 31, 2023 Dec 31, 2022 Commitments to extend, originate, or purchase credit and other commitments $ 215,998 $ 216,838 Residential mortgage loans sold with recourse 200 200 CRE mortgages serviced for others covered by recourse provisions 9,829 9,955 Other loans serviced for others covered by recourse provisions 759 723 Letters of credit 6,158 6,030 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 following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Total return swaps: VIE assets $ 1,880 $ 1,830 Trading loans and bonds 1,801 1,790 VIE liabilities 118 163 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, which could potentially be significant. 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 16. 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 to fund certain obligations related to nonqualified defined benefit and defined contribution retirement plans and 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 has capacity for secured financing from both the FRB and FHLB and letters of credit from the 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 nonqualified 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) Mar 31, 2023 Dec 31, 2022 Pledged securities $ 71,890 $ 38,012 Pledged loans: FRB 75,018 71,234 FHLB 70,766 68,988 Unused borrowing capacity: FRB 53,291 49,250 FHLB 24,678 20,770 Litigation and Regulatory Matters Truist and/or its subsidiaries are routinely named as defendants in or parties to numerous actual or threatened legal proceedings, including civil litigation and regulatory investigations or enforcement matters, 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 many class members and can involve claims for substantial or indeterminate alleged damages or for injunctive or other relief. Investigations may involve both formal and informal proceedings, by both governmental agencies and self-regulatory organizations, and could result in fines, penalties, restitution, and/or alterations in Truist’s business practices. 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 and the timing of such resolution is uncertain and inherently difficult to predict. It is possible that the ultimate resolution of these matters, including those described below, if unfavorable, may be material to the consolidated financial position, consolidated results of operations, or consolidated cash flows of Truist, or cause significant reputational consequences. 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 March 31, 2023. This estimate does not represent Truist’s maximum loss exposure, and actual losses may vary significantly. In addition, the matters underlying this estimate will change from time to time. Estimated losses are based upon currently available information and involve 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. For certain matters, Truist may be unable to estimate the loss or range of loss, even if it believes that a loss is probable or reasonably possible, until developments in the case provide additional information sufficient to support such an estimate. Such matters are not accrued for and are not reflected in the estimate of reasonably possible losses. The following is a description of certain legal proceedings 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, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. 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. The Company previously filed a motion to amend the class definition in which it sought to narrow the scope of the class and renewed motions to compel arbitration against certain class members, which the court found were premature. On September 22, 2022, the trial court entered a scheduling order holding that the court will consider such motions after discovery, which is ongoing, is completed. Trial is presently set to commence on April 29, 2024. The Company continues to believe that the underlying claims are without merit. United Services Automobile Association v. Truist Bank USAA filed a lawsuit on July 29, 2022 against the Company in the United States District Court for the Eastern District of Texas alleging that the Company’s mobile remote deposit capture systems infringe certain patents held by USAA. The complaint seeks damages, including for alleged willful infringement and a corresponding request that the amount of actual damages be trebled, as well as injunctive and other equitable relief. The Company filed its answer and affirmative defenses on October 11, 2022, denying that it infringes any of the patents at issue in the lawsuit and asserting that USAA’s patents are invalid or unenforceable. On December 30, 2022, the Company filed a motion for leave to amend its answer to assert counterclaims seeking damages as well as injunctive relief against USAA for infringing certain patents owned by the Company and practiced by USAA’s mobile remote deposit capture systems, which motion was granted on April 8, 2023. On March 20, 2023, USAA filed a motion for leave to file an amended complaint which would add a claim that the Company’s mobile remote deposit capture systems infringe an additional USAA patent. On April 14, 2023, USAA filed a motion seeking to sever Truist’s counterclaims from the case. USAA’s motions above are both pending. Discovery in the district court proceedings is ongoing, and trial is presently set to commence on March 18, 2024. At the Patent Trial and Appeal Board, the Company filed separate petitions for inter partes review on October 11, November 7, and November 15, 2022 challenging the validity of each of the three patents asserted by USAA in the lawsuit. In addition, on April 13, 2023, the Company filed a petition for inter partes review challenging the validity of the fourth patent USAA is seeking to add to the lawsuit. If institution of any of the petitions for inter partes review is granted, the Patent Trial and Appeal Board will review the validity of the claims in the applicable patent(s). |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 120 $ — $ 120 $ — $ — GSE 112 — 112 — — Agency MBS - residential 797 — 797 — — States and political subdivisions 293 — 293 — — Corporate and other debt securities 1,118 — 1,118 — — Loans 1,869 — 1,869 — — Other 292 260 32 — — Total trading assets 4,601 260 4,341 — — AFS securities: U.S. Treasury 10,441 — 10,441 — — GSE 301 — 301 — — Agency MBS - residential 55,175 — 55,175 — — Agency MBS - commercial 2,398 — 2,398 — — States and political subdivisions 425 — 425 — — Non-agency MBS 3,098 — 3,098 — — Other 20 — 20 — — Total AFS securities 71,858 — 71,858 — — LHFS at fair value 1,911 — 1,911 — — Loans and leases 17 — — 17 — Loan servicing rights at fair value 3,303 — — 3,303 — Other assets: Derivative assets 692 625 1,816 13 (1,762) Equity securities 857 757 100 — — Total assets $ 83,239 $ 1,642 $ 80,026 $ 3,333 $ (1,762) Liabilities: Derivative liabilities $ 2,589 $ 394 $ 3,971 $ 31 $ (1,807) Securities sold short 1,789 113 1,676 — — Total liabilities $ 4,378 $ 507 $ 5,647 $ 31 $ (1,807) December 31, 2022 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 137 $ — $ 137 $ — $ — GSE 457 — 457 — — Agency MBS - residential 804 — 804 — — Agency MBS - commercial 62 — 62 — — States and political subdivisions 422 — 422 — — Corporate and other debt securities 761 — 761 — — Loans 1,960 — 1,960 — — Other 302 261 41 — — Total trading assets 4,905 261 4,644 — — AFS securities: U.S. Treasury 10,295 — 10,295 — — GSE 303 — 303 — — Agency MBS - residential 55,225 — 55,225 — — Agency MBS - commercial 2,424 — 2,424 — — States and political subdivisions 416 — 416 — — Non-agency MBS 3,117 — 3,117 — — Other 21 — 21 — — Total AFS securities 71,801 — 71,801 — — LHFS at fair value 1,065 — 1,065 — — Loans and leases 18 — — 18 — Loan servicing rights at fair value 3,758 — — 3,758 — Other assets: Derivative assets 684 472 1,980 1 (1,769) Equity securities 898 796 102 — — Total assets $ 83,129 $ 1,529 $ 79,592 $ 3,777 $ (1,769) Liabilities: Derivative liabilities $ 2,971 $ 364 $ 4,348 $ 37 $ (1,778) Securities sold short 1,551 114 1,437 — — Total liabilities $ 4,522 $ 478 $ 5,785 $ 37 $ (1,778) (1) Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments. At March 31, 2023 and December 31, 2022, investments totaling $367 million and $385 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, 2022. Activity for Level 3 assets and liabilities is summarized below: Three Months Ended March 31, 2023 and 2022 Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2022 $ 23 $ 2,633 $ (12) Total realized and unrealized gains (losses): Included in earnings — 357 (170) Issuances — 158 17 Settlements — (135) 91 Transfers out of level 3 and other (2) — — Balance at March 31, 2022 $ 21 $ 3,013 $ (74) Balance at January 1, 2023 $ 18 $ 3,758 $ (36) Total realized and unrealized gains (losses): Included in earnings — (5) (2) Issuances — 48 (2) Sales — (428) — Settlements (1) (70) 22 Balance at March 31, 2023 $ 17 $ 3,303 $ (18) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2023 $ — $ (54) $ (5) Fair Value Option The following table details the fair value and UPB of certain loans that were elected to be measured at fair value: March 31, 2023 December 31, 2022 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,869 $ 1,989 $ (120) $ 1,960 $ 2,101 $ (141) Loans and leases 17 19 (2) 18 20 (2) LHFS at fair value 1,911 1,883 28 1,065 1,056 9 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) Mar 31, 2023 Dec 31, 2022 Carrying value: LHFS $ 127 $ 271 Loans and leases 434 500 Other 98 120 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. Three Months Ended March 31, (Dollars in millions) 2023 2022 Valuation adjustments: LHFS $ — $ (3) Loans and leases (166) (97) Other (1) (44) (29) (1) Prior period amounts were revised. 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 LOCOM. The table above excludes $122 million and $108 million of LHFS carried at cost at March 31, 2023 and December 31, 2022, respectively, that did not require a valuation adjustment during the period. The remainder of LHFS is carried at fair value. Loans and leases consist of larger commercial loans and leases that are collateral-dependent and other secured loans and leases that have been charged-off to the fair value of the collateral. Valuation adjustments for loans and leases are primarily recorded in the Provision for credit losses in the Consolidated Statement of Income. Refer to “Note 1. Basis of Presentation” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 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 LOCOM, 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: March 31, 2023 December 31, 2022 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 56,932 $ 48,097 $ 57,713 $ 47,791 Loans and leases HFI, net of ALLL Level 3 323,177 312,107 321,596 308,738 Financial liabilities: Time deposits Level 2 32,326 32,140 23,474 23,383 Long-term debt Level 2 69,895 65,114 43,203 40,951 The carrying value of the RUFC, which approximates the fair value of unfunded commitments, was $282 million and $272 million at March 31, 2023 and December 31, 2022, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Cash flow hedges: Interest rate contracts: Swaps hedging commercial loans $ 19,400 $ — $ — $ 16,650 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 16,018 — (53) 16,393 — (68) Swaps hedging AFS securities 7,097 — — 7,097 — — Total 23,115 — (53) 23,490 — (68) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 160,381 625 (2,169) 155,670 579 (2,665) Options 42,648 171 (166) 29,840 172 (192) Forward commitments 791 2 (10) 1,495 8 (2) Other 3,092 8 (7) 3,823 1 — Equity contracts 34,979 727 (1,109) 33,185 644 (901) Credit contracts: Trading assets 160 — — 140 — — Loans and leases 780 — (1) 394 — — Risk participation agreements 7,156 — (3) 6,824 — (3) Total return swaps 1,793 71 (6) 1,729 81 (2) Foreign exchange contracts 21,527 300 (304) 19,022 364 (380) Commodity 7,534 454 (450) 4,881 444 (447) Total 280,841 2,358 (4,225) 257,003 2,293 (4,592) Mortgage banking: Interest rate contracts: Swaps 227 — — 115 — — Interest rate lock commitments 1,837 12 (12) 999 1 (17) When issued securities, forward rate agreements and forward commitments 3,470 15 (17) 2,128 25 (6) Other 243 1 — 140 1 — Total 5,777 28 (29) 3,382 27 (23) MSRs: Interest rate contracts: Swaps 14,329 — — 14,566 — — Options 15,089 53 (85) 13,930 122 (48) When issued securities, forward rate agreements and forward commitments 2,184 14 (3) 2,459 11 (15) Other 2,268 1 (1) 1,532 — (3) Total 33,870 68 (89) 32,487 133 (66) Total derivatives not designated as hedges 320,488 2,454 (4,343) 292,872 2,453 (4,681) Total derivatives $ 363,003 2,454 (4,396) $ 333,012 2,453 (4,749) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements (1,251) 1,251 (1,223) 1,223 Cash collateral (received) posted for amounts subject to master netting arrangements (511) 556 (546) 555 Net amount $ 692 $ (2,589) $ 684 $ (2,971) 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: March 31, 2023 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 $ 1,722 $ (1,370) $ 352 $ — $ 352 Derivatives not subject to master netting arrangement or similar arrangement 107 — 107 — 107 Exchange traded derivatives 625 (392) 233 — 233 Total derivative assets $ 2,454 $ (1,762) $ 692 $ — $ 692 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,431) $ 1,415 $ (2,016) $ 95 $ (1,921) Derivatives not subject to master netting arrangement or similar arrangement (572) — (572) — (572) Exchange traded derivatives (393) 392 (1) — (1) Total derivative liabilities $ (4,396) $ 1,807 $ (2,589) $ 95 $ (2,494) December 31, 2022 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 $ 1,895 $ (1,408) $ 487 $ — $ 487 Derivatives not subject to master netting arrangement or similar arrangement 86 — 86 — 86 Exchange traded derivatives 472 (361) 111 — 111 Total derivative assets $ 2,453 $ (1,769) $ 684 $ — $ 684 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,688) $ 1,417 $ (2,271) $ 43 $ (2,228) Derivatives not subject to master netting arrangement or similar arrangement (697) — (697) — (697) Exchange traded derivatives (364) 361 (3) — (3) Total derivative liabilities $ (4,749) $ 1,778 $ (2,971) $ 43 $ (2,928) The following table presents the carrying value of hedged items in fair value hedging relationships: March 31, 2023 December 31, 2022 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) $ 38,761 $ (534) $ (4) $ 38,773 $ (630) $ (4) Loans and leases 350 — 9 353 — 10 Long-term debt 27,385 (303) (134) 25,378 (780) 218 (1) The amortized cost of AFS securities was $45.5 billion at March 31, 2023 and $46.2 billion at December 31, 2022. 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 March 31, (Dollars in millions) 2023 2022 Pre-tax gain (loss) recognized in OCI: Commercial loans $ 163 $ — Pre-tax gain (loss) reclassified from AOCI into interest expense: Long-term debt $ — $ (6) The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended March 31, (Dollars in millions) 2023 2022 Investment securities: Amounts related to interest settlements $ 76 $ (5) Recognized on derivatives (95) 414 Recognized on hedged items 106 (402) Net income (expense) recognized (1) 87 7 Loans and leases: Recognized on hedged items (1) (1) Net income (expense) recognized (1) (1) Long-term debt: Amounts related to interest settlements (46) 16 Recognized on derivatives 156 (429) Recognized on hedged items (142) 486 Net income (expense) recognized (32) 73 Net income (expense) recognized, total $ 54 $ 79 (1) Includes $10 million and $8 million of income recognized for the three months ended March 31, 2023 and 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ 6 $ (118) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) 41 40 Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months (54) (31) Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 6 years 6 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2033) (1) $ 308 $ 669 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 52 163 (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $447 million at March 31, 2023 and $457 million at December 31, 2022. 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 March 31, (Dollars in millions) Income Statement Location 2023 2022 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 34 $ 56 Foreign exchange contracts Investment banking and trading income and other income (3) 32 Equity contracts Investment banking and trading income and other income 2 5 Credit contracts Investment banking and trading income and other income (33) 8 Commodity contracts Investment banking and trading income 10 5 Mortgage banking: Interest rate contracts - residential Mortgage banking income (1) 261 Interest rate contracts - commercial Mortgage banking income 1 (1) MSRs: Interest rate contracts - residential Mortgage banking income 1 (349) Interest rate contracts - commercial Mortgage banking income 3 (9) Total $ 14 $ 8 Credit Derivative Instruments As part of the Company’s corporate and 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 March 31, 2023, the remaining terms on these risk participations ranged from less than one year to 15 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 and bonds. 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 14. 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) Mar 31, 2023 Dec 31, 2022 Risk participation agreements: Maximum potential amount of exposure $ 618 $ 575 Total return swaps: Cash collateral held 473 453 The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Dealer and other counterparties: Cash and other collateral received from counterparties $ 511 $ 542 Derivatives in a net gain position secured by collateral received 586 618 Unsecured positions in a net gain with counterparties after collateral postings 75 76 Cash collateral posted to counterparties 636 590 Derivatives in a net loss position secured by collateral 809 692 Central counterparties clearing: Cash collateral, including initial margin, received from central clearing parties — 4 Cash collateral, including initial margin, posted to central clearing parties 85 45 Derivatives in a net loss position 19 13 Derivatives in a net gain position 1 12 Securities pledged to central counterparties clearing 933 639 |
Computation of EPS
Computation of EPS | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of EPS | Computation of EPS Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, (Dollars in millions, except per share data, shares in thousands) 2023 2022 Net income available to common shareholders $ 1,410 $ 1,327 Weighted average number of common shares 1,328,602 1,329,037 Effect of dilutive outstanding equity-based awards 10,878 12,526 Weighted average number of diluted common shares 1,339,480 1,341,563 Basic EPS $ 1.06 $ 1.00 Diluted EPS $ 1.05 $ 0.99 Anti-dilutive awards 621 — |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments Truist operates and measures business activity across three segments: CB&W, C&CB, and IH, with functional activities included in OT&C. 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, 2022. During the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior period results have been revised to conform to the current presentation. The following table presents results by segment: Three Months Ended March 31, CB&W C&CB IH OT&C (1) Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income (expense) $ 1,601 $ 1,528 $ 2,308 $ 1,118 $ 1 $ 1 $ (42) $ 536 $ 3,868 $ 3,183 Net intersegment interest income (expense) 1,139 656 (556) 171 13 2 (596) (829) — — Segment net interest income 2,740 2,184 1,752 1,289 14 3 (638) (293) 3,868 3,183 Allocated provision for credit losses 274 74 232 (150) — — (4) (19) 502 (95) Segment net interest income after provision 2,466 2,110 1,520 1,439 14 3 (634) (274) 3,366 3,278 Noninterest income 873 910 630 656 817 733 (86) (157) 2,234 2,142 Amortization of intangibles 69 73 31 33 36 30 — 1 136 137 Other noninterest expense 1,900 1,812 812 755 648 516 195 454 3,555 3,537 Income (loss) before income taxes 1,370 1,135 1,307 1,307 147 190 (915) (886) 1,909 1,746 Provision (benefit) for income taxes 326 274 273 284 36 47 (241) (275) 394 330 Segment net income (loss) $ 1,044 $ 861 $ 1,034 $ 1,023 $ 111 $ 143 $ (674) $ (611) $ 1,515 $ 1,416 Identifiable assets (period end) $ 168,701 $ 159,939 $ 213,143 $ 188,806 $ 7,263 $ 6,494 $ 185,247 $ 188,740 $ 574,354 $ 543,979 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassifications | Reclassifications In the first quarter of 2023, the Company reclassified certain portfolios within the consumer portfolio segment to delineate home equity from other consumer portfolios. Additionally, during the first quarter of 2023, Truist reorganized Prime Rate Premium Finance Corporation, which includes AFCO Credit Corporation and CAFO Holding Company, into the C&CB segment from the IH segment. Prior periods were revised to conform to the current presentation. Certain other 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 during the reporting periods. 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 securities, MSRs, LHFS, trading loans, and derivative assets and liabilities; goodwill and other intangible assets; income taxes; and pension and postretirement benefit obligations. |
Loan Modifications | Loan Modifications In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers that are experiencing financial difficulty. The scope of these loan modifications varies from portfolio to portfolio but generally falls into one of the following categories: • Renewals: represent the renewal of a loan where the Company has concluded that the borrower is experiencing financial difficulty. Commercial renewals result in an extension of the maturity date of the loan (or in some cases a contraction of the loan term), and other significant terms of the loan (e.g., interest rate, collateral, guarantor support, etc.) are re-evaluated in connection with the renewal event. • Term extensions: represent an adjustment to the maturity date of the loan that typically results in a reduction to the borrower’s scheduled payment over the remainder of the loan. • Capitalizations: represents the capitalization of forborne loan payments and/or other amounts advanced on behalf of the borrower into the principal balance of a residential mortgage loan. • Payment delays: provide the borrower with a temporary postponement of loan payments that is considered other-than-insignificant, which has been defined as a payment delay that exceeds 90 days, or three payment cycles, over a rolling 12-month period. These postponed loan payments may result in an extension of the ultimate maturity date of the loan or may be capitalized into the principal balance of the loan in certain circumstances. • Combinations: in certain circumstances more than one type of a modification is provided to a borrower (e.g., interest rate reduction and term extension). • Other: represents other types of loan modifications that are not considered significant for disclosure purposes. The Company has identified borrowers that are included in the Loan Modifications disclosures in “Note 5. Loans and ACL” as follows: • Commercial: the Company evaluates all modifications of loans to commercial borrowers that are rated substandard or worse and includes the modifications in its disclosure to the extent that the modification is considered other-than-insignificant. • Consumer and credit card: loan modifications to consumer and credit borrowers are generally limited to borrowers that are experiencing financial difficulty. As a result, the Company evaluates all modifications of consumer and credit card loans and includes them in the disclosure to the extent that they are considered other-than insignificant. |
