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Business Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment Information STRATEGIC LINES OF BUSINESS
The Corporation has strategically aligned its operations into three major business segments: the Commercial Bank, the Retail Bank and Wealth Management. These business segments are differentiated based on the type of customer and the related products and services provided. In addition to the three major business segments, the Finance and Other categories include items not directly associated with the business segments. Business segment results are produced by the Corporation’s internal management accounting system. This system measures financial results based on the internal business unit structure of the Corporation. The performance of the business segments is not comparable with the Corporation's consolidated results and is not necessarily comparable with similar information for any other financial institution. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The management accounting system assigns balance sheet and income statement items to each business segment using certain methodologies, which are regularly reviewed and refined. From time to time, the Corporation may make reclassifications among the segments to more appropriately reflect management's current view of the segments, and methodologies may be modified as the management accounting system is enhanced and changes occur in the organizational structure and/or product lines. For comparability purposes, amounts in all periods are based on business unit structure and methodologies in effect at December 31, 2024.
For the Commercial Bank, Retail Bank and Wealth Management segments, the Corporation's chief operating decision maker, the Chief Executive Officer, uses both segment net interest income and segment net income (loss) to allocate resources predominantly in the annual budget and forecasting process, which includes allocations of employees, property, financial and/or capital resources. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to each segment. Additionally, segment net interest income is used to evaluate product pricing and lending terms for customer loans, while segment net income (loss) helps evaluate the performance for each segment and compensation of certain employees.
Net interest income for each segment reflects the interest income generated by earning assets less interest expense on interest-bearing liabilities plus the net impact from associated internal funds transfer pricing (FTP) funding credits and charges. The FTP methodology allocates credits to each business segment for deposits and other funds provided as well as charges for loans and other assets being funded. This credit or charge is based on matching stated or implied maturities for these assets and liabilities. The FTP crediting rates on deposits and other funds provided reflect the long-term value of deposits and other funding sources based on their implied maturity. Due to the longer-term nature of implied maturities, FTP crediting rates are generally less volatile than changes in interest rates observed in the market. FTP charge rates for funding loans and other assets reflect a matched cost of funds based on the pricing and duration characteristics of the assets. As a result of applying matched funding, interest revenue for each segment resulting from loans and other assets is generally not impacted by changes in interest rates. Therefore, net interest income for each segment primarily reflects the volume of loans and other earning assets at the spread over the matched cost of funds, as well as the volume of deposits at the associated FTP crediting rates. Generally,
in periods of rising interest rates, FTP charge rates for funding loans and FTP crediting rates on deposits will increase, with FTP crediting rates for deposits typically repricing at a slower pace than FTP charge rates for funding loans. Conversely, in periods of declining interest rates, FTP charge rates for funding loans and FTP crediting rates on deposits will decrease, with FTP crediting rates for deposits typically repricing at a slower pace than FTP charge rates for funding loans.
For acquired loans and deposits, matched maturity funding is determined based on origination date. Accordingly, the FTP process reflects the transfer of interest rate risk exposures to the Corporate Treasury department within the Finance category, where such exposures are centrally managed. The allowance for credit losses is allocated to the business segments based on the methodology used to estimate the consolidated allowance for credit losses described in Note 1. The related provision for credit losses is assigned based on the amount necessary to maintain an allowance for credit losses appropriate for each business segment. Noninterest income and expenses directly attributable to a line of business are assigned to that business segment. Direct expenses incurred by areas whose services support the overall Corporation are allocated to the business segments as follows: product processing expenditures are allocated based on standard unit costs applied to actual volume measurements; administrative expenses are allocated based on estimated time expended; and corporate overhead is assigned 50 percent based on the ratio of the business segment’s noninterest expenses to total noninterest expenses incurred by all business segments and 50 percent based on the ratio of the business segment’s attributed equity to total attributed equity of all business segments. Equity is attributed based on credit, operational and interest rate risks. Most of the equity attributed relates to credit risk, which is determined based on the credit score and expected remaining life of each loan, letter of credit and unused commitment recorded in the business segments. Operational risk is allocated based on loans and letters of credit, deposit balances, non-earning assets, trust assets under management, certain noninterest income items, and the nature and extent of expenses incurred by business units. Virtually all interest rate risk is assigned to Finance, as are the Corporation’s hedging activities.
The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting 2024 performance can be found in "Strategic Lines of Business" section of the financial review.
The Commercial Bank meets the needs of small and middle market businesses, multinational corporations and governmental entities by offering various products and services including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance and letters of credit.
