| Schedule of Credit Extension Commitment Expirations |
The table below also includes the notional amount of commitments of $3.1 billion and $4.8 billion at December 31, 2018 and 2017 that are accounted for under the fair value option. However, the following table excludes cumulative net fair value of $169 million and $120 million at December 31, 2018 and 2017 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 21 – 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) |
December 31, 2018 |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
84,910 |
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$ |
142,271 |
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$ |
155,298 |
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$ |
22,683 |
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$ |
405,162 |
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Home equity lines of credit |
2,578 |
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|
2,249 |
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|
3,530 |
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|
34,702 |
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|
43,059 |
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Standby letters of credit and financial guarantees (1)
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22,571 |
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|
9,702 |
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2,457 |
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|
1,074 |
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35,804 |
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Letters of credit (2)
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1,168 |
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|
84 |
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69 |
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57 |
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|
1,378 |
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Legally binding commitments |
111,227 |
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|
154,306 |
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|
161,354 |
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|
58,516 |
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|
485,403 |
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Credit card lines (3)
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371,658 |
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— |
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— |
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— |
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371,658 |
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Total credit extension commitments |
$ |
482,885 |
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$ |
154,306 |
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$ |
161,354 |
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$ |
58,516 |
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$ |
857,061 |
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December 31, 2017 |
Notional amount of credit extension commitments |
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Loan commitments |
$ |
85,804 |
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$ |
140,942 |
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$ |
147,043 |
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$ |
21,342 |
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$ |
395,131 |
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Home equity lines of credit |
6,172 |
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|
4,457 |
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|
2,288 |
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|
31,250 |
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|
44,167 |
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Standby letters of credit and financial guarantees (1)
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19,976 |
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11,261 |
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3,420 |
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|
1,144 |
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|
35,801 |
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Letters of credit |
1,291 |
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|
117 |
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|
129 |
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|
87 |
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1,624 |
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Legally binding commitments |
113,243 |
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|
156,777 |
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|
152,880 |
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|
53,823 |
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|
476,723 |
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Credit card lines (3)
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362,030 |
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— |
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— |
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— |
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362,030 |
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Total credit extension commitments |
$ |
475,273 |
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$ |
156,777 |
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$ |
152,880 |
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$ |
53,823 |
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$ |
838,753 |
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(1) |
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 $28.3 billion and $7.1 billion at December 31, 2018, and $27.3 billion and $8.1 billion at December 31, 2017. Amounts in the table include consumer SBLCs of $372 million and $421 million at December 31, 2018 and 2017.
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(2) |
At December 31, 2018, included letters of credit of $422 million related to certain liquidity commitments of VIEs. For additional information, see .
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(3) Includes business card unused lines of credit.
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