Loans and Leases Receivable, Allowance for Loan Losses Policy | ALLL The ALLL represents management’s best estimate of expected future credit losses related to its loan and lease portfolio at the balance sheet date. The Company’s ALLL estimation process gives consideration to relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. The quantitative models used to forecast expected credit losses use portfolio balances, macroeconomic forecast data, portfolio composition and loan attributes as the primary inputs. Loss estimates are informed by historical loss experience that includes losses incurred on loans that were previously modified by the Company. As a result, the Company has concluded that aside from the limited circumstances where principal forgiveness is granted to a borrower, the financial effect of loan modifications is already inherently included in the ALLL. |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income and expense reported for financial statement purposes after adjustments for permanent differences such as interest income from lending to tax-exempt entities, tax credits, and amortization expense related to qualified tax credit investments. In computing the provision for income taxes, the Company evaluates the technical merits of its income tax positions based on current legislative, judicial, and regulatory guidance. The proportional amortization method of accounting is used on affordable housing and other qualified tax credit investments, such that the initial cost of the investment giving rise to tax credits is amortized in proportion to the allocation of tax credits in each period as a component of the provision for income taxes. Truist includes the initial investment cash flows and subsequent credits within operating activities in the Consolidated Statement of Cash Flows. |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Standard / Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Troubled Debt Restructurings and Vintage Disclosures Eliminates TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. Truist adopted this standard on a modified-retrospective basis. Upon adoption, the Company eliminated the separate ACL estimation process for loans classified as TDRs. The adoption of this standard did not have a material impact on the financial statements. The Company’s revised disclosures in accordance with the new standard are included in “Note 5. Loans and ACL.” Fair Value Hedging – Portfolio Layer Method Introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio. Additionally, expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The adoption of this standard did not have a material impact on the Company’s active last-of-layer hedges. Investments in Tax Credit Structures Allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, reporting entities were only permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit structures. Truist early adopted this standard on a modified-retrospective basis. The adoption of this standard did not have a material impact on the financial statements. Refer to “Note 14. Commitments and Contingencies” for additional information regarding tax credit investments. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Accounting Principles and Effects of New Accounting Pronouncements | Changes in Accounting Principles and Effects of New Accounting Pronouncements Standard / Adoption Date Description Effects on the Financial Statements Standards Adopted During the Current Year Troubled Debt Restructurings and Vintage Disclosures Eliminates TDRs, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors made to borrowers experiencing financial difficulty. Additionally, requires disclosure of current-period gross write-offs by year of origination for financing receivables and net investment in leases. Truist adopted this standard on a modified-retrospective basis. Upon adoption, the Company eliminated the separate ACL estimation process for loans classified as TDRs. The adoption of this standard did not have a material impact on the financial statements. The Company’s revised disclosures in accordance with the new standard are included in “Note 5. Loans and ACL.” Fair Value Hedging – Portfolio Layer Method Introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio. Additionally, expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method and specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. The adoption of this standard did not have a material impact on the Company’s active last-of-layer hedges. Investments in Tax Credit Structures Allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, reporting entities were only permitted to apply the proportional amortization method only to qualifying tax equity investments in low-income housing tax credit structures. Truist early adopted this standard on a modified-retrospective basis. The adoption of this standard did not have a material impact on the financial statements. Refer to “Note 14. Commitments and Contingencies” for additional information regarding tax credit investments. |
Securities Financing Activiti_2
Securities Financing Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Offsetting [Abstract] | |
Schedule of Resell Agreements | The following table presents securities borrowed or purchased under agreements to resell: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Securities purchased under agreements to resell $ 2,685 $ 2,415 Securities borrowed 952 766 Total securities borrowed or purchased under agreements to resell $ 3,637 $ 3,181 Fair value of collateral permitted to be resold or repledged $ 3,520 $ 3,058 Fair value of securities resold or repledged 657 864 |
Schedule of Repurchase Agreements | The following table presents the Company’s related activity, by collateral type and remaining contractual maturity: March 31, 2023 December 31, 2022 (Dollars in millions) Overnight and Continuous Up to 30 days Total Overnight and Continuous Up to 30 days Total U.S. Treasury $ 631 $ 10 $ 641 $ 318 $ — $ 318 State and Municipal 297 — 297 272 — 272 GSE 23 — 23 74 — 74 Agency MBS - residential 666 6 672 1,019 26 1,045 Corporate and other debt securities 185 304 489 369 50 419 Total securities sold under agreements to repurchase $ 1,802 $ 320 $ 2,122 $ 2,052 $ 76 $ 2,128 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of AFS and HTM Securities | The following tables summarize the Company’s AFS and HTM securities: March 31, 2023 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,083 $ 2 $ 644 $ 10,441 GSE 332 — 31 301 Agency MBS - residential 64,382 1 9,208 55,175 Agency MBS - commercial 2,872 — 474 2,398 States and political subdivisions 425 17 17 425 Non-agency MBS 3,884 — 786 3,098 Other 20 — — 20 Total AFS securities $ 82,998 $ 20 $ 11,160 $ 71,858 HTM securities: Agency MBS - residential $ 56,932 $ — $ 8,835 $ 48,097 December 31, 2022 Amortized Cost Gross Unrealized Fair Value Gains Losses AFS securities: U.S. Treasury $ 11,080 $ — $ 785 $ 10,295 GSE 339 — 36 303 Agency MBS - residential 65,377 — 10,152 55,225 Agency MBS - commercial 2,887 — 463 2,424 States and political subdivisions 425 15 24 416 Non-agency MBS 3,927 — 810 3,117 Other 21 — — 21 Total AFS securities $ 84,056 $ 15 $ 12,270 $ 71,801 HTM securities: Agency MBS - residential $ 57,713 $ — $ 9,922 $ 47,791 |
Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity | The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below: March 31, 2023 (Dollars in millions) Amortized Cost Fair Value FNMA $ 41,783 $ 35,517 FHLMC 42,308 35,747 |
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 be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties. Amortized Cost Fair Value March 31, 2023 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 $ 2,587 $ 8,448 $ 19 $ 29 $ 11,083 $ 2,528 $ 7,869 $ 18 $ 26 $ 10,441 GSE — 7 11 314 332 — 7 10 284 301 Agency MBS - residential — 65 580 63,737 64,382 — 62 547 54,566 55,175 Agency MBS - commercial 1 7 71 2,793 2,872 1 7 68 2,322 2,398 States and political subdivisions 3 94 139 189 425 3 93 148 181 425 Non-agency MBS — — — 3,884 3,884 — — — 3,098 3,098 Other 6 — 14 — 20 6 — 14 — 20 Total AFS securities $ 2,597 $ 8,621 $ 834 $ 70,946 $ 82,998 $ 2,538 $ 8,038 $ 805 $ 60,477 $ 71,858 HTM securities: Agency MBS - residential $ — $ — $ — $ 56,932 $ 56,932 $ — $ — $ — $ 48,097 $ 48,097 |
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 March 31, 2023 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 1,267 $ 27 $ 8,977 $ 617 $ 10,244 $ 644 GSE 112 5 175 26 287 31 Agency MBS - residential 1,267 65 53,717 9,143 54,984 9,208 Agency MBS - commercial 318 24 2,066 450 2,384 474 States and political subdivisions 42 1 210 16 252 17 Non-agency MBS — — 3,098 786 3,098 786 Other 5 — 15 — 20 — Total $ 3,011 $ 122 $ 68,258 $ 11,038 $ 71,269 $ 11,160 HTM securities: Agency MBS - residential $ — $ — $ 48,097 $ 8,835 $ 48,097 $ 8,835 Less than 12 months 12 months or more Total December 31, 2022 Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses AFS securities: U.S. Treasury $ 2,069 $ 49 $ 8,186 $ 736 $ 10,255 $ 785 GSE 180 14 114 22 294 36 Agency MBS - residential 25,041 3,263 30,050 6,889 55,091 10,152 Agency MBS - commercial 790 92 1,631 371 2,421 463 States and political subdivisions 251 21 20 3 271 24 Non-agency MBS — — 3,117 810 3,117 810 Other 21 — — — 21 — Total $ 28,352 $ 3,439 $ 43,118 $ 8,831 $ 71,470 $ 12,270 HTM securities: Agency MBS - residential $ 29,369 $ 5,613 $ 18,422 $ 4,309 $ 47,791 $ 9,922 |
Schedule of Realized Gain (Loss) | The following table presents gross securities gains and losses recognized in earnings: (Dollars in millions) Three Months Ended March 31, 2023 2022 Gross realized gains $ — $ 13 Gross realized losses — (82) Securities gains (losses), net $ — $ (69) |
Loans and ACL (Tables)
Loans and ACL (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 nonperforming status regardless of delinquency because collection of principal and interest is reasonably assured. Accruing March 31, 2023 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 166,663 $ 125 $ 35 $ 394 $ 167,217 CRE 22,519 34 — 117 22,670 Commercial construction 5,947 3 — 1 5,951 Consumer: Residential mortgage 55,057 491 674 233 56,455 Home equity 10,370 65 10 132 10,577 Indirect auto 26,498 511 — 270 27,279 Other consumer 27,523 164 10 45 27,742 Student 4,046 356 594 — 4,996 Credit card 4,692 56 38 — 4,786 Total $ 323,315 $ 1,805 $ 1,361 $ 1,192 $ 327,673 (1) Includes government guaranteed loans of $649 million in the residential mortgage portfolio and $590 million in the student portfolio. Accruing December 31, 2022 Current 30-89 Days Past Due 90 Days Or More Past Due (1) Nonperforming Total Commercial: Commercial and industrial $ 163,604 $ 256 $ 49 $ 398 $ 164,307 CRE 22,568 25 1 82 22,676 Commercial construction 5,844 5 — — 5,849 Consumer: Residential mortgage 55,005 614 786 240 56,645 Home equity 10,661 68 12 135 10,876 Indirect auto 27,015 646 1 289 27,951 Other consumer 27,289 187 13 44 27,533 Student 4,179 402 706 — 5,287 Credit card 4,766 64 37 — 4,867 Total $ 320,931 $ 2,267 $ 1,605 $ 1,188 $ 325,991 (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student portfolio. |
Schedule of Carrying Amounts by Risk Rating | The following tables present the amortized cost basis of loans by origination year and credit quality indicator: March 31, 2023 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2023 2022 2021 2020 2019 Prior Total Commercial: Commercial and industrial: Pass $ 9,673 $ 41,280 $ 19,702 $ 10,213 $ 7,556 $ 13,686 $ 59,715 $ — $ (217) $ 161,608 Special mention 56 585 357 113 83 137 643 — — 1,974 Substandard 65 745 375 166 452 440 998 — — 3,241 Nonperforming 1 55 50 41 22 57 168 — — 394 Total 9,795 42,665 20,484 10,533 8,113 14,320 61,524 — (217) 167,217 Gross charge-offs — 9 15 1 3 15 32 — — 75 CRE: Pass 1,042 5,649 3,269 2,302 3,426 3,902 834 — (74) 20,350 Special mention 6 273 113 74 289 208 — — — 963 Substandard 38 223 47 33 526 372 1 — — 1,240 Nonperforming — 37 3 2 — 75 — — — 117 Total 1,086 6,182 3,432 2,411 4,241 4,557 835 — (74) 22,670 Gross charge-offs — 2 — — — 4 — — — 6 Commercial construction: Pass 219 1,628 1,618 636 219 157 1,021 — — 5,498 Special mention 37 84 36 176 — — 1 — — 334 Substandard 1 39 6 19 — 53 — — — 118 Nonperforming — — — — 1 — — — — 1 Total 257 1,751 1,660 831 220 210 1,022 — — 5,951 Consumer: Residential mortgage: Current 649 13,827 17,194 6,076 3,037 14,274 — — — 55,057 30 - 89 days past due 2 33 57 25 29 345 — — — 491 90 days or more past due — 11 29 50 56 528 — — — 674 Nonperforming — 6 11 9 12 195 — — — 233 Total 651 13,877 17,291 6,160 3,134 15,342 — — — 56,455 Gross charge-offs — — 1 — — — — — — 1 Home equity: Current 6,506 3,864 — 10,370 30 - 89 days past due 44 21 — 65 90 days or more past due 6 4 — 10 Nonperforming 46 86 — 132 Total — — — — — — 6,602 3,975 — 10,577 Gross charge-offs — — — — — — 2 — — 2 Indirect auto: Current 2,077 10,757 6,504 3,667 2,147 1,339 — — 7 26,498 30 - 89 days past due 6 147 130 82 70 76 — — — 511 Nonperforming — 57 71 49 48 45 — — — 270 Total 2,083 10,961 6,705 3,798 2,265 1,460 — — 7 27,279 Gross charge-offs — 39 34 17 16 21 — — — 127 Other consumer: Current 2,915 10,324 5,181 2,777 1,563 1,690 3,053 20 — 27,523 30 - 89 days past due 4 71 36 20 16 12 4 1 — 164 90 days or more past due — 8 1 — — — 1 — — 10 Nonperforming — 4 15 10 6 9 — 1 — 45 Total 2,919 10,407 5,233 2,807 1,585 1,711 3,058 22 — 27,742 Gross charge-offs — 45 25 14 10 5 6 — — 105 Student: Current — — — 16 66 3,964 — — — 4,046 30 - 89 days past due — — — — 1 355 — — — 356 90 days or more past due — — — — 1 593 — — — 594 Total — — — 16 68 4,912 — — — 4,996 Gross charge-offs — — — — — 5 — — — 5 Credit card: Current 4,675 17 — 4,692 30 - 89 days past due 54 2 — 56 90 days or more past due 36 2 — 38 Total — — — — — — 4,765 21 — 4,786 Gross charge-offs — — — — — — 50 1 — 51 Total $ 16,791 $ 85,843 $ 54,805 $ 26,556 $ 19,626 $ 42,512 $ 77,806 $ 4,018 $ (284) $ 327,673 Gross charge-offs $ — $ 95 $ 75 $ 32 $ 29 $ 50 $ 90 $ 1 $ — $ 372 December 31, 2022 Amortized Cost Basis by Origination Year Revolving Credit Loans Converted to Term Other (1) 2022 2021 2020 2019 2018 Prior Total Commercial: Commercial and industrial: Pass $ 45,890 $ 21,642 $ 11,219 $ 8,258 $ 4,977 $ 9,686 $ 57,854 $ — $ (199) $ 159,327 Special mention 243 302 143 160 61 88 721 — — 1,718 Substandard 518 387 113 413 249 187 997 — — 2,864 Nonperforming 47 53 10 28 46 27 187 — — 398 Total 46,698 22,384 11,485 8,859 5,333 9,988 59,759 — (199) 164,307 CRE: Pass 6,141 3,595 2,220 3,846 2,092 2,265 757 — (70) 20,846 Special mention 106 118 74 229 281 5 18 — — 831 Substandard 106 99 35 422 121 134 — — — 917 Nonperforming — 3 — — 77 2 — — — 82 Total 6,353 3,815 2,329 4,497 2,571 2,406 775 — (70) 22,676 Commercial construction: Pass 1,501 1,500 825 290 212 71 1,056 — — 5,455 Special mention 80 — 93 — — — 35 — — 208 Substandard 114 — 18 1 53 — — — — 186 Total 1,695 1,500 936 291 265 71 1,091 — — 5,849 Consumer: Residential mortgage: Current 13,824 17,340 6,167 3,084 1,384 13,206 — — — 55,005 30 - 89 days past due 55 61 32 37 43 386 — — — 614 90 or more days past due 5 31 62 62 91 535 — — — 786 Nonperforming 4 6 10 12 17 191 — — — 240 Total 13,888 17,438 6,271 3,195 1,535 14,318 — — — 56,645 Home equity: Current 6,843 3,818 — 10,661 30 - 89 days past due 48 20 — 68 90 days or more past due 9 3 — 12 Nonperforming 44 91 — 135 Total — — — — — — 6,944 3,932 — 10,876 Indirect auto: Current 11,646 7,141 4,105 2,461 1,096 559 — — 7 27,015 30 - 89 days past due 147 174 111 100 60 54 — — — 646 90 days or more past due 1 — — — — — — — — 1 Nonperforming 41 77 56 56 34 25 — — — 289 Total 11,835 7,392 4,272 2,617 1,190 638 — — 7 27,951 Other consumer: Current 11,270 5,805 3,167 1,814 865 1,061 3,278 29 — 27,289 30 - 89 days past due 68 44 26 20 10 7 10 2 — 187 90 days or more past due 8 1 1 1 — — 2 — — 13 Nonperforming 4 11 8 9 2 8 2 — — 44 Total 11,350 5,861 3,202 1,844 877 1,076 3,292 31 — 27,533 Student: Current — — 17 71 57 4,034 — — — 4,179 30 - 89 days past due — — — 1 1 400 — — — 402 90 days or more past due — — — 1 1 704 — — — 706 Total — — 17 73 59 5,138 — — — 5,287 Credit card: Current 4,750 16 — 4,766 30 - 89 days past due 63 1 — 64 90 days or more past due 36 1 — 37 Total — — — — — — 4,849 18 — 4,867 Total $ 91,819 $ 58,390 $ 28,512 $ 21,376 $ 11,830 $ 33,635 $ 76,710 $ 3,981 $ (262) $ 325,991 (1) Includes certain deferred fees and costs and other adjustments. |
Summary of Allowance for Credit Losses | The following tables present activity in the ACL: (Dollars in millions) Balance at Jan 1, 2022 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2022 Commercial: Commercial and industrial $ 1,426 $ (31) $ 17 $ (93) $ — $ 1,319 CRE 350 (1) 1 (67) — 283 Commercial construction 52 (1) 1 1 — 53 Consumer: Residential mortgage 308 (2) 6 (2) — 310 Home equity 96 (1) 5 (12) — 88 Indirect auto 1,022 (102) 23 14 — 957 Other consumer 714 (76) 21 38 — 697 Student 117 (6) — 3 1 115 Credit card 350 (41) 9 30 — 348 ALLL 4,435 (261) 83 (88) 1 4,170 RUFC 260 — — (7) — 253 ACL $ 4,695 $ (261) $ 83 $ (95) $ 1 $ 4,423 (Dollars in millions) Balance at Jan 1, 2023 Charge-Offs Recoveries Provision (Benefit) Other (1) Balance at Mar 31, 2023 Commercial: Commercial and industrial $ 1,409 $ (75) $ 13 $ 151 $ (1) $ 1,497 CRE 224 (6) 1 32 — 251 Commercial construction 46 — 1 40 — 87 Consumer: Residential mortgage 399 (1) 2 13 (81) 332 Home equity 90 (2) 6 (7) — 87 Indirect auto 981 (127) 26 100 13 993 Other consumer 770 (105) 17 98 (1) 779 Student 98 (5) — 5 — 98 Credit card 360 (51) 9 40 (3) 355 ALLL 4,377 (372) 75 472 (73) 4,479 RUFC 272 — — 10 — 282 ACL $ 4,649 $ (372) $ 75 $ 482 $ (73) $ 4,761 (1) Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. |
Financing Receivable, Nonperforming | NPAs The following table provides a summary of nonperforming loans and leases, excluding LHFS: March 31, 2023 December 31, 2022 Recorded Investment Recorded Investment (Dollars in millions) Without an ALLL With an ALLL Without an ALLL With an ALLL Commercial: Commercial and industrial $ 68 $ 326 $ 120 $ 278 CRE 11 106 75 7 Commercial construction — 1 — — Consumer: Residential mortgage — 233 4 236 Home equity 1 131 2 171 Indirect auto — 270 3 286 Other consumer — 45 — 6 Total $ 80 $ 1,112 $ 204 $ 984 |
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) Mar 31, 2023 Dec 31, 2022 Nonperforming loans and leases HFI $ 1,192 $ 1,188 Foreclosed real estate 3 4 Other foreclosed property 66 58 Total nonperforming assets $ 1,261 $ 1,250 Residential mortgage loans in the process of foreclosure $ 226 $ 248 |
Summary Of Loan Modifications | The following table summarizes the period-end amortized cost basis of loans to borrowers experiencing financial difficulty that were modified during the period, disaggregated by class of financing receivable and type of modification granted. This table includes modification activity that occurred on or after January 1, 2023. The volume of payment delay modifications is expected to increase throughout 2023 as the cumulative period over which such modifications are evaluated gradually extends to a full 12-month rolling period: March 31, 2023 Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Combination - Other Total Modified Loans Percentage of Total Class of Financing Receivable Commercial: Commercial and industrial $ 390 $ 51 $ — $ — $ — $ — $ — $ — $ 441 0.26 % CRE 103 — — 71 — — — — 174 0.77 Commercial construction 1 — — — — — — — 1 0.02 Consumer: Residential mortgage — 29 32 25 1 92 20 4 203 0.36 Home equity — — — — 2 — — 1 3 0.03 Indirect auto — 5 — 5 5 — — 6 21 0.08 Other consumer — 5 — — 1 — — 1 7 0.03 Credit card — — — — — — — 5 5 0.10 Total $ 494 $ 90 $ 32 $ 101 $ 9 $ 92 $ 20 $ 17 $ 855 0.26 |
Financing Receivable, Modified, Financial Effect | The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: For the Three Months Ended March 31, 2023 Loan Type Financial Effect Renewals Commercial and industrial Extended weighted average term by 4 months and increased the weighted average interest rate by 0.4%. CRE Extended weighted average term by 9 months and increased the weighted average interest rate by 0.1%. Commercial construction Extended weighted average term by 5 months. Term Extensions Commercial and industrial Extended weighted average term by 3 months. Residential mortgage Extended weighted average term by 158 months. Indirect auto Extended weighted average term by 25 months. Other Consumer Extended weighted average term by 25 months. Capitalizations Residential mortgage Capitalized $19 thousand on a weighted average basis into the outstanding balance of the loan. Payment Delays CRE Provided 233 days of payment deferral on a weighted average basis. Residential mortgage Provided 195 days of payment deferral on a weighted average basis. Indirect auto Provided 129 days of payment deferral on a weighted average basis. Combination - Interest Rate Adjustment and Term Extension Residential mortgage Extended weighted average term by 97 months and decreased the weighted average interest rate by 0.8%. Home equity Extended weighted average term by 318 months and decreased the weighted average interest rate by 2.3%. Indirect auto Extended weighted average term by 11 months and decreased the weighted average interest rate by 7%. Other consumer Extended weighted average term by 101 months and decreased the weighted average interest rate by 3%. Combination - Capitalization and Term Extension Residential mortgage Extended weighted average term by 111 months and capitalized $31 thousand on a weighted average basis into the outstanding loan balance. Combination - Capitalization, Interest Rate and Term Extension Residential mortgage Extended weighted average term by 82 months, decreased weighted average interest rate by 0.3% and capitalized $23 thousand on a weighted average basis into the outstanding loan balance. |
