UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | ||||||
FORM 10-K | ||||||
ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
For the fiscal year ended December 31, 2017 | ||||||
OR | ||||||
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
For the transition period from ___________ to ___________ | ||||||
COMMISSION FILE NUMBER 001-12307 | ||||||
ZIONS BANCORPORATION | ||||||
(Exact name of Registrant as specified in its charter) | ||||||
UTAH | 87-0227400 | |||||
(State or other jurisdiction of incorporation or organization) | (Internal Revenue Service Employer Identification Number) | |||||
One South Main, 15th Floor Salt Lake City, Utah | 84133 | |||||
(Address of principal executive offices) | (Zip Code) | |||||
Registrant’s telephone number, including area code: (801) 844-7637 | ||||||
Securities registered pursuant to Section 12(b) of the Act: | ||||||
Title of Each Class | Name of Each Exchange on Which Registered | |||||
Common Stock, without par value | The NASDAQ Stock Market LLC | |||||
Warrants to Purchase Common Stock (expiring May 22, 2020) | The NASDAQ Stock Market LLC | |||||
Warrants to Purchase Common Stock (expiring November 14, 2018) | The NASDAQ Stock Market LLC | |||||
Depositary Shares each representing a 1/40th ownership interest in a share of Series A Floating-Rate Non-Cumulative Perpetual Preferred Stock | New York Stock Exchange | |||||
Depositary Shares each representing a 1/40th ownership interest in a share of Series G Fixed/Floating-Rate Non-Cumulative Perpetual Preferred Stock | New York Stock Exchange | |||||
Depositary Shares each representing a 1/40th ownership interest in a share of Series H 5.75% Non-Cumulative Perpetual Preferred Stock | New York Stock Exchange | |||||
6.95% Fixed-to-Floating Rate Subordinated Notes due September 15, 2028 | New York Stock Exchange | |||||
Securities registered pursuant to Section 12(g) of the Act: None. | ||||||
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ý No ¨ | ||||||
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No ý | ||||||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨ | ||||||
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý No ¨ | ||||||
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨ | ||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ý Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨ | ||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý | ||||||
Aggregate Market Value of Common Stock Held by Non-affiliates at June 30, 2017 | $8,745,683,795 | |||||
Number of Common Shares Outstanding at February 9, 2018 | 196,514,295 shares | |||||
Documents Incorporated by Reference: Portions of the Company’s Proxy Statement – Incorporated into Part III |
Page | ||
• | statements with respect to the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, results of operations and performance of Zions Bancorporation (“the Parent”) and its subsidiaries (collectively “the Company,” “Zions,” “we,” “our,” “us”); and |
• | statements preceded by, followed by, or that include the words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “target,” “commit,” “design,” “plan,” “projects,” and the negative thereof and similar words and expressions. |
• | the Company’s ability to successfully execute its business plans, manage its risks, and achieve its objectives, including its restructuring and efficiency initiatives and its capital plan; |
• | changes in local, national and international political and economic conditions, including without limitation the political and economic effects of the economic and fiscal imbalance in the United Sates and other countries, potential or actual downgrades in ratings of sovereign debt issued by the United States and other countries, and other major developments, including wars, military actions, and terrorist attacks; |
• | changes in financial and commodity market prices and conditions, either internationally, nationally or locally in areas in which the Company conducts its operations, including without limitation rates of business formation and growth, commercial and residential real estate development, real estate prices, and oil and gas-related commodity prices; |
• | changes in markets for equity, fixed income, commercial paper and other securities, commodities, including availability, market liquidity levels, and pricing; |
• | any impairment of our goodwill or other intangibles, or any adjustment of valuation allowances on our deferred tax assets due to adverse changes in the economic environment, declining operations of the reporting unit, or a change to the corporate statutory tax rate or other similar changes if and as implemented by local and national governments, or other factors; |
• | changes in interest rates, the quality and composition of the loan and securities portfolios, demand for loan products, deposit flows and competition; |
• | the impact of acquisitions, dispositions, and corporate restructurings; |
• | increases in the levels of losses, customer bankruptcies, bank failures, claims, and assessments; |
• | changes in fiscal, monetary, regulatory, trade and tax policies and laws, and regulatory assessments and fees, including policies of the U.S. Department of Treasury, the OCC, the Board of Governors of the Federal Reserve System, the FDIC, the SEC, and the CFPB; |
• | the impact of executive compensation rules under the Dodd-Frank Act and banking regulations, which may impact the ability of the Company and other American financial institutions to retain and recruit executives and other personnel necessary for their businesses and competitiveness; |
• | the impact of the Dodd-Frank Act and Basel III, and rules and regulations thereunder, on our required regulatory capital and liquidity levels, governmental assessments on us (including, but not limited to, the Federal Reserve reviews of our annual capital plan), the scope of business activities in which we may engage, the manner in which we engage in such activities, the fees we may charge for certain products and services, and other matters affected by the Dodd-Frank Act and these international standards; |
• | continuing consolidation in the financial services industry; |
• | new legal claims against the Company, including litigation, arbitration and proceedings brought by governmental or self-regulatory agencies, or changes in existing legal matters; |
• | success in gaining regulatory approvals, when required; |
• | changes in consumer spending and savings habits; |
• | increased competitive challenges and expanding product and pricing pressures among financial institutions; |
• | inflation and deflation; |
• | technological changes and the Company’s implementation of new technologies; |
• | the Company’s ability to develop and maintain secure and reliable information technology systems; |
• | legislation or regulatory changes which adversely affect the Company’s operations or business; |
• | the Company’s ability to comply with applicable laws and regulations; |
• | changes in accounting policies or procedures as may be required by the FASB or regulatory agencies; and |
• | costs of deposit insurance and changes with respect to FDIC insurance coverage levels. |
ACL | Allowance for Credit Losses | CCAR | Comprehensive Capital Analysis and Review |
AFS | Available-for-Sale | CET1 | Common Equity Tier 1 (Basel III) |
ALCO | Asset/Liability Committee | CFPB | Consumer Financial Protection Bureau |
ALLL | Allowance for Loan and Lease Losses | CLTV | Combined Loan-to-Value Ratio |
Amegy | Amegy Bank, a division of ZB, N.A. | CMC | Capital Management Committee |
AOCI | Accumulated Other Comprehensive Income | Company | Zions Bancorporation and its subsidiaries |
ASC | Accounting Standards Codification | COSO | Committee of Sponsoring Organizations of the Treadway Commission |
ASU | Accounting Standards Update | CRA | Community Reinvestment Act |
ATM | Automated Teller Machine | CRE | Commercial Real Estate |
BHC Act | Bank Holding Company Act | CSA | Credit Support Annex |
BOLI | Bank-Owned Life Insurance | CSV | Cash Surrender Value |
bps | basis points | DFAST | Dodd-Frank Act Stress Test |
CB&T | California Bank & Trust, a division of ZB, N.A. | Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act |
DTA | Deferred Tax Asset | NIM | Net Interest Margin |
EaR | Earnings at Risk | NRE | National Real Estate |
EITF | Emerging Issues Task Force | NSB | Nevada State Bank, a division of ZB, N.A. |
ERM | Enterprise Risk Management | NSFR | Net Stable Funding Ratio |
ERMC | Enterprise Risk Management Committee | OCC | Office of the Comptroller of the Currency |
EVE | Economic Value of Equity at Risk | OCI | Other Comprehensive Income |
Exchange Act | Securities Exchange Act of 1934 | OREO | Other Real Estate Owned |
FAMC | Federal Agricultural Mortgage Corporation, or “Farmer Mac” | OTTI | Other-Than-Temporary Impairment |
FASB | Financial Accounting Standards Board | PAGA | Private Attorney General Act |
FDIC | Federal Deposit Insurance Corporation | Parent | Zions Bancorporation |
FDICIA | Federal Deposit Insurance Corporation Improvement Act | PCAOB | Public Company Accounting Oversight Board |
FHLB | Federal Home Loan Bank | PCI | Purchased Credit-Impaired |
FHLMC | Federal Home Loan Mortgage Corporation, or “Freddie Mac” | PEI | Private Equity Investment |
FINRA | Financial Industry Regulatory Authority | PPNR | Pre-provision Net Revenue |
FRB | Federal Reserve Board | ROC | Risk Oversight Committee |
FSOC | Financial Stability Oversight Council | RSU | Restricted Stock Unit |
FTP | Funds Transfer Pricing | RULC | Reserve for Unfunded Lending Commitments |
GAAP | Generally Accepted Accounting Principles | S&P | Standard and Poor's |
GLB Act | Gramm-Leach-Bliley Act | SAB | Staff Accounting Bulletin |
HCR | Horizontal Capital Review | SBA | Small Business Administration |
HECL | Home Equity Credit Line | SBIC | Small Business Investment Company |
HQLA | High-Quality Liquid Assets | SEC | Securities and Exchange Commission |
HTM | Held-to-Maturity | SIFI | Systemically Important Financial Institution |
IMG | International Manufacturing Group | SNC | Shared National Credit |
KBW | Keefe, Bruyette & Woods, Inc. | TCBO | The Commerce Bank of Oregon, a division of ZB, N.A. |
LCR | Liquidity Coverage Ratio | TCBW | The Commerce Bank of Washington, a division of ZB, N.A. |
LGD | Loss Given Default | TDR | Troubled Debt Restructuring |
LIBOR | London Interbank Offered Rate | The Act | Tax Cuts and Jobs Act of 2017 |
LNC | Large and Noncomplex | U.S. | United States |
LSA | Loss Sharing Agreement | USA Patriot Act | Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 |
MD&A | Management’s Discussion and Analysis | Vectra | Vectra Bank Colorado, a division of ZB, N.A. |
Municipalities | State and Local Governments | VIE | Variable Interest Entity |
NASDAQ | National Association of Securities Dealers Automated Quotations | ZB, N.A. | ZB, National Association |
NAV | Net Asset Value | Zions Bank | Zions Bank, a division of ZB, N.A. |
NBAZ | National Bank of Arizona, a division of ZB, N.A. |
ITEM 1. | BUSINESS |
• | the requirements applicable to large bank holding companies (those with consolidated assets of greater than $50 billion) be more stringent than those applicable to other financial companies; |
• | standards applicable to bank holding companies be no less stringent than those applied to insured depository institutions; and |
• | bank regulatory agencies implement countercyclical elements in their capital requirements. |
• | The assessment base for federal deposit insurance was changed to consolidated assets less tangible capital instead of the amount of insured deposits. |
• | The federal prohibition on the payment of interest on business transaction accounts was repealed. |
• | The FRB was authorized to issue and did issue regulations governing debit card interchange fees. |
• | 4.5% CET1 to risk-weighted assets; |
• | 6.0% Tier 1 capital (i.e., CET1 plus Additional Tier 1) to risk-weighted assets; |
• | 8.0% Total capital (i.e., Tier 1 plus Tier 2) to risk-weighted assets; and |
• | 4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (known as the “leverage ratio”). |
• | Requirements that the Parent serve as a source of strength for its subsidiary bank. The FRB has a policy that a bank holding company is expected to act as a source of financial and managerial strength to its subsidiary bank and, under appropriate circumstances, to commit resources to support the subsidiary bank. The Dodd-Frank Act codified this policy as a statutory requirement. |
• | Limitations on dividends payable by subsidiaries. A significant portion of the Parent’s cash, which is used to pay dividends on our common and preferred stock and to pay principal and interest on our debt obligations, is derived from dividends paid to the Parent by its subsidiary bank. These dividends are subject to various legal and regulatory restrictions. See Note 14 of the Notes to Consolidated Financial Statements. |
• | Limitations on dividends payable to shareholders. The Parent’s ability to pay dividends on both its common and preferred stock may be subject to regulatory restrictions, including the requirement that they be included in a |
• | Safety and soundness requirements. Federal law requires that our bank be operated in a safe and sound manner. We are subject to additional safety and soundness standards prescribed in the FDICIA, including standards related to internal controls, information systems, internal audit, loan documentation, credit underwriting, interest rate exposure, asset growth and compensation, as well as other operational and management standards deemed appropriate by the federal banking agencies. The safety and soundness requirements give bank regulatory agencies significant latitude in their supervisory authority over us. |
• | Requirements for approval of acquisitions and activities and restrictions on other activities. Prior approval of the FRB is required under the BHC Act for a financial holding company to acquire or hold more than a 5% voting interest in any bank, to acquire substantially all the assets of a bank or to merge with another financial or bank holding company. The BHC Act also requires approval for certain non-banking acquisitions, restricts the activities of bank holding companies that are not financial holding companies to banking, managing or controlling banks and other activities that the FRB has determined to be so closely related to banking as to be a proper incident thereto, and restricts the non-banking activities of a financial holding company to those that are permitted for financial holding companies or that have been determined by the FRB to be financial in nature, incidental to financial activities, or complementary to a financial activity. Laws and regulations governing national banks contain similar provisions concerning acquisitions and activities. |
• | Limitations on the amount of loans to a borrower and its affiliates. |
• | Limitations on transactions with affiliates. The Dodd-Frank Act significantly expanded the coverage and scope of the limitations on affiliate transactions within a banking organization. |
• | Restrictions on the nature and amount of any investments and ability to underwrite certain securities. |
• | Requirements for opening of branches and the acquisition of other financial entities. |
• | Fair lending and truth in lending requirements to provide equal access to credit and to protect consumers in credit transactions. |
• | Broker-dealer and investment advisory regulations. One of our subsidiaries is a broker-dealer that is authorized to engage in securities underwriting and other broker-dealer activities. This company is registered with the SEC and is a member of FINRA. Another subsidiary is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and as such is supervised by the SEC. Certain of our subsidiaries are also subject to various U.S. federal and state laws and regulations. These laws and regulations generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the carrying on of business for failure to comply with such laws. |
• | Provisions of the GLB Act and other federal and state laws dealing with privacy for non-public personal information of individual customers. |
• | Community Reinvestment Act (“CRA”) requirements. The CRA requires banks to help serve the credit needs in their communities, including providing credit to low and moderate income individuals. If our bank subsidiary fails to adequately serve its communities, penalties may be imposed including denials of applications to add branches, relocate, add subsidiaries and affiliates, and merge with or purchase other financial institutions. |
• | Anti-money laundering regulations. The Bank Secrecy Act, Title III of the Uniting and Strengthening of America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA Patriot Act”), and other federal laws require financial institutions to assist U.S. Government agencies in detecting and preventing money laundering and other illegal acts by maintaining policies, procedures and controls designed to detect and report money laundering, terrorist financing, and other suspicious activity. |
• | The Company would no longer be subject to duplicative examinations by both the FRB and OCC and instead would no longer be subject to examinations by the FRB. The Company would continue to be subject to examinations by the CFPB with respect to consumer financial regulations. |
• | The Company would no longer be subject to “enhanced prudential supervision” by the FRB under Section 165 of the Dodd-Frank Act. There are a number of regulatory requirements that are applied to the Company under “enhanced prudential supervision,” which includes the annual HCR/CCAR process, as well as the LCR requirements applicable to “systemically important” organizations, as discussed above under “Capital Planning and Stress Testing” and “Liquidity,” respectively. The Company would continue to be subject to the OCC’s |
• | The Company would no longer be subject to the prior non-objection requirement under HCR/CCAR for declaring any dividends or share repurchases, but would continue to be subject to the limitations on dividends and share repurchases pursuant to the National Bank Act and the OCC’s regulations. |
• | affected the levels of capital and liquidity with which the Company must operate and how it plans capital and liquidity levels; |
• | subjected the Company to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees to the FDIC; |
• | impacted the Company’s ability to invest in certain types of entities or engage in certain activities; |
• | impacted a number of the Company’s business strategies; |
• | required us to incur the cost of developing substantial heightened risk management policies and infrastructure; |
• | regulated the pricing of certain of our products and services and restricted the revenue that the Company generates from certain businesses; |
• | subjected the Company to capital planning actions, including stress testing or similar actions and timing expectations for capital raising; |
• | subjected the Company to supervision by the CFPB, with very broad rule-making and enforcement authorities; |
• | granted authority to state agencies to enforce state and federal laws against national banks; |
• | subjected the Company to new and different litigation and regulatory enforcement risks; and |
• | limited the manner and amount in which compensation is paid to executive officers and employees generally. |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
2017 | 2016 | ||||||||||||||
High | Low | High | Low | ||||||||||||
1st Quarter | $ | 48.33 | $ | 39.09 | $ | 26.91 | $ | 19.65 | |||||||
2nd Quarter | 44.85 | 38.43 | 29.46 | 23.14 | |||||||||||
3rd Quarter | 47.70 | 41.23 | 31.35 | 23.02 | |||||||||||
4th Quarter | 52.20 | 43.50 | 44.15 | 30.07 |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||
2017 | $ | 0.08 | $ | 0.08 | $ | 0.12 | $ | 0.16 | |||||||
2016 | 0.06 | 0.06 | 0.08 | 0.08 |
Period | Total number of shares repurchased 1 | Average price paid per share | Shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plan | ||||||||||||||
October | 935 | $ | 47.19 | — | $ | 350,000,045 | ||||||||||||
November | 1,019,801 | 48.07 | 1,019,240 | 301,000,280 | ||||||||||||||
December | 1,302,618 | 50.74 | 1,300,777 | 235,000,750 | ||||||||||||||
Fourth quarter | 2,323,354 | 49.57 | 2,320,017 |
1 | Represents common shares acquired from employees in connection with our stock compensation plan in addition to shares acquired under previously reported share repurchase plans. Shares were acquired from employees to pay for their payroll taxes and stock option exercise cost upon the vesting of restricted stock and restricted stock units, and the exercise of stock options, under provisions of an employee share-based compensation plan. |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | ||||||||||||
Zions Bancorporation | 100.0 | 140.6 | 134.6 | 129.8 | 206.7 | 246.6 | |||||||||||
KBW Bank Index | 100.0 | 137.8 | 150.7 | 151.4 | 194.6 | 230.7 | |||||||||||
S&P 500 | 100.0 | 132.4 | 150.5 | 152.5 | 170.8 | 208.1 |
ITEM 6. | SELECTED FINANCIAL DATA |
FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||
(Dollar amounts in millions, except per share amounts) | 2017/2016 Change | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
For the Year | ||||||||||||||||||||||
Net interest income | +11 | % | $ | 2,065 | $ | 1,867 | $ | 1,715 | $ | 1,680 | $ | 1,696 | ||||||||||
Noninterest income | +5 | % | 544 | 516 | 357 | 493 | 327 | |||||||||||||||
Total revenue | +9 | % | 2,609 | 2,383 | 2,072 | 2,173 | 2,023 | |||||||||||||||
Provision for loan losses | -74 | % | 24 | 93 | 40 | (98 | ) | (87 | ) | |||||||||||||
Noninterest expense | +4 | % | 1,649 | 1,585 | 1,581 | 1,649 | 1,704 | |||||||||||||||
Income before income taxes | +33 | % | 936 | 705 | 451 | 621 | 407 | |||||||||||||||
Income taxes | +46 | % | 344 | 236 | 142 | 223 | 143 | |||||||||||||||
Net income | +26 | % | 592 | 469 | 309 | 398 | 264 | |||||||||||||||
Net earnings applicable to common shareholders | +34 | % | 550 | 411 | 247 | 327 | 294 | |||||||||||||||
Per Common Share | ||||||||||||||||||||||
Net earnings – diluted | +31 | % | 2.60 | 1.99 | 1.20 | 1.68 | 1.58 | |||||||||||||||
Net earnings – basic | +36 | % | 2.71 | 2.00 | 1.20 | 1.68 | 1.58 | |||||||||||||||
Dividends declared | +57 | % | 0.44 | 0.28 | 0.22 | 0.16 | 0.13 | |||||||||||||||
Book value 1 | +6 | % | 36.01 | 34.10 | 32.67 | 31.35 | 29.57 | |||||||||||||||
Market price – end | 50.83 | 43.04 | 27.30 | 28.51 | 29.96 | |||||||||||||||||
Market price – high | 52.20 | 44.15 | 33.42 | 33.33 | 31.40 | |||||||||||||||||
Market price – low | 38.43 | 19.65 | 23.72 | 25.02 | 21.56 | |||||||||||||||||
At Year-End | ||||||||||||||||||||||
Assets | +5 | % | 66,288 | 63,239 | 59,665 | 57,203 | 56,021 | |||||||||||||||
Net loans and leases | +5 | % | 44,780 | 42,649 | 40,650 | 40,064 | 39,043 | |||||||||||||||
Deposits | -1 | % | 52,621 | 53,236 | 50,374 | 47,848 | 46,363 | |||||||||||||||
Long-term debt | -28 | % | 383 | 535 | 812 | 1,086 | 2,263 | |||||||||||||||
Federal funds and other short-term borrowings | +502 | % | 4,976 | 827 | 347 | 244 | 340 | |||||||||||||||
Shareholders’ equity: | ||||||||||||||||||||||
Preferred equity | -20 | % | 566 | 710 | 829 | 1,004 | 1,004 | |||||||||||||||
Common equity | +3 | % | 7,113 | 6,924 | 6,679 | 6,366 | 5,461 | |||||||||||||||
Performance Ratios | ||||||||||||||||||||||
Return on average assets | 0.91 | % | 0.78 | % | 0.53 | % | 0.71 | % | 0.48 | % | ||||||||||||
Return on average common equity | 7.7 | % | 6.0 | % | 3.8 | % | 5.4 | % | 5.7 | % | ||||||||||||
Return on average tangible common equity | 9.0 | % | 7.1 | % | 4.6 | % | 6.7 | % | 7.4 | % | ||||||||||||
Net interest margin | 3.45 | % | 3.37 | % | 3.19 | % | 3.26 | % | 3.36 | % | ||||||||||||
Capital Ratios 1 | ||||||||||||||||||||||
Equity to assets | 11.6 | % | 12.1 | % | 12.6 | % | 12.9 | % | 11.5 | % | ||||||||||||
Common equity tier 1 (Basel III), tier 1 common (Basel I) 2 | 12.1 | % | 12.1 | % | 12.2 | % | 11.9 | % | 10.2 | % | ||||||||||||
Tier 1 leverage 2 | 10.5 | % | 11.1 | % | 11.3 | % | 11.8 | % | 10.5 | % | ||||||||||||
Tier 1 risk-based capital 2 | 13.2 | % | 13.5 | % | 14.1 | % | 14.5 | % | 12.8 | % | ||||||||||||
Total risk-based capital 2 | 14.8 | % | 15.2 | % | 16.1 | % | 16.3 | % | 14.7 | % | ||||||||||||
Tangible common equity | 9.3 | % | 9.5 | % | 9.6 | % | 9.5 | % | 8.0 | % | ||||||||||||
Tangible equity | 10.2 | % | 10.6 | % | 11.1 | % | 11.3 | % | 9.9 | % | ||||||||||||
Selected Information | ||||||||||||||||||||||
Weighted average diluted common shares outstanding (in thousands) | 209,653 | 204,269 | 203,698 | 192,789 | 184,297 | |||||||||||||||||
Company common shares repurchased - from publicly announced plans (in thousands) | 7,009 | 2,889 | — | — | — | |||||||||||||||||
Common dividend payout ratio | 16.05 | % | 14.04 | % | 18.30 | % | 9.56 | % | 8.20 | % | ||||||||||||
Full-time equivalent employees | 10,083 | 10,057 | 10,200 | 10,462 | 10,452 | |||||||||||||||||
Commercial banking offices | 431 | 436 | 450 | 460 | 469 |
1 | At year-end. |
2 | For 2017, 2016, and 2015, ratios are based on Basel III. For years prior to 2015, ratios are based on Basel I. |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Year Ended December 31, | ||||||||||||
(Dollar amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Net earnings applicable to common shareholders (GAAP) | $ | 550 | $ | 411 | $ | 247 | ||||||
Adjustments, net of tax: | ||||||||||||
Amortization of core deposit and other intangibles | 4 | 5 | 6 | |||||||||
Net earnings applicable to common shareholders, excluding the effects of the adjustments, net of tax (non-GAAP) | (a) | $ | 554 | $ | 416 | $ | 253 | |||||
Average common equity (GAAP) | $ | 7,148 | $ | 6,915 | $ | 6,581 | ||||||
Average goodwill | (1,014 | ) | (1,014 | ) | (1,014 | ) | ||||||
Average core deposit and other intangibles | (5 | ) | (13 | ) | (21 | ) | ||||||
Average tangible common equity (non-GAAP) | (b) | $ | 6,129 | $ | 5,888 | $ | 5,546 | |||||
Return on average tangible common equity (non-GAAP) | (a/b) | 9.0 | % | 7.1 | % | 4.6 | % |
(Dollar amounts in millions, except per share amounts) | December 31, | |||||||||||
2017 | 2016 | 2015 | ||||||||||
Total shareholders’ equity (GAAP) | $ | 7,679 | $ | 7,634 | $ | 7,507 | ||||||
Goodwill | (1,014 | ) | (1,014 | ) | (1,014 | ) | ||||||
Core deposit and other intangibles | (2 | ) | (8 | ) | (16 | ) | ||||||
Tangible equity (non-GAAP) | (a) | 6,663 | 6,612 | 6,477 | ||||||||
Preferred stock | (566 | ) | (710 | ) | (829 | ) | ||||||
Tangible common equity (non-GAAP) | (b) | $ | 6,097 | $ | 5,902 | $ | 5,648 | |||||
Total assets (GAAP) | $ | 66,288 | $ | 63,239 | $ | 59,665 | ||||||
Goodwill | (1,014 | ) | (1,014 | ) | (1,014 | ) | ||||||
Core deposit and other intangibles | (2 | ) | (8 | ) | (16 | ) | ||||||
Tangible assets (non-GAAP) | (c) | $ | 65,272 | $ | 62,217 | $ | 58,635 | |||||
Common shares outstanding (thousands) | (d) | 197,532 | 203,085 | 204,417 | ||||||||
Tangible equity ratio (non-GAAP) | (a/c) | 10.2 | % | 10.6 | % | 11.0 | % | |||||
Tangible common equity ratio (non-GAAP) | (b/c) | 9.3 | % | 9.5 | % | 9.6 | % | |||||
Tangible book value per common share (non-GAAP) | (b/d) | $30.87 | $29.06 | $27.63 |
(Dollar amounts in millions) | 2017 | 2016 | 2015 | |||||||||
Noninterest expense (GAAP) | (a) | $ | 1,649 | $ | 1,585 | $ | 1,581 | |||||
Adjustments: | ||||||||||||
Severance costs | 7 | 5 | 11 | |||||||||
Other real estate expense, net | (1 | ) | (2 | ) | (1 | ) | ||||||
Provision for unfunded lending commitments | (7 | ) | (10 | ) | (6 | ) | ||||||
Debt extinguishment cost | — | — | 3 | |||||||||
Amortization of core deposit and other intangibles | 6 | 8 | 9 | |||||||||
Restructuring costs | 4 | 5 | 4 | |||||||||
Total adjustments | (b) | 9 | 6 | 20 | ||||||||
Adjusted noninterest expense (non-GAAP) | (a-b)=(c) | $ | 1,640 | $ | 1,579 | $ | 1,561 | |||||
Net interest income (GAAP) | (d) | $ | 2,065 | $ | 1,867 | $ | 1,715 | |||||
Fully taxable-equivalent adjustments | (e) | 35 | 25 | 18 | ||||||||
Taxable-equivalent net interest income (non-GAAP)1 | (d+e)=(f) | 2,100 | 1,892 | 1,733 | ||||||||
Noninterest income (GAAP) | (g) | 544 | 516 | 357 | ||||||||
Combined income (non-GAAP) | (f+g)=(h) | 2,644 | 2,408 | 2,090 | ||||||||
Adjustments: | ||||||||||||
Fair value and nonhedge derivative income (loss) | (2 | ) | 2 | — | ||||||||
Securities gains (losses), net | 14 | 7 | (127 | ) | ||||||||
Total adjustments | (i) | 12 | 9 | (127 | ) | |||||||
Adjusted taxable-equivalent revenue (non-GAAP) | (h-i)=(j) | $ | 2,632 | $ | 2,399 | $ | 2,217 | |||||
Pre-provision net revenue (non-GAAP) | (h)-(a) | $ | 995 | $ | 823 | $ | 509 | |||||
Adjusted pre-provision net revenue (non-GAAP) | (j-c) | 992 | 820 | 656 | ||||||||
Efficiency ratio (non-GAAP) | (c/j) | 62.3 | % | 65.8 | % | 70.4 | % |
• | As of December 31, 2017, the Company was the 19th largest domestic bank holding company in terms of deposits and is included in the Standard and Poor’s (“S&P”) 500 and NASDAQ Financial 100 indices. |
• | At December 31, 2017, the Company had banking operations through 433 domestic branches in eleven western states. Additionally, the Company currently has, and continues to develop its digital delivery capabilities. Revenues and profits are primarily derived from commercial customers and the Company also emphasizes mortgage banking, wealth management, municipal finance, and brokerage services. |
• | The Company is consistently ranked among the best banks in the country to work with by its small and middle-market customers, as measured by the Greenwich Associates annual survey. Since the awards inception in 2009, only three other U.S. banks have consistently received as many Greenwich Excellence Awards as Zions Bancorporation. |
• | The Company consistently wins awards for the best bank within its geography. Examples include the best bank awards given by local newspapers, business journals, or similar publications in Nevada, Arizona, and California: Orange County (four consecutive years) and San Diego County (seven consecutive years). |
• | The long-term strategy of the Company is driven by key factors that include: |
◦ | Continuing to execute on our community bank business model by doing business on a “local” basis, with significant local decision making for customer-facing elements of our business including product offerings, marketing, and pricing. We believe this provides a meaningful competitive advantage and an opportunity for growth over larger national banks whose loan and deposit products are often homogeneous. We are actively |
◦ | Achieving even greater efficiencies than currently reflected in our financial statements. We have improved the financial performance of the Company significantly during the past three years and we intend to continue to do so by creating value through the adoption of common practices, automation, and simplification of all of our front, middle and back-office processes. |
◦ | We expect to achieve continued growth of revenue (net interest income plus noninterest income) in excess of noninterest expense—so-called positive operating leverage—which should result in annual PPNR growth in the high single digit rate and further improvement to the efficiency ratio. |
◦ | Improving profitability ratios. Improved operating efficiency coupled with low credit costs as experienced in 2017 should lead to improved profitability ratios, such as the return on assets and equity. We expect to maintain or increase the return of shareholders’ equity due to stronger earnings and a lower risk profile than seen in stress testing results just a few years ago. |
◦ | Maintaining a strong approach to risk management, having meaningfully improved our operational, credit, and financial risk management in the past several years. |
◦ | Striving to be a “top employer of choice,” which means employees view Zions Bancorporation as one of the best places to work and grow. |
• | We believe our scale gives us superior access to capital markets, more robust treasury management, and other product capabilities than smaller community banks. Looking forward for the next several years, we believe that digital delivery of products, including mobile banking, online banking and having a core processing system that is robust and prevents outages, is critical to remaining competitive. As such, we are investing a substantial amount to upgrade and replace systems and applications. |
• | During the past several years we have taken significant actions to improve the Company’s risk profile, which include: |
◦ | The reduction of an above-average concentration in CRE commitments, and within CRE, the concentration of land development commitments declined from more than 70% of total risk-based capital in 2007, to less than 5% at December 31, 2017; |
◦ | Numerous changes made to the credit administration organization and processes to facilitate improved data collection on loans and monitoring of potential default and loss risk; |
◦ | The higher-risk portfolio of collateralized debt obligation securities were sold and replaced with government and government agency securities; |
◦ | A significant increase in the on-balance sheet storehouse of liquidity with the purchase of moderate duration securities with limited duration extension risk; i.e., management has generally purchased securities that within the context of a rising interest rate environment would not experience interest rate related losses; |
◦ | The addition of five members of the Board of Directors; |
◦ | The replacement and upgrade of management information and accounting systems to allow for a more complete view of the Company’s risks and opportunities; |
◦ | The ongoing evaluation and classification of all known risks into approximately sixty unique risk categories, which are regularly monitored and reported in a process that flows from line-level employees through executive management to the Board of Directors; |
◦ | The streamlining or elimination of redundant or inefficient processes, and the reduction of unnecessary complexity in product types; |
• | With the improvement in the risk profile, along with improving profitability, the Company’s capital stress test results have markedly improved within the past few years, and as such, we have increased the return of capital to shareholders including increasing the common dividend from $0.16 per share in 2014 to $0.44 per share in 2017. Additionally, we repurchased $320 million of common stock during 2017. We believe we are carrying |
• | As part of our ongoing simplification and efficiency efforts, in December 2015, the Company consolidated its various banking charters into a single charter. Additionally, as previously discussed, in November 2017, the Company announced plans to change its structure to consolidate the holding company into the banking entity. This change, if approved by shareholders and regulators, will further reduce duplication of effort and simplify operations. For more information see, “Regulatory relief if proposed restructuring is completed and FSOC application is approved,” on page 15. |
• | Achieve an efficiency ratio in the low 60% range for fiscal year 2017. Our efficiency ratio for 2017 was 62.3%, which met our goal for the year, compared with 65.8% for 2016, representing a 351 bps improvement. Improvements in interest income from securities and loans, partially offset by an increase in adjusted noninterest expense, drove the significant improvement. See “GAAP to Non-GAAP Reconciliations” on page 29 for more information regarding the calculation of the adjusted efficiency ratio and why management uses this non-GAAP measure. |
• | Maintain adjusted noninterest expense at less than $1.58 billion in 2016, with a modest increase of 2-3% in 2017. We met our target for fiscal year 2016, keeping adjusted noninterest expense to $1.579 billion. In 2017, total adjusted noninterest expense was $1.640 billion. Zions made a $12 million contribution to a charitable foundation in the fourth quarter of 2017, which was related in part to the Tax Cuts and Jobs Act. Excluding the impact of this one-time accelerated contribution, adjusted noninterest expense increased $49 million, or 3%, which was in line with our expectations. Adjusted noninterest expense excludes those same expense items excluded in arriving at the efficiency ratio (see “GAAP to Non-GAAP Reconciliations” on page 29 for more information regarding the calculation of the efficiency ratio). |
• | Increase returns on tangible common equity to more than ten percent. Returns were 9.0%, 7.1%, and 4.6% for 2017, 2016, and 2015, respectively. Adjusting for the estimated net DTA write-off of $47 million through income tax expense associated with the decrease in the federal income tax rate from the passage of new legislation (see “Income Taxes” on page 45 for more information), and the $12 million charitable contribution, return on tangible common equity for 2017 would have been 9.9%. These year-over-year increases demonstrate our commitment to improving profitability, as we continue to work towards achieving this goal. See “GAAP to Non-GAAP Reconciliations” on page 29 for more information regarding the calculation of the adjusted efficiency ratio and why management uses this non-GAAP measure. |
• | Achieve cumulative gross pretax cost savings of $120 million from operational expense initiatives by fiscal year 2017. Savings from technology initiatives, the consolidation of legal charters, and improved operational efficiency across the Company helped us achieve this goal by the end of 2017. |
• | Achieve positive operating leverage |
◦ | Maintain annual mid-single digit loan growth rates |
◦ | Achieve mid-single digit growth rates in customer-related fee income |
◦ | Maintain strong expense controls: we expect adjusted noninterest expense to increase slightly--a rate of growth in the low single digit percentage range |
◦ | Annual PPNR growth in the high single digit rate and further improvement to the efficiency ratio |
◦ | Continue simplification of all aspects of how we do business |
• | Implement technology upgrade strategies |
• | Increase the return on and maintain or increase the return of capital |
• | Continue to execute on our Community Bank Model – doing business on a “local” basis |
• | Merge the Parent into its bank subsidiary, ZB, N.A. |
Driver | 2017 | 2016 | Change better/(worse) | ||||||||
(In billions) | |||||||||||
Average net loans and leases | $ | 43.5 | $ | 42.1 | 3 | % | |||||
Average money market investments | 1.5 | 3.7 | (59 | ) | |||||||
Average total securities | 15.7 | 10.3 | 52 | ||||||||
Average noninterest-bearing deposits | 23.8 | 22.5 | 6 | ||||||||
Average total deposits | 52.2 | 50.6 | 3 | ||||||||
(In millions) | |||||||||||
Net interest income | $ | 2,065 | $ | 1,867 | 11 | % | |||||
Provision for loan losses | 24 | 93 | 74 | ||||||||
Noninterest income | 544 | 516 | 5 | ||||||||
Customer-related fee income 1 | 485 | 473 | 3 | ||||||||
Noninterest expense | 1,649 | 1,585 | (4 | ) | |||||||
Net interest margin | 3.45 | % | 3.37 | % | 8 bps | ||||||
Nonaccrual loans 2 | 414 | 569 | 27 | % | |||||||
Ratio of net charge-offs to average loans and leases | 0.17 | % | 0.31 | % | 14 bps | ||||||
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned 2 | 0.93 | % | 1.34 | % | 41 bps | ||||||
Ratio of total allowance for credit losses to net loans and leases outstanding | 1.29 | % | 1.48 | % | 19 bps |
2017 | 2016 | ||||||||||||||||||||
(Dollar amounts in millions) | Average balance | Amount of interest 1 | Average rate | Average balance | Amount of interest 1 | Average rate | |||||||||||||||
ASSETS | |||||||||||||||||||||
Money market investments | $ | 1,539 | $ | 19 | 1.23 | % | $ | 3,664 | $ | 21 | 0.59 | % | |||||||||
Securities: | |||||||||||||||||||||
Held-to-maturity | 776 | 31 | 3.95 | 675 | 30 | 4.40 | |||||||||||||||
Available-for-sale | 14,907 | 313 | 2.10 | 9,546 | 184 | 1.93 | |||||||||||||||
Trading account | 64 | 2 | 3.75 | 83 | 3 | 3.76 | |||||||||||||||
Total securities | 15,747 | 346 | 2.20 | 10,304 | 217 | 2.11 | |||||||||||||||
Loans held for sale | 87 | 3 | 3.56 | 140 | 5 | 3.36 | |||||||||||||||
Loans and leases 2 | |||||||||||||||||||||
Commercial | 22,116 | 964 | 4.36 | 21,748 | 913 | 4.20 | |||||||||||||||
Commercial Real Estate | 11,184 | 504 | 4.50 | 11,131 | 472 | 4.24 | |||||||||||||||
Consumer | 10,201 | 391 | 3.84 | 9,183 | 351 | 3.83 | |||||||||||||||
Total Loans and leases | 43,501 | 1,859 | 4.27 | 42,062 | 1,736 | 4.13 | |||||||||||||||
Total interest-earning assets | 60,874 | 2,227 | 3.66 | 56,170 | 1,979 | 3.52 | |||||||||||||||
Cash and due from banks | 786 | 675 | |||||||||||||||||||
Allowance for loan losses | (548 | ) | (601 | ) | |||||||||||||||||
Goodwill | 1,014 | 1,014 | |||||||||||||||||||
Core deposit and other intangibles | 5 | 13 | |||||||||||||||||||
Other assets | 2,985 | 2,779 | |||||||||||||||||||
Total assets | $ | 65,116 | $ | 60,050 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||
Saving and money market | $ | 25,453 | 39 | 0.15 | $ | 25,672 | 37 | 0.15 | |||||||||||||
Time | 2,966 | 20 | 0.69 | 2,333 | 12 | 0.49 | |||||||||||||||
Foreign | — | — | — | 128 | — | 0.28 | |||||||||||||||
Total interest-bearing deposits | 28,419 | 59 | 0.21 | 28,133 | 49 | 0.18 | |||||||||||||||
Borrowed funds: | |||||||||||||||||||||
Federal funds purchased and other short-term borrowings | 4,096 | 44 | 1.05 | 456 | 1 | 0.27 | |||||||||||||||
Long-term debt | 417 | 24 | 5.79 | 703 | 37 | 5.18 | |||||||||||||||
Total borrowed funds | 4,513 | 68 | 1.49 | 1,159 | 38 | 3.25 | |||||||||||||||
Total interest-bearing liabilities | 32,932 | 127 | 0.38 | 29,292 | 87 | 0.30 | |||||||||||||||
Noninterest-bearing deposits | 23,781 | 22,462 | |||||||||||||||||||
Other liabilities | 624 | 625 | |||||||||||||||||||
Total liabilities | 57,337 | 52,379 | |||||||||||||||||||
Shareholders’ equity: | |||||||||||||||||||||
Preferred equity | 631 | 756 | |||||||||||||||||||
Common equity | 7,148 | 6,915 | |||||||||||||||||||
Controlling interest shareholders’ equity | 7,779 | 7,671 | |||||||||||||||||||
Noncontrolling interests | — | — | |||||||||||||||||||
Total shareholders’ equity | 7,779 | 7,671 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 65,116 | $ | 60,050 | |||||||||||||||||
Spread on average interest-bearing funds | 3.27 | 3.23 | |||||||||||||||||||
Taxable-equivalent net interest income and net yield on interest-earning assets | $ | 2,100 | 3.45 | $ | 1,892 | 3.37 |
2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Average balance | Amount of interest 1 | Average rate | Average balance | Amount of interest 1 | Average rate | Average balance | Amount of interest 1 | Average rate | |||||||||||||||||||||||
$ | 8,252 | $ | 23 | 0.28 | % | $ | 8,218 | $ | 21 | 0.26 | % | $ | 8,850 | $ | 23 | 0.26 | % | ||||||||||||||
581 | 30 | 5.08 | 609 | 32 | 5.27 | 762 | 38 | 4.91 | |||||||||||||||||||||||
5,181 | 100 | 1.93 | 3,472 | 75 | 2.17 | 3,107 | 72 | 2.32 | |||||||||||||||||||||||
64 | 2 | 3.46 | 61 | 2 | 3.22 | 32 | 1 | 3.29 | |||||||||||||||||||||||
5,826 | 132 | 2.26 | 4,142 | 109 | 2.64 | 3,901 | 111 | 2.84 | |||||||||||||||||||||||
125 | 5 | 3.61 | 128 | 5 | 3.63 | 147 | 5 | 3.64 | |||||||||||||||||||||||
21,419 | 903 | 4.22 | 21,125 | 922 | 4.36 | 20,186 | 940 | 4.65 | |||||||||||||||||||||||
10,178 | 454 | 4.46 | 10,337 | 484 | 4.68 | 10,386 | 557 | 5.36 | |||||||||||||||||||||||
8,574 | 334 | 3.91 | 8,060 | 328 | 4.06 | 7,537 | 321 | 4.25 | |||||||||||||||||||||||
40,171 | 1,691 | 4.21 | 39,522 | 1,734 | 4.39 | 38,109 | 1,818 | 4.77 | |||||||||||||||||||||||
54,374 | 1,851 | 3.40 | 52,010 | 1,869 | 3.59 | 51,007 | 1,957 | 3.84 | |||||||||||||||||||||||
642 | 894 | 1,014 | |||||||||||||||||||||||||||||
(607 | ) | (690 | ) | (830 | ) | ||||||||||||||||||||||||||
1,014 | 1,014 | 1,014 | |||||||||||||||||||||||||||||
21 | 31 | 44 | |||||||||||||||||||||||||||||
2,601 | 2,623 | 2,683 | |||||||||||||||||||||||||||||
$ | 58,045 | $ | 55,882 | $ | 54,932 | ||||||||||||||||||||||||||
$ | 24,619 | 38 | 0.16 | $ | 23,532 | 37 | 0.16 | $ | 22,891 | 40 | 0.17 | ||||||||||||||||||||
2,274 | 10 | 0.43 | 2,490 | 12 | 0.46 | 2,792 | 16 | 0.57 | |||||||||||||||||||||||
379 | 1 | 0.18 | 642 | 1 | 0.18 | 1,662 | 3 | 0.20 | |||||||||||||||||||||||
27,272 | 49 | 0.18 | 26,664 | 50 | 0.19 | 27,345 | 59 | 0.22 | |||||||||||||||||||||||
235 | — | 0.14 | 223 | — | 0.11 | 278 | — | 0.11 | |||||||||||||||||||||||
1,016 | 69 | 6.75 | 1,803 | 123 | 6.82 | 2,265 | 186 | 8.21 | |||||||||||||||||||||||
1,251 | 69 | 5.51 | 2,026 | 123 | 6.09 | 2,543 | 186 | 7.32 | |||||||||||||||||||||||
28,523 | 118 | 0.41 | 28,690 | 173 | 0.60 | 29,888 | 245 | 0.82 | |||||||||||||||||||||||
21,366 | 19,610 | 17,972 | |||||||||||||||||||||||||||||
592 | 554 | 584 | |||||||||||||||||||||||||||||
50,481 | 48,854 | 48,444 | |||||||||||||||||||||||||||||
983 | 1,004 | 1,360 | |||||||||||||||||||||||||||||
6,581 | 6,024 | 5,130 | |||||||||||||||||||||||||||||
7,564 | 7,028 | 6,490 | |||||||||||||||||||||||||||||
— | — | (2 | ) | ||||||||||||||||||||||||||||
7,564 | 7,028 | 6,488 | |||||||||||||||||||||||||||||
$ | 58,045 | $ | 55,882 | $ | 54,932 | ||||||||||||||||||||||||||
2.99 | 2.99 | 3.02 | |||||||||||||||||||||||||||||
$ | 1,733 | 3.19 | $ | 1,696 | 3.26 | $ | 1,712 | 3.36 |
2017 over 2016 | 2016 over 2015 | ||||||||||||||||||||||
Changes due to | Total changes | Changes due to | Total changes | ||||||||||||||||||||
(In millions) | Volume | Rate1 | Volume | Rate1 | |||||||||||||||||||
INTEREST-EARNING ASSETS | |||||||||||||||||||||||
Money market investments | $ | (12 | ) | $ | 10 | $ | (2 | ) | $ | (13 | ) | $ | 11 | $ | (2 | ) | |||||||
Securities: | |||||||||||||||||||||||
Held-to-maturity | 4 | (3 | ) | 1 | 4 | (4 | ) | — | |||||||||||||||
Available-for-sale | 111 | 18 | 129 | 84 | — | 84 | |||||||||||||||||
Trading account | (1 | ) | — | (1 | ) | 1 | — | 1 | |||||||||||||||
Total securities | 114 | 15 | 129 | 89 | (4 | ) | 85 | ||||||||||||||||
Loans held for sale | (2 | ) | — | (2 | ) | 1 | — | 1 | |||||||||||||||
Loans and leases2 | |||||||||||||||||||||||
Commercial | 16 | 35 | 51 | 13 | (3 | ) | 10 | ||||||||||||||||
Commercial Real Estate | 2 | 30 | 32 | 40 | (22 | ) | 18 | ||||||||||||||||
Consumer | 38 | 2 | 40 | 23 | (6 | ) | 17 | ||||||||||||||||
Total loans and leases | 56 | 67 | 123 | 76 | (31 | ) | 45 | ||||||||||||||||
Total interest-earning assets | 156 | 92 | 248 | 153 | (24 | ) | 129 | ||||||||||||||||
INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||
Interest-bearing deposits: | |||||||||||||||||||||||
Saving and money market | — | 2 | 2 | — | (1 | ) | (1 | ) | |||||||||||||||
Time | 3 | 5 | 8 | — | 2 | 2 | |||||||||||||||||
Foreign | — | — | — | (1 | ) | — | (1 | ) | |||||||||||||||
Total interest-bearing deposits | 3 | 7 | 10 | (1 | ) | 1 | — | ||||||||||||||||
Borrowed funds: | |||||||||||||||||||||||
Federal funds purchased and other short-term borrowings | 31 | 12 | 43 | 1 | — | 1 | |||||||||||||||||
Long-term debt | (15 | ) | 2 | (13 | ) | (16 | ) | (16 | ) | (32 | ) | ||||||||||||
Total borrowed funds | 16 | 14 | 30 | (15 | ) | (16 | ) | (31 | ) | ||||||||||||||
Total interest-bearing liabilities | 19 | 21 | 40 | (16 | ) | (15 | ) | (31 | ) | ||||||||||||||
Change in taxable-equivalent net interest income | $ | 137 | $ | 71 | $ | 208 | $ | 169 | $ | (9 | ) | $ | 160 |
(Dollar amounts in millions) | 2017 | Percent change | 2016 | Percent change | 2015 | ||||||||||||
Service charges and fees on deposit accounts | $ | 171 | — | % | $ | 171 | 2 | % | $ | 168 | |||||||
Other service charges, commissions and fees | 217 | 4 | 208 | 11 | 187 | ||||||||||||
Wealth management and trust income | 42 | 14 | 37 | 19 | 31 | ||||||||||||
Loan sales and servicing income | 25 | (29 | ) | 35 | 13 | 31 | |||||||||||
Capital markets and foreign exchange | 30 | 36 | 22 | (15 | ) | 26 | |||||||||||
Customer-related fees | 485 | 3 | 473 | 7 | 443 | ||||||||||||
Dividends and other investment income | 40 | 67 | 24 | (20 | ) | 30 | |||||||||||
Securities gains (losses), net | 14 | 100 | 7 | 106 | (127 | ) | |||||||||||
Other | 5 | (58 | ) | 12 | 9 | 11 | |||||||||||
Total noninterest income | $ | 544 | 5 | $ | 516 | 45 | $ | 357 |
(Dollar amounts in millions) | 2017 | Percent change | 2016 | Percent change | 2015 | ||||||||||||
Salaries and employee benefits | $ | 1,011 | 3 | % | $ | 983 | 1 | % | $ | 973 | |||||||
Occupancy, net | 129 | 3 | 125 | 4 | 120 | ||||||||||||
Furniture, equipment and software | 130 | 4 | 125 | 2 | 123 | ||||||||||||
Other real estate expense | (1 | ) | (50 | ) | (2 | ) | 100 | (1 | ) | ||||||||
Credit-related expense | 29 | 12 | 26 | (10 | ) | 29 | |||||||||||
Provision for unfunded lending commitments | (7 | ) | (30 | ) | (10 | ) | 67 | (6 | ) | ||||||||
Professional and legal services | 54 | (2 | ) | 55 | 10 | 50 | |||||||||||
Advertising | 22 | — | 22 | (12 | ) | 25 | |||||||||||
FDIC premiums | 53 | 33 | 40 | 18 | 34 | ||||||||||||
Amortization of core deposit and other intangibles | 6 | (25 | ) | 8 | (11 | ) | 9 | ||||||||||
Other | 223 | 5 | 213 | (5 | ) | 225 | |||||||||||
Total noninterest expense | $ | 1,649 | 4 | $ | 1,585 | — | $ | 1,581 |
(Dollar amounts in millions) | 2017 | Percent change | 2016 | Percent change | 2015 | ||||||||||||
Salaries and bonuses | $ | 851 | 2 | % | $ | 832 | — | % | $ | 829 | |||||||
Employee benefits: | |||||||||||||||||
Employee health and insurance | 69 | 11 | 62 | 7 | 58 | ||||||||||||
Retirement | 41 | 14 | 36 | 9 | 33 | ||||||||||||
Payroll taxes and other | 50 | (6 | ) | 53 | — | 53 | |||||||||||
Total benefits | 160 | 6 | 151 | 5 | 144 | ||||||||||||
Total salaries and employee benefits | $ | 1,011 | 3 | $ | 983 | 1 | $ | 973 | |||||||||
Full-time equivalent employees at December 31 | 10,083 | — | 10,057 | (1 | ) | 10,200 |
• | Reevaluation of state tax positions that resulted in a one-time $18 million benefit. |
• | Excess tax benefit of $9 million from the implementation of new accounting guidance related to share-based compensation. |
• | Estimated net DTA write-off of $47 million through income tax expense associated with the decrease in the federal income tax rate from the passage of new legislation. |
• | increased loan balances across almost all geographies; |
• | improvements in credit quality resulted in reductions of the ALLL; and |
• | growth in customer deposit balances across almost all segments. |
(Dollar amounts in millions) | Zions Bank | Amegy | CB&T | ||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||
KEY FINANCIAL INFORMATION | |||||||||||||||||||||||||||||
Total average loans | $ | 12,481 | $ | 12,538 | $ | 12,118 | $ | 11,021 | $ | 10,595 | $ | 10,148 | $ | 9,539 | $ | 9,211 | $ | 8,556 | |||||||||||
Total average deposits | 15,986 | 15,991 | 15,688 | 11,096 | 11,130 | 11,495 | 11,030 | 10,827 | 10,063 | ||||||||||||||||||||
Income before income taxes | 346 | 371 | 275 | 240 | 94 | 44 | 257 | 220 | 150 | ||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||||
Provision for loan losses | $ | 19 | $ | (22 | ) | $ | (28 | ) | $ | 25 | $ | 163 | $ | 91 | $ | (5 | ) | $ | (9 | ) | $ | (4 | ) | ||||||
Net loan and lease charge-offs | 34 | 13 | 10 | 41 | 123 | 22 | 1 | (1 | ) | 10 | |||||||||||||||||||
Ratio of net charge-offs to average loans and leases | 0.27 | % | 0.11 | % | 0.09 | % | 0.37 | % | 1.16 | % | 0.22 | % | 0.01 | % | (0.01 | )% | 0.12 | % | |||||||||||
Allowance for loan losses | $ | 130 | $ | 145 | $ | 180 | $ | 247 | $ | 263 | $ | 223 | $ | 69 | $ | 74 | $ | 81 | |||||||||||
Ratio of allowance for loan losses to net loans and leases, at year-end | 1.04 | % | 1.15 | % | 1.47 | % | 2.17 | % | 2.49 | % | 2.20 | % | 0.69 | % | 0.79 | % | 0.92 | % | |||||||||||
