XML 52 R40.htm IDEA: XBRL DOCUMENT v3.23.2
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2023
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:
June 30, 2023
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$142 $— $142 $— $— 
GSE50 — 50 — — 
Agency MBS - residential— — — — — 
States and political subdivisions466 — 466 — — 
Corporate and other debt securities1,368 — 1,368 — — 
Loans1,701 — 1,701 — — 
Other370 306 64 — — 
Total trading assets4,097 306 3,791 — — 
AFS securities: 
U.S. Treasury9,718 — 9,718 — — 
GSE288 — 288 — — 
Agency MBS - residential53,195 — 53,195 — — 
Agency MBS - commercial2,292 — 2,292 — — 
States and political subdivisions418 — 418 — — 
Non-agency MBS3,028 — 3,028 — — 
Other26 — 26 — — 
Total AFS securities68,965 — 68,965 — — 
LHFS at fair value1,645 — 1,645 — — 
Loans and leases16 — — 16 — 
Loan servicing rights at fair value3,497 — — 3,497 — 
Other assets:
Derivative assets805 907 1,819 2 (1,923)
Equity securities910 803 107 — — 
Total assets$79,935 $2,016 $76,327 $3,515 $(1,923)
Liabilities:    
Derivative liabilities$3,128 $486 $4,665 $33 $(2,056)
Securities sold short1,585 263 1,322 — — 
Total liabilities$4,713 $749 $5,987 $33 $(2,056)
December 31, 2022
(Dollars in millions)		TotalLevel 1Level 2Level 3
Netting Adjustments(1)
Assets:    
Trading assets:
U.S. Treasury$137 $— $137 $— $— 
GSE457 — 457 — — 
Agency MBS - residential804 — 804 — — 
Agency MBS - commercial62 — 62 — — 
States and political subdivisions422 — 422 — — 
Corporate and other debt securities761 — 761 — — 
Loans1,960 — 1,960 — — 
Other302 261 41 — — 
Total trading assets4,905 261 4,644 — — 
AFS securities:    
U.S. Treasury10,295 — 10,295 — — 
GSE303 — 303 — — 
Agency MBS - residential55,225 — 55,225 — — 
Agency MBS - commercial2,424 — 2,424 — — 
States and political subdivisions416 — 416 — — 
Non-agency MBS3,117 — 3,117 — — 
Other21 — 21 — — 
Total AFS securities71,801 — 71,801 — — 
LHFS at fair value1,065 — 1,065 — — 
Loans and leases18 — — 18 — 
Loan servicing rights at fair value3,758 — — 3,758 — 
Other assets:    
Derivative assets684 472 1,980 1 (1,769)
Equity securities898 796 102 — — 
Total assets$83,129 $1,529 $79,592 $3,777 $(1,769)
Liabilities:    
Derivative liabilities$2,971 $364 $4,348 $37 $(1,778)
Securities sold short1,551 114 1,437 — — 
Total liabilities$4,522 $478 $5,785 $37 $(1,778)
(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.
Rollforward of Level 3 Assets and Liabilities Activity for Level 3 assets and liabilities is summarized below:
Three Months Ended June 30, 2023 and 2022
(Dollars in millions)		Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at April 1, 2022$21 $3,013 $(74)
Total realized and unrealized gains (losses):
Included in earnings— 260 (93)
Purchases— 195 — 
Issuances— 123 23 
Sales— (1)— 
Settlements— (124)108 
Transfers out of level 3 and other(1)— — 
Balance at June 30, 2022$20 $3,466 $(36)
Balance at April 1, 2023$17 $3,303 $(18)
Total realized and unrealized gains (losses):
Included in earnings— 70 (20)
Purchases— 123 — 
Issuances— 92 18 
Sales— (1)— 
Settlements(1)(90)(11)
Balance at June 30, 2023$16 $3,497 $(31)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2023$— $71 $(9)
Six Months Ended June 30, 2023 and 2022
(Dollars in millions)		Loans and LeasesLoan Servicing RightsNet Derivatives
Balance at January 1, 2022$23 $2,633 $(12)
Total realized and unrealized gains (losses): 
Included in earnings— 617 (263)
Purchases— 195 — 
Issuances— 281 40 
Sales— (1)— 
Settlements— (259)199 
Other(3)— — 
Balance at June 30, 2022$20 $3,466 $(36)
Balance at January 1, 2023$18 $3,758 $(36)
Total realized and unrealized gains (losses):
Included in earnings— 65 (22)
Purchases— 123 — 
Issuances— 140 16 
Sales— (429)— 
Settlements(2)(160)11 
Balance at June 30, 2023$16 $3,497 $(31)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2023$— $16 $(20)
Primary income statement location of realized gains (losses) included in earnings
Other incomeMortgage banking incomeMortgage banking income
Fair Value and UPB of LHFS The following table details the fair value and UPB of certain loans that were elected to be measured at fair value:
 June 30, 2023December 31, 2022
(Dollars in millions)Fair ValueUPBDifferenceFair ValueUPBDifference
Trading loans$1,701 $1,819 $(118)$1,960 $2,101 $(141)
Loans and leases16 18 (2)18 20 (2)
LHFS at fair value1,645 1,645 — 1,065 1,056 9 
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 still held as of period end. The carrying values represent end of period values, which approximate the fair value measurements that occurred on the various measurement dates throughout the period. These assets are considered to be Level 3 assets.
(Dollars in millions)Jun 30, 2023Dec 31, 2022
Carrying value:
LHFS$123 $271 
Loans and leases738 500 
Other91 120 

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.
Six Months Ended June 30,
(Dollars in millions)20232022
Valuation adjustments:
LHFS$(27)$(4)
Loans and leases(311)(165)
Other(1)
(86)(50)
(1)Prior period amounts were revised.
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:
June 30, 2023December 31, 2022
(Dollars in millions)Fair Value HierarchyCarrying AmountFair ValueCarrying AmountFair Value
Financial assets:
HTM securitiesLevel 2$55,958 $45,956 $57,713 $47,791 
Loans and leases HFI, net of ALLLLevel 3317,470 308,846 321,596 308,738 
Financial liabilities:  
Time depositsLevel 242,227 41,992 23,474 23,383 
Long-term debtLevel 244,749 43,072 43,203 40,951