Financing Receivable, Modified, Past Due | The following table summarizes the delinquency status of loans that were modified during the quarter: Payment Status (Amortized Cost Basis) March 31, 2023 (Dollars in millions) Current 30-89 Days Past Due 90 Days or More Past Due Total Commercial: Commercial and industrial $ 406 $ 1 $ 34 $ 441 CRE 174 — — 174 Commercial construction 1 — — 1 Consumer: Residential mortgage 153 33 17 203 Home equity 3 — — 3 Indirect auto 19 1 1 21 Other consumer 7 — — 7 Credit card 3 1 1 5 Total $ 766 $ 36 $ 53 $ 855 Total nonaccrual loans included above $ 131 $ 10 $ 39 $ 180 |
Financing Receivable, Modified, Subsequent Default | The following table provides the amortized cost basis of financing receivables that were modified during the quarter that were in payment default: March 31, 2023 (Dollars in millions) Renewals Term Extensions Capitalizations Payment Delays Combination - Combination - Other Total Commercial: Commercial and industrial $ 34 $ — $ — $ — $ — $ — $ — 34 Consumer: Residential mortgage — 2 1 5 6 2 1 17 Indirect auto — — — — — — 1 1 Credit card — — — — — — 1 1 Total $ 34 $ 2 $ 1 $ 5 $ 6 $ 2 $ 3 $ 53 |
Schedule of Performing and Nonperforming TDRs | TDRs The following table presents a summary of TDRs: (Dollars in millions) Dec 31, 2022 Performing TDRs: Commercial: Commercial and industrial $ 136 CRE 5 Commercial construction 1 Consumer: Residential mortgage 1,252 Home equity 51 Indirect auto 462 Other consumer 31 Student 30 Credit card 18 Total performing TDRs 1,986 Nonperforming TDRs 214 Total TDRs $ 2,200 ALLL attributable to TDRs $ 152 |
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 March 31, 2022 Type of Modification Prior Quarter Loan Balance Related ALLL at Period End (Dollars in millions) Rate Structure Newly designated TDRs: Commercial $ — $ 8 $ 10 $ — Consumer 148 191 329 15 Credit card 2 — 2 1 Re-modification of previously designated TDRs 21 11 |
Selected Information About Loans And Leases Unearned | The following table presents additional information about loans and leases: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Unearned income, discounts, and net deferred loan fees and costs $ 299 $ 269 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amounts of Goodwill Attributable to Operating Segments | The changes in the carrying amount of goodwill attributable to operating segments are reflected in the table below. Activity during 2023 relates to the reorganization of Prime Rate Premium Finance Corporation. Activity during 2022 reflects the acquisition of BankDirect Capital Finance, BenefitMall, and Kensington Vanguard National Land Services. Refer to “Note 2. Business Combinations” in Truist’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional information on the acquisitions and “Note 18. Operating Segments” for additional information on segments. (Dollars in millions) CB&W C&CB IH Total Goodwill, January 1, 2022 $ 16,870 $ 6,149 $ 3,079 $ 26,098 Mergers and acquisitions — — 912 912 Adjustments and other (5) 5 3 3 Goodwill, December 31, 2022 16,865 6,154 3,994 27,013 Adjustments and other — 216 (215) 1 Goodwill, March 31, 2023 $ 16,865 $ 6,370 $ 3,779 $ 27,014 |
Identifiable Intangible Assets Subject to Amortization | The following table, which excludes fully amortized intangibles, presents information for identifiable intangible assets: March 31, 2023 December 31, 2022 (Dollars in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount CDI $ 2,473 $ (1,465) $ 1,008 $ 2,473 $ (1,403) $ 1,070 Other, primarily client relationship intangibles 3,802 (1,275) 2,527 3,812 (1,210) 2,602 Total $ 6,275 $ (2,740) $ 3,535 $ 6,285 $ (2,613) $ 3,672 |
Loan Servicing (Tables)
Loan Servicing (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Summary of Residential Mortgage Banking Activities | The following tables summarize residential mortgage servicing activities: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 UPB of residential mortgage loan servicing portfolio $ 272,323 $ 274,028 UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate 214,830 217,046 Mortgage loans sold with recourse 200 200 Maximum recourse exposure from mortgage loans sold with recourse liability 128 127 Indemnification, recourse and repurchase reserves 55 56 As of / For the Three Months Ended March 31, 2023 2022 UPB of residential mortgage loans sold from LHFS $ 2,507 $ 8,818 Pre-tax gains recognized on mortgage loans sold and held for sale 16 39 Servicing fees recognized from mortgage loans serviced for others 163 145 Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others 0.27 % 0.31 % Weighted average interest rate on mortgage loans serviced for others 3.52 3.41 |
Analysis of Activity in Residential MSRs | The following table presents a roll forward of the carrying value of residential MSRs recorded at fair value: Three Months Ended March 31, (Dollars in millions) 2023 2022 Residential MSRs, carrying value, January 1 $ 3,428 $ 2,305 Additions 44 147 Sales (428) — Change in fair value due to changes in valuation inputs or assumptions (1) (1) 350 Realization of expected net servicing cash flows, passage of time, and other (57) (110) Residential MSRs, carrying value, March 31 $ 2,986 $ 2,692 (1) The first quarter of 2023 includes realized gains on the portfolio sale of excess servicing. |
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: March 31, 2023 December 31, 2022 Range Weighted Average Range Weighted Average (Dollars in millions) Min Max Min Max Prepayment speed 7.7 % 14.0 % 8.3 % 8.6 % 12.5 % 9.0 % Effect on fair value of a 10% increase $ (87) $ (110) Effect on fair value of a 20% increase (167) (211) OAS 1.7 % 12.1 % 4.6 % 1.2 % 11.4 % 4.0 % Effect on fair value of a 10% increase $ (57) $ (55) Effect on fair value of a 20% increase (111) (108) Composition of loans serviced for others: Fixed-rate residential mortgage loans 99.5 % 99.5 % Adjustable-rate residential mortgage loans 0.5 0.5 Total 100.0 % 100.0 % Weighted average life 7.1 years 6.8 years |
Summary of Commercial Mortgage Banking Activities | The following table summarizes commercial mortgage servicing activities: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 UPB of CRE mortgages serviced for others $ 36,245 $ 36,622 CRE mortgages serviced for others covered by recourse provisions 9,829 9,955 Maximum recourse exposure from CRE mortgages sold with recourse liability 2,820 2,861 Recorded reserves related to recourse exposure 16 17 CRE mortgages originated during the year-to-date period 1,041 7,779 Commercial MSRs at fair value 291 301 |
Other Assets and Liabilites (Ta
Other Assets and Liabilites (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Assets [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following tables present additional information on leases, excluding leases related to the lease financing businesses: March 31, 2023 December 31, 2022 (Dollars in millions) Operating Leases Finance Leases Operating Leases Finance Leases ROU assets $ 1,151 $ 19 $ 1,193 $ 20 Total lease liabilities 1,498 22 1,545 23 Weighted average remaining term 6.4 years 5.4 years 6.6 years 5.6 years Weighted average discount rate 2.8 % 3.4 % 2.7 % 3.4 % Three Months Ended March 31, (Dollars in millions) 2023 2022 Operating lease costs $ 82 $ 85 |
Schedule of Assets Held Under Operating Leases and Related Activities | The following table presents a summary of assets under operating leases. This table excludes subleases on assets included in premises and equipment. (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Assets held under operating leases (1) $ 2,090 $ 2,090 Accumulated depreciation (554) (550) Net $ 1,536 $ 1,540 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | The following table presents a summary of short-term borrowings: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 FHLB advances $ 18,900 $ 18,900 Securities sold under agreements to repurchase 2,122 2,128 Securities sold short 1,789 1,551 Collateral in excess of derivative exposures 455 403 Master notes 310 370 Other short-term borrowings 102 70 Total short-term borrowings $ 23,678 $ 23,422 |
Schedule of Long-Term Debt, Interest Rates and Maturity Dates | The following table presents a summary of long-term debt: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Truist Financial Corporation: Fixed rate senior notes $ 16,059 $ 14,107 Floating rate senior notes 999 999 Fixed rate subordinated notes (1) 1,895 1,882 Capital notes (1) 626 625 Structured notes (2) 12 12 Truist Bank: Fixed rate senior notes 5,246 6,982 Floating rate senior notes 1,249 1,749 Fixed rate subordinated notes (1) 4,795 4,767 Fixed rate FHLB advances 2 2 Floating rate FHLB advances 37,800 10,800 Other long-term debt (3) 1,212 1,278 Total long-term debt $ 69,895 $ 43,203 (1) Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations. (2) Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index. (3) Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Cash Dividends Declared per Share | The following table presents total dividends declared per share of common stock: Three Months Ended March 31, 2023 2022 Cash dividends declared per share $ 0.52 $ 0.48 |
AOCI (Tables)
AOCI (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, AFS securities, and HTM securities transferred from AFS securities. (Dollars in millions) Pension and OPEB Costs Cash Flow Hedges AFS Securities HTM Securities Other, net Total AOCI balance, January 1, 2022 $ (86) $ (9) $ (1,510) $ — $ 1 $ (1,604) OCI before reclassifications, net of tax 2 — (5,036) — 1 (5,033) AFS Securities transferred to HTM, net of tax — — 2,872 (2,872) — — Amounts reclassified from AOCI: Before tax 8 6 61 57 — 132 Tax effect 2 1 14 13 — 30 Amounts reclassified, net of tax 6 5 47 44 — 102 Total OCI, net of tax 8 5 (4,989) 44 1 (4,931) AOCI balance, March 31, 2022 $ (78) $ (4) $ (3,627) $ (2,828) $ 2 $ (6,535) AOCI balance, January 1, 2023 $ (1,535) $ (78) $ (9,395) $ (2,588) $ (5) $ (13,601) OCI before reclassifications, net of tax (26) 125 903 — 1 1,003 Amounts reclassified from AOCI: Before tax 16 — (65) 70 — 21 Tax effect 4 — (15) 15 — 4 Amounts reclassified, net of tax 12 — (50) 55 — 17 Total OCI, net of tax (14) 125 853 55 1 1,020 AOCI balance, March 31, 2023 $ (1,549) $ 47 $ (8,542) $ (2,533) $ (4) $ (12,581) 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 Net interest income |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, (Dollars in millions) Income Statement Location 2023 2022 Service cost Personnel expense $ 93 $ 139 Interest cost Other expense 111 88 Estimated return on plan assets Other expense (228) (269) Amortization and other Other expense 20 8 Net periodic (benefit) cost $ (4) $ (34) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 Mar 31, 2023 Dec 31, 2022 Investments in affordable housing projects and other qualified tax credits: Carrying amount Other assets $ 5,765 $ 5,869 Amount of future funding commitments included in carrying amount Other liabilities 1,726 1,762 Lending exposure Loans and leases for funded amounts 1,625 1,547 Renewable energy investments: Carrying amount Other assets 272 264 Amount of future funding commitments not included in carrying amount NA 444 361 SBIC and certain other equity method investments: Carrying amount Other assets 597 596 Amount of future funding commitments not included in carrying amount NA 597 532 |
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. Activity related to the Company’s renewable energy investments was immaterial. Three Months Ended March 31, (Dollars in millions) Income Statement Location 2023 2022 Tax credits: Investments in affordable housing projects, other qualified tax credits, and other community development investments Provision for income taxes $ 157 $ 150 Amortization and other changes in carrying amount: Investments in affordable housing projects and other qualified tax credits (1) Provision for income taxes $ 148 $ 124 Other community development investments (1) Other noninterest income 2 19 (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. |
Schedule of Off-Balance Sheet | The following is a summary of selected notional amounts of off-balance sheet financial instruments: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Commitments to extend, originate, or purchase credit and other commitments $ 215,998 $ 216,838 Residential mortgage loans sold with recourse 200 200 CRE mortgages serviced for others covered by recourse provisions 9,829 9,955 Other loans serviced for others covered by recourse provisions 759 723 Letters of credit 6,158 6,030 |
Schedule of Variable Interest Entities | The following table provides a summary of the TRS transactions with VIE purchases. VIE assets include trading loans and bonds: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Total return swaps: VIE assets $ 1,880 $ 1,830 Trading loans and bonds 1,801 1,790 VIE liabilities 118 163 |
Schedule of Pledged Assets | The following table provides the total carrying amount of pledged assets by asset type: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Pledged securities $ 71,890 $ 38,012 Pledged loans: FRB 75,018 71,234 FHLB 70,766 68,988 Unused borrowing capacity: FRB 53,291 49,250 FHLB 24,678 20,770 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 120 $ — $ 120 $ — $ — GSE 112 — 112 — — Agency MBS - residential 797 — 797 — — States and political subdivisions 293 — 293 — — Corporate and other debt securities 1,118 — 1,118 — — Loans 1,869 — 1,869 — — Other 292 260 32 — — Total trading assets 4,601 260 4,341 — — AFS securities: U.S. Treasury 10,441 — 10,441 — — GSE 301 — 301 — — Agency MBS - residential 55,175 — 55,175 — — Agency MBS - commercial 2,398 — 2,398 — — States and political subdivisions 425 — 425 — — Non-agency MBS 3,098 — 3,098 — — Other 20 — 20 — — Total AFS securities 71,858 — 71,858 — — LHFS at fair value 1,911 — 1,911 — — Loans and leases 17 — — 17 — Loan servicing rights at fair value 3,303 — — 3,303 — Other assets: Derivative assets 692 625 1,816 13 (1,762) Equity securities 857 757 100 — — Total assets $ 83,239 $ 1,642 $ 80,026 $ 3,333 $ (1,762) Liabilities: Derivative liabilities $ 2,589 $ 394 $ 3,971 $ 31 $ (1,807) Securities sold short 1,789 113 1,676 — — Total liabilities $ 4,378 $ 507 $ 5,647 $ 31 $ (1,807) December 31, 2022 Total Level 1 Level 2 Level 3 Netting Adjustments (1) Assets: Trading assets: U.S. Treasury $ 137 $ — $ 137 $ — $ — GSE 457 — 457 — — Agency MBS - residential 804 — 804 — — Agency MBS - commercial 62 — 62 — — States and political subdivisions 422 — 422 — — Corporate and other debt securities 761 — 761 — — Loans 1,960 — 1,960 — — Other 302 261 41 — — Total trading assets 4,905 261 4,644 — — AFS securities: U.S. Treasury 10,295 — 10,295 — — GSE 303 — 303 — — Agency MBS - residential 55,225 — 55,225 — — Agency MBS - commercial 2,424 — 2,424 — — States and political subdivisions 416 — 416 — — Non-agency MBS 3,117 — 3,117 — — Other 21 — 21 — — Total AFS securities 71,801 — 71,801 — — LHFS at fair value 1,065 — 1,065 — — Loans and leases 18 — — 18 — Loan servicing rights at fair value 3,758 — — 3,758 — Other assets: Derivative assets 684 472 1,980 1 (1,769) Equity securities 898 796 102 — — Total assets $ 83,129 $ 1,529 $ 79,592 $ 3,777 $ (1,769) Liabilities: Derivative liabilities $ 2,971 $ 364 $ 4,348 $ 37 $ (1,778) Securities sold short 1,551 114 1,437 — — Total liabilities $ 4,522 $ 478 $ 5,785 $ 37 $ (1,778) (1) Refer to “Note 16. 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 March 31, 2023 and 2022 Loans and Leases Loan Servicing Rights Net Derivatives Balance at January 1, 2022 $ 23 $ 2,633 $ (12) Total realized and unrealized gains (losses): Included in earnings — 357 (170) Issuances — 158 17 Settlements — (135) 91 Transfers out of level 3 and other (2) — — Balance at March 31, 2022 $ 21 $ 3,013 $ (74) Balance at January 1, 2023 $ 18 $ 3,758 $ (36) Total realized and unrealized gains (losses): Included in earnings — (5) (2) Issuances — 48 (2) Sales — (428) — Settlements (1) (70) 22 Balance at March 31, 2023 $ 17 $ 3,303 $ (18) Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at March 31, 2023 $ — $ (54) $ (5) |
Fair Value and UPB of LHFS | The following table details the fair value and UPB of certain loans that were elected to be measured at fair value: March 31, 2023 December 31, 2022 (Dollars in millions) Fair Value UPB Difference Fair Value UPB Difference Trading loans $ 1,869 $ 1,989 $ (120) $ 1,960 $ 2,101 $ (141) Loans and leases 17 19 (2) 18 20 (2) LHFS at fair value 1,911 1,883 28 1,065 1,056 9 |
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) Mar 31, 2023 Dec 31, 2022 Carrying value: LHFS $ 127 $ 271 Loans and leases 434 500 Other 98 120 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. Three Months Ended March 31, (Dollars in millions) 2023 2022 Valuation adjustments: LHFS $ — $ (3) Loans and leases (166) (97) Other (1) (44) (29) |
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: March 31, 2023 December 31, 2022 (Dollars in millions) Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: HTM securities Level 2 $ 56,932 $ 48,097 $ 57,713 $ 47,791 Loans and leases HFI, net of ALLL Level 3 323,177 312,107 321,596 308,738 Financial liabilities: Time deposits Level 2 32,326 32,140 23,474 23,383 Long-term debt Level 2 69,895 65,114 43,203 40,951 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 Notional Amount Fair Value Notional Amount Fair Value (Dollars in millions) Assets Liabilities Assets Liabilities Cash flow hedges: Interest rate contracts: Swaps hedging commercial loans $ 19,400 $ — $ — $ 16,650 $ — $ — Fair value hedges: Interest rate contracts: Swaps hedging long-term debt 16,018 — (53) 16,393 — (68) Swaps hedging AFS securities 7,097 — — 7,097 — — Total 23,115 — (53) 23,490 — (68) Not designated as hedges: Client-related and other risk management: Interest rate contracts: Swaps 160,381 625 (2,169) 155,670 579 (2,665) Options 42,648 171 (166) 29,840 172 (192) Forward commitments 791 2 (10) 1,495 8 (2) Other 3,092 8 (7) 3,823 1 — Equity contracts 34,979 727 (1,109) 33,185 644 (901) Credit contracts: Trading assets 160 — — 140 — — Loans and leases 780 — (1) 394 — — Risk participation agreements 7,156 — (3) 6,824 — (3) Total return swaps 1,793 71 (6) 1,729 81 (2) Foreign exchange contracts 21,527 300 (304) 19,022 364 (380) Commodity 7,534 454 (450) 4,881 444 (447) Total 280,841 2,358 (4,225) 257,003 2,293 (4,592) Mortgage banking: Interest rate contracts: Swaps 227 — — 115 — — Interest rate lock commitments 1,837 12 (12) 999 1 (17) When issued securities, forward rate agreements and forward commitments 3,470 15 (17) 2,128 25 (6) Other 243 1 — 140 1 — Total 5,777 28 (29) 3,382 27 (23) MSRs: Interest rate contracts: Swaps 14,329 — — 14,566 — — Options 15,089 53 (85) 13,930 122 (48) When issued securities, forward rate agreements and forward commitments 2,184 14 (3) 2,459 11 (15) Other 2,268 1 (1) 1,532 — (3) Total 33,870 68 (89) 32,487 133 (66) Total derivatives not designated as hedges 320,488 2,454 (4,343) 292,872 2,453 (4,681) Total derivatives $ 363,003 2,454 (4,396) $ 333,012 2,453 (4,749) Gross amounts in the Consolidated Balance Sheets: Amounts subject to master netting arrangements (1,251) 1,251 (1,223) 1,223 Cash collateral (received) posted for amounts subject to master netting arrangements (511) 556 (546) 555 Net amount $ 692 $ (2,589) $ 684 $ (2,971) |
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: March 31, 2023 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 $ 1,722 $ (1,370) $ 352 $ — $ 352 Derivatives not subject to master netting arrangement or similar arrangement 107 — 107 — 107 Exchange traded derivatives 625 (392) 233 — 233 Total derivative assets $ 2,454 $ (1,762) $ 692 $ — $ 692 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,431) $ 1,415 $ (2,016) $ 95 $ (1,921) Derivatives not subject to master netting arrangement or similar arrangement (572) — (572) — (572) Exchange traded derivatives (393) 392 (1) — (1) Total derivative liabilities $ (4,396) $ 1,807 $ (2,589) $ 95 $ (2,494) December 31, 2022 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 $ 1,895 $ (1,408) $ 487 $ — $ 487 Derivatives not subject to master netting arrangement or similar arrangement 86 — 86 — 86 Exchange traded derivatives 472 (361) 111 — 111 Total derivative assets $ 2,453 $ (1,769) $ 684 $ — $ 684 Derivative liabilities: Derivatives subject to master netting arrangement or similar arrangement $ (3,688) $ 1,417 $ (2,271) $ 43 $ (2,228) Derivatives not subject to master netting arrangement or similar arrangement (697) — (697) — (697) Exchange traded derivatives (364) 361 (3) — (3) Total derivative liabilities $ (4,749) $ 1,778 $ (2,971) $ 43 $ (2,928) |
Schedule of Fair Value Hedging Basis Adjustments | The following table presents the carrying value of hedged items in fair value hedging relationships: March 31, 2023 December 31, 2022 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) $ 38,761 $ (534) $ (4) $ 38,773 $ (630) $ (4) Loans and leases 350 — 9 353 — 10 Long-term debt 27,385 (303) (134) 25,378 (780) 218 (1) The amortized cost of AFS securities was $45.5 billion at March 31, 2023 and $46.2 billion at December 31, 2022. |
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 March 31, (Dollars in millions) 2023 2022 Pre-tax gain (loss) recognized in OCI: Commercial loans $ 163 $ — Pre-tax gain (loss) reclassified from AOCI into interest expense: Long-term debt $ — $ (6) The following table summarizes the impact on net interest income related to fair value hedges: Three Months Ended March 31, (Dollars in millions) 2023 2022 Investment securities: Amounts related to interest settlements $ 76 $ (5) Recognized on derivatives (95) 414 Recognized on hedged items 106 (402) Net income (expense) recognized (1) 87 7 Loans and leases: Recognized on hedged items (1) (1) Net income (expense) recognized (1) (1) Long-term debt: Amounts related to interest settlements (46) 16 Recognized on derivatives 156 (429) Recognized on hedged items (142) 486 Net income (expense) recognized (32) 73 Net income (expense) recognized, total $ 54 $ 79 (1) Includes $10 million and $8 million of income recognized for the three months ended March 31, 2023 and 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. The following table presents information about the Company’s cash flow and fair value hedges: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Cash flow hedges: Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI $ 6 $ (118) Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) 41 40 Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months (54) (31) Maximum time period over which Truist is hedging a portion of the variability in future cash flows for forecasted transactions excluding those transactions relating to the payment of variable interest on existing instruments 6 years 6 years Fair value hedges: Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2033) (1) $ 308 $ 669 Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months 52 163 (1) Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $447 million at March 31, 2023 and $457 million at December 31, 2022. The following table presents pre-tax gain (loss) recognized in income for derivative instruments not designated as hedges: Three Months Ended March 31, (Dollars in millions) Income Statement Location 2023 2022 Client-related and other risk management: Interest rate contracts Investment banking and trading income and other income $ 34 $ 56 Foreign exchange contracts Investment banking and trading income and other income (3) 32 Equity contracts Investment banking and trading income and other income 2 5 Credit contracts Investment banking and trading income and other income (33) 8 Commodity contracts Investment banking and trading income 10 5 Mortgage banking: Interest rate contracts - residential Mortgage banking income (1) 261 Interest rate contracts - commercial Mortgage banking income 1 (1) MSRs: Interest rate contracts - residential Mortgage banking income 1 (349) Interest rate contracts - commercial Mortgage banking income 3 (9) Total $ 14 $ 8 |