Nonperforming lending-related assets | $ | 85 | $ | 105 | $ | 109 | $ | 236 | $ | 360 | $ | 116 | $ | 47 | $ | 42 | $ | 42 | |||||||||||
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned | 0.68 | % | 0.83 | % | 0.89 | % | 2.07 | % | 3.39 | % | 1.14 | % | 0.47 | % | 0.45 | % | 0.48 | % | |||||||||||
Accruing loans past due 90 days or more | $ | 11 | $ | 10 | $ | 4 | $ | 1 | $ | 7 | $ | 3 | $ | 9 | $ | 19 | $ | 24 | |||||||||||
Ratio of accruing loans past due 90 days or more to net loans and leases | 0.09 | % | 0.08 | % | 0.04 | % | 0.01 | % | 0.06 | % | 0.02 | % | 0.09 | % | 0.20 | % | 0.27 | % |
(Dollar amounts in millions) | NBAZ | NSB | Vectra | TCBW | |||||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
KEY FINANCIAL INFORMATION | |||||||||||||||||||||||||||||||||||||||
Total average loans | $ | 4,267 | $ | 4,086 | $ | 3,811 | $ | 2,357 | $ | 2,284 | $ | 2,344 | $ | 2,644 | $ | 2,469 | $ | 2,400 | $ | 926 | $ | 791 | $ | 707 | |||||||||||||||
Total average deposits | 4,762 | 4,576 | 4,311 | 4,254 | 4,137 | 3,891 | 2,756 | 2,720 | 2,792 | 1,107 | 1,007 | 879 | |||||||||||||||||||||||||||
Income before income taxes | 106 | 89 | 47 | 46 | 52 | 27 | 49 | 54 | 19 | 29 | 24 | 18 | |||||||||||||||||||||||||||
CREDIT QUALITY | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses | $ | (8 | ) | $ | (3 | ) | $ | 8 | $ | (11 | ) | $ | (28 | ) | $ | (28 | ) | $ | 1 | $ | (8 | ) | $ | 5 | $ | 2 | $ | — | $ | (3 | ) | ||||||||
Net loan and lease charge-offs | (2 | ) | — | 10 | (3 | ) | (5 | ) | (17 | ) | 2 | — | 4 | — | — | — | |||||||||||||||||||||||
Ratio of net charge-offs to average loans and leases | (0.04 | )% | — | % | 0.26 | % | (0.13 | )% | (0.21 | )% | (0.74 | )% | 0.09 | % | 0.01 | % | 0.16 | % | 0.02 | % | 0.02 | % | (0.05 | )% | |||||||||||||||
Allowance for loan losses | $ | 28 | $ | 35 | $ | 38 | $ | 11 | $ | 19 | $ | 43 | $ | 24 | $ | 25 | $ | 33 | $ | 9 | $ | 7 | $ | 8 | |||||||||||||||
Ratio of allowance for loan losses to net loans and leases, at year-end | 0.63 | % | 0.81 | % | 0.97 | % | 0.48 | % | 0.81 | % | 1.87 | % | 0.87 | % | 0.99 | % | 1.34 | % | 0.83 | % | 0.83 | % | 1.08 | % | |||||||||||||||
Nonperforming lending-related assets | $ | 17 | $ | 31 | $ | 47 | $ | 17 | $ | 20 | $ | 19 | $ | 10 | $ | 15 | $ | 23 | $ | 6 | $ | — | $ | 1 | |||||||||||||||
Ratio of nonperforming lending-related assets to net loans and leases and other real estate owned | 0.39 | % | 0.73 | % | 1.20 | % | 0.73 | % | 0.84 | % | 0.84 | % | 0.35 | % | 0.59 | % | 0.92 | % | 0.56 | % | 0.02 | % | 0.18 | % | |||||||||||||||
Accruing loans past due 90 days or more | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||
Ratio of accruing loans past due 90 days or more to net loans and leases | 0.02 | % | — | % | — | % | — | % | — | % | — | % | — | % | 0.01 | % | 0.04 | % | — | % | — | % | — | % |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(In millions) | Par Value | Amortized cost | Estimated fair value | Par Value | Amortized cost | Estimated fair value | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Municipal securities | $ | 771 | $ | 770 | $ | 762 | $ | 868 | $ | 868 | $ | 850 | |||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Treasury securities | 25 | 25 | 25 | — | — | — | |||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | 1,830 | 1,830 | 1,818 | 1,847 | 1,846 | 1,839 | |||||||||||||||||
Agency guaranteed mortgage-backed securities | 9,605 | 9,798 | 9,666 | 7,745 | 7,986 | 7,883 | |||||||||||||||||
Small Business Administration loan-backed securities | 2,007 | 2,227 | 2,222 | 2,066 | 2,298 | 2,288 | |||||||||||||||||
Municipal securities | 1,193 | 1,336 | 1,334 | 1,048 | 1,182 | 1,154 | |||||||||||||||||
Other | 25 | 25 | 24 | 25 | 25 | 24 | |||||||||||||||||
Total available-for-sale debt securities | 14,685 | 15,241 | 15,089 | 12,731 | 13,337 | 13,188 | |||||||||||||||||
Money market mutual funds and other | 72 | 72 | 72 | 184 | 184 | 184 | |||||||||||||||||
Total available-for-sale | 14,757 | 15,313 | 15,161 | 12,915 | 13,521 | 13,372 | |||||||||||||||||
Total investment securities | $ | 15,528 | $ | 16,083 | $ | 15,923 | $ | 13,783 | $ | 14,389 | $ | 14,222 |
Total securities | Within one year | After one but within five years | After five but within ten years | After ten years | ||||||||||||||||||||||||||||||
(Dollar amounts in millions) | Amount | Yield1 | Amount | Yield1 | Amount | Yield1 | Amount | Yield1 | Amount | Yield1 | ||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||||
Municipal securities | $ | 770 | 4.0 | % | $ | 180 | 3.4 | % | $ | 372 | 3.9 | % | $ | 159 | 4.8 | % | $ | 59 | 4.7 | % | ||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 25 | 1.3 | 25 | 1.3 | — | — | — | |||||||||||||||||||||||||||
U.S. Government agencies and corporations: | ||||||||||||||||||||||||||||||||||
Agency securities | 1,830 | 2.1 | 550 | 1.3 | 287 | 2.5 | 777 | 2.3 | 216 | 2.5 | ||||||||||||||||||||||||
Agency guaranteed mortgage-backed securities | 9,798 | 2.0 | 1,509 | 2.0 | 3,997 | 2.0 | 2,566 | 2.0 | 1,726 | 2.1 | ||||||||||||||||||||||||
Small Business Administration loan-backed securities | 2,227 | 3.0 | 230 | 2.9 | 699 | 3.0 | 588 | 2.9 | 710 | 3.1 | ||||||||||||||||||||||||
Municipal securities | 1,336 | 3.0 | 185 | 3.0 | 744 | 2.9 | 400 | 3.3 | 7 | 3.4 | ||||||||||||||||||||||||
Other | 25 | 6.2 | — | — | — | 25 | 6.2 | |||||||||||||||||||||||||||
Total available-for-sale debt securities | 15,241 | 2.3 | 2,499 | 2.0 | 5,727 | 2.3 | 4,331 | 2.3 | 2,684 | 2.4 | ||||||||||||||||||||||||
Money market mutual funds and other | 72 | 1.2 | 72 | 1.2 | — | — | — | |||||||||||||||||||||||||||
Total available-for-sale | 15,313 | 2.3 | 2,571 | 2.0 | 5,727 | 2.3 | 4,331 | 2.3 | 2,684 | 2.4 | ||||||||||||||||||||||||
Total investment securities | $ | 16,083 | 2.3 | $ | 2,751 | 2.1 | $ | 6,099 | 2.4 | $ | 4,490 | 2.4 | $ | 2,743 | 2.5 |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Loans and leases | $ | 1,271 | $ | 778 | |||
Held-to-maturity – municipal securities | 770 | 868 | |||||
Available-for-sale – municipal securities | 1,334 | 1,154 | |||||
Trading account – municipal securities | 146 | 112 | |||||
Unfunded lending commitments | 152 | 182 | |||||
Total direct exposure to municipalities | $ | 3,673 | $ | 3,094 |
December 31, 2017 | December 31, | ||||||||||||||||||||||||||||||
(In millions) | One year or less | One year through five years | Over five years | Total | 2016 | 2015 | 2014 | 2013 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial and industrial | $ | 8,064 | $ | 4,375 | $ | 1,564 | $ | 14,003 | $ | 13,452 | $ | 13,211 | $ | 13,163 | $ | 12,459 | |||||||||||||||
Leasing | 26 | 262 | 76 | 364 | 423 | 442 | 409 | 388 | |||||||||||||||||||||||
Owner-occupied | 463 | 1,138 | 5,687 | 7,288 | 6,962 | 7,150 | 7,351 | 7,568 | |||||||||||||||||||||||
Municipal | 100 | 191 | 980 | 1,271 | 778 | 676 | 521 | 449 | |||||||||||||||||||||||
Total commercial | 8,653 | 5,966 | 8,307 | 22,926 | 21,615 | 21,479 | 21,444 | 20,864 | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||
Construction and land development | 931 | 1,016 | 74 | 2,021 | 2,019 | 1,842 | 1,986 | 2,193 | |||||||||||||||||||||||
Term | 1,779 | 3,775 | 3,549 | 9,103 | 9,322 | 8,514 | 8,127 | 8,203 | |||||||||||||||||||||||
Total commercial real estate | 2,710 | 4,791 | 3,623 | 11,124 | 11,341 | 10,356 | 10,113 | 10,396 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||
Home equity credit line | 29 | 91 | 2,657 | 2,777 | 2,645 | 2,417 | 2,321 | 2,147 | |||||||||||||||||||||||
1-4 family residential | 12 | 97 | 6,553 | 6,662 | 5,891 | 5,382 | 5,201 | 4,742 | |||||||||||||||||||||||
Construction and other consumer real estate | 287 | 36 | 274 | 597 | 486 | 385 | 371 | 325 | |||||||||||||||||||||||
Bankcard and other revolving plans | 293 | 58 | 158 | 509 | 481 | 444 | 401 | 361 | |||||||||||||||||||||||
Other | 12 | 138 | 35 | 185 | 190 | 187 | 213 | 208 | |||||||||||||||||||||||
Total consumer | 633 | 420 | 9,677 | 10,730 | 9,693 | 8,815 | 8,507 | 7,783 | |||||||||||||||||||||||
Total net loans | $ | 11,996 | $ | 11,177 | $ | 21,607 | $ | 44,780 | $ | 42,649 | $ | 40,650 | $ | 40,064 | $ | 39,043 | |||||||||||||||
Loans maturing: | |||||||||||||||||||||||||||||||
With fixed interest rates | $ | 1,341 | $ | 3,704 | $ | 4,680 | $ | 9,725 | |||||||||||||||||||||||
With variable interest rates | 10,655 | 7,473 | 16,927 | 35,055 | |||||||||||||||||||||||||||
Total | $ | 11,996 | $ | 11,177 | $ | 21,607 | $ | 44,780 |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Bank-owned life insurance | $ | 506 | $ | 497 | |||
Federal Home Loan Bank stock | 154 | 30 | |||||
Federal Reserve stock | 184 | 181 | |||||
Farmer Mac stock | 43 | 34 | |||||
SBIC investments | 127 | 124 | |||||
Non-SBIC investment funds | 12 | 15 | |||||
Other | 3 | 3 | |||||
Total other noninterest-bearing investments | $ | 1,029 | $ | 884 |
December 31, 2017 | December 31, 2016 | ||||||||||||
(Dollar amounts in millions) | Amount | % of total loans | Amount | % of total loans | |||||||||
Commercial: | |||||||||||||
Commercial and industrial | $ | 14,003 | 31.3 | % | $ | 13,452 | 31.5 | % | |||||
Leasing | 364 | 0.8 | 423 | 1.0 | |||||||||
Owner-occupied | 7,288 | 16.3 | 6,962 | 16.3 | |||||||||
Municipal | 1,271 | 2.8 | 778 | 1.8 | |||||||||
Total commercial | 22,926 | 51.2 | 21,615 | 50.6 | |||||||||
Commercial real estate: | |||||||||||||
Construction and land development | 2,021 | 4.5 | 2,019 | 4.7 | |||||||||
Term | 9,103 | 20.3 | 9,322 | 21.9 | |||||||||
Total commercial real estate | 11,124 | 24.8 | 11,341 | 26.6 | |||||||||
Consumer: | |||||||||||||
Home equity credit line | 2,777 | 6.2 | 2,645 | 6.2 | |||||||||
1-4 family residential | 6,662 | 15.0 | 5,891 | 13.8 | |||||||||
Construction and other consumer real estate | 597 | 1.3 | 486 | 1.2 | |||||||||
Bankcard and other revolving plans | 509 | 1.1 | 481 | 1.1 | |||||||||
Other | 185 | 0.4 | 190 | 0.5 | |||||||||
Total consumer | 10,730 | 24.0 | 9,693 | 22.8 | |||||||||
Total net loans | $ | 44,780 | 100.0 | % | $ | 42,649 | 100.0 | % |
(Dollar amounts in millions) | December 31, 2017 | Percent guaranteed | December 31, 2016 | Percent guaranteed | |||||||||
Commercial | $ | 507 | 75 | % | $ | 519 | 75 | % | |||||
Commercial real estate | 14 | 75 | 18 | 75 | |||||||||
Consumer | 16 | 92 | 17 | 92 | |||||||||
Total loans | $ | 537 | 76 | $ | 554 | 76 |
December 31, 2017 | December 31, 2016 | ||||||||||||
(Dollar amounts in millions) | Amount | Percent | Amount | Percent | |||||||||
Real estate, rental and leasing | $ | 2,807 | 12.3 | % | $ | 2,624 | 12.1 | % | |||||
Retail trade 1 | 2,257 | 9.8 | 2,145 | 9.9 | |||||||||
Manufacturing | 2,116 | 9.2 | 2,161 | 10.0 | |||||||||
Finance and insurance | 2,026 | 8.8 | 1,462 | 6.8 | |||||||||
Healthcare and social assistance | 1,556 | 6.8 | 1,538 | 7.1 | |||||||||
Wholesale trade | 1,543 | 6.7 | 1,444 | 6.7 | |||||||||
Transportation and warehousing | 1,343 | 5.9 | 1,300 | 6.0 | |||||||||
Construction | 1,094 | 4.8 | 1,076 | 5.0 | |||||||||
Mining, quarrying, and oil and gas extraction | 1,010 | 4.4 | 1,403 | 6.5 | |||||||||
Accommodation and food services | 932 | 4.1 | 925 | 4.3 | |||||||||
Utilities 2 | 905 | 4.0 | 783 | 3.6 | |||||||||
Other Services (except Public Administration) | 896 | 3.9 | 881 | 4.1 | |||||||||
Professional, scientific, and technical services | 879 | 3.8 | 875 | 4.0 | |||||||||
Other 3 | 3,562 | 15.5 | 2,998 | 13.9 | |||||||||
Total | $ | 22,926 | 100.0 | % | $ | 21,615 | 100.0 | % |
2 | Includes primarily utilities, power, and renewable energy. |
3 | No other industry group exceeds 3.5%. |
(Dollar amounts in millions) | December 31, 2017 | % of total oil and gas- related | December 31, 2016 | % of total oil and gas- related | |||||||||
Loans and leases | |||||||||||||
Upstream – exploration and production | $ | 730 | 37 | % | $ | 733 | 34 | % | |||||
Midstream – marketing and transportation | 617 | 31 | 598 | 28 | |||||||||
Downstream – refining | 123 | 6 | 137 | 6 | |||||||||
Other non-services | 34 | 2 | 38 | 2 | |||||||||
Oilfield services | 367 | 19 | 500 | 23 | |||||||||
Oil and gas service manufacturing | 102 | 5 | 152 | 7 | |||||||||
Total loan and lease balances 2 | 1,973 | 100 | % | 2,158 | 100 | % | |||||||
Unfunded lending commitments | 1,908 | 1,722 | |||||||||||
Total oil and gas credit exposure | $ | 3,881 | $ | 3,880 | |||||||||
Private equity investments | $ | 3 | $ | 7 | |||||||||
Credit quality measures | |||||||||||||
Criticized loan ratio | 25.1 | % | 37.8 | % | |||||||||
Classified loan ratio | 17.9 | % | 31.6 | % | |||||||||
Nonaccrual loan ratio | 7.7 | % | 13.6 | % | |||||||||
Ratio of nonaccrual loans that are current | 88.1 | % | 86.1 | % | |||||||||
Net charge-off ratio, annualized 3 | — | % | 3.0 | % |
1 | Because many borrowers operate in multiple businesses, judgment has been applied in characterizing a borrower as oil and gas-related, including a particular segment of oil and gas-related activity, e.g., upstream or downstream; typically, 50% of revenues coming from the oil and gas sector is used as a guide. |
2 | Total loan and lease balances and the credit quality measures do not include oil and gas loans held for sale at period end. |
3 | Calculated as the ratio of annualized net charge-offs to the beginning loan balances for each respective period. |
(Dollar amounts in millions) | Collateral Location | ||||||||||||||||||||||||||||||||||||||||
Loan type | As of date | Arizona | California | Colorado | Nevada | Texas | Utah/ Idaho | Wash-ington/Oregon | Other 1 | Total | % of total CRE | ||||||||||||||||||||||||||||||
Commercial term | |||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 12/31/2017 | $ | 1,018 | $ | 3,026 | $ | 493 | $ | 536 | $ | 1,735 | $ | 1,365 | $ | 448 | $ | 482 | $ | 9,103 | 81.8 | % | ||||||||||||||||||||
% of loan type | 11.2 | % | 33.2 | % | 5.4 | % | 5.9 | % | 19.1 | % | 15.0 | % | 4.9 | % | 5.3 | % | 100.0 | % | |||||||||||||||||||||||
Delinquency rates: 2 | |||||||||||||||||||||||||||||||||||||||||
30-89 days | 12/31/2017 | 0.2 | % | 0.1 | % | 0.1 | % | 0.2 | % | — | % | 0.2 | % | — | % | 0.8 | % | 0.1 | % | ||||||||||||||||||||||
12/31/2016 | 0.1 | % | — | % | — | % | 0.8 | % | — | % | 0.1 | % | 0.2 | % | — | % | 0.1 | % | |||||||||||||||||||||||
≥ 90 days | 12/31/2017 | 0.2 | % | 0.1 | % | 0.1 | % | — | % | — | % | 0.1 | % | — | % | 0.7 | % | 0.1 | % | ||||||||||||||||||||||
12/31/2016 | 0.3 | % | 0.4 | % | — | % | — | % | — | % | 0.2 | % | — | % | 1.1 | % | 0.2 | % | |||||||||||||||||||||||
Accruing loans past due 90 days or more | 12/31/2017 | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2 | ||||||||||||||||||||||
12/31/2016 | — | 10 | — | — | — | 2 | — | — | 12 | ||||||||||||||||||||||||||||||||
Nonaccrual loans | 12/31/2017 | 4 | 7 | 1 | 2 | 17 | 1 | 4 | — | 36 | |||||||||||||||||||||||||||||||
12/31/2016 | 8 | 11 | — | 2 | 1 | — | 7 | — | 29 | ||||||||||||||||||||||||||||||||
Residential construction and land development | |||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 12/31/2017 | $ | 40 | $ | 261 | $ | 43 | $ | 4 | $ | 201 | $ | 42 | $ | 3 | $ | 6 | $ | 600 | 5.4 | % | ||||||||||||||||||||
% of loan type | 6.6 | % | 43.5 | % | 7.2 | % | 0.7 | % | 33.5 | % | 7.0 | % | 0.5 | % | 1.0 | % | 100.0 | % | |||||||||||||||||||||||
Delinquency rates: 2 | |||||||||||||||||||||||||||||||||||||||||
30-89 days | 12/31/2017 | — | % | — | % | 0.2 | % | — | % | 0.7 | % | — | % | — | % | — | % | 0.2 | % | ||||||||||||||||||||||
12/31/2016 | — | % | — | % | — | % | — | % | 0.4 | % | — | % | — | % | — | % | 0.1 | % | |||||||||||||||||||||||
≥ 90 days | 12/31/2017 | — | % | — | % | — | % | — | % | 0.1 | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||
12/31/2016 | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | |||||||||||||||||||||||
Accruing loans past due 90 days or more | 12/31/2017 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
12/31/2016 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Nonaccrual loans | 12/31/2017 | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
12/31/2016 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Commercial construction and land development | |||||||||||||||||||||||||||||||||||||||||
Balance outstanding | 12/31/2017 | $ | 131 | $ | 356 | $ | 34 | $ | 72 | $ | 415 | $ | 265 | $ | 90 | $ | 58 | $ | 1,421 | 12.8 | % | ||||||||||||||||||||
% of loan type | 9.2 | % | 25.0 | % | 2.4 | % | 5.1 | % | 29.2 | % | 18.7 | % | 6.3 | % | 4.1 | % | 100.0 | % | |||||||||||||||||||||||
Delinquency rates: 2 | |||||||||||||||||||||||||||||||||||||||||
30-89 days | 12/31/2017 | 0.1 | % | 0.2 | % | — | % | — | % | 0.2 | % | 0.1 | % | — | % | — | % | 0.1 | % | ||||||||||||||||||||||
12/31/2016 | — | % | — | % | — | % | 1.2 | % | — | % | 2.4 | % | — | % | — | % | 0.5 | % | |||||||||||||||||||||||
≥ 90 days | 12/31/2017 | — | % | — | % | — | % | — | % | — | % | 1.3 | % | — | % | — | % | 0.3 | % | ||||||||||||||||||||||
12/31/2016 | — | % | — | % | — | % | — | % | 0.4 | % | — | % | — | % | — | % | 0.2 | % | |||||||||||||||||||||||
Accruing loans past due 90 days or more | 12/31/2017 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||
12/31/2016 | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Nonaccrual loans | 12/31/2017 | — | — | — | — | — | 4 | — | — | 4 | |||||||||||||||||||||||||||||||
12/31/2016 | — | — | — | — | 2 | 5 | — | — | 7 | ||||||||||||||||||||||||||||||||
Total construction and land development | 12/31/2017 | $ | 171 | $ | 617 | $ | 77 | $ | 76 | $ | 616 | $ | 307 | $ | 93 | $ | 64 | $ | 2,021 | ||||||||||||||||||||||
Total commercial real estate | 12/31/2017 | $ | 1,189 | $ | 3,643 | $ | 570 | $ | 612 | $ | 2,351 | $ | 1,672 | $ | 541 | $ | 546 | $ | 11,124 | 100.0 | % |
1 | No other geography exceeds $79 million for all three loan types. |
2 | Delinquency rates include nonaccrual loans. |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Secured by first deeds of trust | $ | 1,406 | $ | 1,383 | |||
Secured by second (or junior) liens | 1,371 | 1,262 | |||||
Total | $ | 2,777 | $ | 2,645 |
(Dollar amounts in millions) | December 31, | ||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Nonaccrual loans: | |||||||||||||||||||
Loans held for sale | $ | 12 | $ | 40 | $ | — | $ | — | $ | — | |||||||||
Commercial: | |||||||||||||||||||
Commercial and industrial | 195 | 354 | 164 | 106 | 101 | ||||||||||||||
Leasing | 8 | 14 | 4 | — | 1 | ||||||||||||||
Owner-occupied | 90 | 74 | 74 | 87 | 137 | ||||||||||||||
Municipal | 1 | 1 | 1 | 1 | 10 | ||||||||||||||
Commercial real estate: | |||||||||||||||||||
Construction and land development | 4 | 7 | 7 | 24 | 29 | ||||||||||||||
Term | 36 | 29 | 40 | 25 | 60 | ||||||||||||||
Consumer: | |||||||||||||||||||
Real estate | 68 | 49 | 59 | 64 | 66 | ||||||||||||||
Other | — | 1 | 1 | — | 2 | ||||||||||||||
Nonaccrual loans | 414 | 569 | 350 | 307 | 406 | ||||||||||||||
Other real estate owned: | |||||||||||||||||||
Commercial: | |||||||||||||||||||
Commercial properties | 3 | 2 | 5 | 11 | 16 | ||||||||||||||
Developed land | — | — | — | — | 6 | ||||||||||||||
Land | — | — | 1 | 2 | 6 | ||||||||||||||
Residential: | |||||||||||||||||||
1-4 family | 1 | 2 | 1 | 4 | 8 | ||||||||||||||
Developed land | — | — | — | 2 | 9 | ||||||||||||||
Land | — | — | — | — | 1 | ||||||||||||||
Other real estate owned | 4 | 4 | 7 | 19 | 46 | ||||||||||||||
Total nonperforming assets | $ | 418 | $ | 573 | $ | 357 | $ | 326 | $ | 452 | |||||||||
Ratio of nonperforming assets to net loans and leases1 and other real estate owned | 0.93 | % | 1.34 | % | 0.87 | % | 0.81 | % | 1.15 | % | |||||||||
Accruing loans past due 90 days or more: | |||||||||||||||||||
Commercial | $ | 17 | $ | 18 | $ | 7 | $ | 8 | $ | 8 | |||||||||
Commercial real estate | 2 | 13 | 22 | 20 | 29 | ||||||||||||||
Consumer | 3 | 5 | 3 | 1 | 3 | ||||||||||||||
Total | $ | 22 | $ | 36 | $ | 32 | $ | 29 | $ | 40 | |||||||||
Ratio of accruing loans past due 90 days or more to net loans and leases1 | 0.05 | % | 0.08 | % | 0.08 | % | 0.07 | % | 0.10 | % |
1 | Includes loans held for sale. |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Restructured loans – accruing | $ | 139 | $ | 151 | |||
Restructured loans – nonaccruing | 87 | 100 | |||||
Total | $ | 226 | $ | 251 |
(In millions) | 2017 | 2016 | |||||
Balance at beginning of year | $ | 251 | $ | 297 | |||
New identified troubled debt restructuring and principal increases | 190 | 154 | |||||
Payments and payoffs | (157 | ) | (145 | ) | |||
Charge-offs | (25 | ) | (32 | ) | |||
No longer reported as troubled debt restructuring | (4 | ) | (10 | ) | |||
Sales and other | (29 | ) | (13 | ) | |||
Balance at end of year | $ | 226 | $ | 251 |
(Dollar amounts in millions) | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Loans and leases outstanding (net of unearned income) | $ | 44,780 | $ | 42,649 | $ | 40,650 | $ | 40,064 | $ | 39,043 | |||||||||
Average loans and leases outstanding, (net of unearned income) | $ | 43,501 | $ | 42,062 | $ | 40,171 | $ | 39,522 | $ | 38,109 | |||||||||
Allowance for loan losses: | |||||||||||||||||||
Balance at beginning of year | $ | 567 | $ | 606 | $ | 605 | $ | 746 | $ | 896 | |||||||||
Provision charged to earnings | 24 | 93 | 40 | (98 | ) | (87 | ) | ||||||||||||
Adjustment for FDIC-supported/PCI loans | — | — | — | (1 | ) | (11 | ) | ||||||||||||
Charge-offs: | |||||||||||||||||||
Commercial | (118 | ) | (170 | ) | (111 | ) | (77 | ) | (76 | ) | |||||||||
Commercial real estate | (9 | ) | (12 | ) | (14 | ) | (15 | ) | (26 | ) | |||||||||
Consumer | (17 | ) | (16 | ) | (14 | ) | (14 | ) | (29 | ) | |||||||||
Total | (144 | ) | (198 | ) | (139 | ) | (106 | ) | (131 | ) | |||||||||
Recoveries: | |||||||||||||||||||
Commercial | 46 | 43 | 55 | 41 | 41 | ||||||||||||||
Commercial real estate | 14 | 14 | 35 | 12 | 25 | ||||||||||||||
Consumer | 11 | 9 | 10 | 11 | 13 | ||||||||||||||
Total | 71 | 66 | 100 | 64 | 79 | ||||||||||||||
Net loan and lease charge-offs | (73 | ) | (132 | ) | (39 | ) | (42 | ) | (52 | ) | |||||||||
Balance at end of year | $ | 518 | $ | 567 | $ | 606 | $ | 605 | $ | 746 | |||||||||
Ratio of net charge-offs to average loans and leases | 0.17 | % | 0.31 | % | 0.10 | % | 0.11 | % | 0.14 | % | |||||||||
Ratio of allowance for loan losses to net loans and leases, on December 31, | 1.16 | % | 1.33 | % | 1.49 | % | 1.51 | % | 1.91 | % | |||||||||
Ratio of allowance for loan losses to nonaccrual loans, on December 31, | 129 | % | 107 | % | 173 | % | 197 | % | 184 | % | |||||||||
Ratio of allowance for loan losses to nonaccrual loans and accruing loans past due 90 days or more, on December 31, | 122 | % | 101 | % | 159 | % | 180 | % | 167 | % |
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
(Dollar amounts in millions) | % of total loans | Allocation of allowance | % of total loans | Allocation of allowance | % of total loans | Allocation of allowance | % of total loans | Allocation of allowance | % of total loans | Allocation of allowance | ||||||||||||||||||||||||
Loan segment | ||||||||||||||||||||||||||||||||||
Commercial | 51.2 | % | $ | 371 | 50.6 | % | $ | 420 | 52.9 | % | $ | 454 | 53.5 | % | $ | 413 | 53.5 | % | $ | 469 | ||||||||||||||
Commercial real estate | 24.8 | 103 | 26.6 | 116 | 25.5 | 114 | 25.3 | 145 | 26.6 | 216 | ||||||||||||||||||||||||
Consumer | 24.0 | 44 | 22.8 | 31 | 21.6 | 38 | 21.2 | 47 | 19.9 | 61 | ||||||||||||||||||||||||
Total | 100.0 | % | $ | 518 | 100.0 | % | $ | 567 | 100.0 | % | $ | 606 | 100.0 | % | $ | 605 | 100.0 | % | $ | 746 |
December 31, 2017 | ||||||
New Deposit Method | ||||||
Product | Effective duration (unchanged) | Effective duration (+200 bps) | ||||
Demand deposits | 3.4 | % | 3.3 | % | ||
Money market | 1.5 | % | 1.3 | % | ||
Savings and interest-on-checking | 2.6 | % | 2.4 | % |
December 31, 2017 | |||||||||||||||
Parallel shift in rates (in bps)1 | |||||||||||||||
Repricing scenario | -100 | 0 | +100 | +200 | +300 | ||||||||||
Earnings at Risk | (2.7 | )% | — | % | 2.8 | % | 5.4 | % | 7.8 | % |
1 | Assumes rates cannot go below zero in the negative rate shift. |
December 31, 2016 | |||||||||||||||
Parallel shift in rates (in bps)1 | |||||||||||||||
Repricing scenario | -100 | 0 | +100 | +200 | +300 | ||||||||||
Earnings at Risk | (4.9 | )% | — | % | 3.6 | % | 7.6 | % | 11.5 | % |
1 | Assumes rates cannot go below zero in the negative rate shift. |
December 31, 2017 | |||||||||||||||
Parallel shift in rates (in bps)1 | |||||||||||||||
Repricing scenario | -100 bps | 0 bps | +100 bps | +200 bps | +300 bps | ||||||||||
Economic Value of Equity | 0.2 | % | — | % | 0.5 | % | 0.3 | % | 0.2 | % |
1 | Assumes rates cannot go below zero in the negative rate shift. |
December 31, 2016 | |||||||||||||||
Parallel shift in rates (in bps)1 | |||||||||||||||
Repricing scenario | -100 bps | 0 bps | +100 bps | +200 bps | +300 bps | ||||||||||
Economic Value of Equity | 0.3 | % | — | % | 1.2 | % | 2.9 | % | 4.9 | % |
1 | Assumes rates cannot go below zero in the negative rate shift. |
(In millions) | One year or less | Over one year through three years | Over three years through five years | Over five years | Indeterminable maturity 1 | Total | |||||||||||||||||
Deposits | $ | 2,584 | $ | 388 | $ | 142 | $ | 1 | $ | 49,506 | $ | 52,621 | |||||||||||
Net unfunded commitments to extend credit | 6,227 | 5,202 | 3,361 | 4,793 | — | 19,583 | |||||||||||||||||
Standby letters of credit: | |||||||||||||||||||||||
Financial | 461 | 25 | 54 | 181 | — | 721 | |||||||||||||||||
Performance | 149 | 46 | 1 | — | — | 196 | |||||||||||||||||
Commercial letters of credit | 31 | — | — | — | — | 31 | |||||||||||||||||
Commitments to make venture and other noninterest-bearing investments 2 | 31 | — | — | — | — | 31 | |||||||||||||||||
Federal funds and other short-term borrowings | 4,976 | — | — | — | — | 4,976 | |||||||||||||||||
Long-term debt | — | 1 | — | 382 | — | 383 | |||||||||||||||||
Operating leases, net of subleases | 40 | 75 | 54 | 76 | — | 245 | |||||||||||||||||
Unrecognized tax benefits | — | 6 | — | — | — | 6 | |||||||||||||||||
Total contractual obligations | $ | 14,499 | $ | 5,743 | $ | 3,612 | $ | 5,433 | $ | 49,506 | $ | 78,793 |
1 | Indeterminable maturity deposits include noninterest-bearing demand, savings and money market. |
2 | Commitments to make venture and other noninterest-bearing investments do not have defined maturity dates. They have therefore been considered due on demand, maturing in one year or less. |
Company | ZB, N.A. | Company | ZB, N.A. | Company | ZB, N.A. | |||||
Rating agency | Outlook | Long-term issuer/senior debt rating | Subordinated debt rating | Short-term debt rating | ||||||
S&P | Positive | Positive | BBB- | BBB | BB+ | A-2 | ||||
Moody’s | Stable | Stable | Baa3 | Baa3 | P-2 | |||||
Kroll | Positive | Positive | BBB | BBB+ | BBB- | K2 |
• | Setting overall capital targets within the Board-approved capital policy, monitoring performance compared to the Company’s Capital Policy limits, and recommending changes to capital including dividends, common stock repurchases, subordinated debt, and changes in major strategies to maintain the Company and its subsidiary bank at well-capitalized levels; |
• | Maintaining an adequate capital cushion to withstand adverse stress events while continuing to meet the borrowing needs of its customers, and to provide reasonable assurance of continued access to wholesale funding, consistent with fiduciary responsibilities to depositors and bondholders; and |
• | Reviewing agency ratings of the Company and ZB, N.A. |
• | Maintain sufficient capital to support current needs; |
• | Maintain an adequate capital cushion to withstand future adverse stress events while continuing to meet borrowing needs of its customers; and |
• | Meet fiduciary responsibilities to depositors and bondholders while managing capital distributions to shareholders through dividends and repurchases of common stock so as to be consistent with Federal Reserve guidelines SR 09-04 and 12 U.S.C §§ 56 and 60. |
• | Increasing the quarterly common dividend to $0.24 per share by the second quarter of 2018 following the path of: |
◦ | $0.12 per share in the third quarter of 2017 |
◦ | $0.16 per share in the fourth quarter of 2017 |
◦ | $0.20 per share in the first quarter of 2018 |
◦ | $0.24 per share in the second quarter of 2018 |
Assumed Zions Bancorporation Common Stock Market Price | Diluted Shares (000s) | ||||
$ | 35.00 | 0 | |||
40.00 | 4,684 | ||||
45.00 | 7,825 | ||||
50.00 | 10,338 | ||||
55.00 | 12,394 | ||||
60.00 | 14,107 | ||||
65.00 | 15,557 |
2017 | 2016 | 2015 | ||||||
Tangible common equity ratio1 | 9.3 | % | 9.5 | % | 9.6 | % | ||
Tangible equity ratio1 | 10.2 | 10.6 | 11.1 | |||||
Average equity to average assets | 12.0 | 12.8 | 13.0 | |||||
Basel III risk-based capital ratios2: | ||||||||
Common equity tier 1 capital | 12.1 | 12.1 | 12.2 | |||||
Tier 1 leverage | 10.5 | 11.1 | 11.3 | |||||
Tier 1 risk-based | 13.2 | 13.5 | 14.1 | |||||
Total risk-based | 14.8 | 15.2 | 16.1 | |||||
Return on average common equity | 7.7 | 6.0 | 3.8 | |||||
Return on average tangible common equity1 | 9.0 | 7.1 | 4.6 |
1 | See “GAAP to Non-GAAP Reconciliations” on page 29 for more information regarding these ratios. |
2 | Based on the applicable phase-in periods. |
• | selection of comparable publicly-traded companies based on location, size, and business focus and composition; |
• | selection of market comparable acquisition transactions based on location, size, business focus and composition, and date of the transaction; |
• | the discount rate, which is based on Zions’ estimate of its cost of capital, applied to future cash flows; |
• | the projections of future earnings and cash flows of the reporting unit; |
• | the relative weight given to the valuations derived by the three methods described; and |
• | the control premium associated with reporting units. |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
(In millions, shares in thousands) | December 31, | ||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 548 | $ | 737 | |||
Money market investments: | |||||||
Interest-bearing deposits | 782 | 1,411 | |||||
Federal funds sold and security resell agreements | 514 | 568 | |||||
Investment securities: | |||||||
Held-to-maturity, at amortized cost (approximate fair value $762 and $850) | 770 | 868 | |||||
Available-for-sale, at fair value | 15,161 | 13,372 | |||||
Trading account, at fair value | 148 | 115 | |||||
Total investment securities | 16,079 | 14,355 | |||||
Loans held for sale | 44 | 172 | |||||
Loans and leases, net of unearned income and fees | 44,780 | 42,649 | |||||
Less allowance for loan losses | 518 | 567 | |||||
Loans, net of allowance | 44,262 | 42,082 | |||||
Other noninterest-bearing investments | 1,029 | 884 | |||||
Premises, equipment and software, net | 1,094 | 1,020 | |||||
Goodwill | 1,014 | 1,014 | |||||
Core deposit and other intangibles | 2 | 8 | |||||
Other real estate owned | 4 | 4 | |||||
Other assets | 916 | 984 | |||||
Total assets | $ | 66,288 | $ | 63,239 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Deposits: | |||||||
Noninterest-bearing demand | $ | 23,886 | $ | 24,115 | |||
Interest-bearing: | |||||||
Savings and money market | 25,620 | 26,364 | |||||
Time | 3,115 | 2,757 | |||||
Total deposits | 52,621 | 53,236 | |||||
Federal funds and other short-term borrowings | 4,976 | 827 | |||||
Long-term debt | 383 | 535 | |||||
Reserve for unfunded lending commitments | 58 | 65 | |||||
Other liabilities | 571 | 942 | |||||
Total liabilities | 58,609 | 55,605 | |||||
Shareholders’ equity: | |||||||
Preferred stock, without par value, authorized 4,400 shares | 566 | 710 | |||||
Common stock, without par value; authorized 350,000 shares; issued and outstanding 197,532 and 203,085 shares | 4,445 | 4,725 | |||||
Retained earnings | 2,807 | 2,321 | |||||
Accumulated other comprehensive income (loss) | (139 | ) | (122 | ) | |||
Total shareholders’ equity | 7,679 | 7,634 | |||||
Total liabilities and shareholders’ equity | $ | 66,288 | $ | 63,239 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(In millions, except shares and per share amounts) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Interest income: | |||||||||||
Interest and fees on loans | $ | 1,847 | $ | 1,729 | $ | 1,686 | |||||
Interest on money market investments | 19 | 21 | 23 | ||||||||
Interest on securities | 326 | 204 | 124 | ||||||||
Total interest income | 2,192 | 1,954 | 1,833 | ||||||||
Interest expense: | |||||||||||
Interest on deposits | 59 | 49 | 49 | ||||||||
Interest on short- and long-term borrowings | 68 | 38 | 69 | ||||||||
Total interest expense | 127 | 87 | 118 | ||||||||
Net interest income | 2,065 | 1,867 | 1,715 | ||||||||
Provision for loan losses | 24 | 93 | 40 | ||||||||
Net interest income after provision for loan losses | 2,041 | 1,774 | 1,675 | ||||||||
Noninterest income: | |||||||||||
Service charges and fees on deposit accounts | 171 | 171 | 168 | ||||||||
Other service charges, commissions and fees | 217 | 208 | 187 | ||||||||
Wealth management and trust income | 42 | 37 | 31 | ||||||||
Loan sales and servicing income | 25 | 35 | 31 | ||||||||
Capital markets and foreign exchange | 30 | 22 | 26 | ||||||||
Customer-related fees | 485 | 473 | 443 | ||||||||
Dividends and other investment income | 40 | 24 | 30 | ||||||||
Securities gains (losses), net | 14 | 7 | (127 | ) | |||||||
Other | 5 | 12 | 11 | ||||||||
Total noninterest income | 544 | 516 | 357 | ||||||||
Noninterest expense: | |||||||||||
Salaries and employee benefits | 1,011 | 983 | 973 | ||||||||
Occupancy, net | 129 | 125 | 120 | ||||||||
Furniture, equipment and software, net | 130 | 125 | 123 | ||||||||
Other real estate expense, net | (1 | ) | (2 | ) | (1 | ) | |||||
Credit-related expense | 29 | 26 | 29 | ||||||||
Provision for unfunded lending commitments | (7 | ) | (10 | ) | (6 | ) | |||||
Professional and legal services | 54 | 55 | 50 | ||||||||
Advertising | 22 | 22 | 25 | ||||||||
FDIC premiums | 53 | 40 | 34 | ||||||||
Amortization of core deposit and other intangibles | 6 | 8 | 9 | ||||||||
Other | 223 | 213 | 225 | ||||||||
Total noninterest expense | 1,649 | 1,585 | 1,581 | ||||||||
Income before income taxes | 936 | 705 | 451 | ||||||||
Income taxes | 344 | 236 | 142 | ||||||||
Net income | 592 | 469 | 309 | ||||||||
Preferred stock dividends | (40 | ) | (48 | ) | (62 | ) | |||||
Preferred stock redemption | (2 | ) | (10 | ) | — | ||||||
Net earnings applicable to common shareholders | $ | 550 | $ | 411 | $ | 247 | |||||
Weighted average common shares outstanding during the year: | |||||||||||
Basic shares (in thousands) | 200,776 | 203,855 | 203,265 | ||||||||
Diluted shares (in thousands) | 209,653 | 204,269 | 203,698 | ||||||||
Net earnings per common share: | |||||||||||
Basic | $ | 2.71 | $ | 2.00 | $ | 1.20 | |||||
Diluted | 2.60 | 1.99 | 1.20 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||
(In millions) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Net income | $ | 592 | $ | 469 | $ | 309 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Net unrealized holding losses on investment securities | (2 | ) | (74 | ) | (23 | ) | |||||
Reclassification of HTM securities to AFS securities | — | — | 11 | ||||||||
Reclassification to earnings for realized net securities losses | — | — | 86 | ||||||||
Net unrealized gains (losses) on other noninterest-bearing investments | 3 | 2 | (3 | ) | |||||||
Net unrealized holding gains (losses) on derivative instruments | (3 | ) | 5 | 7 | |||||||
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments | (2 | ) | (7 | ) | (6 | ) | |||||
Pension and postretirement | 12 | 7 | 1 | ||||||||
Effect of new tax rates from Tax Cuts and Jobs Act of 2017 | (25 | ) | — | — | |||||||
Other comprehensive income (loss) | (17 | ) | (67 | ) | 73 | ||||||
Comprehensive income | $ | 575 | $ | 402 | $ | 382 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
(In millions, except shares and per share amounts) | Preferred stock | Common stock | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | |||||||||||||||||
Shares (in thousands) | Amount | |||||||||||||||||||||
Balance at December 31, 2014 | $ | 1,004 | 203,015 | $ | 4,724 | $ | 1,769 | $ | (128 | ) | $ | 7,369 | ||||||||||
Net income | 309 | 309 | ||||||||||||||||||||
Other comprehensive income, net of tax | 73 | 73 | ||||||||||||||||||||
Preferred stock redemption | (176 | ) | 3 | (3 | ) | (176 | ) | |||||||||||||||
Net activity under employee plans and related tax benefits | 1,402 | 40 | 40 | |||||||||||||||||||
Dividends on preferred stock | (62 | ) | (62 | ) | ||||||||||||||||||
Dividends on common stock, $0.22 per share | (45 | ) | (45 | ) | ||||||||||||||||||
Change in deferred compensation | (1 | ) | (1 | ) | ||||||||||||||||||
Balance at December 31, 2015 | 828 | 204,417 | 4,767 | 1,967 | (55 | ) | 7,507 | |||||||||||||||
Net income | 469 | 469 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | (67 | ) | (67 | ) | ||||||||||||||||||
Preferred stock redemption | (118 | ) | 2 | (10 | ) | (126 | ) | |||||||||||||||
Company common stock repurchased under repurchase programs | (2,889 | ) | (90 | ) | (90 | ) | ||||||||||||||||
Net activity under employee plans and related tax benefits | 1,557 | 46 | 46 | |||||||||||||||||||
Dividends on preferred stock | (48 | ) | (48 | ) | ||||||||||||||||||
Dividends on common stock, $0.28 per share | (58 | ) | (58 | ) | ||||||||||||||||||
Change in deferred compensation | 1 | 1 | ||||||||||||||||||||
Balance at December 31, 2016 | 710 | 203,085 | 4,725 | 2,321 | (122 | ) | 7,634 | |||||||||||||||
Net income | 592 | 592 | ||||||||||||||||||||
Other comprehensive income, net of tax | 8 | 8 | ||||||||||||||||||||
Preferred stock redemption | (144 | ) | 2 | (2 | ) | (144 | ) | |||||||||||||||
Company common stock repurchased under repurchase programs | (7,009 | ) | (320 | ) | (320 | ) | ||||||||||||||||
Net activity under employee plans and related tax benefits | 1,456 | 38 | 38 | |||||||||||||||||||
Dividends on preferred stock | (40 | ) | (40 | ) | ||||||||||||||||||
Dividends on common stock, $0.44 per share | (89 | ) | (89 | ) | ||||||||||||||||||
Effect of new tax rates from Tax Cuts and Jobs Act of 2017 | 25 | (25 | ) | — | ||||||||||||||||||
Balance at December 31, 2017 | $ | 566 | 197,532 | $ | 4,445 | $ | 2,807 | $ | (139 | ) | $ | 7,679 |
ZIONS BANCORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(In millions) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 592 | $ | 469 | $ | 309 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | 17 | 83 | 34 | ||||||||
Depreciation and amortization | 179 | 123 | 86 | ||||||||
Share-based compensation | 25 | 26 | 25 | ||||||||
Securities losses (gains), net | (14 | ) | (7 | ) | 127 | ||||||
Deferred income tax expense (benefit) | 154 | (8 | ) | (30 | ) | ||||||
Net decrease (increase) in trading securities | (33 | ) | (67 | ) | 22 | ||||||
Net decrease (increase) in loans held for sale | 97 | 1 | (6 | ) | |||||||
Change in other liabilities | 29 | 1 | (6 | ) | |||||||
Change in other assets | (89 | ) | (10 | ) | (67 | ) | |||||
Other, net | (29 | ) | (15 | ) | (30 | ) | |||||
Net cash provided by operating activities | 928 | 596 | 464 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Net decrease in money market investments | 683 | 4,749 | 1,837 | ||||||||
Proceeds from maturities and paydowns of investment securities held-to-maturity | 314 | 94 | 123 | ||||||||
Purchases of investment securities held-to-maturity | (216 | ) | (416 | ) | (61 | ) | |||||
Proceeds from sales, maturities, and paydowns of investment securities available-for-sale | 2,412 | 3,787 | 1,681 | ||||||||
Purchases of investment securities available-for-sale | (4,719 | ) | (9,359 | ) | (5,513 | ) | |||||
Net change in loans and leases | (2,135 | ) | (2,102 | ) | (563 | ) | |||||
Purchases and sales of other noninterest-bearing investments | (105 | ) | (20 | ) | 31 | ||||||
Purchases of premises and equipment | (169 | ) | (196 | ) | (157 | ) | |||||
Proceeds from sales of other real estate owned | 8 | 20 | 25 | ||||||||
Other, net | 8 | 7 | 18 | ||||||||
Net cash used in investing activities | (3,919 | ) | (3,436 | ) | (2,579 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Net increase (decrease) in deposits | (614 | ) | 2,883 | 2,526 | |||||||
Net change in short-term funds borrowed | 2,149 | 480 | 103 | ||||||||
Proceeds from debt over 90 days and up to one year | 5,100 | — | — | ||||||||
Repayments of debt over 90 days and up to one year | (3,100 | ) | — | — | |||||||
Cash paid for preferred stock redemptions | (144 | ) | (126 | ) | (176 | ) | |||||
Repayments of long-term debt | (153 | ) | (280 | ) | (288 | ) | |||||
Company common stock repurchased | (332 | ) | (97 | ) | (7 | ) | |||||
Proceeds from the issuance of common stock | 25 | 25 | 22 | ||||||||
Dividends paid on common and preferred stock | (129 | ) | (108 | ) | (108 | ) | |||||
Other, net | — | 2 | (1 | ) | |||||||
Net cash provided by financing activities | 2,802 | 2,779 | 2,071 | ||||||||
Net decrease in cash and due from banks | (189 | ) | (61 | ) | (44 | ) | |||||
Cash and due from banks at beginning of year | 737 | 798 | 842 | ||||||||
Cash and due from banks at end of year | $ | 548 | $ | 737 | $ | 798 | |||||
Cash paid for interest | $ | 118 | $ | 83 | $ | 102 | |||||
Net cash paid for income taxes | 246 | 214 | 132 | ||||||||
Noncash activities are summarized as follows: | |||||||||||
Loans held for investment transferred to other real estate owned | 6 | 15 | 12 | ||||||||
Loans held for investment reclassified to loans held for sale, net | 25 | 50 | 5 | ||||||||
AFS securities purchased, not settled | 5 | 395 | — | ||||||||
Adjusted cost of HTM securities reclassified as AFS securities | — | — | 79 |
1. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
2. | RECENT ACCOUNTING PRONOUNCEMENTS |
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards not adopted by the Company during 2017 | ||||||
ASU 2014-09, Revenue from Contracts with Customers (Topic 606) and subsequent related ASUs | The core principle of the new guidance is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The banking industry does not expect significant changes because major sources of revenue are from financial instruments that have been excluded from the scope of the new standard, (including loans, derivatives, debt and equity securities, etc.). However, these new standards affect other fees charged by banks, such as asset management fees, credit card interchange fees, deposit account fees, etc. Adoption may be made on a full retrospective basis with practical expedients, or on a modified retrospective basis with a cumulative effect adjustment. Additionally, the new guidance significantly increases the disclosures related to revenue recognition practices. | January 1, 2018 | Approximately 85% of our revenue, including all of our interest income and a portion of our noninterest income, is out of scope of the guidance. The contracts that are in scope of the guidance are primarily related to service charges and fees on deposit accounts, wealth management and trust income, and other service charges, commissions and fees. We have completed our review of these contracts and have not identified any material changes in the timing of revenue recognition. We adopted this guidance January 1, 2018 using the modified retrospective transition method. There was no material impact at adoption to the Company’s consolidated financial statements. | |||
ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities | The standard provides revised accounting guidance related to the accounting for and reporting of financial instruments. Some of the main provisions include: – Equity investments that do not result in consolidation and are not accounted for under the equity method would be measured at fair value through net income. – Changes in instrument-specific credit risk for financial liabilities that are measured under the fair value option would be recognized in OCI. – Elimination of the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments carried at amortized cost. However, it will require the use of exit price when measuring the fair value of financial instruments measured at amortized cost for disclosure purposes. | January 1, 2018 | We do not have a significant amount of equity securities classified as AFS. Additionally, we do not have any financial liabilities accounted for under the fair value option. Therefore, the transition adjustment upon adoption of this guidance as of January 1, 2018 was not material. We are refining our valuation models to better account for an exit price, which will not change our financial statements, but will have an impact on our disclosures. | |||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards not adopted by the Company during 2017 (continued) | ||||||
ASC 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvement to Accounting for Hedging Activities | The purpose of this standard is to better align a company’s financial reporting for hedging activities, with the economic objectives of those activities. The standard is effective for public business entities for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The standard requires a modified retrospective transition method that requires recognition of the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. | January 1, 2018 | We early adopted this guidance as of January 1, 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements at transition. | |||
ASU 2016-02, Leases (Topic 842) | The standard requires that a lessee recognize assets and liabilities for leases with lease terms of more than 12 months. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, the standard will require both types of leases to be recognized on the balance sheet. It also requires disclosures to better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. | January 1, 2019 | We are currently evaluating the potential impact of this guidance on the Company’s financial statements. As of December 31, 2017, the Company had minimum noncancelable operating lease payments of $245 million that are being evaluated. The implementation team is working on gathering all key lease data elements to meet the requirements of the new guidance. Additionally, we are implementing new lease software that will accommodate the new accounting requirements. | |||
ASU 2017-08, Nonrefundable Fees and Other Costs (Subtopic 310-20). Premium Amortization on Purchased Callable Debt Securities | The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. The standard requires the premium to be amortized to the earliest call date. The update does not change the accounting for securities held at a discount. | January 1, 2019 | Our initial analysis suggests this guidance will not have a material impact on the Company’s financial statements, but we will continue to monitor its impact as we move closer to implementation. | |||
ASU 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | The standard significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard replaces today’s “incurred loss” approach with an “expected loss” model for instruments such as loans and HTM securities that are measured at amortized cost. The standard requires credit losses relating to AFS debt securities to be recorded through an ACL rather than a reduction of the carrying amount. It also changes the accounting for purchased credit-impaired (“PCI”)debt securities and loans. The standard retains many of the current disclosure requirements in current GAAP and expands certain disclosure requirements. Early adoption of the guidance is permitted as of January 1, 2019. | January 1, 2020 | We have formed an implementation team led jointly by Credit and the Corporate Controller’s group, that also includes other lines of business and functions within the Company. The implementation team is working on developing models that can meet the requirements of the new guidance. While this standard may potentially have a material impact on the Company’s financial statements, we are still in process of conducting our evaluation. | |||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards not adopted by the Company during 2017 (continued) | ||||||
ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment | The standard eliminates the requirement to calculate the implied fair value of goodwill (i.e. Step 2 of the current goodwill impairment test) to measure a goodwill impairment charge. Instead, entities would record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 of the current guidance). The standard does not change the guidance on completing Step 1 of the goodwill impairment test. The standard also continues to allow entities to perform the optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. The standard is effective for the Company as of January 1, 2020. Early adoption is allowed for any goodwill impairment test performed after January 1, 2017. | January 1, 2020 | We do not currently expect this guidance will have a material impact on the Company’s financial statements since the fair values of our reporting units were not lower than their respective carrying amounts at the time of our goodwill impairment analysis for 2017. | |||
Standard | Description | Date of adoption | Effect on the financial statements or other significant matters | |||
Standards adopted by the Company during 2017 | ||||||
ASU 2016-09, Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting | The standard requires entities to recognize the income tax effects of share-based awards in the income statement when the awards vest or are settled (i.e. the additional paid-in capital pools will be eliminated). The guidance on employers’ accounting for an employee’s use of shares to satisfy the employer’s statutory income tax withholding obligation and for forfeitures is changing. The standard also provides an entity the option to make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. | January 1, 2017 | Upon adoption of this ASU, there was no material impact from the cumulative effect adjustment to retained earnings. We elected to account for forfeitures when they occur and to reflect excess tax benefits in the operating section of the statement of cash flows on a prospective basis. | |||
ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | The standard allows a one-time movement between Accumulated Other Comprehensive Income (“AOCI”) and Retained Earnings to adjust for amounts that would otherwise be stranded in AOCI as a result of implementing changes due to the enactment of H.R. 1, known as the Tax Cuts and Jobs Act. The standard is effective for public companies for fiscal years beginning after December 15, 2018, with early adoption, including in an interim period, permitted. | December 31, 2017 | The Company adopted this standard for the 2017 fiscal year financial statements with a $25 million adjusting entry between AOCI and Retained Earnings. |
3. | FAIR VALUE |
(In millions) | December 31, 2017 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
ASSETS | |||||||||||||||
Investment securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
U.S. Treasury, agencies and corporations | $ | 25 | $ | 13,706 | $ | — | $ | 13,731 | |||||||
Municipal securities | 1,334 | 1,334 | |||||||||||||
Other debt securities | 24 | 24 | |||||||||||||
Money market mutual funds and other | 71 | 1 | 72 | ||||||||||||
Total Available-for-sale | 96 | 15,065 | — | 15,161 | |||||||||||
Trading account | 148 | 148 | |||||||||||||
Other noninterest-bearing investments: | |||||||||||||||
Bank-owned life insurance | 507 | 507 | |||||||||||||
Private equity investments | 95 | 95 | |||||||||||||
Other assets: | |||||||||||||||
Agriculture loan servicing and interest-only strips | 18 | 18 | |||||||||||||
Deferred compensation plan assets | 102 | 102 | |||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 1 | 1 | |||||||||||||
