Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations The following table includes the notional amount of commitments of $2.5 billion and $2.6 billion at September 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 $66 million and $67 million at September 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) September 30, 2024
Notional amount of credit extension commitments          
Loan commitments (1)
$ 124,541  $ 231,044  $ 188,204  $ 17,446  $ 561,235 
Home equity lines of credit 3,451  10,393  9,264  21,620  44,728 
Standby letters of credit and financial guarantees (2)
22,803  9,103  3,469  479  35,854 
Letters of credit 643  160  70  44  917 
Other commitments (3)
17  35  106  1,032  1,190 
Legally binding commitments 151,455  250,735  201,113  40,621  643,924 
Credit card lines (4)
454,383  —  —  —  454,383 
Total credit extension commitments $ 605,838  $ 250,735  $ 201,113  $ 40,621  $ 1,098,307 
  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 September 30, 2024 and December 31, 2023, $4.0 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 $24.8 billion and $10.2 billion at September 30, 2024, and $23.6 billion and $9.7 billion at December 31, 2023. Amounts in the table include consumer SBLCs of $883 million and $744 million at September 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.