Derivatives Credit Risk - Risk Participation Agreements and Total Return Swaps | The following table presents additional information related to interest rate derivative risk participation agreements and total return swaps: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Risk participation agreements: Maximum potential amount of exposure $ 618 $ 575 Total return swaps: Cash collateral held 473 453 |
Schedule of Derivative Instruments Summary of Collateral Positions with Counterparties | The following table summarizes collateral positions with counterparties: (Dollars in millions) Mar 31, 2023 Dec 31, 2022 Dealer and other counterparties: Cash and other collateral received from counterparties $ 511 $ 542 Derivatives in a net gain position secured by collateral received 586 618 Unsecured positions in a net gain with counterparties after collateral postings 75 76 Cash collateral posted to counterparties 636 590 Derivatives in a net loss position secured by collateral 809 692 Central counterparties clearing: Cash collateral, including initial margin, received from central clearing parties — 4 Cash collateral, including initial margin, posted to central clearing parties 85 45 Derivatives in a net loss position 19 13 Derivatives in a net gain position 1 12 Securities pledged to central counterparties clearing 933 639 |
Computation of EPS (Tables)
Computation of EPS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted EPS | Basic and diluted EPS calculations are presented in the following table: Three Months Ended March 31, (Dollars in millions, except per share data, shares in thousands) 2023 2022 Net income available to common shareholders $ 1,410 $ 1,327 Weighted average number of common shares 1,328,602 1,329,037 Effect of dilutive outstanding equity-based awards 10,878 12,526 Weighted average number of diluted common shares 1,339,480 1,341,563 Basic EPS $ 1.06 $ 1.00 Diluted EPS $ 1.05 $ 0.99 Anti-dilutive awards 621 — |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table presents results by segment: Three Months Ended March 31, CB&W C&CB IH OT&C (1) Total 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Net interest income (expense) $ 1,601 $ 1,528 $ 2,308 $ 1,118 $ 1 $ 1 $ (42) $ 536 $ 3,868 $ 3,183 Net intersegment interest income (expense) 1,139 656 (556) 171 13 2 (596) (829) — — Segment net interest income 2,740 2,184 1,752 1,289 14 3 (638) (293) 3,868 3,183 Allocated provision for credit losses 274 74 232 (150) — — (4) (19) 502 (95) Segment net interest income after provision 2,466 2,110 1,520 1,439 14 3 (634) (274) 3,366 3,278 Noninterest income 873 910 630 656 817 733 (86) (157) 2,234 2,142 Amortization of intangibles 69 73 31 33 36 30 — 1 136 137 Other noninterest expense 1,900 1,812 812 755 648 516 195 454 3,555 3,537 Income (loss) before income taxes 1,370 1,135 1,307 1,307 147 190 (915) (886) 1,909 1,746 Provision (benefit) for income taxes 326 274 273 284 36 47 (241) (275) 394 330 Segment net income (loss) $ 1,044 $ 861 $ 1,034 $ 1,023 $ 111 $ 143 $ (674) $ (611) $ 1,515 $ 1,416 Identifiable assets (period end) $ 168,701 $ 159,939 $ 213,143 $ 188,806 $ 7,263 $ 6,494 $ 185,247 $ 188,740 $ 574,354 $ 543,979 (1) Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
IH | Subsequent Event | |
Business Acquisition [Line Items] | |
Proceeds from Divestiture of Businesses | $ 1,950 |
Securities Purchased under Agre
Securities Purchased under Agreements to Resale & Securities Borrowed (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting [Abstract] | ||
Securities purchased under agreements to resell | $ 2,685 | $ 2,415 |
Securities borrowed | 952 | 766 |
Total securities borrowed or purchased under agreements to resell | 3,637 | 3,181 |
Fair value of collateral permitted to be resold or repledged | 3,520 | 3,058 |
Fair value of securities resold or repledged | $ 657 | $ 864 |
Securities Financing Activiti_3
Securities Financing Activities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 23,678 | $ 23,422 |
Securities Sold under Agreements to Repurchase | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 2,122 | 2,128 |
Securities Sold under Agreements to Repurchase | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 641 | 318 |
Securities Sold under Agreements to Repurchase | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 297 | 272 |
Securities Sold under Agreements to Repurchase | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 23 | 74 |
Securities Sold under Agreements to Repurchase | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 672 | 1,045 |
Securities Sold under Agreements to Repurchase | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 489 | 419 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 1,802 | 2,052 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 631 | 318 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 297 | 272 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 23 | 74 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 666 | 1,019 |
Securities Sold under Agreements to Repurchase | Overnight and Continuous | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 185 | 369 |
Securities Sold under Agreements to Repurchase | Up to 30 days | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 320 | 76 |
Securities Sold under Agreements to Repurchase | Up to 30 days | U.S. Treasury | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 10 | 0 |
Securities Sold under Agreements to Repurchase | Up to 30 days | State and Municipal | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | Up to 30 days | GSE | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 0 | 0 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Agency MBS - residential | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | 6 | 26 |
Securities Sold under Agreements to Repurchase | Up to 30 days | Corporate and other debt securities | ||
Offsetting Liabilities [Line Items] | ||
Short-term Debt | $ 304 | $ 50 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 0 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
AFS securities: | ||
Amortized Cost | $ 82,998 | $ 84,056 |
Gross Unrealized Gains | 20 | 15 |
Gross Unrealized Losses | 11,160 | 12,270 |
AFS securities, Fair Value | 71,858 | 71,801 |
HTM securities: | ||
Amortized Cost | 56,932 | 57,713 |
HTM securities, Fair Value | 48,097 | 47,791 |
U.S. Treasury | ||
AFS securities: | ||
Amortized Cost | 11,083 | 11,080 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | 644 | 785 |
AFS securities, Fair Value | 10,441 | 10,295 |
GSE | ||
AFS securities: | ||
Amortized Cost | 332 | 339 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 31 | 36 |
AFS securities, Fair Value | 301 | 303 |
Agency MBS - residential | ||
AFS securities: | ||
Amortized Cost | 64,382 | 65,377 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 9,208 | 10,152 |
AFS securities, Fair Value | 55,175 | 55,225 |
HTM securities: | ||
Amortized Cost | 56,932 | 57,713 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 8,835 | 9,922 |
HTM securities, Fair Value | 48,097 | 47,791 |
Agency MBS - commercial | ||
AFS securities: | ||
Amortized Cost | 2,872 | 2,887 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 474 | 463 |
AFS securities, Fair Value | 2,398 | 2,424 |
States and political subdivisions | ||
AFS securities: | ||
Amortized Cost | 425 | 425 |
Gross Unrealized Gains | 17 | 15 |
Gross Unrealized Losses | 17 | 24 |
AFS securities, Fair Value | 425 | 416 |
Non-agency MBS | ||
AFS securities: | ||
Amortized Cost | 3,884 | 3,927 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 786 | 810 |
AFS securities, Fair Value | 3,098 | 3,117 |
Other | ||
AFS securities: | ||
Amortized Cost | 20 | 21 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
AFS securities, Fair Value | $ 20 | $ 21 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Fair Value of MBS Issued by FNMA and FHLMC Exceeding 10% of Shareholders' Equity (Details) $ in Millions | Mar. 31, 2023 USD ($) |
FNMA investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | $ 41,783 |
Securities, fair value | 35,517 |
FHLMC investments | |
Schedule of Debt Securities Exceeding Ten Percent of Stockholders Equity [Line Items] | |
Securities, amortized cost | 42,308 |
Securities, fair value | $ 35,747 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost and Estimated Fair Value by Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
AFS, Amortized Cost | ||
Due in one year or less | $ 2,597 | |
Due after one year through five years | 8,621 | |
Due after five years through ten years | 834 | |
Due after ten years | 70,946 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 82,998 | $ 84,056 |
AFS, Fair Value | ||
Due in one year or less | 2,538 | |
Due after one year through five years | 8,038 | |
Due after five years through ten years | 805 | |
Due after ten years | 60,477 | |
Debt Securities, Available-for-sale, Total | 71,858 | 71,801 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | ||
Debt Securities, Held-to-Maturity, Amortized Cost, Total | 56,932 | 57,713 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | ||
Debt Securities, Held-to-Maturity, Fair Value | 48,097 | 47,791 |
U.S. Treasury | ||
AFS, Amortized Cost | ||
Due in one year or less | 2,587 | |
Due after one year through five years | 8,448 | |
Due after five years through ten years | 19 | |
Due after ten years | 29 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 11,083 | 11,080 |
AFS, Fair Value | ||
Due in one year or less | 2,528 | |
Due after one year through five years | 7,869 | |
Due after five years through ten years | 18 | |
Due after ten years | 26 | |
Debt Securities, Available-for-sale, Total | 10,441 | 10,295 |
GSE | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 11 | |
Due after ten years | 314 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 332 | 339 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 10 | |
Due after ten years | 284 | |
Debt Securities, Available-for-sale, Total | 301 | 303 |
Agency MBS - residential | ||
AFS, Amortized Cost | ||
Due in one year or less | 0 | |
Due after one year through five years | 65 | |
Due after five years through ten years | 580 | |
Due after ten years | 63,737 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 64,382 | 65,377 |
AFS, Fair Value | ||
Due in one year or less | 0 | |
Due after one year through five years | 62 | |
Due after five years through ten years | 547 | |
Due after ten years | 54,566 | |
Debt Securities, Available-for-sale, Total | 55,175 | 55,225 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date | ||
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 | 56,932 | |
Debt Securities, Held-to-Maturity, Amortized Cost, Total | 56,932 | 57,713 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, 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 | 48,097 | |
Debt Securities, Held-to-Maturity, Fair Value | 48,097 | 47,791 |
Agency MBS - commercial | ||
AFS, Amortized Cost | ||
Due in one year or less | 1 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 71 | |
Due after ten years | 2,793 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 2,872 | 2,887 |
AFS, Fair Value | ||
Due in one year or less | 1 | |
Due after one year through five years | 7 | |
Due after five years through ten years | 68 | |
Due after ten years | 2,322 | |
Debt Securities, Available-for-sale, Total | 2,398 | 2,424 |
States and political subdivisions | ||
AFS, Amortized Cost | ||
Due in one year or less | 3 | |
Due after one year through five years | 94 | |
Due after five years through ten years | 139 | |
Due after ten years | 189 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 425 | 425 |
AFS, Fair Value | ||
Due in one year or less | 3 | |
Due after one year through five years | 93 | |
Due after five years through ten years | 148 | |
Due after ten years | 181 | |
Debt Securities, Available-for-sale, Total | 425 | 416 |
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 | 3,884 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 3,884 | 3,927 |
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 | 3,098 | |
Debt Securities, Available-for-sale, Total | 3,098 | 3,117 |
Other | ||
AFS, Amortized Cost | ||
Due in one year or less | 6 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 14 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Amortized Cost, Total | 20 | 21 |
AFS, Fair Value | ||
Due in one year or less | 6 | |
Due after one year through five years | 0 | |
Due after five years through ten years | 14 | |
Due after ten years | 0 | |
Debt Securities, Available-for-sale, Total | $ 20 | $ 21 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Values of Investments in Continuous Unrealized Loss Positions (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
AFS securities, Fair Value | ||
Less than 12 months | $ 3,011 | $ 28,352 |
12 months or more | 68,258 | 43,118 |
Total | 71,269 | 71,470 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 122 | 3,439 |
12 months or more | 11,038 | 8,831 |
Total | 11,160 | 12,270 |
U.S. Treasury | ||
AFS securities, Fair Value | ||
Less than 12 months | 1,267 | 2,069 |
12 months or more | 8,977 | 8,186 |
Total | 10,244 | 10,255 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 27 | 49 |
12 months or more | 617 | 736 |
Total | 644 | 785 |
GSE | ||
AFS securities, Fair Value | ||
Less than 12 months | 112 | 180 |
12 months or more | 175 | 114 |
Total | 287 | 294 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 5 | 14 |
12 months or more | 26 | 22 |
Total | 31 | 36 |
Agency MBS - residential | ||
AFS securities, Fair Value | ||
Less than 12 months | 1,267 | 25,041 |
12 months or more | 53,717 | 30,050 |
Total | 54,984 | 55,091 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 65 | 3,263 |
12 months or more | 9,143 | 6,889 |
Total | 9,208 | 10,152 |
Debt Securities, Held-to-Maturity, Fair Value | ||
Less than 12 months | 0 | 29,369 |
12 months or more | 48,097 | 18,422 |
Total | 48,097 | 47,791 |
Debt Securities, Held-To-Maturity, Unrealized Losses | ||
Less than 12 months | 0 | 5,613 |
12 months or more | 8,835 | 4,309 |
Total | 8,835 | 9,922 |
Agency MBS - commercial | ||
AFS securities, Fair Value | ||
Less than 12 months | 318 | 790 |
12 months or more | 2,066 | 1,631 |
Total | 2,384 | 2,421 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 24 | 92 |
12 months or more | 450 | 371 |
Total | 474 | 463 |
States and political subdivisions | ||
AFS securities, Fair Value | ||
Less than 12 months | 42 | 251 |
12 months or more | 210 | 20 |
Total | 252 | 271 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 1 | 21 |
12 months or more | 16 | 3 |
Total | 17 | 24 |
Non-agency MBS | ||
AFS securities, Fair Value | ||
Less than 12 months | 0 | 0 |
12 months or more | 3,098 | 3,117 |
Total | 3,098 | 3,117 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 786 | 810 |
Total | 786 | 810 |
Other | ||
AFS securities, Fair Value | ||
Less than 12 months | 5 | 21 |
12 months or more | 15 | 0 |
Total | 20 | 21 |
AFS securities, Unrealized Losses | ||
Less than 12 months | 0 | 0 |
12 months or more | 0 | 0 |
Total | $ 0 | $ 0 |
Investments Securities - Gain (
Investments Securities - Gain (Loss) on Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Gain (Loss) on Securities [Line Items] | ||
Noninterest income | $ 2,234 | $ 2,142 |
Securities gains (losses) | ||
Gain (Loss) on Securities [Line Items] | ||
Gross realized gains | 0 | 13 |
Gross realized losses | 0 | (82) |
Noninterest income | $ 0 | $ (69) |
Loans and ACL - Narrative (Deta
Loans and ACL - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable | |
Unfunded lending commitments related to the modified obligations | $ 353 |
Loan Restructuring, Trial Modifications, Amount | 64 |
Commercial: | |
Financing Receivable | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 156 |
Consumer: | |
Financing Receivable | |
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ (49) |
Loans and ACL - Aging Analysis
Loans and ACL - Aging Analysis of Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | ||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 327,673 | $ 325,991 | ||
Nonperforming | 1,192 | 1,188 | ||
Total loans and leases | 327,673 | 325,991 | ||
Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 323,315 | 320,931 | ||
Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,805 | 2,267 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 1,361 | 1,605 | ||
Commercial: | Commercial and industrial | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 167,217 | 164,307 | ||
Nonperforming | 394 | 398 | ||
Total loans and leases | 167,217 | 164,307 | ||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 166,663 | 163,604 | ||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 125 | 256 | ||
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 | 35 | 49 | ||
Commercial: | CRE | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 22,670 | 22,676 | ||
Nonperforming | 117 | 82 | ||
Total loans and leases | 22,670 | 22,676 | ||
Commercial: | CRE | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 22,519 | 22,568 | ||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 34 | 25 | ||
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 | 1 | ||
Commercial: | Commercial construction | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 5,951 | 5,849 | ||
Nonperforming | 1 | 0 | ||
Total loans and leases | 5,951 | 5,849 | ||
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 5,947 | 5,844 | ||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 3 | 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 | ||
Consumer: | Residential mortgage | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 56,455 | 56,645 | ||
Nonperforming | 233 | 240 | ||
Total loans and leases | 56,455 | 56,645 | ||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 55,057 | 55,005 | ||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 491 | 614 | ||
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 | 674 | [1] | 786 | [2] |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 649 | 759 | ||
Consumer: | Home equity | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10,577 | 10,876 | ||
Nonperforming | 132 | 135 | ||
Total loans and leases | 10,577 | 10,876 | ||
Consumer: | Home equity | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10,370 | 10,661 | ||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 65 | 68 | ||
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10 | 12 | ||
Consumer: | Indirect auto | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 27,279 | 27,951 | ||
Nonperforming | 270 | 289 | ||
Total loans and leases | 27,279 | 27,951 | ||
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 26,498 | 27,015 | ||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 511 | 646 | ||
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 | 0 | 1 | ||
Consumer: | Other consumer | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 27,742 | 27,533 | ||
Nonperforming | 45 | 44 | ||
Total loans and leases | 27,742 | 27,533 | ||
Consumer: | Other consumer | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 27,523 | 27,289 | ||
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 164 | 187 | ||
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 10 | 13 | ||
Consumer: | Student | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,996 | 5,287 | ||
Nonperforming | 0 | 0 | ||
Total loans and leases | 4,996 | 5,287 | ||
Consumer: | Student | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,046 | 4,179 | ||
Consumer: | Student | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 356 | 402 | ||
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 594 | [1] | 706 | [2] |
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | Loans Insured or Guaranteed by US Government Authorities | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 590 | 702 | ||
Credit card | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,786 | 4,867 | ||
Nonperforming | 0 | 0 | ||
Total loans and leases | 4,786 | 4,867 | ||
Credit card | Financial Asset, Not Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 4,692 | 4,766 | ||
Credit card | Financing Receivables 30 To 89 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 56 | 64 | ||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||||
Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 38 | $ 37 | ||
[1] (1) Includes government guaranteed loans of $649 million in the residential mortgage portfolio and $590 million in the student portfolio. (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student portfolio. |
Loans and ACL - Credit Quality
Loans and ACL - Credit Quality Indicator (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2023 | Dec. 31, 2022 | ||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | $ 327,673 | $ 325,991 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 16,791 | 91,819 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 85,843 | 58,390 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 54,805 | 28,512 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 26,556 | 21,376 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,626 | 11,830 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 42,512 | 33,635 | |||
Revolving Credit | 77,806 | 76,710 | |||
Loans Converted to Term | 4,018 | 3,981 | |||
Other(1) | [1] | (284) | (262) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 95 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 75 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 32 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 29 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 50 | ||||
Finance Receivable, Revolving, Writeoff | 90 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 1 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 372 | ||||
Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 323,315 | 320,931 | |||
Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,805 | 2,267 | |||
Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,361 | 1,605 | |||
Commercial: | Commercial and industrial | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 167,217 | 164,307 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,795 | 46,698 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 42,665 | 22,384 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,484 | 11,485 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,533 | 8,859 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 8,113 | 5,333 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,320 | 9,988 | |||
Revolving Credit | 61,524 | 59,759 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (217) | (199) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 9 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 15 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 1 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 3 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 15 | ||||
Finance Receivable, Revolving, Writeoff | 32 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 75 | ||||
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 166,663 | 163,604 | |||
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 125 | 256 | |||
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 35 | 49 | |||
Commercial: | Commercial and industrial | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 161,608 | 159,327 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,673 | 45,890 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 41,280 | 21,642 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,702 | 11,219 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,213 | 8,258 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,556 | 4,977 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13,686 | 9,686 | |||
Revolving Credit | 59,715 | 57,854 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (217) | (199) | ||
Commercial: | Commercial and industrial | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,974 | 1,718 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 56 | 243 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 585 | 302 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 357 | 143 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 113 | 160 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 83 | 61 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 137 | 88 | |||
Revolving Credit | 643 | 721 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial and industrial | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 3,241 | 2,864 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 65 | 518 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 745 | 387 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 375 | 113 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 166 | 413 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 452 | 249 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 440 | 187 | |||
Revolving Credit | 998 | 997 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial and industrial | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 394 | 398 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1 | 47 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 55 | 53 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 50 | 10 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 41 | 28 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 22 | 46 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 57 | 27 | |||
Revolving Credit | 168 | 187 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,670 | 22,676 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,086 | 6,353 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,182 | 3,815 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,432 | 2,329 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,411 | 4,497 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 4,241 | 2,571 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,557 | 2,406 | |||
Revolving Credit | 835 | 775 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (74) | (70) | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 2 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 4 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 6 | ||||
Commercial: | CRE | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 22,519 | 22,568 | |||
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 34 | 25 | |||
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1 | |||
Commercial: | CRE | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 20,350 | 20,846 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,042 | 6,141 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,649 | 3,595 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,269 | 2,220 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,302 | 3,846 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,426 | 2,092 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,902 | 2,265 | |||
Revolving Credit | 834 | 757 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | (74) | (70) | ||
Commercial: | CRE | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 963 | 831 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 106 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 273 | 118 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 113 | 74 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 74 | 229 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 289 | 281 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 208 | 5 | |||
Revolving Credit | 0 | 18 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1,240 | 917 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 38 | 106 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 223 | 99 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 47 | 35 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33 | 422 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 526 | 121 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 372 | 134 | |||
Revolving Credit | 1 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | CRE | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 117 | 82 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 37 | 3 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 77 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 75 | 2 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,951 | 5,849 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 257 | 1,695 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,751 | 1,500 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,660 | 936 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 831 | 291 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 220 | 265 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 210 | 71 | |||
Revolving Credit | 1,022 | 1,091 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,947 | 5,844 | |||
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 3 | 5 | |||
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 0 | |||
Commercial: | Commercial construction | Pass | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 5,498 | 5,455 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 219 | 1,501 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,628 | 1,500 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,618 | 825 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 636 | 290 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 219 | 212 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 157 | 71 | |||
Revolving Credit | 1,021 | 1,056 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Special mention | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 334 | 208 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 37 | 80 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 84 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 36 | 93 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 176 | 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 | 1 | 35 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Substandard | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 118 | 186 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1 | 114 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 39 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6 | 18 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 19 | 1 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 53 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 53 | 0 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Commercial: | Commercial construction | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 1 | ||||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Consumer: | Residential mortgage | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 56,455 | 56,645 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 651 | 13,888 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,877 | 17,438 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17,291 | 6,271 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,160 | 3,195 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,134 | 1,535 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 15,342 | 14,318 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 1 | ||||
Consumer: | Residential mortgage | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 55,057 | 55,005 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 649 | 13,824 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 13,827 | 17,340 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 17,194 | 6,167 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,076 | 3,084 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,037 | 1,384 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,274 | 13,206 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 491 | 614 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2 | 55 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 33 | 61 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 57 | 32 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 25 | 37 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 29 | 43 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 345 | 386 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 674 | [2] | 786 | [3] | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 5 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11 | 31 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 29 | 62 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 50 | 62 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56 | 91 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 528 | 535 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Residential mortgage | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 233 | 240 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 4 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6 | 6 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11 | 10 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9 | 12 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12 | 17 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 195 | 191 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10,577 | 10,876 | |||
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 | 6,602 | 6,944 | |||
Loans Converted to Term | 3,975 | 3,932 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 2 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 2 | ||||
Consumer: | Home equity | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10,370 | 10,661 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 6,506 | 6,843 | |||
Loans Converted to Term | 3,864 | 3,818 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 65 | 68 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 44 | 48 | |||
Loans Converted to Term | 21 | 20 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10 | 12 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 6 | 9 | |||
Loans Converted to Term | 4 | 3 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Home equity | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 132 | 135 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 46 | 44 | |||
Loans Converted to Term | 86 | 91 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Indirect auto | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 27,279 | 27,951 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,083 | 11,835 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10,961 | 7,392 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,705 | 4,272 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,798 | 2,617 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,265 | 1,190 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,460 | 638 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 7 | 7 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 39 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 34 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 16 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 21 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 127 | ||||
Consumer: | Indirect auto | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 26,498 | 27,015 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,077 | 11,646 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10,757 | 7,141 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,504 | 4,105 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,667 | 2,461 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,147 | 1,096 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,339 | 559 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 7 | 7 | ||
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 511 | 646 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 147 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 147 | 174 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 130 | 111 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 82 | 100 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 70 | 60 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 76 | 54 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 0 | 1 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 1 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | ||||
Revolving Credit | 0 | ||||
Loans Converted to Term | 0 | ||||
Other(1) | [1] | 0 | |||
Consumer: | Indirect auto | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 270 | 289 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 41 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 57 | 77 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 71 | 56 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 49 | 56 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 48 | 34 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 45 | 25 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 27,742 | 27,533 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,919 | 11,350 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10,407 | 5,861 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,233 | 3,202 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,807 | 1,844 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,585 | 877 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,711 | 1,076 | |||
Revolving Credit | 3,058 | 3,292 | |||
Loans Converted to Term | 22 | 31 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 45 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 25 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 14 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 10 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 5 | ||||
Finance Receivable, Revolving, Writeoff | 6 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 105 | ||||
Consumer: | Other | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 27,523 | 27,289 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,915 | 11,270 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 10,324 | 5,805 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,181 | 3,167 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,777 | 1,814 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,563 | 865 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,690 | 1,061 | |||
Revolving Credit | 3,053 | 3,278 | |||
Loans Converted to Term | 20 | 29 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 164 | 187 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 4 | 68 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 71 | 44 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 36 | 26 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 20 | 20 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 16 | 10 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12 | 7 | |||
Revolving Credit | 4 | 10 | |||
Loans Converted to Term | 1 | 2 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 10 | 13 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 8 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8 | 1 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1 | 1 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 1 | |||
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 | 1 | 2 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Other | Nonperforming | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 45 | 44 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 4 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4 | 11 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15 | 8 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10 | 9 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | 2 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | 8 | |||
Revolving Credit | 0 | 2 | |||
Loans Converted to Term | 1 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Student | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,996 | 5,287 | |||
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 | 17 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16 | 73 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 68 | 59 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,912 | 5,138 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 5 | ||||
Finance Receivable, Revolving, Writeoff | 0 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 0 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 5 | ||||
Consumer: | Student | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,046 | 4,179 | |||
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 | 17 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16 | 71 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 66 | 57 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,964 | 4,034 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Student | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 356 | 402 | |||
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 | 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 | 355 | 400 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Consumer: | Student | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 594 | [2] | 706 | [3] | |
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 | 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 | 593 | 704 | |||
Revolving Credit | 0 | 0 | |||
Loans Converted to Term | 0 | 0 | |||
Other(1) | [1] | 0 | 0 | ||
Credit card | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,786 | 4,867 | |||
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 | 4,765 | 4,849 | |||
Loans Converted to Term | 21 | 18 | |||
Other(1) | [1] | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year | |||||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | ||||
Finance Receivable, Revolving, Writeoff | 50 | ||||
Financing Receivable, Revolving, Converted to Term Loan, Writeoff | 1 | ||||
Finance Receivable, Adjustments and Suspense, Writeoff | 0 | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 51 | ||||
Credit card | Financial Asset, Not Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 4,692 | 4,766 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 4,675 | 4,750 | |||
Loans Converted to Term | 17 | 16 | |||
Other(1) | [1] | 0 | 0 | ||
Credit card | Financing Receivables 30 To 89 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 56 | 64 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 54 | 63 | |||
Loans Converted to Term | 2 | 1 | |||
Other(1) | [1] | 0 | 0 | ||
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | |||||
Financing Receivable | |||||
Financing Receivable, before Allowance for Credit Loss | 38 | 37 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year | |||||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | |||||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | |||||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | |||||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | |||||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | |||||
Revolving Credit | 36 | 36 | |||
Loans Converted to Term | 2 | 1 | |||
Other(1) | [1] | $ 0 | $ 0 | ||
[1]Includes certain deferred fees and costs and other adjustments.[2] (1) Includes government guaranteed loans of $649 million in the residential mortgage portfolio and $590 million in the student portfolio. (1) Includes government guaranteed loans of $759 million in the residential mortgage portfolio and $702 million in the student portfolio. |
Loans and ACL - Allowance for C
Loans and ACL - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Provision for credit losses | $ 502 | $ (95) | |
Commercial: | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,409 | 1,426 | |
Charge-Offs | (75) | (31) | |
Recoveries | 13 | 17 | |
Provision for credit losses | 151 | (93) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (1) | 0 |
Ending balance | 1,497 | 1,319 | |
Commercial: | CRE | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 224 | 350 | |
Charge-Offs | (6) | (1) | |
Recoveries | 1 | 1 | |
Provision for credit losses | 32 | (67) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 251 | 283 | |
Commercial: | Commercial construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 46 | 52 | |
Charge-Offs | 0 | (1) | |
Recoveries | 1 | 1 | |
Provision for credit losses | 40 | 1 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 87 | 53 | |
Consumer: | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 399 | 308 | |
Charge-Offs | (1) | (2) | |
Recoveries | 2 | 6 | |
Provision for credit losses | 13 | (2) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (81) | 0 |
Ending balance | 332 | 310 | |
Consumer: | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 90 | 96 | |
Charge-Offs | (2) | (1) | |
Recoveries | 6 | 5 | |