Interest rate swaps for customers | 28 | 28 | |||||||||||||
Foreign currency exchange contracts | 9 | 9 | |||||||||||||
Total Assets | $ | 207 | $ | 15,749 | $ | 113 | $ | 16,069 | |||||||
LIABILITIES | |||||||||||||||
Securities sold, not yet purchased | $ | 95 | $ | — | $ | — | $ | 95 | |||||||
Other liabilities: | |||||||||||||||
Deferred compensation plan obligations | 102 | 102 | |||||||||||||
Derivatives: | |||||||||||||||
Interest rate swaps for customers | 33 | 33 | |||||||||||||
Foreign currency exchange contracts | 7 | 7 | |||||||||||||
Total Liabilities | $ | 204 | $ | 33 | $ | — | $ | 237 |
(In millions) | December 31, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
ASSETS | |||||||||||||||
Investment securities: | |||||||||||||||
Available-for-sale: | |||||||||||||||
U.S. Treasury, agencies and corporations | $ | — | $ | 12,009 | $ | — | $ | 12,009 | |||||||
Municipal securities | 1,154 | 1,154 | |||||||||||||
Other debt securities | 24 | 24 | |||||||||||||
Money market mutual funds and other | 184 | 1 | 185 | ||||||||||||
Total Available-for-sale | 184 | 13,188 | — | 13,372 | |||||||||||
Trading account | 115 | 115 | |||||||||||||
Other noninterest-bearing investments: | |||||||||||||||
Bank-owned life insurance | 497 | 497 | |||||||||||||
Private equity investments 1 | 18 | 73 | 91 | ||||||||||||
Other assets: | |||||||||||||||
Agriculture loan servicing and interest-only strips | 20 | 20 | |||||||||||||
Deferred compensation plan assets | 91 | 91 | |||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 4 | 4 | |||||||||||||
Interest rate swaps for customers | 49 | 49 | |||||||||||||
Foreign currency exchange contracts | 11 | 11 | |||||||||||||
Total Assets | $ | 304 | $ | 13,853 | $ | 93 | $ | 14,250 | |||||||
LIABILITIES | |||||||||||||||
Securities sold, not yet purchased | $ | 25 | $ | — | $ | — | $ | 25 | |||||||
Other liabilities: | |||||||||||||||
Deferred compensation plan obligations | 91 | 91 | |||||||||||||
Derivatives: | |||||||||||||||
Interest rate related and other | 1 | 1 | |||||||||||||
Interest rate swaps for customers | 49 | 49 | |||||||||||||
Foreign currency exchange contracts | 9 | 9 | |||||||||||||
Total Liabilities | $ | 125 | $ | 50 | $ | — | $ | 175 |
Level 3 Instruments | |||||||||||||||
December 31, 2017 | December 31, 2016 | ||||||||||||||
(In millions) | Private equity investments | Ag loan svcg and int-only strips | Private equity investments | Ag loan svcg and int-only strips | |||||||||||
Balance at beginning of year | $ | 73 | $ | 20 | $ | 58 | $ | 14 | |||||||
Securities gains, net | 7 | — | 6 | — | |||||||||||
Other noninterest income | — | (1 | ) | — | 6 | ||||||||||
Purchases | 20 | — | 10 | — | |||||||||||
Redemptions and paydowns | (5 | ) | (1 | ) | (1 | ) | — | ||||||||
Balance at end of year | $ | 95 | $ | 18 | $ | 73 | $ | 20 |
(In millions) | Year Ended December 31, | ||||||
2017 | 2016 | ||||||
Equity securities gains, net | $ | 3 | $ | 6 |
(In millions) | Fair value at December 31, 2017 | Gains (losses) from fair value changes Year Ended December 31, 2017 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||
Private equity investments, carried at cost | $ | — | $ | — | $ | 1 | $ | 1 | $ | (1 | ) | ||||||||
Impaired loans | — | 9 | — | 9 | (5 | ) | |||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||||
Total | $ | — | $ | 9 | $ | 1 | $ | 10 | $ | (6 | ) |
(In millions) | Fair value at December 31, 2016 | Gains (losses) from fair value changes Year Ended December 31, 2016 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
ASSETS | |||||||||||||||||||
Private equity investments, carried at cost | $ | — | $ | — | $ | 1 | $ | 1 | $ | (1 | ) | ||||||||
Impaired loans | — | 52 | — | 52 | (36 | ) | |||||||||||||
Other real estate owned | — | 1 | — | 1 | (2 | ) | |||||||||||||
Total | $ | — | $ | 53 | $ | 1 | $ | 54 | $ | (39 | ) |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||
(Dollar amounts in millions) | Carrying value | Estimated fair value | Level | Carrying value | Estimated fair value | Level | |||||||||||||
Financial assets: | |||||||||||||||||||
Held-to-maturity investment securities | $ | 770 | $ | 762 | 2 | $ | 868 | $ | 850 | 2 | |||||||||
Loans and leases (including loans held for sale), net of allowance | 44,306 | 44,226 | 3 | 42,254 | 42,111 | 3 | |||||||||||||
Financial liabilities: | |||||||||||||||||||
Time deposits | 3,115 | 3,099 | 2 | 2,757 | 2,744 | 2 | |||||||||||||
Other short-term borrowings | 3,600 | 3,600 | 2 | 500 | 500 | 2 | |||||||||||||
Long-term debt (less fair value hedges) | 383 | 402 | 2 | 535 | 552 | 2 |
4. | OFFSETTING ASSETS AND LIABILITIES |
December 31, 2017 | ||||||||||||||||||||||||
(In millions) | Gross amounts not offset in the balance sheet | |||||||||||||||||||||||
Description | Gross amounts recognized | Gross amounts offset in the balance sheet | Net amounts presented in the balance sheet | Financial instruments | Cash collateral received/pledged | Net amount | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Federal funds sold and security resell agreements | $ | 809 | $ | (295 | ) | $ | 514 | $ | — | $ | — | $ | 514 | |||||||||||
Derivatives (included in other assets) | 38 | — | 38 | (21 | ) | (1 | ) | 16 | ||||||||||||||||
Total assets | $ | 847 | $ | (295 | ) | $ | 552 | $ | (21 | ) | $ | (1 | ) | $ | 530 | |||||||||
Liabilities: | ||||||||||||||||||||||||
Federal funds and other short-term borrowings | $ | 5,271 | $ | (295 | ) | $ | 4,976 | $ | — | $ | — | $ | 4,976 | |||||||||||
Derivatives (included in other liabilities) | 40 | — | 40 | (21 | ) | (6 | ) | 13 | ||||||||||||||||
Total liabilities | $ | 5,311 | $ | (295 | ) | $ | 5,016 | $ | (21 | ) | $ | (6 | ) | $ | 4,989 |
December 31, 2016 | ||||||||||||||||||||||||
(In millions) | Gross amounts not offset in the balance sheet | |||||||||||||||||||||||
Description | Gross amounts recognized | Gross amounts offset in the balance sheet | Net amounts presented in the balance sheet | Financial instruments | Cash collateral received/pledged | Net amount | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Federal funds sold and security resell agreements | $ | 568 | $ | — | $ | 568 | $ | — | $ | — | $ | 568 | ||||||||||||
Derivatives (included in other assets) | 64 | — | 64 | (17 | ) | — | 47 | |||||||||||||||||
Total assets | $ | 632 | $ | — | $ | 632 | $ | (17 | ) | $ | — | $ | 615 | |||||||||||
Liabilities: | ||||||||||||||||||||||||
Federal funds and other short-term borrowings | $ | 827 | $ | — | $ | 827 | $ | — | $ | — | $ | 827 | ||||||||||||
Derivatives (included in other liabilities) | 59 | — | 59 | (17 | ) | (17 | ) | 25 | ||||||||||||||||
Total liabilities | $ | 886 | $ | — | $ | 886 | $ | (17 | ) | $ | (17 | ) | $ | 852 |
5. | INVESTMENTS |
December 31, 2017 | |||||||||||||||
(In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||
Held-to-maturity | |||||||||||||||
Municipal securities | $ | 770 | $ | 5 | $ | 13 | $ | 762 | |||||||
Available-for-sale | |||||||||||||||
U.S. Treasury securities | 25 | — | — | 25 | |||||||||||
U.S. Government agencies and corporations: | |||||||||||||||
Agency securities | 1,830 | 1 | 13 | 1,818 | |||||||||||
Agency guaranteed mortgage-backed securities | 9,798 | 9 | 141 | 9,666 | |||||||||||
Small Business Administration loan-backed securities | 2,227 | 10 | 15 | 2,222 | |||||||||||
Municipal securities | 1,336 | 9 | 11 | 1,334 | |||||||||||
Other debt securities | 25 | — | 1 | 24 | |||||||||||
Total available-for-sale debt securities | 15,241 | 29 | 181 | 15,089 | |||||||||||
Money market mutual funds and other | 72 | — | — | 72 | |||||||||||
Total available-for-sale | 15,313 | 29 | 181 | 15,161 | |||||||||||
Total investment securities | $ | 16,083 | $ | 34 | $ | 194 | $ | 15,923 |
December 31, 2016 | |||||||||||||||
(In millions) | Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | |||||||||||
Held-to-maturity | |||||||||||||||
Municipal securities | $ | 868 | $ | 5 | $ | 23 | $ | 850 | |||||||
Available-for-sale | |||||||||||||||
U.S. Treasury securities | — | — | — | — | |||||||||||
U.S. Government agencies and corporations: | |||||||||||||||
Agency securities | 1,846 | 2 | 9 | 1,839 | |||||||||||
Agency guaranteed mortgage-backed securities | 7,986 | 7 | 110 | 7,883 | |||||||||||
Small Business Administration loan-backed securities | 2,298 | 8 | 18 | 2,288 | |||||||||||
Municipal securities | 1,182 | 1 | 29 | 1,154 | |||||||||||
Other debt securities | 25 | — | 1 | 24 | |||||||||||
Total available-for-sale debt securities | 13,337 | 18 | 167 | 13,188 | |||||||||||
Money market mutual funds and other | 184 | — | — | 184 | |||||||||||
Total available-for-sale | 13,521 | 18 | 167 | 13,372 | |||||||||||
Total investment securities | $ | 14,389 | $ | 23 | $ | 190 | $ | 14,222 |
Held-to-maturity | Available-for-sale | ||||||||||||||
(In millions) | Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | |||||||||||
Due in one year or less | $ | 180 | $ | 90 | $ | 2,499 | $ | 2,054 | |||||||
Due after one year through five years | 372 | 336 | 5,727 | 5,575 | |||||||||||
Due after five years through ten years | 159 | 230 | 4,331 | 4,485 | |||||||||||
Due after ten years | 59 | 106 | 2,684 | 2,975 | |||||||||||
Total | $ | 770 | $ | 762 | $ | 15,241 | $ | 15,089 |
December 31, 2017 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In millions) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Municipal securities | $ | 3 | $ | 263 | $ | 10 | $ | 292 | $ | 13 | $ | 555 | |||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | 6 | 808 | 7 | 808 | 13 | 1,616 | |||||||||||||||||
Agency guaranteed mortgage-backed securities | 29 | 3,609 | 112 | 4,721 | 141 | 8,330 | |||||||||||||||||
Small Business Administration loan-backed securities | 3 | 408 | 12 | 649 | 15 | 1,057 | |||||||||||||||||
Municipal securities | 6 | 554 | 5 | 230 | 11 | 784 | |||||||||||||||||
Other | — | — | 1 | 14 | 1 | 14 | |||||||||||||||||
Total available-for-sale | 44 | 5,379 | 137 | 6,422 | 181 | 11,801 | |||||||||||||||||
Total | $ | 47 | $ | 5,642 | $ | 147 | $ | 6,714 | $ | 194 | $ | 12,356 |
December 31, 2016 | |||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||
(In millions) | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | Gross unrealized losses | Estimated fair value | |||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Municipal securities | $ | 15 | $ | 467 | $ | 8 | $ | 61 | $ | 23 | $ | 528 | |||||||||||
Available-for-sale | |||||||||||||||||||||||
U.S. Government agencies and corporations: | |||||||||||||||||||||||
Agency securities | 9 | 950 | — | 127 | 9 | 1,077 | |||||||||||||||||
Agency guaranteed mortgage-backed securities | 102 | 6,649 | 7 | 326 | 109 | 6,975 | |||||||||||||||||
Small Business Administration loan-backed securities | 3 | 527 | 16 | 841 | 19 | 1,368 | |||||||||||||||||
Municipal securities | 28 | 992 | — | 9 | 28 | 1,001 | |||||||||||||||||
Other | — | — | 2 | 14 | 2 | 14 | |||||||||||||||||
Total available-for-sale | 142 | 9,118 | 25 | 1,317 | 167 | 10,435 | |||||||||||||||||
Total | $ | 157 | $ | 9,585 | $ | 33 | $ | 1,378 | $ | 190 | $ | 10,963 |
The following summarizes gains and losses, including OTTI, that were recognized in the statement of income: | |||||||||||||||||||||||
2017 | 2016 | 2015 | |||||||||||||||||||||
(In millions) | Gross gains | Gross losses | Gross gains | Gross losses | Gross gains | Gross losses | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Available-for-sale | $ | — | $ | — | $ | — | $ | — | $ | 9 | $ | 148 | |||||||||||
Other noninterest-bearing investments | 22 | 8 | 21 | 14 | 25 | 13 | |||||||||||||||||
Total investments | 22 | 8 | 21 | 14 | 34 | 161 | |||||||||||||||||
Net gains (losses) | $ | 14 | $ | 7 | $ | (127 | ) | ||||||||||||||||
Statement of income information: | |||||||||||||||||||||||
Equity securities gains, net | $ | 14 | $ | 7 | $ | 12 | |||||||||||||||||
Fixed income securities gains (losses), net | — | — | (139 | ) | |||||||||||||||||||
Net gains (losses) | $ | 14 | $ | 7 | $ | (127 | ) |
(In millions) | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||
Taxable | Nontaxable | Total | Taxable | Nontaxable | Total | Taxable | Nontaxable | Total | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
Held-to-maturity | $ | 10 | $ | 13 | $ | 23 | $ | 10 | $ | 13 | $ | 23 | $ | 13 | $ | 11 | $ | 24 | |||||||||||||||||
Available-for-sale | 277 | 24 | 301 | 166 | 12 | 178 | 95 | 3 | 98 | ||||||||||||||||||||||||||
Trading | 2 | — | 2 | 3 | — | 3 | 2 | — | 2 | ||||||||||||||||||||||||||
Total | $ | 289 | $ | 37 | $ | 326 | $ | 179 | $ | 25 | $ | 204 | $ | 110 | $ | 14 | $ | 124 |
6. | LOANS AND ALLOWANCE FOR CREDIT LOSSES |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Loans held for sale | $ | 44 | $ | 172 | |||
Commercial: | |||||||
Commercial and industrial | $ | 14,003 | $ | 13,452 | |||
Leasing | 364 | 423 | |||||
Owner-occupied | 7,288 | 6,962 | |||||
Municipal | 1,271 | 778 | |||||
Total commercial | 22,926 | 21,615 | |||||
Commercial real estate: | |||||||
Construction and land development | 2,021 | 2,019 | |||||
Term | 9,103 | 9,322 | |||||
Total commercial real estate | 11,124 | 11,341 | |||||
Consumer: | |||||||
Home equity credit line | 2,777 | 2,645 | |||||
1-4 family residential | 6,662 | 5,891 | |||||
Construction and other consumer real estate | 597 | 486 | |||||
Bankcard and other revolving plans | 509 | 481 | |||||
Other | 185 | 190 | |||||
Total consumer | 10,730 | 9,693 | |||||
Total loans | $ | 44,780 | $ | 42,649 |
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices; |
• | Changes in international, national, regional, and local economic and business conditions; |
• | Changes in the nature and volume of the portfolio and in the terms of loans; |
• | Changes in the experience, ability, and depth of lending management and other relevant staff; |
• | Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans; |
• | Changes in the quality of the loan review system; |
• | Changes in the value of underlying collateral for collateral-dependent loans; |
• | The existence and effect of any concentration of credit, and changes in the level of such concentrations; |
• | The effect of other external factors such as competition and legal and regulatory requirements; |
December 31, 2017 | |||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||
Allowance for loan losses | |||||||||||||||
Balance at beginning of year | $ | 420 | $ | 116 | $ | 31 | $ | 567 | |||||||
Additions: | |||||||||||||||
Provision for loan losses | 23 | (18 | ) | 19 | 24 | ||||||||||
Deductions: | |||||||||||||||
Gross loan and lease charge-offs | (118 | ) | (9 | ) | (17 | ) | (144 | ) | |||||||
Recoveries | 46 | 14 | 11 | 71 | |||||||||||
Net loan and lease (charge-offs) recoveries | (72 | ) | 5 | (6 | ) | (73 | ) | ||||||||
Balance at end of year | $ | 371 | $ | 103 | $ | 44 | $ | 518 | |||||||
Reserve for unfunded lending commitments | |||||||||||||||
Balance at beginning of year | $ | 54 | $ | 11 | $ | — | $ | 65 | |||||||
Provision credited to earnings | (6 | ) | (1 | ) | — | (7 | ) | ||||||||
Balance at end of year | $ | 48 | $ | 10 | $ | — | $ | 58 | |||||||
Total allowance for credit losses | |||||||||||||||
Allowance for loan losses | $ | 371 | $ | 103 | $ | 44 | $ | 518 | |||||||
Reserve for unfunded lending commitments | 48 | 10 | — | 58 | |||||||||||
Total allowance for credit losses | $ | 419 | $ | 113 | $ | 44 | $ | 576 |
December 31, 2016 | |||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||
Allowance for loan losses | |||||||||||||||
Balance at beginning of year | $ | 454 | $ | 114 | $ | 38 | $ | 606 | |||||||
Additions: | |||||||||||||||
Provision for loan losses | 93 | — | — | 93 | |||||||||||
Deductions: | |||||||||||||||
Gross loan and lease charge-offs | (170 | ) | (12 | ) | (16 | ) | (198 | ) | |||||||
Recoveries | 43 | 14 | 9 | 66 | |||||||||||
Net loan and lease charge-offs | (127 | ) | 2 | (7 | ) | (132 | ) | ||||||||
Balance at end of year | $ | 420 | $ | 116 | $ | 31 | $ | 567 | |||||||
Reserve for unfunded lending commitments | |||||||||||||||
Balance at beginning of year | $ | 58 | $ | 16 | $ | 1 | $ | 75 | |||||||
Provision credited to earnings | (4 | ) | (5 | ) | (1 | ) | (10 | ) | |||||||
Balance at end of year | $ | 54 | $ | 11 | $ | — | $ | 65 | |||||||
Total allowance for credit losses | |||||||||||||||
Allowance for loan losses | $ | 420 | $ | 116 | $ | 31 | $ | 567 | |||||||
Reserve for unfunded lending commitments | 54 | 11 | — | 65 | |||||||||||
Total allowance for credit losses | $ | 474 | $ | 127 | $ | 31 | $ | 632 |
December 31, 2017 | |||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||
Allowance for loan losses | |||||||||||||||
Individually evaluated for impairment | $ | 26 | $ | 1 | $ | 4 | $ | 31 | |||||||
Collectively evaluated for impairment | 345 | 102 | 40 | 487 | |||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | — | |||||||||||
Total | $ | 371 | $ | 103 | $ | 44 | $ | 518 | |||||||
Outstanding loan balances | |||||||||||||||
Individually evaluated for impairment | $ | 314 | $ | 69 | $ | 76 | $ | 459 | |||||||
Collectively evaluated for impairment | 22,598 | 11,048 | 10,648 | 44,294 | |||||||||||
Purchased loans with evidence of credit deterioration | 14 | 7 | 6 | 27 | |||||||||||
Total | $ | 22,926 | $ | 11,124 | $ | 10,730 | $ | 44,780 |
December 31, 2016 | |||||||||||||||
(In millions) | Commercial | Commercial real estate | Consumer | Total | |||||||||||
Allowance for loan losses | |||||||||||||||
Individually evaluated for impairment | $ | 56 | $ | 3 | $ | 6 | $ | 65 | |||||||
Collectively evaluated for impairment | 364 | 113 | 25 | 502 | |||||||||||
Purchased loans with evidence of credit deterioration | — | — | — | — | |||||||||||
Total | $ | 420 | $ | 116 | $ | 31 | $ | 567 | |||||||
Outstanding loan balances | |||||||||||||||
Individually evaluated for impairment | $ | 466 | $ | 78 | $ | 75 | $ | 619 | |||||||
Collectively evaluated for impairment | 21,111 | 11,231 | 9,611 | 41,953 | |||||||||||
Purchased loans with evidence of credit deterioration | 38 | 32 | 7 | 77 | |||||||||||
Total | $ | 21,615 | $ | 11,341 | $ | 9,693 | $ | 42,649 |
Nonaccrual loans are summarized as follows: | |||||||
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Loans held for sale | $ | 12 | $ | 40 | |||
Commercial: | |||||||
Commercial and industrial | $ | 195 | $ | 354 | |||
Leasing | 8 | 14 | |||||
Owner-occupied | 90 | 74 | |||||
Municipal | 1 | 1 | |||||
Total commercial | 294 | 443 | |||||
Commercial real estate: | |||||||
Construction and land development | 4 | 7 | |||||
Term | 36 | 29 | |||||
Total commercial real estate | 40 | 36 | |||||
Consumer: | |||||||
Home equity credit line | 13 | 11 | |||||
1-4 family residential | 55 | 36 | |||||
Construction and other consumer real estate | — | 2 | |||||
Bankcard and other revolving plans | — | 1 | |||||
Other | — | — | |||||
Total consumer loans | 68 | 50 | |||||
Total | $ | 402 | $ | 529 |
Past due loans (accruing and nonaccruing) are summarized as follows: | |||||||||||||||||||||||||||
December 31, 2017 | |||||||||||||||||||||||||||
(In millions) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||
Loans held for sale | $ | 44 | $ | — | $ | — | $ | — | $ | 44 | $ | — | $ | 12 | |||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 13,887 | $ | 60 | $ | 56 | $ | 116 | $ | 14,003 | $ | 13 | $ | 146 | |||||||||||||
Leasing | 363 | 1 | — | 1 | 364 | — | 8 | ||||||||||||||||||||
Owner-occupied | 7,219 | 29 | 40 | 69 | 7,288 | 4 | 49 | ||||||||||||||||||||
Municipal | 1,271 | — | — | — | 1,271 | — | 1 | ||||||||||||||||||||
Total commercial | 22,740 | 90 | 96 | 186 | 22,926 | 17 | 204 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 2,014 | 3 | 4 | 7 | 2,021 | — | — | ||||||||||||||||||||
Term | 9,079 | 13 | 11 | 24 | 9,103 | 2 | 25 | ||||||||||||||||||||
Total commercial real estate | 11,093 | 16 | 15 | 31 | 11,124 | 2 | 25 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 2,763 | 9 | 5 | 14 | 2,777 | — | 5 | ||||||||||||||||||||
1-4 family residential | 6,621 | 16 | 25 | 41 | 6,662 | 1 | 27 | ||||||||||||||||||||
Construction and other consumer real estate | 590 | 6 | 1 | 7 | 597 | 1 | — | ||||||||||||||||||||
Bankcard and other revolving plans | 506 | 2 | 1 | 3 | 509 | 1 | — | ||||||||||||||||||||
Other | 184 | 1 | — | 1 | 185 | — | — | ||||||||||||||||||||
Total consumer loans | 10,664 | 34 | 32 | 66 | 10,730 | 3 | 32 | ||||||||||||||||||||
Total | $ | 44,497 | $ | 140 | $ | 143 | $ | 283 | $ | 44,780 | $ | 22 | $ | 261 |
December 31, 2016 | |||||||||||||||||||||||||||
(In millions) | Current | 30-89 days past due | 90+ days past due | Total past due | Total loans | Accruing loans 90+ days past due | Nonaccrual loans that are current1 | ||||||||||||||||||||
Loans held for sale | $ | 172 | $ | — | $ | — | $ | — | $ | 172 | $ | — | $ | 40 | |||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 13,306 | $ | 72 | $ | 74 | $ | 146 | $ | 13,452 | $ | 10 | $ | 287 | |||||||||||||
Leasing | 423 | — | — | — | 423 | — | 14 | ||||||||||||||||||||
Owner-occupied | 6,894 | 40 | 28 | 68 | 6,962 | 8 | 43 | ||||||||||||||||||||
Municipal | 778 | — | — | — | 778 | — | 1 | ||||||||||||||||||||
Total commercial | 21,401 | 112 | 102 | 214 | 21,615 | 18 | 345 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 2,010 | 7 | 2 | 9 | 2,019 | 1 | 1 | ||||||||||||||||||||
Term | 9,291 | 9 | 22 | 31 | 9,322 | 12 | 18 | ||||||||||||||||||||
Total commercial real estate | 11,301 | 16 | 24 | 40 | 11,341 | 13 | 19 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 2,635 | 4 | 6 | 10 | 2,645 | 1 | 5 | ||||||||||||||||||||
1-4 family residential | 5,857 | 12 | 22 | 34 | 5,891 | — | 11 | ||||||||||||||||||||
Construction and other consumer real estate | 479 | 3 | 4 | 7 | 486 | 3 | — | ||||||||||||||||||||
Bankcard and other revolving plans | 478 | 2 | 1 | 3 | 481 | 1 | 1 | ||||||||||||||||||||
Other | 189 | 1 | — | 1 | 190 | — | — | ||||||||||||||||||||
Total consumer loans | 9,638 | 22 | 33 | 55 | 9,693 | 5 | 17 | ||||||||||||||||||||
Total | $ | 42,340 | $ | 150 | $ | 159 | $ | 309 | $ | 42,649 | $ | 36 | $ | 381 |
1 | Represents nonaccrual loans that are not past due more than 30 days; however, full payment of principal and interest is still not expected. |
December 31, 2017 | |||||||||||||||||||||||
(In millions) | Pass | Special mention | Sub- standard | Doubtful | Total loans | Total allowance | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 13,001 | $ | 395 | $ | 606 | $ | 1 | $ | 14,003 | |||||||||||||
Leasing | 342 | 6 | 16 | — | 364 | ||||||||||||||||||
Owner-occupied | 6,920 | 93 | 275 | — | 7,288 | ||||||||||||||||||
Municipal | 1,257 | 13 | 1 | — | 1,271 | ||||||||||||||||||
Total commercial | 21,520 | 507 | 898 | 1 | 22,926 | $ | 371 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and land development | 2,002 | 15 | 4 | — | 2,021 | ||||||||||||||||||
Term | 8,816 | 138 | 149 | — | 9,103 | ||||||||||||||||||
Total commercial real estate | 10,818 | 153 | 153 | — | 11,124 | 103 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 2,759 | — | 18 | — | 2,777 | ||||||||||||||||||
1-4 family residential | 6,602 | — | 60 | — | 6,662 | ||||||||||||||||||
Construction and other consumer real estate | 596 | — | 1 | — | 597 | ||||||||||||||||||
Bankcard and other revolving plans | 507 | — | 2 | — | 509 | ||||||||||||||||||
Other | 185 | — | — | — | 185 | ||||||||||||||||||
Total consumer loans | 10,649 | — | 81 | — | 10,730 | 44 | |||||||||||||||||
Total | $ | 42,987 | $ | 660 | $ | 1,132 | $ | 1 | $ | 44,780 | $ | 518 |
December 31, 2016 | |||||||||||||||||||||||
(In millions) | Pass | Special mention | Sub- standard | Doubtful | Total loans | Total allowance | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 12,185 | $ | 266 | $ | 998 | $ | 3 | $ | 13,452 | |||||||||||||
Leasing | 387 | 5 | 30 | 1 | 423 | ||||||||||||||||||
Owner-occupied | 6,560 | 96 | 306 | — | 6,962 | ||||||||||||||||||
Municipal | 765 | 7 | 6 | — | 778 | ||||||||||||||||||
Total commercial | 19,897 | 374 | 1,340 | 4 | 21,615 | $ | 420 | ||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||
Construction and land development | 1,942 | 52 | 25 | — | 2,019 | ||||||||||||||||||
Term | 9,096 | 82 | 144 | — | 9,322 | ||||||||||||||||||
Total commercial real estate | 11,038 | 134 | 169 | — | 11,341 | 116 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Home equity credit line | 2,629 | — | 16 | — | 2,645 | ||||||||||||||||||
1-4 family residential | 5,851 | — | 40 | — | 5,891 | ||||||||||||||||||
Construction and other consumer real estate | 482 | — | 4 | — | 486 | ||||||||||||||||||
Bankcard and other revolving plans | 478 | — | 3 | — | 481 | ||||||||||||||||||
Other | 189 | — | 1 | — | 190 | ||||||||||||||||||
Total consumer loans | 9,629 | — | 64 | — | 9,693 | 31 | |||||||||||||||||
Total | $ | 40,564 | $ | 508 | $ | 1,573 | $ | 4 | $ | 42,649 | $ | 567 |
December 31, 2017 | Year Ended December 31, 2017 | ||||||||||||||||||||||||||
(In millions) | Unpaid principal balance | Recorded investment | Total recorded investment | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
with no allowance | with allowance | ||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 293 | $ | 80 | $ | 142 | $ | 222 | $ | 24 | $ | 289 | $ | 6 | |||||||||||||
Owner-occupied | 120 | 79 | 23 | 102 | 2 | 97 | 6 | ||||||||||||||||||||
Municipal | 1 | 1 | — | 1 | — | 1 | — | ||||||||||||||||||||
Total commercial | 414 | 160 | 165 | 325 | 26 | 387 | 12 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 8 | 4 | 2 | 6 | — | 8 | — | ||||||||||||||||||||
Term | 56 | 36 | 12 | 48 | — | 49 | 12 | ||||||||||||||||||||
Total commercial real estate | 64 | 40 | 14 | 54 | — | 57 | 12 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 25 | 13 | 9 | 22 | — | 21 | 1 | ||||||||||||||||||||
1-4 family residential | 67 | 28 | 29 | 57 | 4 | 52 | 1 | ||||||||||||||||||||
Construction and other consumer real estate | 2 | 1 | 1 | 2 | — | 2 | — | ||||||||||||||||||||
Other | 1 | 1 | — | 1 | — | 1 | 1 | ||||||||||||||||||||
Total consumer loans | 95 | 43 | 39 | 82 | 4 | 76 | 3 | ||||||||||||||||||||
Total | $ | 573 | $ | 243 | $ | 218 | $ | 461 | $ | 30 | $ | 520 | $ | 27 |
December 31, 2016 | Year Ended December 31, 2016 | ||||||||||||||||||||||||||
(In millions) | Unpaid principal balance | Recorded investment | Total recorded investment | Related allowance | Average recorded investment | Interest income recognized | |||||||||||||||||||||
with no allowance | with allowance | ||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 470 | $ | 82 | $ | 311 | $ | 393 | $ | 52 | $ | 333 | $ | 5 | |||||||||||||
Owner-occupied | 115 | 71 | 30 | 101 | 3 | 99 | 9 | ||||||||||||||||||||
Municipal | 1 | 1 | — | 1 | — | 1 | — | ||||||||||||||||||||
Total commercial | 586 | 154 | 341 | 495 | 55 | 433 | 14 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | 22 | 7 | 6 | 13 | — | 11 | 2 | ||||||||||||||||||||
Term | 92 | 53 | 17 | 70 | 2 | 76 | 13 | ||||||||||||||||||||
Total commercial real estate | 114 | 60 | 23 | 83 | 2 | 87 | 15 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | 24 | 16 | 7 | 23 | — | 22 | 1 | ||||||||||||||||||||
1-4 family residential | 59 | 27 | 28 | 55 | 6 | 57 | 2 | ||||||||||||||||||||
Construction and other consumer real estate | 3 | 1 | 2 | 3 | — | 2 | — | ||||||||||||||||||||
Other | 2 | 1 | — | 1 | — | 2 | — | ||||||||||||||||||||
Total consumer loans | 88 | 45 | 37 | 82 | 6 | 83 | 3 | ||||||||||||||||||||
Total | $ | 788 | $ | 259 | $ | 401 | $ | 660 | $ | 63 | $ | 603 | $ | 32 |
December 31, 2017 | |||||||||||||||||||||||||||
Recorded investment resulting from the following modification types: | |||||||||||||||||||||||||||
(In millions) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | 2 | $ | — | $ | — | $ | 12 | $ | 33 | $ | 47 | |||||||||||||
Owner-occupied | 1 | 1 | — | — | 7 | 14 | 23 | ||||||||||||||||||||
Total commercial | 1 | 3 | — | — | 19 | 47 | 70 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | — | — | — | — | — | 2 | 2 | ||||||||||||||||||||
Term | 6 | — | — | 1 | — | 7 | 14 | ||||||||||||||||||||
Total commercial real estate | 6 | — | — | 1 | — | 9 | 16 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | 2 | 9 | — | 1 | 3 | 15 | ||||||||||||||||||||
1-4 family residential | 1 | — | 6 | 1 | 2 | 26 | 36 | ||||||||||||||||||||
Construction and other consumer real estate | — | 1 | — | — | — | 1 | 2 | ||||||||||||||||||||
Total consumer loans | 1 | 3 | 15 | 1 | 3 | 30 | 53 | ||||||||||||||||||||
Total accruing | 8 | 6 | 15 | 2 | 22 | 86 | 139 | ||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | — | 3 | 5 | 2 | 28 | 24 | 62 | ||||||||||||||||||||
Owner-occupied | 1 | 2 | — | 1 | 1 | 5 | 10 | ||||||||||||||||||||
Municipal | — | 1 | — | — | — | — | 1 | ||||||||||||||||||||
Total commercial | 1 | 6 | 5 | 3 | 29 | 29 | 73 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | — | — | — | — | — | — | — | ||||||||||||||||||||
Term | 2 | — | — | — | — | 3 | 5 | ||||||||||||||||||||
Total commercial real estate | 2 | — | — | — | — | 3 | 5 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | — | 1 | — | — | — | 1 | ||||||||||||||||||||
1-4 family residential | — | — | 2 | — | 1 | 5 | 8 | ||||||||||||||||||||
Construction and other consumer real estate | — | — | — | — | — | — | — | ||||||||||||||||||||
Total consumer loans | — | — | 3 | — | 1 | 5 | 9 | ||||||||||||||||||||
Total nonaccruing | 3 | 6 | 8 | 3 | 30 | 37 | 87 | ||||||||||||||||||||
Total | $ | 11 | $ | 12 | $ | 23 | $ | 5 | $ | 52 | $ | 123 | $ | 226 |
1 | Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. |
2 | Includes TDRs that resulted from a combination of any of the previous modification types. |
December 31, 2016 | |||||||||||||||||||||||||||
Recorded investment resulting from the following modification types: | |||||||||||||||||||||||||||
(In millions) | Interest rate below market | Maturity or term extension | Principal forgiveness | Payment deferral | Other1 | Multiple modification types2 | Total | ||||||||||||||||||||
Accruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | 19 | $ | — | $ | — | $ | — | $ | 28 | $ | 47 | |||||||||||||
Owner-occupied | 3 | — | 1 | — | 8 | 10 | 22 | ||||||||||||||||||||
Total commercial | 3 | 19 | 1 | — | 8 | 38 | 69 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | — | 4 | — | — | — | 4 | 8 | ||||||||||||||||||||
Term | 4 | — | — | 1 | 2 | 10 | 17 | ||||||||||||||||||||
Total commercial real estate | 4 | 4 | — | 1 | 2 | 14 | 25 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | 1 | 10 | — | — | 3 | 14 | ||||||||||||||||||||
1-4 family residential | 3 | 1 | 6 | — | 2 | 30 | 42 | ||||||||||||||||||||
Construction and other consumer real estate | — | — | — | — | — | 1 | 1 | ||||||||||||||||||||
Total consumer loans | 3 | 2 | 16 | — | 2 | 34 | 57 | ||||||||||||||||||||
Total accruing | 10 | 25 | 17 | 1 | 12 | 86 | 151 | ||||||||||||||||||||
Nonaccruing | |||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||
Commercial and industrial | 1 | — | — | 1 | 33 | 25 | 60 | ||||||||||||||||||||
Owner-occupied | — | 1 | — | 3 | 1 | 12 | 17 | ||||||||||||||||||||
Municipal | — | 1 | — | — | — | — | 1 | ||||||||||||||||||||
Total commercial | 1 | 2 | — | 4 | 34 | 37 | 78 | ||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||
Construction and land development | — | — | — | — | 2 | — | 2 | ||||||||||||||||||||
Term | 2 | 1 | — | — | 2 | 3 | 8 | ||||||||||||||||||||
Total commercial real estate | 2 | 1 | — | — | 4 | 3 | 10 | ||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||
Home equity credit line | — | — | 1 | — | — | 1 | 2 | ||||||||||||||||||||
1-4 family residential | — | — | 2 | — | 1 | 5 | 8 | ||||||||||||||||||||
Construction and other consumer real estate | — | — | — | 2 | — | — | 2 | ||||||||||||||||||||
Total consumer loans | — | — | 3 | 2 | 1 | 6 | 12 | ||||||||||||||||||||
Total nonaccruing | 3 | 3 | 3 | 6 | 39 | 46 | 100 | ||||||||||||||||||||
Total | $ | 13 | $ | 28 | $ | 20 | $ | 7 | $ | 51 | $ | 132 | $ | 251 |
1 | Includes TDRs that resulted from other modification types including, but not limited to, a legal judgment awarded on different terms, a bankruptcy plan confirmed on different terms, a settlement that includes the delivery of collateral in exchange for debt reduction, etc. |
2 | Includes TDRs that resulted from a combination of any of the previous modification types. |
(In millions) | 2017 | 2016 | |||||
Consumer: | |||||||
1-4 family residential | $ | (1 | ) | $ | (1 | ) | |
Total consumer loans | (1 | ) | (1 | ) | |||
Total decrease to interest income 1 | $ | (1 | ) | $ | (1 | ) |
1 | Calculated based on the difference between the modified rate and the premodified rate applied to the recorded investment. |
(In millions) | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||
Accruing | Nonaccruing | Total | Accruing | Nonaccruing | Total | ||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Commercial and industrial | $ | 1 | $ | 3 | $ | 4 | $ | — | $ | — | $ | — | |||||||||||
Owner-occupied | — | 1 | 1 | — | 1 | 1 | |||||||||||||||||
Total commercial | 1 | 4 | 5 | — | 1 | 1 | |||||||||||||||||
Consumer: | |||||||||||||||||||||||
Construction and other consumer real estate | — | — | — | — | 2 | 2 | |||||||||||||||||
Total consumer loans | — | — | — | — | 2 | 2 | |||||||||||||||||
Total | $ | 1 | $ | 4 | $ | 5 | $ | — | $ | 3 | $ | 3 |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Commercial | $ | 25 | $ | 49 | |||
Commercial real estate | 9 | 51 | |||||
Consumer | 7 | 9 | |||||
Outstanding balance | $ | 41 | $ | 109 | |||
Carrying amount | $ | 27 | $ | 77 | |||
Less ALLL | — | 1 | |||||
Carrying amount, net | $ | 27 | $ | 76 |
(In millions) | 2017 | 2016 | |||||
Balance at beginning of year | $ | 33 | $ | 40 | |||
Accretion | (20 | ) | (24 | ) | |||
Reclassification from nonaccretable difference | — | 11 | |||||
Disposals and other | 1 | 6 | |||||
Balance at end of year | $ | 14 | $ | 33 |
7. | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
Notional amount | Fair value | Notional amount | Fair value | ||||||||||||||||||||
(In millions) | Other assets | Other liabilities | Other assets | Other liabilities | |||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Interest rate swaps | $ | 1,138 | $ | — | $ | — | $ | 1,388 | $ | 2 | $ | 1 | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Interest rate swaps | 223 | 1 | — | 235 | 2 | — | |||||||||||||||||
Interest rate swaps for customers 1 | 4,550 | 28 | 33 | 4,162 | 49 | 49 | |||||||||||||||||
Foreign exchange | 913 | 9 | 7 | 424 | 11 | 9 | |||||||||||||||||
Total derivatives not designated as hedging instruments | 5,686 | 38 | 40 | 4,821 | 62 | 58 | |||||||||||||||||
Total derivatives | $ | 6,824 | $ | 38 | $ | 40 | $ | 6,209 | $ | 64 | $ | 59 |
Year Ended December 31, 2017 | Year Ended December 31, 2016 | ||||||||||||||||||||||||||||||
Amount of derivative gain (loss) recognized/reclassified | |||||||||||||||||||||||||||||||
(In millions) | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | OCI | Reclassified from AOCI to interest income | Noninterest income (expense) | Offset to interest expense | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||
Cash flow hedges: 1 | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | (8 | ) | $ | 4 | $ | 8 | $ | 11 | ||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||
Interest rate swaps | $ | (1 | ) | $ | 1 | ||||||||||||||||||||||||||
Interest rate swaps for customers | 11 | 14 | |||||||||||||||||||||||||||||
Foreign exchange | 17 | 11 | |||||||||||||||||||||||||||||
Total derivatives | $ | (8 | ) | $ | 4 | $ | 27 | $ | — | $ | 8 | $ | 11 | $ | 26 | $ | — |
1 | Amounts recognized in OCI and reclassified from AOCI represent the effective portion of the derivative gain (loss). For the 12 months following December 31, 2017, we estimate that $1 million will be reclassified from AOCI into interest income. |
8. | PREMISES, EQUIPMENT AND SOFTWARE, NET |
(In millions) | December 31, | ||||||
2017 | 2016 | ||||||
Land | $ | 234 | $ | 229 | |||
Buildings | 720 | 683 | |||||
Furniture and equipment | 451 | 458 | |||||
Leasehold improvements | 135 | 140 | |||||
Software | 401 | 355 | |||||
Total | 1,941 | 1,865 | |||||
Less accumulated depreciation and amortization | 847 | 845 | |||||
Net book value | $ | 1,094 | $ | 1,020 |
9. | GOODWILL AND OTHER INTANGIBLE ASSETS |
Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Core deposit intangibles | $ | 167 | $ | 167 | $ | (165 | ) | $ | (159 | ) | $ | 2 | $ | 8 | |||||||||
Customer relationships and other intangibles | 28 | 28 | (28 | ) | (28 | ) | — | — | |||||||||||||||
Total | $ | 195 | $ | 195 | $ | (193 | ) | $ | (187 | ) | $ | 2 | $ | 8 |
(In millions) | Zions Bank | CB&T | Amegy | Consolidated Company | |||||||||||
Balance at December 31, 2015 | $ | 20 | $ | 379 | $ | 615 | $ | 1,014 | |||||||
Impairment losses | — | — | — | — | |||||||||||
Balance at December 31, 2016 | 20 | 379 | 615 | 1,014 | |||||||||||
Impairment losses | — | — | — | — | |||||||||||
Balance at December 31, 2017 | $ | 20 | $ | 379 | $ | 615 | $ | 1,014 |
10. | DEPOSITS |
(In millions) | |||
2018 | $ | 2,584 | |
2019 | 256 | ||
2020 | 132 | ||
2021 | 85 | ||
2022 | 57 | ||
Thereafter | 1 | ||
Total | $ | 3,115 |
(In millions) | December 31, 2017 | ||
Three months or less | $ | 1,023 | |
After three months through six months | 485 | ||
After six months through twelve months | 508 | ||
After twelve months | 312 | ||
Total | $ | 2,328 |
11. | SHORT-TERM BORROWINGS |
(Dollar amounts in millions) | 2017 | 2016 | 2015 | ||||||||
Federal Home Loan Bank advances | |||||||||||
Average amount outstanding | $ | 2,657 | $ | 37 | $ | — | |||||
Average rate | 1.13 | % | 0.59 | % | — | % | |||||
Highest month-end balance | 3,750 | 750 | — | ||||||||
Year-end balance | 3,600 | 500 | — | ||||||||
Average rate on outstandings at year-end | 1.44 | % | 0.75 | % | — | % | |||||
Other short-term borrowings, year-end balances | |||||||||||
Federal funds purchased | 927 | 106 | 111 | ||||||||
Security repurchase agreements | 354 | 196 | 206 | ||||||||
Securities sold, not yet purchased | 95 | 25 | 30 | ||||||||
Total Federal Home Loan Bank advances and other short-term borrowings | $ | 4,976 | $ | 827 | $ | 347 |
12. | LONG-TERM DEBT |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Subordinated notes | $ | 247 | $ | 246 | |||
Senior notes | 135 | 288 | |||||
Capital lease obligations | 1 | 1 | |||||
Total | $ | 383 | $ | 535 |
(Dollar amounts in millions) | Subordinated notes | |||||||||
Coupon rate | Balance | Par amount | Maturity | |||||||
5.65% | $ | 160 | $ | 162 | Nov 2023 | |||||
6.95% | 87 | 88 | Sep 2028 | |||||||
Total | $ | 247 | $ | 250 |
(Dollar amounts in millions) | Senior notes | |||||||||
Coupon rate | Balance | Par amount | Maturity | |||||||
4.50% | $ | 135 | $ | 136 | June 2023 |
(Dollar amounts in millions) | ||||
Note type | Par amount | |||
Trust preferred: | ||||
3mL+2.85% (3.38%) | $ | 51 | ||
3mL+1.90% (2.22%) | 36 | |||
3mL+1.78% (2.29%) | 62 | |||
3mL+3.15% (3.75%) | 8 | |||
3mL+2.89% (3.42%) | 8 | |||
Total trust preferred | 165 | |||
Senior notes: | ||||
3.60% | 11 | |||
4.00% | 89 | |||
Total senior notes | 100 | |||
Total | $ | 265 |
(In millions) | Consolidated | Parent only | |||||
2018 | $ | — | $ | — | |||
2019 | 1 | — | |||||
2020 | — | — | |||||
2021 | — | — | |||||
2022 | — | — | |||||
Thereafter | 382 | 382 | |||||
Total | $ | 383 | $ | 382 |
13. | SHAREHOLDERS’ EQUITY |
Preferred stock is summarized as follows: | |||||||||||||||||||||||
Shares at December 31, 2017 | |||||||||||||||||||||||
(Dollar amounts in millions) | Carrying value at December 31, | Authorized | Outstanding | Dividends payable | Earliest redemption date | Rate following earliest redemption date | Dividends payable after rate change | ||||||||||||||||
2017 | 2016 | (thousands) | (thousands) | Rate | |||||||||||||||||||
(when applicable) | |||||||||||||||||||||||
Series A | $ | 67 | $ | 67 | 140,000 | 66,139 | > of 4.0% or 3mL+0.52% | Qtrly Mar,Jun,Sep,Dec | Dec 15, 2011 | ||||||||||||||
Series F | — | 144 | — | — | 7.9% | Qtrly Mar,Jun,Sep,Dec | Jun 15, 2017 | ||||||||||||||||
Series G | 138 | 138 | 200,000 | 138,391 | 6.3% | Qtrly Mar,Jun,Sep,Dec | Mar 15, 2023 | annual float-ing rate = 3mL+4.24% | |||||||||||||||
Series H | 126 | 126 | 126,221 | 126,221 | 5.75% | Qtrly Mar,Jun,Sep,Dec | Jun 15, 2019 | ||||||||||||||||
Series I | 99 | 99 | 300,893 | 98,555 | 5.8% | Semi-annually Jun,Dec | Jun 15, 2023 | annual float-ing rate = 3mL+3.8% | Qtrly Mar,Jun,Sep,Dec | ||||||||||||||
Series J | 136 | 136 | 195,152 | 136,368 | 7.2% | Semi-annually Mar,Sep | Sep 15, 2023 | annual float-ing rate = 3mL+4.44% | Qtrly Mar,Jun,Sep,Dec | ||||||||||||||
Total | $ | 566 | $ | 710 |
Changes in AOCI by component are as follows: | |||||||||||||||
(In millions) | Net unrealized gains (losses) on investment securities | Net unrealized gains (losses) on derivatives and other | Pension and post-retirement | Total | |||||||||||
2017 | |||||||||||||||
Balance at December 31, 2016 | $ | (92 | ) | $ | 1 | $ | (31 | ) | $ | (122 | ) | ||||
Other comprehensive income (loss) before reclassifications, net of tax | (2 | ) | (1 | ) | 9 | 6 | |||||||||
Amounts reclassified from AOCI, net of tax | — | (2 | ) | 4 | 2 | ||||||||||
Effect of new tax rates from Tax Cuts and Jobs Act of 2017 | (20 | ) | (1 | ) | (4 | ) | (25 | ) | |||||||
Other comprehensive income (loss) | (22 | ) | (4 | ) | 9 | (17 | ) | ||||||||
Balance at December 31, 2017 | $ | (114 | ) | $ | (3 | ) | $ | (22 | ) | $ | (139 | ) | |||
Income tax expense (benefit) included in other comprehensive income (loss) | $ | 19 | $ | (1 | ) | $ | 11 | $ | 29 | ||||||
2016 | |||||||||||||||
Balance at December 31, 2015 | $ | (18 | ) | $ | 1 | $ | (38 | ) | $ | (55 | ) | ||||
Other comprehensive income (loss) before reclassifications, net of tax | (74 | ) | 7 | 2 | (65 | ) | |||||||||
Amounts reclassified from AOCI, net of tax | — | (7 | ) | 5 | (2 | ) | |||||||||
Other comprehensive income (loss) | (74 | ) | — | 7 | (67 | ) | |||||||||
Balance at December 31, 2016 | $ | (92 | ) | $ | 1 | $ | (31 | ) | $ | (122 | ) | ||||
Income tax expense (benefit) included in other comprehensive income (loss) | $ | (45 | ) | $ | — | $ | 5 | $ | (40 | ) |
Statement of Income (SI) Balance Sheet (BS) | ||||||||||||||||
(In millions) | Amounts reclassified from AOCI 1 | |||||||||||||||
Details about AOCI components | 2017 | 2016 | 2015 | Affected line item | ||||||||||||
Net realized gains (losses) on investment securities | $ | — | $ | — | $ | (139 | ) | SI | Securities losses, net | |||||||
Income tax expense (benefit) | — | — | (53 | ) | ||||||||||||
$ | — | $ | — | $ | (86 | ) | ||||||||||
Net unrealized gains on derivative instruments | $ | 4 | $ | 11 | $ | 9 | SI | Interest and fees on loans | ||||||||
Income tax expense | 2 | 4 | 3 | |||||||||||||
$ | 2 | $ | 7 | $ | 6 | |||||||||||
Amortization of net actuarial loss | $ | (7 | ) | $ | (8 | ) | $ | (6 | ) | SI | Salaries and employee benefits | |||||
Income tax benefit | (3 | ) | (3 | ) | (2 | ) | ||||||||||
$ | (4 | ) | $ | (5 | ) | $ | (4 | ) |
1 | Negative reclassification amounts indicate decreases to earnings in the statement of income and increases to balance sheet assets. The opposite applies to positive reclassification amounts. |
14. | REGULATORY MATTERS |
(Dollar amounts in millions) | December 31, 2017 | To be well-capitalized | |||||||||||
Amount | Ratio | Amount | Ratio | ||||||||||
Transitional Basis Basel III Regulatory Capital Rules | |||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||
The Company | $ | 7,628 | 14.8 | % | $ | 5,146 | 10.0 | % | |||||
ZB, National Association | 7,306 | 14.2 | 5,130 | 10.0 | |||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||
The Company | 6,805 | 13.2 | 4,116 | 8.0 | |||||||||
ZB, National Association | 6,730 | 13.1 | 4,104 | 8.0 | |||||||||
Common equity tier 1 capital (to risk-weighted assets) | |||||||||||||
The Company | 6,239 | 12.1 | 3,345 | 6.5 | |||||||||
ZB, National Association | 5,899 | 11.5 | 3,334 | 6.5 | |||||||||
Tier 1 capital (to average assets) | |||||||||||||
The Company | 6,805 | 10.5 | na | na 1 | |||||||||
ZB, National Association | 6,730 | 10.4 | 3,227 | 5.0 |
December 31, 2016 | To be well-capitalized | ||||||||||||
(Dollar amounts in millions) | Amount | Ratio | Amount | Ratio | |||||||||
Transitional Basis Basel III Regulatory Capital Rules | |||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||
The Company | $ | 7,609 | 15.2 | % | $ | 4,994 | 10.0 | % | |||||
ZB, National Association | 7,278 | 14.6 | 4,983 | 10.0 | |||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||
The Company | 6,738 | 13.5 | 3,995 | 8.0 | |||||||||
ZB, National Association | 6,655 | 13.4 | 3,986 | 8.0 | |||||||||
Common equity tier 1 capital (to risk-weighted assets) | |||||||||||||
The Company | 6,028 | 12.1 | 3,246 | 6.5 | |||||||||
ZB, National Association | 5,824 | 11.7 | 3,239 | 6.5 | |||||||||
Tier 1 capital (to average assets) | |||||||||||||
The Company | 6,738 | 11.1 | na | na 1 | |||||||||
ZB, National Association | 6,655 | 11.0 | 3,027 | 5.0 |
1 | There is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company. |
15. | COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES |
December 31, | |||||||
(In millions) | 2017 | 2016 | |||||
Net unfunded commitments to extend credit 1 | $ | 19,583 | $ | 18,274 | |||
Standby letters of credit: | |||||||
Financial | 721 | 771 | |||||
Performance | 196 | 196 | |||||
Commercial letters of credit | 31 | 60 | |||||
Total unfunded lending commitments | $ | 20,531 | $ | 19,301 |
1 | Net of participations. |
(in millions) | |||
2018 | $ | 40 | |
2019 | 39 | ||
2020 | 36 | ||
2021 | 29 | ||
2022 | 25 | ||
Thereafter | 76 | ||
Total | $ | 245 |
• | a civil suit, Shou-En Wang v. CB&T, brought against us in the Superior Court for Los Angeles County, Central District in April 2016. The case relates to our depositor relationships with customers who were promoters of an investment program that allegedly misappropriated investors’ funds. This case is in an early phase, with initial motion practice having been completed and discovery being underway. |
• | a civil suit, McFarland as Trustee for International Manufacturing Group v. CB&T, et. al., brought against us in the United States Bankruptcy Court for the Eastern District of California in May 2016. The Trustee seeks to recover loan payments previously repaid to us by our customer, International Manufacturing Group (“IMG”), alleging that IMG, along with its principal, obtained loans and made loan repayments in furtherance of an alleged Ponzi scheme. This case is in an early phase with initial motion practice having been completed and discovery being underway. |
• | a civil suit, JTS Communities, Inc. et. al v. CB&T, Jun Enkoji and Dawn Satow, brought against us in the Superior Court for Sacramento County, California in June 2017. In this case four investors in IMG seek to hold us liable for losses arising from their investments in that company, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi Scheme. This case is in an early phase with motion practice having been completed but discovery not having been commenced. |
• | a civil class action lawsuit, Evans v. CB&T, brought against us in the United States District Court for the Eastern District of California in May 2017. This case was filed on behalf of a class of up to 50 investors in IMG and seeks to hold us liable for losses of class members arising from their investments in IMG, alleging that we conspired with and knowingly assisted IMG and its principal in furtherance of an alleged Ponzi Scheme. In the fourth quarter of 2017, the District Court dismissed all claims against the Company. On January 17, 2018, the plaintiff filed an appeal with the Court of Appeals for the Ninth Circuit. |
• | a Private Attorney General Act (“PAGA”) claim under California law, Lawson v. CB&T, brought against us in the Superior Court for the County of San Diego, California, in February 2016. In this case, the plaintiff alleges, on behalf of herself and other current or former employees of the Company who worked in California on a non-exempt basis, violations by the Company of California wage and hour laws. The case is in the early stages of motion practice, to date mainly involving questions of venue and scope of employees covered by the PAGA claims. |
• | a civil case, Lifescan Inc. and Johnson & Johnson Health Care Services v. Jeffrey Smith, et al., brought against us in the United States District Court for the District of New Jersey in the fourth quarter of 2017. In this case, certain manufacturers and distributors of medical products seek to hold us liable for allegedly fraudulent practices of a borrower of the Company which filed for bankruptcy protection in 2017. |
16. | RETIREMENT PLANS |
Pension | Supplemental Retirement | Postretirement | |||||||||||||||||||||
(In millions) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 165 | $ | 173 | $ | 10 | $ | 10 | $ | 1 | $ | 1 | |||||||||||
Interest cost | 6 | 7 | 1 | 1 | — | — | |||||||||||||||||
Actuarial loss (gain) | 2 | (2 | ) | — | — | — | — | ||||||||||||||||
Benefits paid | (19 | ) | (13 | ) | (1 | ) | (1 | ) | — | — | |||||||||||||
Benefit obligation at end of year | 154 | 165 | 10 | 10 | 1 | 1 | |||||||||||||||||
Change in fair value of plan assets: | |||||||||||||||||||||||
Fair value of plan assets at beginning of year | 161 | 157 | — | — | — | — | |||||||||||||||||
Actual return on plan assets | 26 | 13 | — | — | — | — | |||||||||||||||||
Employer contributions | — | 4 | 1 | 1 | — | — | |||||||||||||||||
Benefits paid | (19 | ) | (13 | ) | (1 | ) | (1 | ) | — | — | |||||||||||||
Fair value of plan assets at end of year | 168 | 161 | — | — | — | — | |||||||||||||||||
Funded status | $ | 14 | $ | (4 | ) | $ | (10 | ) | $ | (10 | ) | $ | (1 | ) | $ | (1 | ) | ||||||
Amounts recognized in balance sheet: | |||||||||||||||||||||||
Asset (liability) for pension/postretirement benefits | $ | 14 | $ | (4 | ) | $ | (10 | ) | $ | (10 | ) | $ | (1 | ) | $ | (1 | ) | ||||||
Accumulated other comprehensive income (loss) | (28 | ) | (48 | ) | (2 | ) | (2 | ) | — | — | |||||||||||||
Accumulated other comprehensive income (loss) consists of: | |||||||||||||||||||||||
Net loss | $ | (28 | ) | $ | (48 | ) | $ | (2 | ) | $ | (2 | ) | $ | — | $ | — |
(In millions) | Pension | Supplemental Retirement | Postretirement | ||||||||
Net loss | $ | (2 | ) | $ | — | $ | — |
Pension | Supplemental Retirement | Postretirement | |||||||||||||||||||||||||||||||||
(In millions) | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||
Interest cost | $ | 6 | $ | 7 | $ | 7 | $ | 1 | $ | 1 | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||||
Expected return on plan assets | (11 | ) | (11 | ) | (12 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Amortization of net actuarial loss | 4 | 6 | 6 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Settlement loss | 3 | 2 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net periodic benefit cost | $ | 2 | $ | 4 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | — | $ | — | $ | — |
2017 | 2016 | 2015 | ||||||
Used to determine benefit obligation at year-end: | ||||||||
Discount rate | 3.50 | % | 4.10 | % | 4.20 | % | ||
Used to determine net periodic benefit cost for the years ended December 31: | ||||||||
Discount rate | 4.10 | 4.20 | 3.95 | |||||
Expected long-term return on plan assets | 7.25 | 7.50 | 7.50 |
(In millions) | Pension | Supplemental Retirement | Postretirement | ||||||||
2018 | $ | 10 | $ | 2 | $ | — | |||||
2019 | 10 | 1 | — | ||||||||
2020 | 10 | 1 | — | ||||||||
2021 | 10 | 1 | — | ||||||||
2022 | 9 | 1 | — | ||||||||
Years 2023 - 2027 | 45 | 3 | — |
(In millions) | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Company common stock | $ | 12 | $ | 12 | $ | 10 | $ | 10 | |||||||||||||||||||
Mutual funds: | |||||||||||||||||||||||||||
