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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
June 30, 2023 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,740 — — 2,740 
Obligations of states and political subdivisions securities— 2 — 2 
Mortgage-backed securities:

Agency residential mortgage-backed securities— 10,581 — 10,581 
Agency commercial mortgage-backed securities— 25,547 — 25,547 
Non-agency commercial mortgage-backed securities— 4,489 — 4,489 
Asset-backed securities and other debt securities— 5,134 — 5,134 
Available-for-sale debt and other securities(a)
2,740 45,753 — 48,493 
Trading debt securities:

U.S. Treasury and federal agencies securities628 23 — 651 
Obligations of states and political subdivisions securities— 69 — 69 
Agency residential mortgage-backed securities— 9 — 9 
Asset-backed securities and other debt securities— 410 — 410 
Trading debt securities628 511 — 1,139 
Equity securities319 12 — 331 
Residential mortgage loans held for sale— 596 — 596 
Residential mortgage loans(b)
— — 124 124 
Servicing rights— — 1,764 1,764 
Derivative assets:
Interest rate contracts8 1,333 10 1,351 
Foreign exchange contracts— 561 — 561 
Commodity contracts134 887 — 1,021 
Derivative assets(c)
142 2,781 10 2,933 
Total assets$3,829 49,653 1,898 55,380 
Liabilities:

Derivative liabilities:

Interest rate contracts$— 1,756 8 1,764 
Foreign exchange contracts— 518 — 518 
Equity contracts— — 204 204 
Commodity contracts34 904 — 938 
Derivative liabilities(d)
34 3,178 212 3,424 
Short positions:

U.S. Treasury and federal agencies securities83 — — 83 
Asset-backed securities and other debt securities— 110 — 110 
Short positions(d)
83 110 — 193 
Total liabilities$117 3,288 212 3,617 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $339, $493 and $4, respectively, at June 30, 2023.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2022 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,495 — — 2,495 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,237 — 11,237 
Agency commercial mortgage-backed securities— 26,322 — 26,322 
Non-agency commercial mortgage-backed securities— 4,715 — 4,715 
Asset-backed securities and other debt securities— 5,842 — 5,842 
Available-for-sale debt and other securities(a)
2,495 48,134 — 50,629 
Trading debt securities:
U.S. Treasury and federal agencies securities23 22 — 45 
Obligations of states and political subdivisions securities— 14 — 14 
Agency residential mortgage-backed securities— 8 — 8 
Asset-backed securities and other debt securities— 347 — 347 
Trading debt securities23 391 — 414 
Equity securities306 11 — 317 
Residential mortgage loans held for sale— 600 — 600 
Residential mortgage loans(b)
— — 123 123 
Servicing rights— — 1,746 1,746 
Derivative assets:
Interest rate contracts12 1,222 7 1,241 
Foreign exchange contracts— 454 — 454 
Commodity contracts56 1,422 — 1,478 
Derivative assets(c)
68 3,098 7 3,173 
Total assets$2,892 52,234 1,876 57,002 
Liabilities:
Derivative liabilities:
Interest rate contracts$7 1,970 8 1,985 
Foreign exchange contracts— 422 — 422 
Equity contracts— — 195 195 
Commodity contracts92 1,258 — 1,350 
Derivative liabilities(d)
99 3,650 203 3,952 
Short positions:
U.S. Treasury and federal agencies securities66 — — 66 
Asset-backed securities and other debt securities— 112 — 112 
Short positions(d)
66 112 — 178 
Total liabilities$165 3,762 203 4,130 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $381, $491 and $2, respectively, at December 31, 2022.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Condensed Consolidated Balance Sheets.
(d)Included in other liabilities in the Condensed Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended June 30, 2023 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$128 1,725 3 (192)1,664 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings(1)13 11 (30)(7)
Purchases/originations— 26 — — 26 
Settlements(3)— (12)18 3 
Transfers into Level 3(c)
— — — — — 
Balance, end of period$124 1,764 2 (204)1,686 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at June 30, 2023
$(1)33 6 (30)8 
(a)Net interest rate derivatives include derivative assets and liabilities of $10 and $8, respectively, as of June 30, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2023.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the three months ended June 30, 2022 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$145 1,444 (2)(198)1,389 
Total gains (losses) (realized/unrealized):(b)
 Included in earnings(7)32 12 (18)19 
Purchases/originations/acquisitions— 106 4 — 110 
Settlements(6)— (6)17 5 
Transfers into Level 3(c)
1 — — — 1 
Balance, end of period$133 1,582 8 (199)1,524 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at June 30, 2022
$(7)65 12 (18)52 
(a)Net interest rate derivatives include derivative assets and liabilities of $17 and $9, respectively, as of June 30, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the six months ended June 30, 2023 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$123 1,746 (1)(195)1,673 
Total (losses) gains (realized/unrealized):(b)
 Included in earnings1 (40)25 (61)(75)
Purchases/originations— 58 (2)— 56 
Settlements(5)— (20)52 27 
Transfers into Level 3(c)
5 — — — 5 
Balance, end of period$124 1,764 2 (204)1,686 
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at June 30, 2023
$1 (3)6 (61)(57)
(a)Net interest rate derivatives include derivative assets and liabilities of $10 and $8, respectively, as of June 30, 2023.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2023.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the six months ended June 30, 2022 ($ in millions)
Residential
Mortgage
Loans		Servicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total
Fair Value
Balance, beginning of period$154 1,121 4 (214)1,065 
Total gains (losses) (realized/unrealized):(b)
 Included in earnings(13)169 13 (29)140 
Purchases/originations/acquisitions— 292 2 — 294 
Settlements(15)— (11)44 18 
Transfers into Level 3(c)
7 — — — 7 
Balance, end of period$133 1,582 8 (199)1,524 
The amount of total gains (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held at June 30, 2022
$(13)267 13 (29)238 
(a)Net interest rate derivatives include derivative assets and liabilities of $17 and $9, respectively, as of June 30, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at June 30, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The total losses and gains included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
June 30,		For the six months ended
June 30,
($ in millions)2023202220232022
Mortgage banking net revenue$22 36 (16)167 
Commercial banking revenue1 1 2 2 
Other noninterest income(30)(18)(61)(29)
Total (losses) gains$(7)19 (75)140 

