Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.24.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations
The following table includes the notional amount of commitments of $3.2 billion and $2.6 billion at June 30, 2024 and December 31, 2023 that are accounted for under the fair value option. However, the table excludes the cumulative net fair value for these commitments of $73 million and $67 million at June 30, 2024 and December 31, 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 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) June 30, 2024
Notional amount of credit extension commitments          
Loan commitments (1)
$ 122,111  $ 214,908  $ 184,093  $ 17,930  $ 539,042 
Home equity lines of credit 3,407  10,109  9,910  21,849  45,275 
Standby letters of credit and financial guarantees (2)
21,830  8,871  2,779  586  34,066 
Letters of credit 776  141  63  59  1,039 
Other commitments (3)
13  33  103  1,036  1,185 
Legally binding commitments 148,137  234,062  196,948  41,460  620,607 
Credit card lines (4)
452,638  —  —  —  452,638 
Total credit extension commitments $ 600,775  $ 234,062  $ 196,948  $ 41,460  $ 1,073,245 
  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 June 30, 2024 and December 31, 2023, $4.6 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 $23.4 billion and $9.8 billion at June 30, 2024, and $23.6 billion and $9.7 billion at December 31, 2023. Amounts in the table include consumer SBLCs of $864 million and $744 million at June 30, 2024 and December 31, 2023.
(3)     Primarily includes second-loss positions on lease-end residual value guarantees.
(4)     Includes business card unused lines of credit.