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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2019
Fair Value Disclosures [Abstract] |
Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis: TABLE 17.1
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
June 30, 2019 |  |  |  |  |  |  |
Assets Measured at Fair Value |  |  |  |  |  |  |
Debt securities available for sale |  |  |  |  |  |  |
U.S. government agencies | $ | — |  |  | $ | 172 |  |  | $ | — |  |  | $ | 172 |
U.S. government-sponsored entities | — |  |  | 301 |  |  | — |  |  | 301 |
Residential mortgage-backed securities: |  |  |  |  |  |  |
Agency mortgage-backed securities | — |  |  | 1,315 |  |  | — |  |  | 1,315 |
Agency collateralized mortgage obligations | — |  |  | 1,242 |  |  | — |  |  | 1,242 |
Commercial mortgage-backed securities | — |  |  | 232 |  |  | — |  |  | 232 |
States of the U.S. and political subdivisions | — |  |  | 15 |  |  | — |  |  | 15 |
Other debt securities | — |  |  | 2 |  |  | — |  |  | 2 |
Total debt securities available for sale | — |  |  | 3,279 |  |  | — |  |  | 3,279 |
Loans held for sale | — |  |  | 39 |  |  | — |  |  | 39 |
Derivative financial instruments |  |  |  |  |  |  |
Trading | — |  |  | 145 |  |  | — |  |  | 145 |
Not for trading | — |  |  | 1 |  |  | 3 |  |  | 4 |
Total derivative financial instruments | — |  |  | 146 |  |  | 3 |  |  | 149 |
Total assets measured at fair value on a recurring basis | $ | — |  |  | $ | 3,464 |  |  | $ | 3 |  |  | $ | 3,467 |
Liabilities Measured at Fair Value |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Trading | $ | — |  |  | $ | 25 |  |  | $ | — |  |  | $ | 25 |
Not for trading | — |  |  | 2 |  |  | — |  |  | 2 |
Total derivative financial instruments | — |  |  | 27 |  |  | — |  |  | 27 |
Total liabilities measured at fair value on a recurring basis | $ | — |  |  | $ | 27 |  |  | $ | — |  |  | $ | 27 |
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
December 31, 2018 |  |  |  |  |  |  |
Assets Measured at Fair Value |  |  |  |  |  |  |
Debt securities available for sale |  |  |  |  |  |  |
U.S. government agencies | $ | — |  |  | $ | 187 |  |  | $ | — |  |  | $ | 187 |
U.S. government-sponsored entities | — |  |  | 313 |  |  | — |  |  | 313 |
Residential mortgage-backed securities: |  |  |  |  |  |  |
Agency mortgage-backed securities | — |  |  | 1,429 |  |  | — |  |  | 1,429 |
Agency collateralized mortgage obligations | — |  |  | 1,161 |  |  | — |  |  | 1,161 |
Commercial mortgage-backed securities | — |  |  | 228 |  |  | — |  |  | 228 |
States of the U.S. and political subdivisions | — |  |  | 21 |  |  | — |  |  | 21 |
Other debt securities | — |  |  | 2 |  |  | — |  |  | 2 |
Total debt securities available for sale | — |  |  | 3,341 |  |  | — |  |  | 3,341 |
Loans held for sale | — |  |  | 14 |  |  | — |  |  | 14 |
Derivative financial instruments |  |  |  |  |  |  |
Trading | — |  |  | 42 |  |  | 1 |  |  | 43 |
Total derivative financial instruments | — |  |  | 42 |  |  | 1 |  |  | 43 |
Total assets measured at fair value on a recurring basis | $ | — |  |  | $ | 3,397 |  |  | $ | 1 |  |  | $ | 3,398 |
Liabilities Measured at Fair Value |  |  |  |  |  |  |
Derivative financial instruments |  |  |  |  |  |  |
Trading | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
Not for trading | — |  |  | 3 |  |  | — |  |  | 3 |
Total derivative financial instruments | — |  |  | 39 |  |  | — |  |  | 39 |
Total liabilities measured at fair value on a recurring basis | $ | — |  |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |
Additional Information about Assets Measured at Fair Value on Recurring Basis | The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value: TABLE 17.2
(in millions) |  | Interest Rate Lock Commitments |  | Total