The total losses and gains included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at June 30, 2023 and 2022 were recorded in the Condensed Consolidated Statements of Income as follows:
For the three months ended
June 30,		For the six months ended
June 30,
($ in millions)2023202220232022
Mortgage banking net revenue$37 69 2 265 
Commercial banking revenue1 1 2 2 
Other noninterest income(30)(18)(61)(29)
Total (losses) gains$8 52 (57)238 
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Recurring
The following tables present information as of June 30, 2023 and 2022 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of June 30, 2023 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of Inputs
Weighted-Average
Residential mortgage loans$124 Loss rate modelInterest rate risk factor(23.5)-5.5%(11.8)%
(a)
Credit risk factor— -1.1%0.2 %
(a)
(Fixed)
5.2 %
(b)
Servicing rights1,764 DCFPrepayment speed— -100.0%
(Adjustable)
20.3 %
(b)
(Fixed)
628 
(b)
OAS (bps)477 -1,447
(Adjustable)
1,204 
(b)
IRLCs, net8 DCFLoan closing rates30.2 -97.5%82.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(204)DCFTiming of the resolution
   of the Covered Litigation		Q3 2024-Q1 2027Q3 2025
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of June 30, 2022 ($ in millions)
Financial InstrumentFair ValueValuation
Technique		Significant
Unobservable Inputs		Range of InputsWeighted-Average
Residential mortgage loans$133 Loss rate modelInterest rate risk factor(19.2)-4.4 %(8.3)%
(a)
Credit risk factor— -23.3 %0.2 %
(a)
(Fixed)5.3 %
(b)
Servicing rights1,582 DCFPrepayment speed— -100.0 %(Adjustable)20.3 %
(b)
(Fixed)796 
(b)
OAS (bps)615-1,513(Adjustable)1,204 
(b)
IRLCs, net11 DCFLoan closing rates34.5 -98.5 %86.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares
(199)DCFTiming of the resolution
   of the Covered Litigation		Q3 2023-Q3 2026Q4 2024
(d)
(a)Unobservable inputs were weighted by the relative carrying value of the instruments.
(b)Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c)Unobservable inputs were weighted by the relative notional amount of the instruments.
(d)Unobservable inputs were weighted by the probability of the final funding date of the instruments.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of June 30, 2023 and 2022, and for which a nonrecurring fair value adjustment was recorded during the three and six months ended June 30, 2023 and 2022, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.

