Annual report [Section 13 and 15(d), not S-K Item 405]

Commitments and Contingencies (Tables)

v3.25.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations The following table includes the notional amount of commitments of $2.2 billion and $2.6 billion at December 31, 2024 and 2023 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $144 million and $67 million at December 31, 2024 and 2023, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 21 – Fair Value Option.
Credit Extension Commitments
Expire in One
Year or Less		 Expire After One
Year Through
Three Years		 Expire After Three Years Through
Five Years		 Expire After
Five Years		 Total
(Dollars in millions) December 31, 2024
Notional amount of credit extension commitments          
Loan commitments (1)
$ 123,520  $ 227,539  $ 191,469  $ 19,011  $ 561,539 
Home equity lines of credit 3,518  10,570  8,920  21,272  44,280 
Standby letters of credit and financial guarantees (2)
25,080  8,006  2,589  370  36,045 
Letters of credit 781  142  8  19  950 
Other commitments (3)
5  52  88  1,028  1,173 
Legally binding commitments 152,904  246,309  203,074  41,700  643,987 
Credit card lines (4)
456,185  —  —  —  456,185 
Total credit extension commitments $ 609,089  $ 246,309  $ 203,074  $ 41,700  $ 1,100,172 
  December 31, 2023
Notional amount of credit extension commitments          
Loan commitments (1)
$ 124,298  $ 198,818  $ 193,878  $ 15,386  $ 532,380 
Home equity lines of credit 2,775  9,182  11,195  21,975  45,127 
Standby letters of credit and financial guarantees (2)
21,067  9,633  2,693  652  34,045 
Letters of credit 873  207  66  29  1,175 
Other commitments (3)
17  50  108  1,035  1,210 
Legally binding commitments 149,030  217,890  207,940  39,077  613,937 
Credit card lines (4)
440,328  —  —  —  440,328 
Total credit extension commitments $ 589,358  $ 217,890  $ 207,940  $ 39,077  $ 1,054,265 
(1)     At December 31, 2024 and 2023, $4.4 billion and $3.1 billion of these loan commitments were held in the form of a security.
(2) The notional amounts of SBLCs and financial guarantees classified as investment grade and non-investment grade based on the credit quality of the underlying reference name within the instrument were $25.0 billion and $10.1 billion at December 31, 2024, and $23.6 billion and $9.7 billion at December 31, 2023. Amounts in the table include consumer SBLCs of $1.0 billion and $744 million at December 31, 2024 and 2023.
(3)     Primarily includes second-loss positions on lease-end residual value guarantees.
(4)     Includes business card unused lines of credit.