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Derivative and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Cumulative Basis Adjustment for Fair Value Hedges | As of December 31, 2022 and 2021, the following amounts were recorded on the balance sheet related to cumulative basis adjustment for fair value hedges.
(in millions) |  |  | December 31, 2022 |  |  |  | December 31, 2021 |
Line Item in the Consolidated Statements of Condition in which the Hedge Item is Included |  |  | Carrying Amount of the Hedged Assets |  |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets |  |  |  | Carrying Amount of the Hedged Assets |  |  |  | Cumulative Amount of Fair Value Hedging Adjustments Included in the Carrying Amount of the Hedged Assets |
Total loans and leases, net (1) |  | $ |  | - |  |  | $ |  | - |  |  | $ |  | 2,025 |  |  | $ |  | 25 |
(1) These amounts include the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the last layer expected to be remaining at the end of the hedging relationship. Since the swap expired in February 2022, at December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships, the cumulative basis adjustments associated with these hedging relationships, and the amount of the designated hedged items, were zero.
Effect of Derivative Instruments on Consolidated Statements of Income and Comprehensive Income | The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income and Comprehensive Income for the periods indicated.
(in millions) | For the Twelve Months Ended December 31, 2022 |  |  | For the Twelve Months Ended December 31, 2021 |
Derivative – interest rate swap: |  |  |  |  |
Interest income | $ | 25 |  |  | $ | 48 |
Hedged item – loans: |  |  |  |  |
Interest income | $ | (25 | ) |  | $ | (48 | )
Information Regarding Derivative Financial Instruments | The following table sets forth information regarding the Company’s derivative financial instruments at December 31, 2022.
|  | December 31, 2022 |
|  |  |  |  | Fair Value |
(in millions) |  | Notional Amount |  |  | Other Assets |  |  | Other Liabilities |
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 3,750 |  |  | $ | 5 |  |  | $ | — |
Total |  | $ | 3,750 |  |  | $ | 5 |  |  | $ | — |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Futures |  | $ | 1,205 |  |  | $ | 2 |  |  | $ | — |
Mortgage-backed securities forwards |  |  | 1,065 |  |  |  | 36 |  |  |  | — |
Rate lock commitments |  |  | 1,539 |  |  |  | 9 |  |  |  | — |
Interest rate swaps and swaptions |  |  | 7,594 |  |  |  | 182 |  |  |  | — |
Total |  | $ | 11,403 |  |  | $ | 229 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards |  |  | 739 |  |  |  | — |  |  |  | 61 |
Rate lock commitments |  |  | 527 |  |  |  | — |  |  |  | 10 |
Interest rate swaps and swaptions |  |  | 2,445 |  |  |  | — |  |  |  | 65 |
Total derivatives not designated as hedging instruments |  | $ | 3,711 |  |  | $ | — |  |  | $ | 136 |
Schedule of derivative subject to a master netting agreement, Including the cash pledged as collateral | The following table presents the derivative subject to a master netting agreement, including the cash pledged as collateral:
|  | December 31, 2022 |
|  |  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition |
(in millions) |  | Gross Amount |  |  | Gross Amounts Netted in the Statements of Condition |  |  | Net Amount Presented in the Statements of Condition |  |  | Financial Instruments |  |  | Cash Collateral Pledged (Received) |
Derivatives designated hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLB advances (1) |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 27 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | (9 | )
Interest rate swaptions |  |  | 182 |  |  |  | — |  |  |  | 182 |  |  |  | — |  |  |  | (36 | )
Futures |  |  | 2 |  |  |  |  |  |  | 2 |  |  |  |  |  |  | 1 |
Total derivative assets |  | $ | 220 |  |  | $ | — |  |  | $ | 220 |  |  | $ | — |  |  | $ | (44 | )
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards |  | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |  |  | $ | 54 |
Interest rate swaps (2) |  |  | 65 |  |  |  | — |  |  |  | 65 |  |  |  | — |  |  |  | 29 |
Total derivative liabilities |  | $ | 126 |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 83 |
(1) Notional value of cash flow hedging instruments at December 31, 2021 $2.3 billion. Securities pledged at December 31, 2021 was $9 million. (2) Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.
Effect of Cash Flow Derivative Instruments on AOCL | The following table presents the effect of the Company’s cash flow derivative instruments on AOCL for the year ending December 31, 2022 and 2021:
(in millions) |  | For the Twelve Months Ended December 31, 2022 |  |  | For the Twelve Months Ended December 31, 2021 |
Amount of gain recognized in AOCL |  | $ | 88 |  |  | $ | 8 |
Amount of reclassified from AOCL to interest expense |  |  | (4 | ) |  |  | 25 |
Net Gain (Loss) Recognized in Income on Derivative Instruments | The following table presents the net gain (loss) recognized in income on derivative instruments, net of the impact of offsetting positions:
|  | For the Twelve Months Ended December 31, 2022 |  | For the Twelve Months Ended December 31, 2021 |
(dollars in millions) |  |  |  |  |
Derivatives not designated as hedging instruments | Location of Gain (Loss) |  |  |  |
Futures | Net return on mortgage servicing rights | $ | (1 | ) | $ | — |
Interest rate swaps and swaptions | Net return on mortgage servicing rights |  | (11 | ) |  | — |
Mortgage-backed securities forwards | Net return on mortgage servicing rights |  | (4 | ) |  | — |
Rate lock commitments and US Treasury futures | Net gain on loan sales |  | 28 |  |  | — |
Forward commitments | Other noninterest income |  | (1 | ) |  | — |
Interest rate swaps (1) | Other noninterest income |  | — |  |  | — |
Total derivative (loss) gain |  | $ | 11 |  | $ | — |
(1) Includes customer-initiated commercial interest rate swaps.

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