(Mark One) | ||
[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended June 30, 2018 | ||
OR | ||
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Delaware | 94-1234979 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
1251 Avenue of the Americas, New York, NY | 10020 | |||
(Address of principal executive offices) | (Zip Code) | |||
(Registrant's telephone number, including area code) (212) 782-6800 | ||||
Large accelerated filer o | Accelerated filer o | ||
Non-accelerated filer x (Do not check if a smaller reporting company) | Smaller reporting company o | ||
Emerging growth company o |
Agency Securities | Securities guaranteed by a U.S. government agency |
ALCO | Asset Liability Management Committee |
ALM | Asset Liability Management |
AOCI | Accumulated other comprehensive income |
ARC | Americas Risk Committee |
ASU | Accounting standards update |
BCBS | Basel Committee on Banking Supervision |
BHC | U.S. Bank Holding Company |
CCAR | Comprehensive Capital Analysis and Review |
CCPA | California Consumer Privacy Act of 2018 |
CD | Certificate of deposit |
CFPB | Consumer Financial Protection Bureau |
CLO | Collateralized loan obligation |
CMBS | Commercial mortgage-backed securities |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
EGRRCPA | Economic Growth, Regulatory Relief and Consumer Protection Act |
ESBP | Executive Supplemental Benefit Plan |
EURIBOR | The Euro Interbank Offered Rate |
Exchange Act | U.S. Securities Exchange Act of 1934 |
FASB | Financial Accounting Standards Board |
FBO | Foreign banking organization |
FDIC | Federal Deposit Insurance Corporation |
Federal Reserve | Board of Governors of the Federal Reserve System |
FHLB | Federal Home Loan Bank |
FICO | Fair Isaac Corporation |
GAAP | Accounting principles generally accepted in the United States of America |
GLBA | Gramm-Leach-Bliley Act |
GSE | Government-sponsored enterprise |
GSIB | Global systemically important banks |
IHC | Intermediate Holding Company |
LIHC | Low income housing credit |
LTV | Loan-to-value |
MBS | Mortgage-backed securities |
MRM | Market Risk Management |
MRMC | Market Risk Management Committee |
MUAH | MUFG Americas Holdings Corporation |
MUB | MUFG Union Bank, N.A. |
MUFG | Mitsubishi UFJ Financial Group, Inc. |
MUSA | MUFG Securities Americas Inc. |
nm | Not meaningful |
OCI | Other comprehensive income |
OREO | Other real estate owned |
RMBS | Residential mortgage-backed securities |
SEC | Securities and Exchange Commission |
SERP | Supplemental Executive Retirement Plan |
SLR | Supplementary leverage ratio |
TCJA | Tax Cuts and Jobs Act |
TDR | Troubled debt restructuring |
TLAC | Total Loss Absorbing Capacity |
VaR | Value-at-risk |
VIE | Variable interest entity |
• | Our business objectives, strategies and initiatives, organizational structure, business growth, competitive position and prospects, and the effect of competition on our business and strategies |
• | Our assessment of significant factors and developments that have affected or may affect our results |
• | Our assessment of economic conditions and trends, economic and credit cycles and their impact on our business |
• | The economic outlook for the U.S. in general, West Coast states and global economies |
• | The impact of changes in interest rates resulting from changes in Federal Reserve policy or for other reasons, our strategy to manage our interest rate risk profile and other market risks, our outlook for short-term and long-term interest rates and their effect on our net interest margin, our investment portfolio, our balance sheet composition, and our borrowers’ ability to service their loans and on residential mortgage loans and refinancings |
• | Pending and recent legislative and regulatory actions, and future legislative and regulatory developments, including the effects of legislation and other governmental measures, including the monetary policies of the Federal Reserve introduced in response to the financial crisis, and the ensuing recession affecting the banking system, financial markets and the U.S. economy, the Dodd-Frank Act, the EGRRCPA, changes to the deposit insurance assessment policies of the FDIC, the effect on and application of foreign and other laws and regulations to our business and operations, and anticipated fees, costs or other impacts on our business and operations as a result of these developments |
• | Our strategies and expectations regarding capital levels and liquidity, our funding base, deposits, our expectations regarding the capital, liquidity and enhanced prudential standards adopted by the U.S. bank regulators as a result of or under the Dodd-Frank Act and the BCBS capital and liquidity standards including the Federal banking agencies' TLAC regulation (and our expectation that we will replace a portion of our externally-placed debt with debt issued to our parent to comply with this regulation), and other recently adopted and proposed regulations by the U.S. federal banking agencies, and the effect of the foregoing on our business and expectations regarding compliance |
• | Regulatory and compliance controls and processes and their impact on our business, including our operating costs and revenues |
• | The costs and effects of legal actions, investigations, regulatory actions, criminal proceedings or similar matters, our anticipated litigation strategies, our assessment of the timing and ultimate outcome of legal actions, or adverse facts and developments related thereto |
• | Our allowance for credit losses, including the conditions we consider in determining the unallocated allowance and our portfolio credit quality, probability of default and credit migration trends, and severity of loss upon default |
• | Loan portfolio composition and risk rating trends, residential loan delinquency rates compared to the industry average, portfolio credit quality, our strategy regarding TDRs, and our intent to sell or hold loans we originate |
• | Our intent to sell or hold, and the likelihood that we would be required to sell, or expectations regarding recovery of the amortized cost basis of, various investment securities |
• | Our hedging strategies, positions, expectations regarding reclassifications of gains or losses on hedging instruments into earnings; and the sensitivity of our net income to various factors, including customer behavior relating to mortgage prepayments and deposit repricing |
• | Expected rates of return, maturities, yields, loss exposure, growth rates, pension plan strategies, contributions and benefit payments, forecasted balance sheet activity and projected results |
• | Tax rates and taxes, the possible effect of changes in taxable profits of the U.S. operations of MUFG on our state tax obligations and of expected tax credits or benefits |
• | Critical accounting policies and estimates, the impact or anticipated impact of recent accounting pronouncements, guidance or changes in accounting principles and future recognition of impairments for the fair value of assets, including goodwill, financial instruments, intangible assets and other assets |
• | Decisions to downsize, sell or close units, dissolve subsidiaries, expand our branch network, pursue acquisitions, purchase banking facilities and equipment, realign our business model or otherwise restructure, reorganize or change our business mix, or the transfer to MUAH by MUFG of its interests in U.S. subsidiaries, and their timing and impact on our business |
• | Our expectations regarding the formation of our IHC and the impact of acquisitions on our business and results of operations |
• | The impact of changes in our credit ratings including methodology changes adopted by rating agencies |
• | Maintenance of casualty and liability insurance coverage appropriate for our operations |
• | The relationship between our business and that of MUFG Bank, Ltd. and MUFG, the impact of their credit ratings, operations or prospects on our credit ratings and actions that may or may not be taken by MUFG Bank, Ltd. and MUFG |
• | Threats to the banking sector and our business due to cyber-security issues and attacks on financial institutions and other businesses, such as large retailers, and regulatory expectations relating to cyber-security |
• | Our understanding that MUFG Bank, Ltd. will continue to limit its participation in transactions with Iranian entities and individuals to certain types of transactions |
• | The objectives and effects on operations of our business integration initiative and its near term effect on our balance sheet, earnings and capital ratios |
• | The effect of a possible return of the California drought on its economy and related governmental actions and the potential consequences of recent California wildfires or other natural disasters |
• | Descriptions of assumptions underlying or relating to any of the foregoing |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||
(Dollars in millions) | June 30, 2018 | June 30, 2017 | Percent Change | June 30, 2018 | June 30, 2017 | Percent Change | ||||||||||||||||
Results of operations: | ||||||||||||||||||||||
Net interest income | $ | 825 | $ | 794 | 4 | % | $ | 1,650 | $ | 1,589 | 4 | % | ||||||||||
Noninterest income | 596 | 489 | 22 | 978 | 977 | — | ||||||||||||||||
Total revenue | 1,421 | 1,283 | 11 | 2,628 | 2,566 | 2 | ||||||||||||||||
Noninterest expense | 1,083 | 957 | 13 | 2,167 | 1,963 | 10 | ||||||||||||||||
Pre-tax, pre-provision income(1) | 338 | 326 | 4 | 461 | 603 | (24 | ) | |||||||||||||||
(Reversal of) provision for credit losses | (19 | ) | (22 | ) | 14 | (21 | ) | (52 | ) | 60 | ||||||||||||
Income before income taxes and including noncontrolling interests | 357 | 348 | 3 | 482 | 655 | (26 | ) | |||||||||||||||
Income tax expense (benefit) | 28 | 63 | (56 | ) | (14 | ) | 146 | (110 | ) | |||||||||||||
Net income including noncontrolling interests | 329 | 285 | 15 | 496 | 509 | (3 | ) | |||||||||||||||
Deduct: Net (income) loss from noncontrolling interests | 15 | 10 | 50 | 14 | 15 | (7 | ) | |||||||||||||||
Net income attributable to MUAH | $ | 344 | $ | 295 | 17 | $ | 510 | $ | 524 | (3 | ) | |||||||||||
Balance sheet (period average): | ||||||||||||||||||||||
Total assets | $ | 159,342 | $ | 149,655 | 6 | % | $ | 158,396 | $ | 149,527 | 6 | % | ||||||||||
Total securities | 27,129 | 25,369 | 7 | 27,287 | 25,136 | 9 | ||||||||||||||||
Securities borrowed or purchased under resale agreements | 20,236 | 20,624 | (2 | ) | 20,447 | 20,539 | — | |||||||||||||||
Total loans held for investment | 82,017 | 78,500 | 4 | 81,339 | 78,244 | 4 | ||||||||||||||||
Earning assets | 146,015 | 136,755 | 7 | 144,870 | 136,623 | 6 | ||||||||||||||||
Total deposits | 84,372 | 85,772 | (2 | ) | 83,992 | 85,961 | (2 | ) | ||||||||||||||
Securities loaned or sold under repurchase agreements | 26,890 | 25,689 | 5 | 27,009 | 25,796 | 5 | ||||||||||||||||
MUAH stockholders' equity | 18,309 | 17,600 | 4 | 18,221 | 17,462 | 4 | ||||||||||||||||
Performance ratios: | ||||||||||||||||||||||
Return on average assets(2) | 0.86 | % | 0.79 | % | 0.64 | % | 0.70 | % | ||||||||||||||
Return on average MUAH stockholders' equity(2) | 7.53 | 6.70 | 5.60 | 6.00 | ||||||||||||||||||
Return on average MUAH tangible common equity(2)(3) | 9.46 | 8.41 | 7.09 | 7.55 | ||||||||||||||||||
Efficiency ratio(4) | 76.18 | 74.61 | 82.45 | 76.50 | ||||||||||||||||||
Net interest margin(2)(5) | 2.28 | 2.35 | 2.30 | 2.36 | ||||||||||||||||||
Net loans charged-off to average total loans held for investment(2) | 0.01 | 0.19 | 0.03 | 0.24 |
As of | |||||||||||
June 30, 2018 | December 31, 2017 | Percent Change | |||||||||
Balance sheet (end of period): | |||||||||||
Total assets | $ | 160,373 | $ | 154,550 | 4 | % | |||||
Total securities | 27,014 | 27,448 | (2 | ) | |||||||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | (4 | ) | |||||||
Total loans held for investment | 82,236 | 80,014 | 3 | ||||||||
Nonperforming assets | 404 | 466 | (13 | ) | |||||||
Total deposits | 85,516 | 84,787 | 1 | ||||||||
Securities loaned or sold under repurchase agreements | 25,579 | 26,437 | (3 | ) | |||||||
Long-term debt | 14,192 | 12,162 | 17 | ||||||||
MUAH stockholders' equity | 18,462 | 18,255 | 1 | ||||||||
Credit ratios: | |||||||||||
Allowance for loan losses to total loans held for investment(6) | 0.54 | % | 0.59 | % | |||||||
Allowance for loan losses to nonaccrual loans(6) | 110.23 | 102.37 | |||||||||
Allowance for credit losses to total loans held for investment(7) | 0.69 | 0.75 | |||||||||
Allowance for credit losses to nonaccrual loans(7) | 139.84 | 128.75 | |||||||||
Nonperforming assets to total loans held for investment and OREO | 0.49 | 0.58 | |||||||||
Nonperforming assets to total assets | 0.25 | 0.30 | |||||||||
Nonaccrual loans to total loans held for investment | 0.49 | 0.58 | |||||||||
Capital ratios: | |||||||||||
Regulatory(8): | |||||||||||
Common Equity Tier 1 risk-based capital ratio | 16.24 | % | 16.31 | % | |||||||
Tier 1 risk-based capital ratio | 16.24 | 16.31 | |||||||||
Total risk-based capital ratio | 17.15 | 17.76 | |||||||||
Tier 1 leverage ratio | 10.28 | 10.06 | |||||||||
Other: | |||||||||||
Tangible common equity ratio(9) | 9.51 | % | 9.73 | % | |||||||
Common Equity Tier 1 risk-based capital ratio (U.S. Basel III standardized approach; fully phased-in)(10) | 16.24 | 16.27 |
(1) | Pre-tax, pre-provision income is total revenue less noninterest expense. Management believes that this is a useful financial measure because it enables investors and others to assess the Company's ability to generate capital to cover credit losses through a credit cycle. |
(2) | Annualized. |
(3) | Return on tangible common equity, a non-GAAP financial measure, is net income excluding intangible asset amortization divided by average tangible common equity. Management believes that this ratio provides useful supplemental information regarding the Company's business results. The methodology for determining tangible common equity may differ among companies. Please refer to Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP Financial Measures" in this Form 10-Q for further information. |
(4) | The efficiency ratio is total noninterest expense as a percentage of total revenue (net interest income and noninterest income). |
(5) | Yields, interest income and net interest margin are presented on a taxable-equivalent basis using the federal statutory tax rates of 21% and 35% for 2018 and 2017, respectively. |
(6) | The allowance for loan losses ratios are calculated using the allowance for loan losses as a percentage of end of period total loans held for investment or total nonaccrual loans, as appropriate. |
(7) | The allowance for credit losses ratios include the allowances for loan losses and for losses on unfunded credit commitments as a percentage of end of period total loans held for investment or total nonaccrual loans, as appropriate. |
(8) | These capital ratios are calculated in accordance with the transition guidelines set forth in the U.S. federal banking agencies' final U.S. Basel III regulatory capital rules. |
(9) | The tangible common equity ratio, a non-GAAP financial measure, is calculated as tangible common equity divided by tangible assets. The methodology for determining tangible common equity may differ among companies. The tangible common equity ratio facilitates the understanding of the Company's capital structure and is used to assess and compare the quality and composition of the Company's capital structure to other financial institutions. Please refer to Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Management" in this Form 10-Q for further information. |
(10) | Common Equity Tier 1 risk-based capital (standardized, fully phased-in basis) is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies as if the transition provisions of the U.S. Basel III rules were fully phased in for the periods in which the ratio is disclosed. Management reviews this ratio, which excludes components of accumulated other comprehensive loss, along with other measures of capital as part of its financial analyses and has included this non-GAAP information because of current interest in such information by market participants. Refer to Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Management" in this Form 10-Q for further information. |
For the Three Months Ended | ||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | |||||||||||||||||||||
Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1)(2) | Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1)(2) | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Loans held for investment:(3) | ||||||||||||||||||||||
Commercial and industrial | $ | 23,532 | $ | 242 | 4.12 | % | $ | 25,220 | $ | 228 | 3.61 | % | ||||||||||
Commercial mortgage | 14,500 | 152 | 4.21 | 14,414 | 145 | 4.02 | ||||||||||||||||
Construction | 1,716 | 20 | 4.79 | 1,976 | 21 | 4.35 | ||||||||||||||||
Lease financing | 1,477 | 16 | 4.22 | 1,757 | 17 | 3.76 | ||||||||||||||||
Residential mortgage | 37,111 | 324 | 3.49 | 31,764 | 269 | 3.39 | ||||||||||||||||
Home equity and other consumer loans | 3,681 | 59 | 6.48 | 3,369 | 48 | 5.76 | ||||||||||||||||
Total loans held for investment | 82,017 | 813 | 3.97 | 78,500 | 728 | 3.71 | ||||||||||||||||
Securities | 27,129 | 164 | 2.42 | 25,369 | 135 | 2.13 | ||||||||||||||||
Securities borrowed or purchased under resale agreements | 20,236 | 157 | 3.11 | 20,624 | 83 | 1.60 | ||||||||||||||||
Interest bearing deposits in banks | 3,913 | 18 | 1.84 | 2,244 | 6 | 1.01 | ||||||||||||||||
Federal funds sold | — | — | — | 3 | — | 1.50 | ||||||||||||||||
Trading account assets | 12,386 | 107 | 3.44 | 9,584 | 82 | 3.42 | ||||||||||||||||
Other earning assets | 334 | 1 | 1.30 | 431 | 2 | 2.26 | ||||||||||||||||
Total earning assets | 146,015 | 1,260 | 3.46 | 136,755 | 1,036 | 3.03 | ||||||||||||||||
Allowance for loan losses | (459 | ) | (571 | ) | ||||||||||||||||||
Cash and due from banks | 1,814 | 1,806 | ||||||||||||||||||||
Premises and equipment, net | 611 | 607 | ||||||||||||||||||||
Other assets(4) | 11,361 | 11,058 | ||||||||||||||||||||
Total assets | $ | 159,342 | $ | 149,655 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
Transaction and money market accounts | $ | 36,385 | $ | 51 | 0.56 | % | $ | 38,214 | $ | 36 | 0.37 | % | ||||||||||
Savings | 8,951 | 14 | 0.65 | 7,798 | 6 | 0.31 | ||||||||||||||||
Time | 5,907 | 21 | 1.44 | 5,601 | 16 | 1.15 | ||||||||||||||||
Total interest bearing deposits | 51,243 | 86 | 0.68 | 51,613 | 58 | 0.45 | ||||||||||||||||
Commercial paper and other short-term borrowings | 9,157 | 42 | 1.84 | 3,705 | 10 | 1.06 | ||||||||||||||||
Securities loaned or sold under repurchase agreements | 26,890 | 178 | 2.65 | 25,689 | 84 | 1.32 | ||||||||||||||||
Long-term debt | 14,532 | 94 | 2.57 | 10,961 | 60 | 2.20 | ||||||||||||||||
Total borrowed funds | 50,579 | 314 | 2.48 | 40,355 | 154 | 1.54 | ||||||||||||||||
Trading account liabilities | 3,739 | 29 | 3.16 | 2,924 | 20 | 2.63 | ||||||||||||||||
Total interest bearing liabilities | 105,561 | 429 | 1.63 | 94,892 | 232 | 0.98 | ||||||||||||||||
Noninterest bearing deposits | 33,129 | 34,159 | ||||||||||||||||||||
Other liabilities(5) | 2,244 | 2,869 | ||||||||||||||||||||
Total liabilities | 140,934 | 131,920 | ||||||||||||||||||||
Equity | ||||||||||||||||||||||
MUAH stockholders' equity | 18,309 | 17,600 | ||||||||||||||||||||
Noncontrolling interests | 99 | 135 | ||||||||||||||||||||
Total equity | 18,408 | 17,735 | ||||||||||||||||||||
Total liabilities and equity | $ | 159,342 | $ | 149,655 | ||||||||||||||||||
Net interest income/spread (taxable-equivalent basis) | 831 | 1.83 | % | 804 | 2.05 | % | ||||||||||||||||
Impact of noninterest bearing deposits | 0.39 | 0.26 | ||||||||||||||||||||
Impact of other noninterest bearing sources | 0.06 | 0.04 | ||||||||||||||||||||
Net interest margin | 2.28 | 2.35 | ||||||||||||||||||||
Less: taxable-equivalent adjustment | 6 | 10 | ||||||||||||||||||||
Net interest income | $ | 825 | $ | 794 |
(1) | Yields, interest income and net interest margin are presented on a taxable-equivalent basis using the federal statutory tax rates of 21% and 35% for 2018 and 2017, respectively. |
(2) | Annualized. |
(3) | Average balances of loans held for investment include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans, representing an adjustment to the yield. |
(4) | Includes noninterest bearing trading account assets. |
(5) | Includes noninterest bearing trading account liabilities. |
For the Six Months Ended | ||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | |||||||||||||||||||||
Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1)(2) | Average Balance | Interest Income/ Expense(1) | Average Yield/ Rate(1)(2) | |||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Loans held for investment:(3) | ||||||||||||||||||||||
Commercial and industrial | $ | 23,497 | $ | 468 | 4.01 | % | $ | 25,415 | $ | 448 | 3.55 | % | ||||||||||
Commercial mortgage | 14,418 | 300 | 4.16 | 14,459 | 293 | 4.04 | ||||||||||||||||
Construction | 1,764 | 40 | 4.59 | 2,096 | 43 | 4.17 | ||||||||||||||||
Lease financing | 1,491 | 31 | 4.22 | 1,773 | 33 | 3.70 | ||||||||||||||||
Residential mortgage | 36,584 | 635 | 3.47 | 31,091 | 525 | 3.38 | ||||||||||||||||
Home equity and other consumer loans | 3,585 | 113 | 6.38 | 3,410 | 97 | 5.77 | ||||||||||||||||
Total loans held for investment | 81,339 | 1,587 | 3.92 | 78,244 | 1,439 | 3.69 | ||||||||||||||||
Securities | 27,287 | 329 | 2.42 | 25,136 | 270 | 2.15 | ||||||||||||||||
Securities borrowed or purchased under resale agreements | 20,447 | 283 | 2.79 | 20,539 | 146 | 1.43 | ||||||||||||||||
Interest bearing deposits in banks | 3,313 | 29 | 1.76 | 2,843 | 13 | 0.90 | ||||||||||||||||
Federal funds sold | 10 | — | 2.23 | 2 | — | 1.45 | ||||||||||||||||
Trading account assets | 12,006 | 199 | 3.34 | 9,340 | 156 | 3.36 | ||||||||||||||||
Other earning assets | 468 | 4 | 1.75 | 519 | 5 | 2.18 | ||||||||||||||||
Total earning assets | 144,870 | 2,431 | 3.37 | 136,623 | 2,029 | 2.98 | ||||||||||||||||
Allowance for loan losses | (466 | ) | (609 | ) | ||||||||||||||||||
Cash and due from banks | 1,827 | 1,837 | ||||||||||||||||||||
Premises and equipment, net | 610 | 600 | ||||||||||||||||||||
Other assets(4) | 11,555 | 11,076 | ||||||||||||||||||||
Total assets | $ | 158,396 | $ | 149,527 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||||
Transaction and money market accounts | $ | 36,674 | $ | 92 | 0.50 | % | $ | 39,055 | $ | 69 | 0.35 | % | ||||||||||
Savings | 8,763 | 25 | 0.58 | 7,006 | 7 | 0.21 | ||||||||||||||||
Time | 5,624 | 37 | 1.34 | 5,486 | 31 | 1.14 | ||||||||||||||||
Total interest bearing deposits | 51,061 | 154 | 0.61 | 51,547 | 107 | 0.42 | ||||||||||||||||
Commercial paper and other short-term borrowings | 8,855 | 75 | 1.72 | 3,592 | 18 | 1.00 | ||||||||||||||||
Securities loaned or sold under repurchase agreements | 27,009 | 316 | 2.36 | 25,796 | 143 | 1.12 | ||||||||||||||||
Long-term debt | 14,241 | 174 | 2.43 | 11,153 | 117 | 2.10 | ||||||||||||||||
Total borrowed funds | 50,105 | 565 | 2.27 | 40,541 | 278 | 1.38 | ||||||||||||||||
Trading account liabilities | 3,671 | 51 | 2.82 | 2,747 | 36 | 2.61 | ||||||||||||||||
Total interest-bearing liabilities | 104,837 | 770 | 1.48 | 94,835 | 421 | 0.89 | ||||||||||||||||
Noninterest bearing deposits | 32,931 | 34,414 | ||||||||||||||||||||
Other liabilities(5) | 2,308 | 2,677 | ||||||||||||||||||||
Total liabilities | 140,076 | 131,926 | ||||||||||||||||||||
Equity | ||||||||||||||||||||||
MUAH stockholders' equity | 18,221 | 17,462 | ||||||||||||||||||||
Noncontrolling interests | 99 | 139 | ||||||||||||||||||||
Total equity | 18,320 | 17,601 | ||||||||||||||||||||
Total liabilities and equity | $ | 158,396 | $ | 149,527 | ||||||||||||||||||
Net interest income/spread (taxable-equivalent basis) | 1,661 | 1.89 | % | 1,608 | 2.09 | % | ||||||||||||||||
Impact of noninterest bearing deposits | 0.35 | 0.24 | ||||||||||||||||||||
Impact of other noninterest bearing sources | 0.06 | 0.03 | ||||||||||||||||||||
Net interest margin | 2.30 | 2.36 | ||||||||||||||||||||
Less: taxable-equivalent adjustment | 11 | 19 | ||||||||||||||||||||
Net interest income | $ | 1,650 | $ | 1,589 |
(1) | Yields, interest income and net interest margin are presented on a taxable-equivalent basis using the federal statutory tax rates of 21% and 35% for 2018 and 2017, respectively. |
(2) | Annualized. |
(3) | Average balances of loans held for investment include all nonaccrual loans. The amortized portion of net loan origination fees (costs) is included in interest income on loans, representing an adjustment to the yield. |
(4) | Includes noninterest bearing trading account assets. |
(5) | Includes noninterest bearing trading account liabilities. |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | |||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||||||||||||||||
(Dollars in millions) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 45 | $ | 47 | $ | (2 | ) | (4 | )% | $ | 90 | $ | 95 | $ | (5 | ) | (5 | )% | ||||||||||||
Trust and investment management fees | 30 | 30 | — | — | 59 | 59 | — | — | ||||||||||||||||||||||
Trading account activities | (10 | ) | (3 | ) | (7 | ) | (233 | ) | (8 | ) | (7 | ) | (1 | ) | (14 | ) | ||||||||||||||
Securities gains, net | 3 | 7 | (4 | ) | (57 | ) | 3 | 9 | (6 | ) | (67 | ) | ||||||||||||||||||
Credit facility fees | 23 | 23 | — | — | 46 | 49 | (3 | ) | (6 | ) | ||||||||||||||||||||
Brokerage commissions and fees | 19 | 18 | 1 | 6 | 37 | 36 | 1 | 3 | ||||||||||||||||||||||
Card processing fees, net | 13 | 13 | — | — | 25 | 24 | 1 | 4 | ||||||||||||||||||||||
Investment banking and syndication fees | 88 | 94 | (6 | ) | (6 | ) | 177 | 182 | (5 | ) | (3 | ) | ||||||||||||||||||
Fees from affiliates | 299 | 211 | 88 | 42 | 575 | 430 | 145 | 34 | ||||||||||||||||||||||
Other, net | 86 | 49 | 37 | 76 | (26 | ) | 100 | (126 | ) | (126 | ) | |||||||||||||||||||
Total noninterest income | $ | 596 | $ | 489 | $ | 107 | 22 | % | $ | 978 | $ | 977 | $ | 1 | — | % |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||
Increase (Decrease) | Increase (Decrease) | |||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||||||||||||||||
(Dollars in millions) | Amount | Percent | Amount | Percent | ||||||||||||||||||||||||||
Salaries and employee benefits | $ | 678 | $ | 615 | $ | 63 | 10 | % | $ | 1,348 | $ | 1,260 | $ | 88 | 7 | % | ||||||||||||||
Net occupancy and equipment | 85 | 87 | (2 | ) | (2 | ) | 175 | 169 | 6 | 4 | ||||||||||||||||||||
Professional and outside services | 114 | 99 | 15 | 15 | 246 | 215 | 31 | 14 | ||||||||||||||||||||||
Software | 70 | 47 | 23 | 49 | 140 | 93 | 47 | 51 | ||||||||||||||||||||||
Regulatory assessments | 22 | 19 | 3 | 16 | 45 | 39 | 6 | 15 | ||||||||||||||||||||||
Intangible asset amortization | 7 | 7 | — | — | 14 | 14 | — | — | ||||||||||||||||||||||
Other | 107 | 83 | 24 | 29 | 199 | 173 | 26 | 15 | ||||||||||||||||||||||
Total noninterest expense | $ | 1,083 | $ | 957 | $ | 126 | 13 | % | $ | 2,167 | $ | 1,963 | $ | 204 | 10 | % |
Increase (Decrease) | |||||||||||||||
June 30, 2018 | December 31, 2017 | ||||||||||||||
(Dollars in millions) | Amount | Percent | |||||||||||||
Loans held for investment: | |||||||||||||||
Commercial and industrial | $ | 23,033 | $ | 23,281 | $ | (248 | ) | (1 | )% | ||||||
Commercial mortgage | 14,790 | 14,320 | 470 | 3 | |||||||||||
Construction | 1,562 | 1,775 | (213 | ) | (12 | ) | |||||||||
Lease financing | 1,445 | 1,533 | (88 | ) | (6 | ) | |||||||||
Total commercial portfolio | 40,830 | 40,909 | (79 | ) | — | ||||||||||
Residential mortgage | 37,552 | 35,643 | 1,909 | 5 | |||||||||||
Home equity and other consumer loans | 3,854 | 3,462 | 392 | 11 | |||||||||||
Total consumer portfolio | 41,406 | 39,105 | 2,301 | 6 | |||||||||||
Total loans held for investment | $ | 82,236 | $ | 80,014 | $ | 2,222 | 3 | % |
Increase (Decrease) | |||||||||||||||
June 30, 2018 | December 31, 2017 | ||||||||||||||
(Dollars in millions) | Amount | Percent | |||||||||||||
Interest checking | $ | 3,515 | $ | 5,209 | $ | (1,694 | ) | (33 | )% | ||||||
Money market | 32,332 | 33,245 | (913 | ) | (3 | ) | |||||||||
Total interest bearing transaction and money market accounts | 35,847 | 38,454 | (2,607 | ) | (7 | ) | |||||||||
Savings | 9,266 | 8,426 | 840 | 10 | |||||||||||
Time | 6,978 | 5,305 | 1,673 | 32 | |||||||||||
Total interest bearing deposits | 52,091 | 52,185 | (94 | ) | — | ||||||||||
Noninterest bearing deposits | 33,425 | 32,602 | 823 | 3 | |||||||||||
Total deposits | $ | 85,516 | $ | 84,787 | $ | 729 | 1 | % |
U.S. Basel III | ||||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Capital Components | ||||||||
Common Equity Tier 1 capital | $ | 16,149 | $ | 15,708 | ||||
Tier 1 capital | $ | 16,149 | $ | 15,708 | ||||
Tier 2 capital | 900 | 1,398 | ||||||
Total risk-based capital | $ | 17,049 | $ | 17,106 | ||||
Risk-weighted assets | $ | 99,418 | $ | 96,330 | ||||
Average total assets for leverage capital purposes | $ | 157,131 | $ | 156,126 |
U.S. Basel III | Minimum Capital Requirement with Capital Conservation Buffer (1) | ||||||||||||||||||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | June 30, 2018 | ||||||||||||||||||||
Capital Ratios | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||
Common Equity Tier 1 capital (to risk-weighted assets) | $ | 16,149 | 16.24 | % | $ | 15,708 | 16.31 | % | ≥ | $ | 6,338 | 6.375 | % | ||||||||||
Tier 1 capital (to risk-weighted assets) | 16,149 | 16.24 | 15,708 | 16.31 | ≥ | 7,829 | 7.875 | ||||||||||||||||
Total capital (to risk-weighted assets) | 17,049 | 17.15 | 17,106 | 17.76 | ≥ | 9,818 | 9.875 | ||||||||||||||||
Tier 1 leverage(2) | 16,149 | 10.28 | 15,708 | 10.06 | ≥ | 6,285 | 4.000 |
U.S. Basel III | ||||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Capital Components | ||||||||
Common Equity Tier 1 capital | $ | 14,487 | $ | 14,028 | ||||
Tier 1 capital | $ | 14,487 | $ | 14,028 | ||||
Tier 2 capital | 529 | 1,307 | ||||||
Total risk-based capital | $ | 15,016 | $ | 15,335 | ||||
Risk-weighted assets | $ | 88,910 | $ | 86,730 | ||||
Average total assets for leverage capital purposes | $ | 119,990 | $ | 119,052 |
U.S. Basel III | Minimum Capital Requirement with Capital Conservation Buffer (1) | To Be Well-Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||||||||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | June 30, 2018 | |||||||||||||||||||||||||||||
Capital Ratios | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||
Common Equity Tier 1 capital (to risk-weighted assets) | $ | 14,487 | 16.29 | % | $ | 14,028 | 16.17 | % | ≥ | $ | 5,668 | 6.375 | % | ≥ | $ | 5,779 | 6.50 | % | ||||||||||||||
Tier 1 capital (to risk-weighted assets) | 14,487 | 16.29 | 14,028 | 16.17 | ≥ | 7,002 | 7.875 | ≥ | 7,113 | 8.00 | ||||||||||||||||||||||
Total capital (to risk-weighted assets) | 15,016 | 16.89 | 15,335 | 17.68 | ≥ | 8,780 | 9.875 | ≥ | 8,891 | 10.00 | ||||||||||||||||||||||
Tier 1 leverage(2) | 14,487 | 12.07 | 14,028 | 11.78 | ≥ | 4,800 | 4.000 | ≥ | 6,000 | 5.00 |
June 30, 2018 | December 31, 2017 | |||||||
(Dollars in millions) | ||||||||
Total MUAH stockholders' equity | $ | 18,462 | $ | 18,255 | ||||
Goodwill | (3,301 | ) | (3,301 | ) | ||||
Intangible assets, except mortgage servicing rights | (299 | ) | (313 | ) | ||||
Deferred tax liabilities related to goodwill and intangible assets | 57 | 55 | ||||||
Tangible common equity (a) | $ | 14,919 | $ | 14,696 | ||||
Total assets | $ | 160,373 | $ | 154,550 | ||||
Goodwill | (3,301 | ) | (3,301 | ) | ||||
Intangible assets, except mortgage servicing rights | (299 | ) | (313 | ) | ||||
Deferred tax liabilities related to goodwill and intangible assets | 57 | 55 | ||||||
Tangible assets (b) | $ | 156,830 | $ | 150,991 | ||||
Tangible common equity ratio (a)/(b) | 9.51 | % | 9.73 | % |
Common Equity Tier 1 capital under U.S. Basel III (standardized approach; fully phased-in) | ||||||||
June 30, 2018 | December 31, 2017 | |||||||
(Dollars in millions) | (Estimated) | (Estimated) | ||||||
Common Equity Tier 1 capital under U.S. Basel III (transitional) | $ | 16,149 | $ | 15,708 | ||||
Other | — | (51 | ) | |||||
Common Equity Tier 1 capital estimated under U.S. Basel III (standardized approach; fully phased-in) (a) | $ | 16,149 | $ | 15,657 | ||||
Risk-weighted assets, estimated under U.S. Basel III (standardized; transitional) | $ | 99,418 | $ | 96,330 | ||||
Adjustments | — | (107 | ) | |||||
Total risk-weighted assets, estimated under U.S. Basel III (standardized approach; fully phased-in) (b) | $ | 99,418 | $ | 96,223 | ||||
Common Equity Tier 1 capital to total risk-weighted assets estimated under U.S. Basel III (standardized approach; fully phased-in)(1) (a)/(b) | 16.24 | % | 16.27 | % |
(1) | Common Equity Tier 1 risk-based capital (standardized, fully phased-in basis) is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies as if the transition provisions of the U.S. Basel III rules were fully phased-in for the period in which the ratio is disclosed. Management reviews this ratio, which excludes components of accumulated other comprehensive loss, along with other measures of capital as part of its financial analyses and has included this non-GAAP information, and the corresponding reconciliation from Common Equity Tier 1 capital (calculated according to the transition provisions under U.S. Basel III rules) because of current interest in such information by market participants. |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Allowance for loan losses, beginning of period | $ | 460 | $ | 570 | $ | 476 | $ | 639 | ||||||||
(Reversal of) provision for loan losses | (13 | ) | (20 | ) | (18 | ) | (34 | ) | ||||||||
Other | — | (1 | ) | — | — | |||||||||||
Loans charged off: | ||||||||||||||||
Commercial and industrial | (1 | ) | (29 | ) | (7 | ) | (78 | ) | ||||||||
Commercial and industrial - transfer to held for sale | — | — | — | (6 | ) | |||||||||||
Total commercial portfolio | (1 | ) | (29 | ) | (7 | ) | (84 | ) | ||||||||
Residential mortgage | — | 1 | — | 1 | ||||||||||||
Home equity and other consumer loans | (9 | ) | (12 | ) | (19 | ) | (23 | ) | ||||||||
Total consumer portfolio | (9 | ) | (11 | ) | (19 | ) | (22 | ) | ||||||||
Total loans charged-off | (10 | ) | (40 | ) | (26 | ) | (106 | ) | ||||||||
Recoveries of loans previously charged-off: | ||||||||||||||||
Commercial and industrial | 7 | 4 | 10 | 12 | ||||||||||||
Commercial mortgage | — | — | — | 1 | ||||||||||||
Total commercial portfolio | 7 | 4 | 10 | 13 | ||||||||||||
Home equity and other consumer loans | 1 | — | 3 | 1 | ||||||||||||
Total consumer portfolio | 1 | — | 3 | 1 | ||||||||||||
Total recoveries of loans previously charged-off | 8 | 4 | 13 | 14 | ||||||||||||
Net loans recovered (charged-off) | (2 | ) | (36 | ) | (13 | ) | (92 | ) | ||||||||
Ending balance of allowance for loan losses | 445 | 513 | 445 | 513 | ||||||||||||
Allowance for losses on unfunded credit commitments | 120 | 144 | 120 | 144 | ||||||||||||
Total allowance for credit losses | $ | 565 | $ | 657 | $ | 565 | $ | 657 |
June 30, 2018 | December 31, 2017 | Increase (Decrease) | |||||||||||||
(Dollars in millions) | Amount | Percent | |||||||||||||
Nonaccrual loans: | |||||||||||||||
Commercial and industrial | $ | 270 | $ | 319 | $ | (49 | ) | (15 | )% | ||||||
Commercial mortgage | 11 | 20 | (9 | ) | (45 | ) | |||||||||
Total commercial portfolio | 281 | 339 | (58 | ) | (17 | ) | |||||||||
Residential mortgage | 100 | 104 | (4 | ) | (4 | ) | |||||||||
Home equity and other consumer loans | 23 | 22 | 1 | 5 | |||||||||||
Total consumer portfolio | 123 | 126 | (3 | ) | (2 | ) | |||||||||
Total nonaccrual loans | 404 | 465 | (61 | ) | (13 | ) | |||||||||
OREO | — | 1 | (1 | ) | (100 | ) | |||||||||
Total nonperforming assets | $ | 404 | $ | 466 | $ | (62 | ) | (13 | ) | ||||||
Troubled debt restructurings: | |||||||||||||||
Accruing | $ | 337 | $ | 348 | $ | (11 | ) | (3 | )% | ||||||
Nonaccruing (included in total nonaccrual loans above) | 239 | 229 | 10 | 4 | |||||||||||
Total troubled debt restructurings | $ | 576 | $ | 577 | $ | (1 | ) | — |
As a Percentage of Ending Loan Balances | ||||||||||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | June 30, 2018 | December 31, 2017 | ||||||||||
Commercial and industrial | $ | 219 | $ | 202 | 0.89 | % | 0.87 | % | ||||||
Commercial mortgage | 54 | 7 | 0.37 | 0.05 | ||||||||||
Construction | 78 | 128 | 4.99 | 7.21 | ||||||||||
Total commercial portfolio | 351 | 337 | 0.86 | 0.82 | ||||||||||
Residential mortgage | 202 | 215 | 0.54 | 0.60 | ||||||||||
Home equity and other consumer loans | 23 | 25 | 0.60 | 0.72 | ||||||||||
Total consumer portfolio | 225 | 240 | 0.54 | 0.61 | ||||||||||
Total restructured loans | $ | 576 | $ | 577 | 0.70 | 0.72 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Effect on net interest income: | ||||||||
Increase 200 basis points | $ | 139.3 | $ | 100.2 | ||||
as a percentage of base case net interest income | 4.30 | % | 3.21 | % | ||||
Decrease 100 basis points | $ | (88.9 | ) | $ | (75.7 | ) | ||
as a percentage of base case net interest income | (2.74 | )% | (2.42 | )% |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | Increase (Decrease) | |||||||||
Total gross notional amount of ALM and other risk management derivatives | ||||||||||||
ALM derivatives: | ||||||||||||
Interest rate swap receive fixed contracts | $ | 181 | $ | 7,498 | $ | (7,317 | ) | |||||
Total ALM derivatives | 181 | 7,498 | (7,317 | ) | ||||||||
Other risk management derivatives | 1,300 | 1,345 | (45 | ) | ||||||||
