Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit Extension Commitment Expirations
The table below includes the notional amount of commitments of $3.8 billion and $4.4 billion at March 31, 2020 and December 31, 2019 that are accounted for under the fair value option. However, the table excludes cumulative net fair value of $207 million and $90 million at March 31, 2020 and December 31, 2019 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 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, 2020
Notional amount of credit extension commitments
 

 
 

 
 

 
 

 
 

Loan commitments (1)
$
91,682

 
$
126,412

 
$
142,815

 
$
17,232

 
$
378,141

Home equity lines of credit
948

 
2,085

 
7,109

 
33,530

 
43,672

Standby letters of credit and financial guarantees (2)
23,695

 
9,201

 
3,346

 
375

 
36,617

Letters of credit (3)
 
978

 
147

 
58

 
53

 
1,236

Legally binding commitments
117,303

 
137,845

 
153,328

 
51,190

 
459,666

Credit card lines (4)
385,893

 

 

 

 
385,893

Total credit extension commitments
$
503,196

 
$
137,845

 
$
153,328

 
$
51,190

 
$
845,559

 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
Notional amount of credit extension commitments
 

 
 

 
 

 
 

 
 

Loan commitments (1)
$
97,454

 
$
148,000

 
$
173,699

 
$
24,487

 
$
443,640

Home equity lines of credit
1,137

 
1,948

 
6,351

 
34,134

 
43,570

Standby letters of credit and financial guarantees (2)
21,311

 
11,512

 
3,712

 
408

 
36,943

Letters of credit (3)
1,156

 
254

 
65

 
25

 
1,500

Legally binding commitments
121,058

 
161,714

 
183,827

 
59,054

 
525,653

Credit card lines (4)
376,067

 

 

 

 
376,067

Total credit extension commitments
$
497,125

 
$
161,714

 
$
183,827

 
$
59,054

 
$
901,720

(1)  
At March 31, 2020 and December 31, 2019, $4.4 billion and $5.1 billion of these loan commitments are 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 $27.2 billion and $9 billion at March 31, 2020, and $27.9 billion and $8.6 billion at December 31, 2019. Amounts in the table include consumer SBLCs of $439 million and $413 million at March 31, 2020 and December 31, 2019.
(3)  
At March 31, 2020 and December 31, 2019, included are letters of credit of $1.7 billion and $1.4 billion related to certain liquidity commitments of VIEs. For more information, see Note 6 – Securitizations and Other Variable Interest Entities.
(4) 
Includes business card unused lines of credit.