Fair Value Measurements UsingTotal Losses
As of June 30, 2023 ($ in millions)Level 1Level 2Level 3Total
For the three months ended June 30, 2023
For the six
months ended June 30, 2023
Commercial loans held for sale$— — 7 7 — — 
Commercial loans and leases— — 171 171 (21)(97)
Consumer and residential mortgage loans— — 193 193 (6)(8)
OREO— — 5 5 (1)(1)
Bank premises and equipment— — 4 4 — (1)
Private equity investments— — — — (1)(2)
Total$— — 380 380 (29)(109)
Fair Value Measurements UsingTotal (Losses) Gains
As of June 30, 2022 ($ in millions)Level 1Level 2Level 3Total
For the three months ended
 June 30, 2022
For the six
months ended
June 30, 2022
Commercial loans and leases— — 180 180 (15)(47)
Consumer and residential mortgage loans— — 115 115 — — 
OREO— — 2 2 — 1 
Bank premises and equipment— — 2 2 (1)(1)
Operating lease equipment— — 5 5 — (2)
Private equity investments— 9 — 9 (1)(7)
Total$— 9 304 313 (17)(56)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Input, Nonrecurring
The following tables present information as of June 30, 2023 and 2022 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:

As of June 30, 2023 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$7 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases171 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans193 Appraised valueCollateral valueNMNM
OREO5 Appraised valueAppraised valueNMNM
Bank premises and equipment4 Appraised valueAppraised valueNMNM
Private equity investments— Comparable company analysisMarket comparable transactionsNMNM

As of June 30, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans and leases$180 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans115 Appraised valueCollateral valueNMNM
OREO2 Appraised valueAppraised valueNMNM
Bank premises and equipment2 Appraised valueAppraised valueNMNM
Operating lease equipment5 Appraised valueAppraised valueNMNM
Difference Between the Fair Value and the Unpaid Principal Balance for Loans
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
June 30, 2023 ($ in millions)
Aggregate
Fair Value
Aggregate Unpaid
Principal Balance

Difference
Residential mortgage loans measured at fair value$720 733 (13)
Nonaccrual loans3 3 — 
December 31, 2022

Residential mortgage loans measured at fair value
$723 733 (10)
Past due loans of 30-89 days or more1 1 — 
Nonaccrual loans
2 2 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of June 30, 2023 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$2,594 2,594 — — 2,594 
Other short-term investments10,943 10,943 — — 10,943 
Other securities836 — 836 — 836 
Held-to-maturity securities2 — — 2 2 
Loans and leases held for sale164 — — 167 167 
Portfolio loans and leases:

Commercial loans and leases75,153 — — 75,176 75,176 
Consumer and residential mortgage loans44,287 — — 41,085 41,085 
Total portfolio loans and leases, net$119,440 — — 116,261 116,261 
Financial liabilities:

Deposits$164,128 — 164,047 — 164,047 
Federal funds purchased163 163 — — 163 
Other short-term borrowings5,817 — 5,813 — 5,813 
Long-term debt12,384 11,467 408 — 11,875 

Net Carrying
Amount		Fair Value Measurements UsingTotal
Fair Value
As of December 31, 2022 ($ in millions)Level 1Level 2Level 3
Financial assets:
Cash and due from banks$3,466 3,466 — — 3,466 
Other short-term investments8,351 8,351 — — 8,351 
Other securities874 — 874 — 874 
Held-to-maturity securities5 — — 5 5 
Loans and leases held for sale407 — — 414 414 
Portfolio loans and leases:
Commercial loans and leases75,262 — — 75,104 75,104 
Consumer and residential mortgage loans43,901 — — 42,193 42,193 
Total portfolio loans and leases, net$119,163 — — 117,297 117,297 
Financial liabilities:
Deposits$163,690 — 163,634 — 163,634 
Federal funds purchased180 180 — — 180 
Other short-term borrowings4,838 — 4,829 — 4,829 
Long-term debt13,778 13,218 411 — 13,629