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Business Segment Information (Tables)
 3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Business Segment Financial Results
Business segment financial results are as follows:
 
Business
Bank
 
Retail
Bank
 
Wealth Management
 
Finance
 
Other
 
Total
(dollar amounts in millions)
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Earnings summary:
 
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
$
380

 
$
125

 
$
41

 
$
(44
)
 
$
11

 
$
513

Provision for credit losses
396

 
3

 
12

 
—

 
—

 
411

Noninterest income
127

 
28

 
70

 
14

 
(2
)
 
237

Noninterest expenses
194

 
149

 
72

 
—

 
10

 
425

(Benefit) provision for income taxes
(20
)
 
—

 
6

 
(8
)
 
1

(a)
(21
)
Net (loss) income
$
(63
)
 
$
1

 
$
21

 
$
(22
)
 
$
(2
)
 
$
(65
)
Net credit-related charge-offs
$
83

 
$
1

 
$
—

 
$
—

 
$
—

 
$
84

 
 
 
 
 
 
 
 
 
 
 
 
Selected average balances:
 
 
 
 
 
 
 
 
 
 
 
Assets
$
44,254

 
$
2,864

 
$
5,078

 
$
14,285

 
$
6,784

 
$
73,265

Loans
42,593

 
2,075

 
4,936

 
—

 
—

 
49,604

Deposits
30,230

 
21,195

 
4,025

 
1,136

 
182

 
56,768

 
 
 
 
 
 
 
 
 
 
 
 
Statistical data:
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (b)
(0.58
)%
 
0.03
%
 
1.69
%
 
n/m

 
n/m

 
(0.35
)%
Efficiency ratio (c)
38.47

 
96.03

 
64.28

 
n/m

 
n/m

 
56.57

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Earnings summary:
 
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
$
412

 
$
146

 
$
48

 
$
(15
)
 
$
15

 
$
606

Provision for credit losses
(6
)
 
(4
)
 
(5
)
 
—

 
2

 
(13
)
Noninterest income
136

 
31

 
64

 
3

 
4

 
238

Noninterest expenses
198

 
145

 
72

 
—

 
18

 
433

Provision (benefit) for income taxes
82

 
8

 
11

 
(4
)
 
(12
)
(a)
85

Net income (loss)
$
274

 
$
28

 
$
34

 
$
(8
)
 
$
11

 
$
339

Net credit-related charge-offs (recoveries)
$
12

 
$
—

 
$
(1
)
 
$
—

 
$
—

 
$
11

 
 
 
 
 
 
 
 
 
 
 
 
Selected average balances:
 
 
 
 
 
 
 
 
 
 
 
Assets
$
43,909

 
$
2,812

 
$
5,174

 
$
13,585

 
$
4,291

 
$
69,771

Loans
42,538

 
2,103

 
5,036

 
—

 
—

 
49,677

Deposits
28,463

 
20,470

 
3,801

 
1,130

 
132

 
53,996

 
 
 
 
 
 
 
 
 
 
 
 
Statistical data:
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (b)
2.53
 %
 
0.54
%
 
2.67
%
 
n/m

 
n/m

 
1.97
 %
Efficiency ratio (c)
36.24

 
81.34

 
64.42

 
n/m

 
n/m

 
50.81

(a)
Included discrete tax benefits of $3 million and $11 million for the three months ended March 31, 2020 and 2019, respectively.
(b)
Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(c)
Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net (losses) gains from securities and a derivative contract tied to the conversion rate of Visa Class B shares.
n/m – not meaningful
Market Segment Financial Results
Market segment financial results are as follows:
 
Michigan
 
California
 
Texas
 
Other
Markets
 
Finance
& Other
 
Total
(dollar amounts in millions)
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Earnings summary:
 
 
 
 
 
 
 
 
 
 
 
Net interest income (expense)
$
163

 
$
182

 
$
115

 
$
86

 
$
(33
)
 
$
513

Provision for credit losses
24

 
51

 
290

 
46

 
—

 
411

Noninterest income
72

 
36

 
30

 
87

 
12

 
237

Noninterest expenses
140

 
98

 
84

 
93

 
10

 
425

Provision (benefit) for income taxes
15

 
17

 
(50
)
 
4

 
(7
)
(a)
(21
)
Net income (loss)
$
56

 
$
52

 
$
(179
)
 
$
30

 
$
(24
)
 
$
(65
)
Net credit-related charge-offs
$
3

 
$
11

 
$
70

 
$
—

 
$
—

 
$
84

 
 
 
 
 
 
 
 
 
 
 
 
Selected average balances:
 
 
 
 
 
 
 
 
 
 
 
Assets
$
12,899

 
$
18,377

 
$
11,154

 
$
9,766

 
$
21,069

 
$
73,265

Loans
12,191

 
18,027

 
10,566

 
8,820

 
—

 
49,604

Deposits
20,748

 
17,466

 
9,204

 
8,032

 
1,318

 
56,768

 
 
 
 
 
 
 
 
 
 
 
 
Statistical data:
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (b)
1.05
%
 
1.12
%
 
(6.45
)%
 
1.24
%
 
n/m

 
(0.35
)%
Efficiency ratio (c)
58.91

 
44.99

 
58.25

 
53.76

 
n/m

 
56.57

 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Earnings summary:
 
 
 
 
 
 
 
 
 
 
 
Net interest income
$
187

 
$
205

 
$
122

 
$
92

 
$
—

 
$
606

Provision for credit losses
5

 
(1
)
 
(11
)
 
(8
)
 
2

 
(13
)
Noninterest income
72

 
40

 
32

 
87

 
7

 
238

Noninterest expenses
139

 
100

 
84

 
92

 
18

 
433

Provision (benefit) for income taxes
26

 
37

 
19

 
19

 
(16
)
(a)
85

Net income
$
89

 
$
109

 
$
62

 
$
76

 
$
3

 
$
339

Net credit-related charge-offs (recoveries)
$
4

 
$
(3
)
 
$
13

 
$
(3
)
 
$
—

 
$
11

 
 
 
 
 
 
 
 
 
 
 
 
Selected average balances:
 
 
 
 
 
 
 
 
 
 
 
Assets
$
13,075

 
$
18,934

 
$
10,911

 
$
8,975

 
$
17,876

 
$
69,771

Loans
12,557

 
18,652

 
10,262

 
8,206

 
—

 
49,677

Deposits
19,893

 
16,238

 
8,697

 
7,906

 
1,262

 
53,996

 
 
 
 
 
 
 
 
 
 
 
 
Statistical data:
 
 
 
 
 
 
 
 
 
 
 
Return on average assets (b)
1.76
%
 
2.33
%
 
2.31
 %
 
3.41
%
 
n/m

 
1.97
 %
Efficiency ratio (c)
53.66

 
40.91

 
54.62

 
51.28

 
n/m

 
50.81

(a)
Included discrete tax benefits of $3 million and $11 million for the three months ended March 31, 2020 and 2019, respectively.
(b)
Return on average assets is calculated based on the greater of average assets or average liabilities and attributed equity.
(c)
Noninterest expenses as a percentage of the sum of net interest income and noninterest income excluding net (losses) gains from securities and a derivative contract tied to the conversion rate of Visa Class B shares.
n/m – not meaningful