Fair Value Disclosures (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | December 31, 2018
(Dollars in millions) | | Total | | Level 1 | | Level 2 | | Level 3 | Assets: | | |
| | |
| | |
| | |
| AFS securities: | | |
| | | | | | | U.S. Treasury | | $ | 3,441 |
| | $ | — |
| | $ | 3,441 |
| | $ | — |
| GSE | | 200 |
| | — |
| | 200 |
| | — |
| Agency MBS | | 20,155 |
| | — |
| | 20,155 |
| | — |
| States and political subdivisions | | 701 |
| | — |
| | 701 |
| | — |
| Non-agency MBS | | 505 |
| | — |
| | 114 |
| | 391 |
| Other | | 36 |
| | — |
| | 36 |
| | — |
| Total AFS securities | | 25,038 |
| | — |
| | 24,647 |
| | 391 |
| LHFS | | 988 |
| | — |
| | 988 |
| | — |
| MSRs | | 1,108 |
| | — |
| | — |
| | 1,108 |
| Other assets: | |
| | | | | | | Trading and equity securities | | 767 |
| | 374 |
| | 390 |
| | 3 |
| Derivative assets | | 246 |
| | — |
| | 234 |
| | 12 |
| Private equity investments | | 393 |
| | — |
| | — |
| | 393 |
| Total assets | | $ | 28,540 |
| | $ | 374 |
|
| $ | 26,259 |
|
| $ | 1,907 |
| Liabilities: | | |
| | |
| | |
| | |
| Derivative liabilities | | $ | 247 |
| | $ | 1 |
| | $ | 246 |
| | $ | — |
| Securities sold short | | 145 |
| | — |
| | 145 |
| | — |
| Total liabilities | | $ | 392 |
| | $ | 1 |
| | $ | 391 |
| | $ | — |
| | | | | | | | | | December 31, 2017
(Dollars in millions) | | Total | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | AFS securities: | | |
| | |
| | |
| | |
| U.S. Treasury | | $ | 2,291 |
| | $ | — |
| | $ | 2,291 |
| | $ | — |
| GSE | | 179 |
| | — |
| | 179 |
| | — |
| Agency MBS | | 20,101 |
| | — |
| | 20,101 |
| | — |
| States and political subdivisions | | 1,392 |
| | — |
| | 1,392 |
| | — |
| Non-agency MBS | | 576 |
| | — |
| | 144 |
| | 432 |
| Other | | 8 |
| | 6 |
| | 2 |
| | — |
| Total AFS securities | | 24,547 |
| | 6 |
| | 24,109 |
| | 432 |
| LHFS | | 1,099 |
| | — |
| | 1,099 |
| | — |
| MSRs | | 1,056 |
| | — |
| | — |
| | 1,056 |
| Other assets: | | | | | | | | | Trading and equity securities | | 633 |
| | 363 |
| | 270 |
| | — |
| Derivative assets | | 443 |
| | — |
| | 437 |
| | 6 |
| Private equity investments | | 404 |
| | — |
| | — |
| | 404 |
| Total assets | | $ | 28,182 |
| | $ | 369 |
| | $ | 25,915 |
| | $ | 1,898 |
| Liabilities: | | |
| | |
| | |
| | |
| Derivative liabilities | | $ | 714 |
| | $ | — |
| | $ | 711 |
| | $ | 3 |
| Securities sold short | | 120 |
| | — |
| | 120 |
| | — |
| Total liabilities | | $ | 834 |
| | $ | — |
| | $ | 831 |
| | $ | 3 |
|
|
| Rollforward of Level 3 Assets and Liabilities |
Activity for Level 3 assets and liabilities is summarized below: | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Non-agency MBS | | MSRs | | Net Derivatives | | Private Equity Investments | Balance at January 1, 2016 | | $ | 626 |
| | $ | 880 |
| | $ | 4 |
| | $ | 289 |
| Total realized and unrealized gains (losses): | | | | | | | | | Included in earnings | | 25 |
| | 63 |
| | 97 |
| | 20 |
| Included in unrealized net holding gains (losses) in OCI | | (45 | ) | | — |
| | — |
| | — |
| Purchases | | — |
| | — |
| | — |
| | 106 |
| Issuances | | — |
| | 146 |
| | 82 |
| | — |
| Sales | | — |
| | — |
| | — |
| | (4 | ) | Settlements | | (99 | ) | | (160 | ) | | (196 | ) | | (49 | ) | Adoption of fair value option for commercial MSRs | | — |
| | 123 |
| | — |
| | — |
| Balance at December 31, 2016 | | 507 |
| | 1,052 |
| | (13 | ) | | 362 |
| Total realized and unrealized gains (losses): | | | | | | | | | Included in earnings | | 36 |
| | 48 |
| | 38 |
| | 58 |
| Included in unrealized net holding gains (losses) in OCI | | (40 | ) | | — |
| | — |
| | — |
| Purchases | | — |