Debt | 7 | 7 | 6 | 6 | |||||||||||||||||||||||
Guaranteed deposit account | $ | 9 | 9 | $ | 11 | 11 |
Principal valuation techniques | Significant unobservable inputs | Range (weighted average) of significant input values | ||||
For the underlying investments – reported fair values when available for market traded investments; when not applicable, discounted cash flows under an income approach using U.S. Treasury rates and spreads based on cash flow timing and quality of assets. | Earnings at guaranteed crediting rate | Gross guaranteed crediting rate must be greater than or equal to contractual minimum crediting rate | ||||
Composite market value factor | At December 31, | |||||
2017 | 0.992941 - 1.037825 (actual = 1.023838) | |||||
2016 | 0.979009 - 1.036866 (actual = 1.021418) |
Investment | Unfunded commitments (in millions, approximately) | Redemption | ||||||
Frequency | Notice period | |||||||
Pooled separate accounts | na | Daily | < $1 million, 1 day >= $1 million, 3 days | |||||
Limited partnerships | $ | 1 | Investments in these limited partnerships are illiquid and voluntary withdrawal is prohibited. | |||||
Level 3 Instruments | |||||||
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
(In millions) | Guaranteed deposit account | ||||||
Balance at beginning of year | $ | 11 | $ | 9 | |||
Purchases | 17 | 15 | |||||
Sales | (19 | ) | (13 | ) | |||
Balance at end of year | $ | 9 | $ | 11 |
17. | SHARE-BASED COMPENSATION |
(In millions) | 2017 | 2016 | 2015 | ||||||||
Compensation expense | $ | 25 | $ | 26 | $ | 25 | |||||
Reduction of income tax expense | 19 | 9 | 8 |
2017 | 2016 | 2015 | |||||||||
Weighted average value for options granted | $ | 10.69 | $ | 5.24 | $ | 6.17 | |||||
Weighted average assumptions used: | |||||||||||
Expected dividend yield | 1.8 | % | 1.3 | % | 1.3 | % | |||||
Expected volatility | 30.0 | % | 30.0 | % | 25.0 | % | |||||
Risk-free interest rate | 1.81 | % | 1.21 | % | 1.57 | % | |||||
Expected life (in years) | 5.0 | 5.0 | 5.0 |
Number of shares | Weighted average exercise price | |||||
Balance at December 31, 2014 | 5,630,502 | $ | 31.60 | |||
Granted | 740,300 | 29.01 | ||||
Exercised | (1,165,287 | ) | 25.11 | |||
Expired | (1,322,067 | ) | 48.44 | |||
Forfeited | (79,353 | ) | 28.09 | |||
Balance at December 31, 2015 | 3,804,095 | 27.30 | ||||
Granted | 789,651 | 21.25 | ||||
Exercised | (1,055,532 | ) | 23.75 | |||
Expired | (56,297 | ) | 61.60 | |||
Forfeited | (44,007 | ) | 27.66 | |||
Balance at December 31, 2016 | 3,437,910 | 26.44 | ||||
Granted | 195,882 | 44.18 | ||||
Exercised | (941,761 | ) | 26.03 | |||
Expired | (58,257 | ) | 66.20 | |||
Forfeited | (73,203 | ) | 25.63 | |||
Balance at December 31, 2017 | 2,560,571 | 27.06 | ||||
Outstanding stock options exercisable as of: | ||||||
December 31, 2017 | 1,648,367 | $ | 26.55 | |||
December 31, 2016 | 1,892,136 | 27.60 | ||||
December 31, 2015 | 2,187,259 | 26.35 |
Outstanding stock options | Exercisable stock options | |||||||||||||||||
Exercise price range | Number of shares | Weighted average exercise price | Weighted average remaining contractual life (years) | Number of shares | Weighted average exercise price | |||||||||||||
$ 0.32 to $19.99 | 198,402 | $ | 17.39 | 1.4 | 1 | 198,402 | $ | 17.39 | ||||||||||
$20.00 to $24.99 | 744,058 | 21.50 | 4.3 | 276,953 | 22.33 | |||||||||||||
$25.00 to $29.99 | 1,346,781 | 28.35 | 3.5 | 1,094,021 | 28.30 | |||||||||||||
$30.00 to $39.99 | 32,191 | 30.10 | 3.4 | 32,191 | 30.10 | |||||||||||||
$40.00 to $44.99 | 192,339 | 44.17 | 6.1 | — | — | |||||||||||||
$45.00 to $47.10 | 46,800 | 47.10 | 0.3 | 46,800 | 47.10 | |||||||||||||
2,560,571 | 27.06 | 3.7 | 1 | 1,648,367 | 26.55 |
1 | The weighted average remaining contractual life excludes 21,252 stock options without a fixed expiration date that were assumed with the Amegy acquisition. They expire between the date of termination and one year from the date of termination, depending upon certain circumstances. |
Number of shares | Weighted average issue price | |||||
Nonvested restricted shares at December 31, 2014 | 161,220 | $ | 21.82 | |||
Issued | 22,441 | 29.02 | ||||
Vested | (123,161 | ) | 22.32 | |||
Forfeited | (1,130 | ) | 23.54 | |||
Nonvested restricted shares at December 31, 2015 | 59,370 | 23.49 | ||||
Issued | 36,594 | 24.43 | ||||
Vested | (32,709 | ) | 20.80 | |||
Nonvested restricted shares at December 31, 2016 | 63,255 | 25.43 | ||||
Issued | 314 | 44.55 | ||||
Vested | (24,591 | ) | 24.90 | |||
Nonvested restricted shares at December 31, 2017 | 38,978 | 25.91 |
Number of restricted stock units | Weighted average grant price | |||||
Restricted stock units at December 31, 2014 | 1,769,420 | $ | 25.64 | |||
Granted | 790,929 | 29.06 | ||||
Vested | (673,385 | ) | 24.78 | |||
Forfeited | (88,421 | ) | 27.17 | |||
Restricted stock units at December 31, 2015 | 1,798,543 | 27.39 | ||||
Granted | 1,033,167 | 21.69 | ||||
Vested | (724,713 | ) | 25.88 | |||
Forfeited | (59,839 | ) | 26.28 | |||
Restricted stock units at December 31, 2016 | 2,047,158 | 25.08 | ||||
Granted | 587,396 | 41.78 | ||||
Vested | (803,492 | ) | 26.19 | |||
Forfeited | (121,249 | ) | 28.12 | |||
Restricted stock units at December 31, 2017 | 1,709,813 | 30.08 |
18. | INCOME TAXES |
(In millions) | 2017 | 2016 | 2015 | ||||||||
Federal: | |||||||||||
Current | $ | 166 | $ | 217 | $ | 158 | |||||
Deferred | 146 | (4 | ) | (32 | ) | ||||||
Total Federal | 312 | 213 | 126 | ||||||||
State: | |||||||||||
Current | 24 | 27 | 14 | ||||||||
Deferred | 8 | (4 | ) | 2 | |||||||
Total State | 32 | 23 | 16 | ||||||||
Total | $ | 344 | $ | 236 | $ | 142 |
(In millions) | 2017 | 2016 | 2015 | ||||||||
Income tax expense at statutory federal rate | $ | 327 | $ | 247 | $ | 158 | |||||
State income taxes including credits, net | 21 | 15 | 10 | ||||||||
Other nondeductible expenses | 3 | 3 | 3 | ||||||||
Nontaxable income | (33 | ) | (25 | ) | (20 | ) | |||||
Share-based compensation | (8 | ) | — | — | |||||||
Tax credits and other taxes | 1 | (2 | ) | (3 | ) | ||||||
Tax Cuts and Jobs Act of 2017 | 47 | — | — | ||||||||
Other | (14 | ) | (2 | ) | (6 | ) | |||||
Total | $ | 344 | $ | 236 | $ | 142 |
(In millions) | December 31, | ||||||
2017 | 2016 | ||||||
Gross deferred tax assets: | |||||||
Book loan loss deduction in excess of tax | $ | 143 | $ | 241 | |||
Pension and postretirement | 8 | 19 | |||||
Deferred compensation | 48 | 87 | |||||
Security investments and derivative fair value adjustments | 40 | 57 | |||||
Net operating losses, capital losses and tax credits | 2 | 5 | |||||
FDIC-supported transactions | 2 | 5 | |||||
Other | 34 | 46 | |||||
277 | 460 | ||||||
Valuation allowance | (2 | ) | (4 | ) | |||
Total deferred tax assets | 275 | 456 | |||||
Gross deferred tax liabilities: | |||||||
Core deposits and purchase accounting | — | (1 | ) | ||||
Premises and equipment, due to differences in depreciation | (51 | ) | (8 | ) | |||
Federal Home Loan Bank stock dividends | (3 | ) | (4 | ) | |||
Leasing operations | (52 | ) | (75 | ) | |||
Prepaid expenses | (5 | ) | (7 | ) | |||
Prepaid pension reserves | (11 | ) | (17 | ) | |||
Mortgage servicing | (7 | ) | (10 | ) | |||
Subordinated debt modification | (9 | ) | (31 | ) | |||
Deferred loan fees | (23 | ) | (25 | ) | |||
Equity investments | (21 | ) | (28 | ) | |||
Total deferred tax liabilities | (182 | ) | (206 | ) | |||
Net deferred tax assets | $ | 93 | $ | 250 |
(In millions) | 2017 | 2016 | 2015 | ||||||||
Balance at beginning of year | $ | 4 | $ | 5 | $ | 3 | |||||
Tax positions related to current year: | |||||||||||
Additions | 1 | 1 | 1 | ||||||||
Reductions | — | — | — | ||||||||
Tax positions related to prior years: | |||||||||||
Additions | 1 | 1 | 1 | ||||||||
Reductions | — | — | — | ||||||||
Settlements with taxing authorities | — | — | — | ||||||||
Lapses in statutes of limitations | — | (3 | ) | — | |||||||
Balance at end of year | $ | 6 | $ | 4 | $ | 5 |
19. | NET EARNINGS PER COMMON SHARE |
(In millions, except per share amounts) | 2017 | 2016 | 2015 | ||||||||
Basic: | |||||||||||
Net income | $ | 592 | $ | 469 | $ | 309 | |||||
Less common and preferred dividends | 131 | 115 | 108 | ||||||||
Undistributed earnings | 461 | 354 | 201 | ||||||||
Less undistributed earnings applicable to nonvested shares | 4 | 4 | 2 | ||||||||
Undistributed earnings applicable to common shares | 457 | 350 | 199 | ||||||||
Distributed earnings applicable to common shares | 88 | 57 | 45 | ||||||||
Total earnings applicable to common shares | $ | 545 | $ | 407 | $ | 244 | |||||
Weighted average common shares outstanding (in thousands) | 200,776 | 203,855 | 203,265 | ||||||||
Net earnings per common share | $ | 2.71 | $ | 2.00 | $ | 1.20 | |||||
Diluted: | |||||||||||
Total earnings applicable to common shares | $ | 545 | $ | 407 | $ | 244 | |||||
Weighted average common shares outstanding (in thousands) | 200,776 | 203,855 | 203,265 | ||||||||
Additional weighted average dilutive shares (in thousands) | 8,877 | 414 | 433 | ||||||||
Weighted average diluted common shares outstanding (in thousands) | 209,653 | 204,269 | 203,698 | ||||||||
Net earnings per common share | $ | 2.60 | $ | 1.99 | $ | 1.20 |
20. | OPERATING SEGMENT INFORMATION |
(In millions) | Zions Bank | Amegy | CB&T | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 650 | $ | 624 | $ | 544 | $ | 483 | $ | 460 | $ | 387 | $ | 476 | $ | 434 | $ | 377 | |||||||||||||||||
Provision for loan losses | 19 | (22 | ) | (28 | ) | 25 | 163 | 91 | (5 | ) | (9 | ) | (4 | ) | |||||||||||||||||||||
Net interest income after provision for loan losses | 631 | 646 | 572 | 458 | 297 | 296 | 481 | 443 | 381 | ||||||||||||||||||||||||||
Noninterest income | 151 | 149 | 133 | 118 | 123 | 121 | 75 | 67 | 63 | ||||||||||||||||||||||||||
Noninterest expense | 436 | 424 | 430 | 336 | 326 | 373 | 299 | 290 | 294 | ||||||||||||||||||||||||||
Income before income taxes | $ | 346 | $ | 371 | $ | 275 | $ | 240 | $ | 94 | $ | 44 | $ | 257 | $ | 220 | $ | 150 | |||||||||||||||||
SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||
Total average loans | $ | 12,481 | $ | 12,538 | $ | 12,118 | $ | 11,021 | $ | 10,595 | $ | 10,148 | $ | 9,539 | $ | 9,211 | $ | 8,556 | |||||||||||||||||
Total average deposits | 15,986 | 15,991 | 15,688 | 11,096 | 11,130 | 11,495 | 11,030 | 10,827 | 10,063 | ||||||||||||||||||||||||||
(In millions) | NBAZ | NSB | Vectra | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 206 | $ | 190 | $ | 152 | $ | 134 | $ | 122 | $ | 94 | $ | 126 | $ | 120 | $ | 101 | |||||||||||||||||
Provision for loan losses | (8 | ) | (3 | ) | 8 | (11 | ) | (28 | ) | (28 | ) | 1 | (8 | ) | 5 | ||||||||||||||||||||
Net interest income after provision for loan losses | 214 | 193 | 144 | 145 | 150 | 122 | 125 | 128 | 96 | ||||||||||||||||||||||||||
Noninterest income | 40 | 40 | 36 | 40 | 39 | 36 | 25 | 23 | 21 | ||||||||||||||||||||||||||
Noninterest expense | 148 | 144 | 133 | 139 | 137 | 131 | 101 | 97 | 98 | ||||||||||||||||||||||||||
Income before income taxes | $ | 106 | $ | 89 | $ | 47 | $ | 46 | $ | 52 | $ | 27 | $ | 49 | $ | 54 | $ | 19 | |||||||||||||||||
SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||
Total average loans | $ | 4,267 | $ | 4,086 | $ | 3,811 | $ | 2,357 | $ | 2,284 | $ | 2,344 | $ | 2,644 | $ | 2,469 | $ | 2,400 | |||||||||||||||||
Total average deposits | 4,762 | 4,576 | 4,311 | 4,254 | 4,137 | 3,891 | 2,756 | 2,720 | 2,792 | ||||||||||||||||||||||||||
(In millions) | TCBW | Other | Consolidated Company | ||||||||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | 2017 | 2016 | 2015 | |||||||||||||||||||||||||||
SELECTED INCOME STATEMENT DATA | |||||||||||||||||||||||||||||||||||
Net interest income | $ | 46 | $ | 38 | $ | 28 | $ | (56 | ) | $ | (121 | ) | $ | 32 | $ | 2,065 | $ | 1,867 | $ | 1,715 | |||||||||||||||
Provision for loan losses | 2 | — | (3 | ) | 1 | — | (1 | ) | 24 | 93 | 40 | ||||||||||||||||||||||||
Net interest income after provision for loan losses | 44 | 38 | 31 | (57 | ) | (121 | ) | 33 | 2,041 | 1,774 | 1,675 | ||||||||||||||||||||||||
Noninterest income | 5 | 5 | 4 | 90 | 70 | (57 | ) | 544 | 516 | 357 | |||||||||||||||||||||||||
Noninterest expense | 20 | 19 | 17 | 170 | 148 | 105 | 1,649 | 1,585 | 1,581 | ||||||||||||||||||||||||||
Income (loss) before income taxes | $ | 29 | $ | 24 | $ | 18 | $ | (137 | ) | $ | (199 | ) | $ | (129 | ) | $ | 936 | $ | 705 | $ | 451 | ||||||||||||||
SELECTED AVERAGE BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||
Total average loans | $ | 926 | $ | 791 | $ | 707 | $ | 266 | $ | 88 | $ | 87 | $ | 43,501 | $ | 42,062 | $ | 40,171 | |||||||||||||||||
Total average deposits | 1,107 | 1,007 | 879 | 1,209 | 207 | (481 | ) | 52,200 | 50,595 | 48,638 |
21. | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
(In millions, except per share amounts) | Quarters | ||||||||||||||||||
First | Second | Third | Fourth | Year | |||||||||||||||
2017 | |||||||||||||||||||
Gross interest income | $ | 515 | $ | 558 | $ | 557 | $ | 562 | $ | 2,192 | |||||||||
Net interest income | 489 | 528 | 522 | 526 | 2,065 | ||||||||||||||
Provision for loan losses | 23 | 7 | 5 | (11 | ) | 24 | |||||||||||||
Noninterest income | 132 | 132 | 140 | 140 | 544 | ||||||||||||||
Noninterest expense | 414 | 405 | 413 | 417 | 1,649 | ||||||||||||||
Income before income taxes | 184 | 248 | 244 | 260 | 936 | ||||||||||||||
Net income | 139 | 168 | 161 | 124 | 592 | ||||||||||||||
Preferred stock dividends | (10 | ) | (12 | ) | (8 | ) | (10 | ) | (40 | ) | |||||||||
Preferred stock redemption | — | (2 | ) | — | — | (2 | ) | ||||||||||||
Net earnings applicable to common shareholders | 129 | 154 | 153 | 114 | 550 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||||
Basic | 0.63 | 0.76 | 0.75 | 0.57 | 2.71 | ||||||||||||||
Diluted | 0.61 | 0.73 | 0.72 | 0.54 | 2.60 | ||||||||||||||
2016 | |||||||||||||||||||
Gross interest income | $ | 475 | $ | 487 | $ | 491 | $ | 501 | $ | 1,954 | |||||||||
Net interest income | 453 | 465 | 469 | 480 | 1,867 | ||||||||||||||
Provision for loan losses | 42 | 35 | 19 | (3 | ) | 93 | |||||||||||||
Noninterest income | 117 | 126 | 145 | 128 | 516 | ||||||||||||||
Noninterest expense | 396 | 382 | 403 | 404 | 1,585 | ||||||||||||||
Income before income taxes | 132 | 174 | 192 | 207 | 705 | ||||||||||||||
Net income | 91 | 114 | 127 | 137 | 469 | ||||||||||||||
Preferred stock dividends | (12 | ) | (14 | ) | (10 | ) | (12 | ) | (48 | ) | |||||||||
Preferred stock redemption | — | (10 | ) | — | — | (10 | ) | ||||||||||||
Net earnings applicable to common shareholders | 79 | 90 | 117 | 125 | 411 | ||||||||||||||
Net earnings per common share: | |||||||||||||||||||
Basic | 0.38 | 0.44 | 0.57 | 0.61 | 2.00 | ||||||||||||||
Diluted | 0.38 | 0.44 | 0.57 | 0.60 | 1.99 |
22. | PARENT COMPANY FINANCIAL INFORMATION |
(In millions) | December 31, | ||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | — | $ | 2 | |||
Interest-bearing deposits | 332 | 529 | |||||
Investment securities: | |||||||
Available-for-sale, at fair value | 30 | 40 | |||||
Other noninterest-bearing investments | 36 | 29 | |||||
Investments in subsidiaries: | |||||||
Commercial bank | 7,620 | 7,570 | |||||
Other subsidiaries | 41 | 6 | |||||
Other assets | 32 | 81 | |||||
Total assets | $ | 8,091 | $ | 8,257 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Other liabilities | $ | 30 | $ | 89 | |||
Long-term debt: | |||||||
Due to others | 382 | 534 | |||||
Total liabilities | 412 | 623 | |||||
Shareholders’ equity: | |||||||
Preferred stock | 566 | 710 | |||||
Common stock | 4,445 | 4,725 | |||||
Retained earnings | 2,807 | 2,321 | |||||
Accumulated other comprehensive income (loss) | (139 | ) | (122 | ) | |||
Total shareholders’ equity | 7,679 | 7,634 | |||||
Total liabilities and shareholders’ equity | $ | 8,091 | $ | 8,257 |
(In millions) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
Interest income: | |||||||||||
Commercial bank | $ | — | $ | 1 | $ | 1 | |||||
Other loans and securities | 1 | 2 | 3 | ||||||||
Total interest income | 1 | 3 | 4 | ||||||||
Interest expense: | |||||||||||
Affiliated trusts | — | 3 | 4 | ||||||||
Other borrowed funds | 25 | 34 | 64 | ||||||||
Total interest expense | 25 | 37 | 68 | ||||||||
Net interest loss | (24 | ) | (34 | ) | (64 | ) | |||||
Other income: | |||||||||||
Dividends from consolidated subsidiaries: | |||||||||||
Commercial bank | 587 | 263 | 234 | ||||||||
Securities gains, net | — | — | 37 | ||||||||
Other income | 7 | 4 | 13 | ||||||||
Total other income | 594 | 267 | 284 | ||||||||
Expenses: | |||||||||||
Salaries and employee benefits | 24 | 23 | 25 | ||||||||
Other operating expenses | 8 | (14 | ) | 10 | |||||||
Total expenses | 32 | 9 | 35 | ||||||||
Income before income taxes and undistributed income of consolidated subsidiaries | 538 | 224 | 185 | ||||||||
Income tax benefit | (42 | ) | (19 | ) | (27 | ) | |||||
Income before equity in undistributed income of consolidated subsidiaries | 580 | 243 | 212 | ||||||||
Equity in undistributed income (loss) of consolidated subsidiaries: | |||||||||||
Commercial bank | 12 | 230 | 108 | ||||||||
Other subsidiaries | — | (4 | ) | (11 | ) | ||||||
Net income | 592 | 469 | 309 | ||||||||
Preferred stock dividends | (40 | ) | (48 | ) | (62 | ) | |||||
Preferred stock redemption | (2 | ) | (10 | ) | — | ||||||
Net earnings applicable to common shareholders | $ | 550 | $ | 411 | $ | 247 |
(In millions) | Year Ended December 31, | ||||||||||
2017 | 2016 | 2015 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 592 | $ | 469 | $ | 309 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed income of consolidated subsidiaries | (12 | ) | (226 | ) | (97 | ) | |||||
Other, net | (56 | ) | (31 | ) | 78 | ||||||
Net cash provided by operating activities | 524 | 212 | 290 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Net decrease in money market investments | 196 | 347 | 132 | ||||||||
Collection of advances to subsidiaries | — | — | 56 | ||||||||
Advances to subsidiaries | — | — | (41 | ) | |||||||
Proceeds from sales and maturities of investment securities | 20 | 4 | 125 | ||||||||
Purchases of investment securities | — | — | (47 | ) | |||||||
Decrease of investment in subsidiaries | — | — | 15 | ||||||||
Other, net | 2 | 7 | 4 | ||||||||
Net cash provided by investing activities | 218 | 358 | 244 | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Repayments of long-term debt | (164 | ) | (280 | ) | (271 | ) | |||||
Proceeds from issuance of common stock | 25 | 25 | 22 | ||||||||
Cash paid for preferred stock redemptions | (144 | ) | (126 | ) | (176 | ) | |||||
Company common stock repurchased | (332 | ) | (97 | ) | (7 | ) | |||||
Dividends paid on preferred stock | (40 | ) | (50 | ) | (63 | ) | |||||
Dividends paid on common stock | (89 | ) | (58 | ) | (45 | ) | |||||
Net cash used in financing activities | (744 | ) | (586 | ) | (540 | ) | |||||
Net decrease in cash and due from banks | (2 | ) | (16 | ) | (6 | ) | |||||
Cash and due from banks at beginning of year | 2 | 18 | 24 | ||||||||
Cash and due from banks at end of year | $ | — | $ | 2 | $ | 18 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
ITEM 9B. | OTHER INFORMATION |
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
(a) | (b) | (c) | ||||||||||||||
Plan category 1 | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||
Equity compensation plan approved by security holders: | ||||||||||||||||
Zions Bancorporation 2015 Omnibus Incentive Plan | 1,363,432 | $ | 27.43 | 5,009,248 |
1 | Column (a) excludes 38,978 shares of unvested restricted stock, 1,709,813 RSUs (each unit representing the right to one share of common stock), and 1,175,887 shares of common stock issuable upon the exercise of stock options, with a weighted average exercise price of $27.03, granted under the prior plan. The schedule also excludes 21,252 shares of common stock issuable upon the exercise of stock options, with a weighted average exercise price of $5.02, granted under plans assumed in mergers that are outstanding. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES |
ITEM 15. | EXHIBITS, FINANCIAL STATEMENT SCHEDULES |
(a) | (1) Financial statements – The following consolidated financial statements of Zions Bancorporation and subsidiaries are filed as part of this Form 10-K under Item 8, Financial Statements and Supplementary Data: |
Exhibit Number | Description | ||
Restated Articles of Incorporation of Zions Bancorporation dated July 8, 2014, incorporated by reference to Exhibit 3.1 of Form 8-K/A filed on July 18, 2014. | * | ||
Restated Bylaws of Zions Bancorporation dated February 27, 2015, incorporated by reference to Exhibit 3.2 of Form 10-Q for the quarter ended March 31, 2015. | * | ||
Senior Debt Indenture dated September 10, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to senior debt securities of Zions Bancorporation (filed herewith). | |||
Subordinated Debt Indenture dated September 10, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to subordinated debt securities of Zions Bancorporation (filed herewith). | |||
Junior Subordinated Indenture dated August 21, 2002 between Zions Bancorporation and The Bank of New York Mellon Trust Company, N.A. as successor to J.P. Morgan Trust Company, N.A., as trustee, with respect to junior subordinated debentures of Zions Bancorporation (filed herewith). |
Exhibit Number | Description | ||
Warrant to purchase up to 5,789,909 shares of Common Stock, issued on November 14, 2008, incorporated by reference to Exhibit 4.4 of Form 10-K for the year ended December 31, 2013. | * | ||
Warrant Agreement, between Zions Bancorporation and Zions First National Bank (now known as ZB, N.A.), and Warrant Certificate, incorporated by reference to Exhibit 4.5 of Form 10-K for the year ended December 31, 2016. | * | ||
Zions Bancorporation 2015-2017 Value Sharing Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended March 31, 2015. | * | ||
Zions Bancorporation 2016-2018 Value Sharing Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2016. | * | ||
Zions Bancorporation 2017-2019 Value Sharing Plan, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended June 30, 2017. | * | ||
Zions Bancorporation 2017 Management Incentive Compensation Plan, incorporated by reference to Appendix I of the Company’s Proxy Statement dated April 14, 2016. | * | ||
Zions Bancorporation Third Restated and Revised Deferred Compensation Plan, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended September 30, 2013. | * | ||
Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2013. | * | ||
Amendment to the Zions Bancorporation Fourth Restated Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2015. | * | ||
Amended and Restated Amegy Bancorporation, Inc. Non-Employee Directors Deferred Fee Plan, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended September 30, 2013. | * | ||
Zions Bancorporation First Restated Excess Benefit Plan, incorporated by reference to Exhibit 10.8 of Form 10-K for the year ended December 31, 2014. | * | ||
Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB effective October 1, 2002, incorporated by reference to Exhibit 10.9 of Form 10-K for the year ended December 31, 2012. | * | ||
Amendment to the Trust Agreement establishing the Zions Bancorporation Deferred Compensation Plan Trust by and between Zions Bancorporation and Cigna Bank & Trust Company, FSB substituting Prudential Bank & Trust, FSB as the trustee, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2016. | * | ||
Amendment to Trust Agreement Establishing the Zions Bancorporation Deferred Compensation Plans Trust, effective September 1, 2006, incorporated by reference to Exhibit 10.11 of Form 10-K for the year ended December 31, 2012. | * | ||
Fifth Amendment to Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, incorporated by reference to Exhibit 10.5 of Form 10-Q for the quarter September 30, 2013. | * | ||
Exhibit Number | Description | ||
Sixth Amendment to Trust Agreement between Fidelity Management Trust Company and Zions Bancorporation for the Deferred Compensation Plans, dated August 17, 2015, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter September 30, 2015. | * | ||
Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 1, 2006, incorporated by reference to Exhibit 10.12 of Form 10-K for the year ended December 31, 2012. | * | ||
Revised schedule C to Zions Bancorporation Deferred Compensation Plans Master Trust between Zions Bancorporation and Fidelity Management Trust Company, effective September 13, 2006, incorporated by reference to Exhibit 10.13 of Form 10-K for the year ended December 31, 2012. | * | ||
Third Amendment to the Zions Bancorporation Deferred Compensation Plans Master Trust agreement between Zions Bancorporation and Fidelity Management Trust Company, dated June 13, 2012 (filed herewith). | |||
Zions Bancorporation Restated Pension Plan effective January 1, 2002, including amendments adopted through December 31, 2010, incorporated by reference to Exhibit 10.19 of Form 10-K for the year ended December 31, 2016. | * | ||
First amendment to the Zions Bancorporation Pension Plan, dated June 28, 2013, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2013. | * | ||
Second amendment to the Zions Bancorporation Pension Plan, dated July 17, 2017, incorporated by reference to Exhibit 10.3 of Form 10-Q for the quarter ended June 30, 2017. | * | ||
Zions Bancorporation Executive Management Pension Plan, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2014. | * | ||
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, Restated and Amended effective January 1, 2002, including amendments adopted through December 31, 2010, incorporated by reference to Exhibit 10.22 of Form 10-K for the year ended December 31, 2016. | * | ||
First amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated November 14, 2012, incorporated by reference to Exhibit 10.18 of Form 10-K for the year ended December 31, 2012. | * | ||
Second amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan, dated August 19, 2016, incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarter ended June 30, 2017. | * | ||
Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated July 3, 2006, incorporated by reference to Exhibit 10.19 of Form 10-K for the year ended December 31, 2012. | * | ||
First Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.25 of Form 10-K for the year ended December 31, 2015. | * | ||
Exhibit Number | Description | ||
Second Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 5, 2010, incorporated by reference to Exhibit 10.26 of Form 10-K for the year ended December 31, 2015. | * | ||
Third Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 30, 2010, incorporated by reference to Exhibit 10.27 of Form 10-K for the year ended December 31, 2015. | * | ||
Fourth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.25 of Form 10-K for the year ended December 31, 2014. | * | ||
Fifth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated October 1, 2014, incorporated by reference to Exhibit 10.26 of Form 10-K for the year ended December 31, 2014. | * | ||
Sixth Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated August 17, 2015, incorporated by reference to Exhibit 10.2 of Form 10-Q for the quarter ended September 30, 2015. | * | ||
Seventh Amendment to the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan Trust Agreement between Zions Bancorporation and Fidelity Management Trust Company, dated April 27, 2016, incorporated by reference to Exhibit 10.31 of Form 10-K for the year ended December 31, 2016. | * | ||
Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.1 of Form S-8 filed on July 1, 2015. | * | ||
Form of Standard Restricted Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.3 of Form S-8 filed on July 1, 2015. | * | ||
Form of Standard Restricted Stock Unit Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.4 of Form S-8 filed on July 1, 2015. | * | ||
Form of Standard Stock Option Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.6 of Form S-8 filed on July 1, 2015. | * | ||
Form of Standard Directors Stock Award Agreement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.7 of Form S-8 filed on July 1, 2015. | * | ||
Form of Restricted Stock Award Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.2 of Form S-8 filed on July 1, 2015. | * | ||
Form of Restricted Stock Unit Agreement subject to holding requirement, Zions Bancorporation 2015 Omnibus Incentive Plan, incorporated by reference to Exhibit 4.5 of Form S-8 filed on July 1, 2015. | * | ||
Amegy Bancorporation 2004 (formerly Southwest Bancorporation of Texas, Inc.) Omnibus Incentive Plan, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2015. | * |
Exhibit Number | Description | ||
Form of Change in Control Agreement between the Company and Certain Executive Officers, incorporated by reference to Exhibit 10.37 of Form 10-K for the year ended December 31, 2012. | * | ||
Addendum to Change in Control Agreement, incorporated by reference to Exhibit 10.38 of Form 10-K for the year ended December 31, 2014. | * | ||
Form of Change in Control Agreement between the Company and Dallas E. Haun, dated May 23, 2008, incorporated by reference to Exhibit 10.39 of Form 10-K for the year ended December 31, 2014. | * | ||
Ratios of Earnings to Fixed Charges and Earnings to Fixed Charges and Preferred Dividends (filed herewith). | |||
List of Subsidiaries of Zions Bancorporation (filed herewith). | |||
Consent of Independent Registered Public Accounting Firm (filed herewith). | |||
Certification by Chief Executive Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith). | |||
Certification by Chief Financial Officer required by Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934 (filed herewith). | |||
Certification by Chief Executive Officer and Chief Financial Officer required by Sections 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m) and 18 U.S.C. Section 1350 (furnished herewith). | |||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets as of December 31, 2017 and December 31, 2016, (ii) the Consolidated Statements of Income for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, (iv) the Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2017, December 31, 2016, and December 31, 2015, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2017, December 31, 2016, and December 31, 2015 and (vi) the Notes to Consolidated Financial Statements (filed herewith). |
By | /s/ Harris H. Simmons |
HARRIS H. SIMMONS, Chairman and Chief Executive Officer |
/s/ Harris H. Simmons | /s/ Paul E. Burdiss | |
HARRIS H. SIMMONS, Director, Chairman and Chief Executive Officer (Principal Executive Officer) | PAUL E. BURDISS, Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
/s/ Alexander J. Hume | /s/ Jerry C. Atkin | |
ALEXANDER J. HUME, Controller (Principal Accounting Officer) | JERRY C. ATKIN, Director |
/s/ Gary L. Crittenden | /s/ Suren K. Gupta | |
GARY L. CRITTENDEN, Director | SUREN K. GUPTA, Director |
/s/ J. David Heaney | /s/ Vivian S. Lee | |
J. DAVID HEANEY, Director | VIVIAN S. LEE, Director |
/s/ Edward F. Murphy | /s/ Roger B. Porter | |
EDWARD F. MURPHY, Director | ROGER B. PORTER, Director |
/s/ Stephen D. Quinn | /s/ Barbara A. Yastine | |
STEPHEN D. QUINN, Director | BARBARA A. YASTINE, Director |
PAGE | ||
SECTION 101. Definitions | 1 | |
Act | 2 | |
Affiliate; control | 2 | |
Authenticating Agent | 2 | |
Board of Directors | 2 | |
Board Resolution | 2 | |
Business Day | 2 | |
Capital Stock | 2 | |
Claim | 2 | |
Commission | 2 | |
Company | 2 | |
Company Request; Company Order | 3 | |
Corporate Trust Office | 3 | |
corporation | 3 | |
Covenant Defeasance | 3 | |
Defaulted Interest | 3 | |
Defeasance | 3 | |
Depositary | 3 | |
Event of Default | 3 | |
Exchange Act | 3 | |
Expiration Date | 3 | |
Global Security | 3 | |
Holder | 3 | |
Indenture | 3 | |
interest | 4 | |
Interest Payment Date | 4 | |
Investment Company Act | 4 | |
Major Constituent Bank | 4 | |
Maturity | 4 | |
Notice of Default | 4 | |
Officers’ Certificate | 4 | |
Opinion of Counsel | 4 | |
Original Issue Discount Security | 4 | |
Outstanding | 4 |
Paying Agent | 5 | ||
Person | 5 | ||
Place of Payment | 5 |
Predecessor Security | 6 | ||
Redemption Date | 6 | ||
Redemption Price | 6 | ||
Regular Record Date | 6 | ||
Securities | 6 | ||
Securities Act | 6 | ||
Security Register; Security Registrar | 6 | ||
Special Record Date | 6 | ||
Stated Maturity | 6 | ||
Subsidiary | 6 | ||
Trust Indenture Act | 6 | ||
Trustee | 7 | ||
U.S. Government Obligation | 7 | ||
Vice President | 7 | ||
Wholly Owned Subsidiary | 7 | ||
SECTION 102. | Compliance Certificates and Opinions | 7 | |
SECTION 103. | Form of Documents Delivered to Trustee | 7 | |
SECTION 104. | Acts of Holders; Record Dates | 8 | |
SECTION 105. | Notices, Etc., to Trustee and Company | 10 | |
SECTION 106. | Notice to Holders; Waiver | 10 | |
SECTION 107. | Conflict with Trust Indenture Act | 11 | |
SECTION 108. | Effect of Headings and Table of Contents | 11 | |
SECTION 109. | Successors and Assigns | 11 | |
SECTION 110. | Separability Clause | 11 | |
SECTION 111. | Benefits of Indenture | 11 | |
SECTION 112. | Governing Law | 12 | |
SECTION 113. | Legal Holidays | 12 | |
ARTICLE TWO | |||
SECURITY FORMS | |||
SECTION 201. | Forms Generally | 12 | |
SECTION 202. | Form of Face of Security | 13 | |
SECTION 203. | Form of Reverse of Security | 14 | |
SECTION 204. | Form of Legend for Global Securities | 18 | |
SECTION 205. | Form of Trustee’s Certificate of Authentication | 19 |
ARTICLE THREE | |||
THE SECURITIES | |||
SECTION 301. | Amount Unlimited; Issuable in Series | 19 |
SECTION 302. | Denominations | 21 | |
SECTION 303. | Execution, Authentication, Delivery and Dating | 22 | |
SECTION 304. | Temporary Securities | 23 | |
SECTION 305. | Registration, Registration of Transfer and Exchange | 23 | |
SECTION 306. | Mutilated, Destroyed, Lost and Stolen Securities | 25 | |
SECTION 307. | Payment of Interest; Interest Rights Preserved | 26 | |
SECTION 308. | Persons Deemed Owners | 27 | |
SECTION 309. | Cancellation | 27 | |
SECTION 310. | Computation of Interest | 28 | |
SECTION 311. | CUSIP Numbers | 28 | |
ARTICLE FOUR | |||
SATISFACTION AND DISCHARGE | |||
SECTION 401. | Satisfaction and Discharge of Indenture | 28 | |
SECTION 402. | Application of Trust Money | 29 | |
ARTICLE FIVE | |||
REMEDIES | |||
SECTION 501. | Events of Default | 30 |
SECTION 502. | Acceleration of Maturity; Rescission and Annulment | 32 | |
SECTION 503. | Collection of Indebtedness and Suits for Enforcement by Trustee | 33 | |
SECTION 504. | Trustee May File Proofs of Claim | 34 | |
SECTION 505. | Trustee May Enforce Claims Without Possession of Securities | 34 | |
SECTION 506. | Application of Money Collected | 34 | |
SECTION 507. | Limitation on Suits | 35 | |
SECTION 508. | Unconditional Right of Holders to Receive Principal, Premium and Interest | 36 | |
SECTION 509. | Restoration of Rights and Remedies | 36 | |
SECTION 510. | Rights and Remedies Cumulative | 36 | |
SECTION 511. | Delay or Omission Not Waiver | 36 | |
SECTION 512. | Control by Holders | 36 | |
SECTION 513. | Waiver of Past Defaults | 37 | |
SECTION 514. | Undertaking for Costs | 37 | |
SECTION 515. | Waiver of Usury, Stay or Extension Laws | 37 |
ARTICLE SIX | |||
THE TRUSTEE | |||
SECTION 601. | Certain Duties and Responsibilities | 38 | |
SECTION 602. | Notice of Defaults | 38 | |
SECTION 603. | Certain Rights of Trustee | 39 | |
SECTION 604. | Not Responsible for Recitals or Issuance of Securities | 40 | |
SECTION 605. | May Hold Securities | 40 | |
SECTION 606. | Money Held in Trust | 40 | |
SECTION 607. | Compensation and Reimbursement | 40 |
SECTION 608. | Conflicting Interests | 41 | |
SECTION 609. | Corporate Trustee Required; Eligibility | 41 | |
SECTION 610. | Resignation and Removal; Appointment of Successor | 41 | |
SECTION 611. | Acceptance of Appointment by Successor | 43 | |
SECTION 612. | Merger, Conversion, Consolidation or Succession to Business | 44 | |
SECTION 613. | Preferential Collection of Claims Against Company | 44 | |
SECTION 614. | Appointment of Authenticating Agent | 44 | |
ARTICLE SEVEN | |||
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY | |||
SECTION 701. | Company to Furnish Trustee Names and Addresses of Holders | 46 | |
SECTION 702. | Preservation of Information; Communications to Holders | 46 | |
SECTION 703. | Reports by Trustee | 46 | |
SECTION 704. | Reports by Company | 47 | |
ARTICLE EIGHT | |||
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | |||
SECTION 801. | Company May Consolidate, Etc., Only on Certain Terms | 47 | |
SECTION 802. | Successor Substituted | 48 | |
ARTICLE NINE | |||
SUPPLEMENTAL INDENTURES | |||
SECTION 901. | Supplemental Indentures Without Consent of Holders | 48 | |
SECTION 902. | Supplemental Indentures With Consent of Holders | 49 | |
SECTION 903. | Execution of Supplemental Indentures | 50 | |
SECTION 904. | Effect of Supplemental Indentures | 50 | |
SECTION 905. | Conformity with Trust Indenture Act | 51 | |
SECTION 906. | Reference in Securities to Supplemental Indentures | 51 |
ARTICLE TEN | |||
COVENANTS | |||
SECTION 1001. | Payment of Principal, Premium and Interest | 51 | |
SECTION 1002. | Maintenance of Office or Agency | 51 | |
SECTION 1003. | Money for Securities Payments to Be Held in Trust | 52 | |
SECTION 1004. | Statement by Officers as to Default | 53 | |
SECTION 1005. | Existence. | 53 | |
SECTION 1006. | Company Statement as to Compliance | 53 | |
SECTION 1007. | Payment of Taxes and Other Claims | 53 | |
SECTION 1008. | Waiver of Certain Covenants | 54 | |
SECTION 1009. | Restrictions on Sale or Issuance of Capital Stock of Major Constituent Banks and Subsidiaries Owning Major Constituent Banks | 54 | |
SECTION 1010. | Restrictions on Merger or Sale of Assets by Major Constituent Banks | 55 | |
SECTION 1011. | Calculation of Original Issue Discount | 56 | |
ARTICLE ELEVEN | |||
REDEMPTION OF SECURITIES | |||
SECTION 1101. | Applicability of Article | 56 | |
SECTION 1102. | Election to Redeem; Notice to Trustee | 56 | |
SECTION 1103. | Selection by Trustee of Securities to Be Redeemed | 56 | |
SECTION 1104. | Notice of Redemption | 57 | |
SECTION 1105. | Deposit of Redemption Price | 58 | |
SECTION 1106. | Securities Payable on Redemption Date | 58 | |
SECTION 1107. | Securities Redeemed in Part | 58 | |
ARTICLE TWELVE |
SINKING FUNDS | |||
SECTION 1201. | Applicability of Article | 59 | |
SECTION 1202. | Satisfaction of Sinking Fund Payments with Securities | 59 | |
SECTION 1203. | Redemption of Securities for Sinking Fund | 59 | |
ARTICLE THIRTEEN | |||
DEFEASANCE AND COVENANT DEFEASANCE | |||
SECTION 1301. | Company’s Option to Effect Defeasance or Covenant Defeasance | 60 | |
SECTION 1302. | Defeasance and Discharge | 60 |
SECTION 1303. | Covenant Defeasance | 60 | |
SECTION 1304. | Conditions to Defeasance or Covenant Defeasance | 61 | |
SECTION 1305. | Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions | 63 | |
SECTION 1306. | Reinstatement | 63 |
Trust Indenture Act Section | Indenture Section | ||
§310(a)(1) | 609 | ||
(a)(2) | 609 | ||
(a)(3) | Not Applicable | ||
(a)(4) | Not Applicable | ||
(b) | 608 | ||
610 | |||
§311(a) | 613 | ||
(b) | 613 | ||
§312(a) | 701 | ||
702 | |||
(b) | 702 | ||
(c) | 702 | ||
§313(a) | 703 | ||
(b) | 703 | ||
(c) | 703 | ||
(d) | 703 | ||
§314(a) | 704 | ||
(a)(4) | 101 | ||
1,004 | |||
(b) | Not Applicable | ||
(c)(1) | 102 | ||
(c)(2) | 102 | ||
(c)(3) | Not Applicable | ||
(d) | Not Applicable | ||
(e) | 102 | ||
§315(a) | 601 | ||
(b) | 602 | ||
(c) | 601 | ||
(d) | 601 | ||
(e) | 514 | ||
§316(a) | 101 | ||
(a)(1)(A) | 502 | ||
512 | |||
(a)(1)(B) | 513 | ||
(a)(2) | Not Applicable | ||
(b) | 508 | ||
(c) | 104 | ||
§317(a)(1) | 503 | ||
(a)(2) | 504 | ||
(b) | 1,003 | ||
§318(a) | 107 |
No. |
Dated: | ZIONS BANCORPORATION | |||||
By | ||||||
Attest: |
Year | Redemption Price | Year | Redemption Price |
Year | Redemption Price For Redemption Through Operation of the Sinking Fund | Redemption Price For Redemption Otherwise Than Through Operation of the Sinking Fund |
Dated: | J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION As Trustee | |||||
By | ||||||
Authorized Officer | ||||||
J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION | ||
As Trustee | ||
By | , | |
As Authenticating Agent | ||
By | , | |
Authorized Officer |
SECTION 1009. | Restrictions on Sale or Issuance of Capital Stock of Major Constituent Banks and Subsidiaries Owning Major Constituent Banks. |
ZIONS BANCORPORATION | ||
By | /s/ Doyle L. Arnold | |
Name: Doyle L. Arnold | ||
Title: Executive Vice President | ||
J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION | ||
By | /s/ James L. Nagy | |
Authorized Officer |
Page | |||
SECTION 101. | Definitions | 1 | |
Act | 2 | ||
Affiliate; control | 2 | ||
Authenticating Agent | 2 | ||
Board of Directors | 2 | ||
Board Resolution | 2 | ||
Business Day | 2 | ||
Claim | 2 | ||
Commission | 2 | ||
Company | 2 | ||
Company Request; Company Order | 2 | ||
Corporate Trust Office | 3 | ||
corporation | 3 | ||
Covenant Defeasance | 3 | ||
Defaulted Interest | 3 | ||
Defeasance | 3 | ||
Depositary | 3 | ||
Event of Default | 3 | ||
Excess Proceeds | 3 | ||
Exchange Act | 3 | ||
Expiration Date | 3 | ||
Global Security | 3 | ||
Holder | 4 | ||
Indenture | 4 | ||
interest | 4 | ||
Interest Payment Date | 4 | ||
Investment Company Act | 4 | ||
Major Constituent Bank | 4 | ||
Maturity | 4 | ||
Notice of Default | 4 | ||
Officers’ Certificate | 4 | ||
Opinion of Counsel | 4 | ||
Original Issue Discount Security | 4 | ||
Outstanding | 5 | ||
Paying Agent | 6 | ||
Person | 6 |
Place of Payment | 6 | ||
Predecessor Security | 6 | ||
Redemption Date | 6 | ||
Redemption Price | 6 | ||
Regular Record Date | 6 | ||
Securities | 6 | ||
Securities Act | 6 | ||
Security Register; Security Registrar | 6 |
Senior Indebtedness | 6 | ||
Special Record Date | 7 | ||
Stated Maturity | 8 | ||
Subsidiary | 8 | ||
Termination Event | 8 | ||
Trust Indenture Act | 8 | ||
Trustee | 8 | ||
U.S. Government Obligation | 8 | ||
Vice President | 9 | ||
SECTION 102. | Compliance Certificates and Opinions | 9 | |
SECTION 103. | Form of Documents Delivered to Trustee | 9 | |
SECTION 104. | Acts of Holders; Record Dates | 10 | |
SECTION 105. | Notices, Etc., to Trustee and Company | 12 | |
SECTION 106. | Notice to Holders; Waiver | 12 | |
SECTION 107. | Conflict with Trust Indenture Act | 13 | |
SECTION 108. | Effect of Headings and Table of Contents | 13 | |
SECTION 109. | Successors and Assigns | 13 | |
SECTION 110. | Separability Clause | 13 | |
SECTION 111. | Benefits of Indenture | 13 | |
SECTION 112. | Governing Law | 13 | |
SECTION 113. | Legal Holidays | 13 | |
ARTICLE TWO | |||
SECURITY FORMS | |||
SECTION 201. | Forms Generally | 14 | |
SECTION 202. | Form of Face of Security | 14 | |
SECTION 203. | Form of Reverse of Security | 16 | |
SECTION 204. | Form of Legend for Global Securities | 20 | |
SECTION 205. | Form of Trustee’s Certificate of Authentication | 20 | |
ARTICLE THREE | |||
THE SECURITIES | |||
SECTION 301. | Amount Unlimited; Issuable in Series | 21 | |
SECTION 302. | Denominations | 23 | |
SECTION 303. | Execution, Authentication, Delivery and Dating | 23 | |
SECTION 304. | Temporary Securities | 25 | |
SECTION 305. | Registration, Registration of Transfer and Exchange | 25 |
SECTION 306. | Mutilated, Destroyed, Lost and Stolen Securities | 27 | |
SECTION 307. | Payment of Interest; Interest Rights Preserved | 28 | |
SECTION 308. | Persons Deemed Owners | 29 | |
SECTION 309. | Cancellation | 29 | |
SECTION 310. | Computation of Interest | 30 | |
SECTION 311. | CUSIP Numbers | 30 | |
ARTICLE FOUR | |||
SATISFACTION AND DISCHARGE | |||
SECTION 401. | Satisfaction and Discharge of Indenture | 30 | |
SECTION 402. | Application of Trust Money | 31 | |
ARTICLE FIVE | |||
REMEDIES | |||
SECTION 501. | Events of Default | 31 | |
SECTION 502. | Acceleration of Maturity; Rescission and Annulment | 33 | |
SECTION 503. | Collection of Indebtedness and Suits for Enforcement by Trustee | 34 | |
SECTION 504. | Trustee May File Proofs of Claim | 35 | |
SECTION 505. | Trustee May Enforce Claims Without Possession of Securities | 35 | |
SECTION 506. | Application of Money Collected | 36 | |
SECTION 507. | Limitation on Suits | 36 | |
SECTION 508. | Unconditional Right of Holders to Receive Principal, Premium and Interest | 37 | |
SECTION 509. | Restoration of Rights and Remedies | 37 |
SECTION 510. | Rights and Remedies Cumulative | 37 | |
SECTION 511. | Delay or Omission Not Waiver | 37 | |
SECTION 512. | Control by Holders | 37 | |
SECTION 513. | Waiver of Past Defaults | 38 | |
SECTION 514. | Undertaking for Costs | 38 | |
SECTION 515. | Waiver of Usury, Stay or Extension Laws | 38 | |
ARTICLE SIX | |||
THE TRUSTEE | |||
SECTION 601. | Certain Duties and Responsibilities | 39 | |
SECTION 602. | Notice of Defaults | 39 | |
SECTION 603. | Certain Rights of Trustee | 40 | |
SECTION 604. | Not Responsible for Recitals or Issuance of Securities | 41 | |
SECTION 605. | May Hold Securities | 41 | |
SECTION 606. | Money Held in Trust | 41 | |
SECTION 607. | Compensation and Reimbursement | 41 | |
SECTION 608. | Conflicting Interests | 42 | |
SECTION 609. | Corporate Trustee Required; Eligibility | 42 | |
SECTION 610. | Resignation and Removal; Appointment of Successor | 42 | |
SECTION 611. | Acceptance of Appointment by Successor | 44 |
SECTION 612. | Merger, Conversion, Consolidation or Succession to Business | 45 | |
SECTION 613. | Preferential Collection of Claims Against Company | 45 | |
SECTION 614. | Appointment of Authenticating Agent | 45 | |
ARTICLE SEVEN | |||
HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY | |||
SECTION 701. | Company to Furnish Trustee Names and Addresses of Holders | 47 |
SECTION 702. | Preservation of Information; Communications to Holders | 47 | |
SECTION 703. | Reports by Trustee | 47 | |
SECTION 704. | Reports by Company | 48 | |
ARTICLE EIGHT | |||
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | |||
SECTION 801. | Company May Consolidate, Etc., Only on Certain Terms | 48 | |
SECTION 802. | Successor Substituted | 49 | |
ARTICLE NINE | |||
SUPPLEMENTAL INDENTURES | |||
SECTION 901. | Supplemental Indentures Without Consent of Holders | 49 | |
SECTION 902. | Supplemental Indentures With Consent of Holders | 50 | |
SECTION 903. | Execution of Supplemental Indentures | 51 | |
SECTION 904. | Effect of Supplemental Indentures | 51 | |
SECTION 905. | Conformity with Trust Indenture Act | 51 | |
SECTION 906. | Reference in Securities to Supplemental Indentures | 52 | |
SECTION 907. | Subordination Impaired | 52 | |
ARTICLE TEN | |||
COVENANTS | |||
SECTION 1001. | Payment of Principal, Premium and Interest | 52 | |
SECTION 1002. | Maintenance of Office or Agency | 52 | |
SECTION 1003. | Money for Securities Payments to Be Held in Trust | 53 | |
SECTION 1004. | Statement by Officers as to Default | 54 | |
SECTION 1005. | Existence | 54 | |
SECTION 1006. | Company Statement as to Compliance | 54 | |
SECTION 1007. | Payment of Taxes and Other Claims | 55 | |
SECTION 1008. | Waiver of Certain Covenants | 55 |
SECTION 1009. | Calculation of Original Issue Discount | 55 | |
ARTICLE ELEVEN | |||
REDEMPTION OF SECURITIES | |||
SECTION 1101. | Applicability of Article | 55 |
SECTION 1102. | Election to Redeem; Notice to Trustee | 56 | |
SECTION 1103. | Selection by Trustee of Securities to Be Redeemed | 56 | |
SECTION 1104. | Notice of Redemption | 57 | |
SECTION 1105. | Deposit of Redemption Price | 57 | |
SECTION 1106. | Securities Payable on Redemption Date | 57 | |
SECTION 1107. | Securities Redeemed in Part | 58 | |
ARTICLE TWELVE | |||
SINKING FUNDS | |||
SECTION 1201. | Applicability of Article | 58 | |
SECTION 1202. | Satisfaction of Sinking Fund Payments with Securities | 58 | |
SECTION 1203. | Redemption of Securities for Sinking Fund | 59 | |
ARTICLE THIRTEEN | |||
DEFEASANCE AND COVENANT DEFEASANCE | |||
SECTION 1301. | Company’s Option to Effect Defeasance or Covenant Defeasance | 59 | |
SECTION 1302. | Defeasance and Discharge | 59 | |
SECTION 1303. | Covenant Defeasance | 60 | |
SECTION 1304. | Conditions to Defeasance or Covenant Defeasance | 60 | |
SECTION 1305. | Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions | 62 | |
SECTION 1306. | Reinstatement | 63 | |
ARTICLE FOURTEEN | |||
SUBORDINATION OF SECURITIES | |||
SECTION 1401. | Securities Subordinate to Senior Indebtedness | 63 | |
SECTION 1402. | Payment Over of Proceeds Upon Dissolution, Etc. | 63 | |
SECTION 1403. | Prior Payment to Senior Indebtedness Upon Acceleration of Securities | 64 | |
SECTION 1404. | No Payment When Senior Indebtedness in Default | 65 | |
SECTION 1405. | Payment Permitted If No Default | 65 | |
SECTION 1406. | Subrogation to Rights of Holders of Senior Indebtedness | 65 | |
SECTION 1407. | Provisions Solely to Define Relative Rights | 66 | |
SECTION 1408. | Trustee to Effectuate Subordination | 66 | |
SECTION 1409. | No Waiver of Subordination Provisions | 66 | |
SECTION 1410. | Notice to Trustee | 67 | |
SECTION 1411. | Reliance on Judicial Order or Certificate of Liquidating Agent | 68 | |
SECTION 1412. | Trustee Not Fiduciary for Holders of Senior Indebtedness (or Creditors in Respect of General Obligations) | 68 | |
SECTION 1413. | Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights | 68 | |
SECTION 1414. | Article Applicable to Paying Agents | 68 | |
SECTION 1415. | Payment of Proceeds in Certain Cases | 69 | |
SECTION 1416. | Automatic Termination | 70 |
Trust Indenture Act Section | Indenture Section | ||
§ 310(a)(1) | 609 | ||
(a)(2) | 609 | ||
(a)(3) | Not Applicable | ||
(a)(4) | Not Applicable | ||
(b) | 608 | ||
610 | |||
§ 311(a) | 613 | ||
(b) | 613 | ||
§ 312(a) | 701 | ||
702 | |||
(b) | 702 | ||
(c) | 702 | ||
§ 313(a) | 703 | ||
(b) | 703 | ||
(c) | 703 | ||
(d) | 703 | ||
§ 314(a) | 704 | ||
(a)(4) | 101 | ||
1,004 | |||
(b) | Not Applicable | ||
(c)(1) | 102 | ||
(c)(2) | 102 | ||
(c)(3) | Not Applicable | ||
(d) | Not Applicable | ||
(e) | 102 | ||
§ 315(a) | 601 | ||
(b) | 602 | ||
(c) | 601 | ||
(d) | 601 | ||
(e) | 514 | ||
§ 316(a) | 101 | ||
(a)(1)(A) | 502 | ||
512 | |||
(a)(1)(B) | 513 | ||
(a)(2) | Not Applicable | ||
(b) | 508 | ||
(c) | 104 | ||
§ 317(a)(1) | 503 | ||
(a)(2) | 504 | ||
(b) | 1,003 | ||
§ 318(a) | 107 |
NOTE: | This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. |
No. |
Dated: | ||||||
ZIONS BANCORPORATION | ||||||
By | ||||||
Attest: |
Year | Redemption Price | Year | Redemption Price |
Year | Redemption Price For Redemption Through Operation of the Sinking Fund | Redemption Price For Redemption Otherwise Than Through Operation of the Sinking Fund |
Dated: | ||||||
J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION As Trustee | ||||||
By | ||||||
Authorized Officer |
Dated: | ||||||
J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION | ||||||
As Trustee | ||||||
By | , | |||||
As Authenticating Agent | ||||||
By | ||||||
Authorized Officer |
ZIONS BANCORPORATION | ||
By | /s/ Doyle L. Arnold | |
Name: Doyle L. Arnold | ||
Title: Executive Vice President |
By | /s/ James L. Nagy | |
Authorized Officer |
Trust Indenture Act Section | Indenture Section | ||||||
§310 | (a) (1), (2) and (5) | 6.9 | |||||
(a) (3) | Not Applicable | ||||||
(a) (4). | Not Applicable | ||||||
(b). | 6.8 | ||||||
6.10 | |||||||
(c) | Not Applicable | ||||||
§311 | (a) | 6.13 | |||||
(b) | 6.13 | ||||||
(b) (2) | 7.3(a)(2) | ||||||
§312 | (a). | 7.1 | |||||
7.2(a) | |||||||
(b) | 7.2(b) | ||||||
(c) | 7.2(c) | ||||||
§313 | (a) | 7.3(a) | |||||
(b) | 7.3(b) | ||||||
(c) | 7.3(a), 7.3(b) | ||||||
(d) | 7.3(c) | ||||||
§314 | (a) (1), (2) and (3) | 7.4 | |||||
(a) (4) | 10.4 | ||||||
(b) | Not Applicable | ||||||
(c) (1) | 1.2 | ||||||
(c) (2) | 1.2 |
(c) (3) | Not Applicable | ||||||