Total ALM and other risk management derivatives | $ | 1,481 | $ | 8,843 | $ | (7,362 | ) | |||||
Fair value of ALM and other risk management derivatives | ||||||||||||
ALM derivatives: | ||||||||||||
Gross positive fair value | $ | 4 | $ | 2 | $ | 2 | ||||||
Gross negative fair value | — | 149 | (149 | ) | ||||||||
Positive (negative) fair value of ALM derivatives, net | 4 | (147 | ) | 151 | ||||||||
Other risk management derivatives: | ||||||||||||
Gross positive fair value | 1 | 3 | (2 | ) | ||||||||
Gross negative fair value | 22 | 9 | 13 | |||||||||
Positive (negative) fair value of other risk management derivatives, net | (21 | ) | (6 | ) | (15 | ) | ||||||
Positive (negative) fair value of ALM and other risk management derivatives, net | $ | (17 | ) | $ | (153 | ) | $ | 136 |
(Dollars in millions) | June 30, 2018 | June 30, 2017 | ||||||
Average VaR | $ | 11.5 | $ | 9.1 | ||||
High VaR | 16.8 | 10.9 | ||||||
Low VaR | 8.6 | 6.7 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | Increase (Decrease) | |||||||||
Fair value of trading account assets: | ||||||||||||
U.S. Treasury securities | $ | 2,773 | $ | 1,926 | $ | 847 | ||||||
Corporate bonds | 1,410 | 1,054 | 356 | |||||||||
Mortgage-backed securities | 6,978 | 6,339 | 639 | |||||||||
Derivatives (including netting adjustment) | 471 | 712 | (241 | ) | ||||||||
Other | 688 | 536 | 152 | |||||||||
Trading account assets | $ | 12,320 | $ | 10,567 | $ | 1,753 | ||||||
Fair value of trading account liabilities: | ||||||||||||
U.S. Treasury securities | $ | 3,488 | $ | 2,709 | $ | 779 | ||||||
Corporate bonds | 779 | 348 | 431 | |||||||||
Derivatives (including netting adjustment) | 588 | 501 | 87 | |||||||||
Other | 136 | 42 | 94 | |||||||||
Trading account liabilities | $ | 4,991 | $ | 3,600 | $ | 1,391 | ||||||
Additional trading account derivative detail: | ||||||||||||
Total gross notional amount of positions held for trading purposes: | ||||||||||||
Interest rate contracts | $ | 108,129 | $ | 132,214 | $ | (24,085 | ) | |||||
Commodity contracts | 569 | 1,244 | (675 | ) | ||||||||
Foreign exchange contracts | 7,975 | 7,053 | 922 | |||||||||
Equity contracts | 815 | 1,496 | (681 | ) | ||||||||
Other contracts | 46 | 4 | 42 | |||||||||
Total | $ | 117,534 | $ | 142,011 | $ | (24,477 | ) | |||||
Fair value of positions held for trading purposes: | ||||||||||||
Gross positive fair value | $ | 802 | $ | 1,317 | $ | (515 | ) | |||||
Gross negative fair value | 912 | 969 | (57 | ) | ||||||||
Positive (negative) fair value of positions, net | $ | (110 | ) | $ | 348 | $ | (458 | ) |
MUFG Union Bank, N.A. | MUFG Securities Americas Inc. | MUFG Americas Holdings Corporation | |||||||
Deposits | Senior Debt | Senior Debt | Senior Debt | ||||||
Standard & Poor's | Long-term | — | A | A | A- | ||||
Short-term | — | A-1 | A-1 | A-2 | |||||
Moody's | Long-term | Aa2 | A2 | — | A2 | ||||
Short-term | P-1 | P-1 | — | — | |||||
Fitch | Long-term | A+ | A | A | A | ||||
Short-term | F1 | F1 | F1 | F1 |
Regional Bank | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | Increase (Decrease) | For the Six Months Ended June 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Amount | Percent | 2018 | 2017 | Amount | Percent | ||||||||||||||||||||||||
Results of operations | ||||||||||||||||||||||||||||||||
Net interest income | $ | 540 | $ | 510 | $ | 30 | 6 | % | $ | 1,067 | $ | 1,011 | $ | 56 | 6 | % | ||||||||||||||||
Noninterest income | 116 | 110 | 6 | 5 | 227 | 218 | 9 | 4 | ||||||||||||||||||||||||
Total revenue | 656 | 620 | 36 | 6 | 1,294 | 1,229 | 65 | 5 | ||||||||||||||||||||||||
Noninterest expense | 532 | 497 | 35 | 7 | 1,034 | 996 | 38 | 4 | ||||||||||||||||||||||||
(Reversal of) provision for credit losses | (5 | ) | 18 | (23 | ) | (128 | ) | 7 | 20 | (13 | ) | (65 | ) | |||||||||||||||||||
Income before income taxes and including noncontrolling interests | 129 | 105 | 24 | 23 | 253 | 213 | 40 | 19 | ||||||||||||||||||||||||
Income tax expense (1) | 26 | 29 | (3 | ) | (10 | ) | 51 | 56 | (5 | ) | (9 | ) | ||||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 103 | $ | 76 | $ | 27 | 36 | $ | 202 | $ | 157 | $ | 45 | 29 | ||||||||||||||||||
Average balances | ||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 65,778 | $ | 60,218 | $ | 5,560 | 9 | % | $ | 65,080 | $ | 59,856 | $ | 5,224 | 9 | % | ||||||||||||||||
Total assets | 69,541 | 64,110 | 5,431 | 8 | 68,847 | 63,753 | 5,094 | 8 | ||||||||||||||||||||||||
Total deposits | 54,186 | 54,652 | (466 | ) | (1 | ) | 54,092 | 54,096 | (4 | ) | — |
(1) | Income tax expense includes certain management accounting classification adjustments. |
U.S. Wholesale & Investment Banking | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | Increase (Decrease) | For the Six Months Ended June 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Amount | Percent | 2018 | 2017 | Amount | Percent | ||||||||||||||||||||||||
Results of operations | ||||||||||||||||||||||||||||||||
Net interest income | $ | 101 | $ | 112 | $ | (11 | ) | (10 | )% | $ | 203 | $ | 226 | $ | (23 | ) | (10 | )% | ||||||||||||||
Noninterest income | 98 | 95 | 3 | 3 | 180 | 205 | (25 | ) | (12 | ) | ||||||||||||||||||||||
Total revenue | 199 | 207 | (8 | ) | (4 | ) | 383 | 431 | (48 | ) | (11 | ) | ||||||||||||||||||||
Noninterest expense | 103 | 96 | 7 | 7 | 204 | 200 | 4 | 2 | ||||||||||||||||||||||||
(Reversal of) provision for credit losses | (5 | ) | (33 | ) | 28 | 85 | (24 | ) | (42 | ) | 18 | 43 | ||||||||||||||||||||
Income (loss) before income taxes and including noncontrolling interests | 101 | 144 | (43 | ) | (30 | ) | 203 | 273 | (70 | ) | (26 | ) | ||||||||||||||||||||
Income tax expense (benefit) (1) | (4 | ) | 35 | (39 | ) | (111 | ) | 136 | 70 | 66 | 94 | |||||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 105 | $ | 109 | $ | (4 | ) | (4 | ) | $ | 67 | $ | 203 | $ | (136 | ) | (67 | ) | ||||||||||||||
Average balances | ||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 15,738 | $ | 18,094 | $ | (2,356 | ) | (13 | )% | $ | 15,754 | $ | 18,185 | $ | (2,431 | ) | (13 | )% | ||||||||||||||
Total assets | 19,840 | 22,666 | (2,826 | ) | (12 | ) | 20,003 | 22,939 | (2,936 | ) | (13 | ) | ||||||||||||||||||||
Total deposits | 8,242 | 8,910 | (668 | ) | (7 | ) | 8,167 | 9,248 | (1,081 | ) | (12 | ) |
(1) | Income tax expense (benefit) includes certain management accounting classification adjustments. |
Transaction Banking | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | Increase (Decrease) | For the Six Months Ended June 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Amount | Percent | 2018 | 2017 | Amount | Percent | ||||||||||||||||||||||||
Results of operations | ||||||||||||||||||||||||||||||||
Net interest income | $ | 67 | $ | 60 | $ | 7 | 12 | % | $ | 131 | $ | 115 | $ | 16 | 14 | % | ||||||||||||||||
Noninterest income | 15 | 15 | — | — | 29 | 29 | — | — | ||||||||||||||||||||||||
Total revenue | 82 | 75 | 7 | 9 | 160 | 144 | 16 | 11 | ||||||||||||||||||||||||
Noninterest expense | 65 | 56 | 9 | 16 | 121 | 115 | 6 | 5 | ||||||||||||||||||||||||
(Reversal of) provision for credit losses | — | — | — | nm | (1 | ) | — | (1 | ) | nm | ||||||||||||||||||||||
Income before income taxes and including noncontrolling interests | 17 | 19 | (2 | ) | (11 | ) | 40 | 29 | 11 | 38 | ||||||||||||||||||||||
Income tax expense (1) | 4 | 8 | (4 | ) | (50 | ) | 11 | 12 | (1 | ) | (8 | ) | ||||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 13 | $ | 11 | $ | 2 | 18 | $ | 29 | $ | 17 | $ | 12 | 71 | ||||||||||||||||||
Average balances | ||||||||||||||||||||||||||||||||
Total loans held for investment | $ | 41 | $ | 47 | $ | (6 | ) | (13 | )% | $ | 33 | $ | 49 | $ | (16 | ) | (33 | )% | ||||||||||||||
Total assets | 954 | 1,132 | (178 | ) | (16 | ) | 969 | 1,143 | (174 | ) | (15 | ) | ||||||||||||||||||||
Total deposits | 15,363 | 16,684 | (1,321 | ) | (8 | ) | 15,534 | 16,977 | (1,443 | ) | (8 | ) |
(1) | Income tax expense includes certain management accounting classification adjustments. |
MUSA | ||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | Increase (Decrease) | For the Six Months Ended June 30, | Increase (Decrease) | |||||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Amount | Percent | 2018 | 2017 | Amount | Percent | ||||||||||||||||||||||||
Results of operations | ||||||||||||||||||||||||||||||||
Net interest income | $ | 51 | $ | 57 | $ | (6 | ) | (11 | )% | $ | 105 | $ | 116 | $ | (11 | ) | (9 | )% | ||||||||||||||
Noninterest income | 77 | 88 | (11 | ) | (13 | ) | 165 | 172 | (7 | ) | (4 | ) | ||||||||||||||||||||
Total revenue | 128 | 145 | (17 | ) | (12 | ) | 270 | 288 | (18 | ) | (6 | ) | ||||||||||||||||||||
Noninterest expense | 116 | 112 | 4 | 4 | 232 | 217 | 15 | 7 | ||||||||||||||||||||||||
Income before income taxes and including noncontrolling interests | 12 | 33 | (21 | ) | (64 | ) | 38 | 71 | (33 | ) | (46 | ) | ||||||||||||||||||||
Income tax expense (1) | 3 | 13 | (10 | ) | (77 | ) | 9 | 27 | (18 | ) | (67 | ) | ||||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 9 | $ | 20 | $ | (11 | ) | (55 | ) | $ | 29 | $ | 44 | $ | (15 | ) | (34 | ) | ||||||||||||||
Average balances | ||||||||||||||||||||||||||||||||
Total loans held for investment | $ | — | $ | — | $ | — | — | % | $ | — | $ | — | $ | — | — | % | ||||||||||||||||
Total assets | 33,554 | 31,098 | 2,456 | 8 | 33,504 | 30,916 | 2,588 | 8 | ||||||||||||||||||||||||
Total deposits | — | — | — | — | — | — | — | — |
(1) | Income tax expense includes certain management accounting classification adjustments. |
Other | |||||||||||||||||||||||||||||||
For the Three Months Ended June 30, | Increase (Decrease) | For the Six Months Ended June 30, | Increase (Decrease) | ||||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Amount | Percent | 2018 | 2017 | Amount | Percent | |||||||||||||||||||||||
Results of operations | |||||||||||||||||||||||||||||||
Net interest income | $ | 66 | $ | 55 | $ | 11 | 20 | % | $ | 144 | $ | 121 | $ | 23 | 19 | % | |||||||||||||||
Noninterest income | 290 | 181 | 109 | 60 | 377 | 353 | 24 | 7 | |||||||||||||||||||||||
Total revenue | 356 | 236 | 120 | 51 | 521 | 474 | 47 | 10 | |||||||||||||||||||||||
Noninterest expense | 267 | 196 | 71 | 36 | 576 | 435 | 141 | 32 | |||||||||||||||||||||||
(Reversal of) provision for credit losses | (9 | ) | (7 | ) | (2 | ) | (29 | ) | (3 | ) | (30 | ) | 27 | 90 | |||||||||||||||||
Income before income taxes and including noncontrolling interests | 98 | 47 | 51 | 109 | (52 | ) | 69 | (121 | ) | (175 | ) | ||||||||||||||||||||
Income tax benefit (1) | (1 | ) | (22 | ) | 21 | 95 | (221 | ) | (19 | ) | (202 | ) | nm | ||||||||||||||||||
Net income (loss) including noncontrolling interests | 99 | 69 | 30 | 43 | 169 | 88 | 81 | 92 | |||||||||||||||||||||||
Deduct: net (income) loss from noncontrolling interests | 15 | 10 | 5 | 50 | 14 | 15 | (1 | ) | (7 | ) | |||||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 114 | $ | 79 | $ | 35 | 44 | $ | 183 | $ | 103 | $ | 80 | 78 | |||||||||||||||||
Average balances | |||||||||||||||||||||||||||||||
Total loans held for investment | $ | 460 | $ | 141 | $ | 319 | 226 | % | $ | 472 | $ | 154 | $ | 318 | 206 | % | |||||||||||||||
Total assets | 35,453 | 30,649 | 4,804 | 16 | 35,073 | 30,776 | 4,297 | 14 | |||||||||||||||||||||||
Total deposits | 6,581 | 5,526 | 1,055 | 19 | 6,199 | 5,640 | 559 | 10 |
(1) | Income tax benefit includes certain management accounting classification adjustments. |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
(Dollars in millions) | June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Net income attributable to MUAH | $ | 344 | $ | 295 | $ | 510 | $ | 524 | ||||||||
Add: intangible asset amortization, net of tax | 5 | 4 | 10 | 8 | ||||||||||||
Net income attributable to MUAH, excluding intangible asset amortization (a) | $ | 349 | $ | 299 | $ | 520 | $ | 532 | ||||||||
Average MUAH stockholders' equity | $ | 18,309 | $ | 17,600 | $ | 18,221 | $ | 17,462 | ||||||||
Less: Goodwill | 3,301 | 3,225 | 3,301 | 3,225 | ||||||||||||
Less: Intangible assets, except mortgage servicing rights | 303 | 213 | 306 | 217 | ||||||||||||
Less: Deferred tax liabilities related to goodwill and intangible assets | (57 | ) | (72 | ) | (56 | ) | (75 | ) | ||||||||
Average MUAH tangible common equity (b) | $ | 14,762 | $ | 14,234 | $ | 14,670 | $ | 14,095 | ||||||||
Return on average MUAH tangible common equity (1) (a)/(b) | 9.46 | % | 8.41 | % | 7.09 | % | 7.55 | % |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 810 | $ | 724 | $ | 1,582 | $ | 1,432 | ||||||||
Securities | 161 | 129 | 323 | 258 | ||||||||||||
Securities borrowed or purchased under resale agreements | 157 | 83 | 283 | 146 | ||||||||||||
Trading assets | 107 | 82 | 199 | 156 | ||||||||||||
Other | 19 | 8 | 33 | 18 | ||||||||||||
Total interest income | 1,254 | 1,026 | 2,420 | 2,010 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 86 | 58 | 154 | 107 | ||||||||||||
Commercial paper and other short-term borrowings | 42 | 10 | 75 | 18 | ||||||||||||
Long-term debt | 94 | 60 | 174 | 117 | ||||||||||||
Securities loaned or sold under repurchase agreements | 178 | 84 | 316 | 143 | ||||||||||||
Trading liabilities | 29 | 20 | 51 | 36 | ||||||||||||
Total interest expense | 429 | 232 | 770 | 421 | ||||||||||||
Net Interest Income | 825 | 794 | 1,650 | 1,589 | ||||||||||||
(Reversal of) provision for credit losses | (19 | ) | (22 | ) | (21 | ) | (52 | ) | ||||||||
Net interest income after (reversal of) provision for credit losses | 844 | 816 | 1,671 | 1,641 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges on deposit accounts | 45 | 47 | 90 | 95 | ||||||||||||
Trust and investment management fees | 30 | 30 | 59 | 59 | ||||||||||||
Trading account activities | (10 | ) | (3 | ) | (8 | ) | (7 | ) | ||||||||
Securities gains, net | 3 | 7 | 3 | 9 | ||||||||||||
Credit facility fees | 23 | 23 | 46 | 49 | ||||||||||||
Brokerage commissions and fees | 19 | 18 | 37 | 36 | ||||||||||||
Card processing fees, net | 13 | 13 | 25 | 24 | ||||||||||||
Investment banking and syndication fees | 88 | 94 | 177 | 182 | ||||||||||||
Fees from affiliates | 299 | 211 | 575 | 430 | ||||||||||||
Other, net | 86 | 49 | (26 | ) | 100 | |||||||||||
Total noninterest income | 596 | 489 | 978 | 977 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Salaries and employee benefits | 678 | 615 | 1,348 | 1,260 | ||||||||||||
Net occupancy and equipment | 85 | 87 | 175 | 169 | ||||||||||||
Professional and outside services | 114 | 99 | 246 | 215 | ||||||||||||
Software | 70 | 47 | 140 | 93 | ||||||||||||
Regulatory assessments | 22 | 19 | 45 | 39 | ||||||||||||
Intangible asset amortization | 7 | 7 | 14 | 14 | ||||||||||||
Other | 107 | 83 | 199 | 173 | ||||||||||||
Total noninterest expense | 1,083 | 957 | 2,167 | 1,963 | ||||||||||||
Income before income taxes and including noncontrolling interests | 357 | 348 | 482 | 655 | ||||||||||||
Income tax expense (benefit) | 28 | 63 | (14 | ) | 146 | |||||||||||
Net Income Including Noncontrolling Interests | 329 | 285 | 496 | 509 | ||||||||||||
Deduct: Net (income) loss from noncontrolling interests | 15 | 10 | 14 | 15 | ||||||||||||
Net Income Attributable to MUAH | $ | 344 | $ | 295 | $ | 510 | $ | 524 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Net Income Attributable to MUAH | $ | 344 | $ | 295 | $ | 510 | $ | 524 | |||||||
Other Comprehensive Income (Loss), Net of Tax: | |||||||||||||||
Net change in unrealized gains (losses) on cash flow hedges | (8 | ) | 22 | (66 | ) | (8 | ) | ||||||||
Net change in unrealized gains (losses) on investment securities | (41 | ) | 24 | (231 | ) | 59 | |||||||||
Foreign currency translation adjustment | — | 2 | (2 | ) | 3 | ||||||||||
Pension and other postretirement benefit adjustments | 10 | 6 | 20 | 13 | |||||||||||
Other | — | — | (1 | ) | — | ||||||||||
Total other comprehensive income (loss) | (39 | ) | 54 | (280 | ) | 67 | |||||||||
Comprehensive Income (Loss) Attributable to MUAH | 305 | 349 | 230 | 591 | |||||||||||
Comprehensive income (loss) from noncontrolling interests | (15 | ) | (10 | ) | (14 | ) | (15 | ) | |||||||
Total Comprehensive Income (Loss) | $ | 290 | $ | 339 | $ | 216 | $ | 576 |
(Dollars in millions, except per share amount) | June 30, 2018 | December 31, 2017 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 1,881 | $ | 2,057 | ||||
Interest bearing deposits in banks | 4,844 | 1,335 | ||||||
Total cash and cash equivalents | 6,725 | 3,392 | ||||||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | ||||||
Trading account assets (includes $2,878 at June 30, 2018 and $1,001 at December 31, 2017 pledged as collateral that may be repledged) | 12,320 | 10,567 | ||||||
Securities available for sale (includes $101 at June 30, 2018 and $163 at December 31, 2017 pledged as collateral that may be repledged) | 16,017 | 17,563 | ||||||
Securities held to maturity (fair value $10,729 at June 30, 2018 and $9,799 at December 31, 2017) | 10,997 | 9,885 | ||||||
Loans held for investment | 82,236 | 80,014 | ||||||
Allowance for loan losses | (445 | ) | (476 | ) | ||||
Loans held for investment, net | 81,791 | 79,538 | ||||||
Premises and equipment, net | 623 | 610 | ||||||
Goodwill | 3,301 | 3,301 | ||||||
Other assets | 8,551 | 8,800 | ||||||
Total assets | $ | 160,373 | $ | 154,550 | ||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 33,425 | $ | 32,602 | ||||
Interest bearing | 52,091 | 52,185 | ||||||
Total deposits | 85,516 | 84,787 | ||||||
Securities loaned or sold under repurchase agreements | 25,579 | 26,437 | ||||||
Commercial paper and other short-term borrowings | 9,764 | 7,066 | ||||||
Long-term debt | 14,192 | 12,162 | ||||||
Trading account liabilities | 4,991 | 3,600 | ||||||
Other liabilities | 1,784 | 2,143 | ||||||
Total liabilities | 141,826 | 136,195 | ||||||
Commitments, contingencies and guarantees—See Note 12 | ||||||||
Equity | ||||||||
MUAH stockholders' equity: | ||||||||
Preferred stock: | ||||||||
Authorized 5,000,000 shares; no shares issued or outstanding | — | — | ||||||
Common stock, par value $1 per share: | ||||||||
Authorized 300,000,000 shares, 147,589,713 shares issued and outstanding as of June 30, 2018 and December 31, 2017 | 148 | 148 | ||||||
Additional paid-in capital | 8,155 | 8,197 | ||||||
Retained earnings | 11,444 | 10,936 | ||||||
Accumulated other comprehensive loss | (1,285 | ) | (1,026 | ) | ||||
Total MUAH stockholders' equity | 18,462 | 18,255 | ||||||
Noncontrolling interests | 85 | 100 | ||||||
Total equity | 18,547 | 18,355 | ||||||
Total liabilities and equity | $ | 160,373 | $ | 154,550 |
MUAH Stockholders' Equity | ||||||||||||||||||||||||
(Dollars in millions) | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | Total Equity | ||||||||||||||||||
Balance, December 31, 2016 | $ | 144 | $ | 7,884 | $ | 10,101 | $ | (896 | ) | $ | 153 | $ | 17,386 | |||||||||||
Net income (loss) | — | — | 524 | — | (15 | ) | 509 | |||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | 67 | — | 67 | ||||||||||||||||||
Compensation—restricted stock units | — | (16 | ) | — | — | — | (16 | ) | ||||||||||||||||
Other | — | — | — | — | (9 | ) | (9 | ) | ||||||||||||||||
Net change | — | (16 | ) | 524 | 67 | (24 | ) | 551 | ||||||||||||||||
Balance, June 30, 2017 | $ | 144 | $ | 7,868 | $ | 10,625 | $ | (829 | ) | $ | 129 | $ | 17,937 | |||||||||||
Balance, December 31, 2017 | $ | 148 | $ | 8,197 | $ | 10,936 | $ | (1,026 | ) | $ | 100 | $ | 18,355 | |||||||||||
Net income (loss) | — | — | 510 | — | (14 | ) | 496 | |||||||||||||||||
Other comprehensive income (loss), net of tax | — | — | — | (280 | ) | — | (280 | ) | ||||||||||||||||
Compensation—restricted stock units | — | (21 | ) | (2 | ) | — | — | (23 | ) | |||||||||||||||
Other (1) | — | (21 | ) | — | 21 | (1 | ) | (1 | ) | |||||||||||||||
Net change | — | (42 | ) | 508 | (259 | ) | (15 | ) | 192 | |||||||||||||||
Balance, June 30, 2018 | $ | 148 | $ | 8,155 | $ | 11,444 | $ | (1,285 | ) | $ | 85 | $ | 18,547 |
(1) | For additional information on other, refer to Note 10. |
For the Six Months Ended June 30, | ||||||||
(Dollars in millions) | 2018 | 2017 | ||||||
Cash Flows from Operating Activities: | ||||||||
Net income including noncontrolling interests | $ | 496 | $ | 509 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||
(Reversal of) provision for credit losses | (21 | ) | (52 | ) | ||||
Depreciation, amortization and accretion, net | 166 | 169 | ||||||
Stock-based compensation—restricted stock units | 38 | 30 | ||||||
Deferred income taxes | (64 | ) | 227 | |||||
Net gains on sales of securities | (3 | ) | (9 | ) | ||||
Net decrease (increase) in securities borrowed or purchased under resale agreements | 846 | (73 | ) | |||||
Net decrease (increase) in securities loaned or sold under repurchase agreements | (858 | ) | 181 | |||||
Net decrease (increase) in trading account assets | (1,753 | ) | (1,071 | ) | ||||
Net decrease (increase) in other assets | (87 | ) | 161 | |||||
Net increase (decrease) in trading account liabilities | 1,391 | 658 | ||||||
Net increase (decrease) in other liabilities | (225 | ) | (424 | ) | ||||
Loans originated for sale | (880 | ) | (300 | ) | ||||
Net proceeds from sale of loans originated for sale | 623 | 357 | ||||||
Pension and other benefits adjustment | (25 | ) | (142 | ) | ||||
Other, net | (5 | ) | 21 | |||||
Total adjustments | (857 | ) | (267 | ) | ||||
Net cash provided by (used in) operating activities | (361 | ) | 242 | |||||
Cash Flows from Investing Activities: | ||||||||
Proceeds from sales of securities available for sale | 627 | 1,327 | ||||||
Proceeds from paydowns and maturities of securities available for sale | 1,444 | 1,156 | ||||||
Purchases of securities available for sale | (2,729 | ) | (4,065 | ) | ||||
Proceeds from paydowns and maturities of securities held to maturity | 811 | 821 | ||||||
Purchases of securities held to maturity | — | (916 | ) | |||||
Proceeds from sales of loans | 514 | 646 | ||||||
Net decrease (increase) in loans | (2,217 | ) | (1,381 | ) | ||||
Purchases of other investments | (153 | ) | (113 | ) | ||||
Other, net | (55 | ) | 1 | |||||
Net cash provided by (used in) investing activities | (1,758 | ) | (2,524 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Net increase (decrease) in deposits | 724 | (2,008 | ) | |||||
Net increase (decrease) in commercial paper and other short-term borrowings | 2,686 | 3,830 | ||||||
Proceeds from issuance of senior debt | — | 3,522 | ||||||
Proceeds from issuance of long-term debt | 4,050 | — | ||||||
Repayment of long-term debt | (1,995 | ) | (4,379 | ) | ||||
Other, net | (84 | ) | (55 | ) | ||||
Change in noncontrolling interests | — | (9 | ) | |||||
Net cash provided by (used in) financing activities | 5,381 | 901 | ||||||
Net change in cash, cash equivalents and restricted cash | 3,262 | (1,381 | ) | |||||
Cash, cash equivalents and restricted cash at beginning of period | 3,528 | 5,834 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 6,790 | $ | 4,453 | ||||
Cash Paid During the Period For: | ||||||||
Interest | $ | 698 | $ | 389 | ||||
Income taxes, net | 72 | 157 | ||||||
Supplemental Schedule of Noncash Investing and Financing Activities: | ||||||||
Net transfer of loans held for investment to (from) loans held for sale | $ | (67 | ) | $ | 356 | |||
Securities available for sale transferred to securities held to maturity | 2,006 | — | ||||||
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | ||||||||
Cash and cash equivalents | $ | 6,725 | $ | 4,348 | ||||
Restricted cash included in other assets | 65 | 105 | ||||||
Total cash, cash equivalents and restricted cash per consolidated statement of cash flows | $ | 6,790 | $ | 4,453 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||
June 30, 2017 | June 30, 2017 | |||||||||||||||||||||||
(Dollars in millions) | As Previously Reported | Adjustment | As Reported Under New Guidance | As Previously Reported | Adjustment | As Reported Under New Guidance | ||||||||||||||||||
Salaries and employee benefits | $ | 586 | $ | 29 | $ | 615 | $ | 1,201 | $ | 59 | $ | 1,260 | ||||||||||||
Other | 112 | (29 | ) | 83 | 232 | (59 | ) | 173 |
June 30, 2018 | ||||||||||||||||
(Dollars in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Asset Liability Management securities: | ||||||||||||||||
U.S. Treasury | $ | 3,570 | $ | — | $ | 203 | $ | 3,367 | ||||||||
Residential mortgage-backed securities: | ||||||||||||||||
U.S. government agency and government-sponsored agencies | 8,005 | 2 | 215 | 7,792 | ||||||||||||
Privately issued | 896 | 1 | 23 | 874 | ||||||||||||
Privately issued - commercial mortgage-backed securities | 972 | — | 28 | 944 | ||||||||||||
Collateralized loan obligations | 1,485 | 3 | 1 | 1,487 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Asset Liability Management securities | 14,933 | 6 | 470 | 14,469 | ||||||||||||
Other debt securities: | ||||||||||||||||
Direct bank purchase bonds | 1,409 | 29 | 39 | 1,399 | ||||||||||||
Other | 148 | 1 | — | 149 | ||||||||||||
Total securities available for sale | $ | 16,490 | $ | 36 | $ | 509 | $ | 16,017 |
December 31, 2017 | ||||||||||||||||
(Dollars in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
Asset Liability Management securities: | ||||||||||||||||
U.S. Treasury | $ | 3,370 | $ | — | $ | 118 | $ | 3,252 | ||||||||
Residential mortgage-backed securities: | ||||||||||||||||
U.S. government agency and government-sponsored agencies | 9,338 | 2 | 132 | 9,208 | ||||||||||||
Privately issued | 695 | 3 | 4 | 694 | ||||||||||||
Privately issued - commercial mortgage-backed securities | 823 | 4 | 5 | 822 | ||||||||||||
Collateralized loan obligations | 1,895 | 10 | — | 1,905 | ||||||||||||
Other | 5 | — | — | 5 | ||||||||||||
Asset Liability Management securities | 16,126 | 19 | 259 | 15,886 | ||||||||||||
Other debt securities: | ||||||||||||||||
Direct bank purchase bonds | 1,495 | 38 | 30 | 1,503 | ||||||||||||
Other | 163 | 1 | — | 164 | ||||||||||||
Equity securities | 10 | — | — | 10 | ||||||||||||
Total securities available for sale | $ | 17,794 | $ | 58 | $ | 289 | $ | 17,563 |
June 30, 2018 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(Dollars in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Asset Liability Management securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 1,289 | $ | 45 | $ | 2,078 | $ | 158 | $ | 3,367 | $ | 203 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 3,789 | 68 | 3,378 | 147 | 7,167 | 215 | ||||||||||||||||||
Privately issued | 600 | 16 | 152 | 7 | 752 | 23 | ||||||||||||||||||
Privately issued - commercial mortgage-backed securities | 800 | 23 | 99 | 5 | 899 | 28 | ||||||||||||||||||
Collateralized loan obligations | 415 | 1 | — | — | 415 | 1 | ||||||||||||||||||
Asset Liability Management securities | 6,893 | 153 | 5,707 | 317 | 12,600 | 470 | ||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||
Direct bank purchase bonds | 329 | 10 | 449 | 29 | 778 | 39 | ||||||||||||||||||
Other | 22 | — | — | — | 22 | — | ||||||||||||||||||
Total securities available for sale | $ | 7,244 | $ | 163 | $ | 6,156 | $ | 346 | $ | 13,400 | $ | 509 |
December 31, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
(Dollars in millions) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Asset Liability Management securities: | ||||||||||||||||||||||||
U.S. Treasury | $ | 1,074 | $ | 14 | $ | 2,128 | $ | 104 | $ | 3,202 | $ | 118 | ||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies | 3,606 | 22 | 4,651 | 110 | 8,257 | 132 | ||||||||||||||||||
Privately issued | 275 | 1 | 164 | 3 | 439 | 4 | ||||||||||||||||||
Privately issued - commercial mortgage-backed securities | 447 | 3 | 80 | 2 | 527 | 5 | ||||||||||||||||||
Collateralized loan obligations | 12 | — | — | — | 12 | — | ||||||||||||||||||
Asset Liability Management securities | 5,414 | 40 | 7,023 | 219 | 12,437 | 259 | ||||||||||||||||||
Other debt securities: | ||||||||||||||||||||||||
Direct bank purchase bonds | 58 | 4 | 563 | 26 | 621 | 30 | ||||||||||||||||||
Other | 79 | — | — | — | 79 | — | ||||||||||||||||||
Equity securities | 10 | — | — | — | 10 | — | ||||||||||||||||||
Total securities available for sale | $ | 5,561 | $ | 44 | $ | 7,586 | $ | 245 | $ | 13,147 | $ | 289 |
June 30, 2018 | ||||||||||||||||||||
(Dollars in millions) | One Year or Less | Over One Year Through Five Years | Over Five Years Through Ten Years | Over Ten Years | Total Fair Value | |||||||||||||||
Asset Liability Management securities: | ||||||||||||||||||||
U.S. Treasury | $ | — | $ | 96 | $ | 3,271 | $ | — | $ | 3,367 | ||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S. government agency and government-sponsored agencies | — | 228 | 1,340 | 6,224 | 7,792 | |||||||||||||||
Privately issued | — | 1 | 1 | 872 | 874 | |||||||||||||||
Privately issued - commercial mortgage-backed securities | — | — | 42 | 902 | 944 | |||||||||||||||
Collateralized loan obligations | — | — | 361 | 1,126 | 1,487 | |||||||||||||||
Other | — | 5 | — | — | 5 | |||||||||||||||
Asset Liability Management securities | — | 330 | 5,015 | 9,124 | 14,469 | |||||||||||||||
Other debt securities: | ||||||||||||||||||||
Direct bank purchase bonds | 74 | 443 | 643 | 239 | 1,399 | |||||||||||||||
Other | 8 | 120 | — | 21 | 149 | |||||||||||||||
Total debt securities available for sale | $ | 82 | $ | 893 | $ | 5,658 | $ | 9,384 | $ | 16,017 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | ||||||||||||
Gross realized gains | $ | 3 | $ | 7 | $ | 3 | $ | 9 |
June 30, 2018 | ||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | |||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
U.S. Treasury | $ | 527 | $ | — | $ | — | $ | 527 | $ | 2 | $ | 3 | $ | 526 | ||||||||||||||
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | 9,076 | 1 | 106 | 8,971 | 6 | 267 | 8,710 | |||||||||||||||||||||
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | 1,547 | — | 48 | 1,499 | 12 | 18 | 1,493 | |||||||||||||||||||||
Total securities held to maturity | $ | 11,150 | $ | 1 | $ | 154 | $ | 10,997 | $ | 20 | $ | 288 | $ | 10,729 |
December 31, 2017 | ||||||||||||||||||||||||||||
Recognized in OCI | Not Recognized in OCI | |||||||||||||||||||||||||||
(Dollars in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Carrying Amount | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||
U.S. Treasury | $ | 525 | $ | — | $ | — | $ | 525 | $ | 3 | $ | 1 | $ | 527 | ||||||||||||||
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | 7,870 | 2 | 31 | 7,841 | 15 | 130 | 7,726 | |||||||||||||||||||||
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | 1,571 | — | 52 | 1,519 | 36 | 9 | 1,546 | |||||||||||||||||||||
Total securities held to maturity | $ | 9,966 | $ | 2 | $ | 83 | $ | 9,885 | $ | 54 | $ | 140 | $ | 9,799 |
June 30, 2018 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Recognized in OCI | Not Recognized in OCI | Fair Value | Recognized in OCI | Not Recognized in OCI | Fair Value | Recognized in OCI | Not Recognized in OCI | |||||||||||||||||||||||||||
U.S. Treasury | $ | 494 | $ | — | $ | 3 | $ | — | $ | — | $ | — | $ | 494 | $ | — | $ | 3 | ||||||||||||||||||
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | 3,841 | 32 | 79 | 4,686 | 74 | 188 | 8,527 | 106 | 267 | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | 47 | — | 1 | 1,447 | 48 | 17 | 1,494 | 48 | 18 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 4,382 | $ | 32 | $ | 83 | $ | 6,133 | $ | 122 | $ | 205 | $ | 10,515 | $ | 154 | $ | 288 |
December 31, 2017 | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||||
(Dollars in millions) | Fair Value | Recognized in OCI | Not Recognized in OCI | Fair Value | Recognized in OCI | Not Recognized in OCI | Fair Value | Recognized in OCI | Not Recognized in OCI | |||||||||||||||||||||||||||
U.S. Treasury | $ | 494 | $ | — | $ | 1 | $ | — | $ | — | $ | — | $ | 494 | $ | — | $ | 1 | ||||||||||||||||||
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | 2,649 | — | 31 | 4,000 | 31 | 99 | 6,649 | 31 | 130 | |||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | 19 | — | — | 1,496 | 52 | 9 | 1,515 | 52 | 9 | |||||||||||||||||||||||||||
Total securities held to maturity | $ | 3,162 | $ | — | $ | 32 | $ | 5,496 | $ | 83 | $ | 108 | $ | 8,658 | $ | 83 | $ | 140 |
June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||
Within One Year | Over One Year Through Five Years | Over Five Years Through Ten Years | Over Ten Years | Total | ||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||
U.S. Treasury | $ | 251 | $ | 250 | $ | 276 | $ | 276 | $ | — | $ | — | $ | — | $ | — | $ | 527 | $ | 526 | ||||||||||||||||||||
U.S. government agency and government-sponsored agencies - residential mortgage-backed securities | — | — | — | — | 830 | 806 | 8,141 | 7,904 | 8,971 | 8,710 | ||||||||||||||||||||||||||||||
U.S. government agency and government-sponsored agencies - commercial mortgage-backed securities | 49 | 49 | 803 | 809 | — | — | 647 | 635 | 1,499 | 1,493 | ||||||||||||||||||||||||||||||
Total securities held to maturity | $ | 300 | $ | 299 | $ | 1,079 | $ | 1,085 | $ | 830 | $ | 806 | $ | 8,788 | $ | 8,539 | $ | 10,997 | $ | 10,729 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Loans held for investment: | ||||||||
Commercial and industrial | $ | 23,033 | $ | 23,281 | ||||
Commercial mortgage | 14,790 | 14,320 | ||||||
Construction | 1,562 | 1,775 | ||||||
Lease financing | 1,445 | 1,533 | ||||||
Total commercial portfolio | 40,830 | 40,909 | ||||||
Residential mortgage | 37,552 | 35,643 | ||||||
Home equity and other consumer loans | 3,854 | 3,462 | ||||||
Total consumer portfolio | 41,406 | 39,105 | ||||||
Total loans held for investment(1) | 82,236 | 80,014 | ||||||
Allowance for loan losses | (445 | ) | (476 | ) | ||||
Loans held for investment, net | $ | 81,791 | $ | 79,538 |
(1) | Includes $326 million and $301 million at June 30, 2018 and December 31, 2017, respectively, for net unamortized (discounts) and premiums and deferred (fees) and costs. |
For the Three Months Ended June 30, 2018 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses, beginning of period | $ | 371 | $ | 84 | $ | 5 | $ | 460 | ||||||||
(Reversal of) provision for loan losses | (15 | ) | 2 | — | (13 | ) | ||||||||||
Loans charged-off | (1 | ) | (9 | ) | — | (10 | ) | |||||||||
Recoveries of loans previously charged-off | 7 | 1 | — | 8 | ||||||||||||
Allowance for loan losses, end of period | $ | 362 | $ | 78 | $ | 5 | $ | 445 |
For the Three Months Ended June 30, 2017 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses, beginning of period | $ | 485 | $ | 85 | $ | — | $ | 570 | ||||||||
(Reversal of) provision for loan losses | (24 | ) | 4 | — | (20 | ) | ||||||||||
Other | (1 | ) | — | — | (1 | ) | ||||||||||
Loans charged-off | (29 | ) | (11 | ) | — | (40 | ) | |||||||||
Recoveries of loans previously charged-off | 4 | — | — | 4 | ||||||||||||
Allowance for loan losses, end of period | $ | 435 | $ | 78 | $ | — | $ | 513 |
For the Six Months Ended June 30, 2018 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses, beginning of period | $ | 360 | $ | 86 | $ | 30 | $ | 476 | ||||||||
(Reversal of) provision for loan losses | (1 | ) | 8 | (25 | ) | (18 | ) | |||||||||
Loans charged-off | (7 | ) | (19 | ) | — | (26 | ) | |||||||||
Recoveries of loans previously charged-off | 10 | 3 | — | 13 | ||||||||||||
Allowance for loan losses, end of period | $ | 362 | $ | 78 | $ | 5 | $ | 445 |
For the Six Months Ended June 30, 2017 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses, beginning of period | $ | 556 | $ | 83 | $ | — | $ | 639 | ||||||||
(Reversal of) provision for loan losses | (50 | ) | 16 | — | (34 | ) | ||||||||||
Loans charged-off | (84 | ) | (22 | ) | — | (106 | ) | |||||||||
Recoveries of loans previously charged-off | 13 | 1 | — | 14 | ||||||||||||
Allowance for loan losses, end of period | $ | 435 | $ | 78 | $ | — | $ | 513 |
June 30, 2018 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | 64 | $ | 13 | $ | — | $ | 77 | ||||||||
Collectively evaluated for impairment | 298 | 65 | 5 | 368 | ||||||||||||
Total allowance for loan losses | $ | 362 | $ | 78 | $ | 5 | $ | 445 | ||||||||
Loans held for investment: | ||||||||||||||||
Individually evaluated for impairment | $ | 480 | $ | 297 | $ | — | $ | 777 | ||||||||
Collectively evaluated for impairment | 40,350 | 41,109 | — | 81,459 | ||||||||||||
Total loans held for investment | $ | 40,830 | $ | 41,406 | $ | — | $ | 82,236 |
December 31, 2017 | ||||||||||||||||
(Dollars in millions) | Commercial | Consumer | Unallocated | Total | ||||||||||||
Allowance for loan losses: | ||||||||||||||||
Individually evaluated for impairment | $ | 58 | $ | 15 | $ | — | $ | 73 | ||||||||
Collectively evaluated for impairment | 302 | 71 | 30 | 403 | ||||||||||||
Total allowance for loan losses | $ | 360 | $ | 86 | $ | 30 | $ | 476 | ||||||||
Loans held for investment: | ||||||||||||||||
Individually evaluated for impairment | $ | 544 | $ | 321 | $ | — | $ | 865 | ||||||||
Collectively evaluated for impairment | 40,365 | 38,784 | — | 79,149 | ||||||||||||
Total loans held for investment | $ | 40,909 | $ | 39,105 | $ | — | $ | 80,014 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Commercial and industrial | $ | 270 | $ | 319 | ||||
Commercial mortgage | 11 | 20 | ||||||
Total commercial portfolio | 281 | 339 | ||||||
Residential mortgage | 100 | 104 | ||||||
Home equity and other consumer loans | 23 | 22 | ||||||
Total consumer portfolio | 123 | 126 | ||||||
Total nonaccrual loans | $ | 404 | $ | 465 | ||||
Troubled debt restructured loans that continue to accrue interest | $ | 337 | $ | 348 | ||||
