DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities

The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets:

TABLE 11.1

	June 30, 2020						December 31, 2019
	Notional		Fair Value				Notional		Fair Value
(in millions)	Amount		Asset		Liability		Amount		Asset		Liability
Gross Derivatives
Subject to master netting arrangements:
Interest rate contracts – designated	$	1,955	$	4	$	—	$	1,655	$	1	$	—
Interest rate swaps – not designated	4,326		—		44		3,640		—		23
Total subject to master netting arrangements	6,281		4		44		5,295		1		23
Not subject to master netting arrangements:
Interest rate swaps – not designated	4,326		416		—		3,640		149		1
Interest rate lock commitments – not designated	453		18		—		163		3		—
Forward delivery commitments – not designated	420		1		2		195		1		1
Credit risk contracts – not designated	399		—		1		265		—		—
Total not subject to master netting arrangements	5,598		435		3		4,263		153		2
Total	$	11,879	$	439	$	47	$	9,558	$	154	$	25

Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI)

The following table shows amounts reclassified from AOCI:

TABLE 11.2

	Amount of Gain (Loss) Recognized in OCI on Derivatives				Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
	Six Months Ended June 30,					Six Months Ended June 30,
(in millions)	2020		2019			2020		2019
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	(51)	$	(26)	Interest income (expense)	$	(4)	$	2

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships:

TABLE 11.3

	Six months ended June 30,
	2020				2019
(in millions)	Interest Income - Loans and Leases		Interest Expense - Short-Term Borrowings		Interest Income - Loans and Leases		Interest Expense - Short-Term Borrowings
Total amounts of income and expense line items presented in the Consolidated Statements of Income (the effects of cash flow hedges are included in these line items)	$	511	$	22	$	545	$	48
The effects of cash flow hedging:
Gain (loss) on cash flow hedging relationships	—		—		—		—
Interest rate contracts	—		—		—		—
Amount of gain (loss) reclassified from AOCI into net income	1		(5)		(1)		3
Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring	—		—		—		—

Schedule of Derivative Financial Instruments on the Consolidated Statements of Income

The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income:

TABLE 11.4

		Six Months Ended June 30,
(in millions)	Consolidated Statements of Income Location	2020		2019
Interest rate swaps	Non-interest income - other	$	—	$	—
Interest rate lock commitments	Mortgage banking operations	—		—
Forward delivery contracts	Mortgage banking operations	(1)		(1)
Credit risk contracts	Non-interest income - other	—		—

Schedule of Offsetting Assets and Liabilities

The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset:

TABLE 11.5

			Amount Not Offset in the Consolidated Balance Sheets
(in millions)	Net Amount Presented in the Consolidated Balance Sheets		Financial Instruments		Cash Collateral		Net Amount
June 30, 2020
Derivative Assets
Interest rate contracts:
Designated	$	4	$	1	$	3	$	—
Total	$	4	$	1	$	3	$	—

Derivative Liabilities
Interest rate contracts:
Not designated	$	44	$	42	$	2	$	—
Total	$	44	$	42	$	2	$	—

December 31, 2019
Derivative Assets
Interest rate contracts:
Designated	$	1	$	1	$	—	$	—
Total	$	1	$	1	$	—	$	—

Derivative Liabilities
Interest rate contracts:
Not designated	$	23	$	23	$	—	$	—
Total	$	23	$	23	$	—	$	—