XML 58 R48.htm IDEA: XBRL DOCUMENT v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of 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 19.1
(in millions)Level 1Level 2Level 3Total
June 30, 2023
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$306 $— $— $306 
U.S. government agencies— 93 — 93 
U.S. government-sponsored entities— 254 — 254 
Residential mortgage-backed securities:
Agency mortgage-backed securities— 1,112 — 1,112 
Agency collateralized mortgage obligations— 892 — 892 
Commercial mortgage-backed securities— 460 — 460 
States of the U.S. and political subdivisions (municipals)— 29 — 29 
Other debt securities— 31 — 31 
Total debt securities available for sale306 2,871 — 3,177 
Loans held for sale— 82 — 82 
Derivative financial instruments
Trading— 101 — 101 
Not for trading— 2 — 2 
Total derivative financial instruments— 103 — 103 
Total assets measured at fair value on a recurring basis$306 $3,056 $— $3,362 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $383 $— $383 
Not for trading— 3 2 5 
Total derivative financial instruments— 386 2 388 
Total liabilities measured at fair value on a recurring basis$— $386 $2 $388 
(in millions)Level 1Level 2Level 3Total
December 31, 2022
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$257 $— $— $257 
U.S. government agencies— 108 — 108 
U.S. government-sponsored entities— 262 — 262 
Residential mortgage-backed securities:
Agency mortgage-backed securities— 1,232 — 1,232 
Agency collateralized mortgage obligations— 972 — 972 
Commercial mortgage-backed securities— 395 — 395 
States of the U.S. and political subdivisions (municipals)— 29 — 29 
Other debt securities— 20 — 20 
Total debt securities available for sale257 3,018 — 3,275 
Loans held for sale— 91 — 91 
Derivative financial instruments
Trading— 95 — 95 
Not for trading— 1 — 1 
Total derivative financial instruments— 96 — 96 
Total assets measured at fair value on a recurring basis$257 $3,205 $— $3,462 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $396 $— $396 
Not for trading— 3 12 15 
Total derivative financial instruments— 399 12 411 
Total liabilities measured at fair value on a recurring basis$— $399 $12 $411 
Schedule of Additional Information about Assets Measured at Fair Value on Recurring Basis
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value:
TABLE 19.2
(in millions)Other
Debt
Securities		Interest
Rate Lock
Commitments		Total
Six Months Ended June 30, 2023
Balance at beginning of period$— $— $— 
Purchases, issuances, sales and settlements:
Issuances— 1 1 
Settlements— (1)(1)
Balance at end of period$— $— $— 
Year Ended December 31, 2022
Balance at beginning of period$— $9 $9 
Purchases, issuances, sales and settlements:
Purchases2 — 2 
Settlements(1)(9)(10)
Transfers from Level 3(1)— (1)
Balance at end of period$— $— $— 
Schedule of Additional Information about Assets Measured at Fair Value on Non-Recurring Basis For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:
TABLE 19.3
(in millions)Level 1Level 2Level 3Total
June 30, 2023
Collateral dependent loans$— $— $47 $47 
Other assets - SBA servicing asset— — 2 2 
Other real estate owned— — 2 2 
December 31, 2022
Collateral dependent loans$— $— $34 $34 
Other assets - SBA servicing asset— — 2 2 
Other real estate owned— — 3 3 
Schedule of Fair Values of Financial Instruments
The fair values of our financial instruments are as follows:
TABLE 19.4
  Fair Value Measurements
(in millions)Carrying
Amount		Fair
 Value		Level 1Level 2Level 3
June 30, 2023
Financial Assets
Cash and cash equivalents$1,704 $1,704 $1,704 $— $— 
Debt securities available for sale3,177 3,177 306 2,871 — 
Debt securities held to maturity3,988 3,587 — 3,587 — 
Net loans and leases, including loans held for sale31,035 30,246 — 82 30,164 
Loan servicing rights58 74 — — 74 
Derivative assets103 103 — 103 — 
Accrued interest receivable137 137 137 — — 
Financial Liabilities
Deposits33,825 33,737 28,490 5,247 — 
Short-term borrowings2,391 2,390 2,390 — — 
Long-term borrowings1,981 1,926 — 1,190 736 
Derivative liabilities388 388 — 386 2 
Accrued interest payable55 55 55 — — 
December 31, 2022
Financial Assets
Cash and cash equivalents$1,674 $1,674 $1,674 $— $— 
Debt securities available for sale3,275 3,275 257 3,018 — 
Debt securities held to maturity4,087 3,687 — 3,687 — 
Net loans and leases, including loans held for sale29,977 29,008 — 91 28,917 
Loan servicing rights55 71 — — 71 
Derivative assets96 96 — 96 — 
Accrued interest receivable126 126 126 — — 
Financial Liabilities
Deposits34,770 34,673 31,158 3,515 — 
Short-term borrowings1,372 1,369 1,369 — — 
Long-term borrowings1,093 1,061 — — 1,061 
Derivative liabilities411 411 — 399 12 
Accrued interest payable31 31 31 — —