Troubled debt restructured nonaccrual loans (included in total nonaccrual loans above) | $ | 239 | $ | 229 |
June 30, 2018 | ||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Total | |||||||||||||||
Commercial and industrial | $ | 24,384 | $ | 16 | $ | 78 | $ | 94 | $ | 24,478 | ||||||||||
Commercial mortgage | 14,771 | 17 | 2 | 19 | 14,790 | |||||||||||||||
Construction | 1,562 | — | — | — | 1,562 | |||||||||||||||
Total commercial portfolio | 40,717 | 33 | 80 | 113 | 40,830 | |||||||||||||||
Residential mortgage | 37,380 | 139 | 33 | 172 | 37,552 | |||||||||||||||
Home equity and other consumer loans | 3,823 | 20 | 11 | 31 | 3,854 | |||||||||||||||
Total consumer portfolio | 41,203 | 159 | 44 | 203 | 41,406 | |||||||||||||||
Total loans held for investment | $ | 81,920 | $ | 192 | $ | 124 | $ | 316 | $ | 82,236 |
December 31, 2017 | ||||||||||||||||||||
Aging Analysis of Loans | ||||||||||||||||||||
(Dollars in millions) | Current | 30 to 89 Days Past Due | 90 Days or More Past Due | Total Past Due | Total | |||||||||||||||
Commercial and industrial | $ | 24,734 | $ | 17 | $ | 63 | $ | 80 | $ | 24,814 | ||||||||||
Commercial mortgage | 14,298 | 16 | 6 | 22 | 14,320 | |||||||||||||||
Construction | 1,775 | — | — | — | 1,775 | |||||||||||||||
Total commercial portfolio | 40,807 | 33 | 69 | 102 | 40,909 | |||||||||||||||
Residential mortgage | 35,453 | 151 | 39 | 190 | 35,643 | |||||||||||||||
Home equity and other consumer loans | 3,427 | 23 | 12 | 35 | 3,462 | |||||||||||||||
Total consumer portfolio | 38,880 | 174 | 51 | 225 | 39,105 | |||||||||||||||
Total loans held for investment | $ | 79,687 | $ | 207 | $ | 120 | $ | 327 | $ | 80,014 |
June 30, 2018 | ||||||||||||||||
Criticized | ||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||
Commercial and industrial | $ | 23,333 | $ | 418 | $ | 727 | $ | 24,478 | ||||||||
Commercial mortgage | 14,532 | 83 | 175 | 14,790 | ||||||||||||
Construction | 1,467 | 17 | 78 | 1,562 | ||||||||||||
Total commercial portfolio | $ | 39,332 | $ | 518 | $ | 980 | $ | 40,830 |
December 31, 2017 | ||||||||||||||||
Criticized | ||||||||||||||||
(Dollars in millions) | Pass | Special Mention | Classified | Total | ||||||||||||
Commercial and industrial | $ | 23,632 | $ | 435 | $ | 747 | $ | 24,814 | ||||||||
Commercial mortgage | 14,081 | 80 | 159 | 14,320 | ||||||||||||
Construction | 1,632 | 15 | 128 | 1,775 | ||||||||||||
Total commercial portfolio | $ | 39,345 | $ | 530 | $ | 1,034 | $ | 40,909 |
June 30, 2018 | ||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||
Residential mortgage | $ | 37,447 | $ | 100 | $ | 37,547 | ||||||
Home equity and other consumer loans | 3,829 | 23 | 3,852 | |||||||||
Total consumer portfolio | $ | 41,276 | $ | 123 | $ | 41,399 |
December 31, 2017 | ||||||||||||
(Dollars in millions) | Accrual | Nonaccrual | Total | |||||||||
Residential mortgage | $ | 35,534 | $ | 104 | $ | 35,638 | ||||||
Home equity and other consumer loans | 3,437 | 22 | 3,459 | |||||||||
Total consumer portfolio | $ | 38,971 | $ | 126 | $ | 39,097 |
June 30, 2018 | ||||||||||||||||
FICO scores | ||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO Available(1) | Total | ||||||||||||
Residential mortgage | $ | 30,742 | $ | 6,028 | $ | 397 | $ | 37,167 | ||||||||
Home equity and other consumer loans | 2,717 | 1,021 | 55 | 3,793 | ||||||||||||
Total consumer portfolio | $ | 33,459 | $ | 7,049 | $ | 452 | $ | 40,960 | ||||||||
Percentage of total | 82 | % | 17 | % | 1 | % | 100 | % |
(1) | Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). |
December 31, 2017 | ||||||||||||||||
FICO scores | ||||||||||||||||
(Dollars in millions) | 720 and above | Below 720 | No FICO Available(1) | Total | ||||||||||||
Residential mortgage | $ | 28,786 | $ | 6,082 | $ | 411 | $ | 35,279 | ||||||||
Home equity and other consumer loans | 2,404 | 918 | 84 | 3,406 | ||||||||||||
Total consumer portfolio | $ | 31,190 | $ | 7,000 | $ | 495 | $ | 38,685 | ||||||||
Percentage of total | 81 | % | 18 | % | 1 | % | 100 | % |
(1) | Represents loans for which management was not able to obtain an updated FICO score (e.g., due to recent profile changes). |
June 30, 2018 | ||||||||||||||||||||
LTV ratios | ||||||||||||||||||||
(Dollars in millions) | Less than or Equal to 80 Percent | Greater than 80 and Less than 100 Percent | Greater than or Equal to 100 Percent | No LTV Available(1) | Total | |||||||||||||||
Residential mortgage | $ | 36,615 | $ | 522 | $ | 27 | $ | 3 | $ | 37,167 | ||||||||||
Home equity loans | 1,988 | 219 | 15 | 30 | 2,252 | |||||||||||||||
Total consumer portfolio | $ | 38,603 | $ | 741 | $ | 42 | $ | 33 | $ | 39,419 | ||||||||||
Percentage of total | 98 | % | 2 | % | — | % | — | % | 100 | % |
(1) | Represents loans for which management was not able to obtain refreshed property values. |
December 31, 2017 | ||||||||||||||||||||
LTV ratios | ||||||||||||||||||||
(Dollars in millions) | Less than or Equal to 80 Percent | Greater than 80 and Less than 100 Percent | Greater than or Equal to 100 Percent | No LTV Available(1) | Total | |||||||||||||||
Residential mortgage | $ | 34,472 | $ | 771 | $ | 4 | $ | 32 | $ | 35,279 | ||||||||||
Home equity loans | 2,052 | 248 | 24 | 33 | 2,357 | |||||||||||||||
Total consumer portfolio | $ | 36,524 | $ | 1,019 | $ | 28 | $ | 65 | $ | 37,636 | ||||||||||
Percentage of total | 97 | % | 3 | % | — | % | — | % | 100 | % |
(1) | Represents loans for which management was not able to obtain refreshed property values. |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Commercial and industrial | $ | 219 | $ | 202 | ||||
Commercial mortgage | 54 | 7 | ||||||
Construction | 78 | 128 | ||||||
Total commercial portfolio | 351 | 337 | ||||||
Residential mortgage | 202 | 215 | ||||||
Home equity and other consumer loans | 23 | 25 | ||||||
Total consumer portfolio | 225 | 240 | ||||||
Total restructured loans | $ | 576 | $ | 577 |
For the Three Months Ended June 30, 2018 | For the Six Months Ended June 30, 2018 | |||||||||||||||
(Dollars in millions) | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(2) | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(2) | ||||||||||||
Commercial and industrial | $ | 90 | $ | 90 | $ | 104 | $ | 104 | ||||||||
Total commercial portfolio | 90 | 90 | 104 | 104 | ||||||||||||
Residential mortgage | 1 | 1 | 2 | 2 | ||||||||||||
Home equity and other consumer loans | 1 | 1 | 1 | 1 | ||||||||||||
Total consumer portfolio | 2 | 2 | 3 | 3 | ||||||||||||
Total | $ | 92 | $ | 92 | $ | 107 | $ | 107 |
(1) | Represents the recorded investment in the loan immediately prior to the restructuring event. |
(2) | Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. |
For the Three Months Ended June 30, 2017 | For the Six Months Ended June 30, 2017 | |||||||||||||||
(Dollars in millions) | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(2) | Pre-Modification Outstanding Recorded Investment(1) | Post-Modification Outstanding Recorded Investment(2) | ||||||||||||
Commercial and industrial | $ | 18 | $ | 18 | $ | 96 | $ | 96 | ||||||||
Commercial mortgage | 1 | 1 | 1 | 1 | ||||||||||||
Construction | — | — | 61 | 61 | ||||||||||||
Total commercial portfolio | 19 | 19 | 158 | 158 | ||||||||||||
Residential mortgage | 4 | 4 | 8 | 8 | ||||||||||||
Home equity and other consumer loans | 2 | 2 | 2 | 2 | ||||||||||||
Total consumer portfolio | 6 | 6 | 10 | 10 | ||||||||||||
Total | $ | 25 | $ | 25 | $ | 168 | $ | 168 |
(1) | Represents the recorded investment in the loan immediately prior to the restructuring event. |
(2) | Represents the recorded investment in the loan immediately following the restructuring event. It includes the effect of paydowns that were required as part of the restructuring terms. |
(Dollars in millions) | For the Three Months Ended June 30, 2018 | For the Six Months Ended June 30, 2018 | ||||||
Residential mortgage | $ | 2 | $ | 2 | ||||
Total consumer portfolio | 2 | 2 | ||||||
Total | $ | 2 | $ | 2 | ||||
(Dollars in millions) | For the Three Months Ended June 30, 2017 | For the Six Months Ended June 30, 2017 | ||||||
Commercial and industrial | $ | 17 | $ | 19 | ||||
Commercial mortgage | — | 1 | ||||||
Total commercial portfolio | 17 | 20 | ||||||
Residential mortgage | — | 1 | ||||||
Total consumer portfolio | — | 1 | ||||||
Total | $ | 17 | $ | 21 |
June 30, 2018 | ||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||
(Dollars in millions) | With an Allowance | Without an Allowance | Total | Allowance for Impaired Loans | With an Allowance | Without an Allowance | ||||||||||||||||||
Commercial and industrial | $ | 288 | $ | 34 | $ | 322 | $ | 64 | $ | 346 | $ | 54 | ||||||||||||
Commercial mortgage | 26 | 54 | 80 | — | 26 | 54 | ||||||||||||||||||
Construction | — | 78 | 78 | — | — | 78 | ||||||||||||||||||
Total commercial portfolio | 314 | 166 | 480 | 64 | 372 | 186 | ||||||||||||||||||
Residential mortgage | 205 | 55 | 260 | 13 | 219 | 64 | ||||||||||||||||||
Home equity and other consumer loans | 24 | 13 | 37 | — | 25 | 22 | ||||||||||||||||||
Total consumer portfolio | 229 | 68 | 297 | 13 | 244 | 86 | ||||||||||||||||||
Total | $ | 543 | $ | 234 | $ | 777 | $ | 77 | $ | 616 | $ | 272 |
December 31, 2017 | ||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | |||||||||||||||||||||||
(Dollars in millions) | With an Allowance | Without an Allowance | Total | Allowance for Impaired Loans | With an Allowance | Without an Allowance | ||||||||||||||||||
Commercial and industrial | $ | 287 | $ | 93 | $ | 380 | $ | 57 | $ | 348 | $ | 102 | ||||||||||||
Commercial mortgage | 33 | 3 | 36 | 1 | 33 | 3 | ||||||||||||||||||
Construction | — | 128 | 128 | — | — | 128 | ||||||||||||||||||
Total commercial portfolio | 320 | 224 | 544 | 58 | 381 | 233 | ||||||||||||||||||
Residential mortgage | 218 | 59 | 277 | 15 | 234 | 69 | ||||||||||||||||||
Home equity and other consumer loans | 29 | 15 | 44 | — | 30 | 24 | ||||||||||||||||||
Total consumer portfolio | 247 | 74 | 321 | 15 | 264 | 93 | ||||||||||||||||||
Total | $ | 567 | $ | 298 | $ | 865 | $ | 73 | $ | 645 | $ | 326 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||
(Dollars in millions) | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | Average Recorded Investment | Recognized Interest Income | ||||||||||||||||||||||||
Commercial and industrial | $ | 296 | $ | 3 | $ | 419 | $ | — | $ | 294 | $ | 5 | $ | 447 | $ | 4 | ||||||||||||||||
Commercial mortgage | 51 | 8 | 61 | 1 | 44 | 18 | 40 | 1 | ||||||||||||||||||||||||
Construction | 111 | 2 | 11 | — | 120 | 4 | 14 | — | ||||||||||||||||||||||||
Total commercial portfolio | 458 | 13 | 491 | 1 | 458 | 27 | 501 | 5 | ||||||||||||||||||||||||
Residential mortgage | 264 | 3 | 233 | 2 | 268 | 7 | 235 | 4 | ||||||||||||||||||||||||
Home equity and other consumer loans | 38 | 1 | 28 | 1 | 40 | 2 | 29 | 1 | ||||||||||||||||||||||||
Total consumer portfolio | 302 | 4 | 261 | 3 | 308 | 9 | 264 | 5 | ||||||||||||||||||||||||
Total | $ | 760 | $ | 17 | $ | 752 | $ | 4 | $ | 766 | $ | 36 | $ | 765 | $ | 10 |
For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||
(Dollars in millions) | Net transfer of loans held for investment to (from) loans held for sale | Proceeds from sale | Net transfer of loans held for investment to (from) loans held for sale | Proceeds from sale | Net transfer of loans held for investment to (from) loans held for sale | Proceeds from sale | Net transfer of loans held for investment to (from) loans held for sale | Proceeds from sale | ||||||||||||||||||||||||
Commercial portfolio | $ | 24 | $ | 274 | $ | 126 | $ | 299 | $ | (67 | ) | $ | 514 | $ | 360 | $ | 646 | |||||||||||||||
Consumer portfolio | — | — | — | — | — | — | (4 | ) | — | |||||||||||||||||||||||
Total | $ | 24 | $ | 274 | $ | 126 | $ | 299 | $ | (67 | ) | $ | 514 | $ | 356 | $ | 646 |
June 30, 2018 | ||||||||||||||||||||||||
Consolidated Assets | Consolidated Liabilities | |||||||||||||||||||||||
(Dollars in millions) | Interest Bearing Deposits in Banks | Loans Held for Investment, net | Other Assets | Total Assets | Other Liabilities | Total Liabilities | ||||||||||||||||||
LIHC investments | $ | — | $ | — | $ | 54 | $ | 54 | $ | — | $ | — | ||||||||||||
Leasing investments | 1 | 574 | 147 | 722 | 22 | 22 | ||||||||||||||||||
Total consolidated VIEs | $ | 1 | $ | 574 | $ | 201 | $ | 776 | $ | 22 | $ | 22 |
December 31, 2017 | ||||||||||||||||||||||||
Consolidated Assets | Consolidated Liabilities | |||||||||||||||||||||||
(Dollars in millions) | Interest Bearing Deposits in Banks | Loans Held for Investment, net | Other Assets | Total Assets | Other Liabilities | Total Liabilities | ||||||||||||||||||
LIHC investments | $ | — | $ | — | $ | 68 | $ | 68 | $ | — | $ | — | ||||||||||||
Leasing investments | 1 | 583 | 158 | 742 | 24 | 24 | ||||||||||||||||||
Total consolidated VIEs | $ | 1 | $ | 583 | $ | 226 | $ | 810 | $ | 24 | $ | 24 |
June 30, 2018 | |||||||||||||||||||||||||||||||
Unconsolidated Assets | Unconsolidated Liabilities | ||||||||||||||||||||||||||||||
(Dollars in millions) | Interest Bearing Deposits in Banks | Securities Available for Sale | Loans Held for Investment | Other Assets | Total Assets | Other Liabilities | Total Liabilities | Maximum Exposure to Loss | |||||||||||||||||||||||
LIHC investments | $ | — | $ | 28 | $ | 235 | $ | 1,008 | $ | 1,271 | $ | 208 | $ | 208 | $ | 1,271 | |||||||||||||||
Leasing investments | 1 | — | 22 | 1,518 | 1,541 | 48 | 48 | 1,562 | |||||||||||||||||||||||
Other investments | — | — | 20 | 29 | 49 | — | — | 89 | |||||||||||||||||||||||
Total unconsolidated VIEs | $ | 1 | $ | 28 | $ | 277 | $ | 2,555 | $ | 2,861 | $ | 256 | $ | 256 | $ | 2,922 |
December 31, 2017 | |||||||||||||||||||||||||||||||
Unconsolidated Assets | Unconsolidated Liabilities | ||||||||||||||||||||||||||||||
(Dollars in millions) | Interest Bearing Deposits in Banks | Securities Available for Sale | Loans Held for Investment | Other Assets | Total Assets | Other Liabilities | Total Liabilities | Maximum Exposure to Loss | |||||||||||||||||||||||
LIHC investments | $ | — | $ | 29 | $ | 228 | $ | 1,028 | $ | 1,285 | $ | 254 | $ | 254 | $ | 1,284 | |||||||||||||||
Leasing investments | 1 | — | 24 | 1,745 | 1,770 | 53 | 53 | 1,792 | |||||||||||||||||||||||
Other investments | — | — | 24 | 26 | 50 | — | — | 132 | |||||||||||||||||||||||
Total unconsolidated VIEs | $ | 1 | $ | 29 | $ | 276 | $ | 2,799 | $ | 3,105 | $ | 307 | $ | 307 | $ | 3,208 |
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | |||||||||||||
(Dollars in millions) | ||||||||||||||||
Losses from LIHC investments included in other noninterest expense | $ | 2 | $ | 2 | $ | 4 | $ | 4 | ||||||||
Amortization of LIHC investments included in income tax expense | 34 | 36 | 68 | 69 | ||||||||||||
Tax credits and other tax benefits from LIHC investments included in income tax expense | 47 | 47 | 91 | 92 |
June 30, 2018 | ||||||||||||||||||||
Overnight and | Up to | 31 - 90 | Greater than | |||||||||||||||||
(Dollars in millions) | continuous | 30 days | days | 90 days | Total | |||||||||||||||
Securities sold under agreements to repurchase: | ||||||||||||||||||||
U.S. Treasury securities | $ | 11,769 | $ | 250 | $ | 1,409 | $ | 365 | $ | 13,793 | ||||||||||
U.S. government-sponsored agency securities | 92 | — | — | — | 92 | |||||||||||||||
Money market securities | 2 | — | 26 | — | 28 | |||||||||||||||
Mortgage-backed securities | 9,011 | 3,872 | 6,332 | 750 | 19,965 | |||||||||||||||
Corporate bonds | 1,044 | 142 | 1,134 | — | 2,320 | |||||||||||||||
State and municipal securities | 249 | 21 | 264 | — | 534 | |||||||||||||||
Equity securities | 113 | 106 | 239 | — | 458 | |||||||||||||||
Total | $ | 22,280 | $ | 4,391 | $ | 9,404 | $ | 1,115 | $ | 37,190 | ||||||||||
Securities loaned: | ||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 219 | $ | — | $ | — | $ | 219 | ||||||||||
Equity securities | 672 | 127 | 46 | — | 845 | |||||||||||||||
Total | $ | 672 | $ | 346 | $ | 46 | $ | — | $ | 1,064 |
December 31, 2017 | ||||||||||||||||||||
Overnight and | Up to | 31 - 90 | Greater than | |||||||||||||||||
(Dollars in millions) | continuous | 30 days | days | 90 days | Total | |||||||||||||||
Securities sold under agreements to repurchase: | ||||||||||||||||||||
U.S. Treasury securities | $ | 8,244 | $ | 2,370 | $ | 1,046 | $ | 1,158 | $ | 12,818 | ||||||||||
U.S. government-sponsored agency securities | 115 | 38 | 63 | — | 216 | |||||||||||||||
Other sovereign government obligations | — | — | 4 | — | 4 | |||||||||||||||
Money market securities | 1 | — | 6 | — | 7 | |||||||||||||||
Asset-backed securities | 32 | — | 164 | — | 196 | |||||||||||||||
Mortgage-backed securities | 8,322 | 4,972 | 5,859 | 250 | 19,403 | |||||||||||||||
Corporate bonds | 580 | 620 | 1,125 | — | 2,325 | |||||||||||||||
State and municipal securities | 283 | — | 276 | — | 559 | |||||||||||||||
Equity securities | 416 | 376 | 189 | — | 981 | |||||||||||||||
Total | $ | 17,993 | $ | 8,376 | $ | 8,732 | $ | 1,408 | $ | 36,509 | ||||||||||
Securities loaned: | ||||||||||||||||||||
Corporate bonds | $ | — | $ | 322 | $ | — | $ | — | $ | 322 | ||||||||||
Equity securities | 446 | 10 | 101 | — | 557 | |||||||||||||||
Total | $ | 446 | $ | 332 | $ | 101 | $ | — | $ | 879 |
June 30, 2018 | ||||||||||||||||||||||||
Gross Amounts Not Offset in Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | ||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative assets | $ | 807 | $ | 331 | $ | 476 | $ | 14 | $ | — | $ | 462 | ||||||||||||
Securities borrowed or purchased under resale agreements | 32,723 | 12,675 | 20,048 | 19,953 | — | 95 | ||||||||||||||||||
Total | $ | 33,530 | $ | 13,006 | $ | 20,524 | $ | 19,967 | $ | — | $ | 557 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | $ | 934 | $ | 336 | $ | 598 | $ | 86 | $ | — | $ | 512 | ||||||||||||
Securities loaned or sold under repurchase agreements | 38,254 | 12,675 | 25,579 | 24,773 | — | 806 | ||||||||||||||||||
Total | $ | 39,188 | $ | 13,011 | $ | 26,177 | $ | 24,859 | $ | — | $ | 1,318 |
December 31, 2017 | ||||||||||||||||||||||||
Gross Amounts Not Offset in Balance Sheet | ||||||||||||||||||||||||
(Dollars in millions) | Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in Balance Sheet | Net Amounts Presented in Balance Sheet | Financial Instruments | Cash Collateral Received/Pledged | Net Amount | ||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Derivative assets | $ | 1,322 | $ | 607 | $ | 715 | $ | 25 | $ | — | $ | 690 | ||||||||||||
Securities borrowed or purchased under resale agreements | 31,845 | 10,951 | 20,894 | 20,816 | — | 78 | ||||||||||||||||||
Total | $ | 33,167 | $ | 11,558 | $ | 21,609 | $ | 20,841 | $ | — | $ | 768 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Derivative liabilities | $ | 1,127 | $ | 620 | $ | 507 | $ | 142 | $ | — | $ | 365 | ||||||||||||
Securities loaned or sold under repurchase agreements | 37,388 | 10,951 | 26,437 | 25,639 | — | 798 | ||||||||||||||||||
Total | $ | 38,515 | $ | 11,571 | $ | 26,944 | $ | 25,781 | $ | — | $ | 1,163 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Debt issued by MUB | ||||||||
Commercial paper, with a weighted average interest rate of 1.92% and 1.26% at June 30, 2018 and December 31, 2017, respectively | $ | 462 | $ | 347 | ||||
Federal Home Loan Bank advances, with a weighted average interest rate of 2.06% and 1.42% at June 30, 2018 and December 31, 2017, respectively | 8,200 | 5,750 | ||||||
Total debt issued by MUB | 8,662 | 6,097 | ||||||
Debt issued by other MUAH subsidiaries | ||||||||
Short-term debt due to MUFG Bank, Ltd., with weighted average interest rates of 2.64% and 1.88% at June 30, 2018 and December 31, 2017, respectively | 151 | 168 | ||||||
Short-term debt due to affiliates, with weighted average interest rates of (-.08)% and (-0.09)% at June 30, 2018 and December 31, 2017, respectively | 951 | 801 | ||||||
Total debt issued by other MUAH subsidiaries | 1,102 | 969 | ||||||
Total commercial paper and other short-term borrowings | $ | 9,764 | $ | 7,066 |
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||||
Debt issued by MUAH | ||||||||
Senior debt: | ||||||||
Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 | $ | — | $ | 250 | ||||
Fixed rate 1.625% notes due February 2018 | — | 450 | ||||||
Fixed rate 2.25% notes due February 2020 | 998 | 998 | ||||||
Fixed rate 3.50% notes due June 2022 | 398 | 398 | ||||||
Fixed rate 3.00% notes due February 2025 | 496 | 496 | ||||||
Senior debt due to MUFG Bank, Ltd: | ||||||||
Floating rate debt due March 2020. This note, which bears interest at 0.86% above 3-month LIBOR, had a rate of 3.21% at June 30, 2018 and 2.45% at December 31, 2017 | 545 | 545 | ||||||
Floating rate debt due September 2020. This note, which bears interest at 0.85% above 3-month LIBOR, had a rate of 3.20% at June 30, 2018 and 2.54% at December 31, 2017 | 3,500 | 3,500 | ||||||
Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at June 30, 2018 and 0.76% at December 31, 2017 | 24 | 24 | ||||||
Subordinated debt due to MUFG Bank, Ltd: | ||||||||
Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 3.73% at June 30, 2018 and 3.07% at December 31, 2017 | 300 | 300 | ||||||
Junior subordinated debt payable to trusts: | ||||||||
Floating rate note due September 2036. This note had an interest rate of 4.04% at June 30, 2018 and 3.29% at December 31, 2017 | 37 | 36 | ||||||
Total debt issued by MUAH | 6,298 | 6,997 | ||||||
Debt issued by MUB | ||||||||
Senior debt: | ||||||||
Fixed rate 2.63% notes due September 2018 | 1,000 | 1,000 | ||||||
Fixed rate 2.25% notes due May 2019 | 495 | 497 | ||||||
Fixed rate FHLB of San Francisco advances due between July 2018 and June 2020. These notes bear a combined weighted-average rate of 2.06% at June 30, 2018 and 1.51% at December 31, 2017 | 5,200 | 1,500 | ||||||
Subordinated debt due to MUFG Bank, Ltd: | ||||||||
Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate 2.89% at December 31, 2017 | — | 750 | ||||||
Other | 39 | 63 | ||||||
Total debt issued by MUB | 6,734 | 3,810 | ||||||
Debt issued by other MUAH subsidiaries | ||||||||
Senior debt due to MUFG Bank, Ltd: | ||||||||
Various floating rate borrowings due between December 2020 and May 2021. These notes, which bear interest above 3-month LIBOR had a weighted-average interest rate of 2.34% at June 30, 2018 and 1.78% at December 31, 2017 | 250 | 291 | ||||||
Various fixed rate borrowings due between February 2019 and May 2024 with a weighted-average interest rate of 1.83% (between 0.14% and 2.44%) at June 30, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 | 286 | 339 | ||||||
Subordinated debt due to Affiliate: | ||||||||
Various floating rate borrowings due between September 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 3.93% (between 3.83% and 3.98%) at June 30, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 | 110 | 185 | ||||||
Non-recourse debt due to MUFG Bank, Ltd: | ||||||||
Various floating rate non-recourse borrowings due between November 2018 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.70% (between 2.34% and 4.48%) at June 30, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 | 90 | 79 | ||||||
Fixed rate non-recourse borrowings due between January 2019 and July 2023 which had an interest rate of 3.07% at June 30, 2018 and 3.27% at December 31, 2017 | 204 | 240 | ||||||
Other non-recourse debt: | ||||||||
Various floating rate non-recourse borrowings due between December 2018 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.58% (between 3.33% and 4.20%) at June 30, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 | 186 | 185 | ||||||
Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at June 30, 2018 and December 31, 2017 | 34 | 36 | ||||||
Total debt issued by other MUAH subsidiaries | 1,160 | 1,355 | ||||||
Total long-term debt | $ | 14,192 | $ | 12,162 |
June 30, 2018 | ||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting Adjustment(1) | Fair Value | |||||||||||||||
Assets | ||||||||||||||||||||
Trading account assets(2): | ||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 2,773 | $ | — | $ | — | $ | 2,773 | ||||||||||
U.S. government-sponsored agency securities | — | 115 | — | — | 115 | |||||||||||||||
State and municipal securities | — | 12 | — | — | 12 | |||||||||||||||
Commercial paper | — | 31 | — | — | 31 | |||||||||||||||
Corporate bonds | — | 1,410 | — | — | 1,410 | |||||||||||||||
Asset-backed securities | — | 318 | — | — | 318 | |||||||||||||||
Mortgage-backed securities | — | 6,978 | — | — | 6,978 | |||||||||||||||
Equities | 212 | — | — | — | 212 | |||||||||||||||
Interest rate derivative contracts | 9 | 459 | 1 | (136 | ) | 333 | ||||||||||||||
Commodity derivative contracts | — | 43 | — | (34 | ) | 9 | ||||||||||||||
Foreign exchange derivative contracts | — | 238 | — | (114 | ) | 124 | ||||||||||||||
Equity derivative contracts | 3 | — | 49 | (47 | ) | 5 | ||||||||||||||
Total trading account assets | 224 | 12,377 | 50 | (331 | ) | 12,320 | ||||||||||||||
Securities available for sale(3): | ||||||||||||||||||||
Asset Liability Management securities: | ||||||||||||||||||||
U.S. Treasury | — | 3,367 | — | — | 3,367 | |||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S government and government-sponsored agencies | — | 7,792 | — | — | 7,792 | |||||||||||||||
Privately issued | — | 874 | — | — | 874 | |||||||||||||||
Privately issued - commercial mortgage-backed securities | — | 944 | — | — | 944 | |||||||||||||||
Collateralized loan obligations | — | 1,487 | — | — | 1,487 | |||||||||||||||
Other | — | 5 | — | — | 5 | |||||||||||||||
Other debt securities: | ||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,399 | — | 1,399 | |||||||||||||||
Other | — | 53 | 96 | — | 149 | |||||||||||||||
Total securities available for sale | — | 14,522 | 1,495 | — | 16,017 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Mortgage servicing rights(2) | — | — | 148 | — | 148 | |||||||||||||||
Interest rate hedging contracts(3) | — | 4 | — | — | 4 | |||||||||||||||
Other derivative contracts(2) | — | — | 1 | — | 1 | |||||||||||||||
Equity securities(2) | 10 | — | — | — | 10 | |||||||||||||||
Total other assets | 10 | 4 | 149 | — | 163 | |||||||||||||||
Total assets | $ | 234 | $ | 26,903 | $ | 1,694 | $ | (331 | ) | $ | 28,500 | |||||||||
Percentage of total | 1 | % | 94 | % | 6 | % | (1 | )% | 100 | % | ||||||||||
Percentage of total Company assets | — | % | 17 | % | 1 | % | — | % | 18 | % | ||||||||||
Liabilities | ||||||||||||||||||||
Trading account liabilities(2): | ||||||||||||||||||||
Securities sold, not yet purchased: | ||||||||||||||||||||
U.S. Treasury | $ | — | $ | 3,488 | $ | — | $ | — | $ | 3,488 | ||||||||||
Commercial paper | — | 35 | — | — | 35 | |||||||||||||||
Corporate bonds | — | 779 | — | — | 779 | |||||||||||||||
Equities | 101 | — | — | — | 101 | |||||||||||||||
Trading derivatives: | ||||||||||||||||||||
Interest rate derivative contracts | 37 | 651 | — | (243 | ) | 445 | ||||||||||||||
Commodity derivative contracts | — | 32 | — | (23 | ) | 9 | ||||||||||||||
Foreign exchange derivative contracts | 1 | 139 | — | (58 | ) | 82 | ||||||||||||||
Equity derivative contracts | 3 | — | 49 | — | 52 | |||||||||||||||
Total trading account liabilities | 142 | 5,124 | 49 | (324 | ) | 4,991 | ||||||||||||||
Other liabilities: | ||||||||||||||||||||
FDIC clawback liability(2) | — | — | 113 | — | 113 | |||||||||||||||
Other derivative contracts(2) | — | 16 | 6 | (12 | ) | 10 | ||||||||||||||
Total other liabilities | — | 16 | 119 | (12 | ) | 123 | ||||||||||||||
Total liabilities | $ | 142 | $ | 5,140 | $ | 168 | $ | (336 | ) | $ | 5,114 | |||||||||
Percentage of total | 3 | % | 101 | % | 3 | % | (7 | )% | 100 | % | ||||||||||
Percentage of total Company liabilities | — | % | 4 | % | — | % | — | % | 4 | % |
(1) | Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. |
(2) | Fair value through net income. |
(3) | Fair value through other comprehensive income. |
December 31, 2017 | ||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Netting Adjustment(1) | Fair Value | |||||||||||||||
Assets | ||||||||||||||||||||
Trading account assets(2): | ||||||||||||||||||||
U.S. Treasury securities | $ | — | $ | 1,926 | $ | — | $ | — | $ | 1,926 | ||||||||||
U.S. government-sponsored agency securities | — | 118 | — | — | 118 | |||||||||||||||
State and municipal securities | — | 11 | — | — | 11 | |||||||||||||||
Commercial paper | — | 7 | — | — | 7 | |||||||||||||||
Other sovereign government obligations | — | 8 | — | — | 8 | |||||||||||||||
Corporate bonds | — | 1,054 | — | — | 1,054 | |||||||||||||||
Asset-backed securities | — | 199 | — | — | 199 | |||||||||||||||
Mortgage-backed securities | — | 6,339 | — | — | 6,339 | |||||||||||||||
Equities | 193 | — | — | — | 193 | |||||||||||||||
Interest rate derivative contracts | 7 | 870 | 1 | (353 | ) | 525 | ||||||||||||||
Commodity derivative contracts | — | 50 | — | (49 | ) | 1 | ||||||||||||||
Foreign exchange derivative contracts | — | 249 | 1 | (68 | ) | 182 | ||||||||||||||
Equity derivative contracts | 2 | — | 137 | (135 | ) | 4 | ||||||||||||||
Total trading account assets | 202 | 10,831 | 139 | (605 | ) | 10,567 | ||||||||||||||
Securities available for sale(3): | ||||||||||||||||||||
Asset Liability Management securities: | ||||||||||||||||||||
U.S. Treasury | — | 3,252 | — | — | 3,252 | |||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||
U.S government and government-sponsored agencies | — | 9,208 | — | — | 9,208 | |||||||||||||||
Privately issued | — | 694 | — | — | 694 | |||||||||||||||
Privately issued - commercial mortgage-backed securities | — | 822 | — | — | 822 | |||||||||||||||
Collateralized loan obligations | — | 1,905 | — | — | 1,905 | |||||||||||||||
Other | — | 5 | — | — | 5 | |||||||||||||||
Other debt securities: | ||||||||||||||||||||
Direct bank purchase bonds | — | — | 1,503 | — | 1,503 | |||||||||||||||
Other | — | 68 | 96 | — | 164 | |||||||||||||||
Equity securities | 10 | — | — | — | 10 | |||||||||||||||
Total securities available for sale | 10 | 15,954 | 1,599 | — | 17,563 | |||||||||||||||
Other assets: | ||||||||||||||||||||
Mortgage servicing rights(2) | — | — | 64 | — | 64 | |||||||||||||||
Interest rate hedging contracts(3) | — | 2 | — | — | 2 | |||||||||||||||
Other derivative contracts(2) | — | 2 | 1 | (2 | ) | 1 | ||||||||||||||
Total other assets | — | 4 | 65 | (2 | ) | 67 | ||||||||||||||
Total assets | $ | 212 | $ | 26,789 | $ | 1,803 | $ | (607 | ) | $ | 28,197 | |||||||||
Percentage of total | 1 | % | 95 | % | 6 | % | (2 | )% | 100 | % | ||||||||||
Percentage of total Company assets | — | % | 17 | % | 1 | % | — | % | 18 | % | ||||||||||
Liabilities | ||||||||||||||||||||
Trading account liabilities(2): | ||||||||||||||||||||
Securities sold, not yet purchased: | ||||||||||||||||||||
U.S. Treasury | $ | — | $ | 2,709 | $ | — | $ | — | $ | 2,709 | ||||||||||
Other sovereign government obligations | — | 7 | — | — | 7 | |||||||||||||||
Corporate bonds | — | 348 | — | — | 348 | |||||||||||||||
Equities | 35 | — | — | — | 35 | |||||||||||||||
Trading derivatives: | ||||||||||||||||||||
Interest rate derivative contracts | 3 | 643 | — | (382 | ) | 264 | ||||||||||||||
Commodity derivative contracts | — | 33 | — | (20 | ) | 13 | ||||||||||||||
Foreign exchange derivative contracts | 1 | 144 | 1 | (66 | ) | 80 | ||||||||||||||
Equity derivative contracts | 7 | — | 137 | — | 144 | |||||||||||||||
Total trading account liabilities | 46 | 3,884 | 138 | (468 | ) | 3,600 | ||||||||||||||
Other liabilities: | ||||||||||||||||||||
FDIC clawback liability(2) | — | — | 113 | — | 113 | |||||||||||||||
Interest rate hedging contracts(3) | — | 149 | — | (149 | ) | — | ||||||||||||||
Other derivative contracts(2) | — | 3 | 6 | (3 | ) | 6 | ||||||||||||||
Total other liabilities | — | 152 | 119 | (152 | ) | 119 | ||||||||||||||
Total liabilities | $ | 46 | $ | 4,036 | $ | 257 | $ | (620 | ) | $ | 3,719 | |||||||||
Percentage of total | 1 | % | 109 | % | 7 | % | (17 | )% | 100 | % | ||||||||||
Percentage of total Company liabilities | — | % | 3 | % | — | % | — | % | 3 | % |
(1) | Amounts represent the impact of legally enforceable master netting agreements between the same counterparties that allow the Company to net settle all contracts. |
(2) | Fair value through net income. |
(3) | Fair value through other comprehensive income. |
For the Three Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Trading Assets | Securities Available for Sale | Other Assets | Trading Liabilities | Other Liabilities | Trading Assets | Securities Available for Sale | Other Assets | Trading Liabilities | Other Liabilities | ||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 55 | $ | 1,506 | $ | 106 | $ | (54 | ) | $ | (119 | ) | $ | 172 | $ | 1,569 | $ | 35 | $ | (168 | ) | $ | (119 | ) | ||||||||||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||||||||||
Included in income before taxes | 4 | — | 2 | (4 | ) | — | 11 | — | (2 | ) | (12 | ) | 1 | |||||||||||||||||||||||||||
Included in other comprehensive income | — | (1 | ) | — | — | — | — | 9 | — | — | — | |||||||||||||||||||||||||||||
Purchases/additions | — | 1 | 41 | — | — | — | 1 | 16 | — | — | ||||||||||||||||||||||||||||||
Settlements | (9 | ) | (11 | ) | — | 9 | — | (12 | ) | (7 | ) | — | 11 | — | ||||||||||||||||||||||||||
Asset (liability) balance, end of period | $ | 50 | $ | 1,495 | $ | 149 | $ | (49 | ) | $ | (119 | ) | $ | 171 | $ | 1,572 | $ | 49 | $ | (169 | ) | $ | (118 | ) | ||||||||||||||||
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | 4 | $ | — | $ | 2 | $ | (4 | ) | $ | — | $ | 11 | $ | — | $ | (2 | ) | $ | (12 | ) | $ | 1 |
For the Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | Trading Assets | Securities Available for Sale | Other Assets | Trading Liabilities | Other Liabilities | Trading Assets | Securities Available for Sale | Other Assets | Trading Liabilities | Other Liabilities | ||||||||||||||||||||||||||||||
Asset (liability) balance, beginning of period | $ | 139 | $ | 1,600 | $ | 65 | $ | (138 | ) | $ | (119 | ) | $ | 168 | $ | 1,638 | $ | 24 | $ | (166 | ) | $ | (121 | ) | ||||||||||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||||||||||||||||||||||||||||
Included in income before taxes | (6 | ) | — | 9 | 6 | — | 41 | — | (2 | ) | (40 | ) | 3 | |||||||||||||||||||||||||||
Included in other comprehensive income | — | (17 | ) | — | — | — | — | 12 | — | — | — | |||||||||||||||||||||||||||||
Purchases/additions | — | 73 | 75 | — | — | — | 2 | 27 | — | — | ||||||||||||||||||||||||||||||
Settlements | (83 | ) | (161 | ) | — | 83 | — | (38 | ) | (80 | ) | — | 37 | — | ||||||||||||||||||||||||||
Asset (liability) balance, end of period | $ | 50 | $ | 1,495 | $ | 149 | $ | (49 | ) | $ | (119 | ) | $ | 171 | $ | 1,572 | $ | 49 | $ | (169 | ) | $ | (118 | ) | ||||||||||||||||
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ | (6 | ) | $ | — | $ | 9 | $ | 6 | $ | — | $ | 41 | $ | — | $ | (2 | ) | $ | (40 | ) | $ | 3 |
June 30, 2018 | ||||||||||||||
(Dollars in millions) | Level 3 Fair Value | Valuation Technique | Significant Unobservable Input(s) | Range of Inputs | Weighted Average | |||||||||
Securities available for sale: | ||||||||||||||
Direct bank purchase bonds | $ | 1,399 | Return on equity | Market-required return on capital | 8.0 - 10.0 | % | 9.5 | % | ||||||
Probability of default | 0.0 - 25.0 | % | 0.3 | % | ||||||||||
Loss severity | 10.0 - 60.0 | % | 25.3 | % |
June 30, 2018 | Gain (Loss) For the Three Months Ended June 30, 2018 | Gain (Loss) For the Six Months Ended June 30, 2018 | ||||||||||||||||||||||
(Dollars in millions) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||
Impaired loans | $ | 122 | $ | — | $ | — | $ | 122 | $ | (13 | ) | $ | (14 | ) | ||||||||||
Other assets | ||||||||||||||||||||||||
Software | — | — | — | — | — | (2 | ) | |||||||||||||||||
Private equity investments | 10 | — | — | 10 | — | (2 | ) | |||||||||||||||||
Renewable energy investment | 2 | — | — | 2 | (2 | ) | (2 | ) | ||||||||||||||||
Consolidated LIHC VIE | 54 | — | — | 54 | (8 | ) | (8 | ) | ||||||||||||||||
Total | $ | 188 | $ | — | $ | — | $ | 188 | $ | (23 | ) | $ | (28 | ) |
June 30, 2017 | Gain (Loss) For the Three Months Ended June 30, 2017 | Gain (Loss) For the Six Months Ended June 30, 2017 | ||||||||||||||||||||||
(Dollars in millions) | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||||||
Impaired loans | $ | 124 | $ | — | $ | — | $ | 124 | $ | (5 | ) | $ | (21 | ) | ||||||||||
Other assets | ||||||||||||||||||||||||
Software | — | — | — | — | — | (3 | ) | |||||||||||||||||
Loans held for sale | 7 | — | — | 7 | — | (2 | ) | |||||||||||||||||
Renewable energy investment | — | — | — | — | — | 2 | ||||||||||||||||||
Consolidated LIHC VIE | 91 | — | — | 91 | (8 | ) | (8 | ) | ||||||||||||||||
Total | $ | 222 | $ | — | $ | — | $ | 222 | $ | (13 | ) | $ | (32 | ) |
June 30, 2018 | ||||||||||||||||||||
(Dollars in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 6,725 | $ | 6,725 | $ | 6,725 | $ | — | $ | — | ||||||||||
Securities borrowed or purchased under resale agreements | 20,048 | 20,048 | — | 20,048 | — | |||||||||||||||
Securities held to maturity | 10,997 | 10,729 | — | 10,729 | — | |||||||||||||||
Loans held for investment(1) | 80,371 | 80,343 | — | — | 80,343 | |||||||||||||||
Other assets | 65 | 65 | 65 | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Time deposits | $ | 6,978 | $ | 7,006 | $ | — | $ | 7,006 | $ | — | ||||||||||
Securities loaned or sold under repurchase agreements | 25,579 | 25,579 | — | 25,579 | — | |||||||||||||||
Commercial paper and other short-term borrowings | 9,764 | 9,764 | — | 9,764 | — | |||||||||||||||
