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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2019

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 changes in fair value for assets where the Company has elected the fair value option:

	Three Months Ended September 30,								Nine Months Ended September 30,
(in millions)	2019				2018				2019				2018			Affected Line Item in the Consolidated Statements of Operations
Residential mortgage loans held for sale, at fair value		($4	)			($8	)			$5				($7	)	Mortgage banking fees
Commercial and commercial real estate loans held for sale, at fair value	—				1				4				1			Other income

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, 2019:

(in millions)	Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities		$21,377			$—			$21,377			$—
State and political subdivisions	5			—			5			—
U.S. Treasury and other	120			120			—			—
Total debt securities available for sale	21,502			120			21,382			—
Loans held for sale, at fair value:
Residential loans held for sale	1,824			—			1,824			—
Commercial loans held for sale	169			—			169			—
Total loans held for sale, at fair value	1,993			—			1,993			—
Mortgage servicing rights	510			—			—			510
Derivative assets:
Interest rate contracts	993			—			993			—
Foreign exchange contracts	224			—			224			—
Other contracts	49			—			23			26
Total derivative assets	1,266			—			1,240			26
Equity securities, at fair value:
Money market mutual fund investments	47			47			—			—
Total equity securities, at fair value	47			47			—			—
Total assets		$25,318			$167			$24,615			$536
Derivative liabilities:
Interest rate contracts		$175			$—			$175			$—
Foreign exchange contracts	195			—			195			—
Other contracts	24			—			24			—
Total derivative liabilities	394			—			394			—
Total liabilities		$394			$—			$394			$—

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at December 31, 2018:

(in millions)	Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities		$19,866			$—			$19,866			$—
State and political subdivisions	5			—			5			—
U.S. Treasury and other	24			24			—			—
Total debt securities available for sale	19,895			24			19,871			—
Loans held for sale, at fair value:
Residential loans held for sale	967			—			967			—
Commercial loans held for sale	252			—			252			—
Total loans held for sale, at fair value	1,219			—			1,219			—
Mortgage servicing rights	600			—			—			600
Derivative assets:
Interest rate contracts	306			—			306			—
Foreign exchange contracts	129			—			129			—
Other contracts	14			—			14			—
Total derivative assets	449			—			449			—
Equity securities, at fair value:
Money market mutual fund investments	181			181			—			—
Total equity securities, at fair value	181			181			—			—
Total assets		$22,344			$205			$21,539			$600
Derivative liabilities:
Interest rate contracts		$277			$—			$277			$—
Foreign exchange contracts	113			—			113			—
Other contracts	25			—			25			—
Total derivative liabilities	415			—			415			—
Total liabilities		$415			$—			$415			$—

Assets 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:

	Three Months Ended September 30, 2019								Nine Months Ended  September 30, 2019
(in millions)	Mortgage Servicing Rights				Other Derivative Contracts				Mortgage Servicing Rights				Other Derivative Contracts
Beginning balance		$531				$25				$600				$—
Issuances	78				61				170				104
Settlements (1)	(31		)		(64		)		(88		)		(107		)
Changes in fair value during the period recognized in earnings (2)	(68		)		4				(172		)		11
Transfers from Level 2 to Level 3(3)	—				—				—				18
Ending balance		$510				$26				$510				$26

	Three Months Ended September 30, 2018				Nine Months Ended September 30, 2018
(in millions)	Mortgage Servicing Rights				Mortgage Servicing Rights
Beginning balance		$—				$—
Acquired MSRs	590				590
Issuances	29				29
Settlements (1)	(12		)		(12		)
Change in fair value during the period recognized in earnings (2)	5				5
Ending balance		$612				$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 driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.

⁽³⁾ Reflects changes in the significance of unobservable inputs on derivative contracts associated with mortgage origination activities.

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)	2019				2018				2019				2018
Impaired collateral-dependent loans		($8	)			($3	)			($36	)			($9	)
MSRs	(1		)		—				(15		)		3

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, 2019													December 31, 2018
(in millions)	Total			Level 1			Level 2			Level 3				Total			Level 1			Level 2			Level 3
Impaired collateral-dependent loans		$332			$—			$332			$—				$338			$—			$338			$—
MSRs	178			—			—			178				243			—			—			243

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, 2019
	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		$3,319			$3,362				$—			$—				$3,319			$3,362				$—			$—
Equity securities, at cost	734			734				—			—				734			734				—			—
Other loans held for sale	22			22				—			—				—			—				22			22
Loans and leases	117,880			118,961				—			—				332			332				117,548			118,629
Financial liabilities:
Deposits	124,714			124,852				—			—				124,714			124,852				—			—
Federal funds purchased and securities sold under agreements to repurchase	867			867				—			—				867			867				—			—
Other short-term borrowed funds	210			210				—			—				210			210				—			—
Long-term borrowed funds	12,806			12,952				—			—				12,806			12,952				—			—

	December 31, 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		$4,165			$4,041				$—			$—				$4,165			$4,041				$—			$—
Equity securities, at cost	834			834				—			—				834			834				—			—
Other loans held for sale	101			101				—			—				—			—				101			101
Loans and leases	116,660			116,627				—			—				338			338				116,322			116,289
Financial liabilities:
Deposits	119,575			119,503				—			—				119,575			119,503				—			—
Federal funds purchased and securities sold under agreements to repurchase	1,156			1,156				—			—				1,156			1,156				—			—
Other short-term borrowed funds	161			161				—			—				161			161				—			—
Long-term borrowed funds	15,925			15,877				—			—				15,925			15,877				—			—

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Tabular disclosure of gains (losses) on assets and liabilities measured at fair value on a nonrecurring basis and recorded in earnings.

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