Georgia
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58-1575035
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Title of each class
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Name of exchange on which registered
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Common Stock
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New York Stock Exchange
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Depositary Shares, Each Representing 1/4000
th
Interest in a Share of Perpetual Preferred Stock, Series A
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New York Stock Exchange
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5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities of SunTrust Preferred Capital I
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New York Stock Exchange
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Depositary Shares, Each Representing 1/4000
th
Interest in a Share of Perpetual Preferred Stock, Series E
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New York Stock Exchange
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Warrants to Purchase Common Stock at $44.15 per share, expiring November 14, 2018
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New York Stock Exchange
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Warrants to Purchase Common Stock at $33.70 per share, expiring December 31, 2018
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New York Stock Exchange
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Item 1.
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BUSINESS
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•
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a minimum
CET1
capital ratio of 4.5%
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•
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a Tier 1 capital ratio, with a numerator consisting of the sum of
CET1
and “additional Tier 1 capital” instruments meeting specified requirements, of 6.0%
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•
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a total capital ratio, with a numerator consisting of the sum of Tier 1 capital (
CET1
and additional Tier 1 capital ) and Tier 2 capital, of 8.0%
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•
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a 2.5% “capital conservation buffer,” phased-in starting January 1, 2016, which is added to the
CET1
, Tier 1, and Total capital ratios, effectively increasing
CET1
, Tier 1, and Total capital to 7.0%, 8.5%, and 10.5%, respectively by 2019
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•
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a minimum Tier 1 leverage ratio of 4.0%
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Item 1A.
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RISK FACTORS
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•
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The yield on earning assets and rates paid on interest-bearing liabilities may change in disproportionate ways;
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•
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The value of certain on-balance sheet and off-balance sheet financial instruments that we hold could decline;
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•
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The value of our pension plan assets could decline, thereby potentially requiring us to further fund the plan; or
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•
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To the extent we access capital markets to raise funds to support our business, such changes could affect the cost of such funds or the ability to raise such funds.
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•
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variations in our quarterly results
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•
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changes in market valuations of companies in the financial services industry
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•
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governmental and regulatory legislation or actions
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•
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issuances of shares of common stock or other securities in the future
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•
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changes in dividends and capital returns
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•
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the addition or departure of key personnel
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•
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cyclical fluctuations
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•
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changes in financial estimates or recommendations by securities analysts regarding us or shares of our common
|
•
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announcements by us or our competitors of new services or technology, acquisitions, or joint ventures
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•
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activity by short sellers and changing government restrictions on such activity
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Item 1B.
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UNRESOLVED STAFF COMMENTS
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Item 2.
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PROPERTIES
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Item 3.
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LEGAL PROCEEDINGS
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Item 4.
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MINE SAFETY DISCLOSURES
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Item 5.
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MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|
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Cumulative Total Return for the Years Ended December 31
|
||||||||||||||||||||||
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2010
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2011
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2012
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2013
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2014
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2015
|
||||||||||||
SunTrust Banks, Inc.
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$100.00
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$60.39
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$97.40
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$127.67
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$147.75
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$154.31
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S&P 500 Index
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100.00
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102.09
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118.30
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156.21
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177.32
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179.76
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||||||
S&P Commercial Bank Index
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100.00
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89.29
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110.68
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149.73
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172.65
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174.07
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Common Stock
|
||||||
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Total number of shares purchased
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Average price paid per share
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Number of shares purchased as part of publicly announced plans or programs
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Approximate dollar
value of shares
that may yet be
purchased under the
plans or programs
at period end
(in millions)
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January 1 - 31
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1,298,650
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$38.75
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1,298,650
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$122
|
February 1 - 28
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918,400
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41.20
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918,400
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84
|
March 1 - 31
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655,800
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41.17
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655,800
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—
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Total during first quarter of 2015
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2,872,850
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40.08
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2,872,850
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—
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April 1 - 30
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4,212,832
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41.54
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4,212,832
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700
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May 1 - 31
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—
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—
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—
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700
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June 1 - 30
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—
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—
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—
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700
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Total during second quarter of 2015
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4,212,832
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41.54
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4,212,832
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700
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July 1 - 31
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4,024,321
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43.49
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4,024,321
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525
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August 1 - 31
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—
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—
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—
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525
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September 1 - 30
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—
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—
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—
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525
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Total during third quarter of 2015
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4,024,321
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43.49
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4,024,321
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525
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October 1 - 31
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4,496,969
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38.92
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4,496,969
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350
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November 1 - 30
1
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22,182
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43.57
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—
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350
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December 1 - 31
2
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898,741
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43.39
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—
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350
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Total during fourth quarter of 2015
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5,417,892
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39.68
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4,496,969
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350
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Total year-to-date 2015
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16,527,895
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$41.15
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15,606,972
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$350
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Item 6. SELECTED FINANCIAL DATA
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Year Ended December 31
|
||||||||||||||||||
(Dollars in millions and shares in thousands, except per share data)
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2015
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2014
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2013
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2012
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2011
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||||||||||
Summary of Operations:
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Interest income
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$5,265
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$5,384
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$5,388
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$5,867
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$6,181
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Interest expense
|
501
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544
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535
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765
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1,116
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|||||
Net interest income
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4,764
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4,840
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4,853
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5,102
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5,065
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|||||
Provision for credit losses
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165
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342
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553
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1,395
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1,513
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|||||
Net interest income after provision for credit losses
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4,599
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4,498
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4,300
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3,707
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3,552
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|||||
Noninterest income
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3,268
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3,323
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3,214
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5,373
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3,421
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|||||
Noninterest expense
1
|
5,160
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|
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5,543
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5,831
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6,284
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6,194
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|
|||||
Income before provision for income taxes
|
2,707
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|
|
2,278
|
|
|
1,683
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2,796
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|
779
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|||||
Provision for income taxes
1
|
764
|
|
|
493
|
|
|
322
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|
|
812
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119
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|||||
Net income attributable to noncontrolling interest
|
10
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|
11
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|
17
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26
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|
13
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|||||
Net income
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$1,933
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$1,774
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$1,344
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$1,958
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$647
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Net income available to common shareholders
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$1,863
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$1,722
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$1,297
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$1,931
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$495
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Adjusted net income available to common shareholders
2
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$1,863
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$1,729
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$1,476
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$1,178
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$495
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Net interest income - FTE
2
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$4,906
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$4,982
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$4,980
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$5,225
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$5,179
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Total revenue - FTE
2
|
8,174
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8,305
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8,194
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10,598
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|
8,600
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|
|||||
Total revenue - FTE, excluding net securities gains/(losses)
2
|
8,153
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8,320
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8,192
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8,624
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8,483
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|
|||||
Total adjusted revenue - FTE
2
|
8,174
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|
8,200
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8,257
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9,123
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|
8,600
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|
|||||
Net income per average common share:
|
|
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|
||||||||||
Diluted
|
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$3.58
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$3.23
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$2.41
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|
$3.59
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|
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$0.94
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Adjusted diluted
2
|
3.58
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|
|
3.24
|
|
|
2.74
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|
|
2.19
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|
|
0.94
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|
|||||
Basic
|
3.62
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|
|
3.26
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2.43
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|
3.62
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|
|
0.94
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|
|||||
Dividends paid per average common share
|
0.92
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|
|
0.70
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|
0.35
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|
0.20
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|
|
0.12
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|
|||||
Book value per common share
|
43.66
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41.52
|
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|
38.61
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|
|
37.59
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|
36.86
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|
|||||
Tangible book value per common share
2
|
31.65
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|
|
29.82
|
|
|
27.01
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|
25.98
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|
|
25.18
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|
|||||
Market capitalization
|
21,793
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|
|
21,978
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|
|
19,734
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|
15,279
|
|
|
9,504
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|
|||||
Period End Balances:
|
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|
||||||||||
Total assets
|
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$190,817
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|
|
|
$190,328
|
|
|
|
$175,335
|
|
|
|
$173,442
|
|
|
|
$176,859
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Earning assets
|
172,114
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|
|
168,678
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|
|
156,856
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|
151,223
|
|
|
154,696
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|
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Loans
|
136,442
|
|
|
133,112
|
|
|
127,877
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|
|
121,470
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|
|
122,495
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ALLL
|
1,752
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|
|
1,937
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|
|
2,044
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|
|
2,174
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|
|
2,457
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Consumer and commercial deposits
|
148,921
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|
|
139,234
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|
127,735
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|
130,180
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|
125,611
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|
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Brokered time and foreign deposits
|
909
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|
1,333
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|
|
2,024
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|
|
2,136
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|
|
2,311
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|
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Long-term debt
|
8,462
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|
|
13,022
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|
10,700
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|
|
9,357
|
|
|
10,908
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|
|||||
Total shareholders’ equity
|
23,437
|
|
|
23,005
|
|
|
21,422
|
|
|
20,985
|
|
|
20,066
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|
|||||
Selected Average Balances:
|
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|
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|
||||||||||
Total assets
|
|
$188,892
|
|
|
|
$182,176
|
|
|
|
$172,497
|
|
|
|
$176,134
|
|
|
|
$172,440
|
|
Earning assets
|
168,813
|
|
|
162,189
|
|
|
153,728
|
|
|
153,479
|
|
|
147,802
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|
|||||
Loans
|
133,558
|
|
|
130,874
|
|
|
122,657
|
|
|
122,893
|
|
|
116,308
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|
|||||
Intangible assets including MSRs
|
7,604
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|
|
7,630
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|
|
7,535
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|
|
7,322
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|
|
7,780
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|
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MSRs
|
1,250
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|
|
1,255
|
|
|
1,121
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|
|
887
|
|
|
1,331
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|
|||||
Consumer and commercial deposits
|
144,202
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|
|
132,012
|
|
|
127,076
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|
|
126,249
|
|
|
122,672
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|
|||||
Brokered time and foreign deposits
|
1,106
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|
|
1,730
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|
|
2,065
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|
|
2,255
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|
|
2,386
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|
|||||
Preferred stock
|
1,225
|
|
|
800
|
|
|
725
|
|
|
290
|
|
|
1,328
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|
|||||
Total shareholders’ equity
|
23,346
|
|
|
22,170
|
|
|
21,167
|
|
|
20,495
|
|
|
20,696
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|
|||||
Average common shares - diluted
|
520,586
|
|
|
533,391
|
|
|
539,093
|
|
|
538,061
|
|
|
527,618
|
|
|||||
Average common shares - basic
|
514,844
|
|
|
527,500
|
|
|
534,283
|
|
|
534,149
|
|
|
523,995
|
|
|||||
Financial Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Effective tax rate
1
|
28
|
%
|
|
22
|
%
|
|
19
|
%
|
|
29
|
%
|
|
16
|
%
|
|||||
ROA
|
1.02
|
|
|
0.97
|
|
|
0.78
|
|
|
1.11
|
|
|
0.38
|
|
|||||
ROE
|
8.42
|
|
|
8.06
|
|
|
6.34
|
|
|
9.56
|
|
|
2.56
|
|
|||||
ROTCE
2
|
11.64
|
|
|
11.33
|
|
|
9.25
|
|
|
14.02
|
|
|
3.83
|
|
|||||
Net interest margin - FTE
2
|
2.91
|
|
|
3.07
|
|
|
3.24
|
|
|
3.40
|
|
|
3.50
|
|
|||||
Efficiency ratio
1
|
63.13
|
|
|
66.74
|
|
|
71.16
|
|
|
59.29
|
|
|
72.02
|
|
|||||
Tangible efficiency ratio
1,
2
|
62.64
|
|
|
66.44
|
|
|
70.89
|
|
|
58.86
|
|
|
71.52
|
|
|||||
Adjusted tangible efficiency ratio
1,
2
|
62.64
|
|
|
63.34
|
|
|
65.27
|
|
|
66.91
|
|
|
71.52
|
|
|||||
Total average shareholders’ equity to total average assets
|
12.36
|
|
|
12.17
|
|
|
12.27
|
|
|
11.64
|
|
|
12.00
|
|
|||||
Tangible equity to tangible assets
2
|
9.39
|
|
|
9.17
|
|
|
9.00
|
|
|
8.82
|
|
|
8.10
|
|
|||||
ALLL to period-end LHFI
|
1.29
|
|
|
1.46
|
|
|
1.60
|
|
|
1.80
|
|
|
2.01
|
|
|||||
NPAs to period-end LHFI, OREO, other repossessed assets, and nonperforming LHFS
|
0.54
|
|
|
0.59
|
|
|
0.91
|
|
|
1.52
|
|
|
2.76
|
|
|||||
Common dividend payout ratio
|
25.5
|
|
|
21.5
|
|
|
14.5
|
|
|
5.6
|
|
|
12.9
|
|
|
|
Item 7.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
|
•
|
We delivered to our common shareholders
8%
net income growth and 11%
EPS
growth
|
•
|
We generated record investment banking income for the year
|
•
|
Noninterest expense decreased $383 million compared to the prior year; noninterest expense decreased
$59 million
compared to the prior year adjusted level
|
•
|
We continued to become more efficient, evidenced by the efficiency ratio and adjusted tangible efficiency ratio improving from
66.7%
and
63.3%
in 2014 to
63.1%
and
62.6%
in 2015, respectively, marking the fourth consecutive year of improvement
|
•
|
Average total loans increased
2%
compared to the prior year, with approximately 8% growth in
C&I
loans
|
•
|
Average consumer and commercial deposits increased
9%
compared to the prior year, with the favorable mix shift toward lower-cost deposits continuing
|
•
|
We maintained strong capital ratios that continue to be well above regulatory requirements, with our Basel III
CET1
and estimated, fully phased-in
CET1
*
ratios at
9.96%
and
9.80%
, respectively
|
•
|
We repurchased approximately
$680 million
of common shares, resulting in a 3% decline in outstanding shares, and increased our quarterly common stock dividend by
20%
.