The Retail Bank includes a full range of personal financial services, consisting of consumer lending, consumer deposit gathering and mortgage loan origination. This business segment offers a variety of consumer products, including deposit accounts, installment loans, credit cards, home equity lines of credit and residential mortgage loans. In addition, this business segment offers products and services to small businesses who are serviced through a team of dedicated small business bankers and our branch network.
Wealth Management provides products and services to affluent, high-net worth and ultra-high-net-worth individuals and families, business owners and executives, and institutional clients, including comprehensive financial planning, trust and fiduciary services, investment management and advisory, brokerage, private banking, and business transition planning services.
The Finance category includes the Corporation’s securities portfolio and asset and liability management activities. Finance is responsible for managing the Corporation’s funding, liquidity and capital needs, performing interest sensitivity analysis and executing various strategies to manage the Corporation’s exposure to liquidity, interest rate risk and foreign exchange risk.
The Other category includes tax benefits not assigned to specific business segments, charges of an unusual or infrequent nature that are not reflective of the normal operations of the business segments and miscellaneous other expenses of a corporate nature.
Business segment financial results are as follows:
(dollar amounts in millions)Commercial
Bank		Retail
Bank		Wealth ManagementFinanceOtherTotal
Year Ended December 31, 2024
Earnings summary:
Net interest income (expense)$1,869 $813 $187 $(838)$159 $2,190 
Provision for credit losses47 2 (2)— 2 49 
Noninterest income592 112 287 50 13 1,054 
Salaries and benefits expense299 224 136 56 637 1,352 
Outside processing fee expense195 19 41 5 13 273 
Occupancy expense23 103 12 3 40 181 
Allocated corporate expense415 272 128 (70)(745)— 
All other noninterest expenses (a)117 89 56 11 228 501 
Total noninterest expenses1,049 707 373 5 173 2,307 
Provision (benefit) for income taxes295 48 23 (179)3 190 
Net income (loss)$1,070 $168 $80 $(614)$(6)$698 
Net charge-offs$47 $4 $1 $— $— $52 
Selected average balances:
Assets$45,859 $3,038 $5,310 $18,400 $7,961 $80,568 
Loans43,584 2,335 5,050 — 10 50,979 
Deposits32,264 24,292 3,894 3,179 272 63,901 
Year Ended December 31, 2023
Earnings summary:
Net interest income (expense)$2,051 $846 $208 $(693)$102 $2,514 
Provision for credit losses90 3 (6)— 2 89 
Noninterest income603 119 307 37 12 1,078 
Salaries and benefits expense295 222 171 45 573 1,306 
Outside processing fee expense201 20 35 7 14 277 
Occupancy expense23 98 12 2 36 171 
Allocated corporate expense377 263 120 (59)(701)— 
All other noninterest expenses (a)210 125 64 18 188 605 
Total noninterest expenses1,106 728 402 13 110 2,359 
Provision (benefit) for income taxes342 58 29 (164)(2)263 
Net income (loss)$1,116 $176 $90 $(505)$4 $881 
Net charge-offs$20 $2 $— $— $— $22 
Selected average balances:
Assets$49,458 $2,960 $5,500 $20,139 $9,137 $87,194 
Loans46,432 2,237 5,232 — 2 53,903 
Deposits33,019 24,363 4,130 4,169 337 66,018 
Table continues on the following page.
(dollar amounts in millions)Commercial BankRetail
Bank		Wealth ManagementFinanceOtherTotal
Year Ended December 31, 2022
Earnings summary:
Net interest income (expense)$1,761 $680 $199 $(195)$21 $2,466 
Provision for credit losses32 11 9 — 8 60 
Noninterest income607 122 298 59 (18)1,068 
Salaries and benefits expense275 226 154 44 509 1,208 
Outside processing fee expense185 22 27 4 13 251 
Occupancy expense21 107 12 2 33 175 
Allocated corporate expense394 241 120 (55)(700)— 
All other noninterest expenses (a)89 94 35 6 140 364 
Total noninterest expenses964 690 348 1 (5)1,998 
Provision (benefit) for income taxes315 22 34 (39)(7)325 
Net income (loss)$1,057 $79 $106 $(98)$7 $1,151 
Net charge-offs (recoveries)$21 $(1)$(3)$— $— $17 
Selected average balances:
Assets$47,437 $2,814 $5,037 $20,912 $11,072 $87,272 
Loans43,481 2,063 4,906 — 10 50,460 
Deposits42,584 26,672 5,439 360 426 75,481 
(a)All other noninterest expenses for each reportable business segment includes:
i.Commercial Bank and Retail Bank - Primarily FDIC insurance expense, software expense and other noninterest expenses.
ii.Wealth Management - Primarily software expense and other noninterest expenses.