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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2018
Fair Value Disclosures [Abstract] |
Summary of difference between aggregated fair value and unpaid principal balance of loans held for sale | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale measured at fair value:
| September 30, 2018 |  | December 31, 2017
(in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal |  | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal
Residential mortgage loans held for sale, at fair value |  | $1,140 |  |  | $1,140 |  |  | $— |  |  |  | $326 |  |  | $326 |  |  | $— |
Commercial and commercial real estate loans held for sale, at fair value | 163 |  | 163 |  | — |  |  | 171 |  | 171 |  | — |
Assets and liabilities measured on recurring basis | The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at September 30, 2018:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $20,135 |  |  | $— |  |  | $20,135 |  |  | $— |
State and political subdivisions | 5 |  | — |  | 5 |  | — |
U.S. Treasury and other | 12 |  | 12 |  | — |  | — |
Total debt securities available for sale | 20,152 |  | 12 |  | 20,140 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 1,140 |  | — |  | 1,140 |  | — |
Commercial loans held for sale | 163 |  | — |  | 163 |  | — |
Total loans held for sale, at fair value | 1,303 |  | — |  | 1,303 |  | — |
Mortgage servicing rights | 612 |  | — |  | — |  | 612 |
Derivative assets: |  |  |  |
Interest rate contracts | 165 |  | — |  | 165 |  | — |
Foreign exchange contracts | 116 |  | — |  | 116 |  | — |
Other contracts | 19 |  | — |  | 19 |  | — |
Total derivative assets | 300 |  | — |  | 300 |  | — |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 175 |  | 175 |  | — |  | — |
Other investments | — |  | — |  | — |  | — |
Total equity securities, at fair value | 175 |  | 175 |  | — |  | — |
Total assets |  | $22,542 |  |  | $187 |  |  | $21,743 |  |  | $612 |
Derivative liabilities: |  |  |  |
Interest rate contracts |  | $469 |  |  | $— |  |  | $469 |  |  | $— |
Foreign exchange contracts | 105 |  | — |  | 105 |  | — |
Other contracts | 1 |  | — |  | 1 |  | — |
Total derivative liabilities | 575 |  | — |  | 575 |  | — |
Total liabilities |  | $575 |  |  | $— |  |  | $575 |  |  | $— |
The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at December 31, 2017:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $20,139 |  |  | $— |  |  | $20,139 |  |  | $— |
State and political subdivisions | 6 |  | — |  | 6 |  | — |
U.S. Treasury and other | 12 |  | 12 |  | — |  | — |
Total debt securities available for sale | 20,157 |  | 12 |  | 20,145 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 326 |  | — |  | 326 |  | — |
Commercial loans held for sale | 171 |  | — |  | 171 |  | — |
Total loans held for sale, at fair value | 497 |  | — |  | 497 |  | — |
Derivative assets: |  |  |  |
Interest rate contracts | 538 |  | — |  | 538 |  | — |
Foreign exchange contracts | 148 |  | — |  | 148 |  | — |
Other contracts | 7 |  | — |  | 7 |  | — |
Total derivative assets | 693 |  | — |  | 693 |  | — |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 165 |  | 165 |  | — |  | — |
Other investments | 4 |  | — |  | 4 |  | — |
Total equity securities, at fair value | 169 |  | 165 |  | 4 |  | — |
Total assets |  | $21,516 |  |  | $177 |  |  | $21,339 |  |  | $— |
Derivative liabilities: |  |  |  |
Interest rate contracts |  | $379 |  |  | $— |  |  | $379 |  |  | $— |
Foreign exchange contracts | 149 |  | — |  | 149 |  | — |
Other contracts | 5 |  | — |  | 5 |  | — |
Total derivative liabilities | 533 |  | — |  | 533 |  | — |
Total liabilities |  | $533 |  |  | $— |  |  | $533 |  |  | $— |
Asses measured at fair value on recurring basis and classified as Level 3 | The following tables present a rollforward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3 for the three and nine months ended September 30, 2018. There were no assets measured at fair value on a recurring basis and classified as Level 3 for the three and nine months ended September 30, 2017.
| For the Three Months Ended September 30,
(in millions) | Mortgage Servicing Rights
Balance at July 1, 2018 |  | $— |
Acquired MSRs | 590 |
Amount capitalized | 29 |
Change in unpaid principal balance during the period (1) | (12 | )
Change in fair value during the period (2) | 5 |
Balance at September 30, 2018 |  | $612 |
| For the Nine Months Ended September 30,
(in millions) | Mortgage Servicing Rights
Balance at January 1, 2018 |  | $— |
Acquired MSRs | 590 |
Amount capitalized | 29 |
Change in unpaid principal balance during the period (1) | (12 | )
Change in fair value during the period (2) | 5 |
Balance at September 30, 2018 |  | $612 |
(1) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (2) Represents changes in value primarily due to market driven changes in interest rates and prepayment speeds.
