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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Notional Amounts and Gross Fair Values of Derivative Assets and Derivative Liabilities | The following table presents notional amounts and gross fair values of our derivative assets and derivative liabilities which are not offset in the Consolidated Balance Sheets. TABLE 9.1
| June 30, 2019 |  | December 31, 2018
| Notional |  | Fair Value |  | Notional |  | Fair Value
(in millions) | Amount |  | Asset |  | Liability |  | Amount |  | Asset |  | Liability
Gross Derivatives |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangements: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts – designated | $ | 1,355 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1,155 |  |  | $ | — |  |  | $ | 3 |
Interest rate swaps – not designated | 3,151 |  |  | — |  |  | 24 |  |  | 2,740 |  |  | 2 |  |  | 10 |
Equity contracts – not designated | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total subject to master netting arrangements | 4,506 |  |  | 1 |  |  | 25 |  |  | 3,896 |  |  | 2 |  |  | 13 |
Not subject to master netting arrangements: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps – not designated | 3,151 |  |  | 145 |  |  | 1 |  |  | 2,740 |  |  | 40 |  |  | 26 |
Interest rate lock commitments – not designated | 130 |  |  | 3 |  |  | — |  |  | 47 |  |  | 1 |  |  | — |
Forward delivery commitments – not designated | 185 |  |  | — |  |  | 1 |  |  | 55 |  |  | — |  |  | — |
Credit risk contracts – not designated | 230 |  |  | — |  |  | — |  |  | 203 |  |  | — |  |  | — |
Equity contracts – not designated | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |
Total not subject to master netting arrangements | 3,696 |  |  | 148 |  |  | 2 |  |  | 3,046 |  |  | 41 |  |  | 26 |
Total | $ | 8,202 |  |  | $ | 149 |  |  | $ | 27 |  |  | $ | 6,942 |  |  | $ | 43 |  |  | $ | 39 |
Summary of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from accumulated other comprehensive income: TABLE 9.2
| Amount of Gain (Loss) Recognized in OCI on Derivatives |  | Location of Gain (Loss) Reclassified from AOCI into Income |  | Amount of Gain (Loss) Reclassified from AOCI into Income
| Six Months Ended June 30, |  |  |  | Six Months Ended June 30,
(in millions) | 2019 |  | 2018 |  |  |  | 2019 |  | 2018
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | (26 | ) |  | $ | 7 |  |  | Interest income (expense) |  | $ | 2 |  |  | $ | 1 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table represents gains (losses) recognized in the Consolidated Statements of Income on cash flow hedging relationships: TABLE 9.3
|  | Six Months Ended June 30, 2019 |  | Six Months Ended June 30, 2018
(in millions) |  | Interest Income - Loans and Leases |  | Interest Expense - Short-Term Borrowings |  | Interest Income - Loans and Leases |  | Interest Expense - Short-Term Borrowings
Total amounts of income and expense line items presented in the Consolidated Statements of Income in which the effects of cash flow hedges are recorded |  | $ | 545 |  |  | $ | 48 |  |  | $ | 497 |  |  | $ | 34 |
The effects of cash flow hedging: |  |  |  |  |  |  |  |
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |  |
Interest rate contracts |  |  |  |  |  |  |  |
Amount of gain (loss) reclassified from AOCI into net income |  | (1 | ) |  | 3 |  |  | — |  |  | 1 |
Amount of gain (loss) reclassified from AOCI into income as a result of that a forecasted transaction is no longer probable of occurring |  | — |  |  | — |  |  | — |  |  | — |
Schedule of Derivative Financial Instruments on the Consolidated Statements of Income | The following table presents the effect of certain derivative financial instruments on the Consolidated Statements of Income: TABLE 9.4
|  |  | Six Months Ended June 30,
(in millions) | Consolidated Statements of Income Location |  | 2019 |  | 2018
Interest rate swaps | Non-interest income - other |  | $ | — |  |  | $ | 1 |
Interest rate lock commitments | Mortgage banking operations |  | — |  |  | — |
Forward delivery contracts | Mortgage banking operations |  | (1 | ) |  | 1 |
Credit risk contracts | Non-interest income - other |  | — |  |  | — |
Schedule of Offsetting Assets and Liabilities | The following table presents a reconciliation of the net amounts of derivative assets and derivative liabilities presented in the Consolidated Balance Sheets to the net amounts that would result in the event of offset: TABLE 9.5
|  |  | Amount Not Offset in the Consolidated Balance Sheets |  |
(in millions) | Net Amount Presented in the Consolidated Balance Sheets |  | Financial Instruments |  | Cash Collateral |  | Net Amount
June 30, 2019 |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Designated | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Total | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Designated | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |
Not designated | 24 |  |  | 23 |  |  | — |  |  | 1 |
Total | $ | 25 |  |  | $ | 24 |  |  | $ | — |  |  | $ | 1 |
December 31, 2018 |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Not designated | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Total | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Derivative Liabilities |  |  |  |  |  |  |
Interest rate contracts: |  |  |  |  |  |  |
Designated | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Not designated | 10 |  |  | 9 |  |  | — |  |  | 1 |
Total | $ | 13 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 1 |

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