Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.24.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations
The following table includes the notional amount of commitments of $2.6 billion and $3.0 billion at December 31, 2023 and 2022 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $67 million and $110 million at December 31, 2023 and 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 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, 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 
  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 December 31, 2023 and 2022, $3.1 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 $23.6 billion and $9.7 billion at December 31, 2023, and $25.1 billion and $9.5 billion at December 31, 2022. Amounts in the table include consumer SBLCs of $744 million and $575 million at December 31, 2023 and 2022.
(3)     Primarily includes second-loss positions on lease-end residual value guarantees.
(4)     Includes business card unused lines of credit.