Gains (losses) on assets and liabilities measured on a nonrecurring basis included in earnings | The following table presents gains (losses) on assets and liabilities measured at fair value on a nonrecurring basis and recorded in earnings:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2018 |  |  | 2017 |  |  | 2018 |  |  | 2017 |
Impaired collateral-dependent loans |  | ($3 | ) |  |  | ($4 | ) |  |  | ($9 | ) |  |  | ($31 | )
MSRs | — |  |  | — |  |  | 3 |  |  | (1 | )
Foreclosed assets | (1 | ) |  | (1 | ) |  | (2 | ) |  | (3 | )
Leased assets | (4 | ) |  | — |  |  | (6 | ) |  | (15 | )
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets and liabilities measured at fair value on a nonrecurring basis:
| September 30, 2018 |  | December 31, 2017
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Impaired collateral-dependent loans |  | $336 |  |  | $— |  |  | $336 |  |  | $— |  |  |  | $393 |  |  | $— |  |  | $393 |  |  | $— |
MSRs | 261 |  | — |  | — |  | 261 |  |  | 218 |  | — |  | — |  | 218 |
Foreclosed assets | 25 |  | — |  | 25 |  | — |  |  | 31 |  | — |  | 31 |  | — |
Leased assets | 93 |  | — |  | 93 |  | — |  |  | 112 |  | — |  | 112 |  | — |
Assets and liabilities measured at fair value | The following table presents the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:
| September 30, 2018
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $4,284 |  |  | $4,102 |  |  |  | $— |  |  | $— |  |  |  | $4,284 |  |  | $4,102 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 874 |  | 874 |  |  | — |  | — |  |  | 874 |  | 874 |  |  | — |  | — |
Other loans held for sale | 27 |  | 27 |  |  | — |  | — |  |  | — |  | — |  |  | 27 |  | 27 |
Loans and leases | 114,720 |  | 113,913 |  |  | — |  | — |  |  | 336 |  | 336 |  |  | 114,384 |  | 113,577 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 117,075 |  | 116,892 |  |  | — |  | — |  |  | 117,075 |  | 116,892 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 374 |  | 374 |  |  | — |  | — |  |  | 374 |  | 374 |  |  | — |  | — |
Other short-term borrowed funds | 2,006 |  | 2,006 |  |  | — |  | — |  |  | 2,006 |  | 2,006 |  |  | — |  | — |
Long-term borrowed funds | 15,639 |  | 15,630 |  |  | — |  | — |  |  | 15,639 |  | 15,630 |  |  | — |  | — |
| December 31, 2017
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial Assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $4,685 |  |  | $4,668 |  |  |  | $— |  |  | $— |  |  |  | $4,685 |  |  | $4,668 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 722 |  | 722 |  |  | — |  | — |  |  | 722 |  | 722 |  |  | — |  | — |
Other loans held for sale | 221 |  | 221 |  |  | — |  | — |  |  | — |  | — |  |  | 221 |  | 221 |
Loans and leases | 110,617 |  | 111,168 |  |  | — |  | — |  |  | 393 |  | 393 |  |  | 110,224 |  | 110,775 |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 115,089 |  | 115,039 |  |  | — |  | — |  |  | 115,089 |  | 115,039 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 815 |  | 815 |  |  | — |  | — |  |  | 815 |  | 815 |  |  | — |  | — |
Other short-term borrowed funds | 1,856 |  | 1,856 |  |  | — |  | — |  |  | 1,856 |  | 1,856 |  |  | — |  | — |
Long-term borrowed funds | 11,765 |  | 11,891 |  |  | — |  | — |  |  | 11,765 |  | 11,891 |  |  | — |  | — |

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