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ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Accumulated Other Comprehensive (Loss) Income | The following table details the components of AOCI as of June 30, 2024 and December 31, 2023: Components of Accumulated Other Comprehensive (Loss) Income
dollars in millions | June 30, 2024 |  | December 31, 2023
| Pretax |  | Income Taxes |  | Net of Income Taxes |  | Pretax |  | Income Taxes |  | Net of Income Taxes
Unrealized loss on securities available for sale | $ | (906) |  |  | $ | 216 |  |  | $ | (690) |  |  | $ | (752) |  |  | $ | 175 |  |  | $ | (577) |
Unrealized loss on securities available for sale transferred to held to maturity | (7) |  |  | 2 |  |  | (5) |  |  | (7) |  |  | 2 |  |  | (5) |
Defined benefit pension items | 112 |  |  | (29) |  |  | 83 |  |  | 122 |  |  | (31) |  |  | 91 |
Unrealized gain on cash flow hedge derivatives | 3 |  |  | (1) |  |  | 2 |  |  | — |  |  | — |  |  | — |
Total accumulated other comprehensive loss | $ | (798) |  |  | $ | 188 |  |  | $ | (610) |  |  | $ | (637) |  |  | $ | 146 |  |  | $ | (491) |
The following table details the changes in the components of AOCI, net of income taxes: Changes in Accumulated Other Comprehensive (Loss) Income by Component
dollars in millions | Unrealized loss on securities available for sale |  | Unrealized loss on securities available for sale transferred to held to maturity |  | Defined benefit pension items |  |  |  | Unrealized gain on cash flow hedge derivatives |  | Total accumulated other comprehensive loss
Balance as of December 31, 2023 | $ | (577) |  |  | $ | (5) |  |  | $ | 91 |  |  |  |  | $ | — |  |  | $ | (491) |
Other comprehensive (loss) gain for the period | (113) |  |  | — |  |  | (8) |  |  |  |  | 2 |  |  | (119) |
Balance as of June 30, 2024 | $ | (690) |  |  | $ | (5) |  |  | $ | 83 |  |  |  |  | $ | 2 |  |  | $ | (610) |
Balance as of December 31, 2022 | $ | (739) |  |  | $ | (6) |  |  | $ | 10 |  |  |  |  | $ | — |  |  | $ | (735) |
AOCI activity before reclassifications | (54) |  |  | — |  |  | 4 |  |  |  |  | — |  |  | (50) |
Amounts reclassified from AOCI to earnings | 12 |  |  | 1 |  |  | — |  |  |  |  | — |  |  | 13 |
Other comprehensive (loss) income for the period | (42) |  |  | 1 |  |  | 4 |  |  |  |  | — |  |  | (37) |
Balance as of June 30, 2023 | $ | (781) |  |  | $ | (5) |  |  | $ | 14 |  |  |  |  | $ | — |  |  | $ | (772) |
The following table presents the pretax and after tax components of other comprehensive income: Other Comprehensive Income (Loss) by Component
dollars in millions | Three Months Ended June 30, |  |
| 2024 |  | 2023 |  |
| Pretax |  | Income Taxes |  | Net of Income Taxes |  | Pretax |  | Income Taxes |  | Net of Income Taxes |  | Income Statement Line Items
Unrealized loss on securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
AOCI activity before reclassifications | $ | (30) |  |  | $ | 8 |  |  | $ | (22) |  |  | $ | (134) |  |  | $ | 35 |  |  | $ | (99) |  |  |
Amounts reclassified from AOCI to earnings | — |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |  |  | Provision for credit losses
Other comprehensive loss on securities available for sale | $ | (30) |  |  | $ | 8 |  |  | $ | (22) |  |  | $ | (135) |  |  | $ | 35 |  |  | $ | (100) |  |  |
Unrealized loss on securities available for sale transferred to held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified from AOCI to earnings | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | Interest on investment securities
Other comprehensive income on securities available for sale transferred to held to maturity | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  |
Defined benefit pension items: |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive loss for defined benefit pension items | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |  |  | $ | (5) |  |  | $ | 1 |  |  | $ | (4) |  |  |
Unrealized gain on cash flow hedge derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income on cash flow hedge derivatives | $ | 3 |  |  | $ | (1) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Total other comprehensive loss | $ | (37) |  |  | $ | 9 |  |  | $ | (28) |  |  | $ | (139) |  |  | $ | 36 |  |  | $ | (103) |  |  |
dollars in millions | Six Months Ended June 30, |  |
| 2024 |  | 2023 |  |
| Pretax |  | Income Taxes |  | Net of Income Taxes |  | Pretax |  | Income Taxes |  | Net of Income Taxes |  | Income Statement Line Items
Unrealized loss on securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
AOCI activity before reclassifications | $ | (154) |  |  | $ | 41 |  |  | $ | (113) |  |  | $ | (74) |  |  | $ | 20 |  |  | $ | (54) |  |  |
Amounts reclassified from AOCI to earnings | — |  |  | — |  |  | — |  |  | 17 |  |  | (5) |  |  | 12 |  |  | $14 realized loss on sales of investment securities available for sale, net; $3 provision for credit losses
Other comprehensive loss on securities available for sale | $ | (154) |  |  | $ | 41 |  |  | $ | (113) |  |  | $ | (57) |  |  | $ | 15 |  |  | $ | (42) |  |  |
Unrealized loss on securities available for sale transferred to held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Amounts reclassified from AOCI to earnings | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | Interest on investment securities
Other comprehensive income on securities available for sale transferred to held to maturity | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  |
Defined benefit pension items: |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive loss for defined benefit pension items | $ | (10) |  |  | $ | 2 |  |  | $ | (8) |  |  | $ | 5 |  |  | $ | (1) |  |  | $ | 4 |  |  |
Unrealized gain on cash flow hedge derivatives: |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income on cash flow hedge derivatives | $ | 3 |  |  | $ | (1) |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |
Total other comprehensive loss | $ | (161) |  |  | $ | 42 |  |  | $ | (119) |  |  | $ | (51) |  |  | $ | 14 |  |  | $ | (37) |  |  |

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