|
•
|
Book value per share was
$43.66
, and tangible book value per share
*
was
$31.65
, up 5% and 6%, respectively, from the prior year
|
•
|
Asset quality continued to improve as
NPA
s declined
6%
from the prior year and
NPL
s totaled
0.49%
of total loans
|
•
|
Our provision for loan losses declined
$182 million
, or
54%
, compared to the prior year
|
•
|
Net charge-offs were down $104 million, or
23%
, compared to 2014, representing
0.26%
of average loans, down eight basis points from the prior year
|
•
|
Our
LCR
is above the January 1, 2016 requirement of 90%
|
•
|
Our
ROE
and
ROTCE
*
improved by 36 and
31
basis points compared to the prior year, to
8.42%
and
11.64%
, respectively
|
Selected Financial Data and Reconcilement of Non-U.S. GAAP Measures
|
Table 1
|
|
|||||||||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||||||||||
(Dollars in millions and shares in thousands, except per share data)
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|||||||||||||||||
Selected Quarterly Financial Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Summary of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Interest income
|
|
$1,363
|
|
|
|
$1,333
|
|
|
|
$1,297
|
|
|
|
$1,272
|
|
|
|
$1,349
|
|
|
|
$1,353
|
|
|
|
$1,346
|
|
|
|
$1,336
|
|
Interest expense
|
117
|
|
|
122
|
|
|
130
|
|
|
132
|
|
|
138
|
|
|
138
|
|
|
137
|
|
|
132
|
|
||||||||
Net interest income
|
1,246
|
|
|
1,211
|
|
|
1,167
|
|
|
1,140
|
|
|
1,211
|
|
|
1,215
|
|
|
1,209
|
|
|
1,204
|
|
||||||||
Provision for credit losses
|
51
|
|
|
32
|
|
|
26
|
|
|
55
|
|
|
74
|
|
|
93
|
|
|
73
|
|
|
102
|
|
||||||||
Net interest income after provision for credit losses
|
1,195
|
|
|
1,179
|
|
|
1,141
|
|
|
1,085
|
|
|
1,137
|
|
|
1,122
|
|
|
1,136
|
|
|
1,102
|
|
||||||||
Noninterest income
|
765
|
|
|
811
|
|
|
874
|
|
|
817
|
|
|
795
|
|
|
780
|
|
|
957
|
|
|
791
|
|
||||||||
Noninterest expense
|
1,288
|
|
|
1,264
|
|
|
1,328
|
|
|
1,280
|
|
|
1,410
|
|
|
1,259
|
|
|
1,517
|
|
|
1,357
|
|
||||||||
Income before provision for income taxes
|
672
|
|
|
726
|
|
|
687
|
|
|
622
|
|
|
522
|
|
|
643
|
|
|
576
|
|
|
536
|
|
||||||||
Provision for income taxes
|
185
|
|
|
187
|
|
|
202
|
|
|
191
|
|
|
128
|
|
|
67
|
|
|
173
|
|
|
125
|
|
||||||||
Net income attributable to noncontrolling interest
|
3
|
|
|
2
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||||||
Net income
|
|
$484
|
|
|
|
$537
|
|
|
|
$483
|
|
|
|
$429
|
|
|
|
$394
|
|
|
|
$576
|
|
|
|
$399
|
|
|
|
$405
|
|
Net income available to common shareholders
|
|
$467
|
|
|
|
$519
|
|
|
|
$467
|
|
|
|
$411
|
|
|
|
$378
|
|
|
|
$563
|
|
|
|
$387
|
|
|
|
$393
|
|
Adjusted net income available to common shareholders
1
|
|
$467
|
|
|
|
$519
|
|
|
|
$467
|
|
|
|
$411
|
|
|
|
$466
|
|
|
|
$433
|
|
|
|
$436
|
|
|
|
$393
|
|
Net interest income - FTE
2
|
|
$1,281
|
|
|
|
$1,247
|
|
|
|
$1,203
|
|
|
|
$1,175
|
|
|
|
$1,248
|
|
|
|
$1,251
|
|
|
|
$1,244
|
|
|
|
$1,239
|
|
Total revenue - FTE
2
|
2,046
|
|
|
2,058
|
|
|
2,077
|
|
|
1,992
|
|
|
2,043
|
|
|
2,031
|
|
|
2,201
|
|
|
2,030
|
|
||||||||
Total adjusted revenue - FTE
1, 2
|
2,046
|
|
|
2,058
|
|
|
2,077
|
|
|
1,992
|
|
|
2,043
|
|
|
2,031
|
|
|
2,096
|
|
|
2,030
|
|
||||||||
Net income per average common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Diluted
|
|
$0.91
|
|
|
|
$1.00
|
|
|
|
$0.89
|
|
|
|
$0.78
|
|
|
|
$0.72
|
|
|
|
$1.06
|
|
|
|
$0.72
|
|
|
|
$0.73
|
|
Adjusted diluted
1
|
0.91
|
|
|
1.00
|
|
|
0.89
|
|
|
0.78
|
|
|
0.88
|
|
|
0.81
|
|
|
0.81
|
|
|
0.73
|
|
||||||||
Basic
|
0.92
|
|
|
1.01
|
|
|
0.90
|
|
|
0.79
|
|
|
0.72
|
|
|
1.07
|
|
|
0.73
|
|
|
0.74
|
|
||||||||
Dividends paid per average common share
|
0.24
|
|
|
0.24
|
|
|
0.24
|
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
|
0.20
|
|
|
0.10
|
|
||||||||
Book value per common share
|
43.66
|
|
|
43.65
|
|
|
42.46
|
|
|
42.21
|
|
|
41.52
|
|
|
40.85
|
|
|
40.18
|
|
|
39.44
|
|
||||||||
Tangible book value per common share
3
|
31.65
|
|
|
31.75
|
|
|
30.65
|
|
|
30.49
|
|
|
29.82
|
|
|
29.21
|
|
|
28.64
|
|
|
27.82
|
|
||||||||
Market capitalization
|
21,793
|
|
|
19,659
|
|
|
22,286
|
|
|
21,450
|
|
|
21,978
|
|
|
20,055
|
|
|
21,344
|
|
|
21,279
|
|
||||||||
Market price per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
High
|
|
$45.24
|
|
|
|
$45.84
|
|
|
|
$44.69
|
|
|
|
$43.23
|
|
|
|
$43.06
|
|
|
|
$40.86
|
|
|
|
$40.84
|
|
|
|
$41.26
|
|
Low
|
36.79
|
|
|
37.09
|
|
|
40.40
|
|
|
36.52
|
|
|
33.97
|
|
|
36.42
|
|
|
36.82
|
|
|
36.23
|
|
||||||||
Close
|
42.84
|
|
|
38.24
|
|
|
43.02
|
|
|
41.09
|
|
|
41.90
|
|
|
38.03
|
|
|
40.06
|
|
|
39.79
|
|
||||||||
Selected Average Balances:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total assets
|
|
$189,656
|
|
|
|
$188,341
|
|
|
|
$188,310
|
|
|
|
$189,265
|
|
|
|
$188,341
|
|
|
|
$183,433
|
|
|
|
$179,820
|
|
|
|
$176,971
|
|
Earning assets
|
170,262
|
|
|
168,334
|
|
|
168,461
|
|
|
168,179
|
|
|
167,227
|
|
|
163,688
|
|
|
160,373
|
|
|
157,343
|
|
||||||||
Loans
|
135,214
|
|
|
132,837
|
|
|
132,829
|
|
|
133,338
|
|
|
133,438
|
|
|
130,747
|
|
|
130,734
|
|
|
128,525
|
|
||||||||
Consumer and commercial deposits
|
148,163
|
|
|
145,226
|
|
|
142,851
|
|
|
140,476
|
|
|
136,892
|
|
|
132,195
|
|
|
130,472
|
|
|
128,396
|
|
||||||||
Brokered time and foreign deposits
|
1,046
|
|
|
1,010
|
|
|
1,118
|
|
|
1,250
|
|
|
1,399
|
|
|
1,624
|
|
|
1,893
|
|
|
2,013
|
|
||||||||
Intangible assets including MSRs
|
7,629
|
|
|
7,711
|
|
|
7,572
|
|
|
7,502
|
|
|
7,623
|
|
|
7,615
|
|
|
7,614
|
|
|
7,666
|
|
||||||||
MSRs
|
1,273
|
|
|
1,352
|
|
|
1,223
|
|
|
1,152
|
|
|
1,272
|
|
|
1,262
|
|
|
1,220
|
|
|
1,265
|
|
||||||||
Preferred stock
|
1,225
|
|
|
1,225
|
|
|
1,225
|
|
|
1,225
|
|
|
1,024
|
|
|
725
|
|
|
725
|
|
|
725
|
|
||||||||
Total shareholders’ equity
|
23,583
|
|
|
23,384
|
|
|
23,239
|
|
|
23,172
|
|
|
22,754
|
|
|
22,191
|
|
|
21,994
|
|
|
21,727
|
|
||||||||
Average common shares - diluted
|
514,507
|
|
|
518,677
|
|
|
522,479
|
|
|
526,837
|
|
|
527,959
|
|
|
533,230
|
|
|
535,486
|
|
|
536,992
|
|
||||||||
Average common shares - basic
|
508,536
|
|
|
513,010
|
|
|
516,968
|
|
|
521,020
|
|
|
521,775
|
|
|
527,402
|
|
|
529,764
|
|
|
531,162
|
|
||||||||
Financial Ratios (Annualized):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
ROA
|
1.01
|
%
|
|
1.13
|
%
|
|
1.03
|
%
|
|
0.92
|
%
|
|
0.83
|
%
|
|
1.25
|
%
|
|
0.89
|
%
|
|
0.93
|
%
|
||||||||
ROE
|
8.28
|
|
|
9.30
|
|
|
8.50
|
|
|
7.59
|
|
|
6.91
|
|
|
10.41
|
|
|
7.29
|
|
|
7.59
|
|
||||||||
ROTCE
4
|
11.40
|
|
|
12.84
|
|
|
11.77
|
|
|
10.53
|
|
|
9.62
|
|
|
14.59
|
|
|
10.29
|
|
|
10.78
|
|
||||||||
Net interest margin - FTE
2
|
2.98
|
|
|
2.94
|
|
|
2.86
|
|
|
2.83
|
|
|
2.96
|
|
|
3.03
|
|
|
3.11
|
|
|
3.19
|
|
||||||||
Efficiency ratio
5
|
62.96
|
|
|
61.44
|
|
|
63.92
|
|
|
64.23
|
|
|
69.00
|
|
|
62.03
|
|
|
68.93
|
|
|
66.83
|
|
||||||||
Tangible efficiency ratio
6
|
62.11
|
|
|
60.99
|
|
|
63.59
|
|
|
63.91
|
|
|
68.44
|
|
|
61.69
|
|
|
68.77
|
|
|
66.65
|
|
||||||||
Adjusted tangible efficiency ratio
1, 6
|
62.11
|
|
|
60.99
|
|
|
63.59
|
|
|
63.91
|
|
|
61.34
|
|
|
61.69
|
|
|
63.69
|
|
|
66.65
|
|
||||||||
Total average shareholders’ equity to total average assets
|
12.43
|
|
|
12.42
|
|
|
12.34
|
|
|
12.24
|
|
|
12.08
|
|
|
12.10
|
|
|
12.23
|
|
|
12.28
|
|
Tangible equity to tangible assets
7
|
9.39
|
|
|
9.71
|
|
|
9.37
|
|
|
9.34
|
|
|
9.17
|
|
|
8.94
|
|
|
9.07
|
|
|
9.01
|
|
||||||||
Effective tax rate
|
28
|
|
|
26
|
|
|
29
|
|
|
31
|
|
|
25
|
|
|
10
|
|
|
30
|
|
|
23
|
|
||||||||
ALLL to period-end LHFI
|
1.29
|
|
|
1.34
|
|
|
1.39
|
|
|
1.43
|
|
|
1.46
|
|
|
1.49
|
|
|
1.55
|
|
|
1.58
|
|
||||||||
Total NPAs to period-end LHFI, OREO, other repossessed assets, and nonperforming LHFS
|
0.54
|
|
|
0.40
|
|
|
0.49
|
|
|
0.53
|
|
|
0.59
|
|
|
0.71
|
|
|
0.80
|
|
|
0.85
|
|
||||||||
Common dividend payout ratio
|
26.2
|
|
|
23.8
|
|
|
26.6
|
|
|
25.5
|
|
|
27.7
|
|
|
18.8
|
|
|
27.5
|
|
|
13.6
|
|
||||||||
Capital Ratios at period end
8
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
CET1 (Basel III)
|
9.96
|
%
|
|
10.04
|
%
|
|
9.93
|
%
|
|
9.89
|
%
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||||||
CET1 - fully phased-in (Basel III)
|
9.80
|
|
|
9.89
|
|
|
9.76
|
|
|
9.74
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
||||||||
Tier 1 common equity (Basel I)
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
9.60
|
%
|
|
9.63
|
%
|
|
9.72
|
%
|
|
9.90
|
%
|
||||||||
Tier 1 capital
|
10.80
|
|
|
10.90
|
|
|
10.79
|
|
|
10.76
|
|
|
10.80
|
|
|
10.54
|
|
|
10.66
|
|
|
10.88
|
|
||||||||
Total capital
|
12.54
|
|
|
12.72
|
|
|
12.66
|
|
|
12.69
|
|
|
12.51
|
|
|
12.32
|
|
|
12.53
|
|
|
12.81
|
|
||||||||
Leverage
|
9.69
|
|
|
9.68
|
|
|
9.56
|
|
|
9.41
|
|
|
9.64
|
|
|
9.51
|
|
|
9.56
|
|
|
9.57
|
|
Selected Financial Data and Reconcilement of Non-U.S. GAAP Measures (continued)
|
|||||||||||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||||||||||
(Dollars in millions, except per share data)
|
2015
|
|
2014
|
||||||||||||||||||||||||||||
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|
December 31
|
|
September 30
|
|
June 30
|
|
March 31
|
|||||||||||||||||
Reconcilement of Non-U.S. GAAP Measures - Quarterly
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Efficiency ratio
5
|
62.96
|
%
|
|
61.44
|
%
|
|
63.92
|
%
|
|
64.23
|
%
|
|
69.00
|
%
|
|
62.03
|
%
|
|
68.93
|
%
|
|
66.83
|
%
|
||||||||
Impact of excluding amortization
|
(0.85
|
)
|
|
(0.45
|
)
|
|
(0.33
|
)
|
|
(0.32
|
)
|
|
(0.56
|
)
|
|
(0.34
|
)
|
|
(0.16
|
)
|
|
(0.18
|
)
|
||||||||
Tangible efficiency ratio
6
|
62.11
|
|
|
60.99
|
|
|
63.59
|
|
|
63.91
|
|
|
68.44
|
|
|
61.69
|
|
|
68.77
|
|
|
66.65
|
|
||||||||
Impact of excluding Form 8-K and other legacy mortgage-related items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7.10
|
)
|
|
—
|
|
|
(5.08
|
)
|
|
—
|
|
||||||||
Adjusted tangible efficiency ratio
1, 6
|
62.11
|
%
|
|
60.99
|
%
|
|
63.59
|
%
|
|
63.91
|
%
|
|
61.34
|
%
|
|
61.69
|
%
|
|
63.69
|
%
|
|
66.65
|
%
|
||||||||
ROE
|
8.28
|
%
|
|
9.30
|
%
|
|
8.50
|
%
|
|
7.59
|
%
|
|
6.91
|
%
|
|
10.41
|
%
|
|
7.29
|
%
|
|
7.59
|
%
|
||||||||
Impact of removing average intangible assets (net of deferred taxes), excluding MSRs, from average common shareholders' equity
|
3.12
|
|
|
3.54
|
|
|
3.27
|
|
|
2.94
|
|
|
2.71
|
|
|
4.18
|
|
|
3.00
|
|
|
3.19
|
|
||||||||
ROTCE
4
|
11.40
|
%
|
|
12.84
|
%
|
|
11.77
|
%
|
|
10.53
|
%
|
|
9.62
|
%
|
|
14.59
|
%
|
|
10.29
|
%
|
|
10.78
|
%
|
||||||||
Net interest income
|
|
$1,246
|
|
|
|
$1,211
|
|
|
|
$1,167
|
|
|
|
$1,140
|
|
|
|
$1,211
|
|
|
|
$1,215
|
|
|
|
$1,209
|
|
|
|
$1,204
|
|
Taxable-equivalent adjustment
|
35
|
|
|
36
|
|
|
36
|
|
|
35
|
|
|
37
|
|
|
36
|
|
|
35
|
|
|
35
|
|
||||||||
Net interest income - FTE
2
|
1,281
|
|
|
1,247
|
|
|
1,203
|
|
|
1,175
|
|
|
1,248
|
|
|
1,251
|
|
|
1,244
|
|
|
1,239
|
|
||||||||
Noninterest income
|
765
|
|
|
811
|
|
|
874
|
|
|
817
|
|
|
795
|
|
|
780
|
|
