Accumulated Other Comprehensive (Loss) Income

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive (Loss) Income

ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME

The following table details the components of Accumulated Other Comprehensive (Loss) Income (“AOCI”):

Components of Accumulated Other Comprehensive Income (Loss)


dollars in millions	March 31, 2023						December 31, 2022
	Gross Unrealized		Income Taxes		Net Unrealized		Gross Unrealized		Income Taxes		Net Unrealized
Unrealized loss on securities available for sale	$	(894)	$	213	$	(681)	$	(972)	$	233	$	(739)
Unrealized loss on securities available for sale transferred to securities held to maturity	(8)		2		(6)		(8)		2		(6)
Defined benefit pension items	23		(5)		18		13		(3)		10


Total accumulated other comprehensive loss	$	(879)	$	210	$	(669)	$	(967)	$	232	$	(735)

The following table details the changes in the components of AOCI, net of income taxes:

Changes in Accumulated Other Comprehensive Income (Loss) by Component


dollars in millions	Unrealized (loss) gain on securities available for sale		Unrealized loss on securities available for sale transferred to securities held to maturity		Net change in Defined Benefit Pension Items		Total AOCI
Balance as of December 31, 2022	$	(739)	$	(6)	$	10	$	(735)
AOCI activity before reclassifications	45		—		8		53
Amounts reclassified from AOCI	13		—		—		13
Other comprehensive income for the period	58		—		8		66
Balance as of March 31, 2023	$	(681)	$	(6)	$	18	$	(669)

Balance as of December 31, 2021	$	(9)	$	(7)	$	26	$	10
AOCI activity before reclassifications	(318)		—		—		(318)
Amounts reclassified from AOCI	—		1		2		3
Other comprehensive (loss) income for the period	(318)		1		2		(315)
Balance as of March 31, 2022	$	(327)	$	(6)	$	28	$	(305)

Other Comprehensive Income

The amounts included in the Condensed Consolidated Statements of Comprehensive Income are net of income taxes. The following table presents the pretax and after-tax components of other comprehensive income:

Other Comprehensive Income (Loss) by Component


dollars in millions	Three Months Ended March 31,
	2023						2022
	Gross Amount		Tax		Net Amount		Gross Amount		Tax		Net Amount		Income Statement Line Items





Defined benefit pension items
Actuarial (loss) gain	$	10	$	(2)	$	8	$	—	$	—	$	—
Amounts reclassified from AOCI	—		—		—		3		(1)		2		Other noninterest expense
Other comprehensive (loss) income for defined benefit pension items	$	10	$	(2)	$	8	$	3	$	(1)	$	2

Unrealized loss on securities available for sale transferred to securities held to maturity
Amounts reclassified from AOCI	$	—	$	—	$	—	$	—	$	—	$	—
Reclassifications out of AOCI	—		—		—		1		—		1		Interest on investment securities
Other comprehensive income (loss) on securities available for sale transferred to securities held to maturity	$	—	$	—	$	—	$	1	$	—	$	1

Unrealized loss on securities available for sale
AOCI activity before reclassification	$	60	$	(15)	$	45	$	(419)	$	101	$	(318)
Reclassifications out of AOCI	18		(5)		13		—		—		—		$14 realized loss on sales of investment securities available for sale, net; $4 provision for credit losses
Other comprehensive loss on securities available for sale	$	78	$	(20)	$	58	$	(419)	$	101	$	(318)
Total other comprehensive loss	$	88	$	(22)	$	66	$	(415)	$	100	$	(315)