Six Months Ended June 30, 2019 |  |  |  |
Balance at beginning of period |  | $ | 1 |  |  | $ | 1 |
Purchases, issuances, sales and settlements: |  |  |  |
Purchases |  | 3 |  |  | 3 |
Settlements |  | (1 | ) |  | (1 | )
Balance at end of period |  | $ | 3 |  |  | $ | 3 |
Year Ended December 31, 2018 |  |  |  |
Balance at beginning of period |  | $ | 2 |  |  | $ | 2 |
Purchases, issuances, sales and settlements: |  |  |  |
Purchases |  | 5 |  |  | 5 |
Settlements |  | (6 | ) |  | (6 | )
Balance at end of period |  | $ | 1 |  |  | $ | 1 |
Additional Information about Assets Measured at Fair Value on Non-Recurring Basis | For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios: TABLE 17.3
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total
June 30, 2019 |  |  |  |  |  |  |
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
Other real estate owned | — |  |  | — |  |  | 2 |  |  | 2 |
Other assets - SBA servicing asset | — |  |  | — |  |  | 4 |  |  | 4 |
Other assets - MSR | — |  |  | — |  |  | 25 |  |  | 25 |
December 31, 2018 |  |  |  |  |  |  |
Impaired loans | $ | — |  |  | $ | — |  |  | $ | 15 |  |  | $ | 15 |
Other real estate owned | — |  |  | — |  |  | 5 |  |  | 5 |
Other assets - SBA servicing asset | — |  |  | — |  |  | 4 |  |  | 4 |
Fair Values of Financial Instruments | The fair values of our financial instruments are as follows: TABLE 17.4
|  |  |  |  | Fair Value Measurements
(in millions) | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
June 30, 2019 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 499 |  |  | $ | 499 |  |  | $ | 499 |  |  | $ | — |  |  | $ | — |
Debt securities available for sale | 3,279 |  |  | 3,279 |  |  | — |  |  | 3,279 |  |  | — |
Debt securities held to maturity | 3,079 |  |  | 3,093 |  |  | — |  |  | 3,093 |  |  | — |
Net loans and leases, including loans held for sale | 22,687 |  |  | 22,576 |  |  | — |  |  | 39 |  |  | 22,537 |
Loan servicing rights | 42 |  |  | 44 |  |  | — |  |  | — |  |  | 44 |
Derivative assets | 149 |  |  | 149 |  |  | — |  |  | 146 |  |  | 3 |
Accrued interest receivable | 113 |  |  | 113 |  |  | 113 |  |  | — |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits | 23,731 |  |  | 23,735 |  |  | 18,247 |  |  | 5,488 |  |  | — |
Short-term borrowings | 3,711 |  |  | 3,714 |  |  | 3,714 |  |  | — |  |  | — |
Long-term borrowings | 1,338 |  |  | 1,341 |  |  | — |  |  | — |  |  | 1,341 |
Derivative liabilities | 27 |  |  | 27 |  |  | — |  |  | 27 |  |  | — |
Accrued interest payable | 26 |  |  | 26 |  |  | 26 |  |  | — |  |  | — |
December 31, 2018 |  |  |  |  |  |  |  |  |
Financial Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 488 |  |  | $ | 488 |  |  | $ | 488 |  |  | $ | — |  |  | $ | — |
Debt securities available for sale | 3,341 |  |  | 3,341 |  |  | — |  |  | 3,341 |  |  | — |
Debt securities held to maturity | 3,254 |  |  | 3,155 |  |  | — |  |  | 3,155 |  |  | — |
Net loans and leases, including loans held for sale | 21,995 |  |  | 21,742 |  |  | — |  |  | 14 |  |  | 21,728 |
Loan servicing rights | 41 |  |  | 45 |  |  | — |  |  | — |  |  | 45 |
Derivative assets | 43 |  |  | 43 |  |  | — |  |  | 42 |  |  | 1 |
Accrued interest receivable | 101 |  |  | 101 |  |  | 101 |  |  | — |  |  | — |
Financial Liabilities |  |  |  |  |  |  |  |  |
Deposits | 23,455 |  |  | 23,411 |  |  | 18,142 |  |  | 5,269 |  |  | — |
Short-term borrowings | 4,129 |  |  | 4,130 |  |  | 4,130 |  |  | — |  |  | — |
Long-term borrowings | 627 |  |  | 618 |  |  | — |  |  | — |  |  | 618 |
Derivative liabilities | 39 |  |  | 39 |  |  | — |  |  | 39 |  |  | — |
Accrued interest payable | 20 |  |  | 20 |  |  | 20 |  |  | — |  |  | — |

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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