Provision for credit losses | (7) | (12) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 87 | 88 | |
Consumer: | Indirect auto | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 981 | 1,022 | |
Charge-Offs | (127) | (102) | |
Recoveries | 26 | 23 | |
Provision for credit losses | 100 | 14 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 13 | 0 |
Ending balance | 993 | 957 | |
Consumer: | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 770 | 714 | |
Charge-Offs | (105) | (76) | |
Recoveries | 17 | 21 | |
Provision for credit losses | 98 | 38 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (1) | 0 |
Ending balance | 779 | 697 | |
Consumer: | Student | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 98 | 117 | |
Charge-Offs | (5) | (6) | |
Recoveries | 0 | 0 | |
Provision for credit losses | 5 | 3 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 1 |
Ending balance | 98 | 115 | |
Credit card | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 360 | 350 | |
Charge-Offs | (51) | (41) | |
Recoveries | 9 | 9 | |
Provision for credit losses | 40 | 30 | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (3) | 0 |
Ending balance | 355 | 348 | |
ALLL | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,377 | 4,435 | |
Charge-Offs | (372) | (261) | |
Recoveries | 75 | 83 | |
Provision for credit losses | 472 | (88) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (73) | 1 |
Ending balance | 4,479 | 4,170 | |
RUFC | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 272 | 260 | |
Charge-Offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for credit losses | 10 | (7) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | 0 | 0 |
Ending balance | 282 | 253 | |
ACL | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4,649 | 4,695 | |
Charge-Offs | (372) | (261) | |
Recoveries | 75 | 83 | |
Provision for credit losses | 482 | (95) | |
Allowance for Loan and Lease Losses, Adjustments, Other | [1] | (73) | 1 |
Ending balance | $ 4,761 | $ 4,423 | |
[1]Includes the amounts for the ALLL for PCD acquisitions, the impact of adopting the Troubled Debt Restructurings and Vintage Disclosures accounting standard, and other activity. |
Loans and ACL - Nonperforming L
Loans and ACL - Nonperforming Loans (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | $ 80 | $ 204 |
Recorded Investment With an ALLL | 1,112 | 984 |
Commercial: | Commercial and industrial | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 68 | 120 |
Recorded Investment With an ALLL | 326 | 278 |
Commercial: | CRE | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 11 | 75 |
Recorded Investment With an ALLL | 106 | 7 |
Commercial: | Commercial construction | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | 1 | 0 |
Consumer: | Residential mortgage | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 4 |
Recorded Investment With an ALLL | 233 | 236 |
Consumer: | Home equity | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 1 | 2 |
Recorded Investment With an ALLL | 131 | 171 |
Consumer: | Indirect auto | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 3 |
Recorded Investment With an ALLL | 270 | 286 |
Consumer: | Other consumer | ||
Financing Receivable, Nonperforming [Line Items] | ||
Recorded Investment Without an ALLL | 0 | 0 |
Recorded Investment With an ALLL | $ 45 | $ 6 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable | ||
Nonperforming | $ 1,192 | $ 1,188 |
Foreclosed real estate | 3 | 4 |
Other foreclosed property | 66 | 58 |
Total nonperforming assets | 1,261 | 1,250 |
Residential mortgage loans in the process of foreclosure | $ 226 | $ 248 |
Loans and ACL - Summary of Loan
Loans and ACL - Summary of Loan Modifications (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 855 | $ 2,200 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.26% | |
Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 494 | |
Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 90 | |
Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 32 | |
Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 101 | |
Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 9 | |
Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 92 | |
Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 20 | |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 17 | |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 441 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.26% | |
Commercial: | Commercial and industrial | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 390 | |
Commercial: | Commercial and industrial | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 51 | |
Commercial: | Commercial and industrial | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial and industrial | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial and industrial | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial and industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 174 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.77% | |
Commercial: | CRE | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 103 | |
Commercial: | CRE | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 71 | |
Commercial: | CRE | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 1 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.02% | |
Commercial: | Commercial construction | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 1 | |
Commercial: | Commercial construction | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 203 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.36% | |
Consumer: | Residential mortgage | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 0 | |
Consumer: | Residential mortgage | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 29 | |
Consumer: | Residential mortgage | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 32 | |
Consumer: | Residential mortgage | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 25 | |
Consumer: | Residential mortgage | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 92 | |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 20 | |
Consumer: | Residential mortgage | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 4 | |
Consumer: | Home equity | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 3 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.03% | |
Consumer: | Home equity | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 0 | |
Consumer: | Home equity | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 2 | |
Consumer: | Home equity | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Indirect auto | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 21 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.08% | |
Consumer: | Indirect auto | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 0 | |
Consumer: | Indirect auto | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Consumer: | Indirect auto | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Indirect auto | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Consumer: | Indirect auto | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Consumer: | Indirect auto | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Indirect auto | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 6 | |
Consumer: | Other consumer | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 7 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.03% | |
Consumer: | Other consumer | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 0 | |
Consumer: | Other consumer | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Consumer: | Other consumer | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Other consumer | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Other consumer | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Other consumer | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Other consumer | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Other consumer | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Credit card | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 5 | |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.10% | |
Credit card | Renewals | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 0 | |
Credit card | Term Extensions | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Capitalizations | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Payment Delays | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Combination - Interest Rate Reduction and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Combination - Capitalization and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Combination - Capitalization, Interest Rate and Term Extension | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 5 |
Loans and ACL - Summary of Modi
Loans and ACL - Summary of Modifications' Financial Effect (Details) | 3 Months Ended |
Mar. 31, 2023 USD ($) Rate | |
Commercial: | Commercial and industrial | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 4 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.40% |
Commercial: | Commercial and industrial | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 3 months |
Commercial: | CRE | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 9 months |
Financing Receivable, Modified, Weighted Average Interest Rate Increase from Modification | 0.10% |
Commercial: | CRE | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 233 days |
Commercial: | Commercial construction | Renewals | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 5 months |
Consumer: | Residential mortgage | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 158 months |
Consumer: | Residential mortgage | Capitalizations | |
Financing Receivable, Modifications [Line Items] | |
Amount capitalized | $ | $ 19,000 |
Consumer: | Residential mortgage | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 195 days |
Consumer: | Residential mortgage | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 97 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.80% |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 111 months |
Amount capitalized | $ | $ 31,000 |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 82 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 0.30% |
Amount capitalized | $ | $ 23,000 |
Consumer: | Home equity | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 318 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 2.30% |
Consumer: | Indirect auto | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 25 months |
Consumer: | Indirect auto | Payment Delays | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 129 days |
Consumer: | Indirect auto | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 11 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 7% |
Consumer: | Other consumer | Term Extensions | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 25 months |
Consumer: | Other consumer | Combination - Interest Rate Reduction and Term Extension | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 101 months |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 3% |
Loans and ACL - Delinquency Sta
Loans and ACL - Delinquency Status of Loans that Were Modified During the Period (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 855 | $ 2,200 |
Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 766 | |
Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 36 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 53 | |
Nonperforming | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 180 | $ 214 |
Nonperforming | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 131 | |
Nonperforming | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 10 | |
Nonperforming | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 39 | |
Commercial: | Commercial and industrial | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 441 | |
Commercial: | Commercial and industrial | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 406 | |
Commercial: | Commercial and industrial | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Commercial: | Commercial and industrial | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 34 | |
Commercial: | CRE | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 174 | |
Commercial: | CRE | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 174 | |
Commercial: | CRE | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | CRE | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Commercial: | Commercial construction | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Commercial: | Commercial construction | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Commercial: | Commercial construction | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Residential mortgage | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 203 | |
Consumer: | Residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 153 | |
Consumer: | Residential mortgage | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 33 | |
Consumer: | Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 17 | |
Consumer: | Home equity | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 3 | |
Consumer: | Home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 3 | |
Consumer: | Home equity | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Indirect auto | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 21 | |
Consumer: | Indirect auto | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 19 | |
Consumer: | Indirect auto | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Indirect auto | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Consumer: | Other consumer | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 7 | |
Consumer: | Other consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 7 | |
Consumer: | Other consumer | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Consumer: | Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 0 | |
Credit card | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 5 | |
Credit card | Financial Asset, Not Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 3 | |
Credit card | Financing Receivables 30 To 89 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | 1 | |
Credit card | Financial Asset, Equal to or Greater than 90 Days Past Due | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified, Accumulated | $ 1 |
Loans and ACL - Loans Modified
Loans and ACL - Loans Modified During Period That Were in Payment Default (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | $ 53 |
Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 34 |
Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 5 |
Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 6 |
Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 3 |
Commercial: | Commercial and industrial | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 34 |
Commercial: | Commercial and industrial | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 34 |
Commercial: | Commercial and industrial | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Commercial: | Commercial and industrial | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Commercial: | Commercial and industrial | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Commercial: | Commercial and industrial | Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Commercial: | Commercial and industrial | Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Commercial: | Commercial and industrial | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Residential mortgage | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 17 |
Consumer: | Residential mortgage | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Residential mortgage | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Consumer: | Residential mortgage | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Consumer: | Residential mortgage | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 5 |
Consumer: | Residential mortgage | Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 6 |
Consumer: | Residential mortgage | Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 2 |
Consumer: | Residential mortgage | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Consumer: | Indirect auto | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Consumer: | Indirect auto | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Consumer: | Indirect auto | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Credit card | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 1 |
Credit card | Renewals | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Term Extensions | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Capitalizations | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Payment Delays | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Combination - Capitalization and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Combination - Capitalization, Interest Rate and Term Extension | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | 0 |
Credit card | Other | |
Financing Receivable, Modified, Subsequent Default [Line Items] | |
Modifications Made in the Current Period That Were in Payment Default | $ 1 |
Loans and ACL - Summary of TDRs
Loans and ACL - Summary of TDRs (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 855 | $ 2,200 |
ALLL attributable to TDRs | 152 | |
Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 1,986 | |
Nonperforming TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 180 | 214 |
Commercial: | Commercial and industrial | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 441 | |
Commercial: | Commercial and industrial | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 136 | |
Commercial: | CRE | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 174 | |
Commercial: | CRE | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 5 | |
Commercial: | Commercial construction | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 1 | |
Commercial: | Commercial construction | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 1 | |
Consumer: | Residential mortgage | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 203 | |
Consumer: | Residential mortgage | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 1,252 | |
Consumer: | Home equity | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 3 | |
Consumer: | Home equity | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 51 | |
Consumer: | Indirect auto | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 21 | |
Consumer: | Indirect auto | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 462 | |
Consumer: | Other consumer | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 7 | |
Consumer: | Other consumer | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 31 | |
Consumer: | Student | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | 30 | |
Credit card | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 5 | |
Credit card | Performing TDRs | ||
Financing Receivable [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring | $ 18 |
Loans and ACL - Types of Modifi
Loans and ACL - Types of Modifications and Allowance at Period End (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 855 | $ 2,200 | |
Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 441 | ||
Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 174 | ||
Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 1 | ||
Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 203 | ||
Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 3 | ||
Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 21 | ||
Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 7 | ||
Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 5 | ||
Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 90 | ||
Structure | Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 51 | ||
Structure | Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 0 | ||
Structure | Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 0 | ||
Structure | Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 29 | ||
Structure | Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 0 | ||
Structure | Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 5 | ||
Structure | Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 5 | ||
Structure | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 | ||
Newly Designated TDRs | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 10 | ||
Newly Designated TDRs | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | 15 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 329 | ||
Newly Designated TDRs | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Related ALLL at Period End | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | 2 | ||
Newly Designated TDRs | Rate | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 0 | ||
Newly Designated TDRs | Rate | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 148 | ||
Newly Designated TDRs | Rate | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 2 | ||
Newly Designated TDRs | Structure | Commercial: | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 8 | ||
Newly Designated TDRs | Structure | Consumer: | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 191 | ||
Newly Designated TDRs | Structure | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 0 | ||
Re-Modification of Previously Designated TDRs | Rate | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | 21 | ||
Re-Modification of Previously Designated TDRs | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
TDRs | $ 11 | ||
Performing | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 1,986 | ||
Performing | Commercial: | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 136 | ||
Performing | Commercial: | CRE | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 5 | ||
Performing | Commercial: | Commercial construction | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 1 | ||
Performing | Consumer: | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 1,252 | ||
Performing | Consumer: | Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 51 | ||
Performing | Consumer: | Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 462 | ||
Performing | Consumer: | Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 31 | ||
Performing | Consumer: | Student | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | 30 | ||
Performing | Credit card | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 18 |
Loans and ACL - Selected Inform
Loans and ACL - Selected Information About Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable [Line Items] | ||
Unearned income, discounts, and net deferred loan fees and costs | $ 299 | $ 269 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Rollforward of Goodwill by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 27,013 | $ 26,098 |
Goodwill, Acquired During Period | 912 | |