Long-term debt | 14,192 | 14,167 | — | 14,167 | — | |||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 155 | $ | 223 | $ | — | $ | — | $ | 223 |
(1) | Excludes lease financing. The carrying amount is net of the allowance for loan losses. |
December 31, 2017 | ||||||||||||||||||||
(Dollars in millions) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 3,392 | $ | 3,392 | $ | 3,392 | $ | — | $ | — | ||||||||||
Securities borrowed or purchased under resale agreements | 20,894 | 20,894 | — | 20,894 | — | |||||||||||||||
Securities held to maturity | 9,885 | 9,799 | — | 9,799 | — | |||||||||||||||
Loans held for investment(1) | 78,023 | 79,051 | — | — | 79,051 | |||||||||||||||
Liabilities | ||||||||||||||||||||
Deposits | $ | 84,787 | $ | 84,743 | $ | — | $ | 84,743 | $ | — | ||||||||||
Securities loaned or sold under repurchase agreements | 26,437 | 26,437 | — | 26,437 | — | |||||||||||||||
Commercial paper and other short-term borrowings | 7,066 | 7,066 | — | 7,066 | — | |||||||||||||||
Long-term debt | 12,162 | 12,162 | — | 12,162 | — | |||||||||||||||
Off-Balance Sheet Instruments | ||||||||||||||||||||
Commitments to extend credit and standby and commercial letters of credit | $ | 174 | $ | 174 | $ | — | $ | — | $ | 174 |
(1) | Excludes lease financing. The carrying amount is net of the allowance for loan losses. |
June 30, 2018 | December 31, 2017 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Notional | Asset | Liability | Notional | Asset | Liability | |||||||||||||||||||
(Dollars in millions) | Amount | Derivatives | Derivatives | Amount | Derivatives | Derivatives | ||||||||||||||||||
Cash flow hedges | ||||||||||||||||||||||||
Interest rate contracts | $ | 181 | $ | 4 | $ | — | $ | 6,998 | $ | 2 | $ | 149 | ||||||||||||
Fair value hedges | ||||||||||||||||||||||||
Interest rate contracts | — | — | — | 500 | — | — | ||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||
Trading | ||||||||||||||||||||||||
Interest rate contracts | 108,129 | 469 | 688 | 132,214 | 878 | 646 | ||||||||||||||||||
Commodity contracts | 569 | 43 | 32 | 1,244 | 50 | 33 | ||||||||||||||||||
Foreign exchange contracts | 7,975 | 238 | 140 | 7,053 | 250 | 146 | ||||||||||||||||||
Equity contracts | 815 | 52 | 52 | 1,496 | 139 | 144 | ||||||||||||||||||
Other contracts | 46 | — | — | 4 | — | — | ||||||||||||||||||
Total Trading | 117,534 | 802 | 912 | 142,011 | 1,317 | 969 | ||||||||||||||||||
Other risk management | 1,300 | 1 | 22 | 1,345 | 3 | 9 | ||||||||||||||||||
Total derivative instruments | $ | 119,015 | $ | 807 | $ | 934 | $ | 150,854 | $ | 1,322 | $ | 1,127 |
Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (Gain) Loss Recognized in Income on Derivative Instruments (Ineffective Portion) | ||||||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Location | 2018 | 2017 | Location | 2018 | 2017 | ||||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||||||
Interest income | $ | (8 | ) | $ | 20 | |||||||||||||||||||||||
Interest rate contracts | $ | (19 | ) | $ | 55 | Interest expense | — | — | Noninterest expense | $ | (1 | ) | $ | 1 | ||||||||||||||
Total | $ | (19 | ) | $ | 55 | $ | (8 | ) | $ | 20 | $ | (1 | ) | $ | 1 |
Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivative Instruments (Ineffective Portion) | ||||||||||||||||||||||||||
For the Six Months Ended June 30, | For the Six Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | Location | 2018 | 2017 | Location | 2018 | 2017 | ||||||||||||||||||||
Derivatives in cash flow hedging relationships | ||||||||||||||||||||||||||||
Interest income | $ | (8 | ) | $ | 49 | |||||||||||||||||||||||
Interest rate contracts | $ | (98 | ) | $ | 36 | Interest expense | — | — | Noninterest expense | $ | (1 | ) | $ | 3 | ||||||||||||||
Total | $ | (98 | ) | $ | 36 | $ | (8 | ) | $ | 49 | $ | (1 | ) | $ | 3 |
For the Three Months Ended June 30, 2018 | For the Six Months Ended June 30, 2018 | |||||||||||||||||||||||||
(Dollars in millions) | Derivative | Hedged Item | Hedge Ineffectiveness | Derivative | Hedged Item | Hedge Ineffectiveness | ||||||||||||||||||||
Interest rate risk on long-term debt | $ | — | $ | — | $ | — | $ | (2 | ) | $ | 2 | $ | — | |||||||||||||
Total | $ | — | $ | — | $ | — | $ | (2 | ) | $ | 2 | $ | — |
For the Three Months Ended June 30, 2017 | For the Six Months Ended June 30, 2017 | |||||||||||||||||||||||||
(Dollars in millions) | Derivative | Hedged Item | Hedge Ineffectiveness | Derivative | Hedged Item | Hedge Ineffectiveness | ||||||||||||||||||||
Interest rate risk on long-term debt | $ | 1 | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | |||||||||||
Total | $ | 1 | $ | (1 | ) | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) |
Gain or (Loss) Recognized in Income on Derivative Instruments | Gain or (Loss) Recognized in Income on Derivative Instruments | |||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
(Dollars in millions) | June 30, 2018 | June 30, 2017 | June 30, 2018 | June 30, 2017 | ||||||||||||
Trading derivatives: | ||||||||||||||||
Interest rate contracts | $ | 17 | $ | (36 | ) | $ | 130 | $ | (58 | ) | ||||||
Equity contracts | 1 | — | 18 | — | ||||||||||||
Foreign exchange contracts | 12 | 11 | 21 | 21 | ||||||||||||
Commodity contracts | — | 1 | — | 1 | ||||||||||||
Total | $ | 30 | $ | (24 | ) | $ | 169 | $ | (36 | ) |
(Dollars in millions) | Before Tax Amount | Tax Effect | Net of Tax | |||||||||
For the Three Months Ended June 30, 2018 | ||||||||||||
Cash flow hedge activities: | ||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | (19 | ) | $ | 5 | $ | (14 | ) | ||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | 8 | (2 | ) | 6 | ||||||||
Net change | (11 | ) | 3 | (8 | ) | |||||||
Securities: | ||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (60 | ) | 15 | (45 | ) | |||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (3 | ) | 1 | (2 | ) | |||||||
Amortization of net unrealized (gains) losses on held to maturity securities | 8 | (2 | ) | 6 | ||||||||
Net change | (55 | ) | 14 | (41 | ) | |||||||
Pension and other benefits: | ||||||||||||
Amortization of prior service credit(1) | (11 | ) | 4 | (7 | ) | |||||||
Recognized net actuarial (gain) loss(1) | 24 | (7 | ) | 17 | ||||||||
Net change | 13 | (3 | ) | 10 | ||||||||
Net change in AOCI | $ | (53 | ) | $ | 14 | $ | (39 | ) |
(1) | These amounts are included in the computation of net periodic pension cost. For further information, see Note 11. |
(Dollars in millions) | Before Tax Amount | Tax Effect | Net of Tax | |||||||||
For the Three Months Ended June 30, 2017 | ||||||||||||
Cash flow hedge activities: | ||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 55 | $ | (21 | ) | $ | 34 | |||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (20 | ) | 8 | (12 | ) | |||||||
Net change | 35 | (13 | ) | 22 | ||||||||
Securities: | ||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 41 | (15 | ) | 26 | ||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (7 | ) | 3 | (4 | ) | |||||||
Amortization of net unrealized (gains) losses on held to maturity securities | 4 | (2 | ) | 2 | ||||||||
Net change | 38 | (14 | ) | 24 | ||||||||
Foreign currency translation adjustment | 4 | (2 | ) | 2 | ||||||||
Pension and other benefits: | ||||||||||||
Amortization of prior service credit(1) | (12 | ) | 4 | (8 | ) | |||||||
Recognized net actuarial (gain) loss(1) | 23 | (9 | ) | 14 | ||||||||
Net change | 11 | (5 | ) | 6 | ||||||||
Net change in AOCI | $ | 88 | $ | (34 | ) | $ | 54 |
(1) | These amounts are included in the computation of net periodic pension cost. For further information, see Note 11. |
(Dollars in millions) | Before Tax Amount | Tax Effect | Net of Tax | |||||||||
For the Six Months Ended June 30, 2018 | ||||||||||||
Cash flow hedge activities: | ||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | (98 | ) | $ | 26 | $ | (72 | ) | ||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | 8 | (2 | ) | 6 | ||||||||
Net change | (90 | ) | 24 | (66 | ) | |||||||
Securities: | ||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | (322 | ) | 84 | (238 | ) | |||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (3 | ) | 1 | (2 | ) | |||||||
Amortization of net unrealized (gains) losses on held to maturity securities | 12 | (3 | ) | 9 | ||||||||
Net change | (313 | ) | 82 | (231 | ) | |||||||
Foreign currency translation adjustment | (3 | ) | 1 | (2 | ) | |||||||
Pension and other benefits: | ||||||||||||
Amortization of prior service credit(1) | (21 | ) | 6 | (15 | ) | |||||||
Recognized net actuarial (gain) loss(1) | 48 | (13 | ) | 35 | ||||||||
Net change | 27 | (7 | ) | 20 | ||||||||
Other | (1 | ) | — | (1 | ) | |||||||
Net change in AOCI | $ | (380 | ) | $ | 100 | $ | (280 | ) |
(1) | These amounts are included in the computation of net periodic pension cost. For further information, see Note 11. |
(Dollars in millions) | Before Tax Amount | Tax Effect | Net of Tax | |||||||||
For the Six Months Ended June 30, 2017 | ||||||||||||
Cash flow hedge activities: | ||||||||||||
Unrealized net gains (losses) on hedges arising during the period | $ | 36 | $ | (14 | ) | $ | 22 | |||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt | (49 | ) | 19 | (30 | ) | |||||||
Net change | (13 | ) | 5 | (8 | ) | |||||||
Securities: | ||||||||||||
Unrealized holding gains (losses) arising during the period on securities available for sale | 97 | (38 | ) | 59 | ||||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net | (9 | ) | 4 | (5 | ) | |||||||
Amortization of net unrealized (gains) losses on held to maturity securities | 9 | (4 | ) | 5 | ||||||||
Net change | 97 | (38 | ) | 59 | ||||||||
Foreign currency translation adjustment | 5 | (2 | ) | 3 | ||||||||
Pension and other benefits: | ||||||||||||
Amortization of prior service credit (1) | (24 | ) | 9 | (15 | ) | |||||||
Recognized net actuarial (gain) loss(1) | 46 | (18 | ) | 28 | ||||||||
Net change | 22 | (9 | ) | 13 | ||||||||
Net change in AOCI | $ | 111 | $ | (44 | ) | $ | 67 |
(1) | These amounts are included in the computation of net periodic pension cost. For further information, see Note 11. |
For the Three Months Ended June 30, 2017 and 2018: | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Securities | Foreign Currency Translation Adjustment | Pension and Other Postretirement Benefits Adjustment | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance, March 31, 2017 | $ | (107 | ) | $ | (173 | ) | $ | (21 | ) | $ | (582 | ) | $ | — | $ | (883 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 34 | 26 | 2 | — | — | 62 | ||||||||||||||||||
Amounts reclassified from AOCI | (12 | ) | (2 | ) | — | 6 | — | (8 | ) | |||||||||||||||
Balance, June 30, 2017 | $ | (85 | ) | $ | (149 | ) | $ | (19 | ) | $ | (576 | ) | $ | — | $ | (829 | ) | |||||||
Balance, March 31, 2018 | $ | (232 | ) | $ | (423 | ) | $ | — | $ | (590 | ) | $ | (1 | ) | $ | (1,246 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (14 | ) | (45 | ) | — | — | — | (59 | ) | |||||||||||||||
Amounts reclassified from AOCI | 6 | 4 | — | 10 | — | 20 | ||||||||||||||||||
Balance, June 30, 2018 | $ | (240 | ) | $ | (464 | ) | $ | — | $ | (580 | ) | $ | (1 | ) | $ | (1,285 | ) |
For the Six Months Ended June 30, 2017 and 2018: | ||||||||||||||||||||||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | Net Unrealized Gains (Losses) on Securities | Foreign Currency Translation Adjustment | Pension and Other Postretirement Benefits Adjustment | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
Balance, December 31, 2016 | $ | (77 | ) | $ | (208 | ) | $ | (22 | ) | $ | (589 | ) | $ | — | $ | (896 | ) | |||||||
Other comprehensive income (loss) before reclassifications | 22 | 59 | 3 | — | — | 84 | ||||||||||||||||||
Amounts reclassified from AOCI | (30 | ) | — | — | 13 | — | (17 | ) | ||||||||||||||||
Balance, June 30, 2017 | $ | (85 | ) | $ | (149 | ) | $ | (19 | ) | $ | (576 | ) | $ | — | $ | (829 | ) | |||||||
Balance, December 31, 2017 | $ | (174 | ) | $ | (233 | ) | $ | (19 | ) | $ | (600 | ) | $ | — | $ | (1,026 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (72 | ) | (238 | ) | (2 | ) | — | (1 | ) | (313 | ) | |||||||||||||
Amounts reclassified from AOCI | 6 | 7 | — | 20 | — | 33 | ||||||||||||||||||
Transfer to additional paid-in capital(1) | — | — | 21 | — | — | 21 | ||||||||||||||||||
Balance, June 30, 2018 | $ | (240 | ) | $ | (464 | ) | $ | — | $ | (580 | ) | $ | (1 | ) | $ | (1,285 | ) |
(1) | Transfer of accumulated foreign currency translation to additional paid-in capital resulted from the transfer of the Company's investment in a Canadian entity to MUFG Bank, Ltd during the first quarter of 2018. |
Pension Benefits | Other Postretirement Benefits | Superannuation, SERP and ESBP | ||||||||||||||||||||||
For the Three Months Ended June 30, | For the Three Months Ended June 30, | For the Three Months Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 20 | $ | 16 | $ | 2 | $ | 1 | $ | — | $ | — | ||||||||||||
Interest cost | 25 | 25 | 2 | 2 | — | — | ||||||||||||||||||
Expected return on plan assets | (67 | ) | (63 | ) | (5 | ) | (4 | ) | — | — | ||||||||||||||
Amortization of prior service credit | (7 | ) | (6 | ) | (4 | ) | (6 | ) | — | — | ||||||||||||||
Recognized net actuarial loss | 22 | 21 | 1 | 1 | 1 | 1 | ||||||||||||||||||
Total net periodic benefit (income) cost | $ | (7 | ) | $ | (7 | ) | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | 1 |
Pension Benefits | Other Postretirement Benefits | Superannuation, SERP and ESBP | ||||||||||||||||||||||
For the Six Months Ended June 30, | For the Six Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Components of net periodic benefit cost: | ||||||||||||||||||||||||
Service cost | $ | 39 | $ | 35 | $ | 3 | $ | 3 | $ | — | $ | — | ||||||||||||
Interest cost | 50 | 50 | 4 | 4 | 1 | 1 | ||||||||||||||||||
Expected return on plan assets | (134 | ) | (127 | ) | (10 | ) | (9 | ) | — | — | ||||||||||||||
Amortization of prior service credit | (13 | ) | (13 | ) | (8 | ) | (11 | ) | — | — | ||||||||||||||
Recognized net actuarial loss | 44 | 40 | 2 | 4 | 2 | 2 | ||||||||||||||||||
Total net periodic benefit (income) cost | $ | (14 | ) | $ | (15 | ) | $ | (9 | ) | $ | (9 | ) | $ | 3 | $ | 3 |
(Dollars in millions) | June 30, 2018 | |||
Commitments to extend credit | $ | 34,157 | ||
Issued standby and commercial letters of credit | 5,023 | |||
Commitments to enter into forward-starting resale agreements | 1,302 | |||
Other commitments | 568 |
As of and for the Three Months Ended June 30, 2018: | ||||||||||||||||||||||||
(Dollars in millions) | Regional Bank | U.S. Wholesale & Investment Banking | Transaction Banking | MUSA | Other | MUFG Americas Holdings Corporation | ||||||||||||||||||
Results of operations | ||||||||||||||||||||||||
Net interest income | $ | 540 | $ | 101 | $ | 67 | $ | 51 | $ | 66 | $ | 825 | ||||||||||||
Noninterest income | 116 | 98 | 15 | 77 | 290 | 596 | ||||||||||||||||||
Total revenue | 656 | 199 | 82 | 128 | 356 | 1,421 | ||||||||||||||||||
Noninterest expense | 532 | 103 | 65 | 116 | 267 | 1,083 | ||||||||||||||||||
(Reversal of) provision for credit losses | (5 | ) | (5 | ) | — | — | (9 | ) | (19 | ) | ||||||||||||||
Income (loss) before income taxes and including noncontrolling interests | 129 | 101 | 17 | 12 | 98 | 357 | ||||||||||||||||||
Income tax expense (benefit) (1) | 26 | (4 | ) | 4 | 3 | (1 | ) | 28 | ||||||||||||||||
Net income (loss) including noncontrolling interests | 103 | 105 | 13 | 9 | 99 | 329 | ||||||||||||||||||
Deduct: net (income) loss from noncontrolling interests | — | — | — | — | 15 | 15 | ||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 103 | $ | 105 | $ | 13 | $ | 9 | $ | 114 | $ | 344 | ||||||||||||
Total assets, end of period | $ | 70,186 | $ | 19,740 | $ | 991 | $ | 32,904 | $ | 36,552 | $ | 160,373 |
(1) | Income tax expense (benefit) includes certain management accounting classification adjustments. |
As of and for the Three Months Ended June 30, 2017: | ||||||||||||||||||||||||
(Dollars in millions) | Regional Bank | U.S. Wholesale & Investment Banking | Transaction Banking | MUSA | Other | MUFG Americas Holdings Corporation | ||||||||||||||||||
Results of operations | ||||||||||||||||||||||||
Net interest income | $ | 510 | $ | 112 | $ | 60 | $ | 57 | $ | 55 | $ | 794 | ||||||||||||
Noninterest income | 110 | 95 | 15 | 88 | 181 | 489 | ||||||||||||||||||
Total revenue | 620 | 207 | 75 | 145 | 236 | 1,283 | ||||||||||||||||||
Noninterest expense | 497 | 96 | 56 | 112 | 196 | 957 | ||||||||||||||||||
(Reversal of) provision for credit losses | 18 | (33 | ) | — | — | (7 | ) | (22 | ) | |||||||||||||||
Income (loss) before income taxes and including noncontrolling interests | 105 | 144 | 19 | 33 | 47 | 348 | ||||||||||||||||||
Income tax expense (benefit) (1) | 29 | 35 | 8 | 13 | (22 | ) | 63 | |||||||||||||||||
Net income (loss) including noncontrolling interests | 76 | 109 | 11 | 20 | 69 | 285 | ||||||||||||||||||
Deduct: net (income) loss from noncontrolling interests | — | — | — | — | 10 | 10 | ||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 76 | $ | 109 | $ | 11 | $ | 20 | $ | 79 | $ | 295 | ||||||||||||
Total assets, end of period | $ | 64,403 | $ | 22,054 | $ | 1,082 | $ | 30,439 | $ | 32,578 | $ | 150,556 |
(1) | Income tax expense (benefit) includes certain management accounting classification adjustments. |
As of and for the Six Months Ended June 30, 2018: | ||||||||||||||||||||||||
(Dollars in millions) | Regional Bank | U.S. Wholesale & Investment Banking | Transaction Banking | MUSA | Other | MUFG Americas Holdings Corporation | ||||||||||||||||||
Results of operations | ||||||||||||||||||||||||
Net interest income | $ | 1,067 | $ | 203 | $ | 131 | $ | 105 | $ | 144 | $ | 1,650 | ||||||||||||
Noninterest income | 227 | 180 | 29 | 165 | 377 | 978 | ||||||||||||||||||
Total revenue | 1,294 | 383 | 160 | 270 | 521 | 2,628 | ||||||||||||||||||
Noninterest expense | 1,034 | 204 | 121 | 232 | 576 | 2,167 | ||||||||||||||||||
(Reversal of) provision for loan losses | 7 | (24 | ) | (1 | ) | — | (3 | ) | (21 | ) | ||||||||||||||
Income (loss) before income taxes and including noncontrolling interests | 253 | 203 | 40 | 38 | (52 | ) | 482 | |||||||||||||||||
Income tax expense (benefit) (1) | 51 | 136 | 11 | 9 | (221 | ) | (14 | ) | ||||||||||||||||
Net income (loss) including noncontrolling interests | 202 | 67 | 29 | 29 | 169 | 496 | ||||||||||||||||||
Deduct: net (income) loss from noncontrolling interests | — | — | — | — | 14 | 14 | ||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 202 | $ | 67 | $ | 29 | $ | 29 | $ | 183 | $ | 510 | ||||||||||||
Total assets, end of period | $ | 70,186 | $ | 19,740 | $ | 991 | $ | 32,904 | $ | 36,552 | $ | 160,373 |
(1) | Income tax expense (benefit) includes certain management accounting classification adjustments. |
As of and for the Six Months Ended June 30, 2017: | ||||||||||||||||||||||||
(Dollars in millions) | Regional Bank | U.S. Wholesale & Investment Banking | Transaction Banking | MUSA | Other | MUFG Americas Holdings Corporation | ||||||||||||||||||
Results of operations | ||||||||||||||||||||||||
Net interest income | $ | 1,011 | $ | 226 | $ | 115 | $ | 116 | $ | 121 | $ | 1,589 | ||||||||||||
Noninterest income | 218 | 205 | 29 | 172 | 353 | 977 | ||||||||||||||||||
Total revenue | 1,229 | 431 | 144 | 288 | 474 | 2,566 | ||||||||||||||||||
Noninterest expense | 996 | 200 | 115 | 217 | 435 | 1,963 | ||||||||||||||||||
(Reversal of) provision for loan losses | 20 | (42 | ) | — | — | (30 | ) | (52 | ) | |||||||||||||||
Income (loss) before income taxes and including noncontrolling interests | 213 | 273 | 29 | 71 | 69 | 655 | ||||||||||||||||||
Income tax expense (benefit) (1) | 56 | 70 | 12 | 27 | (19 | ) | 146 | |||||||||||||||||
Net income (loss) including noncontrolling interests | 157 | 203 | 17 | 44 | 88 | 509 | ||||||||||||||||||
Deduct: net (income) loss from noncontrolling interests | — | — | — | — | 15 | 15 | ||||||||||||||||||
Net income (loss) attributable to MUAH | $ | 157 | $ | 203 | $ | 17 | $ | 44 | $ | 103 | $ | 524 | ||||||||||||
Total assets, end of period | $ | 64,403 | $ | 22,054 | $ | 1,082 | $ | 30,439 | $ | 32,578 | $ | 150,556 |
(1) | Income tax expense (benefit) includes certain management accounting classification adjustments. |
Exhibit No. | Description | |
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Pursuant to Rule 405 of Regulation S-T, the following financial information from the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2018, is formatted in XBRL interactive data files: (i) Consolidated Statements of Income; (ii) Consolidated Statements of Comprehensive Income; (iii) Consolidated Balance Sheets; (iv) Consolidated Statements of Changes in Stockholders' Equity; (v) Consolidated Statements of Cash Flows; and (vi) Notes to Financial Statements(1) |
(1) | Filed herewith. |
(2) | Furnished herewith. In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release No. 34-47986, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Form 10-Q and will not be deemed "filed" for purposes of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act. |
MUFG AMERICAS HOLDINGS CORPORATION (Registrant) | |||
Date: August 8, 2018 | By: | /s/ STEPHEN E. CUMMINGS | |
Stephen E. Cummings President and Chief Executive Officer (Principal Executive Officer) | |||
Date: August 8, 2018 | By: | /s/ JOHANNES WORSOE | |
Johannes Worsoe Chief Financial Officer (Principal Financial Officer) | |||
Date: August 8, 2018 | By: | /s/ ROLLAND D. JURGENS | |
Rolland D. Jurgens Controller and Chief Accounting Officer (Principal Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of MUFG Americas Holdings Corporation (the "Registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
By: | /s/ STEPHEN E. CUMMINGS | |||
Stephen E. Cummings President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of MUFG Americas Holdings Corporation (the "Registrant"); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report; |
4. | The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have: |
a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; |
5. | The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions): |
a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and |
b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. |
By: | /s/ JOHANNES WORSOE | |||
Johannes Worsoe Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ STEPHEN E. CUMMINGS | |||
Stephen E. Cummings President and Chief Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
By: | /s/ JOHANNES WORSOE | |||
Johannes Worsoe Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Jul. 31, 2018 |
|
Document And Entity Information | ||
Entity Registrant Name | MUFG Americas Holdings Corporation | |
Entity Central Index Key | 0001011659 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 147,589,713 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ub |
Consolidated Statements of Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||
Interest Income | ||||||||
Loans | $ 810 | $ 724 | $ 1,582 | $ 1,432 | ||||
Securities | 161 | 129 | 323 | 258 | ||||
Securities borrowed or purchased under resale agreements | 157 | 83 | 283 | 146 | ||||
Trading assets | 107 | 82 | 199 | 156 | ||||
Other | 19 | 8 | 33 | 18 | ||||
Total interest income | 1,254 | 1,026 | 2,420 | 2,010 | ||||
Interest Expense | ||||||||
Deposits | 86 | 58 | 154 | 107 | ||||
Commercial paper and other short-term borrowings | 42 | 10 | 75 | 18 | ||||
Long-term debt | 94 | 60 | 174 | 117 | ||||
Securities loaned or sold under repurchase agreements | 178 | 84 | 316 | 143 | ||||
Trading liabilities | 29 | 20 | 51 | 36 | ||||
Total interest expense | 429 | 232 | 770 | 421 | ||||
Net Interest Income | 825 | [1] | 794 | [1] | 1,650 | 1,589 | ||
(Reversal of) provision for credit losses | (19) | [1] | (22) | [1] | (21) | (52) | ||
Net interest income after (reversal of) provision for credit losses | 844 | 816 | 1,671 | 1,641 | ||||
Noninterest Income | ||||||||
Service charges on deposit accounts | 45 | 47 | 90 | 95 | ||||
Trust and investment management fees | 30 | 30 | 59 | 59 | ||||
Trading account activities | (8) | (7) | ||||||
Securities gains, net | 3 | 7 | 3 | 9 | ||||
Credit facility fees | 23 | 23 | 46 | 49 | ||||
Brokerage commissions and fees | 37 | 36 | ||||||
Card processing fees, net | 13 | 13 | 25 | 24 | ||||
Investment Banking Revenue | 88 | 94 | ||||||
Investment banking and syndication fees | 19 | 18 | 177 | 182 | ||||
Fees from affiliates | 299 | 211 | 575 | 430 | ||||
Other, net | 86 | 49 | (26) | 100 | ||||
Total noninterest income | 596 | 489 | 978 | 977 | ||||
Noninterest Expense | ||||||||
Salaries and employee benefits | 678 | 615 | 1,348 | 1,260 | ||||
Net occupancy and equipment | 85 | 87 | 175 | 169 | ||||
Professional and outside services | 114 | 99 | 246 | 215 | ||||
Software | 70 | 47 | 140 | 93 | ||||
Regulatory assessments | 22 | 19 | 45 | 39 | ||||
Intangible asset amortization | 7 | 7 | 14 | 14 | ||||
Other | 107 | 83 | 199 | 173 | ||||
Total noninterest expense | 1,083 | [1] | 957 | [1] | 2,167 | 1,963 | ||
Income before income taxes and including noncontrolling interests | 357 | [1] | 348 | [1] | 482 | 655 | ||
Income tax expense (benefit) | 28 | [1] | 63 | [1] | (14) | 146 | ||
Net Income Including Noncontrolling Interests | 329 | [1] | 285 | [1] | 496 | 509 | ||
Deduct: Net (income) loss from noncontrolling interests | 15 | [1] | 10 | [1] | 14 | 15 | ||
Net Income Attributable to MUAH | $ 344 | [1] | $ 295 | [1] | $ 510 | $ 524 | ||
|
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net Income Attributable to MUAH | $ 344 | [1] | $ 295 | [1] | $ 510 | $ 524 | ||
Other Comprehensive Income (Loss), Net of Tax: | ||||||||
Net change in unrealized gains (losses) on cash flow hedges | (8) | 22 | (66) | (8) | ||||
Net change in unrealized gains (losses) on investment securities | (41) | 24 | (231) | 59 | ||||
Foreign currency translation adjustment | 0 | 2 | (2) | 3 | ||||
Pension and other postretirement benefit adjustments | 10 | 6 | 20 | 13 | ||||
Other | 0 | 0 | (1) | 0 | ||||
Total other comprehensive income (loss) | (39) | 54 | (280) | 67 | ||||
Comprehensive Income (Loss) Attributable to MUAH | 305 | 349 | 230 | 591 | ||||
Comprehensive income (loss) from noncontrolling interests | (15) | (10) | (14) | (15) | ||||
Total Comprehensive Income (Loss) | $ 290 | $ 339 | $ 216 | $ 576 | ||||
|
Consolidated Balance Sheets - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Assets | |||||||
Cash and due from banks | $ 1,881 | $ 2,057 | |||||
Interest bearing deposits in banks | 4,844 | 1,335 | |||||
Total cash and cash equivalents | 6,725 | 3,392 | |||||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | |||||
Trading account assets (includes $2,878 at June 30, 2018 and $1,001 at December 31, 2017 pledged as collateral that may be repledged) | 12,320 | 10,567 | |||||
Securities available for sale (includes $101 at June 30, 2018 and $163 at December 31, 2017 pledged as collateral that may be repledged) | 16,017 | 17,563 | |||||
Securities held to maturity (fair value $10729000000 at June 30, 2018 and $9799000000 at December 31, 2017) | 10,997 | 9,885 | |||||
Loans held for investment | [1] | 82,236 | 80,014 | ||||
Allowance for loan losses | (445) | (476) | |||||
Loans held for investment, net | 81,791 | 79,538 | |||||
Premises and equipment, net | 623 | 610 | |||||
Goodwill | 3,301 | 3,301 | |||||
Other assets | 8,551 | 8,800 | |||||
Total assets | 160,373 | [2] | 154,550 | ||||
Deposits: | |||||||
Noninterest bearing | 33,425 | 32,602 | |||||
Interest bearing | 52,091 | 52,185 | |||||
Total deposits | 85,516 | 84,787 | |||||
Securities Sold under Agreements to Repurchase and Securities Loaned | 25,579 | 26,437 | |||||
Commercial paper and other short-term borrowings | 9,764 | 7,066 | |||||
Long-term debt | 14,192 | 12,162 | |||||
Trading account liabilities | 4,991 | 3,600 | |||||
Other liabilities | 1,784 | 2,143 | |||||
Total liabilities | 141,826 | 136,195 | |||||
Commitments, contingencies and guarantees—See Note 12 | |||||||
Preferred stock: | |||||||
Authorized 5,000,000 shares; no shares issued or outstanding | 0 | 0 | |||||
Common stock, par value $1 per share: | |||||||
Authorized 300,000,000 shares, 147,589,713 shares issued and outstanding as of June 30, 2018 and December 31, 2017 | 148 | 148 | |||||
Additional paid-in capital | 8,155 | 8,197 | |||||
Retained earnings | 11,444 | 10,936 | |||||
Accumulated other comprehensive loss | (1,285) | (1,026) | |||||
Total MUAH stockholders' equity | 18,462 | 18,255 | |||||
Noncontrolling interests | 85 | 100 | |||||
Total equity | 18,547 | 18,355 | |||||
Total liabilities and equity | $ 160,373 | $ 154,550 | |||||
|
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Trading account assets pledged as collateral | $ 2,878 | $ 1,001 |
Securities available-for-sale pledged as collateral | 101 | 163 |
Fair value of securities held to maturity | $ 10,729 | $ 9,799 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 1 | $ 1 |
Common stock, share authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, share issued (in shares) | 147,589,713 | |
Common stock, share outstanding (in shares) | 147,589,713 | 147,589,713 |
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning at Dec. 31, 2016 | $ 17,386 | $ 144 | $ 7,884 | $ 10,101 | $ (896) | $ 153 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 509 | 524 | (15) | |||||||||
Other comprehensive income (loss), net of tax | 67 | 67 | ||||||||||
Compensation—restricted stock units | (16) | (16) | 0 | |||||||||
Other | (9) | 0 | 0 | (9) | ||||||||
Net change | 551 | (16) | 524 | 67 | (24) | |||||||
Balance, ending at Jun. 30, 2017 | 17,937 | 144 | 7,868 | 10,625 | (829) | 129 | ||||||
Balance, beginning at Mar. 31, 2017 | (883) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | [1] | 285 | ||||||||||
Other comprehensive income (loss), net of tax | 54 | |||||||||||
Balance, ending at Jun. 30, 2017 | 17,937 | 144 | 7,868 | 10,625 | (829) | 129 | ||||||
Balance, beginning at Dec. 31, 2017 | 18,355 | 148 | 8,197 | 10,936 | (1,026) | 100 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 496 | 510 | (14) | |||||||||
Other comprehensive income (loss), net of tax | (280) | (280) | ||||||||||
Compensation—restricted stock units | (23) | (21) | (2) | |||||||||
Other | (1) | [2] | 0 | (21) | 0 | 21 | (1) | |||||
Net change | 192 | 0 | (42) | 508 | (259) | (15) | ||||||
Balance, ending at Jun. 30, 2018 | 18,547 | 148 | 8,155 | 11,444 | (1,285) | 85 | ||||||
Balance, beginning at Mar. 31, 2018 | (1,246) | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | [1] | 329 | ||||||||||
Other comprehensive income (loss), net of tax | (39) | |||||||||||
Balance, ending at Jun. 30, 2018 | $ 18,547 | $ 148 | $ 8,155 | $ 11,444 | $ (1,285) | $ 85 | ||||||
|
Summary of Significant Accounting Policies and Nature of Operations |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies and Nature of Operations | Summary of Significant Accounting Policies and Nature of Operations MUFG Americas Holdings Corporation (MUAH) is a financial holding company, bank holding company and intermediate holding company whose principal subsidiaries are MUFG Union Bank, N.A. (MUB or the Bank) and MUFG Securities Americas Inc. (MUSA). MUAH provides a wide range of financial services to consumers, small businesses, middle-market companies and major corporations nationally and internationally. The Company also provides various business, banking, financial, administrative and support services, and facilities for MUFG Bank, Ltd. (formerly The Bank of Tokyo-Mitsubishi UFJ, Ltd.) in connection with the operation and administration of all of MUFG Bank, Ltd.'s business in the U.S. (including MUFG Bank, Ltd.'s U.S. branches). All of the Company's issued and outstanding shares of common stock are owned by MUFG Bank, Ltd. and MUFG. The unaudited Consolidated Financial Statements of MUFG Americas Holdings Corporation, its subsidiaries, and its consolidated variable interest entities (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Rules and Regulations of the SEC. However, they do not include all of the disclosures necessary for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the second quarter of 2018 are not necessarily indicative of the operating results anticipated for the full year. These unaudited Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 (2017 Form 10-K). The preparation of financial statements in conformity with GAAP also requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Although such estimates contemplate current conditions and management’s expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. This could materially affect the Company’s results of operations and financial condition in the near term. Critical estimates made by management in the preparation of the Company’s financial statements include, but are not limited to, the allowance for credit losses (Note 3), goodwill impairment, fair value of financial instruments (Note 8), pension accounting (Note 11), income taxes, and transfer pricing. During the first quarter of 2018, the Company refined its methodology for estimating the allowance for commercial loans collectively evaluated for impairment and the allowance for losses on unfunded credit commitments. Previously the Company derived the allowance for these loans by assigning a loss factor based on an internal risk rating that estimated the probability that a credit facility may ultimately default (i.e. probability of default). The refinement implemented during the first quarter of 2018 utilizes a dual factor internal risk rating system that encompasses both the probability of default and an estimate of the severity of the loss that would be realized upon such default (i.e. the loss-given default). During the second quarter of 2018, the Company implemented refinements to the qualitative considerations used in our reserve methodology. Recently Issued Accounting Pronouncements Accounting for Leases In February 2016, the FASB issued ASU 2016-02, Leases, which will require entities that lease assets (i.e., lessees) to recognize assets and liabilities on their balance sheet for the rights and obligations created by those leases. The accounting by entities that own the assets leased (i.e., lessors) will remain largely unchanged; however, leveraged lease accounting will no longer be permitted for leases that commence after the effective date. The ASU will also require qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. The ASU is effective for interim and annual periods beginning on January 1, 2019 and requires a modified retrospective approach, with early adoption permitted. The Company plans to adopt the ASU on January 1, 2019. The Company is in the technology testing phase of this project to support the ongoing lessee accounting required under the ASU. Management is currently assessing the impact of this guidance on the Company's financial position and results of operations. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides new guidance on the accounting for credit losses for instruments that are within its scope. For loans and debt securities accounted for at amortized cost, certain off-balance sheet credit exposures, net investments in leases, and trade receivables, the ASU requires an entity to recognize its estimate of credit losses expected over the life of the financial instrument or exposure. Lifetime expected credit losses on purchased financial assets with credit deterioration will be recognized as an allowance with an offset to the cost basis of the asset. For available for sale debt securities, the new standard will require recognition of expected credit losses by recognizing an allowance for credit losses when the fair value of the security is below amortized cost and the recognition of this allowance is limited to the difference between the security’s amortized cost basis and fair value. The ASU is effective for interim and annual periods beginning on January 1, 2020, with early adoption permitted in 2019. The Company plans to adopt the ASU on January 1, 2020. The Company is currently collecting business and data requirements to support the project planning phase of the implementation. Management is currently assessing the impact of this guidance on the Company’s financial position and results of operations. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. The ASU removes Step 2 of the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the amendments, a goodwill impairment loss will be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The ASU will be effective for MUAH beginning January 1, 2020 on a prospective basis. Early adoption is permitted for any impairment tests performed after January 1, 2017. Management does not expect the adoption of this guidance to significantly impact the Company’s financial position or results of operations. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which requires premiums on certain purchased callable debt securities to be amortized to the earliest call date. Under current guidance, premiums on callable debt securities are generally amortized over the contractual life of the security. The amortization period for callable debt securities purchased at a discount will not be impacted. The ASU is effective for interim and annual periods beginning on January 1, 2019 and requires a modified retrospective approach, with early adoption permitted. Management does not expect the adoption of this guidance to significantly impact the Company’s financial position and results of operations. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which will make more hedging strategies eligible for hedge accounting, simplify the application of hedge accounting, and enhance the transparency and understandability of hedge results. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also amends the disclosure requirements and changes how entities assess effectiveness. The guidance will be effective for MUAH beginning January 1, 2019, with early adoption permitted. If the guidance is early adopted in an interim period, any adjustments would be reflected as of the beginning of the fiscal year that includes that interim period. Management is currently assessing the impact of this guidance on the Company’s financial position and results of operations. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU applies to all contracts with customers, except financial instruments, guarantees, lease contracts, insurance contracts and certain non-monetary exchanges. This guidance did not significantly affect the Company's financial position and results of operations. As a result of adopting this guidance, the Company's accounting policies have been updated as summarized below. Revenues from Contracts with Customers Revenues from contracts with customers include service charges on deposit accounts, trust and investment management fees, brokerage commissions and fees, card processing fees, net, investment banking and syndication fees, and fees from affiliates. The Company recognizes revenue from contracts with customers according to a five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s contracts with customers generally contain a single performance obligation or separately identified performance obligations, each with a stated transaction price and generally do not involve a significant timing difference between satisfaction of the performance obligation and customer payment. Revenues are recognized over time or at a point in time as the performance obligations are satisfied. Certain revenues, primarily included within brokerage commissions and fees, are variable. However, recognition of these variable revenues does not involve significant estimates or constraints. Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Effective January 1, 2018, the Company adopted ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The ASU amends ASU 2014-09, Revenue from Contracts with Customers, with respect to assessing whether an entity is a principal (and thus presents revenue gross) or an agent (and thus presents revenue net). The amendments retain the guidance that the principal in an arrangement controls a good or service before it is transferred to a customer and clarify: (1) that an entity must first identify the specified good or service being provided to the customer; (2) that the unit of account for the principal versus agent assessment is each specified good or service promised in a contract; (3) indicators and examples to help an entity evaluate whether it is the principal; and (4) how to assess whether an entity controls services performed by another party. As a result of adopting ASU 2016-08, beginning January 1, 2018, certain expenses that were previously presented as a reduction of related fees from affiliates and investment banking and syndication fees are presented in noninterest expense. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Effective January 1, 2018, the Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amended the income statement presentation of the components of net periodic benefit cost for sponsored defined benefit pension and other postretirement plans. As a result of adopting ASU 2017-07, the salaries and employee benefits expense and other expense categories in noninterest expense have been adjusted to reflect adoption of this guidance as follows.
