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DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables) | 6 Months Ended
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Jun. 30, 2025
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 10.1
| June 30, 2025 |  | December 31, 2024
| Notional |  | Fair Value |  | Notional |  | Fair Value
(in millions) | Amount |  | Assets |  | Liabilities |  | Amount |  | Assets |  | Liabilities
Gross Derivatives |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangements: |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts – designated | $ | 2,150 |  |  | $ | 13 |  |  | $ | — |  |  | $ | 2,400 |  |  | $ | — |  |  | $ | 6 |
Interest rate swaps – not designated | 6,105 |  |  | 56 |  |  | 53 |  |  | 5,901 |  |  | 96 |  |  | 16 |
Total subject to master netting arrangements | 8,255 |  |  | 69 |  |  | 53 |  |  | 8,301 |  |  | 96 |  |  | 22 |
Not subject to master netting arrangements: |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps – not designated | 6,105 |  |  | 53 |  |  | 182 |  |  | 5,901 |  |  | 16 |  |  | 287 |
Interest rate lock commitments – not designated | 473 |  |  | 5 |  |  | — |  |  | 417 |  |  | 1 |  |  | 4 |
Forward delivery commitments – not designated | 477 |  |  | — |  |  | 5 |  |  | 486 |  |  | 4 |  |  | — |
Credit risk contracts – not designated | 763 |  |  | — |  |  | — |  |  | 819 |  |  | — |  |  | — |
Total not subject to master netting arrangements | 7,818 |  |  | 58 |  |  | 187 |  |  | 7,623 |  |  | 21 |  |  | 291 |
Total | $ | 16,073 |  |  | $ | 127 |  |  | $ | 240 |  |  | $ | 15,924 |  |  | $ | 117 |  |  | $ | 313 |
Schedule of Amounts Reclassified from Accumulated Other Comprehensive Income (AOCI) | The following table shows amounts reclassified from AOCI: TABLE 10.2
| 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) | 2025 |  | 2024 |  |  |  | 2025 |  | 2024
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 16 |  |  | $ | (15) |  |  | Interest income (expense) |  | $ | (15) |  |  | $ | (19) |
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 10.3
| Six months ended June 30,
| 2025 |  | 2024
(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 (the effects of cash flow hedges are included in these line items) | $ | 981 |  |  | $ | 34 |  |  | $ | 975 |  |  | $ | 60 |
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 | (15) |  |  | — |  |  | (25) |  |  | 6 |
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 10.4
|  |  | Six Months Ended June 30,
(in millions) | Consolidated Statements of Income Location |  | 2025 |  | 2024
Interest rate swaps | Non-interest income - other |  | $ | — |  |  | $ | — |
Interest rate lock commitments | Mortgage banking operations |  | — |  |  | — |
Forward delivery contracts | Mortgage banking operations |  | (8) |  |  | 4 |
Credit risk contracts | Non-interest income - other |  | — |  |  | — |
Schedule of Offsetting Assets | 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: Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below. TABLE 10.5
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
(in millions) | Gross Amount Recognized |  | Gross Amount Offset in the Consolidated Balance Sheets |  | Net Amount Presented in the Consolidated Balance Sheets |  | Financial Instruments Available for Offset |  | Collateral Received/Pledged |  | Net Amount
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 69 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 47 |  |  | $ | 20 |  |  | $ | 2 |
Not subject to master netting arrangement | 53 |  |  | — |  |  | 53 |  |  |  |  |  |  |
Total | $ | 122 |  |  | $ | — |  |  | $ | 122 |  |  |  |  |  |  |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 53 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 47 |  |  | $ | 6 |  |  | $ | — |
Not subject to master netting arrangement | 182 |  |  | — |  |  | 182 |  |  |  |  |  |  |
Total | $ | 235 |  |  | $ | — |  |  | $ | 235 |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 96 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 16 |  |  | $ | 80 |  |  | $ | — |
Not subject to master netting arrangement | 16 |  |  | — |  |  | 16 |  |  |  |  |  |  |
Total | $ | 112 |  |  | $ | — |  |  | $ | 112 |  |  |  |  |  |  |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 16 |  |  | $ | 6 |  |  | $ | — |
Not subject to master netting arrangement | 287 |  |  | — |  |  | 287 |  |  |  |  |  |  |
Total | $ | 309 |  |  | $ | — |  |  | $ | 309 |  |  |  |  |  |  |
Schedule of Offsetting 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: Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below. TABLE 10.5
|  |  |  |  |  |  | Gross Amounts Not Offset in the Consolidated Balance Sheets |  |
(in millions) | Gross Amount Recognized |  | Gross Amount Offset in the Consolidated Balance Sheets |  | Net Amount Presented in the Consolidated Balance Sheets |  | Financial Instruments Available for Offset |  | Collateral Received/Pledged |  | Net Amount
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 69 |  |  | $ | — |  |  | $ | 69 |  |  | $ | 47 |  |  | $ | 20 |  |  | $ | 2 |
Not subject to master netting arrangement | 53 |  |  | — |  |  | 53 |  |  |  |  |  |  |
Total | $ | 122 |  |  | $ | — |  |  | $ | 122 |  |  |  |  |  |  |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 53 |  |  | $ | — |  |  | $ | 53 |  |  | $ | 47 |  |  | $ | 6 |  |  | $ | — |
Not subject to master netting arrangement | 182 |  |  | — |  |  | 182 |  |  |  |  |  |  |
Total | $ | 235 |  |  | $ | — |  |  | $ | 235 |  |  |  |  |  |  |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Derivative Assets |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 96 |  |  | $ | — |  |  | $ | 96 |  |  | $ | 16 |  |  | $ | 80 |  |  | $ | — |
Not subject to master netting arrangement | 16 |  |  | — |  |  | 16 |  |  |  |  |  |  |
Total | $ | 112 |  |  | $ | — |  |  | $ | 112 |  |  |  |  |  |  |
Derivative Liabilities |  |  |  |  |  |  |  |  |  |  |
Subject to master netting arrangement | $ | 22 |  |  | $ | — |  |  | $ | 22 |  |  | $ | 16 |  |  | $ | 6 |  |  | $ | — |
Not subject to master netting arrangement | 287 |  |  | — |  |  | 287 |  |  |  |  |  |  |
Total | $ | 309 |  |  | $ | — |  |  | $ | 309 |  |  |  |  |  |  |

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