(d) | Not Applicable | ||||||
(e) | 1.2 | ||||||
(f) | Not Applicable | ||||||
§315 | (a) | 6.1(a) | |||||
(b) | 6.2 | ||||||
7.3(a) | |||||||
(c) | 6.1(b) | ||||||
(d) | 6.1(c) | ||||||
(d) (1) | 6.1(a) (1) | ||||||
(d) (2) | 6.1(c) (2) | ||||||
(d) (3) | 6.1(c) (3) | ||||||
(e) | 5.14 | ||||||
§316 | (a) | 1.1 | |||||
(a) (1) (A) | 5.12 | ||||||
(a) (1) (B) | 5.13 | ||||||
(a) (2) | Not Applicable | ||||||
(b) | 5.8 | ||||||
(c) | 1.4(f) | ||||||
§317 | (a) (1) | 5.3 | |||||
(a) (2) | 5.4 | ||||||
(b) | 10.3 | ||||||
§ 318 | (a) | 1.7 |
Note: | This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Junior Subordinated Indenture. |
Page | |||
ARTICLE I | |||
DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION | |||
Section 1.1. | Definitions | 1 | |
Section 1.2. | Compliance Certificate and Opinions | 9 | |
Section 1.3. | Forms of Documents Delivered to Trustee | 10 | |
Section 1.4. | Acts of Holders | 10 | |
Section 1.5. | Notices, Etc. to Trustee and Corporation | 12 | |
Section 1.6. | Notice to Holders; Waiver | 12 |
Section 1.7. | Conflict with Trust Indenture Act | 13 | |
Section 1.8. | Effect of Headings and Table of Contents | 13 | |
Section 1.9. | Successors and Assigns | 13 | |
Section 1.10. | Separability Clause | 13 | |
Section 1.11. | Benefits of Indenture | 13 | |
Section 1.12. | Governing Law | 13 | |
Section 1.13. | Non-Business Days | 13 | |
ARTICLE II | |||
SECURITY FORMS | |||
Section 2.1. | Forms Generally | 14 | |
Section 2.2. | Form of Face of Security | 14 | |
Section 2.3. | Form of Reverse of Security | 17 | |
Section 2.4. | Additional Provisions Required in Global Security | 19 | |
Section 2.5. | Form of Trustee’s Certificate of Authentication | 20 | |
ARTICLE III | |||
THE SECURITIES | |||
Section 3.1. | Title and Terms | 20 | |
Section 3.2. | Denominations | 23 | |
Section 3.3. | Execution, Authentication, Delivery and Dating | 23 | |
Section 3.4. | Temporary Securities | 24 | |
Section 3.5. | Global Securities | 24 | |
Section 3.6. | Registration, Transfer and Exchange Generally | 26 | |
Section 3.7. | Mutilated, Destroyed, Lost and Stolen Securities | 26 | |
Section 3.8. | Payment of Interest and Additional Interest; Interest Rights Preserved | 27 | |
Section 3.9. | Persons Deemed Owners | 28 | |
Section 3.10. | Cancellation | 29 | |
Section 3.11. | Computation of Interest | 29 | |
Section 3.12. | Deferrals of Interest Payment Dates | 29 | |
Section 3.13. | Right of Set-Off | 30 | |
Section 3.14. | Agreed Tax Treatment | 30 | |
Section 3.15. | Shortening or Extension of Stated Maturity | 30 | |
Section 3.16. | CUSIP Numbers | 31 |
Page | |||
ARTICLE IV | |||
SATISFACTION AND DISCHARGE | |||
Section 4.1. | Satisfaction and Discharge of Indenture | 31 | |
Section 4.2. | Application of Trust Money | 32 | |
ARTICLE V | |||
REMEDIES | |||
Section 5.1. | Events of Default | 33 | |
Section 5.2. | Acceleration of Maturity; Rescission and Annulment | 33 | |
Section 5.3. | Collection of Indebtedness and Suits for Enforcement by Trustee | 35 | |
Section 5.4. | Trustee May File Proofs of Claim | 35 | |
Section 5.5. | Trustee May Enforce Claim Without Possession of Securities | 36 | |
Section 5.6. | Application of Money Collected | 36 | |
Section 5.7. | Limitation on Suits | 36 | |
Section 5.8. | Unconditional Right of Holders to Receive Principal, Premium and Interest; Direct Action by Holders of Preferred Securities | 37 | |
Section 5.9. | Restoration of Rights and Remedies | 37 | |
Section 5.10. | Rights and Remedies Cumulative | 38 | |
Section 5.11. | Delay or Omission Not Waiver | 38 | |
Section 5.12. | Control by Holders | 38 | |
Section 5.13. | Waiver of Past Defaults | 38 | |
Section 5.14. | Undertaking for Costs | 39 | |
Section 5.15. | Waiver of Usury, Stay or Extension Laws | 39 | |
ARTICLE VI | |||
THE TRUSTEE | |||
Section 6.1. | Certain Duties and Responsibilities | 40 | |
Section 6.2. | Notice of Defaults | 40 | |
Section 6.3. | Certain Rights of Trustee | 41 | |
Section 6.4. | Not Responsible for Recitals or Issuance of Securities | 42 | |
Section 6.5. | May Hold Securities | 42 | |
Section 6.6. | Money Held in Trust | 42 | |
Section 6.7. | Compensation and Reimbursement | 42 | |
Section 6.8. | Disqualification; Conflicting Interests | 43 | |
Section 6.9. | Corporate Trustee Required; Eligibility | 43 | |
Section 6.10. | Resignation and Removal; Appointment of Successor | 43 |
Section 6.11. | Acceptance of Appointment by Successor | 45 | |
Section 6.12. | Merger, Conversion, Consolidation or Succession to Business | 45 | |
Section 6.13. | Preferential Collection of Claims Against Corporation | 46 | |
Section 6.14. | Appointment of Authenticating Agent | 46 |
Page | |||
ARTICLE VII | |||
HOLDER’S LISTS AND REPORTS BY TRUSTEE AND CORPORATION | |||
Section 7.1. | Corporation to Furnish Trustee Names and Addresses of Holders | 47 | |
Section 7.2. | Preservation of Information, Communications to Holders | 48 | |
Section 7.3. | Reports by Trustee | 48 | |
Section 7.4. | Reports by Corporation | 48 | |
ARTICLE VIII | |||
CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE | |||
Section 8.1. | Corporation May Consolidate, Etc., Only on Certain Terms | 49 | |
Section 8.2. | Successor Corporation Substituted | 49 | |
Section 8.3. | Opinion of Counsel to be Given to the Trustee | 50 | |
ARTICLE IX | |||
SUPPLEMENTAL INDENTURES | |||
Section 9.1. | Supplemental Indentures without Consent of Holders | 50 | |
Section 9.2. | Supplemental Indentures with Consent of Holders | 51 | |
Section 9.3. | Execution of Supplemental Indentures | 52 | |
Section 9.4. | Effect of Supplemental Indentures | 52 | |
Section 9.5. | Conformity with Trust Indenture Act | 52 | |
Section 9.6. | Reference in Securities to Supplemental Indentures | 52 | |
Section 9.7. | Notice of Supplemental Indentures | 53 | |
ARTICLE X | |||
COVENANTS | |||
Section 10.1. | Payment of Principal, Premium and Interest | 53 | |
Section 10.2. | Maintenance of Office or Agency | 53 |
Section 10.3. | Money for Security Payments to be Held in Trust | 53 | |
Section 10.4. | Statement as to Compliance | 55 | |
Section 10.5. | Waiver of Certain Covenants | 55 | |
Section 10.6. | Additional Sums | 55 | |
Section 10.7. | Additional Covenants | 55 | |
Section 10.8. | Original Issue Discount | 56 |
Page | |||
ARTICLE XI | |||
REDEMPTION OF SECURITIES | |||
Section 11.1. | Applicability of This Article | 57 | |
Section 11.2. | Election to Redeem; Notice to Trustee | 57 | |
Section 11.3. | Selection of Securities to be Redeemed | 57 | |
Section 11.4. | Notice of Redemption | 58 | |
Section 11.5. | Deposit of Redemption Price | 58 | |
Section 11.6. | Payment of Securities Called for Redemption | 59 | |
Section 11.7. | Right of Redemption of Securities Initially Issued to an Issuer Trust | 59 | |
ARTICLE XII | |||
SINKING FUNDS | |||
Section 12.1. | Applicability of Article | 60 | |
Section 12.2. | Satisfaction of Sinking Fund Payments with Securities | 60 | |
Section 12.3. | Redemption of Securities for Sinking Fund | 60 | |
ARTICLE XIII | |||
SUBORDINATION OF SECURITIES | |||
Section 13.1. | Securities Subordinate to Senior Indebtedness | 61 | |
Section 13.2. | No Payment When Senior Indebtedness in Default; Payment Over of Proceeds Upon Dissolution, Etc. | 62 | |
Section 13.3. | Payment Permitted If No Default | 63 | |
Section 13.4. | Subrogation to Rights of Holders of Senior Indebtedness | 63 | |
Section 13.5. | Provisions Solely to Define Relative Rights | 64 | |
Section 13.6. | Trustee to Effectuate Subordination | 64 | |
Section 13.7. | No Waiver of Subordination Provisions | 64 | |
Section 13.8. | Notice to Trustee | 65 | |
Section 13.9. | Reliance on Judicial Order or Certificate of Liquidating Agent | 65 | |
Section 13.10. | Trustee Not Fiduciary for Holders of Senior Indebtedness | 65 | |
Section 13.11. | Rights of Trustee as Holder of Senior Indebtedness; Preservation of Trustee’s Rights | 66 | |
Section 13.12. | Article Applicable to Paying Agents | 66 | |
Section 13.13. | Certain Conversion or Exchanges Deemed Payment | 66 |
Zions Bancorporation | ||
By: | ||
Name | ||
Title: |
Attest: |
[ Secretary or Assistant Secretary ] |
Year | Redemption Price |
J. P. MORGAN TRUST COMPANY NATIONAL ASSOCIATION, | ||
as Trustee | ||
By: | ||
Authorized officer |
(i) | have become due and payable, or |
(ii) | will become due and payable at their Stated Maturity within one year of the date of deposit, or |
(iii) | are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Corporation, |
Dated: |
J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, | ||
As Trustee | ||
By: | , | |
As Authenticating Agent | ||
By: | , | |
As Authorized Officer |
ZIONS BANCORPORATION | ||
By: | /s/ Doyle L Arnold | |
Name: Doyle L. Arnold | ||
Title: Executive Vice President |
Attest: | /s/ Jennifer Jolley | |
Assistant Secretary |
J. P. MORGAN TRUST COMPANY NATIONAL ASSOCIATION, | ||
as Trustee | ||
By: | /s/ Mitch Gardner | |
Name: Mitch Gardner | ||
Title: Vice President |
Attest: | /s/ James Myers | |
Name: James Myers | ||
Title: Vice President |
(1) | Effective at Market Close on June 13, 2012, amending Schedule “C”, Investment Options, to delete the reference to “Zions Preferred Stock E Fund (Real Time Trading Option)”, and replace it with the following: |
(1) | Zions Preferred Stock E Fund (Real Time Trading Option) (frozen to all transactions) |
(2) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Section 1, Definitions, to delete subsection (pp), Zions Preferred Stock E, and (qq), Zions Preferred Stock E Fund, in their entirety. |
(3) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Section 5(f), Zions Common Stock and Zions Preferred Stock in the Zions Bancorporation Restated Deferred Compensation Plan, by restating the first paragraph, in its entirety, as follows: |
(4) | Effective upon completion of the above-referenced Zions Preferred Stock E Fund liquidation, amending Schedule “C”, Investment Options, to delete the following: |
(4) | Zions Preferred Stock E Fund (Real Time Trading Option) (frozen to all transactions) |
ZIONS BANCORPORATION | FIDELITY MANAGEMENT TRUST COMPANY |
(Dollar amounts in millions) | Year ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense excluding deposits | $ | 53 | $ | 36 | $ | 69 | $ | 123 | $ | 185 | ||||||||||
Portion of rents representative of an interest factor | 20 | 22 | 21 | 20 | 19 | |||||||||||||||
Fixed charges excluding interest on deposits | 73 | 58 | 90 | 143 | 204 | |||||||||||||||
Interest on deposits | 74 | 51 | 50 | 50 | 60 | |||||||||||||||
Fixed charges including interest on deposits | $ | 147 | $ | 109 | $ | 140 | $ | 193 | $ | 264 | ||||||||||
Fixed charges and preferred stock dividends: | ||||||||||||||||||||
Interest expense excluding deposits | $ | 53 | $ | 36 | $ | 68 | $ | 123 | $ | 185 | ||||||||||
Portion of rents representative of an interest factor | 20 | 22 | 21 | 20 | 20 | |||||||||||||||
Preferred stock dividend requirement | 65 | 77 | 92 | 112 | 147 | |||||||||||||||
Fixed charges and preferred stock dividends excluding interest on deposits | 138 | 135 | 181 | 255 | 352 | |||||||||||||||
Interest on deposits | 74 | 51 | 50 | 50 | 60 | |||||||||||||||
Fixed charges and preferred stock dividends including interest on deposits | $ | 212 | $ | 186 | $ | 231 | $ | 305 | $ | 412 | ||||||||||
Earnings: | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 936 | $ | 705 | $ | 451 | $ | 621 | $ | 406 | ||||||||||
Equity in undistributed earnings of unconsolidated subsidiaries | (10 | ) | (6 | ) | (5 | ) | (8 | ) | (11 | ) | ||||||||||
Fixed charges excluding interest on deposits | 73 | 58 | 90 | 143 | 205 | |||||||||||||||
Earnings excluding interest on deposits | 999 | 757 | 536 | 756 | 600 | |||||||||||||||
Interest on deposits | 74 | 51 | 50 | 50 | 60 | |||||||||||||||
Earnings including interest on deposits | $ | 1,073 | $ | 808 | $ | 586 | $ | 806 | $ | 660 | ||||||||||
Ratio of earnings to fixed charges: | ||||||||||||||||||||
Excluding interest on deposits | 13.68 | 13.05 | 5.96 | 5.29 | 2.94 | |||||||||||||||
Including interest on deposits | 7.30 | 7.41 | 4.19 | 4.18 | 2.50 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends: | ||||||||||||||||||||
Excluding interest on deposits | 7.24 | 5.61 | 2.96 | 2.96 | 1.70 | |||||||||||||||
Including interest on deposits | 5.06 | 4.34 | 2.54 | 2.64 | 1.60 | |||||||||||||||
SUBSIDIARY | STATE OR JURISDICTION OF INCORPORATION/ORGANIZATION |
ZB, National Association | Federally chartered doing business in Utah, Idaho, Wyoming, Texas, California, Arizona, Nevada, Colorado, New Mexico, Washington, and Oregon |
Amegy Holding Texas, Incorporated | Texas |
Great Western Financial Corporation | Utah |
(i) | Registration Statement (Form S-8 No. 333-36205) and related Prospectus pertaining to Zions Bancorporation Employee Investment Savings Plan, now known as the Zions Bancorporation Payshelter 401(k) and Employee Stock Ownership Plan; |
(ii) | Registration Statement (Form S-8 No. 333-205422) and related Prospectus pertaining to Zions Bancorporation 2015 Omnibus Incentive Plan; |
(iii) | Registration Statement (Form S-8 No. 333-130222) and related Prospectus pertaining to Amegy Bancorporation 1989 Stock Option Plan, Amegy Bancorporation 1993 Stock Option and Incentive Plan, and Amegy Bancorporation Amended and Restated Non-Employee Directors Deferred Fee Plan; and |
(iv) | Registration Statement (Form S-3 No. 333-195408) and related Prospectus pertaining to the offering of debt and equity securities of Zions Bancorporation; |
1. | I have reviewed this annual report on Form 10-K of Zions Bancorporation; |
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; and |
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. |
/s/ Harris H. Simmons | |
Harris H. Simmons, Chairman and Chief Executive Officer |
1. | I have reviewed this annual report on Form 10-K of Zions Bancorporation; |
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; and |
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. |
/s/ Paul E. Burdiss | |
Paul E. Burdiss, Executive Vice President and Chief Financial Officer |
/s/ Harris H. Simmons | ||
Name: | Harris H. Simmons | |
Title: | Chairman and Chief Executive Officer | |
/s/ Paul E. Burdiss | ||
Name: | Paul E. Burdiss | |
Title: | Executive Vice President and Chief Financial Officer |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
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Dec. 31, 2017 |
Feb. 09, 2018 |
Jun. 30, 2017 |
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Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | zion | ||
Entity Registrant Name | ZIONS BANCORPORATION /UT/ | ||
Entity Central Index Key | 0000109380 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 8,745,683,795 | ||
Entity Common Stock, Shares Outstanding | 196,514,295 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Statement of Financial Position [Abstract] | ||
Held-to-maturity, fair value | $ 762 | |
Preferred stock, authorized shares | 4,400 | 4,400 |
Common stock, authorized shares | 350,000 | 350,000 |
Common stock, issued shares | 197,532 | 203,085 |
Common stock, outstanding shares | 197,532 | 203,085 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions |
12 Months Ended | ||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Statement of Comprehensive Income [Abstract] | |||
Net income | $ 592 | $ 469 | $ 309 |
Other comprehensive income, net of tax: | |||
Net unrealized holding losses on investment securities | (2) | (74) | (23) |
Reclassification of HTM securities to AFS securities | 0 | 0 | 11 |
Reclassification to earnings for realized securities losses | 0 | 0 | 86 |
Net unrealized gains (losses) on other noninterest-bearing investments | 3 | 2 | (3) |
Net unrealized holding gains (losses) on derivative instruments | (3) | 5 | 7 |
Reclassification adjustment for increase in interest income recognized in earnings on derivative instruments | (2) | (7) | (6) |
Pension and postretirement | (12) | (7) | (1) |
Effect of new tax rates from Tax Cuts and Jobs Act of 2017 | 25 | 0 | 0 |
Other comprehensive income, net of tax | (17) | (67) | 73 |
Comprehensive income | $ 575 | $ 402 | $ 382 |
Summary Of Significant Accounting Policies |
12 Months Ended |
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Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Zions Bancorporation (“the Parent”) is a financial holding company headquartered in Salt Lake City, Utah, which owns and operates a commercial bank. The Parent and its subsidiaries (collectively “the Company”) provide a full range of banking and related services in 11 western and southwestern states through seven separately managed and branded units as follows: Zions Bank, in Utah, Idaho and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon (“TCBO”) in Oregon. Pursuant to a Board resolution adopted November 21, 2014, TCBO merged into TCBW effective March 31, 2015. The Parent also owns and operates certain nonbank subsidiaries that engage in financial services. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Parent and its majority-owned subsidiaries (“the Company,” “we,” “our,” “us”). Unconsolidated investments where we have the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting; those that are not consolidated or accounted for using the equity method of accounting are accounted for under cost or fair value accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). Changes to the ASC are made with Accounting Standards Updates (“ASU”) that include consensus issues of the Emerging Issues Task Force (“EITF”). In certain cases, ASUs are issued jointly with International Financial Reporting Standards. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications did not affect net income or shareholders’ equity. Variable Interest Entities A variable interest entity (“VIE”) is consolidated when a company is the primary beneficiary of the VIE. Current accounting guidance requires continuous analysis on a qualitative rather than a quantitative basis to determine the primary beneficiary of a VIE. At the commencement of our involvement, and periodically thereafter, we consider our consolidation conclusions for all entities with which we are involved. As of December 31, 2017 and 2016, no VIEs have been consolidated in the Company’s financial statements. Statement of Cash Flows For purposes of presentation in the consolidated statements of cash flows, “cash and cash equivalents” are defined as those amounts included in cash and due from banks in the consolidated balance sheets. Fair Value Estimates We measure many of our assets and liabilities on a fair value basis. Fair value is the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. To improve consistency and comparability in fair value measurements, GAAP has established a hierarchy to prioritize the valuation inputs among three levels. The Company prioritizes quoted prices in active markets, and minimizes reliance on unobservable inputs when possible. When observable market prices are not available, fair value is estimated using modeling techniques such as discounted cash flow analysis. These modeling techniques use assumptions that market participants would consider in pricing the asset or the liability, including assumptions about the risk inherent in a particular valuation technique, the effect of a restriction on the sale or use of an asset, the life of the asset and applicable growth rate, the risk of nonperformance, and other related assumptions. Changes in market conditions may reduce the availability of quoted prices or observable data. When market data is not available, the Company uses valuation techniques requiring more management judgment to estimate the appropriate fair value. See Note 3 of the Notes to Consolidated Financial Statements for further information regarding the use of fair value estimates. Security Resell Agreements Security resell agreements represent overnight and term agreements with the majority maturing within 30 days. These agreements are generally treated as collateralized financing transactions and are carried at amounts at which the securities were acquired plus accrued interest. Either the Company, or in some instances third parties on its behalf, take possession of the underlying securities. The fair value of such securities is monitored throughout the contract term to ensure that asset values remain sufficient to protect against counterparty default. We are permitted by contract to sell or repledge certain securities that we accept as collateral for security resell agreements. If sold, our obligation to return the collateral is recorded as “securities sold, not yet purchased” and included as a liability in “Federal funds and other short-term borrowings.” At December 31, 2017, we held $287 million of securities for which we were permitted by contract to sell or repledge. Security resell agreements averaged $360 million during 2017, and the maximum amount outstanding at any month-end during 2017 was $1.8 billion. Investment Securities We classify our investment securities according to their purpose and holding period. Gains or losses on the sale of securities are recognized using the specific identification method and recorded in noninterest income. Held-to-maturity (“HTM”) debt securities are carried at amortized cost with purchase discounts or premiums accreted or amortized into interest income over the contractual life of the security. The Company has the intent and ability to hold such securities until maturity. Available-for-sale (“AFS”) securities are stated at fair value and generally consist of debt securities held for investment. Unrealized gains and losses of AFS securities, after applicable taxes, are recorded as a component of other comprehensive income (“OCI”). We review quarterly our investment securities portfolio for any declines in value that are considered to be other-than-temporary impairment (“OTTI”). The process, methodology, and factors considered to evaluate securities for OTTI are discussed further in Note 5. Trading securities are stated at fair value and consist of securities acquired for short-term appreciation or other trading purposes. Realized and unrealized gains and losses are recorded in trading income, which is included in “Capital markets and foreign exchange.” The fair values of investment securities, as estimated under current accounting guidance, are discussed in Note 3. Loans and Allowance for Credit Losses Loans are reported at the principal amount outstanding, net of unearned income. Unearned income, which includes deferred fees net of deferred direct loan origination costs, is amortized to interest income over the life of the loan using the interest method. Interest income is recognized on an accrual basis. At the time of origination, we determine whether loans will be held for investment or held for sale. We may subsequently change our intent to hold loans for investment and reclassify them as held for sale. Loans held for sale are carried at the lower of aggregate cost or fair value. A valuation allowance is recorded when cost exceeds fair value based on reviews at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value. We evaluate loans throughout their lives for signs of credit deterioration, which may impact the loan’s status, and potentially impact our accounting for that loan. Loan status categories include past due as to contractual payments, nonaccrual, impaired, and restructured (including troubled debt restructurings (“TDRs”)). Our accounting policies for these loan statuses and our estimation of the related allowance for loan losses (“ALLL”) are discussed further in Note 6. In the ordinary course of business, we transfer portions of loans under participation agreements to manage credit risk and our portfolio concentration. We evaluate the loan participations to determine if they meet the appropriate accounting guidance to qualify as sales. Certain purchased loans require separate accounting procedures that are also discussed in Note 6. The allowance for credit losses (“ACL”) includes the ALLL and the reserve for unfunded lending commitments (“RULC”), and represents our estimate of losses inherent in the loan portfolio that may be recognized from loans and lending commitments that are not recoverable. Further discussion of our estimation process for the ACL is included in Note 6. Other Noninterest-Bearing Investments These investments include investments in private equity funds (referred to in this document as private equity investments “PEIs”), venture capital securities, securities acquired for various debt and regulatory requirements, bank-owned life insurance, and certain other noninterest-bearing investments. See further discussions in Notes 5, 15 and 3. Certain PEIs and venture capital securities are accounted for under the equity method and reported at fair value. Changes in fair value and gains and losses from sales are recognized in noninterest income. The values assigned to the securities where no market quotations exist are based upon available information and may not necessarily represent amounts that will ultimately be realized. Such estimated amounts depend on future circumstances and will not be realized until the individual securities are liquidated. Bank-owned life insurance is accounted for at fair value based on the cash surrender values (“CSVs”) of the general account insurance policies. A third party service provides these values. Other PEIs and those acquired for various debt and regulatory requirements are accounted for at cost. Periodic reviews are conducted for impairment by comparing carrying values with estimates of fair value determined according to the previous discussion. Premises, Equipment and Software, Net Premises, equipment and software are stated at cost, net of accumulated depreciation and amortization. Depreciation, computed primarily on the straight-line method, is charged to operations over the estimated useful lives of the properties, generally 25 to 40 years for buildings, 3 to 10 years for furniture and equipment, and 3 to 10 years for software, including capitalized costs related to the Company’s technology initiatives. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. Goodwill and Identifiable Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized. We subject these assets to annual specified impairment tests as of the beginning of the fourth quarter and more frequently if changing conditions warrant. Core deposit assets and other intangibles with finite useful lives are generally amortized on an accelerated basis using an estimated useful life of up to 12 years. Business Combinations Business combinations are accounted for under the acquisition method of accounting. Upon initially obtaining control, we recognize 100% of all acquired assets and all assumed liabilities regardless of the percentage owned. The assets and liabilities are recorded at their estimated fair values, with goodwill being recorded when such fair values are less than the cost of acquisition. Certain transaction and restructuring costs are expensed as incurred. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill over the measurement period, which cannot exceed one year from the acquisition date. Results of operations of the acquired business are included in our statement of income from the date of acquisition. Other Real Estate Owned Other real estate owned (“OREO”) consists principally of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. Amounts are recorded initially at fair value (less any selling costs) based on property appraisals at the time of transfer and subsequently at the lower of cost or fair value (less any selling costs). Derivative Instruments We use derivative instruments, including interest rate swaps and floors and basis swaps, as part of our overall interest rate risk management strategy. These instruments enable us to manage to desired asset and liability duration and to reduce interest rate risk exposure by matching estimated repricing periods of interest-sensitive assets and liabilities. We also execute derivative instruments with commercial banking customers to facilitate their risk management strategies. These derivatives are immediately hedged by offsetting derivatives with third parties such that we minimize our net risk exposure as a result of such transactions. We record all derivatives at fair value in the balance sheet as either other assets or other liabilities. See further discussion in Note 7. Commitments and Letters of Credit In the ordinary course of business, we enter into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the ALLL. The RULC is presented separately in the balance sheet. Revenue Recognition Service charges and fees on deposit accounts are recognized in accordance with published deposit account agreements for customer accounts or contractual agreements for commercial accounts. Other service charges, commissions and fees include interchange fees, bank services, and other fees, which are generally recognized at the time of transaction or as the services are performed. Share-Based Compensation Share-based compensation generally includes grants of stock options, restricted stock, restricted stock units (“RSUs”), and other awards to employees and non-employee directors. We recognize compensation expense in the statement of income based on the grant-date value of the associated share-based awards. See further discussion in Note 17. Income Taxes Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases, and are measured using enacted tax laws and rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Unrecognized tax benefits for uncertain tax positions relate primarily to state tax contingencies. See further discussion in Note 18. Net Earnings Per Common Share Net earnings per common share is based on net earnings applicable to common shareholders, which is net of preferred stock dividends. Basic net earnings per common share is based on the weighted average outstanding common shares during each year. Unvested share-based awards with rights to receive nonforfeitable dividends are considered participating securities and included in the computation of basic earnings per share. Diluted net earnings per common share is based on the weighted average outstanding common shares during each year, including common stock equivalents. Stock options, restricted stock, RSUs, and stock warrants are converted to common stock equivalents using the treasury stock method. Diluted net earnings per common share excludes common stock equivalents whose effect is antidilutive. See further discussion in Note 19. |
Other Recent Accounting Pronouncements |
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Other Recent Accounting Pronouncements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Recent Accounting Pronouncements [Text Block] | RECENT ACCOUNTING PRONOUNCEMENTS
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | FAIR VALUE Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. To measure fair value, a hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. This hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities in active markets that the Company has the ability to access; Level 2 – Observable inputs other than Level 1 including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in less active markets, observable inputs other than quoted prices that are used in the valuation of an asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined by pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Market activity is presumed to be orderly in the absence of evidence of forced or disorderly sales, although such sales may still be indicative of fair value. Applicable accounting guidance precludes the use of blockage factors or liquidity adjustments due to the quantity of securities held by an entity. We use fair value to measure certain assets and liabilities on a recurring basis when fair value is the primary measure for accounting. Fair value is used on a nonrecurring basis to measure certain assets when adjusting carrying values, such as the application of lower of cost or fair value accounting, including recognition of impairment on assets. Fair value is also used when providing required disclosures for certain financial instruments. Fair Value Policies and Procedures We have various policies, processes and controls in place to ensure that fair values are reasonably developed, reviewed and approved for use. These include a Securities Valuation Committee, comprised of executive management, that reviews and approves on a quarterly basis the key components of fair value estimation, including critical valuation assumptions for Level 3 modeling. A Model Risk Management Group conducts model validations, including internal models, and sets policies and procedures for revalidation, including the timing of revalidation. Third Party Service Providers We use a third party pricing service to measure fair value for approximately 92% of our AFS Level 2 securities. Fair value measurements for other AFS Level 2 securities generally use certain inputs corroborated by market data and include standard discounted cash flow analysis. For Level 2 securities, the third party pricing service provides documentation on an ongoing basis that presents market corroborative data, including detail pricing information and market reference data. The documentation includes benchmark yields, reported trades, broker-dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data, including information from the vendor trading platform. We review, test and validate this information as appropriate. Absent observable trade data, we do not adjust prices from our third party sources. The following describes the hierarchy designations, valuation methodologies, and key inputs to measure fair value on a recurring basis for designated financial instruments: Available-for-Sale U.S. Treasury, Agencies and Corporations U.S. Treasury securities are measured under Level 1 using quoted market prices when available. U.S. agencies and corporations are measured under Level 2 generally using the previously discussed third party pricing service. Municipal Securities Municipal securities are measured under Level 2 generally using the third party pricing service or an internal model. Valuation inputs include Baa municipal curves, as well as Federal Home Loan Bank (“FHLB”) and LIBOR swap curves. Our valuation methodology for non-rated municipal securities changed at year-end of 2015 to utilize more observable inputs, primarily municipal market yield curves, compared to our previous valuation method. The resulting values were determined to be Level 2. Money Market Mutual Funds and Other Money market mutual funds and other securities are measured under Level 1 or Level 2. For Level 1, quoted market prices are used which may include net asset values (“NAVs”) or their equivalents. Level 2 valuations generally use quoted prices for similar securities. Trading Account Securities in the trading account are generally measured under Level 2 using third party pricing service providers as described previously. Bank-Owned Life Insurance Bank-owned life insurance (“BOLI”) is measured under Level 2 according to CSVs of the insurance policies that are provided by a third party service. Nearly all policies are general account policies with CSVs based on the Company’s claims on the assets of the insurance companies. The insurance companies’ investments include predominantly fixed income securities consisting of investment-grade corporate bonds and various types of mortgage instruments. Management regularly reviews its BOLI investment performance, including concentrations among insurance providers. Private Equity Investments PEIs are measured under Level 3. The majority of these investments are held in Zions’ Small Business Investment Company (“SBIC”) and are early stage venture investments. The fair value measurements of these investments are reviewed on a quarterly basis by the Securities Valuation Committee. The Equity Investments Committee, consisting of executives familiar with the investments, reviews periodic financial information, including audited financial statements when available. Certain valuation analytics may be employed that include current and projected financial performance, recent financing activities, economic and market conditions, market comparables, market liquidity, sales restrictions, and other factors. A significant change in the expected performance of the individual investment would result in a change in the fair value measurement of the investment. The amount of unfunded commitments to invest is disclosed in Note 15. Certain restrictions apply for the redemption of these investments and certain investments are prohibited by the Volcker Rule. See discussion in Notes 5 and 15. Agriculture Loan Servicing This asset results from our servicing of agriculture loans approved and funded by Federal Agricultural Mortgage Corporation (“FAMC”). We provide this servicing under an agreement with FAMC for loans they own. The asset’s fair value represents our projection of the present value of future cash flows measured under Level 3 using discounted cash flow methodologies. Interest-Only Strips Interest-only strips are created as a by-product of the securitization process. When the guaranteed portions of Small Business Administration (“SBA”) 7(a) loans are pooled, interest-only strips may be created in the pooling process. The asset’s fair value represents our projection of the present value of future cash flows measured under Level 3 using discounted cash flow methodologies. Deferred Compensation Plan Assets and Obligations Invested assets in the deferred compensation plan consist of shares of registered investment companies. These mutual funds are valued under Level 1 at quoted market prices, which represents the NAV of shares held by the plan at the end of the period. Derivatives Derivatives are measured according to their classification as either exchange-traded or over-the-counter. Exchange-traded derivatives consist of foreign currency exchange contracts measured under Level 1 because they are traded in active markets. Over-the-counter derivatives, including those for customers, consist of interest rate swaps and options. These derivatives are measured under Level 2 using third party services. Observable market inputs include yield curves (the LIBOR swap curve and relevant overnight index swap curves), foreign exchange rates, commodity prices, option volatilities, counterparty credit risk, and other related data. Credit valuation adjustments are required to reflect nonperformance risk for both the Company and the respective counterparty. These adjustments are determined generally by applying a credit spread to the total expected exposure of the derivative. Securities Sold, Not Yet Purchased Securities sold, not yet purchased, included in “Federal funds and other short-term borrowings” on the balance sheet, are measured under Level 1 using quoted market prices. If not available, quoted prices under Level 2 for similar securities are used. Quantitative Disclosure by Fair Value Hierarchy Assets and liabilities measured at fair value by class on a recurring basis are summarized as follows:
1The level 1 PEIs amount relates to the portion of our SBIC investments that are now publicly traded. Reconciliation of Level 3 Fair Value Measurements The following reconciles the beginning and ending balances of assets and liabilities that are measured at fair value by class on a recurring basis using Level 3 inputs:
No transfers of assets or liabilities occurred among Levels 1, 2 or 3 for 2017 and 2016. The preceding reconciling amounts using Level 3 inputs include the following realized gains/losses in the statement of income:
Nonrecurring Fair Value Measurements Included in the balance sheet amounts are the following amounts of assets that had fair value changes measured on a nonrecurring basis:
The previous fair values may not be current as of the dates indicated, but rather as of the date the fair value change occurred, such as a charge for impairment. Accordingly, carrying values may not equal current fair value. We recognized net gains of $2 million in 2017 and $4 million in 2016 from the sale of OREO properties that had a carrying value at the time of sale of approximately $6 million in 2017 and $13 million in 2016. Previous to their sale in these years, we recognized an insignificant amount of impairment on these properties in 2017 and 2016. PEIs carried at cost were measured at fair value for impairment purposes according to the methodology previously discussed for these investments. Amounts of PEIs carried at cost were $10 million and $13 million at December 31, 2017 and 2016, respectively. Amounts of other noninterest-bearing investments carried at cost were $338 million and $211 million at December 31, 2017 and 2016, respectively, which were comprised of Federal Reserve and FHLB stock. PEIs accounted for using the equity method were $36 million at December 31, 2017 and $38 million at December 31, 2016. Impaired (or nonperforming) loans that are collateral-dependent were measured at fair value based on the fair value of the collateral. OREO was measured initially at fair value based on collateral appraisals at the time of transfer and subsequently at the lower of cost or fair value. Measurement of fair value for collateral-dependent loans and OREO was based on third party appraisals that utilize one or more valuation techniques (income, market and/or cost approaches). Any adjustments to calculated fair value were made based on recently completed and validated third party appraisals, third party appraisal services, automated valuation services, or our informed judgment. Evaluations were made to determine that the appraisal process met the relevant concepts and requirements of applicable accounting guidance. Automated valuation services may be used primarily for residential properties when values from any of the previous methods were not available within 90 days of the balance sheet date. These services use models based on market, economic, and demographic values. The use of these models has only occurred in a very few instances and the related property valuations have not been sufficiently significant to consider disclosure under Level 3 rather than Level 2. Impaired loans that are not collateral-dependent were measured based on the present value of future cash flows discounted at the expected coupon rates over the lives of the loans. Because the loans were not discounted at market interest rates, the valuations do not represent fair value and have been excluded from the nonrecurring fair value balance in the preceding schedules. Fair Value of Certain Financial Instruments Following is a summary of the carrying values and estimated fair values of certain financial instruments:
This summary excludes financial assets and liabilities for which carrying value approximates fair value and financial instruments that are recorded at fair value on a recurring basis. Financial instruments for which carrying values approximate fair value include cash and due from banks, money market investments, demand, savings and money market deposits, federal funds purchased and other short-term borrowings, and security repurchase agreements. The estimated fair value of demand, savings and money market deposits is the amount payable on demand at the reporting date. Carrying value is used because the accounts have no stated maturity and the customer has the ability to withdraw funds immediately. HTM investment securities primarily consist of municipal securities. They were measured at fair value according to the methodology previously discussed. Loans are measured at fair value according to their status as nonimpaired or impaired. For nonimpaired loans, fair value is estimated by discounting future cash flows using the LIBOR yield curve adjusted by a factor which reflects the credit and interest rate risk inherent in the loan. These future cash flows are then reduced by the estimated “life-of-the-loan” aggregate credit losses in the loan portfolio. These adjustments for lifetime future credit losses are derived from the methods used to estimate the ALLL for our loan portfolio and are adjusted quarterly as necessary to reflect the most recent loss experience. Impaired loans that are collateral-dependent are already considered to be held at fair value. Impaired loans that are not collateral-dependent have future cash flows reduced by the estimated “life-of-the-loan” credit loss derived from methods used to estimate the ALLL for these loans. See Impaired Loans in Note 6 for details on the impairment measurement method for impaired loans. Loans, other than those held for sale, are not normally purchased and sold by the Company, and there are no active trading markets for most of this portfolio. Time and foreign deposits, and any other short-term borrowings, are measured at fair value by discounting future cash flows using the LIBOR yield curve to the given maturity dates. Long-term debt is measured at fair value based on actual market trades (i.e., an asset value) when available, or discounting cash flows to maturity using the LIBOR yield curve adjusted for credit spreads. These fair value disclosures represent our best estimates based on relevant market information and information about the financial instruments. Fair value estimates are based on judgments regarding current economic conditions, future expected loss experience, risk characteristics of the various instruments, and other factors. These estimates are subjective in nature, involve uncertainties and matters of significant judgment, and cannot be determined with precision. Changes in these methodologies and assumptions could significantly affect the estimates. |
Offsetting Assets and Liabilities |
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Gross and net information for selecting financial instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Short-term Investments [Text Block] | OFFSETTING ASSETS AND LIABILITIES Gross and net information for selected financial instruments in the balance sheet is as follows:
Security repurchase and reverse repurchase (“resell”) agreements are offset, when applicable, in the balance sheet according to master netting agreements. Security repurchase agreements are included with “Federal funds and other short-term borrowings.” Derivative instruments may be offset under their master netting agreements; however, for accounting purposes, we present these items on a gross basis in the Company’s balance sheet. See Note 7 for further information regarding derivative instruments. |
Investment Securities |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENTS Investment Securities Securities are classified as HTM, AFS or trading. HTM securities, which management has the intent and ability to hold until maturity, are carried at amortized cost. AFS securities are carried at fair value and unrealized gains and losses are reported as net increases or decreases to AOCI. Realized gains and losses on AFS securities are determined by using the cost basis of each individual security. Trading securities are carried at fair value with gains and losses recognized in current period earnings. The purchase premiums and discounts for both HTM and AFS securities are amortized and accreted at a constant effective yield to the contractual maturity date and no assumption is made concerning prepayments. As principal prepayments occur, the portion of the unamortized premium or discount associated with the principal reduction is recognized as interest income in the period the principal is reduced. Note 3 discusses the process to estimate fair value for investment securities.
Maturities The amortized cost and estimated fair value of investment debt securities are shown subsequently as of December 31, 2017 by expected timing of principal payments. Actual principal payments may differ from contractual or expected principal payments because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The following is a summary of the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position:
At December 31, 2017 and 2016, respectively, 667 and 642 HTM and 2,262 and 2,398 AFS investment securities were in an unrealized loss position. Other-Than-Temporary Impairment Ongoing Policy We review investment securities on a quarterly basis for the presence of OTTI. We assess whether OTTI is present when the fair value of a debt security is less than its amortized cost basis at the balance sheet date (the majority of the investment portfolio are debt securities). Under these circumstances, OTTI is considered to have occurred if (1) we have formed a documented intent to sell identified securities or initiated such sales; (2) it is “more likely than not” we will be required to sell the security before recovery of its amortized cost basis; or (3) the present value of expected cash flows is not sufficient to recover the entire amortized cost basis. Noncredit-related OTTI in securities we intend to sell is recognized in earnings as is any credit-related OTTI in securities, regardless of our intent. Noncredit-related OTTI on AFS securities not expected to be sold is recognized in OCI. The amount of noncredit-related OTTI in a security is quantified as the difference in a security’s amortized cost after adjustment for credit impairment, and its lower fair value. Presentation of OTTI is made in the statement of income on a gross basis with an offset for the amount of OTTI recognized in OCI. Our OTTI evaluation process takes into consideration current market conditions; fair value in relationship to cost; extent and nature of change in fair value; severity and duration of the impairment; recent events specific to the issuer or industry; our assessment of the creditworthiness of the issuer, including external credit ratings, changes, recent downgrades, and trends; the cash flow priority position of the instrument that we hold in the case of structured securities; volatility of earnings and trends; current analysts’ evaluations; all available information relevant to the collectability of debt securities; and other key measures. In addition, for AFS securities with fair values below amortized cost, we must determine if we intend to sell the securities or if it is more likely than not that we will be required to sell the securities before recovery of their amortized cost basis. For HTM securities, we must determine we have the ability to hold the securities to maturity. We consider any other relevant factors before concluding our evaluation for the existence of OTTI in our securities portfolio. Other-Than-Temporary Impairment Conclusions The Company did not recognize any OTTI on its investment securities portfolio during 2017. Unrealized losses relate to changes in interest rates subsequent to purchase and are not attributable to credit. At December 31, 2017, we did not have an intent to sell identified securities with unrealized losses or initiate such sales, and we believe it is not more likely than not we would be required to sell such securities before recovery of their amortized cost basis. To determine the credit component of OTTI for all security types, we utilize projected cash flows. These cash flows are credit adjusted using, among other things, assumptions for default probability and loss severity. Certain other unobservable inputs such as prepayment rate assumptions are also utilized. In addition, certain internal models may be utilized. See Note 3 for further discussion. To determine the credit-related portion of OTTI in accordance with applicable accounting guidance, we use the security specific effective interest rate when estimating the present value of cash flows.