|
Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities Securities Available for Sale At June 30, 2018 and December 31, 2017, the amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale are presented below.
The Company’s securities available for sale with a continuous unrealized loss position at June 30, 2018 and December 31, 2017 are shown below, identified for periods less than 12 months and 12 months or more.
At June 30, 2018, the Company did not have the intent to sell any securities in an unrealized loss position before a recovery of the amortized cost, which may be at maturity. The Company also believes that it is more likely than not that it will not be required to sell the securities prior to recovery of amortized cost. Agency residential mortgage-backed securities consist of securities guaranteed by a U.S. government corporation, such as Ginnie Mae, or a government-sponsored agency such as Freddie Mac or Fannie Mae. These securities are collateralized by residential mortgage loans and may be prepaid at par prior to maturity. The unrealized losses on agency residential mortgage-backed securities resulted from changes in interest rates and not from changes in credit quality. At June 30, 2018, the Company expects to recover the entire amortized cost basis of these securities because the Company determined that the strength of the issuers’ guarantees through direct obligations or support from the U.S. government is sufficient to protect the Company from losses. Commercial mortgage-backed securities are collateralized by commercial mortgage loans and are generally subject to prepayment penalties. The unrealized losses on commercial mortgage-backed securities resulted from higher market yields since purchase. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost. Based on the analysis performed as of June 30, 2018, the Company expects to recover the entire amortized cost basis of these securities. The Company’s CLOs consist of Cash Flow CLOs. A Cash Flow CLO is a structured finance product that securitizes a diversified pool of loan assets into multiple classes of notes. Cash Flow CLOs pay the note holders through the receipt of interest and principal repayments from the underlying loans unlike other types of CLOs that pay note holders through the trading and sale of underlying collateral. Unrealized losses typically arise from widening credit spreads and deteriorating credit quality of the underlying collateral. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost. Based on the analysis performed as of June 30, 2018, the Company expects to recover the entire amortized cost basis of these securities. Other debt securities primarily consist of direct bank purchase bonds, which are not rated by external credit rating agencies. The unrealized losses on these bonds resulted from a higher return on capital expected by the secondary market compared with the return on capital required at the time of origination when the bonds were purchased. The Company estimates the unrealized loss for each security by assessing the underlying collateral of each security. The Company estimates the portion of loss attributable to credit based on the expected cash flows of the underlying collateral using estimates of current key assumptions, such as probability of default and loss severity. Cash flow analysis of the underlying collateral provides an estimate of other-than-temporary impairment, which is performed quarterly when the fair value of a security is lower than its amortized cost and potential impairment is identified. Based on the analysis performed as of June 30, 2018, the Company expects to recover the entire amortized cost basis of these securities. The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
The gross realized gains and losses from sales of available for sale securities for the three and six months ended June 30, 2018 and 2017 are shown below. The specific identification method is used to calculate realized gains and losses on sales.
Securities Held to Maturity At June 30, 2018 and December 31, 2017, the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity.
Amortized cost is defined as the original purchase cost, adjusted for any accretion or amortization of a purchase discount or premium, less principal payments and any impairment previously recognized in earnings. The carrying amount is the difference between the amortized cost and the amount recognized in OCI. The amount recognized in OCI primarily reflects the unrealized gain or loss at date of transfer from available for sale to the held to maturity classification, net of amortization, which is recorded in interest income on securities. The Company’s securities held to maturity with a continuous unrealized loss position at June 30, 2018 and December 31, 2017 are shown below, separately for periods less than 12 months and 12 months or more.
The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
Securities Pledged and Received as Collateral At June 30, 2018 and December 31, 2017, the Company pledged $13.8 billion and $12.3 billion of available for sale and trading securities as collateral, respectively, of which $3.0 billion and $1.2 billion, respectively, was permitted to be sold or repledged. These securities were pledged as collateral for derivative liability positions, securities loaned or sold under repurchase agreements, short-term borrowings and to secure public and trust department deposits. At June 30, 2018 and December 31, 2017, the Company received $31.3 billion and $31.8 billion, respectively, of collateral, of which $31.3 billion and $31.8 billion, respectively, was permitted to be sold or repledged. Of the collateral received, the Company sold or repledged $30.4 billion at June 30, 2018 and December 31, 2017 for derivative asset positions and securities borrowed or purchased under resale agreements. For further information related to the Company's significant accounting policies on securities pledged as collateral, see Note 1 to the Consolidated Financial Statements in Part II, Item 8. "Financial Statements and Supplementary Data" in our 2017 Form 10-K. |
Loans and Allowance for Loan Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Loan Losses | Loans and Allowance for Loan Losses The following table provides the outstanding balances of loans held for investment at June 30, 2018 and December 31, 2017.
Allowance for Loan Losses The following tables provide a reconciliation of changes in the allowance for loan losses by portfolio segment.
The following tables show the allowance for loan losses and related loan balances by portfolio segment as of June 30, 2018 and December 31, 2017.
Nonaccrual and Past Due Loans The following table presents nonaccrual loans as of June 30, 2018 and December 31, 2017.
The following tables show the aging of the balance of loans held for investment, by class, as of June 30, 2018 and December 31, 2017.
Loans 90 days or more past due and still accruing totaled $10 million at June 30, 2018 and $12 million at December 31, 2017. Credit Quality Indicators Management analyzes the Company's loan portfolios by applying specific monitoring policies and procedures that vary according to the relative risk profile and other characteristics within the various loan portfolios. Loans within the commercial portfolio segment are classified as either pass or criticized. Criticized credits are those that have regulatory risk ratings of special mention, substandard or doubtful; classified credits are those that have regulatory risk ratings of substandard or doubtful. Special mention credits are potentially weak, as the borrower has begun to exhibit deteriorating trends, which, if not corrected, may jeopardize repayment of the loan and result in further downgrade. Substandard credits have well-defined weaknesses, which, if not corrected, could jeopardize the full satisfaction of the debt. A credit classified as doubtful has critical weaknesses that make full collection improbable on the basis of currently existing facts and conditions. The following tables summarize the loans in the commercial portfolio segment monitored for credit quality based on regulatory risk ratings.
The Company monitors the credit quality of its consumer portfolio segment based primarily on payment status. The following tables summarize the loans in the consumer portfolio segment, which exclude $7 million and $8 million of loans covered by FDIC loss share agreements, at June 30, 2018 and December 31, 2017, respectively.
The Company also monitors the credit quality for substantially all of its consumer portfolio segment using credit scores provided by FICO and refreshed LTV ratios. FICO credit scores are refreshed at least quarterly to monitor the quality of the portfolio. Refreshed LTV measures the principal balance of the loan as a percentage of the estimated current value of the property securing the loan. Home equity loans are evaluated using combined LTV, which measures the principal balance of the combined loans that have liens against the property (including unused credit lines for home equity products) as a percentage of the estimated current value of the property securing the loans. The LTV ratios are refreshed on a quarterly basis, using the most recent home pricing index data available for the property location. The following tables summarize the loans in the consumer portfolio segment based on refreshed FICO scores and refreshed LTV ratios at June 30, 2018 and December 31, 2017. These tables exclude loans covered by FDIC loss share agreements, as discussed above. The amounts presented reflect unpaid principal balances less partial charge-offs.
Troubled Debt Restructurings The following table provides a summary of the Company’s recorded investment in TDRs as of June 30, 2018 and December 31, 2017. The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $40 million and $66 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of June 30, 2018 and December 31, 2017, respectively.
For the second quarter of 2018, TDR modifications in the commercial portfolio segment were primarily composed of interest rate changes, maturity extensions, covenant waivers, conversions from revolving lines of credit to term loans, or some combination thereof. In the consumer portfolio segment, primarily all of the modifications were composed of interest rate reductions or maturity extensions. Charge-offs related to TDR modifications for the six months ended June 30, 2018 and June 30, 2017 were de minimis. For the commercial and consumer portfolio segments, the allowance for loan losses for TDRs is measured on an individual loan basis or in pools with similar risk characteristics. The following tables provide the pre- and post-modification outstanding recorded investment amounts of TDRs as of the date of the restructuring that occurred during the three and six months ended June 30, 2018 and 2017.
The following tables provide the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the three and six months ended June 30, 2018 and 2017, and where the default occurred within the first twelve months after modification into a TDR. A payment default is defined as the loan being 60 days or more past due.
For loans in the consumer portfolio in which impairment is measured using the present value of expected future cash flows discounted at the loan’s effective interest rate, historical payment defaults and the propensity to redefault are some of the factors considered when determining the allowance for loan losses. Loan Impairment Loans that are individually evaluated for impairment include larger nonaccruing loans within the commercial and industrial, construction, and commercial mortgage loan portfolios and loans modified in a TDR. The Company records an impairment allowance when the value of an impaired loan is less than the recorded investment in the loan. The following tables show information about impaired loans by class as of June 30, 2018 and December 31, 2017.
The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during the three and six months ended June 30, 2018 and 2017 for the commercial and consumer loans portfolio segments.
The following table presents loan transfers from held to investment to held for sale and proceeds from sales of loans during the three and six months ended June 30, 2018 and 2017 for the commercial and consumer loans portfolio segments.
|
Variable Interest Entities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | Variable Interest Entities In the normal course of business, the Company has certain financial interests in entities which have been determined to be VIEs. Generally, a VIE is a corporation, partnership, trust or other legal structure where the equity investors do not have substantive voting rights, an obligation to absorb the entity’s losses or the right to receive the entity’s returns, or the ability to direct the significant activities of the entity. The following discusses the Company’s consolidated and unconsolidated VIEs. Consolidated VIEs The following tables present the assets and liabilities of consolidated VIEs recorded on the Company’s consolidated balance sheets at June 30, 2018 and December 31, 2017.
LIHC Investments The Company sponsors, manages and syndicates two LIHC investment fund structures. These investments are designed to generate a return primarily through the realization of U.S. federal tax credits and deductions. The Company is considered the primary beneficiary and has consolidated these investments because the Company has the power to direct activities that most significantly impact the funds’ economic performances and also has the obligation to absorb losses of the funds that could potentially be significant to the funds. Neither creditors nor equity investors in the LIHC investments have any recourse to the general credit of the Company, and the Company’s creditors do not have any recourse to the assets of the consolidated LIHC investments. Leasing Investments The Company has leasing investments primarily in the wind energy, rail and coal industries. The Company is considered the primary beneficiary and has consolidated these investments because the Company has the power to direct the activities of these entities that significantly impact the entities’ economic performances. The Company also has the right to receive potentially significant benefits or the obligation to absorb potentially significant losses of these investments. Unconsolidated VIEs The following tables present the Company’s carrying amounts related to the unconsolidated VIEs at June 30, 2018 and December 31, 2017. The tables also present the Company’s maximum exposure to loss resulting from its involvement with these VIEs. The maximum exposure to loss represents the carrying amount of the Company’s involvement plus any legally binding unfunded commitments in the unlikely event that all of the assets in the VIEs become worthless. During the six months ended June 30, 2018 and June 30, 2017, the Company had noncash increases in unfunded commitments on LIHC investments of $45 million and $18 million, respectively, included within other liabilities.
LIHC Investments The Company makes investments in partnerships and funds formed by third parties. The primary purpose of the partnerships and funds is to invest in low-income housing units and distribute tax credits and tax benefits associated with the underlying properties to investors. The Company is a limited partner investor and is allocated tax credits and deductions, but has no voting or other rights to direct the activities of the funds or partnerships, and therefore is not considered the primary beneficiary and does not consolidate these investments. The following table presents the impact of the unconsolidated LIHC investments on our consolidated statements of income for the three and six months ended June 30, 2018 and 2017.
Leasing Investments The unconsolidated VIEs related to leasing investments are primarily renewable energy investments. Through its subsidiaries, the Company makes equity investments in LLCs established by third party sponsors. The LLCs are created to operate and manage wind, solar, hydroelectric and cogeneration power plant projects. Power generated by the projects is sold to third parties through long-term purchase power agreements. As a limited investor member, the Company is allocated production tax credits and taxable income or losses associated with the projects. The Company has no voting or other rights to direct the significant activities of the LLCs, and therefore is not considered the primary beneficiary and does not consolidate these investments. Other Investments The Company has other investments in structures formed by third parties. The Company has no voting or other rights to direct the activities of the investments that would most significantly impact the entities’ performance, and therefore is not considered the primary beneficiary and does not consolidate these investments. |
Securities Financing Arrangements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Financing Arrangements | Securities Financing Arrangements The Company enters into securities purchased under agreements to resell, securities sold under agreements to repurchase, securities borrowed and securities loaned transactions. The Company executes these transactions to facilitate customer match-book activity, cover short positions and fund the Company's trading inventory. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. Under these agreements and transactions, the Company either receives or provides collateral. The Company receives collateral in the form of securities in connection with reverse repurchase agreements and securities borrowed transactions. In many cases, the Company is permitted to sell or repledge these securities held as collateral and use the securities to secure repurchase agreements or enter into securities lending transactions. In certain cases the Company may agree for collateral to be posted to a third party custodian under a tri-party arrangement that enables the Company to take control of such collateral in the event of a counterparty default. Default events generally include, among other things, failure to pay, insolvency or bankruptcy of a counterparty. For additional information related to securities pledged and received as collateral, refer to Note 2 to these Consolidated Financial Statements. The following tables present the gross obligations for securities sold under agreements to repurchase and securities loaned by remaining contractual maturity and class of collateral pledged as of June 30, 2018 and December 31, 2017.
Offsetting Financial Assets and Liabilities The Company primarily enters into derivative contracts, repurchase agreements and securities lending agreements with counterparties utilizing standard International Swaps and Derivatives Association Master Agreements, Master Repurchase Agreements, and Master Securities Lending Agreements, respectively. These agreements generally establish the terms and conditions of the transactions, including a legal right to set-off amounts payable and receivable between the Company and a counterparty, regardless of whether or not such amounts have matured or have contingency features. The following tables present the offsetting of financial assets and liabilities as of June 30, 2018 and December 31, 2017.
|
Commercial Paper and Other Short-Term Borrowings |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Paper and Other Short-Term Borrowings | Commercial Paper and Other Short-Term Borrowings The following table is a summary of the Company's commercial paper and other short-term borrowings.
Short-term debt due to MUFG Bank, Ltd. consists of both secured and unsecured fixed and floating rate borrowings. MUSA maintains an uncommitted, unsecured lending facility with Mitsubishi UFJ Securities Holdings Co., Ltd. under which it may borrow up to JPY 160 billion (USD equivalent 1.4 billion). Under the terms of the facility, MUSA can choose to borrow in Japanese Yen or U.S. Dollars. Japanese Yen denominated borrowings include an extension option allowing MUSA to extend the maturity of an individual draw by 100 days at any time prior to its original, stated maturity. At June 30, 2018, MUSA had JPY 105 billion (USD equivalent 951 million) drawn under this facility. |
Long-Term Debt |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Long-Term Debt Long-term debt consists of borrowings having an original maturity of one year or more. The following is a summary of the Company's long-term debt.
MUAH Senior Debt due to MUFG Bank, Ltd. During the first quarter of 2017, MUAH borrowed $3.5 billion from MUFG Bank, Ltd. in the form of a senior loan. MUAH may prepay the loan prior to the stated maturity date in whole or in part and in an amount of not less than $500,000. MUFG Bank, Ltd. may accelerate the payment of the loan, in the case of certain events of default. The proceeds of the MUFG Bank, Ltd. loan have funded loans to MUAH’s subsidiaries. Simultaneously with the funding of the MUFG Bank, Ltd. loan on March 31, 2017, MUB prepaid three loans from MUFG Bank, Ltd. totaling $3.5 billion. |
Fair Value Measurement and Fair Value of Financial Instruments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Valuation Methodologies Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in an orderly transaction between willing market participants at the measurement date. The Company has an established and documented process for determining fair value for financial assets and liabilities that are measured at fair value on either a recurring or nonrecurring basis. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair value is based upon valuation techniques that use, where possible, current market-based or independently sourced parameters, such as yield curves, foreign exchange rates, credit spreads, commodity prices and implied volatilities. Valuation adjustments may be made to ensure the financial instruments are recorded at fair value. These adjustments include amounts that reflect counterparty credit quality and that consider the Company's own creditworthiness in determining the fair value of its trading assets and liabilities. For further information related to the valuation methodologies used for certain financial assets and financial liabilities measured at fair value, see Note 11 to the Consolidated Financial Statements in Part II, Item 8. “Financial Statements and Supplementary Data” in our 2017 Form 10-K. Fair Value Hierarchy In determining fair value, the Company maximizes the use of observable market inputs and minimizes the use of unobservable inputs. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect the Company’s estimate about market data. Based on the observability of the significant inputs used, the Company classifies its fair value measurements in accordance with the three-level hierarchy as defined by GAAP. This hierarchy is based on the quality, observability and reliability of the information used to determine fair value. For further information related to the fair value hierarchy, see Note 11 to the Consolidated Financial Statements in Part II, Item 8. “Financial Statements and Supplementary Data” in our 2017 Form 10-K. Valuation Processes The Company has established a valuation committee to oversee its valuation framework for measuring fair value and to establish valuation policies and procedures. The valuation committee’s responsibilities include reviewing fair value measurements and categorizations within the fair value hierarchy and monitoring the use of pricing sources, mark-to-model valuations, dealer quotes and other valuation processes. The valuation committee reports to the Company’s Disclosure & Accounting Committee and meets at least quarterly. Independent price verification is performed periodically by the Company to test the market data and valuations of substantially all instruments measured at fair value on a recurring basis. As part of its independent price verification procedures, the Company compares pricing sources, tests data variances within certain thresholds and performs variance analysis, utilizing third party valuations and both internal and external models. Results are formally reported on a quarterly basis to the valuation committee. For further information related to valuation processes, see Note 11 to the Consolidated Financial Statements in Part II, Item 8. “Financial Statements and Supplementary Data” in our 2017 Form 10-K. Fair Value Measurements on a Recurring Basis The following tables present financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, by major category and by valuation hierarchy level.
The following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2018 and 2017. Level 3 available for sale securities at June 30, 2018 and 2017 primarily consist of direct bank purchase bonds. The Company’s policy is to recognize transfers in and out of Level 1, 2 and 3 as of the end of a reporting period.
The following table presents information about significant unobservable inputs related to the Company’s significant Level 3 assets and liabilities at June 30, 2018.
The direct bank purchase bonds generally use a return on equity valuation technique. This technique uses significant unobservable inputs such as market-required return on capital, probability of default and loss severity. Increases (decreases) in any of these inputs in isolation would result in a lower (higher) fair value measurement. Fair Value Measurement on a Nonrecurring Basis Certain assets may be measured at fair value in certain situations, such as impairment, and these measurements are referred to as nonrecurring. For assets measured at fair value on a nonrecurring basis during the three and six months ended June 30, 2018 and 2017 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment.
Fair Value of Financial Instruments Disclosures The tables below present the carrying amount and estimated fair value of certain financial instruments, all of which are accounted for at amortized cost, classified by valuation hierarchy level as of June 30, 2018 and as of December 31, 2017.
|
Derivative Instruments and Other Financial Instruments Used For Hedging |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Other Financial Instruments Used For Hedging | Derivative Instruments and Other Financial Instruments Used For Hedging The Company enters into certain derivative and other financial instruments primarily to assist customers with their risk management objectives and to manage the Company’s exposure to interest rate risk. When entering into derivatives on behalf of customers, the Company generally acts as a financial intermediary by offsetting a significant portion of the market risk for these derivatives with third parties. The Company may also enter into derivatives for other risk management purposes. All derivative instruments are recognized as assets or liabilities on the consolidated balance sheets at fair value. Counterparty credit risk is inherent in derivative instruments. In order to reduce its exposure to counterparty credit risk, the Company utilizes credit approvals, limits, monitoring procedures and master netting and credit support annex agreements. Additionally, the Company considers counterparty credit quality and the creditworthiness of the Company in estimating the fair value of derivative instruments. The table below presents the notional amounts and fair value amounts of the Company's derivative instruments reported on the consolidated balance sheets, segregated between derivative instruments designated and qualifying as hedging instruments and derivative instruments not designated as hedging instruments as of June 30, 2018 and December 31, 2017. Asset and liability values are presented gross, excluding the impact of legally enforceable master netting and credit support annex agreements. The fair value of asset and liability derivatives designated and qualifying as hedging instruments and derivatives designated as other risk management are included in other assets and other liabilities, respectively. The fair value of asset and liability trading derivatives are included in trading account assets and trading account liabilities, respectively.
We recognized net losses of $49 million and net gains of $2 million on other risk management derivatives for the three and six months ended June 30, 2018, respectively, and net losses of $10 million and $6 million for the three and six months ended June 30, 2017, respectively, which are included in other noninterest income. Derivatives Designated and Qualifying as Hedging Instruments The Company uses interest rate derivatives to manage the financial impact on the Company from changes in market interest rates. These instruments are used to manage interest rate risk relating to specified groups of assets and liabilities, primarily LIBOR-based commercial loans and debt issuances. Derivatives that qualify for hedge accounting are designated as either fair value or cash flow hedges. Cash Flow Hedges The Company uses interest rate swaps to hedge the risk of changes in cash flows attributable to changes in the designated benchmark interest rate on LIBOR indexed loans, and to a lesser extent, to hedge interest rate risk on rollover debt. The Company used interest rate swaps with an aggregate notional amount of $181 million at June 30, 2018 to hedge the risk of changes in cash flows attributable to changes in the designated benchmark interest rate on LIBOR indexed short-term borrowings. At June 30, 2018, the weighted average remaining life of the active cash flow hedges was 2.1 years. For cash flow hedges, the effective portion of the gain or loss on the hedging instruments is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged cash flows are recognized in net interest income. Gains and losses representing hedge ineffectiveness are recognized in noninterest expense in the period in which they arise. At June 30, 2018, the Company expects to reclassify approximately $69 million of losses from AOCI as a reduction to net interest income during the twelve months ending June 30, 2019. This amount could differ from amounts actually realized due to changes in interest rates, hedge terminations and the addition of other hedges subsequent to June 30, 2018. The following tables present the amount and location of the net gains and losses recorded in the Company’s consolidated statements of income and changes in stockholders' equity for derivatives designated as cash flow hedges for the three and six months ended June 30, 2018 and 2017.
Fair Value Hedges The Company engages in an interest rate hedging strategy in which one or more interest rate swaps are associated with a specified interest bearing liability, in order to convert the liability from a fixed rate to a floating rate instrument. This strategy mitigates the changes in fair value of the hedged liability caused by changes in the designated benchmark interest rate, U.S. dollar LIBOR. For fair value hedges, any ineffectiveness is recognized in noninterest expense in the period in which it arises. The change in the fair value of the hedged item and the hedging instrument, to the extent completely effective, offsets with no impact on earnings. The following tables present the gains (losses) on the Company's fair value hedges and hedged item for the three and six months ended June 30, 2018 and 2017.
Derivatives Not Designated as Hedging Instruments Trading Derivatives Derivative instruments classified as trading are primarily derivatives entered into as an accommodation for customers. Trading derivatives are included in trading assets or trading liabilities with changes in fair value reflected in income from trading account activities. The majority of the Company's derivative transactions for customers were essentially offset by contracts with third parties that reduce or eliminate market risk exposures. The following table presents the amount of the net gains and losses for derivative instruments classified as trading reported in the consolidated statements of income under the heading trading account activities for the three and six months ended June 30, 2018 and 2017.
Offsetting Financial Assets and Liabilities The Company primarily enters into derivative contracts and repurchase agreements with counterparties utilizing standard International Swaps and Derivatives Association Master Agreements and Master Repurchase Agreements, respectively. These agreements generally establish the terms and conditions of the transactions, including a legal right to set-off amounts payable and receivable between the Company and a counterparty, regardless of whether or not such amounts have matured or have contingency features. For additional information related to offsetting of financial assets and liabilities, refer to Note 5 to these Consolidated Financial Statements. |
Accumulated Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the change in each of the components of accumulated other comprehensive income and the related tax effect of the change allocated to each component for the three and six months ended June 30, 2018 and 2017.
The following tables present the change in accumulated other comprehensive loss balances.
|
Employee Pension and Other Postretirement Benefits |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Pension and Other Postretirement Benefits | Employee Pension and Other Postretirement Benefits The following tables summarize the components of net periodic benefit cost for the three and six months ended June 30, 2018 and 2017. The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the income statement.
|
Commitments, Contingencies and Guarantees |
6 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees The following table summarizes the Company's commitments.
