| Schedule of Credit Extension Commitment Expirations |
The table below includes the notional amount of commitments of $3.8 billion and $4.4 billion at March 31, 2020 and December 31, 2019 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $207 million and $90 million at March 31, 2020 and December 31, 2019 on these commitments, which is classified in accrued expenses and other liabilities. For more information regarding the Corporation’s loan commitments accounted for under the fair value option, see Note 15 – Fair Value Option.
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Credit Extension Commitments |
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Expire in One
Year or Less |
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Expire After One
Year Through
Three Years |
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Expire After Three Years Through
Five Years
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Expire After
Five Years
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Total |
(Dollars in millions) |
March 31, 2020 |
Notional amount of credit extension commitments |
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Loan commitments (1)
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$ |
91,682 |
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$ |
126,412 |
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$ |
142,815 |
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$ |
17,232 |
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$ |
378,141 |
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Home equity lines of credit |
948 |
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2,085 |
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7,109 |
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33,530 |
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43,672 |
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Standby letters of credit and financial guarantees (2)
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23,695 |
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9,201 |
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3,346 |
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375 |
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36,617 |
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Letters of credit (3)
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978 |
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147 |
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58 |
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53 |
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1,236 |
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Legally binding commitments |
117,303 |
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137,845 |
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153,328 |
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51,190 |
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459,666 |
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Credit card lines (4)
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385,893 |
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— |
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— |
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— |
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385,893 |
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Total credit extension commitments |
$ |
503,196 |
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$ |
137,845 |
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$ |
153,328 |
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$ |
51,190 |
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$ |
845,559 |
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December 31, 2019 |
Notional amount of credit extension commitments |
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Loan commitments (1)
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$ |
97,454 |
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$ |
148,000 |
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$ |
173,699 |
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$ |
24,487 |
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$ |
443,640 |
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Home equity lines of credit |
1,137 |
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1,948 |
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6,351 |
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34,134 |
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43,570 |
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Standby letters of credit and financial guarantees (2)
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21,311 |
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11,512 |
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3,712 |
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408 |
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36,943 |
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Letters of credit (3)
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1,156 |
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254 |
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65 |
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25 |
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1,500 |
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Legally binding commitments |
121,058 |
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161,714 |
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183,827 |
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59,054 |
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525,653 |
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Credit card lines (4)
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376,067 |
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— |
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— |
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— |
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376,067 |
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Total credit extension commitments |
$ |
497,125 |
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$ |
161,714 |
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$ |
183,827 |
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$ |
59,054 |
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$ |
901,720 |
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(1) |
At March 31, 2020 and December 31, 2019, $4.4 billion and $5.1 billion of these loan commitments are held in the form of a security.
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(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 $27.2 billion and $9 billion at March 31, 2020, and $27.9 billion and $8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $439 million and $413 million at March 31, 2020 and December 31, 2019.
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(3) |
At March 31, 2020 and December 31, 2019, included are letters of credit of $1.7 billion and $1.4 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
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(4)
Includes business card unused lines of credit.
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