Interest income by security type is as follows:
Investment securities with a carrying value of approximately $2.1 billion and $1.4 billion at December 31, 2017 and 2016, respectively, were pledged to secure public and trust deposits, advances, and for other purposes as required by law. Securities are also pledged as collateral for security repurchase agreements. Private Equity Investments Effect of Volcker Rule The Company’s PEIs are subject to the provisions of the Dodd-Frank Act. The Volcker Rule of the Dodd-Frank Act prohibits banks and bank holding companies from holding PEIs, except for SBIC funds and certain other permitted exclusions, beyond a required deadline. The Federal Reserve Board announced in December 2016 that it would allow banks to apply for an additional five-year extension beyond the July 21, 2017 deadline to comply with the Dodd-Frank Act requirement for these investments. The Company applied for and was granted an extension for its eligible PEIs. All positions in the remaining portfolio of PEIs are subject to the extended deadline or other applicable exclusions. Of the recorded PEIs of $141 million at December 31, 2017, approximately $3 million remain prohibited by the Volcker Rule. At December 31, 2017, we have $31 million of unfunded commitments for PEIs, of which approximately $4 million relate to prohibited PEIs. We currently do not believe that this divestiture requirement will ultimately have a material impact on our financial statements. See other discussions related to PEI in Note 3. |
Loans And Allowance For Credit Losses |
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Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans And Allowance For Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and Loans Held for Sale Loans are summarized as follows according to major portfolio segment and specific loan class:
Loan balances are presented net of unearned income and fees, which amounted to $65 million at December 31, 2017 and $77 million at December 31, 2016. Owner-occupied and commercial real estate loans include unamortized premiums of approximately $16 million at December 31, 2017 and $20 million at December 31, 2016. Municipal loans generally include loans to municipalities with the debt service being repaid from general funds or pledged revenues of the municipal entity, or to private commercial entities or 501(c)(3) not-for-profit entities utilizing a pass-through municipal entity to achieve favorable tax treatment. Land development loans included in the construction and land development loan class were $220 million at December 31, 2017, and $290 million at December 31, 2016. Loans with a carrying value of approximately $25.6 billion at December 31, 2017 and $24.0 billion at December 31, 2016 have been pledged at the Federal Reserve and the FHLB of Des Moines as collateral for current and potential borrowings. We sold loans totaling $0.9 billion in 2017, $1.4 billion in 2016, and $1.4 billion in 2015, that were classified as loans held for sale. The sold loans were derecognized from the balance sheet. Loans classified as loans held for sale primarily consist of conforming residential mortgages and the guaranteed portion of SBA loans. The loans are mainly sold to U.S. government agencies or participated to third parties. At times, we have continuing involvement in the transferred loans in the form of servicing rights or a guarantee from the respective issuer. Amounts added to loans held for sale during these same periods were $0.8 billion, $1.4 billion, and $1.4 billion, respectively. The principal balance of sold loans for which we retain servicing was approximately $2.2 billion at December 31, 2017, and $2.0 billion at December 31, 2016, and $2.0 billion at December 31, 2015. Income from loans sold, excluding servicing, was $13 million in 2017, $18 million in 2016, and $18 million in 2015. Allowance for Credit Losses The ACL consists of the ALLL and the RULC. Allowance for Loan and Lease Losses The ALLL represents our estimate of probable and estimable losses inherent in the loan and lease portfolio as of the balance sheet date. Losses are charged to the ALLL when recognized. Generally, commercial and commercial real estate (“CRE”) loans are charged off or charged down when they are determined to be uncollectible in whole or in part, or when 180 days past due unless the loan is well secured and in process of collection. Consumer loans are either charged off or charged down to net realizable value no later than the month in which they become 180 days past due. Closed-end consumer loans that are not secured by residential real estate are either charged off or charged down to net realizable value no later than the month in which they become 120 days past due. We establish the amount of the ALLL by analyzing the portfolio at least quarterly, and we adjust the provision for loan losses so the ALLL is at an appropriate level at the balance sheet date. We determine our ALLL as the best estimate within a range of estimated losses. The methodologies we use to estimate the ALLL depend upon the impairment status and loan portfolio. The methodology for impaired loans is discussed subsequently. For commercial and CRE loans with commitments greater than $1 million, we assign internal risk grades using a comprehensive loan grading system based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. The credit quality indicators discussed subsequently are based on this grading system. Estimated losses for these commercial and CRE loans are derived from a statistical analysis of our historical default and loss given default (“LGD”) experience over the period of January 2008 through the most recent full quarter. For consumer and small commercial and CRE loans with commitments less than or equal to $1 million, we primarily use roll rate models to forecast probable inherent losses. Roll rate models measure the rate at which these loans migrate from one delinquency category to the next worse delinquency category, and eventually to loss. We estimate roll rates for these loans using recent delinquency and loss experience by segmenting our loan portfolios into separate pools based on common risk characteristics and separately calculating historical delinquency and loss experience for each pool. These roll rates are then applied to current delinquency levels to estimate probable inherent losses. The current status and historical changes in qualitative and environmental factors may not be reflected in our quantitative models. Thus, after applying historical loss experience, as described above, we review the quantitatively derived level of ALLL for each segment using qualitative criteria and use those criteria to determine our qualitative estimate. We track various risk factors that influence our judgment regarding the level of the ALLL across the portfolio segments. These factors primarily include:
The magnitude of the impact of these factors on our qualitative assessment of the ALLL changes from quarter to quarter according to changes made by management in its assessment of these factors, the extent these factors are already reflected in historic loss rates, and the extent changes in these factors diverge from one to another. We also consider the uncertainty inherent in the estimation process when evaluating the ALLL. Reserve for Unfunded Lending Commitments We also estimate a reserve for potential losses associated with off-balance sheet commitments, including standby letters of credit. We determine the RULC using the same procedures and methodologies that we use for the ALLL. The loss factors used in the RULC are the same as the loss factors used in the ALLL, and the qualitative adjustments used in the RULC are the same as the qualitative adjustments used in the ALLL. We adjust the Company’s unfunded lending commitments that are not unconditionally cancelable to an outstanding amount equivalent using credit conversion factors, and we apply the loss factors to the outstanding equivalents. Changes in Allowance for Credit Losses Assumptions During the first quarter of 2016, due to the consolidation of our separate banking charters, we enhanced our methodology to estimate the ACL on a company-wide basis. As described previously, for large commercial and CRE loans, we began estimating historic loss factors by separately calculating historic default and LGD rates, instead of directly calculating loss rates for groupings of probability of default and LGD grades using a loss migration approach. For small commercial and CRE loans, we began using roll rate models to estimate probable inherent losses. For consumer loans, we began pooling loans by current loan-to-value, where applicable. The impact of these changes was largely neutral to the total ACL at implementation. Changes in the allowance for credit losses are summarized as follows:
The ALLL and outstanding loan balances according to the Company’s impairment method are summarized as follows:
Nonaccrual and Past Due Loans Loans are generally placed on nonaccrual status when payment in full of principal and interest is not expected, or the loan is 90 days or more past due as to principal or interest, unless the loan is both well secured and in the process of collection. Factors we consider in determining whether a loan is placed on nonaccrual include delinquency status, collateral-value, borrower or guarantor financial statement information, bankruptcy status, and other information which would indicate that the full and timely collection of interest and principal is uncertain. A nonaccrual loan may be returned to accrual status when all delinquent interest and principal become current in accordance with the terms of the loan agreement; the loan, if secured, is well secured; the borrower has paid according to the contractual terms for a minimum of six months; and analysis of the borrower indicates a reasonable assurance of the ability and willingness to maintain payments. Payments received on nonaccrual loans are applied as a reduction to the principal outstanding. Closed-end loans with payments scheduled monthly are reported as past due when the borrower is in arrears for two or more monthly payments. Similarly, open-end credit such as charge-card plans and other revolving credit plans are reported as past due when the minimum payment has not been made for two or more billing cycles. Other multi-payment obligations (i.e., quarterly, semiannual, etc.), single payment, and demand notes are reported as past due when either principal or interest is due and unpaid for a period of 30 days or more.
Credit Quality Indicators In addition to the past due and nonaccrual criteria, we also analyze loans using loan risk grading systems, which vary based on the size and type of credit risk exposure. The internal risk grades assigned to loans follow our definitions of Pass, Special Mention, Substandard, and Doubtful, which are consistent with published definitions of regulatory risk classifications. Definitions of Pass, Special Mention, Substandard, and Doubtful are summarized as follows: Pass – A Pass asset is higher quality and does not fit any of the other categories described below. The likelihood of loss is considered low. Special Mention – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the Bank’s credit position at some future date. Substandard – A Substandard asset is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified have well-defined weaknesses and are characterized by the distinct possibility that the Bank may sustain some loss if deficiencies are not corrected. Doubtful – A Doubtful asset has all the weaknesses inherent in a Substandard asset with the added characteristics that the weaknesses make collection or liquidation in full highly questionable and improbable. We generally assign internal risk grades to commercial and CRE loans with commitments greater than $1 million based on financial and statistical models, individual credit analysis, and loan officer experience and judgment. For these larger loans, we assign one of multiple grades within the Pass classification or one of the following four grades: Special Mention, Substandard, Doubtful, and Loss. Loss indicates that the outstanding balance has been charged off. We confirm our internal risk grades quarterly, or as soon as we identify information that affects the credit risk of the loan. For consumer loans and certain small commercial and CRE loans with commitments less than or equal to $1 million, we generally assign internal risk grades similar to those described previously based on automated rules that depend on refreshed credit scores, payment performance, and other risk indicators. These are generally assigned either a Pass or Substandard grade and are reviewed as we identify information that might warrant a grade change. Outstanding loan balances (accruing and nonaccruing) categorized by these credit quality classifications are summarized as follows:
Impaired Loans Loans are considered impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due in accordance with the contractual terms of the loan agreement, including scheduled interest payments. For our non-purchased credit-impaired loans, if a nonaccrual loan has a balance greater than $1 million, or if a loan is a TDR, including TDRs that subsequently default, or if the loan is no longer reported as a TDR, we individually evaluate the loan for impairment and estimate a specific reserve for the loan for all portfolio segments under applicable accounting guidance. Smaller nonaccrual loans are pooled for ALLL estimation purposes. PCI loans are included in impaired loans and are accounted for under separate accounting guidance. See subsequent discussion under Purchased Loans. When a loan is impaired, we estimate a specific reserve for the loan based on the projected present value of the loan’s future cash flows discounted at the loan’s effective interest rate, the observable market price of the loan, or the fair value of the loan’s underlying collateral. The process of estimating future cash flows also incorporates the same determining factors discussed previously under nonaccrual loans. When we base the impairment amount on the fair value of the loan’s underlying collateral, we generally charge-off the portion of the balance that is impaired, such that these loans do not have a specific reserve in the ALLL. Payments received on impaired loans that are accruing are recognized in interest income, according to the contractual loan agreement. Payments received on impaired loans that are on nonaccrual are not recognized in interest income, but are applied as a reduction to the principal outstanding. The amount of interest income recognized on a cash basis during the time the loans were impaired within the years ended December 31, 2017 and 2016 was not significant. Information on impaired loans individually evaluated is summarized as follows, including the average recorded investment and interest income recognized for the years ended December 31, 2017 and 2016:
Modified and Restructured Loans Loans may be modified in the normal course of business for competitive reasons or to strengthen the Company’s position. Loan modifications and restructurings may also occur when the borrower experiences financial difficulty and needs temporary or permanent relief from the original contractual terms of the loan. Loans that have been modified to accommodate a borrower who is experiencing financial difficulties, and for which the Company has granted a concession that it would not otherwise consider, are considered troubled debt restructurings (“TDRs”). We consider many factors in determining whether to agree to a loan modification involving concessions, and seek a solution that will both minimize potential loss to the Company and attempt to help the borrower. We evaluate borrowers’ current and forecasted future cash flows, their ability and willingness to make current contractual or proposed modified payments, the value of the underlying collateral (if applicable), the possibility of obtaining additional security or guarantees, and the potential costs related to a repossession or foreclosure and the subsequent sale of the collateral. TDRs are classified as either accrual or nonaccrual loans. A loan on nonaccrual and restructured as a TDR will remain on nonaccrual status until the borrower has proven the ability to perform under the modified structure for a minimum of six months, and there is evidence that such payments can and are likely to continue as agreed. Performance prior to the restructuring, or significant events that coincide with the restructuring, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual at the time of restructuring or after a shorter performance period. If the borrower’s ability to meet the revised payment schedule is uncertain, the loan remains classified as a nonaccrual loan. A TDR loan that specifies an interest rate that at the time of the restructuring is greater than or equal to the rate the Bank is willing to accept for a new loan with comparable risk may not be reported as a TDR or an impaired loan in the calendar years subsequent to the restructuring if it is in compliance with its modified terms. Selected information on TDRs at year-end that includes the recorded investment on an accruing and nonaccruing basis by loan class and modification type is summarized in the following schedules:
Unfunded lending commitments on TDRs amounted to approximately $22 million at December 31, 2017 and $14 million at December 31, 2016. The total recorded investment of all TDRs in which interest rates were modified below market was $120 million at December 31, 2017 and $128 million at December 31, 2016, respectively. These loans are included in the previous schedule in the columns for interest rate below market and multiple modification types. The net financial impact on interest income due to interest rate modifications below market for accruing TDRs is summarized in the following schedule:
On an ongoing basis, we monitor the performance of all TDRs according to their restructured terms. Subsequent payment default is defined in terms of delinquency, when principal or interest payments are past due 90 days or more for commercial loans, or 60 days or more for consumer loans. The recorded investment of accruing and nonaccruing TDRs that had a payment default during the period listed below (and are still in default at year-end) and are within 12 months or less of being modified as TDRs is as follows:
Note: Total loans modified as TDRs during the 12 months previous to December 31, 2017 and 2016 were $94 million and $73 million, respectively. At December 31, 2017 and December 31, 2016, the amount of foreclosed residential real estate property held by the Company was less than $1 million and $2 million, and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure was approximately $10 million for both periods, respectively. Concentrations of Credit Risk Credit risk is the possibility of loss from the failure of a borrower, guarantor, or another obligor to fully perform under the terms of a credit-related contract. Credit risks (whether on- or off-balance sheet) may occur when individual borrowers, groups of borrowers, or counterparties have similar economic characteristics, including industries, geographies, collateral types, sponsors, etc., and are similarly affected by changes in economic or other conditions. Credit risk also includes the loss that would be recognized subsequent to the reporting date if counterparties failed to perform as contracted. See Note 7 for a discussion of counterparty risk associated with the Company’s derivative transactions. We perform an ongoing analysis of our loan portfolio to evaluate whether there is any significant exposure to any concentrations of credit risk. Based on this analysis, we believe that the loan portfolio is generally well diversified; however, there are certain significant concentrations in CRE and oil and gas-related lending. Further, we cannot guarantee that we have fully understood or mitigated all risk concentrations or correlated risks. We have adopted and adhere to concentration limits on various types of CRE lending, particularly construction and land development lending, leveraged and enterprise value lending, municipal lending, and oil and gas-related lending. All of these limits are continually monitored and revised as necessary. Purchased Loans Background and Accounting We purchase loans in the ordinary course of business and account for them and the related interest income based on their performing status at the time of acquisition. PCI loans have evidence of credit deterioration at the time of acquisition and it is probable that not all contractual payments will be collected. Interest income for PCI loans is accounted for on an expected cash flow basis. Upon acquisition, in accordance with applicable accounting guidance, the acquired loans were recorded at their fair value without a corresponding ALLL. Certain acquired loans with similar characteristics such as risk exposure, type, size, etc., are grouped and accounted for in loan pools. During 2009, CB&T and NSB acquired failed bank assets from the FDIC as receiver and entered into loss sharing agreements (“LSAs”) with the FDIC for the acquired loans and foreclosed assets. According to the agreements, the FDIC assumes 80% of credit losses of non-single family residential loans up to a threshold specified for each acquisition, and 95% above that threshold for five years. The agreements expire after ten years, or in 2019, for single family residential loans. Subsequent to December 31, 2017, we entered into agreements with the FDIC to early-terminate the LSAs, mainly because carrying values of the acquired loans have significantly declined, and the loans have performed better than originally expected. Future losses on these loans are expected to be insignificant. Outstanding Balances and Accretable Yield The outstanding balances of all required payments and the related carrying amounts for PCI loans are as follows:
At the time of acquisition of PCI loans, we determine the loan’s contractually required payments in excess of all cash flows expected to be collected as an amount that should not be accreted (nonaccretable difference). With respect to the cash flows expected to be collected, the portion representing the excess of the loan’s expected cash flows over our initial investment (accretable yield) is accreted into interest income on a level yield basis over the remaining expected life of the loan or pool of loans. The effects of estimated prepayments are considered in estimating the expected cash flows. Certain PCI loans are not accounted for as previously described because the estimation of cash flows to be collected involves a high degree of uncertainty. Under these circumstances, the accounting guidance provides that interest income is recognized on a cash basis similar to the cost recovery methodology for nonaccrual loans. The net carrying amounts in the preceding schedule also include the amounts for these loans. There were no loans of this type at December 31, 2017 and December 31, 2016. Changes in the accretable yield for PCI loans were as follows:
Note: Amounts have been adjusted based on refinements to the original estimates of the accretable yield. The primary drivers of reclassification to accretable yield from nonaccretable difference and increases in disposals and other resulted primarily from (1) changes in estimated cash flows, (2) unexpected payments on nonaccrual loans, and (3) recoveries on zero balance loans pools. See subsequent discussion under changes in cash flow estimates. Allowance for Loan and Lease Losses Determination For all acquired loans, the ALLL is only established for credit deterioration subsequent to the date of acquisition and represents our estimate of the inherent losses in excess of the book value of acquired loans. The ALLL for acquired loans is included in the overall ALLL in the balance sheet. During 2017, 2016 and 2015, we adjusted the ALLL for acquired loans by recording a provision for loan losses of less than $1 million in each period. The provision is net of the ALLL reversals resulting from changes in cash flow estimates, which are discussed subsequently. Changes in the provision for loan losses and related ALLL are driven in large part by the same factors that affect the changes in reclassification from nonaccretable difference to accretable yield, as discussed under changes in cash flow estimates. Changes in Cash Flow Estimates Over the life of the loan or loan pool, we continue to estimate cash flows expected to be collected. We evaluate quarterly at the balance sheet date whether the estimated present values of these loans using the effective interest rates have decreased below their carrying values. If so, we record a provision for loan losses. For increases in carrying values that resulted from better than expected cash flows, we use such increases first to reverse any existing ALLL. During 2017, 2016, and 2015, total reversals to the ALLL, including the impact of increases in estimated cash flows, were less than $1 million in 2017, $2 million in 2016, and $4 million in 2015. When there is no current ALLL, we increase the amount of accretable yield on a prospective basis over the remaining life of the loan and recognize this increase in interest income. The impact of increased cash flow estimates recognized in the statement of income for acquired loans with no ALLL was approximately $18 million in 2017, $19 million in 2016, and $32 million in 2015, of additional interest income. |
Derivative Instruments And Hedging Activities |
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Summary of Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Objectives Our objectives in using derivatives are to add stability to interest income or expense, to modify the duration of specific assets or liabilities as we consider advisable, to manage exposure to interest rate movements or other identified risks, and/or to directly offset derivatives sold to our customers. We apply hedge accounting to certain derivatives executed for risk management purposes as described in more detail subsequently. However, we do not apply hedge accounting to all of the derivatives involved in our risk management activities. Derivatives not designated as accounting hedges are not speculative and are used to economically manage our exposure to interest rate movements and other identified risks, but do not meet the strict hedge accounting requirements. Accounting We record all derivatives on the balance sheet at fair value. Note 3 discusses the process to estimate fair value for derivatives. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting accounting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative are recognized in earnings together with changes in the fair value of the related hedged item. The net amount, if any, representing hedge ineffectiveness, is reflected in earnings. In previous years, we used fair value hedges to manage interest rate exposure to certain long-term debt. These hedges have been terminated and their remaining balances were completely amortized into earnings during 2015. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative are recorded in OCI and recognized in earnings when the hedged transaction affects earnings. The ineffective portion of changes in the fair value of cash flow hedges is recognized directly in earnings. We use interest rate swaps as part of our cash flow hedging strategy to hedge the variable cash flows associated with designated commercial loans. These interest rate swap agreements designated as cash flow hedges involve the receipt of fixed-rate amounts in exchange for variable-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2016 we closed our branch in Grand Cayman, Grand Cayman Islands B.W.I. and no longer have foreign operations. No derivatives were designated as hedges of investments in foreign operations during 2017. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows on the derivative hedging instrument with the changes in fair value or cash flows on the designated hedged item or transaction. For derivatives not designated as accounting hedges, changes in fair value are recognized in earnings. The remaining balances of any derivative instruments terminated prior to maturity, including amounts in AOCI for cash flow hedges, are accreted or amortized to interest income or expense over the period to their previously stated maturity dates. Amounts in AOCI are reclassified to interest income as interest is earned on related variable-rate loans and as amounts for terminated hedges are accreted or amortized to earnings. Collateral and Credit Risk Exposure to credit risk arises from the possibility of nonperformance by counterparties. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. Financial institutions which are well-capitalized and well-established are the counterparties for those derivatives entered into for asset-liability management and to offset derivatives sold to our customers. The Company reduces its counterparty exposure for derivative contracts by centrally clearing all eligible derivatives. For those derivatives that are not centrally cleared, the counterparties are typically financial institutions or customers of the Company. For those that are financial institutions, we manage our credit exposure through the use of a Credit Support Annex (“CSA”) to International Swaps and Derivative Association master agreements. Eligible collateral types are documented by the CSA and controlled under the Company’s general credit policies. Collateral balances are typically monitored on a daily basis. A valuation haircut policy reflects the fact that collateral may fall in value between the date the collateral is called and the date of liquidation or enforcement. In practice, all of the Company’s collateral held as credit risk mitigation under a CSA is cash. We offer interest rate swaps to our customers to assist them in managing their exposure to changing interest rates. Upon issuance, all of these customer swaps are immediately offset through matching derivative contracts, such that the Company minimizes its interest rate risk exposure resulting from such transactions. Most of these customers do not have the capability for centralized clearing. Therefore, we manage the credit risk through loan underwriting which includes a credit risk exposure formula for the swap, the same collateral and guarantee protection applicable to the loan and credit approvals, limits, and monitoring procedures. Fee income from customer swaps is included in other service charges, commissions and fees. No significant losses on derivative instruments have occurred as a result of counterparty nonperformance. Nevertheless, the related credit risk is considered and measured when and where appropriate. See Notes 6 and 15 for further discussion of our underwriting, collateral requirements, and other procedures used to address credit risk. Our derivative contracts require us to pledge collateral for derivatives that are in a net liability position at a given balance sheet date. Certain of these derivative contracts contain credit-risk-related contingent features that include the requirement to maintain a minimum debt credit rating. We may be required to pledge additional collateral if a credit-risk-related feature were triggered, such as a downgrade of our credit rating. However, in past situations, not all counterparties have demanded that additional collateral be pledged when provided for under their contracts. At December 31, 2017, the fair value of our derivative liabilities was $40 million, for which we were required to pledge cash collateral of approximately $38 million in the normal course of business. If our credit rating were downgraded one notch by either Standard & Poor’s or Moody’s at December 31, 2017, the additional amount of collateral we could be required to pledge is approximately $1 million. As a result of the Dodd-Frank Act, all newly eligible derivatives entered into are cleared through a central clearinghouse. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded. Derivative Amounts Selected information with respect to notional amounts and recorded gross fair values at December 31, 2017 and 2016, and the related gain (loss) of derivative instruments for the years then ended is summarized as follows:
1 Notional amounts include both the customer swaps and the offsetting derivative contracts.
Note: These schedules are not intended to present at any given time the Company’s long/short position with respect to its derivative contracts.
The fair value of derivative assets was reduced by a net credit valuation adjustment of $2 million at December 31, 2017 and 2016, respectively. The fair value of derivative liabilities was reduced by a net debit valuation adjustment of $1 million at December 31, 2017 and 2016, respectively. These adjustments are required to reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. |
Premises and Equipment |
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Property, Plant and Equipment Disclosure [Text Block] |
Premises, equipment and software, net are summarized as follows:
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] |
Core deposit and other intangible assets and related accumulated amortization are as follows at December 31:
The amount of amortization expense of core deposit and other intangible assets is separately reflected in the statement of income. Estimated amortization expense for core deposit and other intangible assets is $2 million in 2018, less than $1 million in 2019, and nothing thereafter. Changes in the carrying amount of goodwill for operating segments with goodwill are as follows:
A company-wide annual impairment test is conducted as of October 1 of each year and updated on a more frequent basis when events or circumstances indicate that impairment could have taken place. Results of the testing for 2017 and 2016 concluded that no impairment was present in any of the operating segments. |
Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | DEPOSITS At December 31, 2017, the scheduled maturities of all time deposits were as follows:
The contractual maturities of time deposits with a denomination of $100,000 and over were as follows:
Time deposits in denominations that meet or exceed the current FDIC insurance limit of $250,000 were $1.9 billion and $1.4 billion at December 31, 2017 and 2016, respectively. Time deposits under $250,000 were $1.2 billion and $1.4 billion at December 31, 2017 and 2016, respectively. Deposit overdrafts reclassified as loan balances were $14 million and $11 million at December 31, 2017 and 2016, respectively. |
Short-Term Borrowings |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Borrowings | SHORT-TERM BORROWINGS Selected information for FHLB advances and other short-term borrowings is as follows:
ZB, N.A. may borrow from the FHLB under their lines of credit that are secured under blanket pledge arrangements. ZB, N.A. maintained unencumbered collateral with carrying amounts adjusted for the types of collateral pledged, equal to at least 100% of the outstanding advances. At December 31, 2017, the amount available for FHLB advances was approximately $8.9 billion. ZB, N.A. may also borrow from the Federal Reserve based on the amount of collateral pledged to a Federal Reserve Bank. At December 31, 2017, the amount available for additional Federal Reserve borrowings was approximately $5.8 billion. Federal funds purchased and security repurchase agreements generally mature in less than 30 days. Our participation in security repurchase agreements is on an overnight or term basis (e.g., 30 or 60 days). ZB, N.A. executes overnight repurchase agreements with sweep accounts in conjunction with a master repurchase agreement. When this occurs, securities under the Bank’s control are pledged and interest is paid on the collected balance of the customers’ accounts. For the non-sweep overnight and term repurchase agreements, securities are transferred to the applicable counterparty. The counterparty, in certain instances, is contractually entitled to sell or repledge securities accepted as collateral. Of the total security repurchase agreements at December 31, 2017, $31 million were overnight and $323 million were term. |
Long-Term Debt |
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Long-term Debt, Unclassified [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Text Block] | LONG-TERM DEBT Long-term debt is summarized as follows:
The preceding carrying values represent the par value of the debt adjusted for any unamortized premium or discount or unamortized debt issuance costs. Subordinated Notes Subordinated notes were issued by the Parent and consist of the following at December 31, 2017:
These notes are unsecured, and interest is payable semiannually on the 5.65% notes and quarterly on the 6.95% notes. Interest payments on the 5.65% notes commenced May 15, 2014 to the earliest possible redemption date of November 15, 2018, after which they are payable quarterly at an annual floating rate equal to 3mL+4.19%. For the 6.95% notes, interest payments commenced December 15, 2013 to the earliest possible redemption date of September 15, 2023, after which the interest rate changes to an annual floating rate equal to 3mL+3.89%. Senior Notes Senior notes were issued by the Parent and consist of the following at December 31, 2017:
These notes are unsecured and interest is payable semiannually. The notes were issued under a shelf registration filed with the SEC and were sold via the Company’s online auction process and direct sales. The notes are not redeemable prior to maturity. Debt Maturities and Redemptions During 2017, $153 million of our senior notes matured. During 2016, we elected to exercise our right to redeem junior subordinated debentures related to trust preferred securities. The following amounts of long-term debt matured or were redeemed during 2016:
Debt Extinguishment Costs During 2017, we had no debt extinguishment costs, compared with less than $1 million in 2016 and $3 million in 2015. Maturities of Long-term Debt Maturities of long-term debt are as follows for the years succeeding December 31, 2017:
The consolidated Zions Bancorporation long-term debt maturities include $1 million of capital lease obligations in addition to the subordinated and senior debt issued by the Parent. |
Shareholders' Equity |
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Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity |
Preferred Stock Preferred stock is without par value and has a liquidation preference of $1,000 per share, or $25 per depositary share. Except for Series I and J, all preferred shares were issued in the form of depositary shares, with each depositary share representing a 1/40th ownership interest in a share of the preferred stock. All preferred shares are registered with the SEC. In general, preferred shareholders may receive asset distributions before common shareholders; however, preferred shareholders have only limited voting rights generally with respect to certain provisions of the preferred stock, the issuance of senior preferred stock, and the election of directors. Preferred stock dividends reduce earnings applicable to common shareholders and are paid on the 15th day of the months indicated in the following schedule. Dividends are approved by the Board of Directors and are subject to regulatory non-objection to a stress test and capital plan submitted to the Federal Reserve pursuant to the annual Horizontal Capital Review, also referred to as Comprehensive Capital Analysis and Review (“HCR/CCAR”) process. Redemption of the preferred stock is at the Company’s option after the expiration of any applicable redemption restrictions. The redemption amount is computed at the per share liquidation preference plus any declared but unpaid dividends. Redemptions are subject to certain regulatory provisions, including the previously noted capital plan non-objection for a submitted capital plan in a given year.
Preferred Stock Redemptions During 2017, we redeemed all outstanding shares of our 7.9% Series F preferred stock for a cash payment of approximately $144 million. The total reduction to net earnings applicable to common shareholders associated with the preferred stock redemption was $2 million due to the accelerated recognition of preferred stock issuance costs. During 2016, we launched a cash tender offer to purchase up to $120 million par amount of certain outstanding preferred stock. Our preferred stock decreased by $118 million as a result of the tender offer, including the purchase of $26 million of our Series I preferred stock, $59 million of our Series J preferred stock, and $33 million of our Series G preferred stock for an aggregate cash payment of $126 million. The total reduction to net earnings applicable to common shareholders associated with the preferred stock redemption was $10 million. The size and terms of the redemptions in 2017 and 2016 were determined in accordance with the Company’s 2016 and 2015 capital plans. These preferred stock redemptions benefit the Company by decreasing the amount of preferred dividends paid. Common Stock The Company’s common stock is traded on the NASDAQ Global Select Market. As of December 31, 2017, there were 198 million shares of no par common stock outstanding. The Company continued its common stock repurchase program during 2017 and repurchased 7 million shares of common shares outstanding with a fair value of $320 million at an average price of $45.66 per share. During the first quarter of 2018, the Company repurchased an additional 2 million shares of common stock outstanding with a fair value of $115 million at an average price of $53.46 per share, leaving $120 million of repurchase capacity remaining in the 2017 capital plan (which spans the timeframe of July 2017 to June 2018). During 2016 the Company repurchased 3 million shares of common shares outstanding with a fair value of $90 million at an average price of $31.15 per share. Common Stock Warrants As of December 31, 2017, 29.3 million common stock warrants with an exercise price of $35.37 were outstanding. These warrants expire on May 22, 2020. In addition, as of December 31, 2017, 5.8 million common stock warrants with an exercise price of $36.27 per share were outstanding. These warrants expire on November 14, 2018 and were associated with the preferred stock issued under the Troubled Asset Relief Program which was redeemed in 2012. Between January 1, 2018 and February 20, 2018, 1.0 million shares of common stock were issued from the cashless exercise of 3.2 million common stock warrants which expire on November 14, 2018. After these common stock warrant exercises, 29.3 million and 2.6 million common stock warrants, which expire on May 22, 2020 and November 14, 2018, respectively, remain outstanding. Accumulated Other Comprehensive Income During 2017, $25 million was reclassified from AOCI to retained earnings as a result of the decreased corporate income tax rate from the Tax Cuts and Jobs Act of 2017.
Deferred Compensation Deferred compensation consists of invested assets, including the Company’s common stock, which are held in rabbi trusts for certain employees and directors. At both December 31, 2017 and 2016, the cost of the common stock included in retained earnings was approximately $14 million. We consolidate the fair value trust invested assets along with the total obligations and include them in other assets and other liabilities, respectively, in the balance sheet. At December 31, 2017 and 2016, total invested assets were approximately $102 million and $91 million and total obligations were approximately $116 million and $105 million, respectively. |
Regulatory Matters |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Matters |
We are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on our financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, we must meet specific capital guidelines that involve quantitative measures of our assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Required capital levels are also subject to judgmental review by regulators. In 2013, the Federal Reserve Board (“FRB”), FDIC, and OCC published final rules (the “Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The rules implemented the Basel Committee’s December 2010 framework, commonly referred to as Basel III, for strengthening international capital standards as well as certain provisions of the Dodd-Frank Act. The Basel III capital rules became effective for the Company on January 1, 2015 and were subject to phase-in periods for certain of their components. In November 2017, the FRB, FDIC and OCC published a final rule for non-advanced approaches banks that extends the regulatory capital treatment applicable during 2017 under the regulatory capital rules for certain items. We met all capital adequacy requirements under the Basel III Capital Rules as of December 31, 2017. Under prior Basel I capital standards, the effects of AOCI items included in capital were excluded for purposes of determining regulatory capital and capital ratios. As a “non-advanced approaches banking organization,” we made a one-time permanent election as of January 1, 2015 to continue to exclude these items, as allowed under the Basel III Capital Rules. Quantitative measures established by regulation to ensure capital adequacy require us to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). “Well-capitalized” levels are also published as a guideline to evaluate capital positions. As of December 31, 2017, all capital ratios of the Company and its subsidiary bank exceeded the “well-capitalized” levels under the regulatory framework for prompt corrective action. Dividends declared by our subsidiary bank in any calendar year may not, without the approval of the appropriate federal regulators, exceed specified criteria. The dividends that ZB, N.A. can pay are restricted by current and historical earning levels, retained earnings, and risk-based and other regulatory capital requirements and limitations. Appropriate capital levels and distributions of capital to shareholders for the Company and other SIFI are also subject to annual “stress tests” performed as a part of the Federal Reserve’s HCR/CCAR process. The stress tests seek to comprehensively measure all risks to which the institution is exposed, including credit, liquidity, market, operating and other risks, the losses that could result from those risk exposures under adverse scenarios, and the institution’s resulting capital levels. These stress tests have both a qualitative and a quantitative component. The qualitative component evaluates the robustness of the Company’s risk identification, stress risk modeling, policies, capital planning, governance processes, and other components of a Capital Adequacy Process. The quantitative process subjects the Company’s balance sheet and other risk characteristics to stress testing and independent determination by the Federal Reserve using its own models. Most capital actions, including for example, payment of dividends and repurchasing stock, are subject to non-objection by the Federal Reserve to a capital plan based on both the qualitative and quantitative assessments of the plan. Because the Company’s subsidiary bank has assets greater than $10 billion also it is subject to annual stress testing and capital planning processes examined by the OCC, known as the Dodd-Frank Act Stress Test (“DFAST”). The actual capital amounts and ratios at December 31, 2017 and 2016 for the Company and its subsidiary bank under Basel III are as follows:
Zions is also subject to “capital conservation buffer” regulatory requirements. When fully phased-in, the Basel III capital rules will also require the Company and its subsidiary bank to maintain a 2.5% “capital conservation buffer” designed to absorb losses during periods of economic stress, composed entirely of Common Equity Tier 1 (“CET1”), on top of the minimum risk-weighted asset ratios, effectively resulting in minimum ratios of (i) CET1 to risk-weighted assets of at least 7.0%, (ii) Tier 1 capital to risk-weighted assets of at least 8.5%, and (iii) Total capital to risk-weighted assets of at least 10.5%. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at the 0.625% level and progressively increases over time, as determined by regulation. Zions’ triggers and limits under actual conditions and baseline projections are more restrictive than the capital conservation buffer requirements. |
Commitments, Guarantees, Contingent Liabilities, and Related Parties |
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Guarantees, Commitments And Contingencies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments Contingencies and Guarantees [Text Block] | COMMITMENTS, GUARANTEES, CONTINGENT LIABILITIES, AND RELATED PARTIES Commitments and Guarantees We use certain financial instruments, including derivative instruments, in the normal course of business to meet the financing needs of our customers, to reduce our own exposure to fluctuations in interest rates, and to make a market in U.S. Government, agency, corporate, and municipal securities. These financial instruments involve, to varying degrees, elements of credit, liquidity, and interest rate risk in excess of the amounts recognized in the balance sheet. Derivative instruments are discussed in Notes 7 and 3. Contractual amounts of the off-balance sheet financial instruments used to meet the financing needs of our customers are as follows:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The amount of collateral obtained, if deemed necessary by us upon extension of credit, is based on our initial credit evaluation of the counterparty. Types of collateral vary, but may include accounts receivable, inventory, property, plant and equipment, and income-producing properties. While establishing commitments to extend credit creates credit risk, a significant portion of such commitments is expected to expire without being drawn upon. As of December 31, 2017, $6.2 billion of commitments expire in 2018. We use the same credit policies and procedures in making commitments to extend credit and conditional obligations as we do for on-balance sheet instruments. These policies and procedures include credit approvals, limits, and monitoring. We issue standby and commercial letters of credit as conditional commitments generally to guarantee the performance of a customer to a third party. The guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Standby letters of credit include remaining commitments of $610 million expiring in 2018 and $307 million expiring thereafter through 2027. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. We generally hold marketable securities and cash equivalents as collateral when necessary. At December 31, 2017, the Company recorded $5 million as a liability for these guarantees, which consisted of $1 million attributable to the RULC and $4 million of deferred commitment fees. Certain mortgage loans sold have limited recourse provisions for periods ranging from three months to one year. The amount of losses resulting from the exercise of these provisions has not been significant. At December 31, 2017, we had unfunded commitments for PEIs of $31 million. These obligations have no stated maturity. PEIs related to these commitments prohibited by the Volcker Rule were $4 million. See the related discussion about these investments in Note 5. The contractual or notional amount of financial instruments indicates a level of activity associated with a particular financial instrument class and is not a reflection of the actual level of risk. As of December 31, 2017 and 2016, the regulatory risk-weighted values assigned to all off-balance sheet financial instruments and derivative instruments described herein were $6.8 billion and $6.5 billion, respectively. At December 31, 2017, we were required to maintain cash balances of $366 million with the Federal Reserve Banks to meet minimum balance requirements in accordance with FRB regulations. Leases We have commitments for leasing premises and equipment under the terms of noncancelable capital and operating leases expiring from 2018 and 2052. Premises leased under capital leases at December 31, 2017, were $1 million, and were essentially amortized with accumulated amortization totaling approximately $1 million. Amortization applicable to premises leased under capital leases is included in depreciation expense. Future aggregate minimum rental payments under existing noncancelable operating leases at December 31, 2017, are as follows:
Future aggregate minimum rental payments have been reduced by noncancelable subleases as follows: $2 million in 2018, $2 million in 2019, and $1 million in 2020. Aggregate rental expense on operating leases amounted to $61 million in 2017, $65 million in 2016, and $63 million in 2015. Legal Matters We are subject to litigation in court and arbitral proceedings, as well as proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies. Litigation may relate to lending, deposit and other customer relationships, vendor and contractual issues, employee matters, intellectual property matters, personal injuries and torts, regulatory and legal compliance, and other matters. While most matters relate to individual claims, we are also subject to putative class action claims and similar broader claims. Proceedings, investigations, examinations and other actions brought or considered by governmental and self-regulatory agencies may relate to our banking, investment advisory, trust, securities, and other products and services; our customers’ involvement in money laundering, fraud, securities violations and other illicit activities or our policies and practices relating to such customer activities; and our compliance with the broad range of banking, securities and other laws and regulations applicable to us. At any given time, we may be in the process of responding to subpoenas, requests for documents, data and testimony relating to such matters and engaging in discussions to resolve the matters. As of December 31, 2017, we were subject to the following material litigation and governmental inquiries:
At least quarterly, we review outstanding and new legal matters, utilizing then available information. In accordance with applicable accounting guidance, if we determine that a loss from a matter is probable and the amount of the loss can be reasonably estimated, we establish an accrual for the loss. In the absence of such a determination, no accrual is made. Once established, accruals are adjusted to reflect developments relating to the matters. In our review, we also assess whether we can determine the range of reasonably possible losses for significant matters in which we are unable to determine that the likelihood of a loss is remote. Because of the difficulty of predicting the outcome of legal matters, discussed subsequently, we are able to meaningfully estimate such a range only for a limited number of matters. Based on information available as of December 31, 2017, we estimated that the aggregate range of reasonably possible losses for those matters to be from $0 million to roughly $20 million in excess of amounts accrued. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from this estimate. Those matters for which a meaningful estimate is not possible are not included within this estimated range and, therefore, this estimated range does not represent our maximum loss exposure. Based on our current knowledge, we believe that our current estimated liability for litigation and other legal actions and claims, reflected in our accruals and determined in accordance with applicable accounting guidance, is adequate and that liabilities in excess of the amounts currently accrued, if any, arising from litigation and other legal actions and claims for which an estimate as previously described is possible, will not have a material impact on our financial condition, results of operations, or cash flows. However, in light of the significant uncertainties involved in these matters, and the very large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to our financial condition, results of operations, or cash flows for any given reporting period. Any estimate or determination relating to the future resolution of litigation, arbitration, governmental or self-regulatory examinations, investigations or actions or similar matters is inherently uncertain and involves significant judgment. This is particularly true in the early stages of a legal matter, when legal issues and facts have not been well articulated, reviewed, analyzed, and vetted through discovery, preparation for trial or hearings, substantive and productive mediation or settlement discussions, or other actions. It is also particularly true with respect to class action and similar claims involving multiple defendants, matters with complex procedural requirements or substantive issues or novel legal theories, and examinations, investigations and other actions conducted or brought by governmental and self-regulatory agencies, in which the normal adjudicative process is not applicable. Accordingly, we usually are unable to determine whether a favorable or unfavorable outcome is remote, reasonably likely, or probable, or to estimate the amount or range of a probable or reasonably likely loss, until relatively late in the course of a legal matter, sometimes not until a number of years have elapsed. Accordingly, our judgments and estimates relating to claims will change from time to time in light of developments and actual outcomes will differ from our estimates. These differences may be material. Related Party Transactions We have no material related party transactions requiring disclosure. In the ordinary course of business, the Company and its subsidiary bank extend credit to related parties, including executive officers, directors, principal shareholders, and their associates and related interests. These related party loans are made in compliance with applicable banking regulations. |
Retirement Plans |
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Defined Benefit Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plans | RETIREMENT PLANS Defined Benefit Plans Pension – This qualified noncontributory defined benefit plan is frozen to new participation. No service-related benefits have been accrued since July 1, 2013. All participants in the Plan are currently 100% vested in their benefits. Plan assets consist principally of corporate equity securities, mutual fund investments, real estate, and fixed income investments. Plan benefits are paid as a lump-sum cash value or an annuity at retirement age. Contributions to the plan are based on actuarial recommendation and pension regulations. Although there was no minimum regulatory contribution required in 2017 and 2016, we elected to contribute $4 million to the pension plan in 2016. Currently, it is expected that no minimum regulatory contributions will be required in 2018. Supplemental Retirement – These unfunded nonqualified plans are for certain current and former employees. Each year, Company contributions to these plans are made in amounts sufficient to meet benefit payments to plan participants. Postretirement Medical/Life – This unfunded health care and life insurance plan provides postretirement medical benefits to certain full-time employees who meet minimum age and service requirements. The plan also provides specified life insurance benefits to certain employees. The plan is contributory with retiree contributions adjusted annually, and contains other cost-sharing features such as deductibles and coinsurance. Plan coverage is provided by self-funding or health maintenance organization options. Our contribution towards the retiree medical premium has been permanently frozen at an amount that does not increase in any future year. Retirees pay the difference between the full premium rates and our capped contribution. Because our contribution rate is capped, there is no effect on the postretirement plan from assumed increases or decreases in health care cost trends. Each year, Company contributions to the plan are made in amounts sufficient to meet the portion of the premiums that are the Company’s responsibility. The following presents the change in benefit obligation, change in fair value of plan assets, and funded status, of the plans and amounts recognized in the balance sheet as of the measurement date of December 31:
The pension asset and the liability for supplement retirement/postretirement benefits are included in other assets and other liabilities, respectively, in the balance sheet. The accumulated benefit obligation is the same as the benefit obligation shown in the preceding schedule. During the third quarter of 2017, the Company revised its pension plan to offer certain participants a temporary opportunity to make an election to receive an immediate distribution from the pension plan. The window was available between August 1, 2017 and November 24, 2017. The impact of these distributions is included in “benefits paid” in the preceding schedule and in “settlement loss” shown in the net period benefit cost (credit) schedule. The amounts in AOCI (loss) at December 31, 2017 expected to be recognized as an expense component of net periodic benefit cost in 2018 for the plans are estimated as follows:
The following presents the components of net periodic benefit cost (credit) for the plans:
Weighted average assumptions based on the pension plan are the same where applicable for each of the plans and are as follows:
The discount rate reflects the yields available on long-term, high-quality fixed income debt instruments with cash flows similar to the obligations of the pension plan, and is reset annually on the measurement date. The expected long-term rate of return on plan assets is based on a review of the target asset allocation of the plan. This rate is intended to approximate the long-term rate of return that we anticipate receiving on the plan’s investments, considering the mix of the assets that the plan holds as investments, the expected return on these underlying investments, the diversification of these investments, and the rebalancing strategies employed. An expected long-term rate of return is assumed for each asset class and an underlying inflation rate assumption is determined. Benefit payments to the plans’ participants are estimated as follows for the years succeeding December 31, 2017:
We are also obligated under other supplemental retirement plans for certain current and former employees. Our liability for these plans was $6 million at both December 31, 2017 and 2016, respectively. For the pension plan, the investment strategy is predicated on its investment objectives and the risk and return expectations of asset classes appropriate for the plan. Investment objectives have been established by considering the plan’s liquidity needs and time horizon and the fiduciary standards under the Employee Retirement Income Security Act of 1974. The asset allocation strategy is developed to meet the plan’s long-term needs in a manner designed to control volatility and to reflect risk tolerance. Target investment allocation percentages as of December 31, 2017 are 65% in equity, 30% in fixed income and cash, and 5% in real estate assets. The following presents the fair values of pension plan investments according to the fair value hierarchy described in Note 3, and the weighted average allocations:
In addition to the investments listed in the previous schedule, as of December 31, 2017, pension plan investments valued using NAV as the practical expedient for fair value consist of $97 million in equity investments, $31 million in debt investments, and $8 million in real estate investments, which are in pooled separate accounts, as well as $4 million in limited partnerships. As of December 31, 2016, pension plan investments valued using NAV as the practical expedient for fair value consist of $92 million in equity investments, $29 million in debt instruments, and $8 million in real estate investments, which are in pooled separate accounts, as well as $5 million in limited partnerships. No transfers of assets occurred among Levels 1, 2 or 3 during 2017 or 2016. The following describes the pension plan investments and the valuation methodologies used to measure their fair value: Company common stock – Shares of the Company’s common stock are valued at the last reported sales price on the last business day of the plan year in the active market where individual securities are traded. Mutual funds – These funds are valued at quoted market prices which represent the NAVs of shares held by the plan at year-end. Insurance company pooled separate accounts – These funds are invested in by more than one investor. They are offered through separate accounts of the trustee’s insurance company and managed by internal and professional advisors. Participation units in these accounts are valued at the NAV as the practical expedient for fair value as determined by the insurance company. Guaranteed deposit account – This account is a group annuity product issued by the trustee’s insurance company with guaranteed crediting rates established at the beginning of each calendar year. The account balance is stated at fair value as estimated by the trustee. The account is credited with deposits made, plus earnings at guaranteed crediting rates, less withdrawals and administrative expenses. The underlying investments generally include investment-grade public and privately traded debt securities, mortgage loans and, to a lesser extent, real estate and other equity investments. Market value adjustments are applied at the time of redemption if certain withdrawal limits are exceeded. Additional fair value quantitative information for the guaranteed deposit account is as follows:
The Company’s Benefits Committee evaluates the methodology and factors used, including review of the contract, economic conditions, industry and market developments, and overall credit ratings of the underlying investments. Limited partnerships – These partnerships invest in limited partnerships, limited liability companies, or similar investment vehicles that consist of PEIs in a wide variety of investment types, including venture and growth capital, real estate, energy and natural resources, and other private investments. The plan’s investments are valued by the limited partnerships at NAV as the practical expedient for fair value. The estimation process takes into account the plan’s proportional interests credited with realized and unrealized earnings from the underlying investments and charged for operating expenses and distributions. Investments are increased by capital calls and are part of an overall capital commitment by the plan of up to approximately $9 million at December 31, 2017. The following presents additional information as of December 31, 2017 and 2016 for the pooled separate accounts and limited partnerships whose fair values under Levels 2 and 3 are based on NAV per share:
The following reconciles the beginning and ending balances of assets measured at fair value on a recurring basis using Level 3 inputs:
Shares of Company common stock were 233,849 at both December 31, 2017 and 2016. Dividends received by the plan were not significant in 2017 and 2016. Defined Contribution Plan The Company offers a 401(k) and employee stock ownership plan under which employees select from several investment alternatives. Employees can contribute up to 80% of their earnings subject to the annual maximum allowed contribution. The Company matches 100% of the first 3% of employee contributions and 50% of the next 2% of employee contributions. Matching contributions to participants, which were shares of the Company’s common stock purchased in the open market, amounted to $26 million in 2017, 2016, and 2015. The 401(k) plan also has a noncontributory profit sharing feature which is discretionary and may range from 0% to 4% of eligible compensation based upon the Company’s return on average common equity for the year. The profit sharing expense was computed at a contribution rate of 1.75% in 2017, 1% in 2016, and 1% in 2015. The profit sharing expense was $11 million in 2017, and $6 million in both 2016 and 2015. The profit sharing contribution to participants consisted of shares of the Company’s common stock purchased in the open market. |
Share-Based Compensation |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | SHARE-BASED COMPENSATION We have a share-based compensation incentive plan which allows us to grant stock options, restricted stock, RSUs, and other awards to employees and non-employee directors. Total shares authorized under the plan were 9,000,000 at December 31, 2017, of which 5,009,248 were available for future grants. All share-based payments to employees, including grants of employee stock options, are recognized in the statement of income based on their grant date values. The value of an equity award is estimated on the grant date using a fair value-based model without regard to service or performance vesting conditions, but does consider post-vesting restrictions. We classify all share-based awards as equity instruments. Compensation expense is included in salaries and employee benefits in the statement of income, with the corresponding increase included in common stock. Substantially all awards of stock options, restricted stock, and RSUs have graded vesting that is recognized on a straight-line basis over the vesting period. Compensation expense and the related tax benefit for all share-based awards were as follows:
During 2017, as a result of our adoption of ASU 2016-09, the tax effects recognized from the exercise of stock options and the vesting of restricted stock and RSUs was recorded as a $9 million reduction of income tax expense. Also, upon the adoption of ASU 2016-09, we elected to account for forfeitures of share-based compensation awards as they occur, rather than estimating forfeitures as was previously done. There was no material impact from the cumulative effect adjustment to retained earnings from this change. Prior to our adoption of ASU 2016-09, the tax effects recognized from the exercise of stock options and the vesting of restricted stock and RSUs increased common stock by approximately $2 million in 2016 and decreased common stock by approximately $1 million in 2015. These amounts are included in the net activity under employee plans and related tax benefits in the statement of changes in shareholders’ equity. During 2017, we reduced share-based compensation expense by $1 million as a result of using a valuation model to estimate a liquidity discount on RSUs with post-vesting restrictions. As of December 31, 2017, compensation expense not yet recognized for nonvested share-based awards was approximately $26 million, which is expected to be recognized over a weighted average period of 2.3 years. Stock Options Stock options granted to employees generally vest at the rate of one third each year and expire seven years after the date of grant. For all stock options granted in 2017, 2016, and 2015, we used the Black-Scholes option pricing model to estimate the grant date value of stock options in determining compensation expense. The following summarizes the weighted average value at grant date and the significant assumptions used in applying the Black-Scholes model for options granted:
The assumptions for expected dividend yield, expected volatility, and expected life reflect management’s judgment and include consideration of historical experience. Expected volatility is based in part on historical volatility. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option. The following summarizes our stock option activity for the three years ended December 31, 2017:
We issue new authorized common shares for the exercise of stock options. The total intrinsic value of stock options exercised was approximately $17 million in 2017, $10 million in 2016, and $7 million in 2015. Cash received from the exercise of stock options was $23 million in 2017, $24 million in 2016, and $23 million in 2015. Additional selected information on stock options at December 31, 2017 follows:
The aggregate intrinsic value of outstanding stock options at December 31, 2017 and 2016 was $61 million and $59 million, respectively, while the aggregate intrinsic value of exercisable options was $40 million and $31 million at the same respective dates. For exercisable options, the weighted average remaining contractual life was 2.9 years and 3.0 years at December 31, 2017 and 2016, respectively, excluding the stock options previously noted without a fixed expiration date. At December 31, 2017, 912,204 stock options with a weighted average exercise price of $27.99, a weighted average remaining life of 5.1 years, and an aggregate intrinsic value of $21 million, were expected to vest. Restricted Stock and Restricted Stock Units Restricted stock is common stock with certain restrictions that relate to trading and the possibility of forfeiture. Generally, restricted stock vests over four years. Holders of restricted stock have full voting rights and receive dividend equivalents during the vesting period. In addition, holders of restricted stock can make an election to be subject to income tax on the grant date rather than the vesting date. RSUs represent rights to one share of common stock for each unit and generally vest over four years. Holders of RSUs receive dividend equivalents during the vesting period, but do not have voting rights. Compensation expense is determined based on the number of restricted shares or RSUs granted and the market price of our common stock at the issue date. During 2017, 2016, and 2015, we granted 20,711, 32,310, and 31,080 RSUs, respectively, to non-employee directors. The RSUs vested immediately upon grant. The following summarizes our restricted stock activity for the three years ended December 31, 2017:
The following summarizes our RSU activity for the three years ended December 31, 2017:
The total value at grant date of restricted stock and RSUs vested during the year was $22 million in 2017 and $19 million in both 2016 and 2015. At December 31, 2017, 38,978 shares of restricted stock and 1,181,384 RSUs were expected to vest with an aggregate intrinsic value of $2 million and $60 million, respectively. |
Income Taxes |
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Income Taxes [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES Income tax expense is summarized as follows:
Income tax expense computed at the statutory federal income tax rate of 35% reconciles to actual income tax expense as follows:
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets (“DTA”) and deferred tax liabilities are presented below:
On December 22, 2017, H.R. 1, known as the Tax Cuts and Jobs Act (“the Act”), was signed into law. The Act makes significant changes to the U.S. Internal Revenue Code of 1986, including a decrease in the current corporate federal income tax rate to 21% from 35%, effective January 1, 2018. In conjunction with the enactment of the Act, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the accounting for certain income tax effects of the Act that may not be complete by the time financial statements are issued. The Company evaluated all available information and made reasonable estimates of the impact of the Act to substantially all components of its net DTA. The provisional impact of the Act on the net DTA resulted in a non-cash charge of $47 million recorded through income tax expense. The Company anticipates that additional adjustments to net DTA and income tax expense may be made in 2018 as the Company’s initial determination of the tax basis of deferred items such as foregone interest, equity investments in flow-through entities, certain employee compensation arrangements, FDIC-supported transactions and premises and equipment are finalized. These adjustments will be recorded in the financial statements in the reporting period when such adjustments are determined; however, SAB 118 requires all impacts from the Act to be recorded prior to December 22, 2018, which is one year from the enactment date of the Act. In 2017, the Company early adopted the guidance in ASU 2018-02, which allows reclassification from AOCI to retained earnings for the stranded tax effects related to the change in the corporate income tax rate from the Act. The early adoption of the guidance resulted in a $25 million increase to retained earnings out of AOCI as of December 31, 2017. The amount of net DTAs is included with other assets in the balance sheet. The $2 million and $4 million valuation allowances at December 31, 2017 and 2016, respectively, were for certain acquired net operating loss carryforwards included in our acquisition of the remaining interests in a less significant subsidiary. At December 31, 2017, excluding the $2 million, the tax effect of remaining net operating loss and tax credit carryforwards was less than $1 million expiring through 2030. We evaluate the DTAs on a regular basis to determine whether an additional valuation allowance is required. In conducting this evaluation, we have considered all available evidence, both positive and negative, based on the more likely than not criteria that such assets will be realized. This evaluation includes, but is not limited to: (1) available carryback potential to prior tax years; (2) potential future reversals of existing deferred tax liabilities, which historically have a reversal pattern generally consistent with DTAs; (3) potential tax planning strategies; and (4) future projected taxable income. Based on this evaluation, and considering the weight of the positive evidence compared to the negative evidence, we have concluded that an additional valuation allowance is not required as of December 31, 2017. We have a liability for unrecognized tax benefits relating to uncertain tax positions for tax credits on technology initiatives. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
At December 31, 2017 and 2016, the liability for unrecognized tax benefits included approximately $5 million and $3 million, respectively (net of the federal tax benefit on state issues) that, if recognized, would affect the effective tax rate. The amount of gross unrecognized tax benefits that may increase or decrease during the 12 months subsequent to December 31, 2017, is dependent on the timing and outcome of various federal and state examinations. Interest and penalties related to unrecognized tax benefits are included in income tax expense in the statement of income. At December 31, 2017 and 2016, accrued interest and penalties recognized in the balance sheet, net of any federal and/or state tax benefits, were less than $1 million. The Company and its subsidiaries file income tax returns in U.S. federal and various state jurisdictions. The Company is no longer subject to income tax examinations for years prior to 2013 for federal returns and 2012 for certain state returns. |
Net Earnings Per Common Share |
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Net Earnings Per Common Share | NET EARNINGS PER COMMON SHARE Basic and diluted net earnings per common share based on the weighted average outstanding shares are summarized as follows:
For 2017 and 2016, preferred dividends were increased by $2 million and $10 million, respectively, from costs related to the full redemption of the Company’s Series F preferred stock in 2017 and partial redemption of the Company’s Series I, J, and G preferred stock in 2016. See further discussion in Note 13. |
Operating Segment Information |
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Operating Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | OPERATING SEGMENT INFORMATION We manage our operations and prepare management reports and other information with a primary focus on geographical area. Our banking operations are managed under their own individual brand names, including Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington. Performance assessment and resource allocation are based upon this geographical structure. We use an internal funds transfer pricing (“FTP”) allocation system to report results of operations for business segments. This process continues to be refined. Total average loans and deposits presented for the banking segments do not include intercompany amounts between banking segments, but may include deposits with the Other segment. Prior period amounts have been reclassified to reflect these changes. As of December 31, 2017, our banking business is conducted through 7 locally managed and branded segments in distinct geographical areas. Performance assessment and resource allocation are based upon this geographical structure. Zions Bank operates 97 branches in Utah, 23 branches in Idaho, and 1 branch in Wyoming. CB&T operates 92 branches in California. Amegy operates 73 branches in Texas. NBAZ operates 58 branches in Arizona. NSB operates 50 branches in Nevada. Vectra operates 36 branches in Colorado and 1 branch in New Mexico. TCBW operates 1 branch in Washington and 1 branch in Oregon. The operating segment identified as “Other” includes the Parent, certain nonbank financial service subsidiaries, centralized back-office functions, and eliminations of transactions between segments. The major components of net interest income at the Bank’s back-office include the revenue associated with the investments securities portfolio and the offset of the FTP costs and benefits provided to the business segments. Throughout 2016 consolidation efforts continued, which resulted in transitioning full-time equivalents from the business segments to the Company’s back-office units. Due to the continuing nature and timing of this change, the Company’s back-office units retained more direct expenses in 2016 than in prior years. In the first quarter of 2017 we made changes to the FTP process and internal allocation of central expenses to better reflect the performance of business segments. Prior period amounts have been revised to reflect the impact of these changes had they been instituted in 2016. The following schedule does not present total assets or income tax expense for each operating segment, but instead presents average loans, average deposits and income before income taxes because these are the metrics that management uses when evaluating performance and making decisions pertaining to the operating segments. The Parent’s net interest income includes interest expense on other borrowed funds. The Parent’s financial statements in Note 22 provide more information about the Parent’s activities. The condensed statement of income identifies the components of income and expense which affect the operating amounts presented in the Other segment. The accounting policies of the individual operating segments are the same as those of the Company. Transactions between operating segments are primarily conducted at fair value, resulting in profits that are eliminated for reporting consolidated results of operations. The following is a summary of selected operating segment information:
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Quarterly Financial Information |
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Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Financial information by quarter for 2017 and 2016 is as follows:
Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications did not affect net income. See related discussion in Note 1. Individual quarter information may be different than previously reported due to rounding. |
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Quarterly Financial Information [Table Text Block] |
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Parent Company Financial Information |
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Condensed Financial Information of Parent Company Only Disclosure [Text Block] | PARENT COMPANY FINANCIAL INFORMATION CONDENSED BALANCE SHEETS
CONDENSED STATEMENTS OF INCOME
CONDENSED STATEMENTS OF CASH FLOWS
The Parent paid interest of $26 million in 2017, $35 million in 2016, and $51 million in 2015. |
Summary Of Significant Accounting Policies (Policy) |
12 Months Ended |
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Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business | Business Zions Bancorporation (“the Parent”) is a financial holding company headquartered in Salt Lake City, Utah, which owns and operates a commercial bank. The Parent and its subsidiaries (collectively “the Company”) provide a full range of banking and related services in 11 western and southwestern states through seven separately managed and branded units as follows: Zions Bank, in Utah, Idaho and Wyoming; California Bank & Trust (“CB&T”); Amegy Bank (“Amegy”), in Texas; National Bank of Arizona (“NBAZ”); Nevada State Bank (“NSB”); Vectra Bank Colorado (“Vectra”), in Colorado and New Mexico; and The Commerce Bank of Washington (“TCBW”) which operates under that name in Washington and under the name The Commerce Bank of Oregon (“TCBO”) in Oregon. Pursuant to a Board resolution adopted November 21, 2014, TCBO merged into TCBW effective March 31, 2015. The Parent also owns and operates certain nonbank subsidiaries that engage in financial services. |
Basis Of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Parent and its majority-owned subsidiaries (“the Company,” “we,” “our,” “us”). Unconsolidated investments where we have the ability to exercise significant influence over the operating and financial policies of the respective investee are accounted for using the equity method of accounting; those that are not consolidated or accounted for using the equity method of accounting are accounted for under cost or fair value accounting. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices within the financial services industry. References to GAAP, including standards promulgated by the Financial Accounting Standards Board (“FASB”), are made according to sections of the Accounting Standards Codification (“ASC”). Changes to the ASC are made with Accounting Standards Updates (“ASU”) that include consensus issues of the Emerging Issues Task Force (“EITF”). In certain cases, ASUs are issued jointly with International Financial Reporting Standards. In preparing the consolidated financial statements, we are required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications did not affect net income or shareholders’ equity. |
Reclassification Policy | Certain prior year amounts have been reclassified to conform with the current year presentation. |
Variable Interest Entities | Variable Interest Entities A variable interest entity (“VIE”) is consolidated when a company is the primary beneficiary of the VIE. Current accounting guidance requires continuous analysis on a qualitative rather than a quantitative basis to determine the primary beneficiary of a VIE. At the commencement of our involvement, and periodically thereafter, we consider our consolidation conclusions for all entities with which we are involved. As of December 31, 2017 and 2016, no VIEs have been consolidated in the Company’s financial statements. |
Statement Of Cash Flows | Statement of Cash Flows For purposes of presentation in the consolidated statements of cash flows, “cash and cash equivalents” are defined as those amounts included in cash and due from banks in the consolidated balance sheets. |
Security Resell Agreements | Security Resell Agreements Security resell agreements represent overnight and term agreements with the majority maturing within 30 days. These agreements are generally treated as collateralized financing transactions and are carried at amounts at which the securities were acquired plus accrued interest. Either the Company, or in some instances third parties on its behalf, take possession of the underlying securities. The fair value of such securities is monitored throughout the contract term to ensure that asset values remain sufficient to protect against counterparty default. We are permitted by contract to sell or repledge certain securities that we accept as collateral for security resell agreements. If sold, our obligation to return the collateral is recorded as “securities sold, not yet purchased” and included as a liability in “Federal funds and other short-term borrowings.” At December 31, 2017, we held $287 million of securities for which we were permitted by contract to sell or repledge. Security resell agreements averaged $360 million during 2017, and the maximum amount outstanding at any month-end during 2017 was $1.8 billion. |
Investment Securities | Investment Securities We classify our investment securities according to their purpose and holding period. Gains or losses on the sale of securities are recognized using the specific identification method and recorded in noninterest income. Held-to-maturity (“HTM”) debt securities are carried at amortized cost with purchase discounts or premiums accreted or amortized into interest income over the contractual life of the security. The Company has the intent and ability to hold such securities until maturity. Available-for-sale (“AFS”) securities are stated at fair value and generally consist of debt securities held for investment. Unrealized gains and losses of AFS securities, after applicable taxes, are recorded as a component of other comprehensive income (“OCI”). We review quarterly our investment securities portfolio for any declines in value that are considered to be other-than-temporary impairment (“OTTI”). The process, methodology, and factors considered to evaluate securities for OTTI are discussed further in Note 5. Trading securities are stated at fair value and consist of securities acquired for short-term appreciation or other trading purposes. Realized and unrealized gains and losses are recorded in trading income, which is included in “Capital markets and foreign exchange.” The fair values of investment securities, as estimated under current accounting guidance, are discussed in Note 3. |
Loans And Allowance For Credit Losses | Loans and Allowance for Credit Losses Loans are reported at the principal amount outstanding, net of unearned income. Unearned income, which includes deferred fees net of deferred direct loan origination costs, is amortized to interest income over the life of the loan using the interest method. Interest income is recognized on an accrual basis. At the time of origination, we determine whether loans will be held for investment or held for sale. We may subsequently change our intent to hold loans for investment and reclassify them as held for sale. Loans held for sale are carried at the lower of aggregate cost or fair value. A valuation allowance is recorded when cost exceeds fair value based on reviews at the time of reclassification and periodically thereafter. Gains and losses are recorded in noninterest income based on the difference between sales proceeds and carrying value. We evaluate loans throughout their lives for signs of credit deterioration, which may impact the loan’s status, and potentially impact our accounting for that loan. Loan status categories include past due as to contractual payments, nonaccrual, impaired, and restructured (including troubled debt restructurings (“TDRs”)). Our accounting policies for these loan statuses and our estimation of the related allowance for loan losses (“ALLL”) are discussed further in Note 6. In the ordinary course of business, we transfer portions of loans under participation agreements to manage credit risk and our portfolio concentration. We evaluate the loan participations to determine if they meet the appropriate accounting guidance to qualify as sales. Certain purchased loans require separate accounting procedures that are also discussed in Note 6. The allowance for credit losses (“ACL”) includes the ALLL and the reserve for unfunded lending commitments (“RULC”), and represents our estimate of losses inherent in the loan portfolio that may be recognized from loans and lending commitments that are not recoverable. Further discussion of our estimation process for the ACL is included in Note 6. |
Other Real Estate Owned | Other Real Estate Owned Other real estate owned (“OREO”) consists principally of commercial and residential real estate obtained in partial or total satisfaction of loan obligations. Amounts are recorded initially at fair value (less any selling costs) based on property appraisals at the time of transfer and subsequently at the lower of cost or fair value (less any selling costs). |
Nonmarketable Securities | Other Noninterest-Bearing Investments These investments include investments in private equity funds (referred to in this document as private equity investments “PEIs”), venture capital securities, securities acquired for various debt and regulatory requirements, bank-owned life insurance, and certain other noninterest-bearing investments. See further discussions in Notes 5, 15 and 3. Certain PEIs and venture capital securities are accounted for under the equity method and reported at fair value. Changes in fair value and gains and losses from sales are recognized in noninterest income. The values assigned to the securities where no market quotations exist are based upon available information and may not necessarily represent amounts that will ultimately be realized. Such estimated amounts depend on future circumstances and will not be realized until the individual securities are liquidated. Bank-owned life insurance is accounted for at fair value based on the cash surrender values (“CSVs”) of the general account insurance policies. A third party service provides these values. Other PEIs and those acquired for various debt and regulatory requirements are accounted for at cost. Periodic reviews are conducted for impairment by comparing carrying values with estimates of fair value determined according to the previous discussion. |
Premises And Equipment | Premises, Equipment and Software, Net Premises, equipment and software are stated at cost, net of accumulated depreciation and amortization. Depreciation, computed primarily on the straight-line method, is charged to operations over the estimated useful lives of the properties, generally 25 to 40 years for buildings, 3 to 10 years for furniture and equipment, and 3 to 10 years for software, including capitalized costs related to the Company’s technology initiatives. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting. Upon initially obtaining control, we recognize 100% of all acquired assets and all assumed liabilities regardless of the percentage owned. The assets and liabilities are recorded at their estimated fair values, with goodwill being recorded when such fair values are less than the cost of acquisition. Certain transaction and restructuring costs are expensed as incurred. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill over the measurement period, which cannot exceed one year from the acquisition date. Results of operations of the acquired business are included in our statement of income from the date of acquisition. |
Goodwill And Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets Goodwill and intangible assets deemed to have indefinite lives are not amortized. We subject these assets to annual specified impairment tests as of the beginning of the fourth quarter and more frequently if changing conditions warrant. Core deposit assets and other intangibles with finite useful lives are generally amortized on an accelerated basis using an estimated useful life of up to 12 years. |
Derivative Instruments | Derivative Instruments We use derivative instruments, including interest rate swaps and floors and basis swaps, as part of our overall interest rate risk management strategy. These instruments enable us to manage to desired asset and liability duration and to reduce interest rate risk exposure by matching estimated repricing periods of interest-sensitive assets and liabilities. We also execute derivative instruments with commercial banking customers to facilitate their risk management strategies. These derivatives are immediately hedged by offsetting derivatives with third parties such that we minimize our net risk exposure as a result of such transactions. We record all derivatives at fair value in the balance sheet as either other assets or other liabilities. See further discussion in Note 7. |
Commitments And Letters Of Credit | Commitments and Letters of Credit In the ordinary course of business, we enter into commitments to extend credit, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the ALLL. The RULC is presented separately in the balance sheet. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Service charges and fees on deposit accounts are recognized in accordance with published deposit account agreements for customer accounts or contractual agreements for commercial accounts. Other service charges, commissions and fees include interchange fees, bank services, and other fees, which are generally recognized at the time of transaction or as the services are performed. |
Share-Based Compensation | Share-Based Compensation Share-based compensation generally includes grants of stock options, restricted stock, restricted stock units (“RSUs”), and other awards to employees and non-employee directors. We recognize compensation expense in the statement of income based on the grant-date value of the associated share-based awards. See further discussion in Note 17. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are determined based on temporary differences between financial statement asset and liability amounts and their respective tax bases, and are measured using enacted tax laws and rates. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are recognized subject to management’s judgment that realization is more likely than not. Unrecognized tax benefits for uncertain tax positions relate primarily to state tax contingencies. See further discussion in Note 18. |
Net Earnings Per Common Share | Net Earnings Per Common Share Net earnings per common share is based on net earnings applicable to common shareholders, which is net of preferred stock dividends. Basic net earnings per common share is based on the weighted average outstanding common shares during each year. Unvested share-based awards with rights to receive nonforfeitable dividends are considered participating securities and included in the computation of basic earnings per share. Diluted net earnings per common share is based on the weighted average outstanding common shares during each year, including common stock equivalents. Stock options, restricted stock, RSUs, and stock warrants are converted to common stock equivalents using the treasury stock method. Diluted net earnings per common share excludes common stock equivalents whose effect is antidilutive. See further discussion in Note 19. |
Fair Value (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis |
1The level 1 PEIs amount relates to the portion of our SBIC investments that are now publicly traded. |
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Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs |
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Schedule Of Realized Gains (Losses) Using Level 3 Inputs |
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Schedule Of Assets With Fair Value Changes On Nonrecurring Basis |
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Schedule Of Carrying Values And Estimated Fair Values Of Financial Instruments |
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Offsetting Assets and Liabilities Gross and net information for selecting financial instruments (Tables) |
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Fair Value, by Balance Sheet Grouping [Table Text Block] |
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Investment Securities - (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Investment Securities [Table Text Block] |
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Investments Classified by Contractual Maturity Date [Table Text Block] |
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Gain (Loss) on Investments [Table Text Block] |
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Schedule of Unrealized Loss on Investments [Table Text Block] |
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Tax and Nontaxable Interest Income by Investment Type [Table Text Block] |
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Loans And Allowance For Credit Losses (Tables) |
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Loans And Allowance For Credit Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Major Portfolio Segment And Specific Loan Class |
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Summary Of Changes in The Allowance For Credit Losses |
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Summary Of ALLL And Outstanding Loan Balances According To The Company's Impairment Method |
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Summary Of Nonaccrual Loans |
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Summary Of Past Due Loans (Accruing And Nonaccruing) |
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Summary Of Outstanding Loan Balances (Accruing And Nonaccruing) Categorized By Credit Quality Indicators |
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Summary Of Information On Impaired Loans |
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Summary Of Selected Information On TDRs That Includes Recorded Investment On An Accruing And Nonaccruing Basis By Loan Class And Modification Type |
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Schedule Of Net Financial Impact On Interest Income Due To Interest Rate Modifications Below Market For Accruing TDR Loans |
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Schedule Of Investment Of Accruing And Nonaccruing Loans Modified As Troubled Debt Restructurings |
Note: Total loans modified as TDRs during the 12 months previous to December 31, 2017 and 2016 were $94 million and $73 million, respectively. |
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Schedule Of Outstanding Balances Of All Required Payments And The Related Carrying Amounts For PCI Loans |
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Schedule Of Changes In The Accretable Yield For PCI Loans |
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Derivative Instruments And Hedging Activities Amount of Derivative Gain/Loss Recognized/Reclassified (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments |
1 Notional amounts include both the customer swaps and the offsetting derivative contracts. |
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Schedule Of Gain (Loss) Of Derivative Instruments |
Note: These schedules are not intended to present at any given time the Company’s long/short position with respect to its derivative contracts.
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Goodwill And Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortizing Intangible Assets |
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Schedule Of Goodwill |
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Deposits Deposits (Scheduled Maturities Of Time Deposits) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||
Deposits (Scheduled Maturities Of All Time Deposits) [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Time Deposit Maturities [Table Text Block] |
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Time Deposits Denomination of $100,000 and Over [Table Text Block] |
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Short-Term Borrowings (Tables) |
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Short-term Debt [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Short-Term Borrowings |
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Long-Term Debt (Tables) |
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Schedule of Maturities of Long-term Debt [Table Text Block] |
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Schedule Of Long-Term Debt |
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Schedule Of Subordinated Notes |
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Schedule Of Senior Medium-Term Notes |
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Debt Redemptions and Repurchases |
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Shareholders' Equity (Tables) |
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Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Preferred Stock |
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Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
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Shareholders' Equity |
Preferred Stock Preferred stock is without par value and has a liquidation preference of $1,000 per share, or $25 per depositary share. Except for Series I and J, all preferred shares were issued in the form of depositary shares, with each depositary share representing a 1/40th ownership interest in a share of the preferred stock. All preferred shares are registered with the SEC. In general, preferred shareholders may receive asset distributions before common shareholders; however, preferred shareholders have only limited voting rights generally with respect to certain provisions of the preferred stock, the issuance of senior preferred stock, and the election of directors. Preferred stock dividends reduce earnings applicable to common shareholders and are paid on the 15th day of the months indicated in the following schedule. Dividends are approved by the Board of Directors and are subject to regulatory non-objection to a stress test and capital plan submitted to the Federal Reserve pursuant to the annual Horizontal Capital Review, also referred to as Comprehensive Capital Analysis and Review (“HCR/CCAR”) process. Redemption of the preferred stock is at the Company’s option after the expiration of any applicable redemption restrictions. The redemption amount is computed at the per share liquidation preference plus any declared but unpaid dividends. Redemptions are subject to certain regulatory provisions, including the previously noted capital plan non-objection for a submitted capital plan in a given year.
Preferred Stock Redemptions During 2017, we redeemed all outstanding shares of our 7.9% Series F preferred stock for a cash payment of approximately $144 million. The total reduction to net earnings applicable to common shareholders associated with the preferred stock redemption was $2 million due to the accelerated recognition of preferred stock issuance costs. During 2016, we launched a cash tender offer to purchase up to $120 million par amount of certain outstanding preferred stock. Our preferred stock decreased by $118 million as a result of the tender offer, including the purchase of $26 million of our Series I preferred stock, $59 million of our Series J preferred stock, and $33 million of our Series G preferred stock for an aggregate cash payment of $126 million. The total reduction to net earnings applicable to common shareholders associated with the preferred stock redemption was $10 million. The size and terms of the redemptions in 2017 and 2016 were determined in accordance with the Company’s 2016 and 2015 capital plans. These preferred stock redemptions benefit the Company by decreasing the amount of preferred dividends paid. Common Stock The Company’s common stock is traded on the NASDAQ Global Select Market. As of December 31, 2017, there were 198 million shares of no par common stock outstanding. The Company continued its common stock repurchase program during 2017 and repurchased 7 million shares of common shares outstanding with a fair value of $320 million at an average price of $45.66 per share. During the first quarter of 2018, the Company repurchased an additional 2 million shares of common stock outstanding with a fair value of $115 million at an average price of $53.46 per share, leaving $120 million of repurchase capacity remaining in the 2017 capital plan (which spans the timeframe of July 2017 to June 2018). During 2016 the Company repurchased 3 million shares of common shares outstanding with a fair value of $90 million at an average price of $31.15 per share. Common Stock Warrants As of December 31, 2017, 29.3 million common stock warrants with an exercise price of $35.37 were outstanding. These warrants expire on May 22, 2020. In addition, as of December 31, 2017, 5.8 million common stock warrants with an exercise price of $36.27 per share were outstanding. These warrants expire on November 14, 2018 and were associated with the preferred stock issued under the Troubled Asset Relief Program which was redeemed in 2012. Between January 1, 2018 and February 20, 2018, 1.0 million shares of common stock were issued from the cashless exercise of 3.2 million common stock warrants which expire on November 14, 2018. After these common stock warrant exercises, 29.3 million and 2.6 million common stock warrants, which expire on May 22, 2020 and November 14, 2018, respectively, remain outstanding. Accumulated Other Comprehensive Income During 2017, $25 million was reclassified from AOCI to retained earnings as a result of the decreased corporate income tax rate from the Tax Cuts and Jobs Act of 2017.
Deferred Compensation Deferred compensation consists of invested assets, including the Company’s common stock, which are held in rabbi trusts for certain employees and directors. At both December 31, 2017 and 2016, the cost of the common stock included in retained earnings was approximately $14 million. We consolidate the fair value trust invested assets along with the total obligations and include them in other assets and other liabilities, respectively, in the balance sheet. At December 31, 2017 and 2016, total invested assets were approximately $102 million and $91 million and total obligations were approximately $116 million and $105 million, respectively. |
Regulatory Matters (Tables) |
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Regulatory Capital Requirements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Actual Capital Amounts And Ratios For The Company And Its Three Largest Subsidiary Banks |
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Commitments, Guarantees, Contingent Liabilities, and Related Parties Operating Leases, Future Aggregate Minimum Rental Payments (Tables) $ in Millions |
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Dec. 31, 2017
USD ($)
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Summary of Unfunded Commitments and Redemption [Table Text Block] |
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Operating Leases, Future Minimum Payments Due | $ 245 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 29 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | $ 76 |
Retirement Plans (Tables) |
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Retirement Plans, Unfunded Commitments and Redemption [Table Text Block] |
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Schedule Of Amounts In Accumulated Other Comprehensive Income (Loss) Expected To Be Recognized As An Expense Component Of Net Periodic Benefit Cost For The Plans |
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Schedule Of Weighted Average Assumptions Based On The Pension Plan |
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Retirement Plans Weighted average assumptions on pension plan (Tables) |
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Weighted average assumptions on pension plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Weighted Average Assumptions Based On The Pension Plan |
|
Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation Expense And Related Tax Benefit For All Share-Based Awards |
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Summary Of Stock Option Activity |
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Income Taxes (Benefit) |
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Schedule Of Statutory Federal Income Tax Rate Reconciles To Actual Income Tax Expense (Benefit) |
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Schedule Of Tax Effects Of Deferred Tax Assets And Deferred Tax Liabilities |
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Schedule Of Reconciliation Of Gross Unrecognized Tax Benefits |
|
Operating Segment Information Operating Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment |
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Parent Company Financial Information (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information [Table Text Block] |
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Condensed Balance Sheets |
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Condensed Statements Of Income |
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Condensed Statements Of Cash Flows |
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Fair Value (Schedule Of Assets And Liabilities Measured At Fair Value By Class On A Recurring Basis Using Level 3 Inputs) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] |
Note: These schedules are not intended to present at any given time the Company’s long/short position with respect to its derivative contracts.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Other noninterest expense | $ 223 | $ 213 | $ 225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Contracts [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets, Beginning balance | 20 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Equity securities gains, net | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Noninterest Income | (1) | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Purchases | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Redemptions and paydowns | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets, Ending balance | 18 | 20 | 14 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Investments [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets, Beginning balance | 73 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Equity securities gains, net | 7 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Noninterest Income | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Purchases | 20 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net gains (losses) included in, Redemptions and paydowns | 5 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of assets, Ending balance | $ 95 | $ 73 | $ 58 |
Fair Value (Schedule Of Realized Gains (Losses) Using Level 3 Inputs) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Level 3 Equity securities gains (losses), net [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized gains (losses) from Level 3 inputs | $ 6 | |
Fixed Income Securities Gains (Losses), Net [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Realized gains (losses) from Level 3 inputs | $ 3 |
Investment Securities (Narrative) (Details) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
Securities
|
Dec. 31, 2016
USD ($)
Securities
|
Dec. 31, 2015
USD ($)
|
|
Investment [Line Items] | |||
Interest on securities | $ 326 | $ 204 | $ 124 |
Number of HTM investment securities in an unrealized loss position | Securities | 667 | 642 | |
Number of AFS investment securities in an unrealized loss position | Securities | 2,262 | 2,398 | |
Carrying value of pledged securities | $ 2,100 | $ 1,400 | |
Available-for-sale Securities, Amortized Cost Basis | 15,313 | $ 13,521 | |
Private equity investments prohibited by Volker rule | 3 | ||
Commitments for Private Equity and Other Noninterest-bearing Investments | 31 | ||
Private Equity Investments | 141 | ||
Commitments for Private Equity or Other Non-Interest Bearing Investments Prohibited by the Volcker Rule | $ 4 |
Investment Securities (Gains And Losses, Including OTTI, Recognized In Statement Of Income) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Investments [Abstract] | |||
Equity securities gains (losses) | $ 14 | $ 7 | $ 12 |
Investment securities, Available-for-sale, Gross gains | 0 | 0 | 9 |
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 0 | 0 | 148 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross gains | 22 | 21 | 25 |
Other noninterest-bearing investments, Nonmarketable equity securities, Gross losses | 8 | 14 | 13 |
Total investment securities and other noninterest-bearing investments, Gross gains | 22 | 21 | 34 |
Total investment securities and other noninterest-bearing investments, Gross losses | 8 | 14 | 161 |
Net losses | 14 | 7 | (127) |
Fixed income securities gains (losses), net | $ 0 | $ 0 | $ (139) |
Loans And Allowance For Credit Losses (Summary Of Outstanding Loan Balances (Accruing And Nonaccruing) Categorized By Credit Quality Indicators) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Current Fiscal Year End Date | --12-31 | |
Commercial and industrial | $ 14,003 | $ 13,452 |
Leasing | 364 | 423 |
Commercial Lending Loans - Owner Occupied | 7,288 | 6,962 |
Loans and Leases Receivable, Gross, Commercial, Governments | 1,271 | 778 |
Construction and land development | 2,021 | 2,019 |
Term | 9,103 | 9,322 |
Loans Receivable, Gross, Commercial, Real Estate | 11,124 | 11,341 |
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,777 | 2,645 |
1-4 family residential | 6,662 | 5,891 |
Loans and Leases Receivable, Gross, Consumer, Construction | 597 | 486 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 509 | 481 |
Loans and Leases Receivable, Gross, Consumer, Other | 185 | 190 |
Loans and Leases Receivable, Gross | 44,780 | 42,649 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Commercial and industrial | 14,003 | 13,452 |
Leasing | 364 | 423 |
Commercial Lending Loans - Owner Occupied | 7,288 | 6,962 |
Loans and Leases Receivable, Gross, Commercial, Governments | 1,271 | 778 |
Loans and Leases Receivable, before Fees, Gross | 22,926 | 21,615 |
Construction And Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 2,021 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 2,019 | |
Term | 9,103 | 9,322 |
Loans Receivable, Gross, Commercial, Real Estate | 11,124 | 11,341 |
Loans and Leases Receivable, Gross | 2,021 | 2,019 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,777 | 2,645 |
1-4 family residential | 6,662 | 5,891 |
Loans and Leases Receivable, Gross, Consumer, Construction | 597 | 486 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 509 | 481 |
Loans and Leases Receivable, Gross, Consumer, Other | 185 | 190 |
Loans and Leases Receivable, Gross | 185 | 190 |
Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 10,730 | 9,693 |
Loans and Leases Receivable, Gross | 10,730 | 9,693 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 42,987 | 40,564 |
Pass [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Commercial and industrial | 13,001 | 12,185 |
Leasing | 342 | 387 |
Commercial Lending Loans - Owner Occupied | 6,920 | 6,560 |
Loans and Leases Receivable, Gross, Commercial, Governments | 1,257 | 765 |
Loans and Leases Receivable, before Fees, Gross | 21,520 | 19,897 |
Pass [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 2,002 | |
Pass [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 1,942 | |
Term | 8,816 | 9,096 |
Loans Receivable, Gross, Commercial, Real Estate | 10,818 | 11,038 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,759 | 2,629 |
1-4 family residential | 6,602 | 5,851 |
Loans and Leases Receivable, Gross, Consumer, Construction | 596 | 482 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 507 | 478 |
Loans and Leases Receivable, Gross, Consumer, Other | 185 | 189 |
Pass [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 10,649 | 9,629 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 660 | 508 |
Special Mention [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Commercial and industrial | 395 | 266 |
Leasing | 6 | 5 |
Commercial Lending Loans - Owner Occupied | 93 | 96 |
Loans and Leases Receivable, Gross, Commercial, Governments | 13 | 7 |
Loans and Leases Receivable, before Fees, Gross | 507 | 374 |
Special Mention [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 15 | |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 52 | |
Term | 138 | 82 |
Loans Receivable, Gross, Commercial, Real Estate | 153 | 134 |
Special Mention [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 |
1-4 family residential | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Other | 0 | 0 |
Special Mention [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Sub-Standard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1,132 | 1,573 |
Sub-Standard [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Commercial and industrial | 606 | 998 |
Leasing | 16 | 30 |
Commercial Lending Loans - Owner Occupied | 275 | 306 |
Loans and Leases Receivable, Gross, Commercial, Governments | 1 | 6 |
Loans and Leases Receivable, before Fees, Gross | 898 | 1,340 |
Sub-Standard [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 4 | |
Sub-Standard [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 25 | |
Term | 149 | 144 |
Loans Receivable, Gross, Commercial, Real Estate | 153 | 169 |
Sub-Standard [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 18 | 16 |
1-4 family residential | 60 | 40 |
Loans and Leases Receivable, Gross, Consumer, Construction | 1 | 4 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 2 | 3 |
Loans and Leases Receivable, Gross, Consumer, Other | 0 | 1 |
Sub-Standard [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 81 | 64 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 1 | 4 |
Doubtful [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Commercial and industrial | 1 | 3 |
Leasing | 0 | 1 |
Commercial Lending Loans - Owner Occupied | 0 | 0 |
Loans and Leases Receivable, Gross, Commercial, Governments | 0 | 0 |
Loans and Leases Receivable, before Fees, Gross | 1 | 4 |
Doubtful [Member] | Construction And Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 0 | |
Doubtful [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Construction and land development | 0 | |
Term | 0 | 0 |
Loans Receivable, Gross, Commercial, Real Estate | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 |
1-4 family residential | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 0 | 0 |
Loans and Leases Receivable, Gross, Consumer, Other | 0 | 0 |
Doubtful [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 0 | 0 |
Total Allowance [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, Gross | 518 | 567 |
Total Allowance [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | 371 | 420 |
Total Allowance [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans Receivable, Gross, Commercial, Real Estate | 103 | 116 |
Total Allowance [Member] | Consumer Loan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans and Leases Receivable, before Fees, Gross | $ 44 | $ 31 |
Loans And Allowance For Credit Losses (Summary Of Information On Impaired Loans) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Impaired [Line Items] | ||
Current Fiscal Year End Date | --12-31 | |
Impaired Financing Receivable, Average Recorded Investment | $ 520 | $ 603 |
Impaired Financing Receivable, Recorded Investment | 461 | 660 |
Impaired Financing Receivable, Related Allowance | 30 | 63 |
Impaired Financing Receivable, Interest Income, Accrual Method | 27 | 32 |
Impaired Financing Receivable, Unpaid Principal Balance | 573 | 788 |
Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 289 | 333 |
Impaired Financing Receivable, Recorded Investment | 222 | 393 |
Impaired Financing Receivable, Related Allowance | 24 | 52 |
Impaired Financing Receivable, Interest Income, Accrual Method | 6 | 5 |
Impaired Financing Receivable, Unpaid Principal Balance | 293 | 470 |
Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 97 | 99 |
Impaired Financing Receivable, Recorded Investment | 102 | 101 |
Impaired Financing Receivable, Related Allowance | 2 | 3 |
Impaired Financing Receivable, Interest Income, Accrual Method | 6 | 9 |
Impaired Financing Receivable, Unpaid Principal Balance | 120 | 115 |
Municipal [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 1 | 1 |
Impaired Financing Receivable, Recorded Investment | 1 | 1 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 1 | 1 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 387 | 433 |
Impaired Financing Receivable, Recorded Investment | 325 | 495 |
Impaired Financing Receivable, Related Allowance | 26 | 55 |
Impaired Financing Receivable, Interest Income, Accrual Method | 12 | 14 |
Impaired Financing Receivable, Unpaid Principal Balance | 414 | 586 |
Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 49 | 76 |
Impaired Financing Receivable, Recorded Investment | 48 | 70 |
Impaired Financing Receivable, Related Allowance | 0 | 2 |
Impaired Financing Receivable, Interest Income, Accrual Method | 12 | 13 |
Impaired Financing Receivable, Unpaid Principal Balance | 56 | 92 |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 57 | 87 |
Impaired Financing Receivable, Recorded Investment | 54 | 83 |
Impaired Financing Receivable, Related Allowance | 0 | 2 |
Impaired Financing Receivable, Interest Income, Accrual Method | 12 | 15 |
Impaired Financing Receivable, Unpaid Principal Balance | 64 | 114 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 21 | 22 |
Impaired Financing Receivable, Recorded Investment | 22 | 23 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 1 |
Impaired Financing Receivable, Unpaid Principal Balance | 25 | 24 |
One Through Four Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 52 | 57 |
Impaired Financing Receivable, Recorded Investment | 57 | 55 |
Impaired Financing Receivable, Related Allowance | 4 | 6 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 2 |
Impaired Financing Receivable, Unpaid Principal Balance | 67 | 59 |
Construction And Other Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 2 | 2 |
Impaired Financing Receivable, Recorded Investment | 2 | 3 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 2 | 3 |
Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 1 | 2 |
Impaired Financing Receivable, Recorded Investment | 1 | 1 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 0 |
Impaired Financing Receivable, Unpaid Principal Balance | 1 | 2 |
Commercial Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 8 | 11 |
Impaired Financing Receivable, Recorded Investment | 6 | 13 |
Impaired Financing Receivable, Related Allowance | 0 | 0 |
Impaired Financing Receivable, Interest Income, Accrual Method | 0 | 2 |
Impaired Financing Receivable, Unpaid Principal Balance | 8 | 22 |
Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 76 | 83 |
Impaired Financing Receivable, Recorded Investment | 82 | 82 |
Impaired Financing Receivable, Related Allowance | 4 | 6 |
Impaired Financing Receivable, Interest Income, Accrual Method | 3 | 3 |
Impaired Financing Receivable, Unpaid Principal Balance | 95 | 88 |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 218 | 401 |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 23 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Municipal [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 165 | 341 |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 12 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 14 | 23 |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 9 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | One Through Four Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 29 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Construction And Other Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2 | |
Impaired Financing Receivable Recorded Investment With an Allowance [Member] | Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 39 | 37 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 243 | 259 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 80 | 82 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 79 | 71 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Municipal [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1 | 1 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 160 | 154 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 36 | 53 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 40 | 60 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 13 | 16 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | One Through Four Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 28 | 27 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Construction And Other Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1 | 1 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 1 | 1 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 4 | 7 |
Impaired Financing Receivable Recorded Investment With No Allowance [Member] | Consumer Loan [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 43 | 45 |
Impaired Financing Receivable Related Allowance [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 142 | 311 |
Impaired Financing Receivable Related Allowance [Member] | Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 30 | |
Impaired Financing Receivable Related Allowance [Member] | Municipal [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | |
Impaired Financing Receivable Related Allowance [Member] | Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 17 | |
Impaired Financing Receivable Related Allowance [Member] | Home Equity Line of Credit [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 7 | |
Impaired Financing Receivable Related Allowance [Member] | One Through Four Family Residential [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 28 | |
Impaired Financing Receivable Related Allowance [Member] | Construction And Other Consumer Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 2 | |
Impaired Financing Receivable Related Allowance [Member] | Consumer Other Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | 0 | |
Impaired Financing Receivable Related Allowance [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 6 |
Loans And Allowance For Credit Losses (Summary Of Selected Information On TDRs That Includes Recorded Investment On An Accruing And Nonaccruing Basis By Loan Class And Modification Type) (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Financing Receivable, Modifications [Line Items] | |||||
Current Fiscal Year End Date | --12-31 | ||||
Loans Receivable, Gross, Commercial and Industrial | $ 14,003 | $ 13,452 | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 5 | 3 | |||
Loans and Leases Receivable, Gross, Consumer, Construction | 597 | 486 | |||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 6,662 | 5,891 | |||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,777 | 2,645 | |||
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 509 | 481 | |||
Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 139 | 151 | |||
Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 226 | 251 | |||
Commercial And Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 0 | |||
Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 47 | 47 | |||
Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 62 | 60 | |||
Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 1 | |||
Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 23 | 22 | |||
Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 10 | 17 | |||
Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 1 | |||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 14,003 | 13,452 | |||
Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 70 | 69 | |||
Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 73 | 78 | |||
Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | 8 | |||
Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 2 | |||
Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 14 | 17 | |||
Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | 8 | |||
Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 16 | 25 | |||
Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | 10 | |||
Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 15 | 14 | |||
Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 2 | |||
One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 36 | 42 | |||
One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 8 | 8 | |||
Construction And Other Consumer Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 | |||
Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | 1 | |||
Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 2 | |||
Consumer Other Financing Receivable [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 597 | 486 | |||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 6,662 | 5,891 | |||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2,777 | 2,645 | |||
Loans and Leases Receivable, Gross, Consumer, Revolving, Credit Card | 509 | 481 | |||
Commercial Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 5 | 1 | |||
Consumer Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 | |||
Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 53 | 57 | |||
Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 9 | 12 | |||
Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 | |||
Accruing [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 | |||
Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | |||
Accruing [Member] | Construction And Other Consumer Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | |||
Accruing [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 | |||
Accruing [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | |||
Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 3 | |||
Nonaccruing [Member] | Commercial And Industrial [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 3 | 0 | |||
Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 1 | |||
Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 | |||
Nonaccruing [Member] | Commercial Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 1 | |||
Nonaccruing [Member] | Consumer Loan [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 | |||
Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 87 | 100 | |||
Multiple Modification Types [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 86 | 86 | |||
Multiple Modification Types [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 123 | 132 | |||
Multiple Modification Types [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 47 | 38 | |||
Multiple Modification Types [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 29 | 37 | |||
Multiple Modification Types [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 9 | 14 | |||
Multiple Modification Types [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 3 | |||
Multiple Modification Types [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 37 | 46 | |||
Multiple Modification Types [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 30 | 34 | |||
Multiple Modification Types [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | 6 | |||
Multiple Modification Types [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 33 | 28 | |||
Multiple Modification Types [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 10 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 14 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 10 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 7 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 4 | ||||
Multiple Modification Types [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 3 | 3 | |||
Multiple Modification Types [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 26 | 30 | |||
Multiple Modification Types [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 1 | 1 | |||
Multiple Modification Types [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 24 | 25 | |||
Multiple Modification Types [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 12 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Multiple Modification Types [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 1 | |||
Multiple Modification Types [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 5 | 5 | |||
Multiple Modification Types [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 22 | 12 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 52 | 51 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 19 | 8 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 29 | 34 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 0 | 2 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 0 | 4 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 30 | 39 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 3 | 2 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | [1] | 1 | 1 | ||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 12 | 0 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 8 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 7 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1 | 0 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 2 | 2 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 28 | 33 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 1 | 1 | |||
Other Recorded Investment Resulting From Following Modification [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Payment Deferral [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | 1 | |||
Payment Deferral [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | 7 | |||
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Payment Deferral [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 4 | |||
Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 1 | |||
Payment Deferral [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Payment Deferral [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 6 | |||
Payment Deferral [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 0 | |||
Payment Deferral [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 2 | |||
Payment Deferral [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 0 | 0 | |||
Payment Deferral [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Payment Deferral [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Payment Deferral [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Payment Deferral [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 1 | 0 | |||
Payment Deferral [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Payment Deferral [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 2 | 1 | |||
Payment Deferral [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Payment Deferral [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Payment Deferral [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 0 | 0 | |||
Payment Deferral [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 2 | |||
Principal Forgiveness [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 15 | 17 | |||
Principal Forgiveness [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 23 | 20 | |||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 1 | |||
Principal Forgiveness [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 5 | 0 | |||
Principal Forgiveness [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Principal Forgiveness [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Principal Forgiveness [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 8 | 3 | |||
Principal Forgiveness [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 15 | 16 | |||
Principal Forgiveness [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 3 | |||
Principal Forgiveness [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 0 | 0 | |||
Principal Forgiveness [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 9 | 10 | |||
Principal Forgiveness [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 6 | 6 | |||
Principal Forgiveness [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Principal Forgiveness [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 5 | 0 | |||
Principal Forgiveness [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Principal Forgiveness [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 1 | 1 | |||
Principal Forgiveness [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 2 | 2 | |||
Principal Forgiveness [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Maturity Or Team Extension [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6 | 25 | |||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 12 | 28 | |||
Maturity Or Team Extension [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 19 | |||
Maturity Or Team Extension [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6 | 2 | |||
Maturity Or Team Extension [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 4 | |||
Maturity Or Team Extension [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 1 | |||
Maturity Or Team Extension [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6 | 3 | |||
Maturity Or Team Extension [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 2 | |||
Maturity Or Team Extension [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Maturity Or Team Extension [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 2 | 19 | |||
Maturity Or Team Extension [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 4 | ||||
Maturity Or Team Extension [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 2 | 1 | |||
Maturity Or Team Extension [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 0 | 1 | |||
Maturity Or Team Extension [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 1 | 0 | |||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 3 | 0 | |||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 0 | 0 | |||
Maturity Or Team Extension [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Interest Rate Below Market [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 8 | 10 | |||
Interest Rate Below Market [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 11 | 13 | |||
Interest Rate Below Market [Member] | Commercial Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 3 | |||
Interest Rate Below Market [Member] | Commercial Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 1 | |||
Interest Rate Below Market [Member] | Commercial Real Estate Portfolio Segment [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6 | 4 | |||
Interest Rate Below Market [Member] | Commercial Real Estate Portfolio Segment [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | 2 | |||
Interest Rate Below Market [Member] | Nonaccruing Trouble Debt Restructuring [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | 3 | |||
Interest Rate Below Market [Member] | Consumer Loan [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | 3 | |||
Interest Rate Below Market [Member] | Consumer Loan [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | 0 | |||
Interest Rate Below Market [Member] | Accruing [Member] | Commercial And Industrial [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 0 | 0 | |||