Commitments to extend credit are legally binding agreements to lend to a customer provided there are no violations of any condition established in the contract. Commitments have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Standby letters of credit are generally contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party, while commercial letters of credit are issued specifically to facilitate foreign or domestic trade transactions. Additionally, the Company enters into risk participations in bankers' acceptances wherein a fee is received to guarantee a portion of the credit risk on an acceptance of another bank. The majority of these types of commitments have terms of 1 year or less. As of June 30, 2018, the carrying amount of the Company's risk participations in bankers' acceptances and standby and commercial letters of credit totaled $3 million. Estimated exposure to loss related to these commitments is covered by the allowance for losses on unfunded commitments. The carrying amounts of the standby and commercial letters of credit and the allowance for losses on unfunded credit commitments are included in other liabilities on the consolidated balance sheet. The credit risk involved in issuing loan commitments and standby and commercial letters of credit is essentially the same as that involved in extending loans to customers and is represented by the contractual amount of these instruments. Collateral may be obtained based on management's credit assessment of the customer. Other commitments include collateralized financing activities, commitments to fund principal investments, other securities, and residual value guarantees. Principal investments include direct investments in private and public companies. The Company issues commitments to provide equity and mezzanine capital financing to private and public companies through direct investments. The timing of future cash requirements to fund such commitments is generally dependent on the investment cycle. This cycle, the period over which privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, can vary based on overall market conditions as well as the nature and type of industry in which the companies operate. The Company occasionally enters into financial guarantee contracts where a premium is received from another financial institution counterparty to guarantee a portion of the credit risk on interest rate swap contracts entered into between the financial institution and its customer. The Company becomes liable to pay the financial institution only if the financial institution is unable to collect amounts owed to them by their customer. As of June 30, 2018, the current exposure to loss under these contracts totaled $1 million, and the maximum potential exposure to loss in the future was estimated at $30 million. The Company is subject to various pending and threatened legal actions that arise in the normal course of business. The Company maintains liabilities for losses from legal actions that are recorded when they are determined to be both probable in their occurrence and can be reasonably estimated. Management believes the disposition of all claims currently pending, including potential losses from claims that may exceed the liabilities recorded, and claims for loss contingencies that are considered reasonably possible to occur, will not have a material effect, either individually or in the aggregate, on the Company's consolidated financial condition, results of operations or liquidity. |
Business Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The Company has four reportable segments: Regional Bank, U.S. Wholesale & Investment Banking, Transaction Banking, and MUSA. The Company uses various management accounting methodologies to measure the performance of its segments. Unlike GAAP, there is no standardized or authoritative guidance for management accounting. Consequently, reported results are not necessarily comparable with those presented by other companies and they are not necessarily indicative of the results that would be reported by the business units if they were separate economic entities. Methodologies that are applied to the measurement of segment profitability, which are enhanced from time to time, include a funds transfer pricing system, an activity-based costing methodology, other indirect costs and a methodology to allocate the provision for credit losses. In the second quarter of 2018, the Company began measuring the performance of its business segments by reporting revenues and expenses from products and services sold entirely within the business segment that manages the customer relationship. The Company previously applied a “market view” perspective in measuring the business segments, which reported revenues and expenses from products and services sold in both the business segment that provided the product and the business segment that managed the customer relationship. Prior period results have been revised to conform to the current period presentation. The funds transfer pricing system assigns a cost of funds or a credit for funds to assets or liabilities based on their type, maturity or repricing characteristics between Corporate Treasury and the operating segments. A segment receives a credit from Corporate Treasury for its funding sources. Conversely, a segment is assigned a charge by Corporate Treasury to fund its assets. Certain indirect costs, such as operations and technology expense, are allocated to the segments based on an activity-based costing methodology. Other indirect costs, such as corporate overhead, are allocated to the segments based on internal surveys and metrics that serve as proxies for estimated usage. During the normal course of business, the Company occasionally changes or updates its management accounting methodologies or organizational structure. Certain non-bank subsidiaries, including MUSA, are reported based on their GAAP results. Regional Bank The Regional Bank provides banking products and services to individuals, businesses, and trust customers through five lines of business. Consumer Banking serves consumers and small businesses through 346 full-service branches, digital channels, call centers, ATMs and alliances with other financial institutions. Products and services include checking and deposit accounts; residential mortgage loans; consumer loans; home equity lines of credit; credit cards; bill and loan payment services; and merchant services. Commercial Banking provides commercial and asset-based loans to clients across a wide range of industries with annual revenues up to $1 billion. Through partnerships with other areas of the Bank, Commercial Banking clients also have access to non-credit products and services including global treasury management, capital markets solutions, foreign exchange, interest rate risk and commodity risk management products and services. Real Estate Industries serves professional real estate investors and developers with products such as construction loans, commercial mortgages, bridge financing and unsecured financing. Property types supported include apartment, office, retail, industrial and single-family residential on the West Coast and in select metropolitan areas across the country. Real Estate Industries also makes tax credit investments in affordable housing projects through its Community Development Finance unit. Through partnerships with other areas of the bank, Real Estate Industries clients also have access to non-credit products and services including global treasury management, capital markets solutions, foreign exchange, interest rate risk and commodity risk management products and services. Wealth Markets serves corporate, institutional, non-profit and individual clients. Capabilities include Wealth Planning / Trust & Estate Services; Investment Management through HighMark Capital Management, Inc., an SEC-registered investment advisory firm wholly-owned by the bank; Brokerage through UnionBanc Investment Services, LLC, an SEC-registered broker-dealer/investment advisory firm wholly-owned by the bank; and Private Wealth Management. PurePoint Financial serves consumers through a national deposit platform offering savings accounts and CD products to customers through an online platform with services provided through a call center and a network of financial centers in New York, Florida, Illinois and Texas. U.S. Wholesale & Investment Banking U.S. Wholesale & Investment Banking delivers the full suite of MUAH products and services to large and mid-corporate customers. The segment employs an industry-focused strategy including dedicated coverage teams in General Industries, Power and Utilities, Oil and Gas, Telecom and Media, Technology, Healthcare and Nonprofit, Public Finance, and Financial Institutions (predominantly Insurance and Asset Managers). U.S. Wholesale & Investment Banking provides customers general corporate credit and structured credit services, including project finance, leasing and equipment finance, commercial finance, funds finance and securitizations. By working with the Company's other segments, U.S. Wholesale & Investment Banking offers its customers a range of noncredit services, which include global treasury management, capital market solutions, and various foreign exchange, interest rate risk and commodity risk management products. Transaction Banking Transaction Banking works alongside the Company's other segments to provide working capital management and asset servicing solutions, including deposits and treasury management, trade finance, and institutional trust and custody, to the Company's customers. The client base consists of financial institutions, corporations, government agencies, insurance companies, mutual funds, investment managers and non-profit organizations. MUFG Securities Americas MUSA is MUAH's broker-dealer subsidiary which engages in capital markets origination transactions, private placements, collateralized financings, securities borrowing and lending transactions, and domestic and foreign debt and equity securities transactions. Other "Other" includes the MUFG Fund Services segment, Markets segment, Asian Corporate Banking segment and Corporate Treasury. MUFG Fund Services provides comprehensive investment fund administrative solutions. Markets provides risk management solutions, including foreign exchange, interest rate and energy risk management solutions. The Asian Corporate Banking segment offers a range of credit, deposit, and investment management products and services to companies located primarily in the U.S. that are affiliated with companies headquartered in Japan and other Asian countries. Corporate Treasury is responsible for ALM, wholesale funding and the ALM investment and derivatives hedging portfolios. These treasury management activities are carried out to manage the net interest rate and liquidity risks of the Company's balance sheet and to manage those risks within the guidelines established by ALCO. For additional discussion regarding these risk management activities, see Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk” in this Form 10-Q. Additionally, "Other" is comprised of certain corporate activities of the Company; the net impact of funds transfer pricing charges and credits allocated to the reportable segments; the residual costs of support groups; fees from affiliates and noninterest expenses associated with MUFG Bank, Ltd. U.S. branch banking operations; the unallocated allowance; goodwill, intangible assets, and the related amortization/accretion associated with the Company's privatization transaction; the elimination of the fully taxable-equivalent basis amount; the difference between the marginal tax rate and the consolidated effective tax rate; and FDIC covered assets.
|
Summary of Significant Accounting Policies and Nature of Operations (Policies) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | The unaudited Consolidated Financial Statements of MUFG Americas Holdings Corporation, its subsidiaries, and its consolidated variable interest entities (the Company) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Rules and Regulations of the SEC. However, they do not include all of the disclosures necessary for annual financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | The preparation of financial statements in conformity with GAAP also requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Although such estimates contemplate current conditions and management’s expectations of how they may change in the future, it is reasonably possible that actual results could differ significantly from those estimates. This could materially affect the Company’s results of operations and financial condition in the near term. Critical estimates made by management in the preparation of the Company’s financial statements include, but are not limited to, the allowance for credit losses (Note 3), goodwill impairment, fair value of financial instruments (Note 8), pension accounting (Note 11), income taxes, and transfer pricing. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting for Leases In February 2016, the FASB issued ASU 2016-02, Leases, which will require entities that lease assets (i.e., lessees) to recognize assets and liabilities on their balance sheet for the rights and obligations created by those leases. The accounting by entities that own the assets leased (i.e., lessors) will remain largely unchanged; however, leveraged lease accounting will no longer be permitted for leases that commence after the effective date. The ASU will also require qualitative and quantitative disclosures about the amount, timing and uncertainty of cash flows arising from leases. The ASU is effective for interim and annual periods beginning on January 1, 2019 and requires a modified retrospective approach, with early adoption permitted. The Company plans to adopt the ASU on January 1, 2019. The Company is in the technology testing phase of this project to support the ongoing lessee accounting required under the ASU. Management is currently assessing the impact of this guidance on the Company's financial position and results of operations. Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which provides new guidance on the accounting for credit losses for instruments that are within its scope. For loans and debt securities accounted for at amortized cost, certain off-balance sheet credit exposures, net investments in leases, and trade receivables, the ASU requires an entity to recognize its estimate of credit losses expected over the life of the financial instrument or exposure. Lifetime expected credit losses on purchased financial assets with credit deterioration will be recognized as an allowance with an offset to the cost basis of the asset. For available for sale debt securities, the new standard will require recognition of expected credit losses by recognizing an allowance for credit losses when the fair value of the security is below amortized cost and the recognition of this allowance is limited to the difference between the security’s amortized cost basis and fair value. The ASU is effective for interim and annual periods beginning on January 1, 2020, with early adoption permitted in 2019. The Company plans to adopt the ASU on January 1, 2020. The Company is currently collecting business and data requirements to support the project planning phase of the implementation. Management is currently assessing the impact of this guidance on the Company’s financial position and results of operations. Simplifying the Test for Goodwill Impairment In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment. The ASU removes Step 2 of the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. Under the amendments, a goodwill impairment loss will be measured as the amount by which a reporting unit’s carrying amount exceeds its fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The ASU will be effective for MUAH beginning January 1, 2020 on a prospective basis. Early adoption is permitted for any impairment tests performed after January 1, 2017. Management does not expect the adoption of this guidance to significantly impact the Company’s financial position or results of operations. Premium Amortization on Purchased Callable Debt Securities In March 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which requires premiums on certain purchased callable debt securities to be amortized to the earliest call date. Under current guidance, premiums on callable debt securities are generally amortized over the contractual life of the security. The amortization period for callable debt securities purchased at a discount will not be impacted. The ASU is effective for interim and annual periods beginning on January 1, 2019 and requires a modified retrospective approach, with early adoption permitted. Management does not expect the adoption of this guidance to significantly impact the Company’s financial position and results of operations. Targeted Improvements to Accounting for Hedging Activities In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which will make more hedging strategies eligible for hedge accounting, simplify the application of hedge accounting, and enhance the transparency and understandability of hedge results. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. It also amends the disclosure requirements and changes how entities assess effectiveness. The guidance will be effective for MUAH beginning January 1, 2019, with early adoption permitted. If the guidance is early adopted in an interim period, any adjustments would be reflected as of the beginning of the fiscal year that includes that interim period. Management is currently assessing the impact of this guidance on the Company’s financial position and results of operations. Recently Adopted Accounting Pronouncements Revenue from Contracts with Customers Effective January 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers, which provides guidance on the core principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU applies to all contracts with customers, except financial instruments, guarantees, lease contracts, insurance contracts and certain non-monetary exchanges. This guidance did not significantly affect the Company's financial position and results of operations. As a result of adopting this guidance, the Company's accounting policies have been updated as summarized below. Revenues from Contracts with Customers Revenues from contracts with customers include service charges on deposit accounts, trust and investment management fees, brokerage commissions and fees, card processing fees, net, investment banking and syndication fees, and fees from affiliates. The Company recognizes revenue from contracts with customers according to a five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s contracts with customers generally contain a single performance obligation or separately identified performance obligations, each with a stated transaction price and generally do not involve a significant timing difference between satisfaction of the performance obligation and customer payment. Revenues are recognized over time or at a point in time as the performance obligations are satisfied. Certain revenues, primarily included within brokerage commissions and fees, are variable. However, recognition of these variable revenues does not involve significant estimates or constraints. Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Effective January 1, 2018, the Company adopted ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The ASU amends ASU 2014-09, Revenue from Contracts with Customers, with respect to assessing whether an entity is a principal (and thus presents revenue gross) or an agent (and thus presents revenue net). The amendments retain the guidance that the principal in an arrangement controls a good or service before it is transferred to a customer and clarify: (1) that an entity must first identify the specified good or service being provided to the customer; (2) that the unit of account for the principal versus agent assessment is each specified good or service promised in a contract; (3) indicators and examples to help an entity evaluate whether it is the principal; and (4) how to assess whether an entity controls services performed by another party. As a result of adopting ASU 2016-08, beginning January 1, 2018, certain expenses that were previously presented as a reduction of related fees from affiliates and investment banking and syndication fees are presented in noninterest expense. Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost Effective January 1, 2018, the Company adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amended the income statement presentation of the components of net periodic benefit cost for sponsored defined benefit pension and other postretirement plans. As a result of adopting ASU 2017-07, the salaries and employee benefits expense and other expense categories in noninterest expense have been adjusted to reflect adoption of this guidance as follows.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenues from Contracts with Customers Revenues from contracts with customers include service charges on deposit accounts, trust and investment management fees, brokerage commissions and fees, card processing fees, net, investment banking and syndication fees, and fees from affiliates. The Company recognizes revenue from contracts with customers according to a five-step revenue recognition model: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company’s contracts with customers generally contain a single performance obligation or separately identified performance obligations, each with a stated transaction price and generally do not involve a significant timing difference between satisfaction of the performance obligation and customer payment. Revenues are recognized over time or at a point in time as the performance obligations are satisfied. Certain revenues, primarily included within brokerage commissions and fees, are variable. However, recognition of these variable revenues does not involve significant estimates or constraints. Principal versus Agent Considerations (Reporting Revenue Gross versus Net) Effective January 1, 2018, the Company adopted ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The ASU amends ASU 2014-09, Revenue from Contracts with Customers, with respect to assessing whether an entity is a principal (and thus presents revenue gross) or an agent (and thus presents revenue net). The amendments retain the guidance that the principal in an arrangement controls a good or service before it is transferred to a customer and clarify: (1) that an entity must first identify the specified good or service being provided to the customer; (2) that the unit of account for the principal versus agent assessment is each specified good or service promised in a contract; (3) indicators and examples to help an entity evaluate whether it is the principal; and (4) how to assess whether an entity controls services performed by another party. As a result of adopting ASU 2016-08, beginning January 1, 2018, certain expenses that were previously presented as a reduction of related fees from affiliates and investment banking and syndication fees are presented in noninterest expense. |
Summary of Significant Accounting Policies and Nature of Operations (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impact as a Result of Adopting ASU 2017-07 | As a result of adopting ASU 2017-07, the salaries and employee benefits expense and other expense categories in noninterest expense have been adjusted to reflect adoption of this guidance as follows.
|
Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities | At June 30, 2018 and December 31, 2017, the amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale are presented below.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses | The gross realized gains and losses from sales of available for sale securities for the three and six months ended June 30, 2018 and 2017 are shown below. The specific identification method is used to calculate realized gains and losses on sales.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values | At June 30, 2018 and December 31, 2017, the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Available for Sale | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | The Company’s securities available for sale with a continuous unrealized loss position at June 30, 2018 and December 31, 2017 are shown below, identified for periods less than 12 months and 12 months or more.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities by Contractual Maturity | The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held to Maturity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities in Unrealized Loss Position | The Company’s securities held to maturity with a continuous unrealized loss position at June 30, 2018 and December 31, 2017 are shown below, separately for periods less than 12 months and 12 months or more.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities by Contractual Maturity | The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
|
Loans and Allowance for Loan Losses (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans | The following table provides the outstanding balances of loans held for investment at June 30, 2018 and December 31, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment | The following tables provide a reconciliation of changes in the allowance for loan losses by portfolio segment.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Related Loan Balances by Portfolio Segment | The following tables show the allowance for loan losses and related loan balances by portfolio segment as of June 30, 2018 and December 31, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Nonaccrual Loans | The following table presents nonaccrual loans as of June 30, 2018 and December 31, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aging of Balance of Loans Held for Investment | The following tables show the aging of the balance of loans held for investment, by class, as of June 30, 2018 and December 31, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in Commercial Portfolio Segment Monitored for Credit Quality Based on Regulatory Risk Ratings | The following tables summarize the loans in the commercial portfolio segment monitored for credit quality based on regulatory risk ratings.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in Consumer Portfolio an Purchased credit-impaired loans | The following tables summarize the loans in the consumer portfolio segment, which exclude $7 million and $8 million of loans covered by FDIC loss share agreements, at June 30, 2018 and December 31, 2017, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in Consumer Portfolio Segment Based on Refreshed FICO Scores and Refreshed LTV ratios | These tables exclude loans covered by FDIC loss share agreements, as discussed above. The amounts presented reflect unpaid principal balances less partial charge-offs.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Troubled Debt Restructurings | The following table provides a summary of the Company’s recorded investment in TDRs as of June 30, 2018 and December 31, 2017. The summary includes those TDRs that are on nonaccrual status and those that continue to accrue interest. The Company had $40 million and $66 million in commitments to lend additional funds to borrowers with loan modifications classified as TDRs as of June 30, 2018 and December 31, 2017, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pre- and Post-Modification Outstanding Recorded Investment Amounts of Troubled Debt Restructurings | The following tables provide the pre- and post-modification outstanding recorded investment amounts of TDRs as of the date of the restructuring that occurred during the three and six months ended June 30, 2018 and 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment Amounts of Troubled Debt Restructurings | The following tables provide the recorded investment amounts of TDRs at the date of default, for which there was a payment default during the three and six months ended June 30, 2018 and 2017, and where the default occurred within the first twelve months after modification into a TDR. A payment default is defined as the loan being 60 days or more past due.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about Impaired Loans by Class | The following tables show information about impaired loans by class as of June 30, 2018 and December 31, 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Investment in Impaired Loans and Interest Income Recognized for Impaired Loans | The following table presents the average recorded investment in impaired loans and the amount of interest income recognized for impaired loans during the three and six months ended June 30, 2018 and 2017 for the commercial and consumer loans portfolio segments.
The following table presents loan transfers from held to investment to held for sale and proceeds from sales of loans during the three and six months ended June 30, 2018 and 2017 for the commercial and consumer loans portfolio segments.
|
Variable Interest Entities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities of VIEs | The following table presents the impact of the unconsolidated LIHC investments on our consolidated statements of income for the three and six months ended June 30, 2018 and 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated VIEs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities of VIEs | The following tables present the assets and liabilities of consolidated VIEs recorded on the Company’s consolidated balance sheets at June 30, 2018 and December 31, 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unconsolidated VIEs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities of VIEs | The following tables present the Company’s carrying amounts related to the unconsolidated VIEs at June 30, 2018 and December 31, 2017. The tables also present the Company’s maximum exposure to loss resulting from its involvement with these VIEs. The maximum exposure to loss represents the carrying amount of the Company’s involvement plus any legally binding unfunded commitments in the unlikely event that all of the assets in the VIEs become worthless. During the six months ended June 30, 2018 and June 30, 2017, the Company had noncash increases in unfunded commitments on LIHC investments of $45 million and $18 million, respectively, included within other liabilities.
|
Securities Financing Arrangements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Offsetting Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Secured Borrowings by Contractual Maturity and Class of Collateral Pledged | The following tables present the gross obligations for securities sold under agreements to repurchase and securities loaned by remaining contractual maturity and class of collateral pledged as of June 30, 2018 and December 31, 2017.
|
Commercial Paper and Other Short-Term Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Commercial Paper and Other Short-Term Borrowings | The following table is a summary of the Company's commercial paper and other short-term borrowings.
|
Long-Term Debt (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Long-Term Debt | The following is a summary of the Company's long-term debt.
|
Fair Value Measurement and Fair Value of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following tables present financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2018 and December 31, 2017, by major category and by valuation hierarchy level.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present a reconciliation of the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2018 and 2017. Level 3 available for sale securities at June 30, 2018 and 2017 primarily consist of direct bank purchase bonds. The Company’s policy is to recognize transfers in and out of Level 1, 2 and 3 as of the end of a reporting period.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs Level 3 Assets and Liabilities | The following table presents information about significant unobservable inputs related to the Company’s significant Level 3 assets and liabilities at June 30, 2018.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets Measured at Fair Value on Nonrecurring Basis | For assets measured at fair value on a nonrecurring basis during the three and six months ended June 30, 2018 and 2017 that were still held on the consolidated balance sheet as of the respective periods ended, the following tables present the fair value of such assets by the level of valuation assumptions used to determine each fair value adjustment.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instruments | The tables below present the carrying amount and estimated fair value of certain financial instruments, all of which are accounted for at amortized cost, classified by valuation hierarchy level as of June 30, 2018 and as of December 31, 2017.
|
Derivative Instruments and Other Financial Instruments Used For Hedging (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amounts, Balance Sheet Location and Fair Value Amounts of Derivative Instruments | The table below presents the notional amounts and fair value amounts of the Company's derivative instruments reported on the consolidated balance sheets, segregated between derivative instruments designated and qualifying as hedging instruments and derivative instruments not designated as hedging instruments as of June 30, 2018 and December 31, 2017. Asset and liability values are presented gross, excluding the impact of legally enforceable master netting and credit support annex agreements. The fair value of asset and liability derivatives designated and qualifying as hedging instruments and derivatives designated as other risk management are included in other assets and other liabilities, respectively. The fair value of asset and liability trading derivatives are included in trading account assets and trading account liabilities, respectively.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount and Location of Gains and Losses for Derivatives Designated as Cash Flow Hedges | The following tables present the amount and location of the net gains and losses recorded in the Company’s consolidated statements of income and changes in stockholders' equity for derivatives designated as cash flow hedges for the three and six months ended June 30, 2018 and 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative gains (losses) on the Company's fair value hedges | The following tables present the gains (losses) on the Company's fair value hedges and hedged item for the three and six months ended June 30, 2018 and 2017.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain or (Loss) Recognized in Income on Derivative Instruments | The following table presents the amount of the net gains and losses for derivative instruments classified as trading reported in the consolidated statements of income under the heading trading account activities for the three and six months ended June 30, 2018 and 2017.
|
Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Loss | The following tables present the change in each of the components of accumulated other comprehensive income and the related tax effect of the change allocated to each component for the three and six months ended June 30, 2018 and 2017.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Accumulated Other Comprehensive Loss Balances | The following tables present the change in accumulated other comprehensive loss balances.
|
Employee Pension and Other Postretirement Benefits (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The following tables summarize the components of net periodic benefit cost for the three and six months ended June 30, 2018 and 2017. The components of net periodic benefit cost other than the service cost component are included in other noninterest expense in the income statement.
|
Commitments, Contingencies and Guarantees (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||
Summary of Commitments | The following table summarizes the Company's commitments.
|
Business Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reportable business segments |
|
Summary of Significant Accounting Policies and Nature of Operations - Schedule of Impact Resulted from ASU 2017-07 Adoption (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Salaries and employee benefits | $ 678 | $ 615 | $ 1,348 | $ 1,260 |
Other | $ 107 | 83 | $ 199 | 173 |
As Previously Reported | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Salaries and employee benefits | 586 | 1,201 | ||
Other | 112 | 232 | ||
ASU 2017-07 | Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Salaries and employee benefits | 29 | 59 | ||
Other | $ (29) | $ (59) |
Securities - Gross Realized Gains and Losses from Sales of Available for Sale Securities (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 3 | $ 7 | $ 3 | $ 9 |
Securities - Securities Pledged and Received as Collateral (Narrative) (Details) - USD ($) $ in Billions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale and trading securities pledged as collateral | $ 13.8 | $ 12.3 |
Available for sale and trading securities permitted to be sold or repledged | 3.0 | 1.2 |
Securities received as collateral | 31.3 | 31.8 |
Securities received as collateral permitted to be sold or repledged | 31.3 | $ 31.8 |
Securities received as collateral that have been sold or repledged | $ 30.4 |
Loans and Allowance for Loan Losses - Reconciliation of Changes in Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | $ 460 | $ 570 | $ 476 | $ 639 |
(Reversal of) provision for loan losses | (13) | (20) | (18) | (34) |
Other | (1) | 0 | ||
Loans charged-off | (10) | (40) | (26) | (106) |
Recoveries of loans previously charged-off | 8 | 4 | 13 | 14 |
Allowance for loan losses, end of period | 445 | 513 | 445 | 513 |
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | 371 | 485 | 360 | 556 |
(Reversal of) provision for loan losses | (15) | (24) | (1) | (50) |
Other | (1) | 0 | ||
Loans charged-off | (1) | (29) | ||
Recoveries of loans previously charged-off | 7 | 4 | 13 | |
Allowance for loan losses, end of period | 362 | 435 | 362 | 435 |
Consumer | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | 84 | 85 | 86 | 83 |
(Reversal of) provision for loan losses | 2 | 4 | 8 | 16 |
Other | 0 | 0 | ||
Loans charged-off | (9) | (11) | ||
Recoveries of loans previously charged-off | 1 | 0 | 1 | |
Allowance for loan losses, end of period | 78 | 78 | 78 | 78 |
Unallocated | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for loan losses, beginning of period | 5 | 0 | 30 | 0 |
(Reversal of) provision for loan losses | 0 | 0 | (25) | 0 |
Other | 0 | 0 | ||
Loans charged-off | 0 | 0 | 0 | 0 |
Recoveries of loans previously charged-off | 0 | 0 | 0 | 0 |
Allowance for loan losses, end of period | $ 5 | $ 0 | 5 | 0 |
Commercial Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans charged-off | (7) | (84) | ||
Recoveries of loans previously charged-off | 10 | |||
Consumer Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans charged-off | (19) | $ (22) | ||
Recoveries of loans previously charged-off | $ 3 |
Loans and Allowance for Loan Losses - Allowance for Loan Losses and Related Loan Balances by Portfolio Segment (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
||
---|---|---|---|---|---|---|---|---|
Loan losses allowance | ||||||||
Individually evaluated for impairment | $ 77 | $ 73 | ||||||
Collectively evaluated for impairment | 368 | 403 | ||||||
Total allowance for loan losses | 445 | $ 460 | 476 | $ 513 | $ 570 | $ 639 | ||
Loans held for investment: | ||||||||
Individually evaluated for impairment | 777 | 865 | ||||||
Collectively evaluated for impairment | 81,459 | 79,149 | ||||||
Loans held for investment | [1] | 82,236 | 80,014 | |||||
Commercial | ||||||||
Loan losses allowance | ||||||||
Total allowance for loan losses | 362 | 371 | 360 | 435 | 485 | 556 | ||
Loans held for investment: | ||||||||
Loans held for investment | 40,830 | 40,909 | ||||||
Consumer | ||||||||
Loan losses allowance | ||||||||
Total allowance for loan losses | 78 | 84 | 86 | 78 | 85 | 83 | ||
Loans held for investment: | ||||||||
Loans held for investment | 41,406 | 39,105 | ||||||
Unallocated | ||||||||
Loan losses allowance | ||||||||
Total allowance for loan losses | 5 | $ 5 | 30 | $ 0 | $ 0 | $ 0 | ||
Loans held for investment: | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 0 | |||||||
Loans held for investment | 0 | |||||||
Unallocated | ||||||||
Loan losses allowance | ||||||||
Individually evaluated for impairment | 0 | 0 | ||||||
Collectively evaluated for impairment | 5 | 30 | ||||||
Total allowance for loan losses | 30 | |||||||
Loans held for investment: | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 0 | |||||||
Loans held for investment | 0 | |||||||
Commercial Loans | ||||||||
Loan losses allowance | ||||||||
Individually evaluated for impairment | 64 | 58 | ||||||
Collectively evaluated for impairment | 298 | 302 | ||||||
Loans held for investment: | ||||||||
Individually evaluated for impairment | 480 | 544 | ||||||
Collectively evaluated for impairment | 40,350 | 40,365 | ||||||
Consumer Loans | ||||||||
Loan losses allowance | ||||||||
Individually evaluated for impairment | 13 | 15 | ||||||
Collectively evaluated for impairment | 65 | 71 | ||||||
Loans held for investment: | ||||||||
Individually evaluated for impairment | 297 | 321 | ||||||
Collectively evaluated for impairment | $ 41,109 | $ 38,784 | ||||||
|
Loans and Allowance for Loan Losses - Summary of Nonaccrual Loans (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Nonaccrual loans | ||
Nonaccrual loans | $ 404 | $ 465 |
Troubled debt restructured loans that continue to accrue interest | 337 | 348 |
Troubled debt restructured nonaccrual loans (included in the total nonaccrual loans above) | 239 | 229 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans | 281 | 339 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans | 123 | 126 |
Residential mortgage | Consumer Loans | ||
Nonaccrual loans | ||
Nonaccrual loans | 100 | 104 |
Home equity and other consumer loans | Consumer Loans | ||
Nonaccrual loans | ||
Nonaccrual loans | 23 | 22 |
Commercial mortgage | Commercial Loans | ||
Nonaccrual loans | ||
Nonaccrual loans | 11 | 20 |
Commercial and industrial | Commercial Loans | ||
Nonaccrual loans | ||
Nonaccrual loans | $ 270 | $ 319 |
Loans and Allowance for Loan Losses - Aging of Balance of Loans Held for Investment By Class (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Aging of loans | ||||
Current | $ 81,920 | $ 79,687 | ||
Total past due | 316 | 327 | ||
Loans held for investment | [1] | 82,236 | 80,014 | |
Loans 90 days or more past due and still accruing | 10 | 12 | ||
30 to 89 Days Past Due | ||||
Aging of loans | ||||
Total past due | 192 | 207 | ||
90 Days or More Past Due | ||||
Aging of loans | ||||
Total past due | 124 | 120 | ||
Commercial | ||||
Aging of loans | ||||
Current | 40,717 | 40,807 | ||
Total past due | 113 | 102 | ||
Loans held for investment | 40,830 | 40,909 | ||
Commercial | Commercial and industrial | ||||
Aging of loans | ||||
Total past due | 94 | 80 | ||
Loans held for investment | 24,478 | 24,814 | ||
Commercial | Commercial mortgage | ||||
Aging of loans | ||||
Total past due | 19 | 22 | ||
Loans held for investment | 14,790 | 14,320 | ||
Commercial | Construction | ||||
Aging of loans | ||||
Total past due | 0 | 0 | ||
Loans held for investment | 1,562 | 1,775 | ||
Commercial | 30 to 89 Days Past Due | ||||
Aging of loans | ||||
Total past due | 33 | 33 | ||
Commercial | 90 Days or More Past Due | ||||
Aging of loans | ||||
Total past due | 80 | 69 | ||
Consumer | ||||
Aging of loans | ||||
Current | 41,203 | 38,880 | ||
Total past due | 203 | 225 | ||
Loans held for investment | 41,406 | 39,105 | ||
Consumer | Residential mortgage | ||||
Aging of loans | ||||
Total past due | 172 | 190 | ||
Loans held for investment | 37,552 | 35,643 | ||
Consumer | Home equity and other consumer loans | ||||
Aging of loans | ||||
Total past due | 31 | 35 | ||
Loans held for investment | 3,854 | 3,462 | ||
Consumer | 30 to 89 Days Past Due | ||||
Aging of loans | ||||
Total past due | 159 | 174 | ||
Consumer | 90 Days or More Past Due | ||||
Aging of loans | ||||
Total past due | 44 | 51 | ||
Home equity and other consumer loans | Consumer Loans | ||||
Aging of loans | ||||
Current | 3,823 | 3,427 | ||
30 to 89 Days Past Due | 20 | 23 | ||
90 Days or More Past Due | 11 | 12 | ||
Residential mortgage | Consumer Loans | ||||
Aging of loans | ||||
Current | 37,380 | 35,453 | ||
30 to 89 Days Past Due | 139 | 151 | ||
90 Days or More Past Due | 33 | 39 | ||
Commercial mortgage | Commercial Loans | ||||
Aging of loans | ||||
Current | 14,771 | 14,298 | ||
30 to 89 Days Past Due | 17 | 16 | ||
90 Days or More Past Due | 2 | 6 | ||
Commercial and industrial | Commercial Loans | ||||
Aging of loans | ||||
Current | 24,384 | 24,734 | ||
30 to 89 Days Past Due | 16 | 17 | ||
90 Days or More Past Due | 78 | 63 | ||
Construction | Commercial Loans | ||||
Aging of loans | ||||
Current | 1,562 | 1,775 | ||
30 to 89 Days Past Due | 0 | 0 | ||
90 Days or More Past Due | $ 0 | $ 0 | ||
|
Loans and Allowance for Loan Losses - Loans in Commercial Portfolio Segment Monitored for Credit Quality Based on Regulatory Risk Ratings (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Commercial | ||
Aging of loans | ||
Total loans | $ 40,830 | $ 40,909 |
Commercial | Pass | ||
Aging of loans | ||
Total loans | 39,332 | 39,345 |
Commercial | Special Mention | ||