|
957
|
|
|
791
|
|
||||||||
Total revenue - FTE
2
|
2,046
|
|
|
2,058
|
|
|
2,077
|
|
|
1,992
|
|
|
2,043
|
|
|
2,031
|
|
|
2,201
|
|
|
2,030
|
|
||||||||
Impact of excluding Form 8-K items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
|
—
|
|
||||||||
Total adjusted revenue - FTE
1, 2
|
|
$2,046
|
|
|
|
$2,058
|
|
|
|
$2,077
|
|
|
|
$1,992
|
|
|
|
$2,043
|
|
|
|
$2,031
|
|
|
|
$2,096
|
|
|
|
$2,030
|
|
Net income available to common shareholders
|
|
$467
|
|
|
|
$519
|
|
|
|
$467
|
|
|
|
$411
|
|
|
|
$378
|
|
|
|
$563
|
|
|
|
$387
|
|
|
|
$393
|
|
Impact of excluding Form 8-K and other legacy mortgage-related items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
(130
|
)
|
|
49
|
|
|
—
|
|
||||||||
Adjusted net income available to common shareholders
1
|
|
$467
|
|
|
|
$519
|
|
|
|
$467
|
|
|
|
$411
|
|
|
|
$466
|
|
|
|
$433
|
|
|
|
$436
|
|
|
|
$393
|
|
Noninterest income
|
|
$765
|
|
|
|
$811
|
|
|
|
$874
|
|
|
|
$817
|
|
|
|
$795
|
|
|
|
$780
|
|
|
|
$957
|
|
|
|
$791
|
|
Impact of excluding Form 8-K items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105
|
)
|
|
—
|
|
||||||||
Adjusted noninterest income
1
|
|
$765
|
|
|
|
$811
|
|
|
|
$874
|
|
|
|
$817
|
|
|
|
$795
|
|
|
|
$780
|
|
|
|
$852
|
|
|
|
$791
|
|
Noninterest expense
|
|
$1,288
|
|
|
|
$1,264
|
|
|
|
$1,328
|
|
|
|
$1,280
|
|
|
|
$1,410
|
|
|
|
$1,259
|
|
|
|
$1,517
|
|
|
|
$1,357
|
|
Impact of excluding Form 8-K and other legacy mortgage-related items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(145
|
)
|
|
—
|
|
|
(179
|
)
|
|
—
|
|
||||||||
Adjusted noninterest expense
1
|
|
$1,288
|
|
|
|
$1,264
|
|
|
|
$1,328
|
|
|
|
$1,280
|
|
|
|
$1,265
|
|
|
|
$1,259
|
|
|
|
$1,338
|
|
|
|
$1,357
|
|
Diluted net income per average common share
|
|
$0.91
|
|
|
|
$1.00
|
|
|
|
$0.89
|
|
|
|
$0.78
|
|
|
|
$0.72
|
|
|
|
$1.06
|
|
|
|
$0.72
|
|
|
|
$0.73
|
|
Impact of excluding Form 8-K and other legacy mortgage-related items
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.16
|
|
|
(0.25
|
)
|
|
0.09
|
|
|
—
|
|
||||||||
Adjusted diluted net income per average common share
1
|
|
$0.91
|
|
|
|
$1.00
|
|
|
|
$0.89
|
|
|
|
$0.78
|
|
|
|
$0.88
|
|
|
|
$0.81
|
|
|
|
$0.81
|
|
|
|
$0.73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data and Reconcilement of Non-U.S. GAAP Measures (continued)
|
|||||||||||||||||||||||||||||||
Reconcilement of Non-U.S. GAAP Measures - Quarterly
(continued)
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(Dollars in millions, except per share data)
|
December 31, 2015
|
|
September 30, 2015
|
|
June 30, 2015
|
|
March 31, 2015
|
|
December 31, 2014
|
|
September 30, 2014
|
|
June 30, 2014
|
|
March 31, 2014
|
||||||||||||||||
Total shareholders’ equity
|
|
$23,437
|
|
|
|
$23,664
|
|
|
|
$23,223
|
|
|
|
$23,260
|
|
|
|
$23,005
|
|
|
|
$22,269
|
|
|
|
$22,131
|
|
|
|
$21,817
|
|
Goodwill, net of deferred taxes
9
|
(6,097
|
)
|
|
(6,100
|
)
|
|
(6,103
|
)
|
|
(6,106
|
)
|
|
(6,123
|
)
|
|
(6,127
|
)
|
|
(6,131
|
)
|
|
(6,184
|
)
|
||||||||
Other intangible assets, net
of deferred taxes, and MSRs
10
|
(1,322
|
)
|
|
(1,279
|
)
|
|
(1,412
|
)
|
|
(1,193
|
)
|
|
(1,219
|
)
|
|
(1,320
|
)
|
|
(1,276
|
)
|
|
(1,281
|
)
|
||||||||
MSRs
|
1,307
|
|
|
1,262
|
|
|
1,393
|
|
|
1,181
|
|
|
1,206
|
|
|
1,305
|
|
|
1,259
|
|
|
1,251
|
|
||||||||
Tangible equity
|
17,325
|
|
|
17,547
|
|
|
17,101
|
|
|
17,142
|
|
|
16,869
|
|
|
16,127
|
|
|
15,983
|
|
|
15,603
|
|
||||||||
Preferred stock
|
(1,225
|
)
|
|
(1,225
|
)
|
|
(1,225
|
)
|
|
(1,225
|
)
|
|
(1,225
|
)
|
|
(725
|
)
|
|
(725
|
)
|
|
(725
|
)
|
||||||||
Tangible common equity
|
|
$16,100
|
|
|
|
$16,322
|
|
|
|
$15,876
|
|
|
|
$15,917
|
|
|
|
$15,644
|
|
|
|
$15,402
|
|
|
|
$15,258
|
|
|
|
$14,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total assets
|
|
$190,817
|
|
|
|
$187,036
|
|
|
|
$188,858
|
|
|
|
$189,881
|
|
|
|
$190,328
|
|
|
|
$186,818
|
|
|
|
$182,559
|
|
|
|
$179,542
|
|
Goodwill
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
|
(6,337
|
)
|
||||||||
Other intangible assets including MSRs
|
(1,325
|
)
|
|
(1,282
|
)
|
|
(1,416
|
)
|
|
(1,193
|
)
|
|
(1,219
|
)
|
|
(1,320
|
)
|
|
(1,277
|
)
|
|
(1,282
|
)
|
||||||||
MSRs
|
1,307
|
|
|
1,262
|
|
|
1,393
|
|
|
1,181
|
|
|
1,206
|
|
|
1,305
|
|
|
1,259
|
|
|
1,251
|
|
||||||||
Tangible assets
|
|
$184,462
|
|
|
|
$180,679
|
|
|
|
$182,498
|
|
|
|
$183,532
|
|
|
|
$183,978
|
|
|
|
$180,466
|
|
|
|
$176,204
|
|
|
|
$173,174
|
|
Tangible equity to tangible assets
7
|
9.39
|
%
|
|
9.71
|
%
|
|
9.37
|
%
|
|
9.34
|
%
|
|
9.17
|
%
|
|
8.94
|
%
|
|
9.07
|
%
|
|
9.01
|
%
|
||||||||
Tangible book value per common share
3
|
|
$31.65
|
|
|
|
$31.75
|
|
|
|
$30.65
|
|
|
|
$30.49
|
|
|
|
$29.82
|
|
|
|
$29.21
|
|
|
|
$28.64
|
|
|
|
$27.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Period-end LHFI
|
|
$136,442
|
|
|
|
$133,560
|
|
|
|
$132,538
|
|
|
|
$132,380
|
|
|
|
$133,112
|
|
|
|
$132,151
|
|
|
|
$129,744
|
|
|
|
$129,196
|
|
Government-guaranteed LHFI
|
(5,551
|
)
|
|
(5,215
|
)
|
|
(5,026
|
)
|
|
(4,992
|
)
|
|
(5,459
|
)
|
|
(5,965
|
)
|
|
(6,081
|
)
|
|
(8,828
|
)
|
||||||||
LHFI at fair value
|
(257
|
)
|
|
(262
|
)
|
|
(263
|
)
|
|
(268
|
)
|
|
(272
|
)
|
|
(284
|
)
|
|
(292
|
)
|
|
(299
|
)
|
||||||||
Period-end LHFI, excluding government-guaranteed and fair value loans
|
|
$130,634
|
|
|
|
$128,083
|
|
|
|
$127,249
|
|
|
|
$127,120
|
|
|
|
$127,381
|
|
|
|
$125,902
|
|
|
|
$123,371
|
|
|
|
$120,069
|
|
ALLL to period-end LHFI,
excluding government-
guaranteed and fair value loans
11
|
1.34
|
%
|
|
1.39
|
%
|
|
1.44
|
%
|
|
1.49
|
%
|
|
1.52
|
%
|
|
1.56
|
%
|
|
1.62
|
%
|
|
1.70
|
%
|
Selected Financial Data and Reconcilement of Non-U.S. GAAP Measures (continued)
|
|||||||||||||||||||||||
|
Year Ended December 31
|
||||||||||||||||||||||
(Dollars in millions, except per share data)
|
2014
|
|
2013
|
||||||||||||||||||||
Reconcilement of Non-U.S. GAAP Measures - Annual
(continued)
|
As Reported
|
|
Adjustments
|
|
As Adjusted
1
|
|
As Reported
|
|
Adjustments
|
|
As Adjusted
1
|
||||||||||||
Net interest income
|
|
$4,840
|
|
|
|
$—
|
|
|
|
$4,840
|
|
|
|
$4,853
|
|
|
|
$—
|
|
|
|
$4,853
|
|
Provision for credit losses
|
342
|
|
|
—
|
|
|
342
|
|
|
553
|
|
|
—
|
|
|
553
|
|
||||||
Net interest income after provision for credit losses
|
4,498
|
|
|
—
|
|
|
4,498
|
|
|
4,300
|
|
|
—
|
|
|
4,300
|
|
||||||
Noninterest Income
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Service charges on deposit accounts
|
645
|
|
|
—
|
|
|
645
|
|
|
657
|
|
|
—
|
|
|
657
|
|
||||||
Other charges and fees
|
368
|
|
|
—
|
|
|
368
|
|
|
369
|
|
|
—
|
|
|
369
|
|
||||||
Card fees
|
320
|
|
|
—
|
|
|
320
|
|
|
310
|
|
|
—
|
|
|
310
|
|
||||||
Investment banking income
|
404
|
|
|
—
|
|
|
404
|
|
|
356
|
|
|
—
|
|
|
356
|
|
||||||
Trading income
|
182
|
|
|
—
|
|
|
182
|
|
|
182
|
|
|
—
|
|
|
182
|
|
||||||
Trust and investment management income
|
423
|
|
|
—
|
|
|
423
|
|
|
518
|
|
|
—
|
|
|
518
|
|
||||||
Retail investment services
|
297
|
|
|
—
|
|
|
297
|
|
|
267
|
|
|
—
|
|
|
267
|
|
||||||
Mortgage production related income
|
201
|
|
|
—
|
|
|
201
|
|
|
314
|
|
|
63
|
|
14
|
377
|
|
||||||
Mortgage servicing related income
|
196
|
|
|
—
|
|
|
196
|
|
|
87
|
|
|
—
|
|
|
87
|
|
||||||
Gain on sale of subsidiary
|
105
|
|
|
(105
|
)
|
15
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net securities (losses)/gains
|
(15
|
)
|
|
—
|
|
|
(15
|
)
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||
Other noninterest income
|
197
|
|
|
—
|
|
|
197
|
|
|
152
|
|
|
—
|
|
|
152
|
|
||||||
Total noninterest income
|
3,323
|
|
|
(105
|
)
|
|
3,218
|
|
|
3,214
|
|
|
63
|
|
|
3,277
|
|
||||||
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Employee compensation
|
2,576
|
|
|
—
|
|
|
2,576
|
|
|
2,488
|
|
|
—
|
|
|
2,488
|
|
||||||
Employee benefits
|
386
|
|
|
—
|
|
|
386
|
|
|
413
|
|
|
—
|
|
|
413
|
|
||||||
Outside processing and software
|
741
|
|
|
—
|
|
|
741
|
|
|
746
|
|
|
—
|
|
|
746
|
|
||||||
Net occupancy expense
|
340
|
|
|
—
|
|
|
340
|
|
|
348
|
|
|
—
|
|
|
348
|
|
||||||
Equipment expense
|
169
|
|
|
—
|
|
|
169
|
|
|
181
|
|
|
—
|
|
|
181
|
|
||||||
Regulatory assessments
|
142
|
|
|
—
|
|
|
142
|
|
|
181
|
|
|
—
|
|
|
181
|
|
||||||
Marketing and customer development
|
134
|
|
|
—
|
|
|
134
|
|
|
135
|
|
|
—
|
|
|
135
|
|
||||||
Credit and collection services
|
91
|
|
|
—
|
|
|
91
|
|
|
264
|
|
|
(96
|
)
|
16
|
168
|
|
||||||
Operating losses
|
441
|
|
|
(324
|
)
|
17
|
117
|
|
|
503
|
|
|
(323
|
)
|
18
|
180
|
|
||||||
Amortization
|
25
|
|
|
—
|
|
|
25
|
|
|
23
|
|
|
—
|
|
|
23
|
|
||||||
Other noninterest expense
|
498
|
|
|
—
|
|
|
498
|
|
|
549
|
|
|
—
|
|
|
549
|
|
||||||
Total noninterest expense
|
5,543
|
|
|
(324
|
)
|
|
5,219
|
|
|
5,831
|
|
|
(419
|
)
|
|
5,412
|
|
||||||
Income before provision for income taxes
|
2,278
|
|
|
219
|
|
|
2,497
|
|
|
1,683
|
|
|
482
|
|
|
2,165
|
|
||||||
Provision for income taxes
|
493
|
|
|
212
|
|
19,20
|
705
|
|
|
322
|
|
|
303
|
|
20,21
|
625
|
|
||||||
Income including income attributable to noncontrolling interest
|
1,785
|
|
|
7
|
|
|
1,792
|
|
|
1,361
|
|
|
179
|
|
|
1,540
|
|
||||||
Net income attributable to noncontrolling interest
|
11
|
|
|
—
|
|
|
11
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||
Net income
|
|
$1,774
|
|
|
|
$7
|
|
|
|
$1,781
|
|
|
|
$1,344
|
|
|
|
$179
|
|
|
|
$1,523
|
|
Net income available to common shareholders
|
|
$1,722
|
|
|
|
$7
|
|
|
|
$1,729
|
|
|
|
$1,297
|
|
|
|
$179
|
|
|
|
$1,476
|
|
Net income per average common share - diluted
|
|
$3.23
|
|
|
|
$0.01
|
|
|
|
$3.24
|
|
|
|
$2.41
|
|
|
|
$0.33
|
|
|
|
$2.74
|
|
Total revenue - FTE
2
|
|
$8,305
|
|
|
|
($105
|
)
|
|
|
$8,200
|
|
|
|
$8,194
|
|
|
|
$63
|
|
|
|
$8,257
|
|
Efficiency ratio
5
|
66.74
|
%
|
|
(3.09
|
)%
|
|
63.65
|
%
|
|
71.16
|
%
|
|
(5.62
|
)%
|
|
65.54
|
%
|
||||||
Tangible efficiency ratio
6
|
66.44
|
|
|
(3.10
|
)
|
|
63.34
|
|
|
70.89
|
|
|
(5.62
|
)
|
|
65.27
|
|
||||||
Effective tax rate
|
22
|
|
|
6
|
|
|
28
|
|
|
19
|
|
|
10
|
|
|
29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Daily Average Balances, Income/Expense, and Average Yields Earned/Rates Paid
|
|
|
|
Table 2
|
|
|||||||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||||||||||||||
(Dollars in millions)
|
Average
Balances
|
|
Income/
Expense
|
|
Yields/
Rates
|
|
Average
Balances
|
|
Income/
Expense
|
|
Yields/
Rates
|
|
Average
Balances
|
|
Income/
Expense
|
|
Yields/
Rates
|
|||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans held for investment:
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
C&I - FTE
2
|
|
$65,786
|
|
|
|
$2,112
|
|
|
3.21
|
%
|
|
|
$61,181
|
|
|
|
$2,184
|
|
|
3.57
|
%
|
|
|
$54,788
|
|
|
|
$2,181
|
|
|
3.98
|
%
|
CRE
|
6,178
|
|
|
173
|
|
|
2.80
|
|
|
6,150
|
|
|
177
|
|
|
2.88
|
|
|
4,513
|
|
|
146
|
|
|
3.24
|
|
||||||
Commercial construction
|
1,603
|
|
|
50
|
|
|
3.12
|
|
|
1,078
|
|
|
35
|
|
|
3.28
|
|
|
701
|
|
|
24
|
|
|
3.46
|
|
||||||
