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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurement Inputs and Valuation Techniques The fair value hierarchy is broken down into three levels based on the reliability of inputs as follows:
TABLE 25.1
Measurement
Category		Definition
  Level 1Valuation is based upon unadjusted quoted market prices for identical instruments traded in active markets.
  Level 2Valuation is based upon quoted market prices for similar instruments traded in active markets, quoted market prices for identical or similar instruments traded in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by market data.
  Level 3Valuation is derived from other valuation methodologies including discounted cash flow models and similar techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect estimates of assumptions that market participants would use in determining fair value.
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:
TABLE 25.2
(in millions)Level 1Level 2Level 3Total
December 31, 2020
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$600 $— $— $600 
U.S. government agencies— 172 — 172 
U.S. government-sponsored entities— 161 — 161 
Residential mortgage-backed securities
Agency mortgage-backed securities— 994 — 994 
Agency collateralized mortgage obligations— 1,124 — 1,124 
Commercial mortgage-backed securities— 378 — 378 
States of the U.S. and political subdivisions (municipals)— 32 — 32 
Other debt securities— 2 — 2 
Total debt securities available for sale600 2,863 — 3,463 
Loans held for sale— 144 — 144 
Derivative financial instruments
Trading— 349 — 349 
Not for trading— 3 24 27 
Total derivative financial instruments— 352 24 376 
Total assets measured at fair value on a recurring basis$600 $3,359 $24 $3,983 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $37 $— $37 
Not for trading— 3 — 3 
Total derivative financial instruments— 40 — 40 
Total liabilities measured at fair value on a recurring basis$— $40 $— $40 
(in millions)Level 1Level 2Level 3Total
December 31, 2019
Assets Measured at Fair Value
Debt securities available for sale
U.S. government agencies$— $151 $— $151 
U.S. government-sponsored entities— 226 — 226 
Residential mortgage-backed securities
Agency mortgage-backed securities— 1,314 — 1,314 
Agency collateralized mortgage obligations— 1,240 — 1,240 
Commercial mortgage-backed securities— 345 — 345 
States of the U.S. and political subdivisions (municipals)— 11 — 11 
Other debt securities— 2 — 2 
Total debt securities available for sale— 3,289 — 3,289 
Loans held for sale— 41 — 41 
Derivative financial instruments
Trading— 149 — 149 
Not for trading— 2 3 5 
Total derivative financial instruments— 151 3 154 
Total assets measured at fair value on a recurring basis$— $3,481 $3 $3,484 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $24 $— $24 
Not for trading— 1 — 1 
Total derivative financial instruments— 25 — 25 
Total liabilities measured at fair value on a recurring basis$— $25 $— $25 
Additional Information about Assets Measured at Fair Value on Recurring Basis
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value:
TABLE 25.3
(in millions)Interest
Rate
Lock
Commitments		Total
Year Ended December 31, 2020
Balance at beginning of period$3 $3 
Purchases, issuances, sales and settlements:
Issuances24 24 
Settlements(3)(3)
Balance at end of period$24 $24 
Year Ended December 31, 2019
Balance at beginning of period$1 $1 
Purchases, issuances, sales and settlements:
Issuances3 3 
Settlements(1)(1)
Balance at end of period$3 $3 
Additional Information about Assets Measured at Fair Value on Non-Recurring Basis For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:
TABLE 25.4
(in millions)Level 1Level 2Level 3Total
December 31, 2020
Collateral dependent loans$— $— $45 $45 
Other real estate owned— — 3 3 
Other assets - SBA servicing asset— — 3 3 
Other assets - MSRs— — 36 36 
December 31, 2019
Impaired loans$— $— $5 $5 
Other real estate owned— — 4 4 
Other assets - SBA servicing asset— — 3 3 
Other assets - MSRs— — 30 30 
Fair Values of Financial Instruments
The fair values of our financial instruments are as follows:
TABLE 25.5
  Fair Value Measurements
(in millions)Carrying
Amount		Fair
Value		Level 1Level 2Level 3
December 31, 2020
Financial Assets
Cash and cash equivalents$1,383 $1,383 $1,383 $— $— 
Debt securities available for sale3,463 3,463 600 2,863 — 
Debt securities held to maturity2,868 2,973 — 2,973 — 
Net loans and leases, including loans held for sale25,250 25,012 — 144 24,868 
Loan servicing rights39 39 — — 39 
Derivative assets376 376 — 352 24 
Accrued interest receivable90 90 90 — — 
Financial Liabilities
Deposits29,122 29,158 25,460 3,698 — 
Short-term borrowings1,804 1,809 1,809 — — 
Long-term borrowings1,095 1,068 — — 1,068 
Derivative liabilities40 40 — 40 — 
Accrued interest payable13 13 13 — — 
December 31, 2019
Financial Assets
Cash and cash equivalents$599 $599 $599 $— $— 
Debt securities available for sale3,289 3,289 — 3,289 — 
Debt securities held to maturity3,275 3,305 — 3,305 — 
Net loans and leases, including loans held for sale23,144 22,930 — 41 22,889 
Loan servicing rights46 48 — — 48 
Derivative assets154 154 — 151 3 
Accrued interest receivable109 109 109 — — 
Financial Liabilities
Deposits24,786 24,797 20,058 4,739 — 
Short-term borrowings3,216 3,219 3,219 — — 
Long-term borrowings1,340 1,355 — — 1,355 
Derivative liabilities25 25 — 25 — 
Accrued interest payable21 21 21 — —