Aging of loans | ||
Total loans | 518 | 530 |
Commercial | Classified | ||
Aging of loans | ||
Total loans | 980 | 1,034 |
Commercial | Commercial and industrial | ||
Aging of loans | ||
Total loans | 24,478 | 24,814 |
Commercial | Commercial mortgage | ||
Aging of loans | ||
Total loans | 14,790 | 14,320 |
Commercial | Construction | ||
Aging of loans | ||
Total loans | 1,562 | 1,775 |
Commercial mortgage | Commercial Loans | Pass | ||
Aging of loans | ||
Total loans | 14,532 | 14,081 |
Commercial mortgage | Commercial Loans | Special Mention | ||
Aging of loans | ||
Total loans | 83 | 80 |
Commercial mortgage | Commercial Loans | Classified | ||
Aging of loans | ||
Total loans | 175 | 159 |
Commercial and industrial | Commercial Loans | Pass | ||
Aging of loans | ||
Total loans | 23,333 | 23,632 |
Commercial and industrial | Commercial Loans | Special Mention | ||
Aging of loans | ||
Total loans | 418 | 435 |
Commercial and industrial | Commercial Loans | Classified | ||
Aging of loans | ||
Total loans | 727 | 747 |
Construction | Commercial Loans | Pass | ||
Aging of loans | ||
Total loans | 1,467 | 1,632 |
Construction | Commercial Loans | Special Mention | ||
Aging of loans | ||
Total loans | 17 | 15 |
Construction | Commercial Loans | Classified | ||
Aging of loans | ||
Total loans | $ 78 | $ 128 |
Loans and Allowance for Loan Losses - Loans in Consumer Portfolio an Purchased credit-impaired loans (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Consumer portfolio loans | ||
Nonaccrual | $ 404 | $ 465 |
Consumer | ||
Consumer portfolio loans | ||
Loans covered by FDIC loss share agreements | 7 | 8 |
Accrual | 41,276 | 38,971 |
Nonaccrual | 123 | 126 |
Total loans held for investment, before purchased credit-impaired loans | 41,399 | 39,097 |
Consumer | Residential Mortgage | ||
Consumer portfolio loans | ||
Total loans held for investment, before purchased credit-impaired loans | 37,547 | 35,638 |
Consumer | Home equity and other consumer loans | ||
Consumer portfolio loans | ||
Total loans held for investment, before purchased credit-impaired loans | 3,852 | 3,459 |
Residential Mortgage | Consumer Loans Portfolio Segment [Member] | ||
Consumer portfolio loans | ||
Accrual | 37,447 | 35,534 |
Nonaccrual | 100 | 104 |
Home equity and other consumer loans | Consumer Loans Portfolio Segment [Member] | ||
Consumer portfolio loans | ||
Accrual | 3,829 | 3,437 |
Nonaccrual | $ 23 | $ 22 |
Loans and Allowance for Loan Losses - Loans in Consumer Portfolio Segment Based on Refreshed FICO Scores (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
||||
Consumer Loans | |||||
Credit quality of consumer loans | |||||
Percentage of total | 100.00% | 100.00% | |||
Consumer | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 40,960 | $ 38,685 | |||
Consumer | FICO Score 720 and Above | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 33,459 | 31,190 | |||
Consumer | FICO Score Below 720 | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 7,049 | 7,000 | |||
Consumer | No FICO Available | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | [1] | 452 | 495 | ||
Consumer | Residential mortgage | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | 37,167 | 35,279 | |||
Consumer | Home equity and other consumer loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 3,793 | $ 3,406 | |||
FICO Score 720 and Above | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Percentage of total | 82.00% | 81.00% | |||
FICO Score 720 and Above | Residential mortgage | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 30,742 | $ 28,786 | |||
FICO Score 720 and Above | Home equity and other consumer loans | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 2,717 | $ 2,404 | |||
FICO Score Below 720 | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Percentage of total | 17.00% | 18.00% | |||
FICO Score Below 720 | Residential mortgage | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 6,028 | $ 6,082 | |||
FICO Score Below 720 | Home equity and other consumer loans | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 1,021 | $ 918 | |||
No FICO Available | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Percentage of total | 1.00% | [1] | 1.00% | ||
No FICO Available | Residential mortgage | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 397 | $ 411 | |||
No FICO Available | Home equity and other consumer loans | Consumer Loans | |||||
Credit quality of consumer loans | |||||
Loan balances, excluding loans serviced by third parties and loans covered by FDIC loss share agreements | $ 55 | $ 84 | |||
|
Loans and Allowance for Loan Losses - Loans in Consumer Portfolio Segment Based on Refreshed LTV ratios (Details) - USD ($) $ in Millions |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
Consumer Loans | ||||
Credit quality of consumer loans | ||||
Percentage of total loans categorized by LTV ratio | 100.00% | 100.00% | ||
Consumer | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 39,419 | $ 37,636 | ||
Consumer | Less than or Equal to 80 Percent | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | 38,603 | 36,524 | ||
Consumer | Greater than 80 and Less than 100 Percent | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | 741 | 1,019 | ||
Consumer | Greater than or Equal to 100 Percent | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | 42 | 28 | ||
Consumer | No LTV Available | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | [1] | 33 | 65 | |
Consumer | Residential mortgage | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | 37,167 | 35,279 | ||
Consumer | Home equity loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 2,252 | $ 2,357 | ||
Less than or Equal to 80 Percent | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Percentage of total loans categorized by LTV ratio | 98.00% | 97.00% | ||
Less than or Equal to 80 Percent | Home Equity Line of Credit [Member] | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 1,988 | $ 2,052 | ||
Less than or Equal to 80 Percent | Residential mortgage | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 36,615 | $ 34,472 | ||
Greater than 80 and Less than 100 Percent | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Percentage of total loans categorized by LTV ratio | 2.00% | 3.00% | ||
Greater than 80 and Less than 100 Percent | Home Equity Line of Credit [Member] | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 219 | $ 248 | ||
Greater than 80 and Less than 100 Percent | Residential mortgage | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 522 | $ 771 | ||
Greater than or Equal to 100 Percent | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Percentage of total loans categorized by LTV ratio | 0.00% | 0.00% | ||
Greater than or Equal to 100 Percent | Home Equity Line of Credit [Member] | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 15 | $ 24 | ||
Greater than or Equal to 100 Percent | Residential mortgage | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 27 | $ 4 | ||
No LTV Available | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Percentage of total loans categorized by LTV ratio | 0.00% | 0.00% | ||
No LTV Available | Home Equity Line of Credit [Member] | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 30 | $ 33 | ||
No LTV Available | Residential mortgage | Consumer Loans | ||||
Credit quality of consumer loans | ||||
Loans categorized by LTV ratio | $ 3 | $ 32 | ||
|
Loans and Allowance for Loan Losses - Summary of Troubled Debt Restructurings (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Pre- and Post - modification recorded investments | ||
Commitment to lend additional funds to borrowers with loan modifications classified as TDRs | $ 40 | $ 66 |
Financing Receivable, Modifications, Recorded Investment | 576 | 577 |
Commercial | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 351 | 337 |
Consumer | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 225 | 240 |
Construction | Commercial Loans | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 78 | 128 |
Home equity and other consumer loans | Consumer Loans | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 23 | 25 |
Residential mortgage | Consumer Loans | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 202 | 215 |
Commercial mortgage | Commercial Loans | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | 54 | 7 |
Commercial and industrial | Commercial Loans | ||
Pre- and Post - modification recorded investments | ||
Financing Receivable, Modifications, Recorded Investment | $ 219 | $ 202 |
Loans and Allowance for Loan Losses - Pre- and Post-Modification Outstanding Recorded Investment Amounts of Troubled Debt Restructurings (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
||||||
Pre- and Post - modification recorded investments | ||||||||||
Financing Receivable, Modifications, Recorded Investment | $ 576 | $ 576 | $ 577 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | 92 | $ 25 | 107 | $ 168 | |||||
Post-Modification Outstanding Recorded Investment | [2] | 92 | 25 | 107 | 168 | |||||
Commercial | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Financing Receivable, Modifications, Recorded Investment | 351 | 351 | 337 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | 90 | 19 | 104 | 158 | |||||
Post-Modification Outstanding Recorded Investment | [2] | 90 | 19 | 104 | 158 | |||||
Commercial | Commercial and industrial | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Pre-Modification Outstanding Recorded Investment | 90 | 18 | 104 | 96 | ||||||
Post-Modification Outstanding Recorded Investment | 90 | 18 | 104 | 96 | ||||||
Commercial | Commercial mortgage | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Pre-Modification Outstanding Recorded Investment | 1 | 1 | ||||||||
Post-Modification Outstanding Recorded Investment | 1 | 1 | ||||||||
Commercial | Construction | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Pre-Modification Outstanding Recorded Investment | 0 | 61 | ||||||||
Post-Modification Outstanding Recorded Investment | 0 | 61 | ||||||||
Consumer | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Financing Receivable, Modifications, Recorded Investment | 225 | 225 | 240 | |||||||
Pre-Modification Outstanding Recorded Investment | [1] | 2 | 6 | 3 | 10 | |||||
Post-Modification Outstanding Recorded Investment | [2] | 2 | 6 | 3 | 10 | |||||
Consumer | Residential mortgage | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Pre-Modification Outstanding Recorded Investment | 1 | 4 | 2 | 8 | ||||||
Post-Modification Outstanding Recorded Investment | 1 | 4 | 2 | 8 | ||||||
Consumer | Home equity and other consumer loans | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Pre-Modification Outstanding Recorded Investment | 2 | 2 | ||||||||
Post-Modification Outstanding Recorded Investment | $ 2 | $ 2 | ||||||||
Construction | Commercial Loans Portfolio Segment [Member] | ||||||||||
Pre- and Post - modification recorded investments | ||||||||||
Financing Receivable, Modifications, Recorded Investment | $ 78 | $ 78 | $ 128 | |||||||
|
Loans and Allowance for Loan Losses - Recorded Investment Amounts of Troubled Debt Restructurings (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Troubled debt restructured loans | ||||
Minimum defaulting period | 60 days | |||
Total troubled debt restructured loans at date of default | $ 2 | $ 17 | $ 2 | $ 21 |
Commercial | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 17 | 20 | ||
Commercial | Commercial and industrial | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 17 | |||
Commercial | Commercial Real Estate [Member] | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 0 | |||
Consumer | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 2 | 0 | 2 | 1 |
Consumer | Residential mortgage | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | $ 2 | $ 0 | ||
Commercial and industrial | Commercial Loans Portfolio Segment [Member] | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 19 | |||
Commercial mortgage | Commercial Loans Portfolio Segment [Member] | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | 1 | |||
Residential mortgage | Consumer Loans | ||||
Troubled debt restructured loans | ||||
Total troubled debt restructured loans at date of default | $ 2 | $ 1 |
Loans and Allowance for Loan Losses - Information about Impaired Loans by Class (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Loan impairment | ||
Recorded investment with an allowance | $ 543 | $ 567 |
Recorded investment without an allowance | 234 | 298 |
Impaired loans | 777 | 865 |
Allowance for impaired loans | 77 | 73 |
Unpaid principal balance with an allowance | 616 | 645 |
Unpaid principal balance without an allowance | 272 | 326 |
Commercial | ||
Loan impairment | ||
Recorded investment with an allowance | 314 | 320 |
Recorded investment without an allowance | 166 | 224 |
Impaired loans | 480 | 544 |
Allowance for impaired loans | 64 | 58 |
Unpaid principal balance with an allowance | 372 | 381 |
Unpaid principal balance without an allowance | 186 | 233 |
Commercial | Commercial and industrial | ||
Loan impairment | ||
Impaired loans | 322 | 380 |
Commercial | Commercial mortgage | ||
Loan impairment | ||
Impaired loans | 80 | 36 |
Commercial | Construction | ||
Loan impairment | ||
Recorded investment with an allowance | 0 | 0 |
Impaired loans | 78 | 128 |
Allowance for impaired loans | 0 | 0 |
Unpaid principal balance with an allowance | 0 | 0 |
Consumer | ||
Loan impairment | ||
Recorded investment with an allowance | 229 | 247 |
Recorded investment without an allowance | 68 | 74 |
Impaired loans | 297 | 321 |
Allowance for impaired loans | 13 | 15 |
Unpaid principal balance with an allowance | 244 | 264 |
Unpaid principal balance without an allowance | 86 | 93 |
Consumer | Residential mortgage | ||
Loan impairment | ||
Impaired loans | 260 | 277 |
Consumer | Home equity and other consumer loans | ||
Loan impairment | ||
Impaired loans | 37 | 44 |
Home equity and other consumer loans | Consumer Loans | ||
Loan impairment | ||
Recorded investment with an allowance | 24 | 29 |
Recorded investment without an allowance | 13 | 15 |
Allowance for impaired loans | 0 | 0 |
Unpaid principal balance with an allowance | 25 | 30 |
Unpaid principal balance without an allowance | 22 | 24 |
Commercial mortgage | Commercial Loans Portfolio Segment [Member] | ||
Loan impairment | ||
Recorded investment with an allowance | 26 | 33 |
Recorded investment without an allowance | 54 | 3 |
Allowance for impaired loans | 0 | 1 |
Unpaid principal balance with an allowance | 26 | 33 |
Unpaid principal balance without an allowance | 54 | 3 |
Commercial and industrial | Commercial Loans Portfolio Segment [Member] | ||
Loan impairment | ||
Recorded investment with an allowance | 288 | 287 |
Recorded investment without an allowance | 34 | 93 |
Allowance for impaired loans | 64 | 57 |
Unpaid principal balance with an allowance | 346 | 348 |
Unpaid principal balance without an allowance | 54 | 102 |
Construction loans portfolio [Member] | Construction | ||
Loan impairment | ||
Recorded investment without an allowance | 78 | 128 |
Unpaid principal balance without an allowance | 78 | 128 |
Residential mortgage | Consumer Loans | ||
Loan impairment | ||
Recorded investment with an allowance | 205 | 218 |
Recorded investment without an allowance | 55 | 59 |
Allowance for impaired loans | 13 | 15 |
Unpaid principal balance with an allowance | 219 | 234 |
Unpaid principal balance without an allowance | $ 64 | $ 69 |
Loans and Allowance for Loan Losses - Average Investment in Impaired Loans and Interest Income Recognized for Impaired Loans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Loan impairment | ||||
Average Recorded Investment | $ 760 | $ 752 | $ 766 | $ 765 |
Recognized Interest Income | 17 | 4 | 36 | 10 |
Commercial | ||||
Loan impairment | ||||
Average Recorded Investment | 458 | 491 | 458 | 501 |
Recognized Interest Income | 13 | 1 | 27 | 5 |
Consumer | ||||
Loan impairment | ||||
Average Recorded Investment | 302 | 261 | 308 | 264 |
Recognized Interest Income | 4 | 3 | 9 | 5 |
Commercial and industrial | Commercial | ||||
Loan impairment | ||||
Average Recorded Investment | 296 | 419 | ||
Recognized Interest Income | 3 | 0 | ||
ERROR in label resolution. | Commercial | ||||
Loan impairment | ||||
Average Recorded Investment | 51 | 61 | ||
Recognized Interest Income | 8 | 1 | ||
Residential mortgage | Consumer | ||||
Loan impairment | ||||
Average Recorded Investment | 264 | 233 | ||
Recognized Interest Income | 3 | 2 | ||
Construction | Commercial | ||||
Loan impairment | ||||
Average Recorded Investment | 111 | 11 | ||
Recognized Interest Income | 2 | 0 | ||
Home equity and other consumer loans | Consumer | ||||
Loan impairment | ||||
Average Recorded Investment | 38 | 28 | ||
Recognized Interest Income | $ 1 | $ 1 | ||
Commercial and industrial | Commercial Loans Portfolio Segment [Member] | ||||
Loan impairment | ||||
Average Recorded Investment | 294 | 447 | ||
Recognized Interest Income | 5 | 4 | ||
Construction | Commercial Loans Portfolio Segment [Member] | ||||
Loan impairment | ||||
Average Recorded Investment | 120 | 14 | ||
Recognized Interest Income | 4 | 0 | ||
Home equity and other consumer loans | Consumer Loans | ||||
Loan impairment | ||||
Average Recorded Investment | 40 | 29 | ||
Recognized Interest Income | 2 | 1 | ||
Residential mortgage | Consumer Loans | ||||
Loan impairment | ||||
Average Recorded Investment | 268 | 235 | ||
Recognized Interest Income | 7 | 4 | ||
Commercial mortgage | Commercial Loans Portfolio Segment [Member] | ||||
Loan impairment | ||||
Average Recorded Investment | 44 | 40 | ||
Recognized Interest Income | $ 18 | $ 1 |
Loans and Allowance for Loan Losses - Loan Transfers from Held to Investment to Held for Sale and Proceeds from Sales of Loans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Loans disclosures | ||||
Net transfer of loans held for investment to (from) loans held for sale | $ 24 | $ 126 | $ (67) | $ 356 |
Proceeds from sale | 274 | 299 | 514 | 646 |
Commercial | ||||
Loans disclosures | ||||
Net transfer of loans held for investment to (from) loans held for sale | 24 | 126 | (67) | 360 |
Proceeds from sale | 274 | 299 | 514 | 646 |
Consumer | ||||
Loans disclosures | ||||
Net transfer of loans held for investment to (from) loans held for sale | 0 | 0 | 0 | (4) |
Proceeds from sale | $ 0 | $ 0 | $ 0 | $ 0 |
Variable Interest Entities - Consolidated VIEs (Details) $ in Millions |
Jun. 30, 2018
USD ($)
investment
|
Dec. 31, 2017
USD ($)
|
---|---|---|
Variable Interest Entities | ||
Interest bearing deposits in banks | $ 4,844 | $ 1,335 |
Consolidated Assets | ||
Other Assets | 8,551 | 8,800 |
Consolidated Liabilities | ||
Other Liabilities | 1,784 | 2,143 |
Consolidated VIEs | ||
Variable Interest Entities | ||
Interest bearing deposits in banks | 1 | 1 |
Consolidated Assets | ||
Loans Held for Investment, net | 574 | 583 |
Other Assets | 201 | 226 |
Total Assets | 776 | 810 |
Consolidated Liabilities | ||
Other Liabilities | 22 | 24 |
Total Liabilities | 22 | 24 |
Consolidated VIEs | LIHC investments | ||
Variable Interest Entities | ||
Interest bearing deposits in banks | 0 | 0 |
Consolidated Assets | ||
Loans Held for Investment, net | 0 | 0 |
Other Assets | 54 | 68 |
Total Assets | 54 | 68 |
Consolidated Liabilities | ||
Other Liabilities | 0 | 0 |
Total Liabilities | $ 0 | 0 |
Number of LIHC investment fund | investment | 2 | |
Consolidated VIEs | Leasing investments | ||
Variable Interest Entities | ||
Interest bearing deposits in banks | $ 1 | 1 |
Consolidated Assets | ||
Loans Held for Investment, net | 574 | 583 |
Other Assets | 147 | 158 |
Total Assets | 722 | 742 |
Consolidated Liabilities | ||
Other Liabilities | 22 | 24 |
Total Liabilities | $ 22 | $ 24 |
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|||
Unconsolidated Assets | |||||
Interest Bearing Deposits in Banks | $ 4,844 | $ 1,335 | |||
Securities Available for Sale | 16,017 | 17,563 | |||
Loans held for investment | [1] | 82,236 | 80,014 | ||
Other Assets | 8,551 | 8,800 | |||
Unconsolidated Liabilities | |||||
Other Liabilities | 1,784 | 2,143 | |||
Unconsolidated VIEs | |||||
Unconsolidated Assets | |||||
Interest Bearing Deposits in Banks | 1 | 1 | |||
Securities Available for Sale | 28 | 29 | |||
Loans held for investment | 277 | 276 | |||
Other Assets | 2,555 | 2,799 | |||
Total Assets | 2,861 | 3,105 | |||
Unconsolidated Liabilities | |||||
Other Liabilities | 256 | 307 | |||
Total Liabilities | 256 | 307 | |||
Maximum Exposure to Loss | 2,922 | 3,208 | |||
Unconsolidated VIEs | LIHC investments | |||||
Variable Interest Entities | |||||
Liabilities Assumed | 45 | $ 18 | |||
Unconsolidated Assets | |||||
Interest Bearing Deposits in Banks | 0 | 0 | |||
Securities Available for Sale | 28 | 29 | |||
Loans held for investment | 235 | 228 | |||
Other Assets | 1,008 | 1,028 | |||
Total Assets | 1,271 | 1,285 | |||
Unconsolidated Liabilities | |||||
Other Liabilities | 208 | 254 | |||
Total Liabilities | 208 | 254 | |||
Maximum Exposure to Loss | 1,271 | 1,284 | |||
Unconsolidated VIEs | Leasing investments | |||||
Unconsolidated Assets | |||||
Interest Bearing Deposits in Banks | 1 | 1 | |||
Securities Available for Sale | 0 | 0 | |||
Loans held for investment | 22 | 24 | |||
Other Assets | 1,518 | 1,745 | |||
Total Assets | 1,541 | 1,770 | |||
Unconsolidated Liabilities | |||||
Other Liabilities | 48 | 53 | |||
Total Liabilities | 48 | 53 | |||
Maximum Exposure to Loss | 1,562 | 1,792 | |||
Unconsolidated VIEs | Other investments | |||||
Unconsolidated Assets | |||||
Interest Bearing Deposits in Banks | 0 | 0 | |||
Securities Available for Sale | 0 | 0 | |||
Loans held for investment | 20 | 24 | |||
Other Assets | 29 | 26 | |||
Total Assets | 49 | 50 | |||
Unconsolidated Liabilities | |||||
Other Liabilities | 0 | 0 | |||
Total Liabilities | 0 | 0 | |||
Maximum Exposure to Loss | $ 89 | $ 132 | |||
|
Variable Interest Entities - Unconsolidated LIHC Investments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Other Non Interest Expenses | ||||
Noncontrolling Interest [Line Items] | ||||
Losses from LIHC investments included in other noninterest expense | $ 2 | $ 2 | $ 4 | $ 4 |
Income Tax Expense | ||||
Noncontrolling Interest [Line Items] | ||||
Amortization of LIHC investments included in income tax expense | 34 | 36 | 68 | 69 |
Tax credits and other tax benefits from LIHC investments included in income tax expense | $ 47 | $ 47 | $ 91 | $ 92 |
Securities Financing Arrangements - Secured Borrowings by Contractual Maturity and Class of Collateral Pledged (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 38,254 | $ 37,388 |
Securities loaned | 1,064 | 879 |
Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 22,280 | |
Securities loaned | 672 | 446 |
Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 4,391 | |
Securities loaned | 346 | 332 |
31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 9,404 | |
Securities loaned | 46 | 101 |
Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 1,115 | |
Securities loaned | 0 | 0 |
U.S. Treasury securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 13,793 | 12,818 |
U.S. Treasury securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 11,769 | 8,244 |
U.S. Treasury securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 250 | 2,370 |
U.S. Treasury securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 1,409 | 1,046 |
U.S. Treasury securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 365 | 1,158 |
U.S. government-sponsored agency securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 92 | 216 |
U.S. government-sponsored agency securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 92 | 115 |
U.S. government-sponsored agency securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 38 |
U.S. government-sponsored agency securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 63 |
U.S. government-sponsored agency securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Other sovereign government obligations | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 4 | |
Other sovereign government obligations | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | |
Other sovereign government obligations | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | |
Other sovereign government obligations | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 4 | |
Other sovereign government obligations | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | |
Money market securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 28 | 7 |
Money market securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 2 | 1 |
Money market securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Money market securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 26 | 6 |
Money market securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Asset-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 196 | |
Asset-backed securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 32 | |
Asset-backed securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | |
Asset-backed securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 164 | |
Asset-backed securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | |
Mortgage-backed securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 19,965 | 19,403 |
Securities loaned | 219 | |
Mortgage-backed securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 9,011 | 8,322 |
Securities loaned | 0 | |
Mortgage-backed securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 3,872 | 4,972 |
Securities loaned | 219 | |
Mortgage-backed securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 6,332 | 5,859 |
Securities loaned | 0 | |
Mortgage-backed securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 750 | 250 |
Securities loaned | 0 | |
Corporate bonds | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 2,320 | 2,325 |
Securities loaned | 322 | |
Corporate bonds | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 1,044 | 580 |
Securities loaned | 0 | |
Corporate bonds | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 142 | 620 |
Securities loaned | 322 | |
Corporate bonds | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 1,134 | 1,125 |
Securities loaned | 0 | |
Corporate bonds | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | |
State and municipal securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 534 | 559 |
State and municipal securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 249 | 283 |
State and municipal securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 21 | 0 |
State and municipal securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 264 | 276 |
State and municipal securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Equity securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 458 | 981 |
Securities loaned | 845 | 557 |
Equity securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 113 | 416 |
Securities loaned | 672 | 446 |
Equity securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 106 | 376 |
Securities loaned | 127 | 10 |
Equity securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 239 | 189 |
Securities loaned | 46 | 101 |
Equity securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 0 | 0 |
Securities loaned | 0 | 0 |
Trading securities | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 37,190 | 36,509 |
Trading securities | Overnight and continuous | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 17,993 | |
Trading securities | Up to 30 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 8,376 | |
Trading securities | 31-90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | 8,732 | |
Trading securities | Greater than 90 days | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities sold under agreements to repurchase | $ 1,408 |
Securities Financing Arrangements - Schedule of Offsetting Financial Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
---|---|---|
Derivative assets | ||
Gross Amounts of Recognized Assets | $ 807 | $ 1,322 |
Gross Amounts Offset in Balance Sheet | 331 | 607 |
Net Amounts Presented in Balance Sheet | 476 | 715 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 14 | 25 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 462 | 690 |
Securities borrowed or purchased under resale agreements | ||
Gross Amounts of Recognized Assets | 32,723 | 31,845 |
Gross Amounts Offset in Balance Sheet | 12,675 | 10,951 |
Net Amounts Presented in Balance Sheet | 20,048 | 20,894 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 19,953 | 20,816 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 95 | 78 |
Total Financial Assets | ||
Gross Amounts of Recognized Assets | 33,530 | 33,167 |
Gross Amounts Offset in Balance Sheet | 13,006 | 11,558 |
Net Amounts Presented in Balance Sheet | 20,524 | 21,609 |
Gross Amounts Not Offset In Balance Sheet, Financial Instruments | 19,967 | 20,841 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 557 | 768 |
Derivative liabilities | ||
Gross Amounts of Recognized Liabilities | 934 | 1,127 |
Gross Amounts Offset in Balance Sheet | 336 | 620 |
Net Amounts Presented in Balance Sheet | 598 | 507 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 86 | 142 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 512 | 365 |
Securities loaned or sold under repurchase agreements | ||
Gross Amounts of Recognized Assets/Liabilities | 38,254 | 37,388 |
Gross Amounts Offset in Balance Sheet | 12,675 | 10,951 |
Net Amounts Presented in Balance Sheet | 25,579 | 26,437 |
Gross Amounts Not Offset in Balance Sheet, Financial Instruments | 24,773 | 25,639 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | 806 | 798 |
Total Financial Liabilities | ||
Gross Amounts of Recognized Assets/Liabilities | 39,188 | 38,515 |
Gross Amounts Offset in Balance Sheet | 13,011 | 11,571 |
Net Amounts Presented in Balance Sheet | 26,177 | 26,944 |
Gross Amount Not Offset in Balance Sheet, Financial Instruments | 24,859 | 25,781 |
Gross Amounts Not Offset in Balance Sheet, Cash Collateral Received/Pledged | 0 | 0 |
Net Amount | $ 1,318 | $ 1,163 |
Commercial Paper and Other Short-Term Borrowings (Details) $ in Millions, ¥ in Billions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2018
JPY (¥)
|
Dec. 31, 2017
USD ($)
|
|
Short-term Debt [Line Items] | |||
Total commercial paper and other short-term borrowings | $ 9,764 | $ 7,066 | |
MUFG Union Bank N.A | |||
Short-term Debt [Line Items] | |||
Total commercial paper and other short-term borrowings | 8,662 | $ 6,097 | |
MUFG Union Bank N.A | Commercial paper | |||
Short-term Debt [Line Items] | |||
Weighted average interest rate at period end | 1.26% | ||
Commercial paper | $ 462 | $ 347 | |
MUFG Union Bank N.A | Federal Home Loan Bank Advances | |||
Short-term Debt [Line Items] | |||
Weighted average interest rate at period end | 2.06% | 2.06% | 1.42% |
Federal home loan bank advances | $ 8,200 | $ 5,750 | |
MUFG Americas Holding Corporation | |||
Short-term Debt [Line Items] | |||
Weighted average interest rate at period end | 2.64% | 2.64% | 1.88% |
Total commercial paper and other short-term borrowings | $ 1,102 | $ 969 | |
Short-term debt due to parent | $ 151 | $ 168 | |
MUFG Americas Holding Corporation | Affiliated Entity | |||
Short-term Debt [Line Items] | |||
Weighted average interest rate at period end | (0.08%) | (0.08%) | (0.09%) |
Short term debt due to affiliates | $ 951 | ¥ 105 | $ 801 |
Line of Credit | MUFG Americas Holding Corporation | |||
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,400 | ¥ 160 | |
Line of credit facility, extension period (in days) | 100 days |
Long-Term Debt (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
loan
|
Jun. 30, 2018
USD ($)
|
Jun. 30, 2017
USD ($)
|
Dec. 31, 2017
USD ($)
|
Mar. 31, 2018 |
|
Debt Instrument | |||||
Long-term debt | $ 14,192,000,000 | $ 12,162,000,000 | |||
Proceeds from issuance of long-term debt | 4,050,000,000 | $ 0 | |||
Parent Company [Member] | |||||
Debt Instrument | |||||
Long-term debt | 6,298,000,000 | 6,997,000,000 | |||
Parent Company [Member] | Senior debt obligations | Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 0 | $ 250,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 0.00% | 1.97% | |||
Parent Company [Member] | Senior debt obligations | Floating rate senior notes due February 2018. These notes, which bore interest at 0.57% above 3-month LIBOR, had a rate of 1.97% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 0.00% | 0.57% | |||
Parent Company [Member] | Senior debt obligations | Fixed rate 1.625% notes due February 2018 | |||||
Debt Instrument | |||||
Long-term debt | $ 0 | $ 450,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 1.63% | ||||
Parent Company [Member] | Senior debt obligations | Fixed rate 2.25% notes due February 2020 | |||||
Debt Instrument | |||||
Long-term debt | $ 998,000,000 | 998,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 2.25% | ||||
Parent Company [Member] | Senior debt obligations | Fixed rate 3.50% notes due June 2022 | |||||
Debt Instrument | |||||
Long-term debt | $ 398,000,000 | 398,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 3.50% | ||||
Parent Company [Member] | Senior debt obligations | Fixed rate 3.00% notes due February 2025 | |||||
Debt Instrument | |||||
Long-term debt | $ 496,000,000 | 496,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 3.00% | ||||
Parent Company [Member] | Senior debt obligations | Floating rate debt due March 2020. This note, which bears interest at 0.86% above 3-month LIBOR, had a rate of 3.21% at June 30, 2018 and 2.45% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 545,000,000 | $ 545,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 3.21% | 2.45% | |||
Parent Company [Member] | Senior debt obligations | Floating rate debt due March 2020. This note, which bears interest at 0.86% above 3-month LIBOR, had a rate of 3.21% at June 30, 2018 and 2.45% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 0.86% | 0.86% | |||
Parent Company [Member] | Senior debt obligations | Floating rate debt due September 2020. This note, which bears interest at 0.85% above 3-month LIBOR, had a rate of 3.20% at June 30, 2018 and 2.54% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 3,500,000,000 | $ 3,500,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 3.20% | 2.54% | |||
Proceeds from issuance of long-term debt | $ 3,500,000,000 | ||||
Prepayment of long term debt | $ 500,000 | ||||
Parent Company [Member] | Senior debt obligations | Floating rate debt due September 2020. This note, which bears interest at 0.85% above 3-month LIBOR, had a rate of 3.20% at June 30, 2018 and 2.54% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 0.85% | ||||
Parent Company [Member] | Senior debt obligations | Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at June 30, 2018 and 0.76% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 24,000,000 | $ 24,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 0.76% | 0.76% | |||
Parent Company [Member] | Senior debt obligations | Floating rate debt due December 2023. This note, which bears interest at 0.76% above 3-month EURIBOR, had a rate of 0.76% at June 30, 2018 and 0.76% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 0.76% | ||||
Parent Company [Member] | Subordinated Debt | Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 3.73% at June 30, 2018 and 3.07% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 300,000,000 | $ 300,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 3.73% | 3.07% | |||
Parent Company [Member] | Subordinated Debt | Floating rate subordinated debt due December 2023. This note, which bears interest at 1.38% above 3-month LIBOR, had a rate of 3.73% at June 30, 2018 and 3.07% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 1.38% | 1.38% | |||
Parent Company [Member] | Junior subordinated debt payable to trusts | Floating rate note due September 2036. This note had an interest rate of 4.04% at June 30, 2018 and 3.29% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 37,000,000 | $ 36,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 4.04% | 3.29% | |||
MUFG Union Bank N.A | |||||
Debt Instrument | |||||
Long-term debt | $ 6,734,000,000 | $ 3,810,000,000 | |||
MUFG Union Bank N.A | Senior debt obligations | Floating rate debt due September 2020. This note, which bears interest at 0.85% above 3-month LIBOR, had a rate of 3.20% at June 30, 2018 and 2.54% at December 31, 2017 | MUFG Americas Holding Corporation | |||||
Debt Instrument | |||||
Number of loans from BTMU prepaid | loan | 3 | ||||
Repayments of debt | $ 3,500,000,000 | ||||
MUFG Union Bank N.A | Senior debt obligations | Fixed rate 2.63% notes due September 2018 | |||||
Debt Instrument | |||||
Long-term debt | $ 1,000,000,000 | $ 1,000,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 2.63% | 2.63% | |||
MUFG Union Bank N.A | Senior debt obligations | Fixed rate FHLB of San Francisco advances due between July 2018 and June 2020. These notes bear a combined weighted-average rate of 2.06% at June 30, 2018 and 1.51% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 5,200,000,000 | $ 1,500,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 1.85% | 1.51% | |||
MUFG Union Bank N.A | Senior debt obligations | Fixed rate 2.25% notes due May 2019 | |||||
Debt Instrument | |||||
Long-term debt | $ 495,000,000 | $ 497,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 2.25% | 2.25% | |||
MUFG Union Bank N.A | Subordinated Debt | Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate 2.89% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 0 | $ 750,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 2.89% | 3.49% | |||
MUFG Union Bank N.A | Subordinated Debt | Floating rate subordinated debt due June 2023. This note, which bore interest at 1.20% above 3-month LIBOR, had a rate 2.89% at December 31, 2017 | London Interbank Offered Rate LIBOR | |||||
Debt Instrument | |||||
Interest rate above variable interest rate (as a percent) | 1.20% | 1.20% | |||
MUFG Union Bank N.A | Other | |||||
Debt Instrument | |||||
Long-term debt | $ 39,000,000 | $ 63,000,000 | |||
Other Subsidiaries, Excluding MUFG Bank, NA | |||||
Debt Instrument | |||||
Long-term debt | 1,160,000,000 | 1,355,000,000 | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various floating rate borrowings due between December 2020 and May 2021. These notes, which bear interest above 3-month LIBOR had a weighted-average interest rate of 2.34% at June 30, 2018 and 1.78% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 250,000,000 | $ 291,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 1.78% | 2.38% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various fixed rate borrowings due between February 2019 and May 2024 with a weighted-average interest rate of 1.83% (between .14% and 2.44%) at June 30, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 286,000,000 | $ 339,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 2.12% | 2.13% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various fixed rate borrowings due between February 2019 and May 2024 with a weighted-average interest rate of 1.83% (between .14% and 2.44%) at June 30, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 | Minimum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 1.71% | 1.37% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various fixed rate borrowings due between February 2019 and May 2024 with a weighted-average interest rate of 1.83% (between .14% and 2.44%) at June 30, 2018 and 2.12% (between 1.37% and 2.65%) at December 31, 2017 | Maximum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 2.44% | 2.65% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various floating rate borrowings due between September 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 3.93% (between 3.83% and 3.98%) at June 30, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 2.95% | 3.93% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various floating rate borrowings due between September 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 3.93% (between 3.83% and 3.98%) at June 30, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 | Minimum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 2.88% | 3.83% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Senior debt obligations | Various floating rate borrowings due between September 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 3.93% (between 3.83% and 3.98%) at June 30, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 | Maximum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 3.04% | 3.98% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Subordinated Debt | Various floating rate borrowings due between September 2018 and March 2019. These notes, which bear interest above 6-month LIBOR had a weighted-average interest rate of 3.93% (between 3.83% and 3.98%) at June 30, 2018 and 2.95% (between 2.88% and 3.04%) at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 110,000,000 | $ 185,000,000 | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between November 2018 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.70% (between 2.34% and 4.48%) at June 30, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 90,000,000 | $ 79,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 3.07% | 3.39% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between November 2018 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.70% (between 2.34% and 4.48%) at June 30, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 | Minimum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 1.49% | 2.11% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between November 2018 and December 2021. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.70% (between 2.34% and 4.48%) at June 30, 2018 and 3.07% (between 1.49% and 5.58%) at December 31, 2017 | Maximum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 5.58% | 3.85% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Fixed rate non-recourse borrowings due between January 2019 and July 2023 which had an interest rate of 3.07% at June 30, 2018 and 3.27% at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 204,000,000 | $ 240,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 3.27% | 3.24% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between December 2018 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.58% (between 3.33% and 4.2%) at June 30, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | 186,000,000 | $ 185,000,000 | |||
Long-term debt, weighted average interest rate (as a percent) | 2.88% | 3.58% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between December 2018 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.58% (between 3.33% and 4.2%) at June 30, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 | Minimum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 2.50% | 3.33% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Various floating rate non-recourse borrowings due between December 2018 and May 2019. These notes, which bear interest above 1- or 3-month LIBOR had a weighted-average interest rate of 3.58% (between 3.33% and 4.2%) at June 30, 2018 and 2.88% (between 2.50% and 3.54%) at December 31, 2017 | Maximum | |||||
Debt Instrument | |||||
Long-term debt, weighted average interest rate (as a percent) | 3.54% | 4.20% | |||
Other Subsidiaries, Excluding MUFG Bank, NA | Secured Debt | Fixed rate non-recourse borrowings due December 2026 which had an interest rate of 5.34% at June 30, 2018 and December 31, 2017 | |||||
Debt Instrument | |||||
Long-term debt | $ 34,000,000 | $ 36,000,000 | |||
Debt instrument, fixed interest rate (as a percent) | 5.34% | 5.34% |
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||
---|---|---|---|---|---|---|---|---|
Fair value measurements | ||||||||
Trading account assets(2): | $ 12,320 | $ 10,567 | ||||||
Securities available for sale(3): | 16,017 | |||||||
U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 3,367 | |||||||
Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 149 | |||||||
U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 7,792 | |||||||
Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 874 | |||||||
Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,487 | |||||||
Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 5 | |||||||
Direct bank purchase bonds | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,399 | |||||||
Level 1 | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Other assets: | 65 | 0 | ||||||
FDIC clawback liability(2) | 0 | |||||||
Other liabilities: | 0 | |||||||
Level 1 | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 1 | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | Other | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 1 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 1 | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 1 | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 7 | |||||||
Level 1 | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 1 | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 1 | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 1 | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 1 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 1 | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Level 1 | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Level 1 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 0 | |||||||
Level 1 | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Other liabilities: | 0 | |||||||
Level 2 | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Other assets: | 0 | 0 | ||||||
Trading account liabilities(2): | 0 | |||||||
FDIC clawback liability(2) | 0 | |||||||
