Derivative and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cumulative Basis Adjustment for Fair Value Hedges

As of June 30, 2022, and December 31, 2021 the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges:

(in millions)		June 30, 2022						December 31, 2021
Line Item in the Consolidated Statements of    Condition in which the Hedge Item is Included		Carrying Amount of the Hedged Assets			Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets			Carrying Amount of the Hedged Assets			Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets
Total loans and leases, net (1)	$		-	$		-	$		2,025	$		25

(1)These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022,

at June 30, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships; the cumulative basis adjustments associated with these hedging relationships; and the amount of the designated hedged items were zero.

Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income

The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated.

(in millions)	For the Three Months Ended June 30, 2022		For the Six Months Ended June 30, 2022			For the Three Months Ended June 30, 2021			For the Six Months Ended June 30, 2021
Derivative – interest rate swap:
Interest income	$	—	$	25		$	(2	)	$	24
Hedged item – loans:
Interest income	$	—	$	(25	)	$	2		$	(24	)

Information about Interest Rate Swaps Designated as Cash Flow Hedges

The following table summarizes information about the interest rate swaps designated as cash flow hedges at June 30, 2022 and December 31, 2021:

(dollars in millions)	June 30, 2022			December 31, 2021
Notional amounts	$	1,000		$	2,250
Cash collateral received (posted)		20			(12	)
Weighted average pay rates		1.05	%		1.27	%
Weighted average receive rates		1.57	%		0.18	%
Weighted average maturity	1.1 years			0.9 years

Effect of Cash Flow Derivative Instruments on AOCL

The following table presents the effect of the Company's cash flow derivative instruments on AOCL for the six months ended June 30, 2022 and 2021:

(in millions)	For the Six Months Ended June 30, 2022		For the Six Months Ended June 30, 2021
Amount of (loss) gain recognized in AOCL	$	25	$	4
Amount of reclassified from AOCL to interest expense		7		11