Residential mortgages - guaranteed
|
636
|
|
|
24
|
|
|
3.77
|
|
|
1,890
|
|
|
70
|
|
|
3.68
|
|
|
3,708
|
|
|
106
|
|
|
2.85
|
|
||||||
Residential mortgages - nonguaranteed
|
23,759
|
|
|
913
|
|
|
3.84
|
|
|
23,691
|
|
|
944
|
|
|
3.99
|
|
|
23,007
|
|
|
958
|
|
|
4.17
|
|
||||||
Residential home equity products
|
13,535
|
|
|
501
|
|
|
3.70
|
|
|
14,329
|
|
|
512
|
|
|
3.57
|
|
|
14,474
|
|
|
525
|
|
|
3.63
|
|
||||||
Residential construction
|
384
|
|
|
19
|
|
|
4.85
|
|
|
457
|
|
|
21
|
|
|
4.64
|
|
|
549
|
|
|
27
|
|
|
4.91
|
|
||||||
Consumer student - guaranteed
|
4,584
|
|
|
173
|
|
|
3.78
|
|
|
5,375
|
|
|
197
|
|
|
3.66
|
|
|
5,426
|
|
|
207
|
|
|
3.82
|
|
||||||
Consumer other direct
|
5,344
|
|
|
230
|
|
|
4.30
|
|
|
3,635
|
|
|
153
|
|
|
4.22
|
|
|
2,535
|
|
|
111
|
|
|
4.37
|
|
||||||
Consumer indirect
|
10,262
|
|
|
333
|
|
|
3.24
|
|
|
11,459
|
|
|
366
|
|
|
3.19
|
|
|
11,072
|
|
|
377
|
|
|
3.41
|
|
||||||
Consumer credit cards
|
944
|
|
|
94
|
|
|
10.00
|
|
|
772
|
|
|
75
|
|
|
9.64
|
|
|
646
|
|
|
62
|
|
|
9.66
|
|
||||||
Nonaccrual
3
|
543
|
|
|
22
|
|
|
4.13
|
|
|
857
|
|
|
22
|
|
|
2.59
|
|
|
1,238
|
|
|
33
|
|
|
2.63
|
|
||||||
Total LHFI - FTE
2
|
133,558
|
|
|
4,644
|
|
|
3.48
|
|
|
130,874
|
|
|
4,756
|
|
|
3.63
|
|
|
122,657
|
|
|
4,757
|
|
|
3.88
|
|
||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Taxable
|
26,327
|
|
|
587
|
|
|
2.23
|
|
|
23,779
|
|
|
603
|
|
|
2.54
|
|
|
22,383
|
|
|
569
|
|
|
2.54
|
|
||||||
Tax-exempt - FTE
2
|
176
|
|
|
9
|
|
|
5.20
|
|
|
245
|
|
|
13
|
|
|
5.26
|
|
|
258
|
|
|
13
|
|
|
5.18
|
|
||||||
Total securities AFS - FTE
2
|
26,503
|
|
|
596
|
|
|
2.25
|
|
|
24,024
|
|
|
616
|
|
|
2.56
|
|
|
22,641
|
|
|
582
|
|
|
2.57
|
|
||||||
Fed funds sold and securities borrowed or purchased
under agreements to resell
|
1,147
|
|
|
—
|
|
|
—
|
|
|
1,067
|
|
|
—
|
|
|
—
|
|
|
1,024
|
|
|
—
|
|
|
0.02
|
|
||||||
LHFS - FTE
2
|
2,348
|
|
|
83
|
|
|
3.52
|
|
|
2,085
|
|
|
78
|
|
|
3.75
|
|
|
3,096
|
|
|
107
|
|
|
3.44
|
|
||||||
Interest-bearing deposits in other banks
|
22
|
|
|
—
|
|
|
0.12
|
|
|
31
|
|
|
—
|
|
|
0.08
|
|
|
21
|
|
|
—
|
|
|
0.09
|
|
||||||
Interest earning trading assets
|
5,235
|
|
|
84
|
|
|
1.62
|
|
|
4,108
|
|
|
76
|
|
|
1.86
|
|
|
4,289
|
|
|
69
|
|
|
1.61
|
|
||||||
Total earning assets - FTE
2
|
168,813
|
|
|
5,407
|
|
|
3.20
|
|
|
162,189
|
|
|
5,526
|
|
|
3.41
|
|
|
153,728
|
|
|
5,515
|
|
|
3.59
|
|
||||||
ALLL
|
(1,835
|
)
|
|
|
|
|
|
(1,995
|
)
|
|
|
|
|
|
(2,121
|
)
|
|
|
|
|
||||||||||||
Cash and due from banks
|
5,614
|
|
|
|
|
|
|
5,773
|
|
|
|
|
|
|
4,530
|
|
|
|
|
|
||||||||||||
Other assets
|
14,527
|
|
|
|
|
|
|
14,674
|
|
|
|
|
|
|
14,287
|
|
|
|
|
|
||||||||||||
Noninterest earning trading assets and derivative instruments
|
1,265
|
|
|
|
|
|
|
1,255
|
|
|
|
|
|
|
1,660
|
|
|
|
|
|
||||||||||||
Unrealized gains on securities available for sale, net
|
508
|
|
|
|
|
|
|
280
|
|
|
|
|
|
|
413
|
|
|
|
|
|
||||||||||||
Total assets
|
|
$188,892
|
|
|
|
|
|
|
|
$182,176
|
|
|
|
|
|
|
|
$172,497
|
|
|
|
|
|
|||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
NOW accounts
|
|
$35,161
|
|
|
|
$31
|
|
|
0.09
|
%
|
|
|
$28,879
|
|
|
|
$22
|
|
|
0.08
|
%
|
|
|
$26,083
|
|
|
|
$17
|
|
|
0.07
|
%
|
Money market accounts
|
50,518
|
|
|
85
|
|
|
0.17
|
|
|
44,813
|
|
|
66
|
|
|
0.15
|
|
|
42,655
|
|
|
54
|
|
|
0.13
|
|
||||||
Savings
|
6,165
|
|
|
2
|
|
|
0.03
|
|
|
6,076
|
|
|
2
|
|
|
0.04
|
|
|
5,740
|
|
|
3
|
|
|
0.05
|
|
||||||
Consumer time
|
6,443
|
|
|
49
|
|
|
0.77
|
|
|
7,539
|
|
|
66
|
|
|
0.88
|
|
|
9,018
|
|
|
102
|
|
|
1.13
|
|
||||||
Other time
|
3,813
|
|
|
39
|
|
|
1.02
|
|
|
4,294
|
|
|
46
|
|
|
1.06
|
|
|
4,937
|
|
|
64
|
|
|
1.29
|
|
||||||
Total interest-bearing consumer and commercial deposits
|
102,100
|
|
|
206
|
|
|
0.20
|
|
|
91,601
|
|
|
202
|
|
|
0.22
|
|
|
88,433
|
|
|
240
|
|
|
0.27
|
|
||||||
Brokered time deposits
|
888
|
|
|
13
|
|
|
1.41
|
|
|
1,584
|
|
|
33
|
|
|
2.08
|
|
|
2,030
|
|
|
51
|
|
|
2.49
|
|
||||||
Foreign deposits
|
218
|
|
|
—
|
|
|
0.13
|
|
|
146
|
|
|
—
|
|
|
0.12
|
|
|
35
|
|
|
—
|
|
|
0.13
|
|
||||||
Total interest-bearing deposits
|
103,206
|
|
|
219
|
|
|
0.21
|
|
|
93,331
|
|
|
235
|
|
|
0.25
|
|
|
90,498
|
|
|
291
|
|
|
0.32
|
|
||||||
Funds purchased
|
822
|
|
|
1
|
|
|
0.11
|
|
|
931
|
|
|
1
|
|
|
0.09
|
|
|
639
|
|
|
1
|
|
|
0.10
|
|
||||||
Securities sold under agreements to repurchase
|
1,821
|
|
|
4
|
|
|
0.21
|
|
|
2,202
|
|
|
3
|
|
|
0.14
|
|
|
1,857
|
|
|
3
|
|
|
0.14
|
|
||||||
Interest-bearing trading liabilities
|
881
|
|
|
22
|
|
|
2.44
|
|
|
806
|
|
|
21
|
|
|
2.65
|
|
|
705
|
|
|
17
|
|
|
2.45
|
|
||||||
Other short-term borrowings
|
2,135
|
|
|
3
|
|
|
0.16
|
|
|
6,135
|
|
|
14
|
|
|
0.23
|
|
|
4,953
|
|
|
13
|
|
|
0.26
|
|
||||||
Long-term debt
|
10,873
|
|
|
252
|
|
|
2.32
|
|
|
12,359
|
|
|
270
|
|
|
2.19
|
|
|
9,872
|
|
|
210
|
|
|
2.12
|
|
||||||
Total interest-bearing liabilities
|
119,738
|
|
|
501
|
|
|
0.42
|
|
|
115,764
|
|
|
544
|
|
|
0.47
|
|
|
108,524
|
|
|
535
|
|
|
0.49
|
|
||||||
Noninterest-bearing deposits
|
42,102
|
|
|
|
|
|
|
40,411
|
|
|
|
|
|
|
38,643
|
|
|
|
|
|
||||||||||||
Other liabilities
|
3,276
|
|
|
|
|
|
|
3,473
|
|
|
|
|
|
|
3,602
|
|
|
|
|
|
||||||||||||
Noninterest-bearing trading liabilities and derivative instruments
|
430
|
|
|
|
|
|
|
358
|
|
|
|
|
|
|
561
|
|
|
|
|
|
||||||||||||
Shareholders’ equity
|
23,346
|
|
|
|
|
|
|
22,170
|
|
|
|
|
|
|
21,167
|
|
|
|
|
|
||||||||||||
Total liabilities and shareholders’ equity
|
|
$188,892
|
|
|
|
|
|
|
|
$182,176
|
|
|
|
|
|
|
|
$172,497
|
|
|
|
|
|
|||||||||
Interest rate spread
|
|
|
|
|
2.78
|
%
|
|
|
|
|
|
2.94
|
%
|
|
|
|
|
|
3.10
|
%
|
||||||||||||
Net interest income - FTE
2, 4
|
|
|
|
$4,906
|
|
|
|
|
|
|
|
$4,982
|
|
|
|
|
|
|
|
$4,980
|
|
|
|
|||||||||
Net interest margin
5
|
|
|
|
|
2.91
|
%
|
|
|
|
|
|
3.07
|
%
|
|
|
|
|
|
3.24
|
%
|
NONINTEREST INCOME
|
|
|
|
|
|
||||||
|
|
|
|
|
Table 4
|
|
|||||
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Service charges on deposit accounts
|
|
$622
|
|
|
|
$645
|
|
|
|
$657
|
|
Other charges and fees
|
377
|
|
|
368
|
|
|
369
|
|
|||
Card fees
|
329
|
|
|
320
|
|
|
310
|
|
|||
Investment banking income
|
461
|
|
|
404
|
|
|
356
|
|
|||
Trading income
|
181
|
|
|
182
|
|
|
182
|
|
|||
Trust and investment management income
|
334
|
|
|
423
|
|
|
518
|
|
|||
Retail investment services
|
300
|
|
|
297
|
|
|
267
|
|
|||
Mortgage production related income
|
270
|
|
|
201
|
|
|
314
|
|
|||
Mortgage servicing related income
|
169
|
|
|
196
|
|
|
87
|
|
|||
Gain on sale of subsidiary
|
—
|
|
|
105
|
|
|
—
|
|
|||
Net securities gains/(losses)
|
21
|
|
|
(15
|
)
|
|
2
|
|
|||
Other noninterest income
|
204
|
|
|
197
|
|
|
152
|
|
|||
Total noninterest income
|
|
$3,268
|
|
|
|
$3,323
|
|
|
|
$3,214
|
|
|
|
|
|
|
|
||||||
Adjusted noninterest income
1
|
|
$3,268
|
|
|
|
$3,218
|
|
|
|
$3,277
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
||||||
|
|
|
|
|
Table 5
|
|
|||||
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Employee compensation
|
|
$2,576
|
|
|
|
$2,576
|
|
|
|
$2,488
|
|
Employee benefits
|
366
|
|
|
386
|
|
|
413
|
|
|||
Total personnel expenses
|
2,942
|
|
|
2,962
|
|
|
2,901
|
|
|||
Outside processing and software
|
815
|
|
|
741
|
|
|
746
|
|
|||
Net occupancy expense
|
341
|
|
|
340
|
|
|
348
|
|
|||
Equipment expense
|
164
|
|
|
169
|
|
|
181
|
|
|||
Marketing and customer development
|
151
|
|
|
134
|
|
|
135
|
|
|||
Regulatory assessments
|
139
|
|
|
142
|
|
|
181
|
|
|||
Credit and collection services
|
71
|
|
|
91
|
|
|
264
|
|
|||
Operating losses
|
56
|
|
|
441
|
|
|
503
|
|
|||
Amortization
|
40
|
|
|
25
|
|
|
23
|
|
|||
Other noninterest expense
1
|
441
|
|
|
498
|
|
|
549
|
|
|||
Total noninterest expense
|
|
$5,160
|
|
|
|
$5,543
|
|
|
|
$5,831
|
|
|
|
|
|
|
|
|
|
||||
Adjusted noninterest expense
2
|
|
$5,160
|
|
|
|
$5,219
|
|
|
|
$5,412
|
|
Loan Portfolio by Types of Loans
|
|
|
|
|
|
|
Table 6
|
|
|||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
C&I
|
|
$67,062
|
|
|
|
$65,440
|
|
|
|
$57,974
|
|
|
|
$54,048
|
|
|
|
$49,538
|
|
CRE
|
6,236
|
|
|
6,741
|
|
|
5,481
|
|
|
4,127
|
|
|
5,094
|
|
|||||
Commercial construction
|
1,954
|
|
|
1,211
|
|
|
855
|
|
|
713
|
|
|
1,240
|
|
|||||
Total commercial loans
|
75,252
|
|
|
73,392
|
|
|
64,310
|
|
|
58,888
|
|
|
55,872
|
|
|||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgages - guaranteed
|
629
|
|
|
632
|
|
|
3,416
|
|
|
4,252
|
|
|
6,672
|
|
|||||
Residential mortgages - nonguaranteed
1
|
24,744
|
|
|
23,443
|
|
|
24,412
|
|
|
23,389
|
|
|
23,243
|
|
|||||
Residential home equity products
|
13,171
|
|
|
14,264
|
|
|
14,809
|
|
|
14,805
|
|
|
15,765
|
|
|||||
Residential construction
|
384
|
|
|
436
|
|
|
553
|
|
|
753
|
|
|
980
|
|
|||||
Total residential loans
|
38,928
|
|
|
38,775
|
|
|
43,190
|
|
|
43,199
|
|
|
46,660
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Guaranteed student
|
4,922
|
|
|
4,827
|
|
|
5,545
|
|
|
5,357
|
|
|
7,199
|
|
|||||
Other direct
|
6,127
|
|
|
4,573
|
|
|
2,829
|
|
|
2,396
|
|
|
2,059
|
|
|||||
Indirect
|
10,127
|
|
|
10,644
|
|
|
11,272
|
|
|
10,998
|
|
|
10,165
|
|
|||||
Credit cards
|
1,086
|
|
|
901
|
|
|
731
|
|
|
632
|
|
|
540
|
|
|||||
Total consumer loans
|
22,262
|
|
|
20,945
|
|
|
20,377
|
|
|
19,383
|
|
|
19,963
|
|
|||||
LHFI
|
|
$136,442
|
|
|
|
$133,112
|
|
|
|
$127,877
|
|
|
|
$121,470
|
|
|
|
$122,495
|
|
LHFS
2
|
|
$1,838
|
|
|
|
$3,232
|
|
|
|
$1,699
|
|
|
|
$3,399
|
|
|
|
$2,353
|
|
|
|
|
|
|
|
|
Table 7
|
|
|||||||
|
At December 31, 2015
|
||||||||||||||
(Dollars in millions)
|
Total
|
|
Due in 1 Year or Less
|
|
Due After 1 Year through 5 Years
|
|
Due After 5 Years
|
||||||||
Loan Maturity
|
|
|
|
|
|
|
|
||||||||
C&I and CRE
1
|
|
$68,695
|
|
|
|
$17,490
|
|
|
|
$41,512
|
|
|
|
$9,693
|
|
Commercial construction
|
1,954
|
|
|
228
|
|
|
1,430
|
|
|
296
|
|
||||
Total
|
|
$70,649
|
|
|
|
$17,718
|
|
|
|
$42,942
|
|
|
|
$9,989
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Rate Sensitivity
|
|
|
|
|
|
|
|
||||||||
Selected loans with:
|
|
|
|
|
|
|
|
||||||||
Predetermined interest rates
|
|
|
|
|
|
$3,282
|
|
|
|
$4,156
|
|
||||
Floating or adjustable interest rates
|
|
|
|
|
39,660
|
|
|
5,833
|
|
||||||
Total
|
|
|
|
|
|
$42,942
|
|
|
|
$9,989
|
|
|
|
|
|
|
|
|
Table 8
|
|
|||||
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||
(Dollars in millions)
|
Commercial Loans
|
|
% of Total Commercial
|
|
Commercial Loans
|
|
% of Total Commercial
|
||||||
Real estate
|
|
$12,529
|
|
|
17
|
%
|
|
|
$11,343
|
|
|
15
|
%
|
Diversified financials and insurance
|
8,529
|
|
|
11
|
|
|
9,018
|
|
|
12
|
|
||
Consumer products and services
|
8,157
|
|
|
11
|
|
|
8,822
|
|
|
12
|
|
||
Health care & pharmaceuticals
|
7,090
|
|
|
9
|
|
|
6,329
|
|
|
9
|
|
||
Automotive
|
6,012
|
|
|
8
|
|
|
5,638
|
|
|
8
|
|
||
Government
|
4,450
|
|
|
6
|
|
|
4,457
|
|
|
6
|
|
||
Retailing
|
4,279
|
|
|
6
|
|
|
4,132
|
|
|
6
|
|
||