| | — |
| | — |
| | 142 |
| Issuances | | — |
| | 124 |
| | 43 |
| | — |
| Sales | | — |
| | — |
| | — |
| | (119 | ) | Settlements | | (71 | ) | | (168 | ) | | (65 | ) | | (26 | ) | Transfers out of Level 3 | | — |
| | — |
| | — |
| | (13 | ) | Balance at December 31, 2017 | | 432 |
| | 1,056 |
| | 3 |
| | 404 |
| Total realized and unrealized gains (losses): | | | | | | | | | Included in earnings | | 9 |
| | 71 |
| | 11 |
| | 66 |
| Purchases | | — |
| | — |
| | — |
| | 91 |
| Issuances | | — |
| | 152 |
| | 24 |
| | — |
| Sales | | — |
| | — |
| | — |
| | (112 | ) | Settlements | | (50 | ) | | (171 | ) | | (26 | ) | | (56 | ) | Balance at December 31, 2018 | | $ | 391 |
| | $ | 1,108 |
| | $ | 12 |
| | $ | 393 |
| Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at December 31, 2018 | | $ | 9 |
| | $ | 71 |
| | $ | 12 |
| | $ | 11 |
| Primary income statement location of realized gains (losses) included in earnings | | Interest income | | Mortgage banking income | | Mortgage banking income | | Other income |
|
| Fair Value and UPB of LHFS |
The following table details the fair value and UPB of LHFS that were elected to be carried at fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | December 31,
(Dollars in millions) | | 2018 | | 2017 | | Fair Value | | UPB | | Difference | | Fair Value | | UPB | | Difference | LHFS at fair value | | $ | 988 |
| | $ | 975 |
| | $ | 13 |
| | $ | 1,099 |
| | $ | 1,084 |
| | $ | 15 |
|
|
| Assets Measured at Fair Value on a Nonrecurring Basis |
The following table provides information about certain assets measured at fair value on a nonrecurring basis, which are primarily collateral dependent and may be subject to liquidity adjustments. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end. These assets are considered to be Level 3 assets (excludes PCI). | | | | | | | | | | | | | | | | | |
| | 2018 | | 2017 | As of / For The Year Ended December 31,
(Dollars in millions) | | Carrying Value | | Valuation Adjustments | | Carrying Value | | Valuation Adjustments | Impaired loans | | $ | 167 |
| | $ | (35 | ) | | $ | 163 |
| | $ | (22 | ) | Foreclosed real estate | | 35 |
| | (240 | ) | | 32 |
| | (255 | ) |
|
| Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value |
Financial assets and liabilities not recorded at fair value are summarized below: | | | | | | | | | | | | | | | | | | December 31,
(Dollars in millions) | | 2018 | | 2017 | Fair Value Hierarchy | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Financial assets: | | | | | | | | | HTM securities | Level 2 | $ | 20,552 |
| | $ | 20,047 |
| | $ | 23,027 |
| | $ | 22,837 |
| Loans and leases HFI, net of ALLL | Level 3 | 147,455 |
| | 145,591 |
| | 142,211 |
| | 141,664 |
| Financial liabilities: | | |
| | |
| | |
| | |
| Time deposits | Level 2 | 16,577 |
| | 16,617 |
| | 13,170 |
| | 13,266 |
| Long-term debt | Level 2 | 23,709 |
| | 23,723 |
| | 23,648 |
| | 23,885 |
|
|
| Selected Information Pertaining to Off-Balance Sheet Financial Instruments |
The following is a summary of selected information pertaining to off-balance sheet financial instruments: | | | | | | | | | | | | | | | | | | 2018 | | 2017 | December 31,
(Dollars in millions) | Notional/Contract Amount | | Fair Value | | Notional/Contract Amount | | Fair Value | Commitments to extend, originate or purchase credit | $ | 72,435 |
| | $ | 140 |
| | $ | 67,860 |
| | $ | 259 |
| Residential mortgage loans sold with recourse | 419 |
| | 3 |
| | 490 |
| | 5 |
| CRE mortgages serviced for others covered by recourse provisions | 4,699 |
| | 6 |
| | 4,153 |
| | 5 |
| Letters of credit | 2,389 |
| | 18 |
| | 2,466 |
| | 21 |
|
|