Level 2 | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Level 2 | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 2 | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Level 3 | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | 0 | ||||||
Trading account liabilities(2): | 0 | |||||||
Other liabilities: | 0 | |||||||
Level 3 | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 3 | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | Other | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Level 3 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Level 3 | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Level 3 | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Level 3 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value | ||||||||
Fair value measurements | ||||||||
Other assets: | 65 | 0 | ||||||
Fair Value, Measurements, Recurring | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | $ (331) | [1] | $ (607) | [2] | ||||
Percentage of total | 100.00% | 100.00% | ||||||
Netting Adjustment | 1.00% | 2.00% | ||||||
Percentage of total Company assets | 18.00% | 18.00% | ||||||
Netting Adjustment | (0.00%) | (0.00%) | ||||||
Netting Adjustment | $ (336) | [1] | $ (620) | [2] | ||||
Percentage of total | 100.00% | 100.00% | ||||||
Netting Adjustment | 7.00% | 17.00% | ||||||
Percentage of total Company liabilities | 4.00% | 3.00% | ||||||
Netting Adjustment | (0.00%) | (0.00%) | ||||||
Fair Value, Measurements, Recurring | Interest rate derivative contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | $ (136) | $ (353) | ||||||
Netting Adjustment | (243) | (382) | ||||||
Fair Value, Measurements, Recurring | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | (34) | (49) | ||||||
Netting Adjustment | (23) | (20) | ||||||
Fair Value, Measurements, Recurring | Foreign exchange derivative contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | (114) | (68) | ||||||
Netting Adjustment | (58) | (66) | ||||||
Fair Value, Measurements, Recurring | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | (47) | (135) | ||||||
Netting Adjustment | 0 | |||||||
Fair Value, Measurements, Recurring | Trading securities | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | (331) | [1] | (605) | [2] | ||||
Netting Adjustment | (324) | [1] | (468) | [2] | ||||
Fair Value, Measurements, Recurring | Other | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | [2] | 0 | (2) | |||||
Fair Value, Measurements, Recurring | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | 0 | 0 | ||||||
Netting Adjustment | (149) | |||||||
Fair Value, Measurements, Recurring | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | 0 | (2) | ||||||
Netting Adjustment | (12) | (3) | ||||||
Fair Value, Measurements, Recurring | Equity securities | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | 0 | |||||||
Fair Value, Measurements, Recurring | Total other liabilities | ||||||||
Fair value measurements | ||||||||
Netting Adjustment | (12) | [1] | (152) | [2] | ||||
Fair Value, Measurements, Recurring | Level 1 | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 202 | |||||||
Securities available for sale(3): | 0 | 10 | ||||||
Other assets: | 10 | |||||||
Total assets | $ 234 | $ 212 | ||||||
Percentage of total | 1.00% | 1.00% | ||||||
Percentage of total Company assets | 0.00% | 0.00% | ||||||
Trading account liabilities(2): | $ 142 | $ 46 | ||||||
FDIC clawback liability(2) | 0 | |||||||
Other liabilities: | 0 | |||||||
Total liabilities | $ 142 | $ 46 | ||||||
Percentage of total | 3.00% | 1.00% | ||||||
Percentage of total Company liabilities | 0.00% | 0.00% | ||||||
Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | $ 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 212 | $ 193 | ||||||
Securities available for sale(3): | 10 | |||||||
Trading account liabilities(2): | 101 | 35 | ||||||
Fair Value, Measurements, Recurring | Level 1 | Interest rate derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 9 | 7 | ||||||
Trading account liabilities(2): | 37 | 3 | ||||||
Fair Value, Measurements, Recurring | Level 1 | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | 0 | ||||||
Trading account liabilities(2): | 1 | 1 | ||||||
Fair Value, Measurements, Recurring | Level 1 | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 3 | 2 | ||||||
Trading account liabilities(2): | 3 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Trading securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 224 | |||||||
Fair Value, Measurements, Recurring | Level 1 | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Direct bank purchase bonds | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Other liabilities: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 1 | Equity securities | ||||||||
Fair value measurements | ||||||||
Other assets: | 10 | |||||||
Fair Value, Measurements, Recurring | Level 2 | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 10,831 | |||||||
Securities available for sale(3): | 14,522 | 15,954 | ||||||
Other assets: | 4 | 4 | ||||||
Total assets | $ 26,903 | $ 26,789 | ||||||
Percentage of total | 94.00% | 95.00% | ||||||
Percentage of total Company assets | 17.00% | 17.00% | ||||||
Trading account liabilities(2): | $ 5,124 | $ 3,884 | ||||||
FDIC clawback liability(2) | 0 | |||||||
Other liabilities: | 16 | 152 | ||||||
Total liabilities | $ 5,140 | $ 4,036 | ||||||
Percentage of total | 101.00% | 109.00% | ||||||
Percentage of total Company liabilities | 4.00% | 3.00% | ||||||
Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | $ 2,773 | $ 1,926 | ||||||
Securities available for sale(3): | 3,367 | 3,252 | ||||||
Trading account liabilities(2): | 3,488 | 2,709 | ||||||
Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 115 | 118 | ||||||
Fair Value, Measurements, Recurring | Level 2 | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 12 | 11 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 31 | 7 | ||||||
Trading account liabilities(2): | 35 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Other | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 8 | |||||||
Securities available for sale(3): | 53 | 68 | ||||||
Trading account liabilities(2): | 7 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 1,410 | 1,054 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 318 | 199 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 6,978 | 6,339 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Interest rate derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 459 | 870 | ||||||
Trading account liabilities(2): | 651 | 643 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 43 | 50 | ||||||
Trading account liabilities(2): | 32 | 33 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 238 | 249 | ||||||
Trading account liabilities(2): | 139 | 144 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Trading securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 12,377 | |||||||
Fair Value, Measurements, Recurring | Level 2 | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 7,792 | 9,208 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 874 | 694 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 944 | 822 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,487 | 1,905 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 5 | 5 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Direct bank purchase bonds | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 4 | 2 | ||||||
Other liabilities: | 149 | |||||||
Fair Value, Measurements, Recurring | Level 2 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 779 | 348 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | 2 | ||||||
Other liabilities: | 16 | 3 | ||||||
Fair Value, Measurements, Recurring | Level 2 | Equity securities | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 139 | |||||||
Securities available for sale(3): | 1,495 | 1,599 | ||||||
Other assets: | 149 | 65 | ||||||
Total assets | $ 1,694 | $ 1,803 | ||||||
Percentage of total | 6.00% | 6.00% | ||||||
Percentage of total Company assets | 1.00% | 1.00% | ||||||
Trading account liabilities(2): | $ 49 | $ 138 | ||||||
FDIC clawback liability(2) | 113 | 113 | ||||||
Other liabilities: | 119 | 119 | ||||||
Total liabilities | $ 168 | $ 257 | ||||||
Percentage of total | 3.00% | 7.00% | ||||||
Percentage of total Company liabilities | 0.00% | 0.00% | ||||||
Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | $ 0 | |||||||
Securities available for sale(3): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 96 | $ 96 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | |||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Interest rate derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 1 | 1 | ||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | 0 | ||||||
Trading account liabilities(2): | 0 | 0 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Foreign exchange derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 0 | 1 | ||||||
Trading account liabilities(2): | 0 | 1 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 49 | 137 | ||||||
Trading account liabilities(2): | 49 | 137 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Trading securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 50 | |||||||
Fair Value, Measurements, Recurring | Level 3 | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Direct bank purchase bonds | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,399 | 1,503 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 148 | 64 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 0 | |||||||
Fair Value, Measurements, Recurring | Level 3 | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 1 | 1 | ||||||
Other liabilities: | 6 | 6 | ||||||
Fair Value, Measurements, Recurring | Level 3 | Equity securities | ||||||||
Fair value measurements | ||||||||
Other assets: | 0 | |||||||
Fair Value, Measurements, Recurring | Fair Value | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 10,567 | |||||||
Securities available for sale(3): | 16,017 | 17,563 | ||||||
Other assets: | 163 | 67 | ||||||
Total assets | 28,500 | 28,197 | ||||||
Trading account liabilities(2): | 4,991 | 3,600 | ||||||
FDIC clawback liability(2) | 113 | 113 | ||||||
Other liabilities: | 123 | 119 | ||||||
Total liabilities | 5,114 | 3,719 | ||||||
Fair Value, Measurements, Recurring | Fair Value | U.S. Treasury | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 2,773 | 1,926 | ||||||
Securities available for sale(3): | 3,367 | 3,252 | ||||||
Trading account liabilities(2): | 3,488 | 2,709 | ||||||
Fair Value, Measurements, Recurring | Fair Value | U.S. government-sponsored agency securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 115 | 118 | ||||||
Fair Value, Measurements, Recurring | Fair Value | State and municipal | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 12 | 11 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Commercial paper | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 31 | 7 | ||||||
Trading account liabilities(2): | 35 | |||||||
Fair Value, Measurements, Recurring | Fair Value | Other | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 8 | |||||||
Securities available for sale(3): | 149 | 164 | ||||||
Trading account liabilities(2): | 7 | |||||||
Fair Value, Measurements, Recurring | Fair Value | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 1,410 | 1,054 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Asset-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 318 | 199 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 6,978 | 6,339 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Equity securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 212 | 193 | ||||||
Securities available for sale(3): | 10 | |||||||
Trading account liabilities(2): | 101 | 35 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Interest rate derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 333 | 525 | ||||||
Trading account liabilities(2): | 445 | 264 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Commodity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 9 | 1 | ||||||
Trading account liabilities(2): | 9 | 13 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Foreign exchange derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 124 | 182 | ||||||
Trading account liabilities(2): | 82 | 80 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Equity derivative contracts | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 5 | 4 | ||||||
Trading account liabilities(2): | 52 | 144 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Trading securities | ||||||||
Fair value measurements | ||||||||
Trading account assets(2): | 12,320 | |||||||
Fair Value, Measurements, Recurring | Fair Value | U.S. government agency and government-sponsored agencies | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 7,792 | 9,208 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Privately issued | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 874 | 694 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Privately issued commercial mortgage-backed securities | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 944 | 822 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Collateralized loan obligations | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,487 | 1,905 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Other | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 5 | 5 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Direct bank purchase bonds | ||||||||
Fair value measurements | ||||||||
Securities available for sale(3): | 1,399 | 1,503 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Mortgage servicing rights | ||||||||
Fair value measurements | ||||||||
Other assets: | 148 | 64 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Interest rate hedging contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 4 | 2 | ||||||
Other liabilities: | 0 | |||||||
Fair Value, Measurements, Recurring | Fair Value | Corporate bonds | ||||||||
Fair value measurements | ||||||||
Trading account liabilities(2): | 779 | 348 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Other derivative contracts | ||||||||
Fair value measurements | ||||||||
Other assets: | 1 | 1 | ||||||
Other liabilities: | 10 | $ 6 | ||||||
Fair Value, Measurements, Recurring | Fair Value | Equity securities | ||||||||
Fair value measurements | ||||||||
Other assets: | $ 10 | |||||||
|
Fair Value Measurement and Fair Value of Financial Instruments - Reconciliation of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Settlements | $ 0 | |||
Trading derivatives | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset (liability) balance, beginning of period | $ (54) | (168) | $ (138) | $ (166) |
Included in income before taxes | 4 | 12 | (6) | 40 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases/additions | 0 | 0 | 0 | 0 |
Settlements | 9 | 11 | 83 | 37 |
Asset (liability) balance, end of period | (49) | (169) | (49) | (169) |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | (4) | (12) | 6 | (40) |
Other Liabilities | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset (liability) balance, beginning of period | (119) | (119) | (119) | (121) |
Included in income before taxes | 0 | (1) | 0 | (3) |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases/additions | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | |
Asset (liability) balance, end of period | (119) | (118) | (119) | (118) |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | 0 | 1 | 0 | 3 |
Trading derivatives | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset (liability) balance, beginning of period | 55 | 172 | 139 | 168 |
Included in income before taxes | 4 | 11 | (6) | 41 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases/additions | 0 | 0 | 0 | 0 |
Settlements | (9) | (12) | (83) | (38) |
Asset (liability) balance, end of period | 50 | 171 | 50 | 171 |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | 4 | 11 | (6) | 41 |
Securities Available for Sale | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset (liability) balance, beginning of period | 1,506 | 1,569 | 1,600 | 1,638 |
Included in income before taxes | 0 | 0 | 0 | 0 |
Included in other comprehensive income | (1) | 9 | (17) | 12 |
Purchases/additions | 1 | 1 | 73 | 2 |
Settlements | (11) | (7) | (161) | (80) |
Asset (liability) balance, end of period | 1,495 | 1,572 | 1,495 | 1,572 |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | 0 | 0 | 0 | 0 |
Other assets | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Asset (liability) balance, beginning of period | 106 | 35 | 65 | 24 |
Included in income before taxes | 2 | (2) | 9 | (2) |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases/additions | 41 | 16 | 75 | 27 |
Settlements | 0 | 0 | 0 | 0 |
Asset (liability) balance, end of period | 149 | 49 | 149 | 49 |
Changes in unrealized gains (losses) included in income before taxes for assets and liabilities still held at end of period | $ 2 | $ (2) | $ 9 | $ (2) |
Fair Value Measurement and Fair Value of Financial Instruments - Significant Unobservable Inputs Level 3 Assets and Liabilities (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|
Unobservable Input(s) Level 3 | ||
Securities Available for Sale | $ 16,017 | $ 17,563 |
Direct bank purchase bonds | ||
Unobservable Input(s) Level 3 | ||
Securities Available for Sale | $ 1,399 | $ 1,503 |
Direct bank purchase bonds | Weighted Average | Return on equity | ||
Unobservable Input(s) Level 3 | ||
Market-required return on capital (as a percent) | 9.50% | |
Probability of default (as a percent) | 0.30% | |
Loss severity (as a percent) | 25.30% | |
Direct bank purchase bonds | Level 3 | ||
Unobservable Input(s) Level 3 | ||
Securities Available for Sale | $ 1,399 |
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Loans: | |||||
Impaired loans | $ 777 | $ 777 | $ 865 | ||
Loss Impaired loans | 13 | $ 5 | 14 | $ 21 | |
Other assets: | |||||
Computer software, impairments | 0 | 0 | 2 | 3 | |
Gain (loss) on loans held for sale | 0 | 2 | |||
Gain (loss) on private equity investments | 0 | 2 | |||
Gain (loss) on equity method investment | 0 | (2) | |||
Impairment of Consolidated Variable Interest Entity Low Income Housing Credit Investments | (8) | (8) | (8) | (8) | |
Loss, Total | (23) | (13) | (28) | (32) | |
Gain (Loss) on Energy Investments | (2) | (2) | |||
Fair Value Measurements, Nonrecurring | |||||
Loans: | |||||
Impaired loans | 122 | 124 | 122 | 124 | |
Other assets: | |||||
Software | 0 | 0 | 0 | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 54 | 91 | 54 | 91 | |
Loans held for sale | 7 | 7 | |||
Private equity investments | 10 | 10 | |||
Renewable energy investment | 0 | 0 | |||
Total | 188 | 222 | 188 | 222 | |
Renewable Energy Investment | 2 | 2 | |||
Fair Value Measurements, Nonrecurring | Level 1 | |||||
Loans: | |||||
Impaired loans | 0 | 0 | 0 | 0 | |
Other assets: | |||||
Software | 0 | 0 | 0 | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 0 | 0 | 0 | |
Loans held for sale | 0 | 0 | |||
Private equity investments | 0 | 0 | |||
Renewable energy investment | 0 | 0 | |||
Total | 0 | 0 | 0 | 0 | |
Renewable Energy Investment | 0 | 0 | |||
Fair Value Measurements, Nonrecurring | Level 2 | |||||
Loans: | |||||
Impaired loans | 0 | 0 | 0 | 0 | |
Other assets: | |||||
Software | 0 | 0 | 0 | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 0 | 0 | 0 | 0 | |
Loans held for sale | 0 | 0 | |||
Private equity investments | 0 | 0 | |||
Renewable energy investment | 0 | 0 | |||
Total | 0 | 0 | 0 | 0 | |
Renewable Energy Investment | 0 | 0 | |||
Fair Value Measurements, Nonrecurring | Level 3 | |||||
Loans: | |||||
Impaired loans | 122 | 124 | 122 | 124 | |
Other assets: | |||||
Software | 0 | 0 | 0 | 0 | |
Variable Interest Entity, Consolidated, Carrying Amount, Assets | 54 | 91 | 54 | 91 | |
Loans held for sale | 7 | 7 | |||
Private equity investments | 10 | 10 | |||
Renewable energy investment | 0 | 0 | |||
Total | 188 | $ 222 | 188 | $ 222 | |
Renewable Energy Investment | $ 2 | $ 2 |
Fair Value Measurement and Fair Value of Financial Instruments - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Assets | ||||
Securities borrowed or purchased under resale agreements | $ 20,048 | $ 20,894 | ||
Securities held to maturity | 10,729 | 9,799 | ||
Level 1 | ||||
Assets | ||||
Cash and cash equivalents | 6,725 | 3,392 | ||
Securities borrowed or purchased under resale agreements | 0 | 0 | ||
Securities held to maturity | 0 | 0 | ||
Loans held for investment, net of allowance for loan losses | 0 | 0 | ||
Other assets: | 65 | 0 | ||
Liabilities | ||||
Time deposits | 0 | 0 | ||
Commercial paper and other short-term borrowings | 0 | 0 | ||
Securities loaned or sold under repurchase agreements | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Off-Balance Sheet Instruments | ||||
Commitments to extend credit and standby and commercial letters of credit | 0 | 0 | ||
Level 2 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | ||
Securities held to maturity | 10,729 | 9,799 | ||
Loans held for investment, net of allowance for loan losses | 0 | 0 | ||
Other assets: | 0 | 0 | ||
Liabilities | ||||
Time deposits | 7,006 | 84,743 | ||
Commercial paper and other short-term borrowings | 9,764 | 7,066 | ||
Securities loaned or sold under repurchase agreements | 25,579 | 26,437 | ||
Long-term debt | 14,167 | 12,162 | ||
Off-Balance Sheet Instruments | ||||
Commitments to extend credit and standby and commercial letters of credit | 0 | 0 | ||
Level 3 | ||||
Assets | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities borrowed or purchased under resale agreements | 0 | 0 | ||
Securities held to maturity | 0 | 0 | ||
Loans held for investment, net of allowance for loan losses | 80,343 | 79,051 | ||
Other assets: | 0 | 0 | ||
Liabilities | ||||
Time deposits | 0 | 0 | ||
Commercial paper and other short-term borrowings | 0 | 0 | ||
Securities loaned or sold under repurchase agreements | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Off-Balance Sheet Instruments | ||||
Commitments to extend credit and standby and commercial letters of credit | 223 | 174 | ||
Carrying Amount | ||||
Assets | ||||
Cash and cash equivalents | 6,725 | 3,392 | ||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | ||
Securities held to maturity | 10,997 | 9,885 | ||
Loans held for investment, net of allowance for loan losses | 80,371 | 78,023 | ||
Other assets: | 65 | 0 | ||
Liabilities | ||||
Time deposits | 6,978 | 84,787 | ||
Commercial paper and other short-term borrowings | 9,764 | 7,066 | ||
Securities loaned or sold under repurchase agreements | 25,579 | 26,437 | ||
Long-term debt | 14,192 | 12,162 | ||
Off-Balance Sheet Instruments | ||||
Commitments to extend credit and standby and commercial letters of credit | 155 | 174 | ||
Fair Value | ||||
Assets | ||||
Cash and cash equivalents | 6,725 | 3,392 | ||
Securities borrowed or purchased under resale agreements | 20,048 | 20,894 | ||
Securities held to maturity | 10,729 | 9,799 | ||
Loans held for investment, net of allowance for loan losses | [1] | 80,343 | 79,051 | |
Other assets: | 65 | 0 | ||
Liabilities | ||||
Time deposits | 7,006 | 84,743 | ||
Commercial paper and other short-term borrowings | 9,764 | 7,066 | ||
Securities loaned or sold under repurchase agreements | 25,579 | 26,437 | ||
Long-term debt | 14,167 | 12,162 | ||
Off-Balance Sheet Instruments | ||||
Commitments to extend credit and standby and commercial letters of credit | $ 223 | $ 174 | ||
|
Derivative Instruments and Other Financial Instruments Used For Hedging - Notional Amounts and Fair Value Amounts of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | $ 119,015 | $ 119,015 | $ 150,854 | ||
Assets Derivatives | 807 | 807 | 1,322 | ||
Liability Derivatives | 934 | 934 | 1,127 | ||
Interest rate derivative contracts | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 108,129 | 108,129 | 132,214 | ||
Assets Derivatives | 469 | 469 | 878 | ||
Liability Derivatives | 688 | 688 | 646 | ||
Interest rate derivative contracts | Cash Flow Hedges | Designated as Hedging Instrument | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 181 | 181 | 6,998 | ||
Assets Derivatives | 4 | 4 | 2 | ||
Liability Derivatives | 0 | 0 | 149 | ||
Interest rate derivative contracts | Fair value hedges | Designated as Hedging Instrument | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 0 | 0 | 500 | ||
Assets Derivatives | 0 | 0 | 0 | ||
Liability Derivatives | 0 | 0 | 0 | ||
Commodity derivative contracts | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 569 | 569 | 1,244 | ||
Assets Derivatives | 43 | 43 | 50 | ||
Liability Derivatives | 32 | 32 | 33 | ||
Foreign exchange derivative contracts | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 7,975 | 7,975 | 7,053 | ||
Assets Derivatives | 238 | 238 | 250 | ||
Liability Derivatives | 140 | 140 | 146 | ||
Equity derivative contracts | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 815 | 815 | 1,496 | ||
Assets Derivatives | 52 | 52 | 139 | ||
Liability Derivatives | 52 | 52 | 144 | ||
Other derivative contracts | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 46 | 46 | 4 | ||
Assets Derivatives | 0 | 0 | 0 | ||
Liability Derivatives | 0 | 0 | 0 | ||
Trading derivatives | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 117,534 | 117,534 | 142,011 | ||
Assets Derivatives | 802 | 802 | 1,317 | ||
Liability Derivatives | 912 | 912 | 969 | ||
Other Risk Management | Not designated as hedging instruments | |||||
Derivative Instruments and Other Financial Instruments | |||||
Notional Amount | 1,300 | 1,300 | 1,345 | ||
Assets Derivatives | 1 | 1 | 3 | ||
Liability Derivatives | 22 | 22 | $ 9 | ||
Net gains (losses) on derivatives included in other noninterest income | $ (49) | $ 10 | $ 2 | $ 6 |
Derivative Instruments and Other Financial Instruments Used For Hedging - Amount and Location of Gains and Losses for Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|
Cash flow hedges | |||||
Notional Amount | $ 119,015 | $ 119,015 | $ 150,854 | ||
Income from accumulated other comprehensive income expected to be reclassified to net interest income | 69 | ||||
Unrealized net gains (losses) on hedges arising during the period, before tax | (19) | $ 55 | |||
Cash Flow Hedges | |||||
Cash flow hedges | |||||
Interest rate contracts, Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | (19) | 55 | (98) | $ 36 | |
Interest rate contracts, Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (8) | 20 | (8) | 49 | |
Cash Flow Hedges | Noninterest expense | |||||
Cash flow hedges | |||||
Interest rate contracts, (Gain) Loss Recognized in Income on Derivative Instruments (Ineffective Portion) | (1) | 1 | (1) | 3 | |
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate derivative contracts | |||||
Cash flow hedges | |||||
Notional Amount | 181 | 181 | $ 6,998 | ||
Interest rate contracts, Amount of Gain or (Loss) Recognized in OCI on Derivative Instruments (Effective Portion) | (19) | 55 | 36 | ||
Unrealized net gains (losses) on hedges arising during the period, before tax | (98) | ||||
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate derivative contracts | Interest income | |||||
Cash flow hedges | |||||
Interest rate contracts, Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (8) | 20 | (8) | 49 | |
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate derivative contracts | Interest expense | |||||
Cash flow hedges | |||||
Interest rate contracts, Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 0 | 0 | 0 | 0 | |
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate derivative contracts | Noninterest expense | |||||
Cash flow hedges | |||||
Interest rate contracts, (Gain) Loss Recognized in Income on Derivative Instruments (Ineffective Portion) | (1) | $ 1 | (1) | $ 3 | |
Cash Flow Hedges | Designated as Hedging Instrument | Libor Indexed Short Term Borrowings | Interest rate swap contracts | |||||
Cash flow hedges | |||||
Notional Amount | $ 181 | $ 181 |
Derivative Instruments and Other Financial Instruments Used For Hedging - Schedule of Derivative Gains (Losses) on the Company's Fair Value Hedges (Details) - Fair value hedges - Interest rate derivative contracts - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Amount and location of net gains and losses | ||||
Derivative | $ 0 | $ 1 | $ (2) | $ (1) |
Hedged Item | 0 | (1) | 2 | 0 |
Hedge Ineffectiveness | 0 | 0 | 0 | (1) |
Designated as Hedging Instrument | ||||
Amount and location of net gains and losses | ||||
Derivative | 0 | 1 | (2) | (1) |
Hedged Item | 0 | (1) | 2 | 0 |
Hedge Ineffectiveness | $ 0 | $ 0 | $ 0 | $ (1) |
Derivative Instruments and Other Financial Instruments Used For Hedging - Gain or (Loss) Recognized in Income on Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Trading Derivatives | ||||
Trading account activities | $ (10) | $ (3) | ||
Trading derivatives | ||||
Trading Derivatives | ||||
Trading account activities | 30 | (24) | $ 169 | $ (36) |
Trading derivatives | Interest rate derivative contracts | ||||
Trading Derivatives | ||||
Trading account activities | 17 | (36) | 130 | (58) |
Trading derivatives | Equity contracts | ||||
Trading Derivatives | ||||
Trading account activities | 1 | 0 | 18 | 0 |
Trading derivatives | Foreign exchange derivative contracts | ||||
Trading Derivatives | ||||
Trading account activities | 12 | 11 | 21 | 21 |
Trading derivatives | Commodity [Member] | ||||
Trading Derivatives | ||||
Trading account activities | $ 0 | $ 1 | $ 0 | $ 1 |
- Change in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||
Change in accumulated other comprehensive loss balances: | ||||||||
Unrealized net gains (losses) on hedges arising during the period, before tax | $ (19) | $ 55 | ||||||
Unrealized net gains (losses) on hedges arising during the period, tax | 5 | (21) | ||||||
Unrealized net gains (losses) on hedges arising during the period, net of tax | (14) | 34 | $ (72) | $ 22 | ||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, before tax | 8 | (20) | ||||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, tax | (2) | 8 | ||||||
Reclassification adjustment for net (gains) losses on hedges included in interest income for loans and interest expense on long-term debt, net of tax | 6 | (12) | 6 | (30) | ||||
Net change, before tax | (11) | 35 | (90) | (13) | ||||
Net change, tax | 3 | (13) | 24 | 5 | ||||
Net change, net of tax | (8) | 22 | (66) | (8) | ||||
Amortization of net unrealized (gains) losses on held to maturity securities, before tax | (60) | 41 | ||||||
Amortization of net unrealized (gains) losses on held to maturity securities, tax | 15 | (15) | ||||||
Unrealized holding gains (losses) arising during the period on securities available for sale, net of tax | (45) | 26 | (238) | 59 | ||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, before tax | (3) | (7) | ||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, tax | 1 | 3 | ||||||
Reclassification adjustment for net (gains) losses on securities available for sale included in securities gains, net, net of tax | (2) | (4) | (2) | (5) | ||||
Other comprehensive income amortization of net unrealized losses on held to maturity securities, before tax | 8 | 4 | ||||||
Other comprehensive income amortization of net unrealized losses on held to maturity securities, tax | (2) | (2) | ||||||
Amortization of net unrealized (gains) losses on held to maturity securities, net of tax | 6 | 2 | 9 | 5 | ||||
Net change, before tax | (55) | 38 | (313) | 97 | ||||
Net change, tax | 14 | (14) | 82 | (38) | ||||
Net change, net of tax | (41) | 24 | (231) | 59 | ||||
Foreign currency translation adjustment, before tax | 4 | |||||||
Foreign currency translation adjustment, tax | (2) | |||||||
Foreign currency translation adjustment, net of tax | 2 | (2) | 3 | |||||
Amortization of prior service credit, before tax | (11) | (12) | ||||||
Amortization of prior service credit, tax | 4 | 4 | ||||||
Amortization of prior service credit, net of tax | (7) | [1] | (8) | [1] | (15) | (15) | ||
Recognized net actuarial (gain) loss, before tax | 24 | 23 | ||||||
Recognized net actuarial (gain) loss, tax | (7) | (9) | ||||||
Recognized net actuarial (gain) loss, net of tax | 17 | [1] | 14 | [1] | 35 | 28 | ||
Net change, before tax | 13 | 11 | 27 | 22 | ||||
Net change, tax | (3) | (5) | (7) | (9) | ||||
Net change, net of tax | 10 | 6 | 20 | 13 | ||||
Other, before tax | (1) | |||||||
Other, tax | 0 | |||||||
Other, net of tax | 0 | 0 | (1) | 0 | ||||
Other Comprehensive Income (Loss), before Tax | (53) | 88 | (380) | 111 | ||||
Other Comprehensive Income (Loss), Tax | 14 | (34) | 100 | (44) | ||||
Other Comprehensive Income (Loss), Net of Tax | $ (39) | $ 54 | (280) | 67 | ||||
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (98) | 36 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 8 | (49) | ||||||
Reclassification from AOCI, Current Period, Tax | (2) | 19 | ||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 26 | (14) | ||||||
Accumulated Net Investment Gain (Loss) Arising During the Period, Attributable to Parent [Member] | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (322) | 97 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (3) | (9) | ||||||
Reclassification from AOCI, Current Period, Tax | 1 | 4 | ||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 84 | (38) | ||||||
Accumulated Net Investment Gain (Loss), Held to Maturity Securities, Attributable to Parent [Member] | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 12 | 9 | ||||||
Reclassification from AOCI, Current Period, Tax | (3) | (4) | ||||||
Foreign Currency Translation Adjustment | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Other Comprehensive Income (Loss), before Tax | (3) | 5 | ||||||
Other Comprehensive Income (Loss), Tax | 1 | (2) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (2) | |||||||
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | (21) | (24) | ||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 6 | 9 | ||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Change in accumulated other comprehensive loss balances: | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, before Tax | 48 | 46 | ||||||
Other Comprehensive Income (Loss) before Reclassifications, Tax | $ (13) | $ (18) | ||||||
|
- Change in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | $ 18,355 | $ 17,386 | ||
Other comprehensive income (loss) before reclassifications | (313) | 84 | ||
Other Comprehensive Income (Loss), Net of Tax | $ (39) | $ 54 | (280) | 67 |
Amounts reclassified from AOCI | 33 | (17) | ||
Balance, ending | 18,547 | 17,937 | 18,547 | 17,937 |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (232) | (107) | (174) | (77) |
Other comprehensive income (loss) before reclassifications | (14) | 34 | (72) | 22 |
Amounts reclassified from AOCI | 6 | (12) | 6 | (30) |
Transfer to additional paid-in capital | 0 | |||
Balance, ending | (240) | (85) | (240) | (85) |
Net Unrealized Gains (Losses) on Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (423) | (173) | (233) | (208) |
Other comprehensive income (loss) before reclassifications | (45) | 26 | (238) | 59 |
Amounts reclassified from AOCI | 4 | (2) | 7 | 0 |
Transfer to additional paid-in capital | 0 | |||
Balance, ending | (464) | (149) | (464) | (149) |
Foreign Currency Translation Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | 0 | (21) | (19) | (22) |
Other comprehensive income (loss) before reclassifications | 0 | 2 | 3 | |
Other Comprehensive Income (Loss), Net of Tax | (2) | |||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Transfer to additional paid-in capital | 21 | |||
Balance, ending | 0 | (19) | 0 | (19) |
Pension and Other Benefits Adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (590) | (582) | (600) | (589) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 10 | 6 | 20 | 13 |
Transfer to additional paid-in capital | 0 | |||
Balance, ending | (580) | (576) | (580) | (576) |
Accumulated Other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (1) | 0 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | (1) | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Transfer to additional paid-in capital | 0 | |||
Balance, ending | (1) | 0 | (1) | 0 |
Accumulated Other Comprehensive Loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (1,246) | (883) | (1,026) | (896) |
Other comprehensive income (loss) before reclassifications | (59) | 62 | ||
Other Comprehensive Income (Loss), Net of Tax | (280) | 67 | ||
Amounts reclassified from AOCI | 20 | (8) | ||
Transfer to additional paid-in capital | 21 | |||
Balance, ending | $ (1,285) | $ (829) | $ (1,285) | $ (829) |
Employee Pension and Other Postretirement Benefits (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
Pension Benefits | ||||
Components of net periodic benefit cost: | ||||
Service cost | $ 20 | $ 16 | $ 39 | $ 35 |
Interest cost | 25 | 25 | 50 | 50 |
Expected return on plan assets | (67) | (63) | (134) | (127) |
Amortization of prior service credit | (7) | (6) | (13) | (13) |
Recognized net actuarial loss | 22 | 21 | 44 | 40 |
Total net periodic benefit (income) cost | (7) | (7) | (14) | (15) |
Other Postretirement Benefits | ||||
Components of net periodic benefit cost: | ||||
Service cost | 2 | 1 | 3 | 3 |
Interest cost | 2 | 2 | 4 | 4 |
Expected return on plan assets | (5) | (4) | (10) | (9) |
Amortization of prior service credit | (4) | (6) | (8) | (11) |
Recognized net actuarial loss | 1 | 1 | 2 | 4 |
Total net periodic benefit (income) cost | (4) | (6) | (9) | (9) |
Superannuation Supplemental Executives Retirement Plan Defined Benefit and Executive Supplemental Defined Benefit Plan [Member] | ||||
Components of net periodic benefit cost: | ||||
Service cost | 0 | 0 | ||
Interest cost | 1 | 1 | ||
Expected return on plan assets | 0 | 0 | ||
Amortization of prior service credit | 0 | 0 | ||
Recognized net actuarial loss | 2 | 2 | ||
Superannuation, SERP and ESBP | ||||
Components of net periodic benefit cost: | ||||
Service cost | 0 | 0 | ||
Interest cost | 0 | 0 | ||
Expected return on plan assets | 0 | 0 | ||
Amortization of prior service credit | 0 | 0 | ||
Recognized net actuarial loss | 1 | 1 | ||
Total net periodic benefit (income) cost | $ 1 | $ 1 | $ 3 | $ 3 |
Commitments, Contingencies and Guarantees - Schedule of Commitments, Contingencies and Guarantees (Details) $ in Millions |
Jun. 30, 2018
USD ($)
|
---|---|
Commitments to extend credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | $ 34,157 |
Issued standby and commercial letters of credit | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 5,023 |
Commitments to enter into forward-starting resale agreements | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | 1,302 |
Other commitments | |
Commitment, Contingencies and Guarantees disclosures | |
Commitments | $ 568 |
Commitments, Contingencies and Guarantees - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
| |
Financial guarantee | Interest rate swap contracts | |
Guarantee disclosures | |
Current exposure to loss | $ 1 |
Future exposure to loss | $ 30 |
Issued standby and commercial letters of credit | |
Guarantee disclosures | |
Maximum term | 1 year |
Carrying value | $ 3 |
Business Segments (Details) $ in Billions |
6 Months Ended |
---|---|
Jun. 30, 2018
USD ($)
branch
business_line
segment
| |
Business segments | |
Reportable segments | segment | 4 |
Regional Bank | |
Business segments | |
Major business lines | business_line | 5 |
Consumer and Business Banking Division | |
Business segments | |
Number of full-service branches | branch | 346 |
Commercial Banking | Regional Bank | |
Business segments | |
Commercial banking customer revenues | $ | $ 1 |
Business Segments - Summary of Results (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Dec. 31, 2017 |
|||||||
Business segments | |||||||||||
Net interest income (expense) | $ 825 | [1] | $ 794 | [1] | $ 1,650 | $ 1,589 | |||||
Noninterest income (expense) | 596 | [1] | 489 | [1] | 978 | 977 | |||||
Total revenue | 1,421 | [1] | 1,283 | [1] | 2,628 | 2,566 | |||||
Noninterest expense | 1,083 | [1] | 957 | [1] | 2,167 | 1,963 | |||||
(Reversal of) provision for credit losses | (19) | [1] | (22) | [1] | (21) | (52) | |||||
Income before income taxes and including noncontrolling interests | 357 | [1] | 348 | [1] | 482 | 655 | |||||
Income tax expense (benefit) | 28 | [1] | 63 | [1] | (14) | 146 | |||||
Net income including noncontrolling interests | 329 | [1] | 285 | [1] | 496 | 509 | |||||
Deduct: net loss from noncontrolling interests | 15 | [1] | 10 | [1] | 14 | 15 | |||||
Net Income Attributable to MUAH | 344 | [1] | 295 | [1] | 510 | 524 | |||||
Total assets, end of period | 160,373 | [1] | 150,556 | [1] | 160,373 | [1] | 150,556 | [1] | $ 154,550 | ||
Operating segments | Regional Bank | |||||||||||
Business segments | |||||||||||
Net interest income (expense) | 540 | 510 | 1,067 | 1,011 | |||||||
Noninterest income (expense) | 116 | 110 | 227 | 218 | |||||||
Total revenue | 656 | [1] | 620 | [1] | 1,294 | 1,229 | |||||
Noninterest expense | 532 | 497 | 1,034 | 996 | |||||||
(Reversal of) provision for credit losses | (5) | 18 | 7 | 20 | |||||||
Income before income taxes and including noncontrolling interests | 129 | [1] | 105 | [1] | 253 | 213 | |||||
Income tax expense (benefit) | 26 | 29 | 51 | 56 | |||||||
Net income including noncontrolling interests | 103 | [1] | 76 | [1] | 202 | 157 | |||||
Deduct: net loss from noncontrolling interests | 0 | 0 | 0 | 0 | |||||||
Net Income Attributable to MUAH | 103 | [1] | 76 | [1] | 202 | 157 | |||||
Total assets, end of period | 70,186 | 64,403 | 70,186 | 64,403 | |||||||
Operating segments | U.S. Wholesale & Investment Banking | |||||||||||
Business segments | |||||||||||
Net interest income (expense) | 101 | 112 | 203 | 226 | |||||||
Noninterest income (expense) | 98 | 95 | 180 | 205 | |||||||
Total revenue | 199 | [1] | 207 | [1] | 383 | 431 | |||||
Noninterest expense | 103 | 96 | 204 | 200 | |||||||
(Reversal of) provision for credit losses | (5) | (33) | (24) | (42) | |||||||
Income before income taxes and including noncontrolling interests | 101 | [1] | 144 | [1] | 203 | 273 | |||||
Income tax expense (benefit) | (4) | 35 | 136 | 70 | |||||||
Net income including noncontrolling interests | 105 | [1] | 109 | [1] | 67 | 203 | |||||
Deduct: net loss from noncontrolling interests | 0 | 0 | 0 | 0 | |||||||
Net Income Attributable to MUAH | 105 | [1] | 109 | [1] | 67 | 203 | |||||
Total assets, end of period | 19,740 | 22,054 | 19,740 | 22,054 | |||||||
Operating segments | Transaction Banking | |||||||||||
Business segments | |||||||||||
Net interest income (expense) | 67 | 60 | 131 | 115 | |||||||
Noninterest income (expense) | 15 | 15 | 29 | 29 | |||||||
Total revenue | 82 | [1] | 75 | [1] | 160 | 144 | |||||
Noninterest expense | 65 | 56 | 121 | 115 | |||||||
(Reversal of) provision for credit losses | 0 | 0 | (1) | 0 | |||||||
Income before income taxes and including noncontrolling interests | 17 | [1] | 19 | [1] | 40 | 29 | |||||
Income tax expense (benefit) | 4 | 8 | 11 | 12 | |||||||
Net income including noncontrolling interests | 13 | [1] | 11 | [1] | 29 | 17 | |||||
Deduct: net loss from noncontrolling interests | 0 | 0 | 0 | 0 | |||||||
Net Income Attributable to MUAH | 13 | [1] | 11 | [1] | 29 | 17 | |||||
Total assets, end of period | 991 | 1,082 | 991 | 1,082 | |||||||
Operating segments | MUSA | |||||||||||
Business segments | |||||||||||
Net interest income (expense) | 51 | 57 | 105 | 116 | |||||||
Noninterest income (expense) | 77 | 88 | 165 | 172 | |||||||
Total revenue | 128 | [1] | 145 | [1] | 270 | 288 | |||||
Noninterest expense | 116 | 112 | 232 | 217 | |||||||
(Reversal of) provision for credit losses | 0 | 0 | 0 | 0 | |||||||
Income before income taxes and including noncontrolling interests | 12 | [1] | 33 | [1] | 38 | 71 | |||||
Income tax expense (benefit) | 3 | 13 | 9 | 27 | |||||||
Net income including noncontrolling interests | 9 | [1] | 20 | [1] | 29 | 44 | |||||
Deduct: net loss from noncontrolling interests | 0 | 0 | 0 | 0 | |||||||
Net Income Attributable to MUAH | 9 | [1] | 20 | [1] | 29 | 44 | |||||
Total assets, end of period | 32,904 | 30,439 | 32,904 | 30,439 | |||||||
Segment Reconciling Items | |||||||||||
Business segments | |||||||||||
Net interest income (expense) | 66 | 55 | 144 | 121 | |||||||
Noninterest income (expense) | 290 | 181 | 377 | 353 | |||||||
Total revenue | 356 | [1] | 236 | [1] | 521 | 474 | |||||
Noninterest expense | 267 | 196 | 576 | 435 | |||||||
(Reversal of) provision for credit losses | (9) | (7) | (3) | (30) | |||||||
Income before income taxes and including noncontrolling interests | 98 | [1] | 47 | [1] | (52) | 69 | |||||
Income tax expense (benefit) | (1) | (22) | (221) | (19) | |||||||
Net income including noncontrolling interests | 99 | [1] | 69 | [1] | 169 | 88 | |||||
Deduct: net loss from noncontrolling interests | 15 | 10 | 14 | 15 | |||||||
Net Income Attributable to MUAH | 114 | [1] | 79 | [1] | 183 | 103 | |||||
Total assets, end of period | $ 36,552 | $ 32,578 | $ 36,552 | $ 32,578 | |||||||
|
Label | Element | Value |
---|---|---|
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 105,000,000 |
Restricted Cash and Cash Equivalents | us-gaap_RestrictedCashAndCashEquivalents | $ 65,000,000 |
!>ZLPU/7Q>YFR>O?3FC9'F6
MX)4$;Q4KJ9R
MF@.5]3I"8H-); ")
8ZF6'; #X#^ *XB7G8E"@JOQ=>%)DU([%3[WL1GGA_X-B;
M,CAC*^(=BG?HO12<\XQ= M$<&UL?5-A;]P@#/TKB!]0
'+*]>_@=02P,$% @ T88(34OI=BZV 0
MT@, !D !X;"]W;W)K
M7X+QU)0X"8) 0.T" _/;%1Y B$#D9;PNG'A-&8#;\SO[EUB[K^7"+#QH
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M4$L#!!0 ( -&&"$U-F,-VM@$ -(# 9 >&PO=V]R:W-H965T)
M:P1#3%1(423M]@9H)0 KD5D)XBK.
\'=99Y*Y$8PV
MC;)(CA(MF26?G)^(YF8PUS3BFEB>>UGB:.7#B:3&5-.(:CP::I H%XQ2[DTZB
MXDMVT6GUGT.6)U%9G>9'I[CD.MHWDY+8D9/)U$FB