Diversified commercial services and supplies
|
3,945
|
|
|
5
|
|
|
3,759
|
|
|
5
|
|
||
Capital goods
|
3,536
|
|
|
5
|
|
|
3,338
|
|
|
4
|
|
||
Energy
|
3,073
|
|
|
4
|
|
|
3,435
|
|
|
5
|
|
||
Media & telecommunication services
|
2,672
|
|
|
4
|
|
|
2,681
|
|
|
4
|
|
||
Technology (hardware & software)
|
2,411
|
|
|
3
|
|
|
1,967
|
|
|
3
|
|
||
Transportation
|
2,156
|
|
|
3
|
|
|
2,317
|
|
|
3
|
|
||
Materials
|
1,982
|
|
|
3
|
|
|
1,934
|
|
|
3
|
|
||
Utilities
|
1,873
|
|
|
2
|
|
|
1,958
|
|
|
2
|
|
||
Not-for-profits/religious organizations
|
1,771
|
|
|
2
|
|
|
1,959
|
|
|
3
|
|
||
Other
|
787
|
|
|
1
|
|
|
305
|
|
|
—
|
|
||
Total commercial loans
|
|
$75,252
|
|
|
100
|
%
|
|
|
$73,392
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 9
|
|
||||||||||||
|
December 31, 2015
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total LHFI
|
||||||||||||||||||||
(Dollars in millions)
|
Balance
|
|
% of Total Commercial
|
|
Balance
|
|
% of Total Residential
|
|
Balance
|
|
% of Total Consumer
|
|
Balance
|
|
% of Total LHFI
|
||||||||||||
South region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Florida
|
|
$12,712
|
|
|
17
|
%
|
|
|
$9,752
|
|
|
25
|
%
|
|
|
$3,764
|
|
|
17
|
%
|
|
|
$26,228
|
|
|
19
|
%
|
Georgia
|
9,820
|
|
|
13
|
|
|
5,917
|
|
|
15
|
|
|
1,769
|
|
|
8
|
|
|
17,506
|
|
|
13
|
|
||||
Virginia
|
6,650
|
|
|
9
|
|
|
5,976
|
|
|
15
|
|
|
1,446
|
|
|
6
|
|
|
14,072
|
|
|
10
|
|
||||
Maryland
|
4,220
|
|
|
6
|
|
|
4,280
|
|
|
11
|
|
|
1,262
|
|
|
6
|
|
|
9,762
|
|
|
7
|
|
||||
North Carolina
|
4,106
|
|
|
5
|
|
|
3,549
|
|
|
9
|
|
|
1,419
|
|
|
6
|
|
|
9,074
|
|
|
7
|
|
||||
Tennessee
|
4,710
|
|
|
6
|
|
|
2,123
|
|
|
5
|
|
|
818
|
|
|
4
|
|
|
7,651
|
|
|
6
|
|
||||
Texas
|
3,362
|
|
|
4
|
|
|
351
|
|
|
1
|
|
|
2,592
|
|
|
12
|
|
|
6,305
|
|
|
5
|
|
||||
South Carolina
|
1,517
|
|
|
2
|
|
|
1,796
|
|
|
5
|
|
|
497
|
|
|
2
|
|
|
3,810
|
|
|
3
|
|
||||
District of Columbia
|
1,375
|
|
|
2
|
|
|
790
|
|
|
2
|
|
|
85
|
|
|
—
|
|
|
2,250
|
|
|
2
|
|
||||
Other Southern states
|
4,100
|
|
|
5
|
|
|
556
|
|
|
1
|
|
|
1,346
|
|
|
6
|
|
|
6,002
|
|
|
4
|
|
||||
Total South region
|
52,572
|
|
|
70
|
|
|
35,090
|
|
|
90
|
|
|
14,998
|
|
|
67
|
|
|
102,660
|
|
|
75
|
|
||||
Northeast region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
New York
|
4,489
|
|
|
6
|
|
|
142
|
|
|
—
|
|
|
717
|
|
|
3
|
|
|
5,348
|
|
|
4
|
|
||||
Pennsylvania
|
1,651
|
|
|
2
|
|
|
111
|
|
|
—
|
|
|
776
|
|
|
3
|
|
|
2,538
|
|
|
2
|
|
||||
New Jersey
|
1,563
|
|
|
2
|
|
|
137
|
|
|
—
|
|
|
400
|
|
|
2
|
|
|
2,100
|
|
|
2
|
|
||||
Other Northeastern states
|
2,165
|
|
|
3
|
|
|
230
|
|
|
1
|
|
|
516
|
|
|
2
|
|
|
2,911
|
|
|
2
|
|
||||
Total Northeast region
|
9,868
|
|
|
13
|
|
|
620
|
|
|
2
|
|
|
2,409
|
|
|
11
|
|
|
12,897
|
|
|
9
|
|
||||
West region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
California
|
3,368
|
|
|
4
|
|
|
1,954
|
|
|
5
|
|
|
1,091
|
|
|
5
|
|
|
6,413
|
|
|
5
|
|
||||
Other Western states
|
2,059
|
|
|
3
|
|
|
752
|
|
|
2
|
|
|
1,037
|
|
|
5
|
|
|
3,848
|
|
|
3
|
|
||||
Total West region
|
5,427
|
|
|
7
|
|
|
2,706
|
|
|
7
|
|
|
2,128
|
|
|
10
|
|
|
10,261
|
|
|
8
|
|
||||
Midwest region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Illinois
|
1,614
|
|
|
2
|
|
|
185
|
|
|
—
|
|
|
420
|
|
|
2
|
|
|
2,219
|
|
|
2
|
|
||||
Ohio
|
885
|
|
|
1
|
|
|
52
|
|
|
—
|
|
|
457
|
|
|
2
|
|
|
1,394
|
|
|
1
|
|
||||
Other Midwestern states
|
3,360
|
|
|
4
|
|
|
275
|
|
|
1
|
|
|
1,803
|
|
|
8
|
|
|
5,438
|
|
|
4
|
|
||||
Total Midwest region
|
5,859
|
|
|
8
|
|
|
512
|
|
|
1
|
|
|
2,680
|
|
|
12
|
|
|
9,051
|
|
|
7
|
|
||||
Foreign loans
|
1,526
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
47
|
|
|
—
|
|
|
1,573
|
|
|
1
|
|
||||
Total
|
|
$75,252
|
|
|
100
|
%
|
|
|
$38,928
|
|
|
100
|
%
|
|
|
$22,262
|
|
|
100
|
%
|
|
|
$136,442
|
|
|
100
|
%
|
|
December 31, 2014
|
||||||||||||||||||||||||||
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total LHFI
|
||||||||||||||||||||
(Dollars in millions)
|
Balance
|
|
% of Total Commercial
|
|
Balance
|
|
% of Total Residential
|
|
Balance
|
|
% of Total Consumer
|
|
Balance
|
|
% of Total LHFI
|
||||||||||||
South region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Florida
|
|
$12,333
|
|
|
17
|
%
|
|
|
$10,152
|
|
|
26
|
%
|
|
|
$3,651
|
|
|
17
|
%
|
|
|
$26,136
|
|
|
20
|
%
|
Georgia
|
9,221
|
|
|
13
|
|
|
5,955
|
|
|
15
|
|
|
1,579
|
|
|
8
|
|
|
16,755
|
|
|
13
|
|
||||
Virginia
|
7,191
|
|
|
10
|
|
|
5,721
|
|
|
15
|
|
|
1,479
|
|
|
7
|
|
|
14,391
|
|
|
11
|
|
||||
Maryland
|
3,903
|
|
|
5
|
|
|
3,952
|
|
|
10
|
|
|
1,304
|
|
|
6
|
|
|
9,159
|
|
|
7
|
|
||||
North Carolina
|
3,733
|
|
|
5
|
|
|
3,623
|
|
|
9
|
|
|
1,366
|
|
|
7
|
|
|
8,722
|
|
|
7
|
|
||||
Tennessee
|
4,728
|
|
|
6
|
|
|
2,237
|
|
|
6
|
|
|
749
|
|
|
4
|
|
|
7,714
|
|
|
6
|
|
||||
Texas
|
3,247
|
|
|
4
|
|
|
372
|
|
|
1
|
|
|
2,386
|
|
|
11
|
|
|
6,005
|
|
|
5
|
|
||||
South Carolina
|
1,441
|
|
|
2
|
|
|
1,855
|
|
|
5
|
|
|
431
|
|
|
2
|
|
|
3,727
|
|
|
3
|
|
||||
District of Columbia
|
1,313
|
|
|
2
|
|
|
703
|
|
|
2
|
|
|
92
|
|
|
—
|
|
|
2,108
|
|
|
2
|
|
||||
Other Southern states
|
3,663
|
|
|
5
|
|
|
565
|
|
|
1
|
|
|
1,475
|
|
|
7
|
|
|
5,703
|
|
|
4
|
|
||||
Total South region
|
50,773
|
|
|
69
|
|
|
35,135
|
|
|
91
|
|
|
14,512
|
|
|
69
|
|
|
100,420
|
|
|
75
|
|
||||
Northeast region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
New York
|
4,291
|
|
|
6
|
|
|
145
|
|
|
—
|
|
|
677
|
|
|
3
|
|
|
5,113
|
|
|
4
|
|
||||
Pennsylvania
|
1,675
|
|
|
2
|
|
|
117
|
|
|
—
|
|
|
691
|
|
|
3
|
|
|
2,483
|
|
|
2
|
|
||||
New Jersey
|
1,528
|
|
|
2
|
|
|
141
|
|
|
—
|
|
|
361
|
|
|
2
|
|
|
2,030
|
|
|
2
|
|
||||
Other Northeastern states
|
2,327
|
|
|
3
|
|
|
236
|
|
|
1
|
|
|
444
|
|
|
2
|
|
|
3,007
|
|
|
2
|
|
||||
Total Northeast region
|
9,821
|
|
|
13
|
|
|
639
|
|
|
2
|
|
|
2,173
|
|
|
10
|
|
|
12,633
|
|
|
9
|
|
||||
West region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
California
|
3,006
|
|
|
4
|
|
|
1,622
|
|
|
4
|
|
|
899
|
|
|
4
|
|
|
5,527
|
|
|
4
|
|
||||
Other Western states
|
2,332
|
|
|
3
|
|
|
798
|
|
|
2
|
|
|
899
|
|
|
4
|
|
|
4,029
|
|
|
3
|
|
||||
Total West region
|
5,338
|
|
|
7
|
|
|
2,420
|
|
|
6
|
|
|
1,798
|
|
|
9
|
|
|
9,556
|
|
|
7
|
|
||||
Midwest region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Illinois
|
2,180
|
|
|
3
|
|
|
233
|
|
|
1
|
|
|
352
|
|
|
2
|
|
|
2,765
|
|
|
2
|
|
||||
Ohio
|
935
|
|
|
1
|
|
|
56
|
|
|
—
|
|
|
388
|
|
|
2
|
|
|
1,379
|
|
|
1
|
|
||||
Other Midwestern states
|
3,054
|
|
|
4
|
|
|
292
|
|
|
1
|
|
|
1,686
|
|
|
8
|
|
|
5,032
|
|
|
4
|
|
||||
Total Midwest region
|
6,169
|
|
|
8
|
|
|
581
|
|
|
1
|
|
|
2,426
|
|
|
12
|
|
|
9,176
|
|
|
7
|
|
||||
Foreign loans
|
1,291
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
1,327
|
|
|
1
|
|
||||
Total
|
|
$73,392
|
|
|
100
|
%
|
|
|
$38,775
|
|
|
100
|
%
|
|
|
$20,945
|
|
|
100
|
%
|
|
|
$133,112
|
|
|
100
|
%
|
Summary of Credit Losses Experience
|
|
|
|
|
|
|
|
|
Table 10
|
|
|||||||||
|
Year Ended December 31
|
||||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Allowance for Credit Losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance - beginning of period
|
|
$1,991
|
|
|
|
$2,094
|
|
|
|
$2,219
|
|
|
|
$2,505
|
|
|
|
$3,032
|
|
Provision/(benefit) for unfunded commitments
|
9
|
|
|
4
|
|
|
5
|
|
|
(3
|
)
|
|
(10
|
)
|
|||||
Provision/(benefit) for loan losses:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
133
|
|
|
111
|
|
|
197
|
|
|
241
|
|
|
324
|
|
|||||
Residential loans
|
(67
|
)
|
|
126
|
|
|
243
|
|
|
1,062
|
|
|
1,113
|
|
|||||
Consumer loans
|
90
|
|
|
101
|
|
|
108
|
|
|
95
|
|
|
86
|
|
|||||
Total provision for loan losses
|
156
|
|
|
338
|
|
|
548
|
|
|
1,398
|
|
|
1,523
|
|
|||||
Charge-offs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
(117
|
)
|
|
(128
|
)
|
|
(219
|
)
|
|
(457
|
)
|
|
(803
|
)
|
|||||
Residential loans
|
(218
|
)
|
|
(344
|
)
|
|
(531
|
)
|
|
(1,316
|
)
|
|
(1,275
|
)
|
|||||
Consumer loans
|
(135
|
)
|
|
(135
|
)
|
|
(119
|
)
|
|
(134
|
)
|
|
(163
|
)
|
|||||
Total charge-offs
|
(470
|
)
|
|
(607
|
)
|
|
(869
|
)
|
|
(1,907
|
)
|
|
(2,241
|
)
|
|||||
Recoveries:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
45
|
|
|
57
|
|
|
66
|
|
|
154
|
|
|
140
|
|
|||||
Residential loans
|
42
|
|
|
65
|
|
|
87
|
|
|
31
|
|
|
18
|
|
|||||
Consumer loans
|
42
|
|
|
40
|
|
|
38
|
|
|
41
|
|
|
43
|
|
|||||
Total recoveries
|
129
|
|
|
162
|
|
|
191
|
|
|
226
|
|
|
201
|
|
|||||
Net charge-offs
|
(341
|
)
|
|
(445
|
)
|
|
(678
|
)
|
|
(1,681
|
)
|
|
(2,040
|
)
|
|||||
Balance - end of period
|
|
$1,815
|
|
|
|
$1,991
|
|
|
|
$2,094
|
|
|
|
$2,219
|
|
|
|
$2,505
|
|
Components:
|
|
|
|
|
|
|
|
|
|
||||||||||
ALLL
|
|
$1,752
|
|
|
|
$1,937
|
|
|
|
$2,044
|
|
|
|
$2,174
|
|
|
|
$2,457
|
|
Unfunded commitments reserve
1
|
63
|
|
|
54
|
|
|
50
|
|
|
45
|
|
|
48
|
|
|||||
Allowance for credit losses
|
|
$1,815
|
|
|
|
$1,991
|
|
|
|
$2,094
|
|
|
|
$2,219
|
|
|
|
$2,505
|
|
Average LHFI
|
|
$133,558
|
|
|
|
$130,874
|
|
|
|
$122,657
|
|
|
|
$122,893
|
|
|
|
$116,308
|
|
Period-end LHFI outstanding
|
136,442
|
|
|
133,112
|
|
|
127,877
|
|
|
121,470
|
|
|
122,495
|
|
|||||
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
ALLL to period-end LHFI
2, 3
|
1.29
|
%
|
|
1.46
|
%
|
|
1.60
|
%
|
|
1.80
|
%
|
|
2.01
|
%
|
|||||
ALLL to NPLs
4
|
2.62x
|
|
|
3.07x
|
|
|
2.12x
|
|
|
1.42x
|
|
|
0.85x
|
|
|||||
ALLL to net charge-offs
|
5.14x
|
|
|
4.35x
|
|
|
3.01x
|
|
|
1.29x
|
|
|
1.20x
|
|
|||||
Net charge-offs to average LHFI
|
0.26
|
%
|
|
0.34
|
%
|
|
0.55
|
%
|
|
1.37
|
%
|
|
1.75
|
%
|
ALLL by Loan Segment
|
|
|
|
|
|
|
|
Table 11
|
|
||||||||||
|
At December 31
|
||||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
ALLL:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
|
$1,047
|
|
|
|
$986
|
|
|
|
$946
|
|
|
|
$902
|
|
|
|
$964
|
|
Residential loans
|
534
|
|
|
777
|
|
|
930
|
|
|
1,131
|
|
|
1,354
|
|
|||||
Consumer loans
|
171
|
|
|
174
|
|
|
168
|
|
|
141
|
|
|
139
|
|
|||||
Total
|
|
$1,752
|
|
|
|
$1,937
|
|
|
|
$2,044
|
|
|
|
$2,174
|
|
|
|
$2,457
|
|
Segment ALLL as a % of total ALLL:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
60
|
%
|
|
51
|
%
|
|
46
|
%
|
|
41
|
%
|
|
39
|
%
|
|||||
Residential loans
|
30
|
|
|
40
|
|
|
46
|
|
|
52
|
|
|
55
|
|
|||||
Consumer loans
|
10
|
|
|
9
|
|
|
8
|
|
|
7
|
|
|
6
|
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|||||
Segment LHFI as a % of total LHFI:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans
|
55
|
%
|
|
55
|
%
|
|
50
|
%
|
|
48
|
%
|
|
46
|
%
|
|||||
Residential loans
|
29
|
|
|
29
|
|
|
34
|
|
|
36
|
|
|
38
|
|
|||||
Consumer loans
|
16
|
|
|
16
|
|
|
16
|
|
|
16
|
|
|
16
|
|
|||||
Total
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
Table 12
|
|
|||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Nonaccrual/NPLs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
C&I
|
|
$308
|
|
|
|
$151
|
|
|
|
$196
|
|
|
|
$194
|
|
|
|