Interest Rate Below Market [Member] | Accruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 3 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Owner Occupied [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Construction And Land Development [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 4 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Term [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 6 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Accruing [Member] | Home Equity Line of Credit [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Interest Rate Below Market [Member] | Accruing [Member] | One Through Four Family Residential [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 1 | 3 | |||
Interest Rate Below Market [Member] | Accruing [Member] | Construction And Other Consumer Real Estate [Member] | Accruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | 0 | 0 | |||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Commercial And Industrial [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans Receivable, Gross, Commercial and Industrial | 0 | 1 | |||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Owner Occupied [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Owner Occupied [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 1 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Municipal [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Municipal [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Construction And Land Development [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Term [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Term [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 2 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Financing Receivable, Modifications, Recorded Investment | 0 | ||||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Home Equity Line of Credit [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Home Equity | 0 | 0 | |||
Interest Rate Below Market [Member] | Nonaccruing [Member] | One Through Four Family Residential [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Mortgage | 0 | 0 | |||
Interest Rate Below Market [Member] | Nonaccruing [Member] | Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | |||||
Financing Receivable, Modifications [Line Items] | |||||
Loans and Leases Receivable, Gross, Consumer, Construction | $ 0 | $ 0 | |||
|
Loans And Allowance For Credit Losses (Summary Of Net Financial Impact On Interest Income Due To Interest Rate Modifications Below Market For Accruing TDR Loans) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Modifications [Line Items] | ||
Net financial impact on interest income | $ 1 | $ 1 |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Net financial impact on interest income | 1 | 1 |
1-4 Family Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Net financial impact on interest income | $ 1 | $ 1 |
Loans And Allowance For Credit Losses (Schedule Of Investment Of Accruing And Nonaccruing Loans Modified As Troubled Debt Restructurings) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 5 | $ 3 |
Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 |
Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 3 |
Commercial And Industrial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 0 |
Commercial And Industrial [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 |
Commercial And Industrial [Member] | Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 3 | 0 |
Owner Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 1 |
Owner Occupied [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 |
Owner Occupied [Member] | Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 1 |
Commercial Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 5 | 1 |
Commercial Loan [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1 | 0 |
Commercial Loan [Member] | Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 4 | 1 |
Construction And Other Consumer Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 |
Construction And Other Consumer Real Estate [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 |
Construction And Other Consumer Real Estate [Member] | Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 |
Consumer Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 2 |
Consumer Loan [Member] | Accruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 |
Consumer Loan [Member] | Nonaccruing [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 2 |
Loans And Allowance For Credit Losses (Schedule Of Outstanding Balances Of All Required Payments And The Related Carrying Amounts For PCI Loans) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Loans And Allowance For Credit Losses [Abstract] | ||
Commercial | $ 25 | $ 49 |
Commercial real estate | 9 | 51 |
Consumer | 7 | 9 |
Outstanding balance | 41 | 109 |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Carrying Amount, Net | 27 | 77 |
ALLL | 0 | 1 |
Carrying amount, net | $ 27 | $ 76 |
Loans And Allowance For Credit Losses (Schedule Of Changes In The Accretable Yield For PCI Loans) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loans And Allowance For Credit Losses [Abstract] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | $ 20 | $ 24 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Reclassifications (to) from Nonaccretable Difference | 0 | 11 |
Changes in Accretable Yield [Roll Forward] | ||
Balance at beginning of period | 33 | 40 |
Disposals and other | 1 | 6 |
Balance at end of period | $ 14 | $ 33 |
Derivative Instruments And Hedging Activities (Narrative) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative [Line Items] | |||
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion | $ 1,000,000 | ||
Derivatives designated for hedges of investments in foreign operations | $ 0 | ||
Fair values of derivative assets reduced (increased) by net credit valuation adjustments | 2,000,000 | ||
Notional amount of bank and insurance trust preferred CDOs | 6,824,000,000 | $ 6,209,000,000 | |
Cash collateral pledged for derivative liabilities | 38,000,000 | ||
Additional collateral that would be required to be pledge if credit rating was downgraded by one notch | 1,000,000 | ||
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | 1,000,000 | 1,000,000 | |
Other Liabilities [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 40,000,000 | 59,000,000 | |
Other Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | |||
Derivative [Line Items] | |||
Gross amounts recognized | $ 40,000,000 | $ 59,000,000 |
Derivative Instruments And Hedging Activities (Schedule Of Notional Amounts And Recorded Gross Fair Values And Related Gain (Loss) Of Derivative Instruments) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Derivative [Line Items] | ||
Total derivatives, Notional amount | $ 6,824 | $ 6,209 |
Amount of derivative gain (loss), recognized in OCI | (8) | 8 |
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 4 | 11 |
Derivatives instruments, Noninterest income (expense) | 27 | 26 |
Derivatives designated as hedging instruments, Offset to interest expense | 0 | 0 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 38 | 64 |
Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | 40 | 59 |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Notional amount | 1,138 | 1,388 |
Amount of derivative gain (loss), recognized in OCI | (8) | 8 |
Amount of derivative gain (loss), Reclassified from AOCI to interest income | 4 | 11 |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 0 | 2 |
Derivatives Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | Cash Flow Hedges [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | 0 | 1 |
Derivatives Not Designated As Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Notional amount | 5,686 | 4,821 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 38 | 62 |
Derivatives Not Designated As Hedging Instruments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | 40 | 58 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Notional amount | 223 | 235 |
Derivatives instruments, Noninterest income (expense) | (1) | 1 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 1 | 2 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | 0 | 0 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Notional amount | 4,550 | 4,162 |
Derivatives instruments, Noninterest income (expense) | 11 | 14 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 28 | 49 |
Derivatives Not Designated As Hedging Instruments [Member] | Interest Rate Swaps For Customers [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | 33 | 49 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange [Member] | ||
Derivative [Line Items] | ||
Total derivatives, Notional amount | 913 | 424 |
Derivatives instruments, Noninterest income (expense) | 17 | 11 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, assets | 9 | 11 |
Derivatives Not Designated As Hedging Instruments [Member] | Foreign Exchange [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivatives hedging instruments, liabilities | $ 7 | $ 9 |
Premises and Equipment (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Land | $ 234 | $ 229 |
Investment Building and Building Improvements | 720 | 683 |
Fixtures and Equipment, Gross | 451 | 458 |
Leasehold Improvements, Gross | 135 | 140 |
Capitalized Computer Software, Gross | 401 | 355 |
Property, Plant and Equipment, Gross | 1,941 | 1,865 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 847 | 845 |
Premises and equipment, net | $ 1,094 | $ 1,020 |
Goodwill And Other Intangible Assets Goodwill and Other Intangible Assets (Narative) (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 30, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Goodwill [Line Items] | |||||
Amortization of Intangible Assets | $ 6,000,000 | $ 8,000,000 | $ 9,000,000 | ||
Goodwill, Impairment Loss | 0 | $ 0 | |||
Bank Susidiaries except The Commerce Bank of Oregon [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, Impairment Loss | $ 0 | ||||
Subsequent Event [Member] | |||||
Goodwill [Line Items] | |||||
Amortization of Intangible Assets | $ 1,000,000 | $ 2,000,000 |
Goodwill And Other Intangible Assets (Amortizing Intangible Assets) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 195 | $ 195 |
Accumulated amortization | (193) | (187) |
Net carrying amount | 2 | 8 |
Goodwill impairment | 0 | 0 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 167 | 167 |
Accumulated amortization | (165) | (159) |
Net carrying amount | 2 | 8 |
Customer Relationships And Other Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 28 | 28 |
Accumulated amortization | (28) | (28) |
Net carrying amount | $ 0 | $ 0 |
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | $ 1,014 | $ 1,014 |
Impairment losses | 0 | 0 |
Goodwill, Ending Balance | 1,014 | 1,014 |
Zions Bank [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 20 | 20 |
Impairment losses | 0 | 0 |
Goodwill, Ending Balance | 20 | 20 |
California Bank And Trust [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 379 | 379 |
Impairment losses | 0 | 0 |
Goodwill, Ending Balance | 379 | 379 |
Amegy Corporation [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning Balance | 615 | 615 |
Impairment losses | 0 | 0 |
Goodwill, Ending Balance | $ 615 | $ 615 |
Deposits (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Deposits [Abstract] | ||
Time Deposits, Less than $250,000 | $ 1,200 | $ 1,400 |
Time Deposits, $250,000 or More, Domestic | 1,900 | 1,400 |
Deposit overdrafts reclassified as loan balances | $ 14 | $ 11 |
Deposits (Scheduled Maturities Of All Time Deposits) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Deposits [Abstract] | ||
2018 | $ 2,584 | |
2019 | 256 | |
2020 | 132 | |
2021 | 85 | |
2022 | 57 | |
Thereafter | 1 | |
Time Deposits, total | $ 3,115 | $ 2,757 |
Deposits Deposits (Time Deposits Denomination of $100,000 and Over) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Time Deposits (Denomination of $100,000 and Over) [Abstract] | |
Contractual Maturities, Time Deposits, $100,000 or More, Three Months or Less | $ 1,023 |
Contractual Maturities, Time Deposits, $100,000 or More, Three Months Through Six Months | 485 |
Contractual Maturities, Time Deposits, $100,000 or More, Six Months Through 12 Months | 508 |
Contractual Maturities, Time Deposits, $100,000 or More, after 12 Months | 312 |
Time Deposits, $100,000 or More | $ 2,328 |
Short-Term Borrowings (Narrative) (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Short-term Debt [Abstract] | |
Number of maturity days of short-term borrowings, maximum | 30 |
Secured Debt, Repurchase Agreements Overnight | $ 31 |
Example1 of term repurchase security agreement term | 30 |
Term repurchase securitiy agreement term example2 | 60 |
Secured Debt, Repurchase Agreements Term | $ 323 |
Percentage of outstanding advance for unencumbered collateral | 100.00% |
Amount available for FHLB advances | $ 9,000 |
Amount available for federal reserve borrowings | $ 6,000 |
Short-Term Borrowings (Summary Of Short-Term Borrowings) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||
Short-term Debt [Line Items] | |||
Average amount outstanding | $ 2,657 | $ 37 | $ 0 |
Weighted average rate | 1.13% | 0.59% | 0.00% |
Highest month-end balance | $ 3,750 | $ 750 | $ 0 |
Year-end balance | $ 3,600 | $ 500 | $ 0 |
Weighted average rate on outstandings at year-end | 1.44% | 0.75% | 0.00% |
Short-term Debt [Member] | |||
Short-term Debt [Line Items] | |||
Year-end balance | $ 4,976 | $ 827 | $ 347 |
Security Owned and Sold, Not yet Purchased Fair Value, Security Sold, Not yet Purchased | 95 | 25 | 30 |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Year-end balance | 927 | 106 | 111 |
Security Repurchase Agreements [Member] | |||
Short-term Debt [Line Items] | |||
Year-end balance | $ 354 | $ 196 | $ 206 |
Long-Term Debt (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 15, 2023 |
Nov. 15, 2018 |
May 15, 2014 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | ||||||
Senior Notes | $ 153 | |||||
Extinguishment of Debt, Amount | 0 | $ 1 | $ 3 | |||
Capital Lease Obligations | $ 1 | 1 | ||||
Junior Subordinated Notes | 165 | |||||
Long-term Debt, Interest Rate 6.95% | 6.95% | |||||
Long-Term Debt, Interest Rate 5.65% | 5.65% | |||||
Stock Redeemed or Called During Period, Value | $ 144 | (126) | $ (176) | |||
Subordinated debt converted to preferred stock | (90) | |||||
Senior medium-term notes | 135 | $ 288 | ||||
Long-term debt, Parent only maturities | 382 | |||||
Parent Company [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, Parent only maturities | $ 382 | |||||
Subordinated Notes Interest Rate 5.65 Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
New interest rate | 3mL+4.19% | |||||
Interest payments begin | May 15, 2014 | |||||
Subordinated Notes Interest Rate 6.95 Percent [Member] | ||||||
Debt Instrument [Line Items] | ||||||
New interest rate | 3mL+3.89% |
Long-Term Debt (Schedule Of Long-Term Debt) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Junior subordinated debentures related to trust preferred securities | $ 165 | |
Subordinated notes | $ 247 | 246 |
Senior medium-term notes | 135 | 288 |
Capital Lease Obligations | 1 | 1 |
Long-term debt, total | $ 383 | $ 535 |
Long-Term Debt (Schedule Of Subordinated Notes) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
May 15, 2014 |
Dec. 31, 2016 |
---|---|---|---|
Subordinated Borrowing [Line Items] | |||
Long-Term Debt, Interest Rate 5.65% | 5.65% | ||
Subordinated notes, Balance | $ 247 | $ 246 | |
Subordinated Notes Par Amount | 250 | ||
Long-term Debt, Interest Rate 6.95% | 6.95% | ||
Subordinated Notes Interest Rate 5.65 Percent [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated notes, Balance | $ 160 | ||
Subordinated Notes Par Amount | 162 | ||
Subordinated notes, Maturity | Nov. 01, 2023 | ||
Interest payments begin | May 15, 2014 | ||
Subordinated Notes Interest Rate 6.95 Percent [Member] | |||
Subordinated Borrowing [Line Items] | |||
Subordinated notes, Balance | $ 87 | ||
Subordinated Notes Par Amount | $ 88 | ||
Subordinated notes, Maturity | Sep. 01, 2028 |
Long-Term Debt (Schedule Of Senior Medium-Term Notes) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 165 | |
Senior medium-term notes | $ 135 | 288 |
Long-term Senior notes redeemed | 100 | |
Debt Redemptions and Repurchases, Par | 265 | |
Senior Medium-Term Notes four point five zero percent with maturity of June 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Senior medium-term notes | $ 135 | |
Senior Medium Term Notes, Par Amount | 136 | |
Schedule Of Maturities On Long-Term Debt | June 1, 2023 | |
Long-Term Debt, Senior Note at 3.60% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Senior notes redeemed | 11 | |
Long-Term Debt, Senior Note at 4.00% [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Senior notes redeemed | $ 89 |
Long-Term Debt (Schedule Of Maturities On Long-Term Debt) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Long-term debt, excluding associated hedges | $ 383 |
2013 | 0 |
2014 | 1 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
Thereafter | 382 |
Parent Company [Member] | |
Debt Instrument [Line Items] | |
Long-term debt, excluding associated hedges | 382 |
2013 | 0 |
2014 | 0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
Thereafter | $ 382 |
Long-Term Debt Long-Term Debt (Schedule Of Early Redemption)(Details) (Details) $ in Millions |
Dec. 31, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Junior Subordinated Notes | $ 165 |
Debt Redemptions and Repurchases, Par | 265 |
Long-term Senior notes redeemed | 100 |
Long-Term Debt, Senior Note at 3.60% [Member] | |
Debt Instrument [Line Items] | |
Long-term Senior notes redeemed | 11 |
Long-Term Debt, Senior Note at 4.00% [Member] | |
Debt Instrument [Line Items] | |
Long-term Senior notes redeemed | 89 |
Junior Subordinated Notes, Coupon Rate, 3mL 2.85% [Member] | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | 51 |
Junior Subordinated Notes, Coupon Rate, 3mL 1.90% 2.22% [Member] | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | 36 |
Junior Subordinated Notes, Coupon Rate, 3mL 1.78% 2.29% [Member] | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | 62 |
Junior Subordinated Notes, Coupon Rate, 3mL 3.15% 3.75% [Member] | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | 8 |
Junior Subordinated Notes, Coupon Rate, 3mL 2.89% 3.42% [Member] | |
Debt Instrument [Line Items] | |
Junior Subordinated Notes | $ 8 |
Long-Term Debt Debt Extinguishment Costs (Details) |
12 Months Ended |
---|---|
Dec. 31, 2017 | |
Extinguishment of Debt [Line Items] | |
Schedule of Debt Extinguishment Costs [Table Text Block] | During 2017, we had no debt extinguishment costs, compared with less than $1 million in 2016 and $3 million in 2015. |
Shareholders' Equity (Narrative) (Details) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2017
USD ($)
$ / shares
|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2017
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
shares
|
|
Schedule of Equity Method Investments [Line Items] | ||||||
Current Fiscal Year End Date | --12-31 | |||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 19.0 | $ (45.0) | ||||
Liquidation preference of preferred stock (per share) | $ / shares | $ 1,000 | |||||
Preferred stock, authorized shares | shares | 4,400 | 4,400 | ||||
Carrying value, Preferred stock | $ 566.0 | $ 710.0 | ||||
Common Stock | $ 4,445.0 | $ 4,725.0 | ||||
Common Stock, Shares, Issued | shares | 197,532 | 203,085 | ||||
Warrants sold | shares | 29,300 | |||||
Common stock issued for preferred stock redemption | $ 144.0 | $ (126.0) | $ (176.0) | |||
Preferred Stock Redemption Premium | $ 2.0 | |||||
Stock Repurchased During Period, Shares | shares | 7,000 | 3,000 | ||||
Stock Repurchased and Retired During Period, Value | $ (115.0) | $ 320.0 | $ 90.0 | |||
Treasury Stock Acquired, Average Cost Per Share | $ / shares | $ 53.46 | $ 45.66 | $ 31.15 | |||
Treasury Stock Acquired, Repurchase Authorization | 120 | |||||
Preferred Stock, Tender Offer | $ 120.0 | |||||
Preferred Stock, Liquidation Preference, Value | $ 118.0 | |||||
Payments for Repurchase of Redeemable Preferred Stock | $ 126.0 | |||||
Preferred Stock Redemption | $ 10.0 | |||||
Common stock, outstanding shares | shares | 197,532 | 203,085 | ||||
Total invested assets of trusts | $ 102.0 | $ 91.0 | ||||
Total obligations of trusts | 116.0 | 105.0 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1.0) | 0.0 | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 11.0 | 5.0 | ||||
Preferred stock, liquidation preference per depositary share | $ / shares | $ 25 | |||||
Common Stock Held in Trust | $ 14.0 | 14.1 | ||||
Warrant Exercise Price | $ / shares | $ 35.37 | |||||
Depositary Share, Preferred Stock Ownership Interest | 1/40 | |||||
Troubled Asset Relief Program, Stock | $ 1.0 | |||||
Effect of Change in Tax Rate, OCI | $ 25.0 | 0.0 | 0.0 | |||
Series I Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred stock, authorized shares | shares | 300,893 | |||||
Carrying value, Preferred stock | $ 99.0 | 99.0 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.80% | |||||
Series A Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred stock, authorized shares | shares | 140,000 | |||||
Variable dividend payment rate | > of 4.0% or 3mL+0.52% | |||||
Carrying value, Preferred stock | $ 67.0 | 67.0 | ||||
Series F Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred stock, authorized shares | shares | 0 | |||||
Carrying value, Preferred stock | $ 0.0 | 144.0 | ||||
Preferred Stock, Dividend Rate, Percentage | 7.90% | |||||
Series G Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred stock, authorized shares | shares | 200,000 | |||||
Carrying value, Preferred stock | $ 138.0 | 138.0 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.30% | |||||
Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock issued for preferred stock redemption | $ 144.0 | (118.0) | (176.0) | |||
Retained Earnings [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock issued for preferred stock redemption | $ 2.0 | (10.0) | (3.0) | |||
Warrant [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock warrants issued to the U.S. Treasury | 5,800,000 | |||||
Common Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock issued for preferred stock redemption | $ (2.0) | $ 2.0 | $ 3.0 | |||
Stock Repurchased During Period, Shares | shares | (7,009) | (2,889) | ||||
Stock Repurchased and Retired During Period, Value | $ 320.0 | |||||
Common stock, outstanding shares | shares | 197,532 | 203,085 | 204,417 | 203,015 | ||
Warrant Exercise Price [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Common stock warrants issued to the U.S. Treasury | 0 | |||||
Series G Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred Stock, Liquidation Preference, Value | $ 33.0 | |||||
Series I Preferred Stock [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred Stock, Liquidation Preference, Value | 26.0 | |||||
SERIES J STOCK [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Preferred Stock, Liquidation Preference, Value | $ 59.0 | |||||
Future [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Troubled Asset Relief Program, Stock | 29.0 | |||||
Warrant [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Troubled Asset Relief Program, Stock | 3.2 | |||||
Next Twelve Months [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Troubled Asset Relief Program, Stock | $ 2.6 |
Shareholders' Equity (Summary Of Preferred Stock) (Details) - USD ($) shares in Thousands, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Schedule of Equity Method Investments [Line Items] | ||
Common Stock Held in Trust | $ 14.0 | $ 14.1 |
Preferred stock, authorized shares | 4,400 | 4,400 |
Carrying value, Preferred stock | $ 566.0 | $ 710.0 |
Series A Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Rate | > of 4.0% or 3mL+0.52% | |
Earliest redemption date | Dec. 15, 2011 | |
Preferred stock, authorized shares | 140,000 | |
Outstanding Shares at December 31, 2012 | 66,139 | |
Carrying value, Preferred stock | $ 67.0 | 67.0 |
Series F Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earliest redemption date | Jun. 15, 2017 | |
Preferred stock, authorized shares | 0 | |
Outstanding Shares at December 31, 2012 | 0 | |
Carrying value, Preferred stock | $ 0.0 | 144.0 |
Preferred Stock, Dividend Rate, Percentage | 7.90% | |
Series G Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earliest redemption date | Mar. 15, 2023 | |
Preferred stock, authorized shares | 200,000 | |
Outstanding Shares at December 31, 2012 | 138,391 | |
Carrying value, Preferred stock | $ 138.0 | 138.0 |
Preferred Stock, Dividend Rate, Percentage | 6.30% | |
Series H Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earliest redemption date | Jun. 15, 2019 | |
Preferred stock, authorized shares | 126,221 | |
Outstanding Shares at December 31, 2012 | 126,221 | |
Carrying value, Preferred stock | $ 126.0 | 126.0 |
Preferred Stock, Dividend Rate, Percentage | 5.75% | |
Series I Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earliest redemption date | Jun. 15, 2023 | |
Preferred stock, authorized shares | 300,893 | |
Outstanding Shares at December 31, 2012 | 98,555 | |
Carrying value, Preferred stock | $ 99.0 | 99.0 |
Preferred Stock, Dividend Rate, Percentage | 5.80% | |
Series J Preferred Stock [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Earliest redemption date | Sep. 15, 2023 | |
Preferred stock, authorized shares | 195,152 | |
Outstanding Shares at December 31, 2012 | 136,368 | |
Carrying value, Preferred stock | $ 136.0 | $ 136.0 |
Preferred Stock, Dividend Rate, Percentage | 7.20% |
Shareholders' Equity (Summary Of Changes In Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Accumulated other comprehensive income [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (139) | $ (122) | $ (139) | $ (122) | $ (55) | ||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 19 | (45) | |||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1) | 0 | |||||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 11 | 5 | |||||||||
Other Comprehensive Income (Loss), Tax | 29 | (40) | |||||||||
Other comprehensive income (loss) | (17) | (67) | 73 | ||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6 | (65) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2 | (2) | |||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (47) | 0 | 0 | ||||||||
Effect of Change in Tax Rate, OCI | 25 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | 344 | 236 | 142 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 114 | $ 153 | $ 154 | $ 129 | 125 | $ 117 | $ 90 | $ 79 | 550 | 411 | 247 |
Reclassification of amortization of net actuarial gains losses pension and post retirement from AOCI, gross | (7) | (8) | (6) | ||||||||
Reclassification of pension and postretirement from accumulated other comprehensive income, tax | (3) | (3) | (2) | ||||||||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (114) | (92) | (114) | (92) | (18) | ||||||
Other comprehensive income (loss) | (22) | (74) | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | (74) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | 86 | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (20) | ||||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (3) | 1 | (3) | 1 | 1 | ||||||
Other comprehensive income (loss) | (4) | 0 | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1) | 7 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2) | (7) | |||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (1) | ||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 2 | 7 | 6 | ||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (22) | $ (31) | (22) | (31) | (38) | ||||||
Other comprehensive income (loss) | 9 | 7 | |||||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 9 | 2 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4 | 5 | 4 | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (4) | ||||||||||
Fixed income securities gain loss [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Gain (Loss) on Investments, Excluding Other than Temporary Impairments | 0 | 0 | (139) | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | (53) | ||||||||
Interest Rate Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated other comprehensive income [Line Items] | |||||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax | 4 | 11 | 9 | ||||||||
Income Tax Expense (Benefit) | $ 2 | $ 4 | $ 3 |
Regulatory Matters (Summary Of Actual Capital Amounts And Ratios For The Company And Its Three Largest Subsidiary Banks) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Parent Company [Member] | ||
Total capital (to risk-weighted assets), Actual Amount | $ 7,628 | $ 7,609 |
Capital to Risk Weighted Assets | 14.80% | 15.20% |
Total capital (to risk-weighted assets), To be well capitalized, Amount | $ 5,146 | $ 4,994 |
Total capital (to risk-weighted assets), To be well capitalized, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 6,805 | $ 6,738 |
Tier One Leverage Capital to Average Assets | 10.50% | 11.10% |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 13.20% | 13.50% |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Amount | $ 4,116 | $ 3,995 |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 6,239 | $ 6,028 |
Common Equity Tier One Capital Ratio | 12.10% | 12.10% |
Common Equity Tier One Capital to be Well Capitalized | $ 3,345 | $ 3,246 |
Common Equity Tier One Capital to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Capital | $ 6,805 | $ 6,738 |
ZB National Association [Member] | ||
Total capital (to risk-weighted assets), Actual Amount | $ 7,306 | $ 7,278 |
Capital to Risk Weighted Assets | 14.20% | 14.60% |
Total capital (to risk-weighted assets), To be well capitalized, Amount | $ 5,130 | $ 4,983 |
Total capital (to risk-weighted assets), To be well capitalized, Ratio | 10.00% | 10.00% |
Tier 1 capital (to risk-weighted assets), Actual Amount | $ 6,730 | $ 6,655 |
Tier One Leverage Capital to Average Assets | 10.40% | 11.00% |
Tier One Capital Required to be Well Capitalized | $ 3,227 | $ 3,027 |
Tier 1 capital (to risk-weighted assets), Actual Ratio | 13.10% | 13.40% |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Amount | $ 4,104 | $ 3,986 |
Tier 1 capital (to risk-weighted assets), To be well capitalized, Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 5,899 | $ 5,824 |
Common Equity Tier One Capital Ratio | 11.50% | 11.70% |
Common Equity Tier One Capital to be Well Capitalized | $ 3,334 | $ 3,239 |
Common Equity Tier One Capital to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier One Capital | $ 6,730 | $ 6,655 |
Tier One Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Guarantees, Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Guarantor Obligations [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | $ 36 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 29 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 25 | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 40 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 76 | ||
Commitments to Extend Credit Expiring in One Year | 6,200 | ||
standby letters of credit expiring in one year | 610 | ||
Standby Letters of Credit, Thereafter | 307 | ||
Guarantor Obligations, Current Carrying Value | 5 | ||
Reserve for Unfunded Lending Commitments | 1 | ||
Letters of Credit, Deferred Commitment Fees | 4 | ||
Commitments for Private Equity and Other Noninterest-bearing Investments | 31 | ||
Commitments for Private Equity or Other Non-Interest Bearing Investments Prohibited by the Volcker Rule | 4 | ||
Risk-weighted values assigned to all off-balance sheet financial and derivative instruments | 6,800 | $ 6,500 | |
Cash Reserve Deposit Required and Made | 366 | ||
Capital Lease Obligations, Current | 1 | ||
Accumulated Amortization, Deferred Finance Costs | 1 | ||
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 2 | ||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 2 | ||
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 1 | ||
Operating Leases, Rent Expense, Net | $ 61 | $ 65 | $ 63 |
Guarantees, Commitments And Contingencies (Schedule Of Guarantees Issued) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|
Guarantor Obligations [Line Items] | ||
Unused Commitments to Extend Credit | $ 19,583 | $ 18,274 |
Commercial letters of credit | 31 | 60 |
Total Unfunded Lending Commitments | 20,531 | 19,301 |
Financial Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Letters Of Credit Standby | 721 | 771 |
Performance Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Letters Of Credit Standby | $ 196 | $ 196 |
Retirement Plans (Narrative) (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017
USD ($)
shares
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4,000 | ||
Owner Occupied And Commercial Real Estate Loans Unamortized Premiums | 16,000 | $ 20,000 | |
Benefit liability other supplement retirement plans | $ 6,000 | 6,400 | |
Shares of company common stock | shares | 233,849 | ||
Rate of employee contribution from earnings | 80.00% | ||
Matching contribution allocation rate first time | 100.00% | ||
Employee contribution rate for first time matching | 3.00% | ||
Matching contribution allocation rate second time | 50.00% | ||
Employees contribution rate for second time matching | 2.00% | ||
Employer contribution in common stock | $ 26,100 | 25,500 | |
Minimum range of eligible compensation for noncontributory profit sharing feature | 0.00% | ||
Maximum range of eligible compensation for noncontributory profit sharing feature | 4.00% | ||
Accrued profit sharing expense | $ 11,000 | $ 6,000 | $ 6,000 |
Contribution rate of profit sharing expenses | 0.0175 | 0.01 | 0.01 |
Limited Partnerships, Capital Commitment | $ 9,000 | ||
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target investment allocation percentage in equity | 65.00% | ||
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target investment allocation percentage in equity | 30.00% | ||
Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target investment allocation percentage in equity | 5.00% | ||
Limited Liability Partnerships [Member] | |||
Defined Benefit Plan [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,000 | $ 5,000 | |
Common Stock [Member] | |||
Defined Benefit Plan [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 12,000 | 10,000 | |
Common Stock [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 97,000 | 92,000 | |
Debt [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 31,000 | 29,000 | |
Real Estate Investment [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan [Abstract] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,000 | $ 8,000 |
Retirement Plans (Schedule Of Net Periodic Benefit Cost (Credit) For Pension And Postretirement Plans) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 4 | ||
Settlement loss - net periodic benefit cost (credit) | 3 | $ 2 | $ 0 |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 10 | ||
Net gain (loss) in AOCI expected to be recognized in next year | (2) | ||
Defined Benefit Plan, Benefit Obligation | 154 | 165 | 173 |
Interest cost | 6 | 7 | 7 |
Expected return on plan assets | (11) | (11) | (12) |
Defined Benefit Plan, Amortization of Gain (Loss) | 4 | 6 | 6 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 2 | (2) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 19 | 13 | |
Defined Benefit Plan, Fair Value of Plan Assets | 168 | 161 | 157 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 26 | 13 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 4 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 14 | (4) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | 14 | (4) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 2 | 4 | 1 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (28) | (48) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (28) | (48) | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 10 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 10 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 10 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 9 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 45 | ||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 2 | ||
Net gain (loss) in AOCI expected to be recognized in next year | 0 | ||
Defined Benefit Plan, Benefit Obligation | 10 | 10 | 10 |
Interest cost | 1 | 1 | 1 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 | 0 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 1 | 1 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1 | 1 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (10) | (10) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (10) | (10) | |
Settlement loss - net periodic benefit cost (credit) | 0 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1 | 1 | 1 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | (2) | (2) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (2) | (2) | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 3 | ||
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 0 | ||
Net gain (loss) in AOCI expected to be recognized in next year | 0 | ||
Defined Benefit Plan, Benefit Obligation | 1 | 1 | 1 |
Interest cost | 0 | 0 | 0 |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 | 0 |
Defined Benefit Plan, Actuarial Net (Gains) Losses | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 0 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (1) | (1) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1) | (1) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 0 | 0 | $ 0 |
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | 0 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 0 | $ 0 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 0 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 0 |
Retirement Plans (Summary Of Reconciliation Of The Beginning And Ending Balances Of Assets Measured At Fair Value On A Recurring Basis Using Level 3 Inputs) (Details) - Guaranteed Deposit Account [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 11 | |
Fair value of plan assets at end of year | 9 | $ 11 |
Defined benefit plan investment purchases | 17 | 15 |
Purchases | (19) | (13) |
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 11 | 9 |
Fair value of plan assets at end of year | 9 | 11 |
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 11 | |
Fair value of plan assets at end of year | $ 9 | $ 11 |
Retirement Plans (Schedule Of Weighted Average Assumptions Based On The Pension Plan) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plan [Abstract] | |||
Discount rate, benefit obligation | 3.50% | 4.10% | 4.20% |
Discount rate, net periodic benefit cost | 410.00% | 420.00% | 395.00% |
Expected long-term return on plan assets, net periodic benefit cost | 725.00% | 750.00% | 750.00% |
Retirement Plans (Summary Of The Fair Values Of Pension Plan Investments According To The Fair Value Hierarchy And The Weighted Average Allocations) (Details) - USD ($) $ in Millions |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|
Guaranteed Deposit Account [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | $ 9 | $ 11 | |
Guaranteed Deposit Account [Member] | Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 9 | 11 | $ 9 |
Guaranteed Deposit Account [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 9 | 11 | |
Limited Liability Partnerships [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 4 | 5 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 12 | 10 | |
Common Stock [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 12 | 10 | |
Common Stock [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 97 | 92 | |
Debt Investments [Member] | Mutual Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 7 | 6 | |
Debt Investments [Member] | Mutual Funds [Member] | Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 7 | 6 | |
Debt Investments [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | 31 | 29 | |
Real Estate [Member] | Insurance Company Pooled Separate Accounts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair values of pension plan investments | $ 8 | $ 8 |
Retirement Plans Fair values of pension plan assets - Level 3 rolforward (Details) - Guaranteed Deposit Account [Member] - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan investment sales | $ (19) | $ (13) | |
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 11 | |
Defined benefit plan investment purchases | 17 | 15 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9 | $ 11 | $ 9 |
Retirement Plans Retirement Plans (Unfunded Commitments and Redemption) (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Retirement Benefits [Abstract] | |
Retirement Plans, Limited Partnership, Unfunded Commitments | $ 1 |
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of Stock Options and the Vesting of Restricted Stock and RSUs | $ 9.0 | $ 2.0 | $ 1.0 | |
Share-Based Compensation Expense, Change | $ 1.0 | |||
Restricted Stock | 38,978 | |||
Restricted Stock Units expected to vest | 1,181,384 | |||
Share Based Compensation Restricted Stock Value | $ 2.0 | |||
Share Based Compensation Restricted Stock Units Aggregate Intrinsic Value | $ 60.0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 27.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 21.0 | |||
Restricted Stock Units Outstanding | 1,709,813 | 2,047,158 | 1,798,543 | 1,769,420 |
Weighted Average Grant Price of Restricted Stock Forfeited | $ 28.12 | $ 26.28 | $ 27.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 27.06 | $ 26.44 | $ 27.30 | $ 31.60 |
Stock Options without a fixed expiration date | 21,252 | |||
Total shares authorized under stock option and incentive plan | 9,000,000 | |||
Number of shares available for future grants of stock options or restricted stock | 5,009,248 | |||
Compensation expense not yet recognized for nonvested share-based awards | $ 26.0 | |||
Nonvested share-based awards, expected weighted average period to be recognized, years | 2 years 3 months 18 days | |||
Total intrinsic value of stock options exercised | $ 17.0 | $ 10.0 | $ 7.0 | |
Cash received from the exercise of stock options | 23.0 | 24.0 | $ 23.0 | |
Aggregate intrinsic value of outstanding stock options | 61.0 | 59.0 | ||
Aggregate intrinsic value of exercisable options | $ 40.0 | $ 31.0 | ||
Outstanding stock options, Weighted average remaining contractual life (years) | 3 years 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 912,204 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,560,571 | 3,437,910 | 3,804,095 | 5,630,502 |
Total fair value of restricted stock vesting | $ 22.0 | $ 19.4 | ||
Weighted average issue price | $ 44.55 | $ 24.43 | $ 29.02 | |
Total fair value granted | $ 22.0 | $ 19.4 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 314 | 36,594 | 22,441 | |
Restricted Stock Units Granted | 587,396 | 1,033,167 | 790,929 | |
Weighted Average Grant Price of Restricted Stock Units Granted | $ 41.78 | $ 21.69 | $ 29.06 | |
Restricted Stock Units Vested | (803,492) | (724,713) | (673,385) | |
Weighted Average Grant Price of Restricted Stock Units Vested | $ 26.19 | $ 25.88 | $ 24.78 | |
Equity Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding stock options, Weighted average remaining contractual life (years) | 2 years 9 months 60 days | 3 years | ||
Director [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units Granted | 20,711 | 32,310 | 31,080 |
Share-Based Compensation (Compensation Expense And Related Tax Benefit For All Share-Based Awards) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation [Abstract] | |||
Compensation expense | $ 25 | $ 26 | $ 25 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 19 | $ 9 | $ 8 |
Share-Based Compensation (Weighted Average Of Fair Value And Significant Assumptions Used In Applying Black-Scholes Model For Options Granted) (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation [Abstract] | |||
Weighted average of fair value for options granted | $ 10.69 | $ 5.24 | $ 6.17 |
Expected dividend yield | 1.80% | 1.30% | 1.30% |
Expected volatility | 30.00% | 30.00% | 25.00% |
Risk-free interest rate | 1.81% | 1.21% | 1.57% |
Expected life (in years) | 5 years | 5 years | 5 years |
Share-Based Compensation (Summary Of Stock Option Activity) (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Balance, Number of shares | 3,437,910 | 3,804,095 | 5,630,502 | |
Balance, Weighted average exercise price | $ 26.44 | $ 27.30 | $ 31.60 | |
Granted, Number of shares | 195,882 | 789,651 | 740,300 | |
Granted, Weighted average exercise price | $ 44.18 | $ 21.25 | $ 29.01 | |
Exercised, Number of shares | (941,761) | (1,055,532) | (1,165,287) | |
Exercised, Weighted average exercise price | $ 26.03 | $ 23.75 | $ 25.11 | |
Expired, Number of shares | (58,257) | (56,297) | (1,322,067) | |
Expired, Weighted average exercise price | $ 66.20 | $ 61.60 | $ 48.44 | |
Forfeited, Number of shares | (73,203) | (44,007) | (79,353) | |
Forfeited, Weighted average exercise price | $ 25.63 | $ 27.66 | $ 28.09 | |
Balance, Number of shares | 2,560,571 | 3,437,910 | 3,804,095 | 5,630,502 |
Balance, Weighted average exercise price | $ 27.06 | $ 26.44 | $ 27.30 | $ 31.60 |
Outstanding stock options exercisable, Number of shares | 1,648,367 | 1,892,136 | 2,187,259 | |
Outstanding stock options exercisable, Weighted average exercise price | $ 26.55 | $ 27.60 | $ 26.35 |
Share-Based Compensation (Schedule Of Additional Selected Information On Stock Options) (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 2,560,571 | 3,437,910 | 3,804,095 | 5,630,502 |
Outstanding stock options, Weighted average exercise price | $ 27.06 | $ 26.44 | $ 27.30 | $ 31.60 |
Outstanding stock options, Weighted average remaining contractual life (years) | 3 years 8 months 12 days | |||
Exercisable stock options, Number of shares | 1,648,367 | 1,892,136 | 2,187,259 | |
Exercisable stock options, Weighted average exercise price | $ 26.55 | $ 27.60 | $ 26.35 | |
Exercise Price Range $0.32 To $19.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 198,402 | |||
Outstanding stock options, Weighted average exercise price | $ 17.39 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 1 year 5 months | |||
Exercisable stock options, Number of shares | 198,402 | |||
Exercisable stock options, Weighted average exercise price | $ 17.39 | |||
Exercise Price Range $20.00 To $24.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 744,058 | |||
Outstanding stock options, Weighted average exercise price | $ 21.50 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 4 years 4 months | |||
Exercisable stock options, Number of shares | 276,953 | |||
Exercisable stock options, Weighted average exercise price | $ 22.33 | |||
Exercise Price Range $25.00 To $29.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 1,346,781 | |||
Outstanding stock options, Weighted average exercise price | $ 28.35 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 3 years 6 months | |||
Exercisable stock options, Number of shares | 1,094,021 | |||
Exercisable stock options, Weighted average exercise price | $ 28.30 | |||
Exercise Price Range $30.00 To $39.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 32,191 | |||
Outstanding stock options, Weighted average exercise price | $ 30.10 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 3 years 5 months | |||
Exercisable stock options, Number of shares | 32,191 | |||
Exercisable stock options, Weighted average exercise price | $ 30.10 | |||
Exercise Price Range Fourty Point Zero Zero To Fourty Four Point Nine Nine [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 192,339 | |||
Outstanding stock options, Weighted average exercise price | $ 44.17 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 6 years 1 month | |||
Exercisable stock options, Number of shares | 0 | |||
Exercisable stock options, Weighted average exercise price | $ 0.00 | |||
Exercise Price Range $45.00 To $49.99 [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Outstanding stock options, Number of shares | 46,800 | |||
Outstanding stock options, Weighted average exercise price | $ 47.10 | |||
Outstanding stock options, Weighted average remaining contractual life (years) | 3 months 24 days | |||
Exercisable stock options, Number of shares | 46,800 | |||
Exercisable stock options, Weighted average exercise price | $ 47.10 |
Share-Based Compensation (Summary Of Restricted Stock Activity) (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation [Abstract] | ||||
Nonvested restricted shares, Number of shares | 38,978 | 63,255 | 59,370 | 161,220 |
Nonvested restricted shares, Weighted average issue price | $ 25.91 | $ 25.43 | $ 23.49 | $ 21.82 |
Issued, Number of shares | 314 | 36,594 | 22,441 | |
Issued, Weighted average issue price | $ 44.55 | $ 24.43 | $ 29.02 | |
Vested, Number of shares | (24,591) | (32,709) | (123,161) | |
Vested, Weighted average issue price | $ 24.90 | $ 20.80 | $ 22.32 | |
Forfeited, Number of shares | (1,130) | |||
Forfeited, Weighted average issue price | $ 23.54 |
Share-Based Compensation Share Based Compensation (Summmary of Restricted Stock Unit Activity) (Details) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock Units Outstanding | 1,709,813 | 2,047,158 | 1,798,543 | 1,769,420 |
Weighted Average Grant Price of Restricted Stock Units | $ 30.08 | $ 25.08 | $ 27.39 | $ 25.64 |
Restricted Stock Units Granted | 587,396 | 1,033,167 | 790,929 | |
Weighted Average Grant Price of Restricted Stock Units Granted | $ 41.78 | $ 21.69 | $ 29.06 | |
Restricted Stock Units Vested | (803,492) | (724,713) | (673,385) | |
Restricted Stock Units Forfeited | (121,249) | (59,839) | (88,421) | |
Weighted Average Grant Price of Restricted Stock Units Vested | $ 26.19 | $ 25.88 | $ 24.78 | |
Weighted Average Grant Price of Restricted Stock Forfeited | $ 28.12 | $ 26.28 | $ 27.17 |
Income Taxes (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Investments, Owned, Federal Income Tax Note [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 47.0 | $ 0.0 | $ 0.0 | |
Current Fiscal Year End Date | --12-31 | |||
Effect of Change in Tax Rate, Early Adoption | $ 25.0 | |||
Unrecognized Tax Benefits, Decreases Resulting from Prior Period Tax Positions | $ 0.0 | 0.0 | $ 0.0 | |
Effective income tax rate reconciliation, at federal statutory income tax rate | 35.00% | |||
Deferred Tax Assets, Valuation Allowance | $ 2.0 | $ 2.0 | 4.0 | |
Deferred Tax Assets Net Operating Loss And Tax Credit Carry Forward Expiring Through Two Thousand Thirty | 1.0 | |||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2030 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5.0 | 5.0 | 3.0 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1.0 | $ 1.0 | $ 0.1 |
Income Taxes (Schedule Of Income Taxes (Benefit)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Taxes [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 1.0 | $ 0.1 | |
Current Federal, Income taxes (benefit) | 166.0 | 217.0 | $ 158.0 |
Deferred Federal Income taxes (benefit) | 146.0 | (4.0) | (32.0) |
Federal Income taxes (benefit) total | 312.0 | 213.0 | 126.0 |
Current State, Income taxes (benefit) | 24.0 | 27.0 | 14.0 |
Deferred State, Income taxes (benefit) | 8.0 | (4.0) | 2.0 |
State Income taxes (benefit) total | 32.0 | 23.0 | 16.0 |
Income Tax Expense (Benefit), Total | $ 344.0 | $ 236.0 | $ 142.0 |
Income Taxes (Schedule Of Statutory Federal Income Tax Rate Reconciles To Actual Income Tax Expense (Benefit)) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Taxes [Abstract] | |||
Deferred Tax Assets, Valuation Allowance | $ 2 | $ 4 | |
Income tax expense (benefit) at statutory federal rate | 327 | 247 | $ 158 |
State income taxes, net | 21 | 15 | 10 |
Other nondeductible expenses | 3 | 3 | 3 |
Nontaxable income | (33) | (25) | (20) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (8) | 0 | 0 |
Tax credits and other taxes | (1) | (2) | (3) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 47 | 0 | 0 |
Other | (14) | (2) | (6) |
Income Tax Expense (Benefit), Total | $ 344 | $ 236 | $ 142 |
Income Taxes (Schedule Of Tax Effects Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Taxes [Abstract] | |||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | $ 0 | $ 0 | $ 0 |
Gross deferred tax assets, Book loan loss deduction in excess of tax | 143 | 241 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Postretirement Benefits | 8 | 19 | |
Gross deferred tax assets, Deferred compensation | 48 | 87 | |
Gross deferred tax assets, Security investments and derivative fair value adjustments | 40 | 57 | |
Gross deferred tax assets, Net operating losses, capital losses and tax credits | 2 | 5 | |
FDIC Supported Transactions | 2 | 5 | |
Gross deferred tax assets, Other | 34 | 46 | |
Gross deferred tax assets | 277 | 460 | |
Gross deferred tax assets, Valuation allowance | (2) | (4) | |
Total deferred tax assets | 275 | 456 | |
Gross deferred tax liabilities, Core deposits and purchase accounting | 0 | (1) | |
Gross deferred tax liabilities, Premises and equipment, due to differences in depreciation | (51) | (8) | |
Gross deferred tax liabilities, FHLB stock dividends | (3) | (4) | |
Gross deferred tax liabilities, Leasing operations | (52) | (75) | |
Gross deferred tax liabilities, Prepaid expenses | (5) | (7) | |
Gross deferred tax liabilities, Prepaid pension reserves | (11) | (17) | |
Deferred Tax Liabilities, Mortgage Servicing Rights | (7) | (10) | |
Gross deferred tax liabilities, Subordinated debt modification | (9) | (31) | |
Deferred Tax Liabilities, Financing Arrangements | (23) | (25) | |
Deferred Tax Liabilities, Investments | (21) | (28) | |
Total deferred tax liabilities | (182) | (206) | |
Net deferred tax assets | $ 93 | $ 250 |
Income Taxes (Schedule Of Reconciliation Of Gross Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Taxes [Abstract] | ||||
Balance at beginning of year | $ 6 | $ 4 | $ 5 | $ 3 |
Tax positions related to current year, Additions | 1 | 1 | 1 | |
Tax positions related to current year, Reductions | 0 | 0 | 0 | |
Tax positions related to prior years, Additions | 1 | 1 | 1 | |
Tax positions related to prior years, Reductions | 0 | 0 | 0 | |
Tax Adjustments, Settlements, and Unusual Provisions | 0 | 0 | 0 | |
Lapses in statutes of limitations | 0 | (3) | 0 | |
Balance at end of year | $ 6 | $ 4 | $ 5 |
Net Earnings Per Common Share (Basic And Diluted Net Earnings Per Common Share Based On The Weighted Average Outstanding Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 124 | $ 161 | $ 168 | $ 139 | $ 137 | $ 127 | $ 114 | $ 91 | $ 592 | $ 469 | $ 309 |
Less common and preferred dividends, Basic | (131) | (115) | (108) | ||||||||
Undistributed Earnings, Diluted | 461 | 354 | 201 | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 4 | 4 | 2 | ||||||||
Undistributed earnings (loss) applicable to nonvested shares, Basic | 457 | 350 | 199 | ||||||||
Distributed earnings applicable to common shares, Basic | (88) | (57) | (45) | ||||||||
Net earnings (loss) applicable to common shareholders | $ 545 | $ 407 | $ 244 | ||||||||
Weighted average common shares outstanding | 200,776 | 203,855 | 203,265 | ||||||||
Net earnings (loss) per common share, Basic | $ 0.57 | $ 0.75 | $ 0.76 | $ 0.63 | $ 0.61 | $ 0.57 | $ 0.44 | $ 0.38 | $ 2.71 | $ 2.00 | $ 1.20 |
Additional weighted average dilutive shares, Diluted | 8,877 | 414 | 433 | ||||||||
Weighted average diluted common shares outstanding, Diluted | 209,653 | 204,269 | 203,698 | ||||||||
Net earnings (loss) per common share, Diluted | $ 0.54 | $ 0.72 | $ 0.73 | $ 0.61 | $ 0.60 | $ 0.57 | $ 0.44 | $ 0.38 | $ 2.60 | $ 1.99 | $ 1.20 |
Net Earnings Per Common Share Net Earnings Per Common Share Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Preferred stock redemption | $ 0 | $ 0 | $ (2) | $ 0 | $ 0 | $ 0 | $ (10) | $ 0 | ||
Dividends | $ (2) | $ (10) |
Operating Segment Information (Details) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
Branches
|
Sep. 30, 2017
USD ($)
|
Jun. 30, 2017
USD ($)
|
Mar. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
|
Dec. 31, 2017
USD ($)
Branches
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||||||||
Current Fiscal Year End Date | --12-31 | ||||||||||
Interest Income (Expense), Net | $ 526 | $ 522 | $ 528 | $ 489 | $ 480 | $ 469 | $ 465 | $ 453 | $ 2,065 | $ 1,867 | $ 1,715 |
Provision for Loan and Lease Losses | (11) | 5 | 7 | 23 | (3) | 19 | 35 | 42 | 24 | 93 | 40 |
Interest Income (Expense), after Provision for Loan Loss | 2,041 | 1,774 | 1,675 | ||||||||
Noninterest Income | 140 | 140 | 132 | 132 | 128 | 145 | 126 | 117 | 544 | 516 | 357 |
Noninterest Expense | $ 417 | 413 | 405 | 414 | 404 | 403 | 382 | 396 | $ 1,649 | 1,585 | 1,581 |
Number of community regional banks operating in distinct geographical areas | 7 | 7 | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 260 | $ 244 | $ 248 | $ 184 | $ 207 | $ 192 | $ 174 | $ 132 | $ 936 | 705 | 451 |
Income Tax Expense (Benefit) | 344 | 236 | 142 | ||||||||
Commerce Bank Of Washington [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 46 | 38 | 28 | ||||||||
Provision for Loan and Lease Losses | 2 | 0 | (3) | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 44 | 38 | 31 | ||||||||
Noninterest Income | 5 | 5 | 4 | ||||||||
Noninterest Expense | 20 | 19 | 17 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 29 | 24 | 18 | ||||||||
Average Loans And Leases | 926 | 791 | 707 | ||||||||
Average Deposits | 1,107 | 1,007 | 879 | ||||||||
California Bank And Trust [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 476 | 434 | 377 | ||||||||
Provision for Loan and Lease Losses | (5) | (9) | (4) | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 481 | 443 | 381 | ||||||||
Noninterest Income | 75 | 67 | 63 | ||||||||
Noninterest Expense | 299 | 290 | 294 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 257 | 220 | 150 | ||||||||
Average Loans And Leases | 9,539 | 9,211 | 8,556 | ||||||||
Average Deposits | 11,030 | 10,827 | 10,063 | ||||||||
Amegy Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 483 | 460 | 387 | ||||||||
Provision for Loan and Lease Losses | 25 | 163 | 91 | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 458 | 297 | 296 | ||||||||
Noninterest Income | 118 | 123 | 121 | ||||||||
Noninterest Expense | 336 | 326 | 373 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 240 | 94 | 44 | ||||||||
Average Loans And Leases | 11,021 | 10,595 | 10,148 | ||||||||
Average Deposits | 11,096 | 11,130 | 11,495 | ||||||||
Zions Bank [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 650 | 624 | 544 | ||||||||
Provision for Loan and Lease Losses | 19 | (22) | (28) | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 631 | 646 | 572 | ||||||||
Noninterest Income | 151 | 149 | 133 | ||||||||
Noninterest Expense | 436 | 424 | 430 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 346 | 371 | 275 | ||||||||
Average Loans And Leases | 12,481 | 12,538 | 12,118 | ||||||||
Average Deposits | 15,986 | 15,991 | 15,688 | ||||||||
Vectra Bank Colorado [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 126 | 120 | 101 | ||||||||
Provision for Loan and Lease Losses | 1 | (8) | 5 | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 125 | 128 | 96 | ||||||||
Noninterest Income | 25 | 23 | 21 | ||||||||
Noninterest Expense | 101 | 97 | 98 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 49 | 54 | 19 | ||||||||
Average Loans And Leases | 2,644 | 2,469 | 2,400 | ||||||||
Average Deposits | 2,756 | 2,720 | 2,792 | ||||||||
Nevada State Bank [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 134 | 122 | 94 | ||||||||
Provision for Loan and Lease Losses | (11) | (28) | (28) | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 145 | 150 | 122 | ||||||||
Noninterest Income | 40 | 39 | 36 | ||||||||
Noninterest Expense | 139 | 137 | 131 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 46 | 52 | 27 | ||||||||
Average Loans And Leases | 2,357 | 2,284 | 2,344 | ||||||||
Average Deposits | 4,254 | 4,137 | 3,891 | ||||||||
National Bank Of Arizona [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 206 | 190 | 152 | ||||||||
Provision for Loan and Lease Losses | (8) | (3) | 8 | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 214 | 193 | 144 | ||||||||
Noninterest Income | 40 | 40 | 36 | ||||||||
Noninterest Expense | 148 | 144 | 133 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 106 | 89 | 47 | ||||||||
Average Loans And Leases | 4,267 | 4,086 | 3,811 | ||||||||
Average Deposits | 4,762 | 4,576 | 4,311 | ||||||||
Consolidated Entities [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | 2,065 | 1,867 | 1,715 | ||||||||
Provision for Loan and Lease Losses | 24 | 93 | 40 | ||||||||
Interest Income (Expense), after Provision for Loan Loss | 2,041 | 1,774 | 1,675 | ||||||||
Noninterest Income | 544 | 516 | 357 | ||||||||
Noninterest Expense | 1,649 | 1,585 | 1,581 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 936 | 705 | 451 | ||||||||
Average Loans And Leases | 43,501 | 42,062 | 40,171 | ||||||||
Average Deposits | 52,200 | 50,595 | 48,638 | ||||||||
Other Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Income (Expense), Net | (56) | (121) | 32 | ||||||||
Provision for Loan and Lease Losses | 1 | 0 | (1) | ||||||||
Interest Income (Expense), after Provision for Loan Loss | (57) | (121) | 33 | ||||||||
Noninterest Income | 90 | 70 | (57) | ||||||||
Noninterest Expense | 170 | 148 | 105 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | (137) | (199) | (129) | ||||||||
Average Loans And Leases | 266 | 88 | 87 | ||||||||
Average Deposits | $ 1,209 | $ 207 | $ (481) | ||||||||
Vectra Bank Colorado [Member] | COLORADO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 36 | 36 | |||||||||
Vectra Bank Colorado [Member] | New Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 1 | 1 | |||||||||
National Bank Of Arizona [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 58 | 58 | |||||||||
Commerce Bank Of Washington [Member] | WASHINGTON | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 1 | 1 | |||||||||
Commerce Bank Of Washington [Member] | OREGON | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 1 | 1 | |||||||||
California Bank And Trust [Member] | CALIFORNIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 92 | 92 | |||||||||
Zions Bank [Member] | UTAH | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 97 | 97 | |||||||||
Zions Bank [Member] | IDAHO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 23 | 23 | |||||||||
Zions Bank [Member] | WYOMING | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 1 | 1 | |||||||||
Amegy Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 73 | 73 | |||||||||
Nevada State Bank [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of Branches | Branches | 50 | 50 |
Quarterly Financial Information (Financial Information By Quarter) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Gross interest income | $ 562 | $ 557 | $ 558 | $ 515 | $ 501 | $ 491 | $ 487 | $ 475 | $ 2,192 | $ 1,954 | $ 1,833 |
Net interest income | 526 | 522 | 528 | 489 | 480 | 469 | 465 | 453 | 2,065 | 1,867 | 1,715 |
Provision for loan losses | (11) | 5 | 7 | 23 | (3) | 19 | 35 | 42 | 24 | 93 | 40 |
Noninterest Income | 140 | 140 | 132 | 132 | 128 | 145 | 126 | 117 | 544 | 516 | 357 |
Noninterest expense | 417 | 413 | 405 | 414 | 404 | 403 | 382 | 396 | 1,649 | 1,585 | 1,581 |
Income before income taxes | 260 | 244 | 248 | 184 | 207 | 192 | 174 | 132 | 936 | 705 | 451 |
Net income (loss) | 124 | 161 | 168 | 139 | 137 | 127 | 114 | 91 | 592 | 469 | 309 |
Preferred stock dividends | (10) | (8) | (12) | (10) | (12) | (10) | (14) | (12) | |||
Other Preferred Stock Dividends and Adjustments | (40) | (48) | (62) | ||||||||
Preferred stock redemption | 0 | 0 | (2) | 0 | 0 | 0 | (10) | 0 | |||
Preferred Stock Redemption | 0 | ||||||||||
Net earnings applicable to common shareholders | $ 114 | $ 153 | $ 154 | $ 129 | $ 125 | $ 117 | $ 90 | $ 79 | $ 550 | $ 411 | $ 247 |
Basic, per share | $ 0.57 | $ 0.75 | $ 0.76 | $ 0.63 | $ 0.61 | $ 0.57 | $ 0.44 | $ 0.38 | $ 2.71 | $ 2.00 | $ 1.20 |
Diluted | $ 0.54 | $ 0.72 | $ 0.73 | $ 0.61 | $ 0.60 | $ 0.57 | $ 0.44 | $ 0.38 | $ 2.60 | $ 1.99 | $ 1.20 |
Parent Company Financial Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Interest paid | $ 118,000 | $ 83,000 | $ 102,000 | |
Held-to-maturity, fair value | 762,000 | |||
Cash and due from banks | 548,000 | 737,000 | 798,000 | $ 842,000 |
Interest-bearing deposits | 782,000 | 1,411,000 | ||
Available-for-sale, at fair value | 15,161,000 | 13,372,000 | ||
Other noninterest-bearing investments | 1,029,000 | 884,000 | ||
Other assets | 916,000 | 984,000 | ||
Total assets | 66,288,000 | 63,239,000 | ||
Other liabilities | 571,000 | 942,000 | ||
Long-term debt | 383,000 | 535,000 | ||
Total liabilities | 58,609,000 | 55,605,000 | ||
Preferred stock | 566,000 | 710,000 | ||
Common Stock | 4,445,000 | 4,725,000 | ||
Retained earnings | 2,807,000 | 2,321,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (139,000) | (122,000) | (55,000) | |
Total shareholders' equity | 7,679,000 | 7,634,000 | 7,507,000 | 7,369,000 |
Total liabilities and shareholders' equity | 66,288,000 | 63,239,000 | ||
Allowance for loan losses | 518,000 | 567,000 | 606,000 | |
Parent Company [Member] | ||||
Interest paid | 26,000 | 35,000 | 51,000 | |
Cash and due from banks | 0 | 2,000 | $ 18,000 | $ 24,000 |
Interest-bearing deposits | 332,000 | 529,000 | ||
Held-to-maturity Securities | 0 | |||
Available-for-sale, at fair value | 30,000 | 40,000 | ||
Loans Receivable, Net | 0 | |||
Other noninterest-bearing investments | 36,000 | 29,000 | ||
Other assets | 32,000 | 81,000 | ||
Total assets | 8,091,000 | 8,257,000 | ||
Other liabilities | 30,000 | 89,000 | ||
Total liabilities | 412,000 | 623,000 | ||
Preferred stock | 566,000 | 710,000 | ||
Common Stock | 4,445,000 | 4,725,000 | ||
Retained earnings | 2,807,000 | 2,321,000 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (139,000) | (122,000) | ||
Total shareholders' equity | 7,679,000 | 7,634,000 | ||
Total liabilities and shareholders' equity | 8,091,000 | 8,257,000 | ||
Parent Company [Member] | Due To Others [Member] | ||||
Long-term debt | 382,000 | 534,000 | ||
Parent Company [Member] | Other Operating Companies [Member] | ||||
Investments in subsidiaries | 41,000 | 6,000 | ||
Parent Company [Member] | Commercial Banks And Bank Holding Company [Member] | ||||
Investments in subsidiaries | $ 7,620,000 | $ 7,570,000 |
Parent Company Financial Information (Condensed Statements Of Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other loans and securities | $ 1,847 | $ 1,729 | $ 1,686 | ||||||||
Total interest income | $ 562 | $ 557 | $ 558 | $ 515 | $ 501 | $ 491 | $ 487 | $ 475 | 2,192 | 1,954 | 1,833 |
Total interest expense | 127 | 87 | 118 | ||||||||
Net interest loss | (526) | (522) | (528) | (489) | (480) | (469) | (465) | (453) | (2,065) | (1,867) | (1,715) |
Provision for loan losses | 11 | (5) | (7) | (23) | 3 | (19) | (35) | (42) | (24) | (93) | (40) |
Net interest loss after provision for loan losses | 2,041 | 1,774 | 1,675 | ||||||||
Other income (loss) | (5) | (12) | (11) | ||||||||
Total noninterest income | 140 | 140 | 132 | 132 | 128 | 145 | 126 | 117 | 544 | 516 | 357 |
Salaries and employee benefits | 1,011 | 983 | 973 | ||||||||
Extinguishment of Debt, Amount | 0 | 1 | 3 | ||||||||
Total noninterest expense | 417 | 413 | 405 | 414 | 404 | 403 | 382 | 396 | 1,649 | 1,585 | 1,581 |
Income taxes (benefit) | 344 | 236 | 142 | ||||||||
Preferred stock dividends | (10) | (8) | (12) | (10) | (12) | (10) | (14) | (12) | |||
Net earnings applicable to common shareholders | $ 114 | $ 153 | $ 154 | $ 129 | $ 125 | $ 117 | $ 90 | $ 79 | 550 | 411 | 247 |
Parent Company [Member] | |||||||||||
Commercial bank subsidiaries | 0 | 1 | 1 | ||||||||
Other loans and securities | 1 | 2 | 3 | ||||||||
Total interest income | 1 | 3 | 4 | ||||||||
Affiliated trusts | 0 | 3 | 4 | ||||||||
Other borrowed funds | 25 | 34 | 64 | ||||||||
Total interest expense | 25 | 37 | 68 | ||||||||
Net interest loss | 24 | 34 | 64 | ||||||||
Equity and fixed income securities gains (losses), net | 0 | 0 | 37 | ||||||||
Other income (loss) | (7) | (4) | (13) | ||||||||
Total noninterest income | 594 | 267 | 284 | ||||||||
Salaries and employee benefits | 24 | 23 | 25 | ||||||||
Other operating expenses | 8 | (14) | 10 | ||||||||
Total noninterest expense | 32 | 9 | 35 | ||||||||
Income (loss) before income taxes and undistributed income (loss) of consolidated subsidiaries | 538 | 224 | 185 | ||||||||
Income taxes (benefit) | (42) | (19) | (27) | ||||||||
Income before equity in undistributed income (loss) of consolidated subsidiaries | 580 | 243 | 212 | ||||||||
Net Income (Loss) Attributable to Parent | 592 | 469 | 309 | ||||||||
Preferred stock dividends | (40) | (48) | (62) | ||||||||
Preferred stock redemption | (2) | (10) | 0 | ||||||||
Net earnings applicable to common shareholders | 550 | 411 | 247 | ||||||||
Parent Company [Member] | Other Operating Companies [Member] | |||||||||||
Equity in undistributed income (loss) of consolidated subsidiaries | 0 | (4) | (11) | ||||||||
Parent Company [Member] | Commercial Banks And Bank Holding Company [Member] | |||||||||||
Dividends from consolidated subsidiaries | 587 | 263 | 234 | ||||||||
Equity in undistributed income (loss) of consolidated subsidiaries | $ 12 | $ 230 | $ 108 |
Parent Company Financial Information (Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Net cash used in operating activities | $ 928 | $ 596 | $ 464 | |
Other, net | 8 | 7 | 18 | |
Net cash provided by (used in) investing activities | (3,919) | (3,436) | (2,579) | |
Net change in short-term funds borrowed | 2,149 | 480 | 103 | |
Repayments of long-term debt | (153) | (280) | (288) | |
Payments for Repurchase of Common Stock | (332) | (97) | (7) | |
Other, net | 0 | 2 | (1) | |
Net cash provided by (used in) financing activities | 2,802 | 2,779 | 2,071 | |
Net increase (decrease) in cash and due from banks | (189) | (61) | (44) | |
Cash and Due From Banks - Beginning of Year | 548 | 737 | 798 | $ 842 |
Interest paid | 118 | 83 | 102 | |
Extinguishment of Debt, Amount | 0 | 1 | 3 | |
Other Noncash Income (Expense) | (29) | (15) | (30) | |
Parent Company [Member] | ||||
Net income (loss) applicable to controlling interest | 592 | 469 | 309 | |
Undistributed net losses (income) of consolidated subsidiaries | (12) | (226) | (97) | |
Net cash used in operating activities | 524 | 212 | 290 | |
Net decrease (increase) in interest-bearing deposits | 196 | 347 | 132 | |
Collection of advances to subsidiaries | 0 | 0 | 56 | |
Advances to subsidiaries | 0 | 0 | (41) | |
Proceeds from Sale and Maturity of Marketable Securities | 20 | 4 | 125 | |
Purchases of investment securities | 0 | 0 | (47) | |
Decrease (increase) of investment in subsidiaries | 0 | 0 | 15 | |
Other, net | 2 | 7 | 4 | |
Net cash provided by (used in) investing activities | 218 | 358 | 244 | |
Repayments of long-term debt | (164) | (280) | (271) | |
Proceeds from issuance of common stock and warrants | 25 | 25 | 22 | |
Cash paid for preferred stock redemption | (144) | (126) | (176) | |
Payments for Repurchase of Common Stock | (332) | (97) | (7) | |
Dividends paid on preferred stock | (40) | (50) | (63) | |
Dividends, Common Stock, Cash | (89) | (58) | (45) | |
Net cash provided by (used in) financing activities | (744) | (586) | (540) | |
Net increase (decrease) in cash and due from banks | (2) | (16) | (6) | |
Cash and Due From Banks - Beginning of Year | 0 | 2 | 18 | $ 24 |
Interest paid | 26 | 35 | 51 | |
Other Noncash Income (Expense) | $ (56) | $ (31) | $ 78 |
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