Adjustments and other | 1 | 3 |
Goodwill, Ending Balance | 27,014 | 27,013 |
CB&W | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 16,865 | 16,870 |
Goodwill, Acquired During Period | 0 | |
Adjustments and other | 0 | (5) |
Goodwill, Ending Balance | 16,865 | 16,865 |
C&CB | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 6,154 | 6,149 |
Goodwill, Acquired During Period | 0 | |
Adjustments and other | 216 | 5 |
Goodwill, Ending Balance | 6,370 | 6,154 |
IH | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 3,994 | 3,079 |
Goodwill, Acquired During Period | 912 | |
Adjustments and other | (215) | 3 |
Goodwill, Ending Balance | $ 3,779 | $ 3,994 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,275 | $ 6,285 |
Accumulated Amortization | (2,740) | (2,613) |
Net Carrying Amount | 3,535 | 3,672 |
CDI | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,473 | 2,473 |
Accumulated Amortization | (1,465) | (1,403) |
Net Carrying Amount | 1,008 | 1,070 |
Other, primarily client relationship intangibles | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,802 | 3,812 |
Accumulated Amortization | (1,275) | (1,210) |
Net Carrying Amount | $ 2,527 | $ 2,602 |
Loan Servicing - Residential Mo
Loan Servicing - Residential Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 2,234 | $ 2,142 | |
Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
UPB of residential mortgage loan servicing portfolio | 272,323 | $ 274,028 | |
UPB of residential mortgage loans serviced for others, primarily agency conforming fixed rate | 214,830 | 217,046 | |
Mortgage loans sold with recourse | 200 | 200 | |
Maximum recourse exposure from mortgage loans sold with recourse liability | 128 | 127 | |
Indemnification, recourse and repurchase reserves | 55 | $ 56 | |
UPB of residential mortgage loans sold from LHFS | 2,507 | 8,818 | |
Pre-tax gains recognized on mortgage loans sold and held for sale | $ 16 | $ 39 | |
Approximate weighted average servicing fee on the outstanding balance of residential mortgage loans serviced for others | 0.27% | 0.31% | |
Weighted average interest rate on mortgage loans serviced for others | 3.52% | 3.41% | |
Bank Servicing | Residential mortgage | |||
Risks Inherent in Servicing Assets and Servicing Liabilities [Line Items] | |||
Servicing fees recognized from mortgage loans serviced for others | $ 163 | $ 145 |
Loan Servicing - Analysis of Ac
Loan Servicing - Analysis of Activity in Residential MSRs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | $ 3,758 | |
MSRs, carrying value, ending balance | 3,303 | |
Residential MSRs | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
MSRs, carrying value, beginning balance | 3,428 | $ 2,305 |
Additions | 44 | 147 |
Sales | (428) | 0 |
Change in fair value due to changes in valuation inputs or assumptions(1) | (1) | 350 |
Realization of expected net servicing cash flows, passage of time, and other | (57) | (110) |
MSRs, carrying value, ending balance | $ 2,986 | $ 2,692 |
Loan Servicing - Residential MS
Loan Servicing - Residential MSR Sensitivity (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Residential MSRs | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 100% | 100% |
Residential MSRs | Min | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 7.70% | 8.60% |
OAS | 1.70% | 1.20% |
Residential MSRs | Max | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 14% | 12.50% |
OAS | 12.10% | 11.40% |
Residential MSRs | Weighted Average | ||
Servicing Assets at Fair Value [Line Items] | ||
Prepayment speed | 8.30% | 9% |
Effect on fair value of a 10% increase | $ (87) | $ (110) |
Effect on fair value of a 20% increase | $ (167) | $ (211) |
OAS | 4.60% | 4% |
Effect on fair value of a 10% increase | $ (57) | $ (55) |
Effect on fair value of a 20% increase | $ (111) | $ (108) |
Weighted average life | 7 years 1 month 6 days | 6 years 9 months 18 days |
Fixed-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 99.50% | 99.50% |
Adjustable-rate residential mortgage loans | ||
Servicing Assets at Fair Value [Line Items] | ||
Composition of loans serviced for others | 0.50% | 0.50% |
Loan Servicing - Commercial Mor
Loan Servicing - Commercial Mortgage Banking Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Servicing Assets at Fair Value [Line Items] | ||
MSRs at fair value | $ 3,303 | $ 3,758 |
CRE | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB of CRE mortgages serviced for others | 36,245 | 36,622 |
Mortgage loans sold with recourse | 9,829 | 9,955 |
Maximum recourse exposure from CRE mortgages sold with recourse liability | 2,820 | 2,861 |
Recorded reserves related to recourse exposure | 16 | 17 |
CRE mortgages originated during the year-to-date period | 1,041 | 7,779 |
MSRs at fair value | $ 291 | $ 301 |
Other Assets and Liabilites - N
Other Assets and Liabilites - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Narrative [Abstract] | ||
Bank-Owned Life Insurance | $ 7,700 | $ 7,600 |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Right of Use Assets | |||
Right-of-Use Asset, Operating Leases | $ 1,151 | $ 1,193 | |
Right-of-Use Asset, Finance Leases | $ 19 | $ 20 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets (including $1,549 and $1,582 at fair value, respectively) | Other assets (including $1,549 and $1,582 at fair value, respectively) | |
Operating Lease Liabilities, Payments Due | |||
Total lease liabilities | $ 1,498 | $ 1,545 | |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted Average Remaining Lease Term, Operating Leases | 6 years 4 months 24 days | 6 years 7 months 6 days | |
Weighted Average Discount Rate, Percent, Operating Leases | 2.80% | 2.70% | |
Operating Lease, Cost | $ 82 | $ 85 | |
Finance Lease Liabilities, Payments, Due | |||
Total lease liabilities | $ 22 | $ 23 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Weighted Average Remaining Lease Term, Finance Leases | 5 years 4 months 24 days | 5 years 7 months 6 days | |
Weighted Average Discount Rate, Percent, Finance Leases | 3.40% | 3.40% |
Other Assets and Liabilites -_2
Other Assets and Liabilites - Schedule of Assets Held Under Operating Leases and Related Activities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Other Assets and Liabilities | |||
Assets held under operating leases(1) | [1] | $ 2,090 | $ 2,090 |
Accumulated depreciation | (554) | (550) | |
Net | $ 1,536 | $ 1,540 | |
[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 | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term Debt | $ 23,678 | $ 23,422 |
Securities Sold under Agreements to Repurchase | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 2,122 | 2,128 |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 18,900 | 18,900 |
Dealer Collateral | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 455 | 403 |
Master Notes | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 310 | 370 |
Securities sold short | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 1,789 | 1,551 |
Other Short-term Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 102 | $ 70 |
Borrowings - Schedule of Long T
Borrowings - Schedule of Long Term Debt, Interest Rates and Maturity Dates (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | $ 69,895 | $ 43,203 | |
Truist Financial Corporation | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 16,059 | 14,107 | |
Truist Financial Corporation | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 999 | 999 | |
Truist Financial Corporation | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1] | 1,895 | 1,882 |
Truist Financial Corporation | Capital Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1] | 626 | 625 |
Truist Financial Corporation | Structured Notes | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [2] | 12 | 12 |
Truist Bank | Senior notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 5,246 | 6,982 | |
Truist Bank | Senior notes | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 1,249 | 1,749 | |
Truist Bank | Subordinated notes | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [1] | 4,795 | 4,767 |
Truist Bank | FHLB advances | Fixed rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 2 | 2 | |
Truist Bank | FHLB advances | Floating rate | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | 37,800 | 10,800 | |
Truist Bank | Other long-term debt | |||
Debt Instruments [Line Items] | |||
Long-term Debt, Carrying Amount | [3] | $ 1,212 | $ 1,278 |
[1]Subordinated and capital notes with a remaining maturity of one year or greater qualify under the risk-based capital guidelines as Tier 2 supplementary capital, subject to certain limitations.[2]Consist of notes with various terms that include fixed or floating rate interest or returns that are linked to an equity index.[3]Includes debt associated with finance leases, tax credit investments, and other. |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Cash Dividends Declared per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Cash dividends declared per share | $ 0.52 | $ 0.48 |
AOCI (Details)
AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI, Net of Tax [Roll Forward] | ||
OCI | $ 1,020 | $ (4,931) |
Pension and OPEB Costs | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (1,535) | (86) |
OCI before reclassifications, net of tax | (26) | 2 |
OCI | (14) | 8 |
AOCI, ending balance | (1,549) | (78) |
Pension and OPEB Costs | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 16 | 8 |
Tax effect | 4 | 2 |
Amounts reclassified, net of tax | 12 | 6 |
Cash Flow Hedges | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (78) | (9) |
OCI before reclassifications, net of tax | 125 | 0 |
OCI | 125 | 5 |
AOCI, ending balance | 47 | (4) |
Cash Flow Hedges | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 0 | 6 |
Tax effect | 0 | 1 |
Amounts reclassified, net of tax | 0 | 5 |
AFS Securities | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (9,395) | (1,510) |
OCI before reclassifications, net of tax | 903 | (5,036) |
AFS Securities transferred to HTM, net of tax | 2,872 | |
OCI | 853 | (4,989) |
AOCI, ending balance | (8,542) | (3,627) |
AFS Securities | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | (65) | 61 |
Tax effect | (15) | 14 |
Amounts reclassified, net of tax | (50) | 47 |
HTM Securities | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (2,588) | 0 |
OCI before reclassifications, net of tax | 0 | 0 |
AFS Securities transferred to HTM, net of tax | (2,872) | |
OCI | 55 | 44 |
AOCI, ending balance | (2,533) | (2,828) |
HTM Securities | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 70 | 57 |
Tax effect | 15 | 13 |
Amounts reclassified, net of tax | 55 | 44 |
Other, net | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (5) | 1 |
OCI before reclassifications, net of tax | 1 | 1 |
OCI | 1 | 1 |
AOCI, ending balance | (4) | 2 |
Other, net | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 0 | 0 |
Tax effect | 0 | 0 |
Amounts reclassified, net of tax | 0 | 0 |
Total | ||
AOCI, Net of Tax [Roll Forward] | ||
AOCI, beginning balance | (13,601) | (1,604) |
OCI before reclassifications, net of tax | 1,003 | (5,033) |
OCI | 1,020 | (4,931) |
AOCI, ending balance | (12,581) | (6,535) |
Total | Amounts reclassified from AOCI | ||
Amounts reclassified from AOCI: | ||
Before tax | 21 | 132 |
Tax effect | 4 | 30 |
Amounts reclassified, net of tax | $ 17 | $ 102 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Contingency [Line Items] | ||
Provision for income taxes | $ 394 | $ 330 |
Effective Income Tax Rate, Percent | 20.60% | 18.90% |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Discretionary contributions | $ 1,300 |
Benefit Plans - Summary of the
Benefit Plans - Summary of the Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net periodic pension cost: | ||
Service cost | $ 93 | $ 139 |
Interest cost | 111 | 88 |
Estimated return on plan assets | 228 | 269 |
Net amortization and other | (20) | (8) |
Net periodic benefit cost (income) | $ (4) | $ (34) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative - (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Max | |
Other Commitments [Line Items] | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 200 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Investments in affordable housing projects | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | $ 5,765 | $ 5,869 |
Amount of future funding commitments included in carrying amount | 1,726 | 1,762 |
Lending exposure | 1,625 | 1,547 |
Renewable Energy Investments | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 272 | 264 |
Amount of future funding commitments not included in carrying amount | 444 | 361 |
SBIC and certain other equity method investments: | ||
Tax Credit and Certain Equity Investments | ||
Carrying amount | 597 | 596 |
Amount of future funding commitments not included in carrying amount | $ 597 | $ 532 |
Commitments and Contingencies_3
Commitments and Contingencies - Tax Credits and Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Investments in affordable housing projects | |||
Income Tax Contingency [Line Items] | |||
Investments in affordable housing projects, other qualified tax credits, and other community development investments | $ 157 | $ 150 | |
Amortization and other changes in carrying amount | 148 | [1] | 124 |
Other Community Development Investment | |||
Income Tax Contingency [Line Items] | |||
Amortization and other changes in carrying amount | $ 2 | $ 19 | |
[1] (1) In the first quarter of 2023, the Company adopted the Investments in Tax Credit Structures accounting standard. As a result, amortization related to these tax credits started being recognized in the Provision for income taxes as of the adoption of this standard. This activity was previously recognized in Other income. Refer to “Note 1. Basis of Presentation” for additional information. |
Commitments and Contingencies_4
Commitments and Contingencies - Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Residential mortgage | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 200 | $ 200 |
CRE | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 9,829 | 9,955 |
Other consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 759 | 723 |
Commitments to extend, originate, or purchase credit and other commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | 215,998 | 216,838 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Notional amount | $ 6,158 | $ 6,030 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of VIE assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Tax Credit and Certain Equity Investments | ||
Trading assets at fair value | $ 4,601 | $ 4,905 |
Other Liabilities | 13,390 | 14,598 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Tax Credit and Certain Equity Investments | ||
VIE Assets | 1,880 | 1,830 |
Trading assets at fair value | 1,801 | 1,790 |
Other Liabilities | $ 118 | $ 163 |
Commitments and Contingencies_6
Commitments and Contingencies - Pledged Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total loans and leases | $ 327,673 | $ 325,991 |
Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Securities, fair value | 71,890 | 38,012 |
Federal Reserve Bank Advances [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 53,291 | 49,250 |
Federal Reserve Bank Advances [Member] | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total loans and leases | 75,018 | 71,234 |
FHLB Advances | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 24,678 | 20,770 |
FHLB Advances | Asset Pledged as Collateral | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total loans and leases | $ 70,766 | $ 68,988 |
Fair Value Disclosures - Narrat
Fair Value Disclosures - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Investments excluded from Fair Value Hierarchy, net asset value practical expedient | $ 367 | $ 385 |
Loans Held-for-sale | 1,911 | 1,065 |
Carrying value of unfunded commitments | 282 | 272 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale | $ 122 | $ 108 |
Fair Value Disclosures - Assets
Fair Value Disclosures - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Trading assets | $ 4,601 | $ 4,905 | |
AFS securities at fair value | 71,858 | 71,801 | |
Loans Held for Sale, Fair Value | 1,911 | 1,065 | |
Loans and leases | 17 | 18 | |
Loan servicing rights at fair value | 3,303 | 3,758 | |
Derivative Asset, Net | 692 | 684 | |
Derivative Asset, Gross | 2,454 | 2,453 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,762) | (1,769) | |
Equity securities | 857 | 898 | |
Total assets | 83,239 | 83,129 | |
Liabilities | |||
Derivative liabilities | 2,589 | 2,971 | |
Derivative Liability, Gross | 4,396 | 4,749 | |
Amount Offset | 1,807 | 1,778 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,789 | 1,551 | |
Total liabilities | 4,378 | 4,522 | |
Level 1 | |||
Assets | |||
Trading assets | 260 | 261 | |
AFS securities at fair value | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
Loans and leases | 0 | 0 | |
Loan servicing rights at fair value | 0 | 0 | |
Derivative Asset, Gross | 625 | 472 | |
Equity securities | 757 | 796 | |
Total assets | 1,642 | 1,529 | |
Liabilities | |||
Derivative Liability, Gross | 394 | 364 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 113 | 114 | |
Total liabilities | 507 | 478 | |
Level 2 | |||
Assets | |||
Trading assets | 4,341 | 4,644 | |
AFS securities at fair value | 71,858 | 71,801 | |
Loans Held for Sale, Fair Value | 1,911 | 1,065 | |
Loans and leases | 0 | 0 | |
Loan servicing rights at fair value | 0 | 0 | |
Derivative Asset, Gross | 1,816 | 1,980 | |
Equity securities | 100 | 102 | |
Total assets | 80,026 | 79,592 | |
Liabilities | |||
Derivative Liability, Gross | 3,971 | 4,348 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 1,676 | 1,437 | |
Total liabilities | 5,647 | 5,785 | |
Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Loans Held for Sale, Fair Value | 0 | 0 | |
Loans and leases | 17 | 18 | |
Loan servicing rights at fair value | 3,303 | 3,758 | |
Derivative Asset, Gross | 13 | 1 | |
Equity securities | 0 | 0 | |
Total assets | 3,333 | 3,777 | |
Liabilities | |||
Derivative Liability, Gross | 31 | 37 | |
Financial Instruments Sold, Not yet Purchased, at Fair Value | 0 | 0 | |
Total liabilities | 31 | 37 | |
U.S. Treasury | |||
Assets | |||
Trading assets | 120 | 137 | |
AFS securities at fair value | 10,441 | 10,295 | |
U.S. Treasury | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
U.S. Treasury | Level 2 | |||
Assets | |||
Trading assets | 120 | 137 | |
AFS securities at fair value | 10,441 | 10,295 | |
U.S. Treasury | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | |||
Assets | |||
Trading assets | 112 | 457 | |
AFS securities at fair value | 301 | 303 | |
GSE | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
GSE | Level 2 | |||
Assets | |||
Trading assets | 112 | 457 | |
AFS securities at fair value | 301 | 303 | |
GSE | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS - residential | |||
Assets | |||
Trading assets | 797 | 804 | |
AFS securities at fair value | 55,175 | 55,225 | |
Agency MBS - residential | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS - residential | Level 2 | |||
Assets | |||
Trading assets | 797 | 804 | |
AFS securities at fair value | 55,175 | 55,225 | |
Agency MBS - residential | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Agency MBS - commercial | |||
Assets | |||
Trading assets | 62 | ||
AFS securities at fair value | 2,398 | 2,424 | |
Agency MBS - commercial | Level 1 | |||
Assets | |||
Trading assets | 0 | ||
AFS securities at fair value | 0 | 0 | |
Agency MBS - commercial | Level 2 | |||
Assets | |||
Trading assets | 62 | ||
AFS securities at fair value | 2,398 | 2,424 | |
Agency MBS - commercial | Level 3 | |||
Assets | |||
Trading assets | 0 | ||
AFS securities at fair value | 0 | 0 | |
States and political subdivisions | |||
Assets | |||
Trading assets | 293 | 422 | |
AFS securities at fair value | 425 | 416 | |
States and political subdivisions | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
States and political subdivisions | Level 2 | |||
Assets | |||
Trading assets | 293 | 422 | |
AFS securities at fair value | 425 | 416 | |
States and political subdivisions | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Corporate and other debt securities | |||
Assets | |||
Trading assets | 1,118 | 761 | |
Corporate and other debt securities | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Corporate and other debt securities | Level 2 | |||
Assets | |||
Trading assets | 1,118 | 761 | |
Corporate and other debt securities | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | |||
Assets | |||
Trading assets | 1,869 | 1,960 | |
Loans | Level 1 | |||
Assets | |||
Trading assets | 0 | 0 | |
Loans | Level 2 | |||
Assets | |||
Trading assets | 1,869 | 1,960 | |
Loans | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
Other | |||
Assets | |||
Trading assets | 292 | 302 | |
AFS securities at fair value | 20 | 21 | |
Other | Level 1 | |||
Assets | |||
Trading assets | 260 | 261 | |
AFS securities at fair value | 0 | 0 | |
Other | Level 2 | |||
Assets | |||
Trading assets | 32 | 41 | |
AFS securities at fair value | 20 | 21 | |
Other | Level 3 | |||
Assets | |||
Trading assets | 0 | 0 | |
AFS securities at fair value | 0 | 0 | |
Non-agency MBS | |||
Assets | |||
AFS securities at fair value | 3,098 | 3,117 | |
Non-agency MBS | Level 1 | |||
Assets | |||
AFS securities at fair value | 0 | 0 | |
Non-agency MBS | Level 2 | |||
Assets | |||
AFS securities at fair value | 3,098 | 3,117 | |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements | |||
Assets | |||
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (1,762) | (1,769) |
Liabilities | |||
Amount Offset | [1] | $ (1,807) | $ (1,778) |
[1]Refer to “Note 16. 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Loans and Leases | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 18 | $ 23 |
Included in earnings | 0 | 0 |
Issuances | 0 | 0 |
Sales | 0 | |
Settlements | (1) | 0 |
Transfers out of level 3 and other | (2) | |
Ending balance | 17 | 21 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | 0 | |
Loan Servicing Rights | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 3,758 | 2,633 |
Included in earnings | (5) | 357 |
Issuances | (48) | (158) |
Sales | (428) | |
Settlements | (70) | (135) |
Transfers out of level 3 and other | 0 | |
Ending balance | 3,303 | 3,013 |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | (54) | |
Net Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | (36) | (12) |
Included in earnings | (2) | (170) |
Issuances | (2) | (17) |
Sales | 0 | |
Settlements | 22 | 91 |
Transfers out of level 3 and other | 0 | |
Ending balance | (18) | $ (74) |
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held | $ (5) |
Fair Value Disclosures - Fair V