$348
|
|
CRE
|
11
|
|
|
21
|
|
|
39
|
|
|
66
|
|
|
288
|
|
|||||
Commercial construction
|
—
|
|
|
1
|
|
|
12
|
|
|
34
|
|
|
290
|
|
|||||
Total commercial NPLs
|
319
|
|
|
173
|
|
|
247
|
|
|
294
|
|
|
926
|
|
|||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgages - nonguaranteed
|
183
|
|
|
254
|
|
|
441
|
|
|
775
|
|
|
1,392
|
|
|||||
Residential home equity products
|
145
|
|
|
174
|
|
|
210
|
|
|
341
|
|
|
338
|
|
|||||
Residential construction
|
16
|
|
|
27
|
|
|
61
|
|
|
112
|
|
|
220
|
|
|||||
Total residential NPLs
|
344
|
|
|
455
|
|
|
712
|
|
|
1,228
|
|
|
1,950
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Other direct
|
6
|
|
|
6
|
|
|
5
|
|
|
6
|
|
|
7
|
|
|||||
Indirect
|
3
|
|
|
—
|
|
|
7
|
|
|
19
|
|
|
20
|
|
|||||
Total consumer NPLs
|
9
|
|
|
6
|
|
|
12
|
|
|
25
|
|
|
27
|
|
|||||
Total nonaccrual/NPLs
1
|
|
$672
|
|
|
|
$634
|
|
|
|
$971
|
|
|
|
$1,547
|
|
|
|
$2,903
|
|
OREO
2
|
|
$56
|
|
|
|
$99
|
|
|
|
$170
|
|
|
|
$264
|
|
|
|
$479
|
|
Other repossessed assets
|
7
|
|
|
9
|
|
|
7
|
|
|
9
|
|
|
10
|
|
|||||
Nonperforming LHFS
|
—
|
|
|
38
|
|
|
17
|
|
|
37
|
|
|
—
|
|
|||||
Total NPAs
|
|
$735
|
|
|
|
$780
|
|
|
|
$1,165
|
|
|
|
$1,857
|
|
|
|
$3,392
|
|
Accruing LHFI past due 90 days or more
|
|
$981
|
|
|
|
$1,057
|
|
|
|
$1,228
|
|
|
|
$782
|
|
|
|
$2,028
|
|
Accruing LHFS past due 90 days or more
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
3
|
|
|||||
TDRs:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accruing restructured loans
|
|
$2,603
|
|
|
|
$2,592
|
|
|
|
$2,749
|
|
|
|
$2,501
|
|
|
|
$2,820
|
|
Nonaccruing restructured loans
1
|
176
|
|
|
273
|
|
|
391
|
|
|
639
|
|
|
802
|
|
|||||
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
NPLs to period-end LHFI
|
0.49
|
%
|
|
0.48
|
%
|
|
0.76
|
%
|
|
1.27
|
%
|
|
2.37
|
%
|
|||||
NPAs to period-end LHFI, OREO, other repossessed assets, and nonperforming LHFS
|
0.54
|
|
|
0.59
|
|
|
0.91
|
|
|
1.52
|
|
|
2.76
|
|
Selected Residential TDR Data
|
|
|
|
|
|
|
|
|
|
|
Table 13
|
|
|||||||||||
|
December 31, 2015
|
||||||||||||||||||||||
|
Accruing TDRs
|
|
Nonaccruing TDRs
|
||||||||||||||||||||
(Dollars in millions)
|
Current
|
|
Delinquent
1
|
|
Total
|
|
Current
|
|
Delinquent
1
|
|
Total
|
||||||||||||
Rate reduction
|
|
$961
|
|
|
|
$69
|
|
|
|
$1,030
|
|
|
|
$15
|
|
|
|
$39
|
|
|
|
$54
|
|
Term extension
|
10
|
|
|
2
|
|
|
12
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||
Rate reduction and term extension
|
1,108
|
|
|
83
|
|
|
1,191
|
|
|
7
|
|
|
53
|
|
|
60
|
|
||||||
Other
2
|
178
|
|
|
11
|
|
|
189
|
|
|
8
|
|
|
21
|
|
|
29
|
|
||||||
Total
|
|
$2,257
|
|
|
|
$165
|
|
|
|
$2,422
|
|
|
|
$30
|
|
|
|
$114
|
|
|
|
$144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
December 31, 2014
|
||||||||||||||||||||||
|
Accruing TDRs
|
|
Nonaccruing TDRs
|
||||||||||||||||||||
(Dollars in millions)
|
Current
|
|
Delinquent
1
|
|
Total
|
|
Current
|
|
Delinquent
1
|
|
Total
|
||||||||||||
Rate reduction
|
|
$784
|
|
|
|
$69
|
|
|
|
$853
|
|
|
|
$16
|
|
|
|
$40
|
|
|
|
$56
|
|
Term extension
|
13
|
|
|
4
|
|
|
17
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||||
Rate reduction and term extension
|
1,251
|
|
|
103
|
|
|
1,354
|
|
|
30
|
|
|
68
|
|
|
98
|
|
||||||
Other
2
|
173
|
|
|
11
|
|
|
184
|
|
|
12
|
|
|
26
|
|
|
38
|
|
||||||
Total
|
|
$2,221
|
|
|
|
$187
|
|
|
|
$2,408
|
|
|
|
$59
|
|
|
|
$135
|
|
|
|
$194
|
|
Securities Available for Sale
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
Table 14
|
|
|||||||
|
December 31, 2015
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Treasury securities
|
|
$3,460
|
|
|
|
$3
|
|
|
|
$14
|
|
|
|
$3,449
|
|
Federal agency securities
|
402
|
|
|
10
|
|
|
1
|
|
|
411
|
|
||||
U.S. states and political subdivisions
|
156
|
|
|
8
|
|
|
—
|
|
|
164
|
|
||||
MBS - agency
|
22,877
|
|
|
397
|
|
|
150
|
|
|
23,124
|
|
||||
MBS - private
|
92
|
|
|
2
|
|
|
—
|
|
|
94
|
|
||||
ABS
|
11
|
|
|
2
|
|
|
1
|
|
|
12
|
|
||||
Corporate and other debt securities
|
37
|
|
|
1
|
|
|
—
|
|
|
38
|
|
||||
Other equity securities
1
|
533
|
|
|
1
|
|
|
1
|
|
|
533
|
|
||||
Total securities AFS
|
|
$27,568
|
|
|
|
$424
|
|
|
|
$167
|
|
|
|
$27,825
|
|
|
December 31, 2014
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Treasury securities
|
|
$1,913
|
|
|
|
$9
|
|
|
|
$1
|
|
|
|
$1,921
|
|
Federal agency securities
|
471
|
|
|
15
|
|
|
2
|
|
|
484
|
|
||||
U.S. states and political subdivisions
|
200
|
|
|
9
|
|
|
—
|
|
|
209
|
|
||||
MBS - agency
|
22,573
|
|
|
558
|
|
|
83
|
|
|
23,048
|
|
||||
MBS - private
|
122
|
|
|
2
|
|
|
1
|
|
|
123
|
|
||||
ABS
|
19
|
|
|
2
|
|
|
—
|
|
|
21
|
|
||||
Corporate and other debt securities
|
38
|
|
|
3
|
|
|
—
|
|
|
41
|
|
||||
Other equity securities
1
|
921
|
|
|
2
|
|
|
—
|
|
|
923
|
|
||||
Total securities AFS
|
|
$26,257
|
|
|
|
$600
|
|
|
|
$87
|
|
|
|
$26,770
|
|
|
December 31, 2013
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost
|
|
Unrealized
Gains
|
|
Unrealized
Losses
|
|
Fair
Value
|
||||||||
U.S. Treasury securities
|
|
$1,334
|
|
|
|
$6
|
|
|
|
$47
|
|
|
|
$1,293
|
|
Federal agency securities
|
1,028
|
|
|
13
|
|
|
57
|
|
|
984
|
|
||||
U.S. states and political subdivisions
|
232
|
|
|
7
|
|
|
2
|
|
|
237
|
|
||||
MBS - agency
|
18,915
|
|
|
421
|
|
|
425
|
|
|
18,911
|
|
||||
MBS - private
|
155
|
|
|
1
|
|
|
2
|
|
|
154
|
|
||||
ABS
|
78
|
|
|
2
|
|
|
1
|
|
|
79
|
|
||||
Corporate and other debt securities
|
39
|
|
|
3
|
|
|
—
|
|
|
42
|
|
||||
Other equity securities
1
|
841
|
|
|
1
|
|
|
—
|
|
|
842
|
|
||||
Total securities AFS
|
|
$22,622
|
|
|
|
$454
|
|
|
|
$534
|
|
|
|
$22,542
|
|
Maturity Distribution of Debt Securities Available for Sale
|
|
|
|
|
|
Table 15
|
|
||||||||||||
|
December 31, 2015
|
||||||||||||||||||
(Dollars in millions)
|
Due in 1 Year or Less
|
|
Due After 1 Year through 5 Years
|
|
Due After 5 Years through 10 Years
|
|
Due After 10 Years
|
|
Total
|
||||||||||
Amortized Cost
1
:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$—
|
|
|
|
$1,271
|
|
|
|
$2,189
|
|
|
|
$—
|
|
|
|
$3,460
|
|
Federal agency securities
|
163
|
|
|
105
|
|
|
13
|
|
|
121
|
|
|
402
|
|
|||||
U.S. states and political subdivisions
|
35
|
|
|
6
|
|
|
101
|
|
|
14
|
|
|
156
|
|
|||||
MBS - agency
|
2,383
|
|
|
9,134
|
|
|
6,997
|
|
|
4,363
|
|
|
22,877
|
|
|||||
MBS - private
|
—
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|||||
ABS
|
9
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
11
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||
Total debt securities
|
|
$2,590
|
|
|
|
$10,645
|
|
|
|
$9,301
|
|
|
|
$4,499
|
|
|
|
$27,035
|
|
Fair Value
1
:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$—
|
|
|
|
$1,265
|
|
|
|
$2,184
|
|
|
|
$—
|
|
|
|
$3,449
|
|
Federal agency securities
|
165
|
|
|
111
|
|
|
13
|
|
|
122
|
|
|
411
|
|
|||||
U.S. states and political subdivisions
|
35
|
|
|
7
|
|
|
107
|
|
|
15
|
|
|
164
|
|
|||||
MBS - agency
|
2,513
|
|
|
9,286
|
|
|
6,979
|
|
|
4,346
|
|
|
23,124
|
|
|||||
MBS - private
|
—
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
94
|
|
|||||
ABS
|
11
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
12
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||
Total debt securities
|
|
$2,724
|
|
|
|
$10,801
|
|
|
|
$9,283
|
|
|
|
$4,484
|
|
|
|
$27,292
|
|
Weighted average yield
2
:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
—
|
%
|
|
1.56
|
%
|
|
2.09
|
%
|
|
—
|
%
|
|
1.90
|
%
|
|||||
Federal agency securities
|
3.63
|
|
|
3.22
|
|
|
2.54
|
|
|
2.85
|
|
|
3.25
|
|
|||||
U.S. states and political subdivisions
|
6.35
|
|
|
6.46
|
|
|
4.90
|
|
|
6.14
|
|
|
5.40
|
|
|||||
MBS - agency
|
2.22
|
|
|
2.42
|
|
|
2.81
|
|
|
2.89
|
|
|
2.61
|
|
|||||
MBS - private
|
—
|
|
|
10.11
|
|
|
—
|
|
|
—
|
|
|
10.11
|
|
|||||
ABS
|
5.61
|
|
|
—
|
|
|
7.21
|
|
|
5.24
|
|
|
5.72
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
3.94
|
|
|
—
|
|
|
—
|
|
|
3.94
|
|
|||||
Total debt securities
|
2.38
|
%
|
|
2.40
|
%
|
|
2.66
|
%
|
|
2.90
|
%
|
|
2.57
|
%
|
Composition of Average Deposits
|
|
|
|
|
|
|
|
|
Table 16
|
|
||||||||||
|
Year Ended December 31
|
|
% of Total Deposits
|
|||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|||||||||
Noninterest-bearing deposits
|
|
$42,102
|
|
|
|
$40,411
|
|
|
|
$38,643
|
|
|
29
|
%
|
|
30
|
%
|
|
30
|
%
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
NOW accounts
|
35,161
|
|
|
28,879
|
|
|
26,083
|
|
|
24
|
|
|
22
|
|
|
20
|
|
|||
Money market accounts
|
50,518
|
|
|
44,813
|
|
|
42,655
|
|
|
35
|
|
|
33
|
|
|
33
|
|
|||
Savings
|
6,165
|
|
|
6,076
|
|
|
5,740
|
|
|
4
|
|
|
5
|
|
|
4
|
|
|||
Consumer time
|
6,443
|
|
|
7,539
|
|
|
9,018
|
|
|
4
|
|
|
6
|
|
|
7
|
|
|||
Other time
|
3,813
|
|
|
4,294
|
|
|
4,937
|
|
|
3
|
|
|
3
|
|
|
4
|
|
|||
Total consumer and commercial deposits
|
144,202
|
|
|
132,012
|
|
|
127,076
|
|
|
99
|
|
|
99
|
|
|
98
|
|
|||
Brokered time deposits
|
888
|
|
|
1,584
|
|
|
2,030
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|||
Foreign deposits
|
218
|
|
|
146
|
|
|
35
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total deposits
|
|
$145,308
|
|
|
|
$133,742
|
|
|
|
$129,141
|
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
Table 17
|
|
||||||||||||
(Dollars in millions)
|
Consumer and Other Time
|
|
Brokered Time
|
|
Foreign Time
|
|
Total
|
||||||||
Remaining Contractual Maturity:
|
|
|
|
|
|
|
|
||||||||
3 months or less
|
|
$510
|
|
|
|
$39
|
|
|
|
$10
|
|
|
|
$559
|
|
Over 3 through 6 months
|
491
|
|
|
18
|
|
|
—
|
|
|
509
|
|
||||
Over 6 through 12 months
|
707
|
|
|
139
|
|
|
—
|
|
|
846
|
|
||||
Over 12 months
|
2,003
|
|
|
703
|
|
|
—
|
|
|
2,706
|
|
||||
Total
|
|
$3,711
|
|
|
|
$899
|
|
|
|
$10
|
|
|
|
$4,620
|
|
BORROWINGS
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Short-Term Borrowings
|
|
|
|
|
|
|
|
Table 18
|
|
||||||||
|
December 31, 2015
|
|
Year Ended December 31, 2015
|
||||||||||||||
|
Balance
|
|
Rate
|
|
Daily Average
|
|
Maximum
Outstanding at
any Month-End
|
||||||||||
(Dollars in millions)
|
|
Balance
|
|
Rate
|
|
||||||||||||
Funds purchased
1
|
|
$1,949
|
|
|
0.20
|
%
|
|
|
$822
|
|
|
0.11
|
%
|
|
|
$2,180
|
|
Securities sold under agreements to repurchase
1
|
1,654
|
|
|
0.36
|
|
|
1,821
|
|
|
0.21
|
|
|
2,064
|
|
|||
Other short-term borrowings
|
1,024
|
|
|
0.20
|
|
|
2,135
|
|
|
0.16
|
|
|
4,426
|
|
|||
Total
|
|
$4,627
|
|
|
|
|
|
$4,778
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2014
|
|
Year Ended December 31, 2014
|
||||||||||||||
|
Balance
|
|
Rate
|
|
Daily Average
|
|
Maximum
Outstanding at
any Month-End
|
||||||||||
(Dollars in millions)
|
|
Balance
|
|
Rate
|
|
||||||||||||
Funds purchased
1
|
|
$1,276
|
|
|
0.06
|
%
|
|
|
$931
|
|
|
0.09
|
%
|
|
|
$1,375
|
|
Securities sold under agreements to repurchase
1
|
2,276
|
|
|
0.22
|
|
|
2,202
|
|
|
0.14
|
|
|
2,323
|
|
|||
Other short-term borrowings
|
5,634
|
|
|
0.21
|
|
|
6,135
|
|
|
0.23
|
|
|
7,283
|
|
|||
Total
|
|
$9,186
|
|
|
|
|
|
$9,268
