DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2023

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

	March 31, 2023						December 31, 2022
	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	$	2,050	$	2	$	—	$	2,180	$	—	$	1
Interest rate swaps – not designated	5,401		65		15		5,333		89		6
Total subject to master netting arrangements	7,451		67		15		7,513		89		7
Not subject to master netting arrangements:
Interest rate swaps – not designated	5,401		15		303		5,333		6		390
Interest rate lock commitments – not designated	141		1		4		163		—		12
Forward delivery commitments – not designated	157		—		2		203		1		2
Credit risk contracts – not designated	609		—		—		506		—		—
Total not subject to master netting arrangements	6,308		16		309		6,205		7		404
Total	$	13,759	$	83	$	324	$	13,718	$	96	$	411

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
	Three Months Ended March 31,					Three Months Ended March 31,
(in millions)	2023		2022			2023		2022
Derivatives in cash flow hedging relationships:
Interest rate contracts	$	5	$	(19)	Interest income (expense)	$	(4)	$	(2)
					Other income	—		—

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

	Three months ended March 31,
	2023				2022
(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)	$	394	$	10	$	221	$	6
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	(10)		6		2		(4)

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

		Three Months Ended March 31,
(in millions)	Consolidated Statements of Income Location	2023		2022
Interest rate swaps	Non-interest income - other	$	—	$	—
Interest rate lock commitments	Mortgage banking operations	—		—
Forward delivery contracts	Mortgage banking operations	(1)		9
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
March 31, 2023
Derivative Assets
Interest rate contracts:
Designated	$	2	$	—	$	2	$	—
Not designated	65		—		65		—
Total	$	67	$	—	$	67	$	—

Derivative Liabilities
Interest rate contracts:
Not designated	$	15	$	—	$	15	$	—
Total	$	15	$	—	$	15	$	—

December 31, 2022
Derivative Assets
Interest rate contracts:
Not designated	$	89	$	—	$	88	$	1
Total	$	89	$	—	$	88	$	1

Derivative Liabilities
Interest rate contracts:
Designated	$	1	$	—	$	1	$	—
Not designated	6		—		6		—
Total	$	7	$	—	$	7	$	—