Fair Value Disclosures - Fair Value Option (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures | ||
Loans Receivable, Fair Value Disclosure | $ 17 | $ 18 |
Loans Held for Sale, Fair Value | 1,911 | 1,065 |
UPB | 1,883 | 1,056 |
Difference | 28 | 9 |
Trading loans | ||
Fair Value Disclosures | ||
Trading Loans, Fair Value | 1,869 | 1,960 |
UPB | 1,989 | 2,101 |
Difference | (120) | (141) |
Loans and leases | ||
Fair Value Disclosures | ||
Loans Receivable, Fair Value Disclosure | 17 | 18 |
UPB | 19 | 20 |
Difference | $ (2) | $ (2) |
Fair Value Disclosures - Measur
Fair Value Disclosures - Measured on a Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | $ 17 | $ 18 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 17 | 18 | |
LHFS | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 127 | 271 | |
Valuation adjustments: | 0 | $ (3) | |
Loans and Leases | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans Receivable, Fair Value Disclosure | 434 | 500 | |
Valuation adjustments: | (166) | (97) | |
Other | Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value: | 98 | $ 120 | |
Valuation adjustments: | $ (44) | $ (29) |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Liabilities Not Recorded at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
HTM securities | $ 48,097 | $ 47,791 |
Loans and leases HFI, net of ALLL | 323,194 | 321,614 |
Financial liabilities: | ||
Long-term debt | 69,895 | 43,203 |
Carrying Amount | Level 2 | ||
Financial assets: | ||
HTM securities | 56,932 | 57,713 |
Financial liabilities: | ||
Time deposits | 32,326 | 23,474 |
Long-term debt | 69,895 | 43,203 |
Carrying Amount | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | 323,177 | 321,596 |
Fair Value | Level 2 | ||
Financial assets: | ||
HTM securities | 48,097 | 47,791 |
Financial liabilities: | ||
Time deposits | 32,140 | 23,383 |
Long-term debt | 65,114 | 40,951 |
Fair Value | Level 3 | ||
Financial assets: | ||
Loans and leases HFI, net of ALLL | $ 312,107 | $ 308,738 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Amortized Cost | $ 82,998 | $ 84,056 |
Fair value hedges | Available-for-sale Securities | ||
Derivative [Line Items] | ||
Amortized Cost | $ 45,500 | $ 46,200 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Classifications and Hedging Relationships (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | $ 363,003 | $ 333,012 |
Derivative Asset, Fair Value, Gross | 2,454 | 2,453 |
Derivative Liability, Fair Value, Gross | (4,396) | (4,749) |
Derivative Asset [Abstract] | ||
Amounts subject to master netting arrangements | (1,251) | (1,223) |
Cash collateral (received) posted for amounts subject to master netting arrangements | (511) | (546) |
Net Amount in Consolidated Balance Sheets | 692 | 684 |
Derivative Liability [Abstract] | ||
Amounts subject to master netting arrangements | 1,251 | 1,223 |
Cash collateral (received) posted for amounts subject to master netting arrangements | 556 | 555 |
Net amount | (2,589) | (2,971) |
Cash flow hedges | Interest rate contracts | Swap | Commercial loans | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 19,400 | 16,650 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Fair value hedges | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 23,115 | 23,490 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (53) | (68) |
Fair value hedges | Interest rate contracts | Swap | Long-term debt | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 16,018 | 16,393 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (53) | (68) |
Fair value hedges | Interest rate contracts | Swap | AFS securities | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 7,097 | 7,097 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 320,488 | 292,872 |
Derivative Asset, Fair Value, Gross | 2,454 | 2,453 |
Derivative Liability, Fair Value, Gross | (4,343) | (4,681) |
Not designated as hedges | Client-related and other risk management | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 280,841 | 257,003 |
Derivative Asset, Fair Value, Gross | 2,358 | 2,293 |
Derivative Liability, Fair Value, Gross | (4,225) | (4,592) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 160,381 | 155,670 |
Derivative Asset, Fair Value, Gross | 625 | 579 |
Derivative Liability, Fair Value, Gross | (2,169) | (2,665) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Options | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 42,648 | 29,840 |
Derivative Asset, Fair Value, Gross | 171 | 172 |
Derivative Liability, Fair Value, Gross | (166) | (192) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 791 | 1,495 |
Derivative Asset, Fair Value, Gross | 2 | 8 |
Derivative Liability, Fair Value, Gross | (10) | (2) |
Not designated as hedges | Client-related and other risk management | Interest rate contracts | Other | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 3,092 | 3,823 |
Derivative Asset, Fair Value, Gross | 8 | 1 |
Derivative Liability, Fair Value, Gross | (7) | 0 |
Not designated as hedges | Client-related and other risk management | Equity contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 34,979 | 33,185 |
Derivative Asset, Fair Value, Gross | 727 | 644 |
Derivative Liability, Fair Value, Gross | (1,109) | (901) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Trading assets | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 160 | 140 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Client-related and other risk management | Credit Contract | Loans and leases | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 780 | 394 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (1) | 0 |
Not designated as hedges | Client-related and other risk management | Credit Contract | Risk participation agreements | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 7,156 | 6,824 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | (3) | (3) |
Not designated as hedges | Client-related and other risk management | Credit Contract | Total Return Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 1,793 | 1,729 |
Derivative Asset, Fair Value, Gross | 71 | 81 |
Derivative Liability, Fair Value, Gross | (6) | (2) |
Not designated as hedges | Client-related and other risk management | Foreign exchange contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 21,527 | 19,022 |
Derivative Asset, Fair Value, Gross | 300 | 364 |
Derivative Liability, Fair Value, Gross | (304) | (380) |
Not designated as hedges | Client-related and other risk management | Commodity Contract | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 7,534 | 4,881 |
Derivative Asset, Fair Value, Gross | 454 | 444 |
Derivative Liability, Fair Value, Gross | (450) | (447) |
Not designated as hedges | Mortgage banking | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 5,777 | 3,382 |
Derivative Asset, Fair Value, Gross | 28 | 27 |
Derivative Liability, Fair Value, Gross | (29) | (23) |
Not designated as hedges | Mortgage banking | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 227 | 115 |
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, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 243 | 140 |
Derivative Asset, Fair Value, Gross | 1 | 1 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Mortgage banking | Interest rate contracts | Interest rate lock commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 1,837 | 999 |
Derivative Asset, Fair Value, Gross | 12 | 1 |
Derivative Liability, Fair Value, Gross | (12) | (17) |
Not designated as hedges | Mortgage banking | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 3,470 | 2,128 |
Derivative Asset, Fair Value, Gross | 15 | 25 |
Derivative Liability, Fair Value, Gross | (17) | (6) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 33,870 | 32,487 |
Derivative Asset, Fair Value, Gross | 68 | 133 |
Derivative Liability, Fair Value, Gross | (89) | (66) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Swap | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 14,329 | 14,566 |
Derivative Asset, Fair Value, Gross | 0 | 0 |
Derivative Liability, Fair Value, Gross | 0 | 0 |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Options | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 15,089 | 13,930 |
Derivative Asset, Fair Value, Gross | 53 | 122 |
Derivative Liability, Fair Value, Gross | (85) | (48) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | Other | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 2,268 | 1,532 |
Derivative Asset, Fair Value, Gross | 1 | 0 |
Derivative Liability, Fair Value, Gross | (1) | (3) |
Not designated as hedges | Loan Servicing Rights | Interest rate contracts | When issued securities, forward rate agreements and forward commitments | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Notional Amount | 2,184 | 2,459 |
Derivative Asset, Fair Value, Gross | 14 | 11 |
Derivative Liability, Fair Value, Gross | $ (3) | $ (15) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Master Netting (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | $ 2,454 | $ 2,453 |
Amount Offset | (1,762) | (1,769) |
Net Amount in Consolidated Balance Sheets | 692 | 684 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 692 | 684 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (4,396) | (4,749) |
Amount Offset | 1,807 | 1,778 |
Net amount | (2,589) | (2,971) |
Held/Pledged Financial Instruments | 95 | 43 |
Net Amount | (2,494) | (2,928) |
Derivatives Subject to Master Netting Arrangements | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 1,722 | 1,895 |
Amount Offset | (1,370) | (1,408) |
Net Amount in Consolidated Balance Sheets | 352 | 487 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 352 | 487 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (3,431) | (3,688) |
Amount Offset | 1,415 | 1,417 |
Net amount | (2,016) | (2,271) |
Held/Pledged Financial Instruments | 95 | 43 |
Net Amount | (1,921) | (2,228) |
Derivatives Not Subject to Master Netting Arrangement | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 107 | 86 |
Amount Offset | 0 | 0 |
Net Amount in Consolidated Balance Sheets | 107 | 86 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 107 | 86 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (572) | (697) |
Amount Offset | 0 | 0 |
Net amount | (572) | (697) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | (572) | (697) |
Exchange Traded | ||
Derivative Asset [Abstract] | ||
Derivative Asset, Fair Value, Gross | 625 | 472 |
Amount Offset | (392) | (361) |
Net Amount in Consolidated Balance Sheets | 233 | 111 |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | 233 | 111 |
Derivative Liability [Abstract] | ||
Derivative Liability, Fair Value, Gross | (393) | (364) |
Amount Offset | 392 | 361 |
Net amount | (1) | (3) |
Held/Pledged Financial Instruments | 0 | 0 |
Net Amount | $ (1) | $ (3) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Fair Value Hedges Basis Adjusments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Fair Value Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Liability, Long Term Debt, Fair Value Hedge | $ 27,385 | $ 25,378 | |
Fair Value Hedges | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (303) | (780) | |
Fair Value Hedges | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (134) | 218 | |
Fair Value Hedges | Available-for-sale Securities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | [1] | 38,761 | 38,773 |
Fair Value Hedges | Available-for-sale Securities | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (534) | (630) | |
Fair Value Hedges | Available-for-sale Securities | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | (4) | (4) | |
Fair Value Hedges | Loans and leases | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedged Asset / Liability Basis | 350 | 353 | |
Fair Value Hedges | Loans and leases | Items Currently Designated | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | 0 | 0 | |
Fair Value Hedges | Loans and leases | Discontinued Hedges | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedge Basis Adjustment | $ 9 | $ 10 | |
[1]The amortized cost of AFS securities was $45.5 billion at March 31, 2023 and $46.2 billion at December 31, 2022. |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Related to Cash Flow Hedges (Details) - Cash Flow Hedges - Interest Rate Contracts - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commercial loans | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax gain (loss) recognized in OCI | $ 163 | $ 0 |
Long-term debt | Interest Expense | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax gain (loss) reclassified from AOCI into expense | $ 0 | $ (6) |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Net income (expense) recognized | $ 54 | $ 79 | |
Investment securities | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Amounts related to interest settlements | 76 | (5) | |
Recognized on derivatives | (95) | 414 | |
Recognized on hedged items | 106 | (402) | |
Net income (expense) recognized | [1] | 87 | 7 |
Loans and leases | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Recognized on hedged items | (1) | (1) | |
Net income (expense) recognized | (1) | (1) | |
Long-term debt | |||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | |||
Amounts related to interest settlements | (46) | 16 | |
Recognized on derivatives | 156 | (429) | |
Recognized on hedged items | (142) | 486 | |
Net income (expense) recognized | $ (32) | $ 73 | |
[1]Includes $10 million and $8 million of income recognized for the three months ended March 31, 2023 and 2022, respectively, from securities with terminated hedges that were reclassified to HTM. The income recognized was offset by the amortization of the fair value mark. |
Derivative Financial Instrume_9
Derivative Financial Instruments - Terminated Cash Flow and Fair Value Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | ||
Derivative [Line Items] | |||
Max time period which Truist is hedging a portion of the var. in future cash flows for forecasted transactions excluding those transactions relating to the payment of var. int. on existing instruments | 6 years | 6 years | |
Debt Securities, Held-to-maturity, Derivative, Cumulative Gain (Loss) | $ 447 | $ 457 | |
Cash flow hedges | |||
Derivative [Line Items] | |||
Net unrecognized after-tax gain (loss) on active hedges recorded in AOCI | 6 | (118) | |
Net unrecognized after-tax gain (loss) on terminated hedges recorded in AOCI (to be recognized in earnings through 2029) | 41 | 40 | |
Estimated portion of net after-tax gain (loss) on active and terminated hedges to be reclassified from AOCI into earnings during the next 12 months | (54) | (31) | |
Fair Value Hedges | |||
Derivative [Line Items] | |||
Unrecognized pre-tax net gain (loss) on terminated hedges (to be recognized as interest primarily through 2033)(1) | [1] | 308 | 669 |
Portion of pre-tax net gain (loss) on terminated hedges to be recognized as a change in interest during the next 12 months | $ 52 | $ 163 | |
[1]Includes deferred gains that are recorded in AOCI as a result of the reclassification to HTM of previously hedged securities of $447 million at March 31, 2023 and $457 million at December 31, 2022. |
Derivative Financial Instrum_10
Derivative Financial Instruments - Amounts Related to Derivative Instruments Not Designated as Hedges (Details) - Not designated as hedges - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ 14 | $ 8 |
Client-related and other risk management | Interest rate contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 34 | 56 |
Client-related and other risk management | Foreign exchange contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (3) | 32 |
Client-related and other risk management | Equity contracts | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 2 | 5 |
Client-related and other risk management | Credit Contract | Investment banking and trading income and other income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (33) | 8 |
Client-related and other risk management | Commodity Contract | Investment banking and trading income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 10 | 5 |
Residential Mortgages | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | (1) | 261 |
Commercial Mortgage Banking Income | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 1 | (1) |
Residential Servicing Contracts | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | 1 | (349) |
Loan servicing rights commercial mortgages | Interest rate contracts | Mortgage banking income | ||
Derivative Instruments, Notional, Fair Value Assets and Liabilities[Line Items] | ||
Pre-tax Gain (Loss) Recognized in Income | $ 3 | $ (9) |
Derivative Financial Instrum_11
Derivative Financial Instruments - Risk Participation Agreements and Total Return Swaps (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Risk Participation Agreements Sold | ||
Credit Derivatives [Line Items] | ||
Maximum potential amount of exposure | $ 618 | $ 575 |
Total Return Swap | ||
Credit Derivatives [Line Items] | ||
Cash collateral held | $ 473 | $ 453 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Dealer Counterparties and Central Clearing Parties (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Credit Derivatives [Line Items] | ||
Unsecured positions in a net gain with counterparties after collateral postings | $ 692 | $ 684 |
Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | 71,890 | 38,012 |
Dealer and other counterparties: | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 511 | 542 |
Derivatives in a net gain position | 586 | 618 |
Unsecured positions in a net gain with counterparties after collateral postings | 75 | 76 |
Cash collateral posted | 636 | 590 |
Derivatives in a net loss position | 809 | 692 |
Central counterparties clearing: | ||
Credit Derivatives [Line Items] | ||
Cash and other collateral received from counterparties | 0 | 4 |
Derivatives in a net gain position | 1 | 12 |
Cash collateral posted | 85 | 45 |
Derivatives in a net loss position | 19 | 13 |
Central counterparties clearing: | Asset Pledged as Collateral | ||
Credit Derivatives [Line Items] | ||
Securities, fair value | $ 933 | $ 639 |
Computation of EPS (Details)
Computation of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 1,410 | $ 1,327 |
Weighted average number of common shares | 1,328,602 | 1,329,037 |
Effect of dilutive outstanding equity-based awards | 10,878 | 12,526 |
Weighted average number of diluted common shares | 1,339,480 | 1,341,563 |
Basic EPS | $ 1.06 | $ 1 |
Diluted EPS | $ 1.05 | $ 0.99 |
Anti-dilutive awards | 621 | 0 |
Operating Segments - Narrative
Operating Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2023 numberOfSegments | |
Segment Reporting [Abstract] | |
Number of Major Reportable Business Segments | 3 |
Operating Segments (Details)
Operating Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | $ 3,868 | $ 3,183 | ||
Allocated provision for credit losses | 502 | (95) | ||
Segment net interest income after provision | 3,366 | 3,278 | ||
Noninterest income | 2,234 | 2,142 | ||
Amortization of intangibles | 136 | 137 | ||
Other expense | 291 | 182 | ||
Income before income taxes | 1,909 | 1,746 | ||
Provision for income taxes | 394 | 330 | ||
Net income | 1,515 | 1,416 | ||
Identifiable assets (period end) | 574,354 | $ 555,255 | ||
CB&W | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 1,601 | 1,528 | ||
C&CB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 2,308 | 1,118 | ||
IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 1 | 1 | ||
OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [1] | (42) | 536 | |
Operating Segments | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 3,868 | 3,183 | ||
Allocated provision for credit losses | 502 | (95) | ||
Segment net interest income after provision | 3,366 | 3,278 | ||
Noninterest income | 2,234 | 2,142 | ||
Amortization of intangibles | 136 | 137 | ||
Other expense | 3,555 | 3,537 | ||
Income before income taxes | 1,909 | 1,746 | ||
Provision for income taxes | 394 | 330 | ||
Net income | 1,515 | 1,416 | ||
Identifiable assets (period end) | 574,354 | 543,979 | ||
Operating Segments | CB&W | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 2,740 | 2,184 | ||
Allocated provision for credit losses | 274 | 74 | ||
Segment net interest income after provision | 2,466 | 2,110 | ||
Noninterest income | 873 | 910 | ||
Amortization of intangibles | 69 | 73 | ||
Other expense | 1,900 | 1,812 | ||
Income before income taxes | 1,370 | 1,135 | ||
Provision for income taxes | 326 | 274 | ||
Net income | 1,044 | 861 | ||
Identifiable assets (period end) | 168,701 | 159,939 | ||
Operating Segments | C&CB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 1,752 | 1,289 | ||
Allocated provision for credit losses | 232 | (150) | ||
Segment net interest income after provision | 1,520 | 1,439 | ||
Noninterest income | 630 | 656 | ||
Amortization of intangibles | 31 | 33 | ||
Other expense | 812 | 755 | ||
Income before income taxes | 1,307 | 1,307 | ||
Provision for income taxes | 273 | 284 | ||
Net income | 1,034 | 1,023 | ||
Identifiable assets (period end) | 213,143 | 188,806 | ||
Operating Segments | IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 14 | 3 | ||
Allocated provision for credit losses | 0 | 0 | ||
Segment net interest income after provision | 14 | 3 | ||
Noninterest income | 817 | 733 | ||
Amortization of intangibles | 36 | 30 | ||
Other expense | 648 | 516 | ||
Income before income taxes | 147 | 190 | ||
Provision for income taxes | 36 | 47 | ||
Net income | 111 | 143 | ||
Identifiable assets (period end) | 7,263 | 6,494 | ||
Operating Segments | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [1] | (638) | (293) | |
Allocated provision for credit losses | [1] | (4) | (19) | |
Segment net interest income after provision | [1] | (634) | (274) | |
Noninterest income | [1] | (86) | (157) | |
Amortization of intangibles | 0 | 1 | ||
Other expense | [1] | 195 | 454 | |
Income before income taxes | [1] | (915) | (886) | |
Provision for income taxes | [1] | (241) | (275) | |
Net income | [1] | (674) | (611) | |
Identifiable assets (period end) | [1] | 185,247 | 188,740 | |
Intersegment Eliminations | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 0 | 0 | ||
Intersegment Eliminations | CB&W | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 1,139 | 656 | ||
Intersegment Eliminations | C&CB | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | (556) | 171 | ||
Intersegment Eliminations | IH | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | 13 | 2 | ||
Intersegment Eliminations | OT&C | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Net Interest Income | [1] | $ (596) | $ (829) | |
[1]Includes financial data from business units below the quantitative and qualitative thresholds requiring disclosure. |