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2013
|
|
Year Ended December 31, 2013
|
||||||||||||||
|
Balance
|
|
Rate
|
|
Daily Average
|
|
Maximum
Outstanding at
any Month-End
|
||||||||||
(Dollars in millions)
|
|
Balance
|
|
Rate
|
|
||||||||||||
Funds purchased
1
|
|
$1,192
|
|
|
0.07
|
%
|
|
|
$639
|
|
|
0.10
|
%
|
|
|
$1,192
|
|
Securities sold under agreements to repurchase
1
|
1,759
|
|
|
0.10
|
|
|
1,857
|
|
|
0.14
|
|
|
1,911
|
|
|||
Other short-term borrowings
|
5,788
|
|
|
0.22
|
|
|
4,953
|
|
|
0.26
|
|
|
5,868
|
|
|||
Total
|
|
$8,739
|
|
|
|
|
|
$7,449
|
|
|
|
|
|
|
|
|
Table 19
|
|
|||
(Dollars in millions)
|
2015
|
|
2014
|
||||
Parent Company Only:
|
|
|
|
||||
Senior, fixed rate
|
|
$3,614
|
|
|
|
$3,630
|
|
Senior, variable rate
|
331
|
|
|
358
|
|
||
Subordinated, fixed rate
|
200
|
|
|
200
|
|
||
Junior subordinated, variable rate
|
627
|
|
|
627
|
|
||
Total Parent Company debt
|
4,772
|
|
|
4,815
|
|
||
Subsidiaries:
|
|
|
|
||||
Senior, fixed rate
|
1,620
|
|
|
5,682
|
|
||
Senior, variable rate
|
1,097
|
|
|
742
|
|
||
Subordinated, fixed rate
1
|
973
|
|
|
1,283
|
|
||
Subordinated, variable rate
|
—
|
|
|
500
|
|
||
Total subsidiaries debt
|
3,690
|
|
|
8,207
|
|
||
Total long-term debt
|
|
$8,462
|
|
|
|
$13,022
|
|
Regulatory Capital Metrics
|
|
|
Table 20
|
|
|||||||
|
Under Basel III
1
|
|
Under Basel I
1
|
||||||||
|
December 31, 2015
|
|
December 31
|
||||||||
(Dollars in millions)
|
|
2014
|
|
2013
|
|||||||
Regulatory capital:
|
|
|
|
|
|
||||||
CET1
|
|
$16,421
|
|
|
N/A
|
|
|
N/A
|
|
||
Tier 1 common equity
|
N/A
|
|
|
|
$15,594
|
|
|
|
$14,602
|
|
|
Tier 1 capital
|
|
$17,804
|
|
|
17,554
|
|
|
16,073
|
|
||
Total capital
|
20,668
|
|
|
20,338
|
|
|
19,052
|
|
|||
Assets:
|
|
|
|
|
|
||||||
RWA
|
|
$164,851
|
|
|
|
$162,516
|
|
|
|
$148,746
|
|
Average total assets for leverage ratio
|
183,763
|
|
|
182,186
|
|
|
167,848
|
|
|||
Risk-based ratios:
|
|
|
|
|
|
||||||
CET1
|
9.96
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
CET1 - fully phased-in
2
|
9.80
|
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 common equity
|
N/A
|
|
|
9.60
|
%
|
|
9.82
|
%
|
|||
Tier 1 capital
|
10.80
|
%
|
|
10.80
|
|
|
10.81
|
|
|||
Total capital
|
12.54
|
|
|
12.51
|
|
|
12.81
|
|
|||
Leverage
|
9.69
|
|
|
9.64
|
|
|
9.58
|
|
|||
Total shareholders’ equity to assets
|
12.28
|
|
|
12.09
|
|
|
12.22
|
|
Level 3 Assets and Liabilities
|
|
Table 21
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2015
|
|
2014
|
||||
Trading assets and derivatives
1
|
|
$110
|
|
|
|
$25
|
|
Securities AFS
|
556
|
|
|
946
|
|
||
LHFS
|
5
|
|
|
1
|
|
||
LHFI
|
257
|
|
|
272
|
|
||
MSRs
|
1,307
|
|
|
1,206
|
|
||
Total level 3 assets
|
|
$2,235
|
|
|
|
$2,450
|
|
Total assets
|
|
$190,817
|
|
|
|
$190,328
|
|
Total assets measured at fair value on a recurring basis
|
37,002
|
|
|
36,342
|
|
||
Level 3 assets as a % of total assets
|
1.2
|
%
|
|
1.3
|
%
|
||
Level 3 assets as a % of total assets measured at fair value on a recurring basis
|
6.0
|
%
|
|
6.7
|
%
|
||
Trading liabilities and derivative instruments
|
|
$6
|
|
|
|
$5
|
|
Other liabilities
|
23
|
|
|
27
|
|
||
Total level 3 liabilities
|
|
$29
|
|
|
|
$32
|
|
Total liabilities
|
|
$167,380
|
|
|
|
$167,323
|
|
Total liabilities measured at fair value on a recurring basis
|
2,259
|
|
|
2,537
|
|
||
Level 3 liabilities as a % of total liabilities
|
—
|
%
|
|
—
|
%
|
||
Level 3 liabilities as a % of total liabilities measured at fair value on a recurring basis
|
1.3
|
%
|
|
1.3
|
%
|
||
1
Includes IRLCs.
|
•
|
The first line of defense is comprised of all teammates within our business segments, as well as those within Functional units executing select activities. The first line of defense owns and is accountable for the development and execution of business strategies that are aligned with the risk appetite, measures, and limits established by the Board, as well as the associated processes and controls. It is also responsible for accurate and timely identification, management, and reporting/escalation of existing and emerging risks.
|
•
|
The second line of defense is comprised of corporate functions, including
CRM
and risk stewards; these groups are responsible for independent governance and oversight of the first line of defense relative to specific risks. Risk stewards represent areas of subject matter expertise relative to certain risks, including, but not limited to: Technology Risk and Compliance, which among other things, encompasses information and cyber-security, Finance Risk Management, Human Resources, Third-Party Risk Management, Model Risk Management, and Anti-Money Laundering/Bank Secrecy Act. In the first quarter of 2016,
FRB
Regulation W Oversight and Enterprise Data Oversight will be added as risk stewards. The second line of defense is responsible for developing appropriate risk management frameworks/programs that facilitate first line of defense identification, reporting, assessment, control, mitigation, and communication of risk. It also monitors first line of defense execution of these responsibilities. Second line of defense frameworks/ programs conform to applicable laws,
|
•
|
The third line of defense is comprised of our assurance functions, i.e., Audit Services and Risk Review, which independently test, verify, and evaluate management controls and provide risk-based advice and counsel to management to help develop and maintain a risk management culture that supports safety, soundness, and business objectives.
|
•
|
CRC
is chaired by the
CRO
and supports the
CRO
in measuring and managing our aggregate risk profile.
|
•
|
ALCO
is chaired by the CFO, and provides management and oversight of market, liquidity, and balance sheet-related risks, and has the responsibility to manage those risks in relation to the profitability of the underlying businesses.
|
•
|
CC
is also chaired by the CFO and provides management and oversight of our capital actions and our enterprise stress analytics programs that, among other things, support our annual
CCAR
/
DFAST
submissions.
|
•
|
PMC
is chaired by the Wholesale Banking Executive and provides active portfolio management and oversight of balance sheet allocations to ensure that new asset originations, asset sales, and asset purchases meet our risk and business objectives.
PMC
also oversees progress towards long-term balance sheet objectives.
|
•
|
Identify, measure, analyze, manage, and report risk at the transaction, portfolio, and enterprise levels
|
•
|
Support client facing businesses as they seek to balance risk taking with business and safety and soundness objectives
|
•
|
Optimize decision making
|
•
|
Promote sound processes and regulatory compliance
|
•
|
Maximize shareholder value
|
•
|
Support our purpose of
Lighting the Way to Financial Well-Being
, support our performance promise of
Leading the Movement for Financial Well-Being
, and conform to our supporting principles of
Client First
,
One Team
,
Executional Excellence
, and
Profitable Growth
|
•
|
Chief Wholesale Credit Officer and the Chief Retail (Consumer/Mortgage) Credit Officer
|
•
|
Corporate Market/Liquidity Risk and Enterprise Analytics Officer
|
•
|
Corporate Operational Risk Officer, who is also responsible for oversight of risk stewards
|
•
|
Corporate Compliance Officer
|
•
|
Corporate Model Risk Management Officer
|
•
|
Corporate Regulatory Liaison Officer
|
Market Value of Equity Sensitivity
|
Table 23
|
||
|
|
|
|
|
Estimated % Change in MVE
|
||
|
December 31, 2015
|
|
December 31, 2014
|
Rate Change
|
|
|
|
+200 bps
|
(8.2)%
|
|
(4.2)%
|
+100 bps
|
(3.7)%
|
|
(1.5)%
|
-25 bps
|
0.7%
|
|
0.1%
|
Credit Ratings and Outlook
|
Table 25
|
||||
|
December 31, 2015
|
||||
|
Moody’s
|
|
S&P
|
|
Fitch
|
SunTrust Banks, Inc.:
|
|
|
|
|
|
Senior debt
|
Baa1
|
|
BBB+
|
|
A-
|
Preferred stock
|
Baa3
|
|
BB+
|
|
BB
|
|
|
|
|
|
|
SunTrust Bank:
|
|
|
|
|
|
Long-term deposits
|
A1
|
|
A-
|
|
A
|
Short-term deposits
|
P-1
|
|
A-2
|
|
F1
|
Senior debt
|
Baal
|
|
A-
|
|
A-
|
Outlook
|
Stable
|
|
Stable
|
|
Stable
|
Contingency Liquidity Sources
|
|
|
|
|
|
Table 26
|
|
||||||||
|
|
|
|
|
|
||||||||||
|
As of
|
|
Average for the Year Ended ¹
|
||||||||||||
(Dollars in billions)
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||
Excess reserves
|
|
$2.4
|
|
|
|
$4.5
|
|
|
|
$3.6
|
|
|
|
$3.5
|
|
Free and liquid investment portfolio securities
|
23.9
|
|
|
22.2
|
|
|
23.1
|
|
|
13.8
|
|
||||
Unused FHLB borrowing capacity
|
21.4
|
|
|
8.4
|
|
|
16.2
|
|
|
13.2
|
|
||||
Unused discount window borrowing capacity
|
17.2
|
|
|
18.4
|
|
|
17.4
|
|
|
19.2
|
|
||||
Total
|
|
$64.9
|
|
|
|
$53.5
|
|
|
|
$60.3
|
|
|
|
$49.7
|
|
Unfunded Lending Commitments
|
|
|
|
|
|
Table 27
|
|
||||||||
|
As of
|
|
Average for the Three Months Ended
|
||||||||||||
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||
Unused lines of credit:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$58,855
|
|
|
|
$50,122
|
|
|
|
$58,032
|
|
|
|
$49,932
|
|
Mortgage commitments
1
|
3,232
|
|
|
3,259
|
|
|
3,215
|
|
|
3,317
|
|
||||
Home equity lines
|
10,523
|
|
|
10,858
|
|
|
10,558
|
|
|
10,873
|
|
||||
CRE
|
4,455
|
|
|
3,302
|
|
|
4,111
|
|
|
3,151
|
|
||||
Credit card
|
8,478
|
|
|
6,675
|
|
|
8,203
|
|
|
6,380
|
|
||||
Total unused lines of credit
|
|
$85,543
|
|
|
|
$74,216
|
|
|
|
$84,119
|
|
|
|
$73,653
|
|
|
|
|
|
|
|
|
|
||||||||
Letters of credit:
|
|
|
|
|
|
|
|
||||||||
Financial standby
|
|
$2,775
|
|
|
|
$2,917
|
|
|
|
$2,758
|
|
|
|
$3,161
|
|
Performance standby
|
137
|
|
|
121
|
|
|
140
|
|
|
64
|
|
||||
Commercial
|
27
|
|
|
32
|
|
|
27
|
|
|
32
|
|
||||
Total letters of credit
|
|
$2,939
|
|
|
|
$3,070
|
|
|
|
$2,925
|
|
|
|
$3,257
|
|
Net Income/(Loss) by Business Segment
|
|
|
|
|
Table 29
|
|
|||||
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Consumer Banking and Private Wealth Management
|
|
$754
|
|
|
|
$695
|
|
|
|
$653
|
|
Wholesale Banking
|
954
|
|
|
875
|
|
|
807
|
|
|||
Mortgage Banking
|
287
|
|
|
(53
|
)
|
|
(527
|
)
|
|||
|
|
|
|
|
|
||||||
Corporate Other
|
159
|
|
|
434
|
|
|
508
|
|
|||
Reconciling Items
1
|
(221
|
)
|
|
(177
|
)
|
|
(97
|
)
|
|||
Total Corporate Other
|
(62
|
)
|
|
257
|
|
|
411
|
|
|||
Consolidated Net Income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
Average Loans and Deposits by Business Segment
|
|
|
|
|
|
|
|
|
|
Table 30
|
|
||||||||||||
|
Average Loans
|
|
Average Consumer
and Commercial Deposits
|
||||||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||
Consumer Banking and Private Wealth Management
|
|
$40,632
|
|
|
|
$41,700
|
|
|
|
$40,510
|
|
|
|
$91,127
|
|
|
|
$86,070
|
|
|
|
$84,289
|
|
Wholesale Banking
|
67,853
|
|
|
62,638
|
|
|
54,142
|
|
|
50,376
|
|
|
43,566
|
|
|
39,572
|
|
||||||
Mortgage Banking
|
25,024
|
|
|
26,494
|
|
|
27,974
|
|
|
2,679
|
|
|
2,333
|
|
|
3,206
|
|
||||||
Corporate Other
|
49
|
|
|
42
|
|
|
31
|
|
|
20
|
|
|
43
|
|
|
9
|
|
Item 7A.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 8.
