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Strategic Lines of Business | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Strategic Lines of Business | 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 March 31, 2025. 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. The following discussion provides information about the activities of each business segment. A discussion of the financial results and the factors impacting performance can be found in "Business Segments" in the "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. For further information on the methodologies which form the basis for these results refer to Note 22 to the consolidated financial statements in the Corporation's 2024 Annual Report. Business segment financial results were as follows:
(dollar amounts in millions) | Commercial Bank |  | Retail Bank |  | Wealth Management |  | Finance |  | Other |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 472 |  |  | $ | 254 |  |  | $ | 48 |  | $ | (240) |  |  | $ | 41 |  |  | $ | 575 |
Provision (benefit) for credit losses | 31 |  |  | (5) |  |  | (6) |  | — |  |  | — |  |  | 20 |
Noninterest income | 135 |  |  | 26 |  |  | 71 |  | 23 |  |  | (1) |  |  | 254 |
Salaries and benefits expense | 81 |  |  | 51 |  |  | 35 |  | 17 |  |  | 184 |  |  | 368 |
Outside processing fee expense | 46 |  |  | 2 |  |  | 10 |  | 1 |  |  | 5 |  |  | 64 |
Occupancy expense | 6 |  |  | 25 |  |  | 3 |  | 1 |  |  | 11 |  |  | 46 |
Allocated corporate expense | 119 |  |  | 80 |  |  | 35 |  | (20) |  |  | (214) |  |  | — |
All other noninterest expenses (a) | 15 |  |  | 22 |  |  | 14 |  | 2 |  |  | 53 |  |  | 106 |
Total noninterest expenses | 267 |  |  | 180 |  |  | 97 |  | 1 |  |  | 39 |  |  | 584 |
Provision (benefit) for income taxes | 71 |  |  | 26 |  |  | 7 |  | (52) |  |  | 1 |  |  | 53 |
Net income (loss) | $ | 238 |  |  | $ | 79 |  |  | $ | 21 |  | $ | (166) |  |  | $ | — |  |  | $ | 172 |
Net charge-offs | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 44,960 |  |  | $ | 3,053 |  |  | $ | 5,170 |  | $ | 17,433 |  |  | $ | 6,942 |  |  | $ | 77,558
Loans | 42,850 |  |  | 2,380 |  |  | 4,984 |  | — |  |  | — |  |  | 50,214
Deposits | 32,750 |  |  | 23,638 |  |  | 3,620 |  | 1,633 |  |  | 258 |  |  | 61,899
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Earnings summary: |  |  |  |  |  |  |  |  |  |  |
Net interest income (expense) | $ | 477 |  |  | $ | 200 |  |  | $ | 47 |  | $ | (217) |  |  | $ | 41 |  |  | $ | 548 |
Provision (benefit) for credit losses | 16 |  |  | (1) |  |  | 1 |  | — |  |  | (2) |  |  | 14 |
Noninterest income | 148 |  |  | 28 |  |  | 65 |  | (11) |  |  | 6 |  |  | 236 |
Salaries and benefits expense | 79 |  |  | 51 |  |  | 36 |  | 14 |  |  | 168 |  |  | 348 |
Outside processing fee expense | 49 |  |  | 3 |  |  | 11 |  | 1 |  |  | 4 |  |  | 68 |
Occupancy expense | 6 |  |  | 24 |  |  | 3 |  | 1 |  |  | 10 |  |  | 44 |
Allocated corporate expense | 104 |  |  | 77 |  |  | 31 |  | (18) |  |  | (194) |  |  | — |
All other noninterest expenses (a) | 37 |  |  | 27 |  |  | 15 |  | 4 |  |  | 60 |  |  | 143 |
Noninterest expenses | 275 |  |  | 182 |  |  | 96 |  | 2 |  |  | 48 |  |  | 603 |
Provision (benefit) for income taxes | 56 |  |  | 8 |  |  | 2 |  | (41) |  |  | 4 |  |  | 29 |
Net income (loss) | $ | 278 |  |  | $ | 39 |  |  | $ | 13 |  | $ | (189) |  |  | $ | (3) |  |  | $ | 138 |
Net charge-offs | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 14
Selected average balances: |  |  |  |  |  |  |  |  |  |  |
Assets | $ | 46,485 |  |  | $ | 3,026 |  |  | $ | 5,443 |  | $ | 19,057 |  |  | $ | 9,606 |  |  | $ | 83,617
Loans | 43,911 |  |  | 2,297 |  |  | 5,152 |  | — |  |  | 12 |  |  | 51,372
Deposits | 32,212 |  |  | 24,384 |  |  | 3,900 |  | 4,539 |  |  | 275 |  |  | 65,310
(a)All other noninterest expenses for each reportable business segment includes: i.Commercial Bank - Primarily FDIC insurance expense and gains on real estate and other assets. ii.Retail Bank - Primarily equipment expense and FDIC insurance expense. iii.Wealth Management - Primarily litigation-related expense and software expense.

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- Definition The entire disclosure for reporting segments including data and tables. 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