Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.23.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations The table below includes the notional amount of commitments of $3.1 billion and $3.0 billion at March 31, 2023 and December 31, 2022 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $122 million and $110 million at March 31, 2023 and December 31, 2022, 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.
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) March 31, 2023
Notional amount of credit extension commitments          
Loan commitments (1)
$ 117,267  $ 160,450  $ 219,304  $ 15,920  $ 512,941 
Home equity lines of credit 1,667  7,986  11,652  22,660  43,965 
Standby letters of credit and financial guarantees (2)
22,417  9,328  2,755  528  35,028 
Letters of credit 963  32  42  26  1,063 
Other commitments (3)
3  68  137  1,059  1,267 
Legally binding commitments 142,317  177,864  233,890  40,193  594,264 
Credit card lines (4)
429,384  —  —  —  429,384 
Total credit extension commitments $ 571,701  $ 177,864  $ 233,890  $ 40,193  $ 1,023,648 
  December 31, 2022
Notional amount of credit extension commitments          
Loan commitments (1)
$ 113,962  $ 162,890  $ 221,374  $ 13,667  $ 511,893 
Home equity lines of credit 1,479  7,230  11,578  22,154  42,441 
Standby letters of credit and financial guarantees (2)
22,565  9,237  2,787  628  35,217 
Letters of credit 853  46  52  49  1,000 
Other commitments (3)
5  93  71  1,103  1,272 
Legally binding commitments 138,864  179,496  235,862  37,601  591,823 
Credit card lines (4)
419,144  —  —  —  419,144 
Total credit extension commitments $ 558,008  $ 179,496  $ 235,862  $ 37,601  $ 1,010,967 
(1)     At March 31, 2023 and December 31, 2022, $2.9 billion and $2.6 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 $9.4 billion at March 31, 2023, and $25.1 billion and $9.5 billion at December 31, 2022. Amounts in the table include consumer SBLCs of $563 million and $575 million at March 31, 2023 and December 31, 2022.
(3)     Primarily includes second-loss positions on lease-end residual value guarantees.
(4)     Includes business card unused lines of credit.