|
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions and shares in thousands, except per share data)
|
2015
|
|
2014
|
|
2013
|
||||||
Interest Income
|
|
|
|
|
|
||||||
Interest and fees on loans
|
|
$4,506
|
|
|
|
$4,617
|
|
|
|
$4,633
|
|
Interest and fees on loans held for sale
|
82
|
|
|
78
|
|
|
107
|
|
|||
Interest and dividends on securities available for sale
|
593
|
|
|
613
|
|
|
579
|
|
|||
Trading account interest and other
|
84
|
|
|
76
|
|
|
69
|
|
|||
Total interest income
|
5,265
|
|
|
5,384
|
|
|
5,388
|
|
|||
Interest Expense
|
|
|
|
|
|
||||||
Interest on deposits
|
219
|
|
|
235
|
|
|
291
|
|
|||
Interest on long-term debt
|
252
|
|
|
270
|
|
|
210
|
|
|||
Interest on other borrowings
|
30
|
|
|
39
|
|
|
34
|
|
|||
Total interest expense
|
501
|
|
|
544
|
|
|
535
|
|
|||
Net interest income
|
4,764
|
|
|
4,840
|
|
|
4,853
|
|
|||
Provision for credit losses
|
165
|
|
|
342
|
|
|
553
|
|
|||
Net interest income after provision for credit losses
|
4,599
|
|
|
4,498
|
|
|
4,300
|
|
|||
Noninterest Income
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
622
|
|
|
645
|
|
|
657
|
|
|||
Other charges and fees
|
377
|
|
|
368
|
|
|
369
|
|
|||
Card fees
|
329
|
|
|
320
|
|
|
310
|
|
|||
Investment banking income
|
461
|
|
|
404
|
|
|
356
|
|
|||
Trading income
|
181
|
|
|
182
|
|
|
182
|
|
|||
Trust and investment management income
|
334
|
|
|
423
|
|
|
518
|
|
|||
Retail investment services
|
300
|
|
|
297
|
|
|
267
|
|
|||
Mortgage production related income
|
270
|
|
|
201
|
|
|
314
|
|
|||
Mortgage servicing related income
|
169
|
|
|
196
|
|
|
87
|
|
|||
Gain on sale of subsidiary
|
—
|
|
|
105
|
|
|
—
|
|
|||
Net securities gains/(losses)
|
21
|
|
|
(15
|
)
|
|
2
|
|
|||
Other noninterest income
|
204
|
|
|
197
|
|
|
152
|
|
|||
Total noninterest income
|
3,268
|
|
|
3,323
|
|
|
3,214
|
|
|||
Noninterest Expense
|
|
|
|
|
|
||||||
Employee compensation
|
2,576
|
|
|
2,576
|
|
|
2,488
|
|
|||
Employee benefits
|
366
|
|
|
386
|
|
|
413
|
|
|||
Outside processing and software
|
815
|
|
|
741
|
|
|
746
|
|
|||
Net occupancy expense
|
341
|
|
|
340
|
|
|
348
|
|
|||
Equipment expense
|
164
|
|
|
169
|
|
|
181
|
|
|||
Marketing and customer development
|
151
|
|
|
134
|
|
|
135
|
|
|||
Regulatory assessments
|
139
|
|
|
142
|
|
|
181
|
|
|||
Credit and collection services
|
71
|
|
|
91
|
|
|
264
|
|
|||
Operating losses
|
56
|
|
|
441
|
|
|
503
|
|
|||
Amortization
|
40
|
|
|
25
|
|
|
23
|
|
|||
Other noninterest expense
1
|
441
|
|
|
498
|
|
|
549
|
|
|||
Total noninterest expense
|
5,160
|
|
|
5,543
|
|
|
5,831
|
|
|||
Income before provision for income taxes
|
2,707
|
|
|
2,278
|
|
|
1,683
|
|
|||
Provision for income taxes
1
|
764
|
|
|
493
|
|
|
322
|
|
|||
Net income including income attributable to noncontrolling interest
|
1,943
|
|
|
1,785
|
|
|
1,361
|
|
|||
Net income attributable to noncontrolling interest
|
10
|
|
|
11
|
|
|
17
|
|
|||
Net income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
Net income available to common shareholders
|
|
$1,863
|
|
|
|
$1,722
|
|
|
|
$1,297
|
|
|
|
|
|
|
|
||||||
Net income per average common share:
|
|
|
|
|
|
||||||
Diluted
|
|
$3.58
|
|
|
|
$3.23
|
|
|
|
$2.41
|
|
Basic
|
3.62
|
|
|
3.26
|
|
|
2.43
|
|
|||
Dividends declared per common share
|
0.92
|
|
|
0.70
|
|
|
0.35
|
|
|||
Average common shares - diluted
|
520,586
|
|
|
533,391
|
|
|
539,093
|
|
|||
Average common shares - basic
|
514,844
|
|
|
527,500
|
|
|
534,283
|
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
Components of other comprehensive (loss)/income:
|
|
|
|
|
|
||||||
Change in net unrealized (losses)/gains on securities available for sale,
net of tax of ($93), $218, and ($349), respectively
|
(163
|
)
|
|
375
|
|
|
(597
|
)
|
|||
Change in net unrealized losses on derivative instruments,
net of tax of ($5), ($106), and ($148), respectively
|
(10
|
)
|
|
(182
|
)
|
|
(253
|
)
|
|||
Change related to employee benefit plans,
net of tax of ($103), ($15), and $147, respectively
|
(165
|
)
|
|
(26
|
)
|
|
252
|
|
|||
Total other comprehensive (loss)/income, net of tax
|
(338
|
)
|
|
167
|
|
|
(598
|
)
|
|||
Total comprehensive income
|
|
$1,595
|
|
|
|
$1,941
|
|
|
|
$746
|
|
|
December 31,
|
||||||
(Dollars in millions and shares in thousands, except per share data)
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
|
$4,299
|
|
|
|
$7,047
|
|
Federal funds sold and securities borrowed or purchased under agreements to resell
|
1,277
|
|
|
1,160
|
|
||
Interest-bearing deposits in other banks
|
23
|
|
|
22
|
|
||
Cash and cash equivalents
|
5,599
|
|
|
8,229
|
|
||
Trading assets and derivative instruments
1
|
6,119
|
|
|
6,202
|
|
||
Securities available for sale
2
|
27,825
|
|
|
26,770
|
|
||
Loans held for sale ($1,494 and $1,892 at fair value at December 31, 2015 and 2014, respectively)
|
1,838
|
|
|
3,232
|
|
||
Loans
3
($257 and $272 at fair value at December 31, 2015 and 2014, respectively)
|
136,442
|
|
|
133,112
|
|
||
Allowance for loan and lease losses
|
(1,752
|
)
|
|
(1,937
|
)
|
||
Net loans
|
134,690
|
|
|
131,175
|
|
||
Premises and equipment, net
|
1,502
|
|
|
1,508
|
|
||
Goodwill
|
6,337
|
|
|
6,337
|
|
||
Other intangible assets (MSRs at fair value: $1,307 and $1,206 at December 31, 2015 and 2014, respectively)
|
1,325
|
|
|
1,219
|
|
||
Other assets
|
5,582
|
|
|
5,656
|
|
||
Total assets
|
|
$190,817
|
|
|
|
$190,328
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Noninterest-bearing deposits
|
|
$42,272
|
|
|
|
$41,096
|
|
Interest-bearing deposits
|
107,558
|
|
|
99,471
|
|
||
Total deposits
|
149,830
|
|
|
140,567
|
|
||
Funds purchased
|
1,949
|
|
|
1,276
|
|
||
Securities sold under agreements to repurchase
|
1,654
|
|
|
2,276
|
|
||
Other short-term borrowings
|
1,024
|
|
|
5,634
|
|
||
Long-term debt
4
($973 and $1,283 at fair value at December 31, 2015 and 2014, respectively)
|
8,462
|
|
|
13,022
|
|
||
Trading liabilities and derivative instruments
|
1,263
|
|
|
1,227
|
|
||
Other liabilities
|
3,198
|
|
|
3,321
|
|
||
Total liabilities
|
167,380
|
|
|
167,323
|
|
||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock, no par value
|
1,225
|
|
|
1,225
|
|
||
Common stock, $1.00 par value
|
550
|
|
|
550
|
|
||
Additional paid-in capital
|
9,094
|
|
|
9,089
|
|
||
Retained earnings
|
14,686
|
|
|
13,295
|
|
||
Treasury stock, at cost, and other
5
|
(1,658
|
)
|
|
(1,032
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
(460
|
)
|
|
(122
|
)
|
||
Total shareholders’ equity
|
23,437
|
|
|
23,005
|
|
||
Total liabilities and shareholders’ equity
|
|
$190,817
|
|
|
|
$190,328
|
|
|
|
|
|
||||
Common shares outstanding
6
|
508,712
|
|
|
524,540
|
|
||
Common shares authorized
|
750,000
|
|
|
750,000
|
|
||
Preferred shares outstanding
|
12
|
|
|
12
|
|
||
Preferred shares authorized
|
50,000
|
|
|
50,000
|
|
||
Treasury shares of common stock
|
41,209
|
|
|
25,381
|
|
||
|
|
|
|
||||
1
Includes trading securities pledged as collateral where counterparties have the right to sell or repledge the collateral
|
|
$1,377
|
|
|
|
$1,316
|
|
2
Includes securities AFS pledged as collateral where counterparties have the right to sell or repledge the collateral
|
—
|
|
|
369
|
|
||
3
Includes loans of consolidated VIEs
|
246
|
|
|
288
|
|
||
4
Includes debt of consolidated VIEs
|
259
|
|
|
302
|
|
||
5
Includes noncontrolling interest
|
108
|
|
|
108
|
|
||
6
Includes restricted shares
|
1,334
|
|
|
2,930
|
|
(Dollars and shares in millions, except per share data)
|
Preferred Stock
|
|
Common Shares Outstanding
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Treasury Stock
and Other
1
|
|
Accumulated Other Comprehensive Income/(Loss)
|
|
Total
|
|||||||||||||||
Balance, January 1, 2013
|
|
$725
|
|
|
539
|
|
|
|
$550
|
|
|
|
$9,174
|
|
|
|
$10,817
|
|
|
|
($590
|
)
|
|
|
$309
|
|
|
|
$20,985
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,344
|
|
|
—
|
|
|
—
|
|
|
1,344
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(598
|
)
|
|
(598
|
)
|
|||||||
Change in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||||||
Common stock dividends, $0.35 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(188
|
)
|
|
—
|
|
|
—
|
|
|
(188
|
)
|
|||||||
Preferred stock dividends
2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|
—
|
|
|
—
|
|
|
(37
|
)
|
|||||||
Acquisition of treasury stock
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(150
|
)
|
|
—
|
|
|
(150
|
)
|
|||||||
Exercise of stock options and stock compensation expense
|
—
|
|
|
1
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
43
|
|
|
—
|
|
|
16
|
|
|||||||
Restricted stock activity
|
—
|
|
|
1
|
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
|
39
|
|
|
—
|
|
|
4
|
|
|||||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
—
|
|
|
32
|
|
|||||||
Issuance of stock for employee benefit plans and other
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
9
|
|
|||||||
Balance, December 31, 2013
|
|
$725
|
|
|
536
|
|
|
|
$550
|
|
|
|
$9,115
|
|
|
|
$11,936
|
|
|
|
($615
|
)
|
|
|
($289
|
)
|
|
|
$21,422
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,774
|
|
|
—
|
|
|
—
|
|
|
1,774
|
|
|||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|
167
|
|
|||||||
Change in noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||||||
Common stock dividends, $0.70 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(371
|
)
|
|
—
|
|
|
—
|
|
|
(371
|
)
|
|||||||
Preferred stock dividends
2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|
—
|
|
|
—
|
|
|
(42
|
)
|
|||||||
Issuance of preferred stock, Series F
|
500
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
496
|
|
|||||||
Acquisition of treasury stock
|
—
|
|
|
(12
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(458
|
)
|
|
—
|
|
|
(458
|
)
|
|||||||
Exercise of stock options and stock compensation expense
|
—
|
|
|
1
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
20
|
|
|
—
|
|
|
4
|
|
|||||||
Restricted stock activity
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
17
|
|
|||||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|||||||
Change in equity related to the sale of subsidiary
|
—
|
|
|
—
|
|
|
—
|
|
|
(23
|
)
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
(39
|
)
|
|||||||
Issuance of stock for employee benefit plans and other
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
4
|
|
|
—
|
|
|
3
|
|
|||||||
Balance, December 31, 2014
|
|
$1,225
|
|
|
525
|
|
|
|
$550
|
|
|
|
$9,089
|
|
|
|
$13,295
|
|
|
|
($1,032
|
)
|
|
|
($122
|
)
|
|
|
$23,005
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,933
|
|
|
—
|
|
|
—
|
|
|
1,933
|
|
|||||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(338
|
)
|
|
(338
|
)
|
|||||||
Common stock dividends, $0.92 per share
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(475
|
)
|
|
—
|
|
|
—
|
|
|
(475
|
)
|
|||||||
Preferred stock dividends
2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|||||||
Acquisition of treasury stock
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(679
|
)
|
|
—
|
|
|
(679
|
)
|
|||||||
Exercise of stock options and stock compensation expense
|
—
|
|
|
1
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
30
|
|
|
—
|
|
|
12
|
|
|||||||
Restricted stock activity
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
(3
|
)
|
|
4
|
|
|
—
|
|
|
24
|
|
|||||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|||||||
Issuance of stock for employee benefit plans and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||||
Balance, December 31, 2015
|
|
$1,225
|
|
|
509
|
|
|
|
$550
|
|
|
|
$9,094
|
|
|
|
$14,686
|
|
|
|
($1,658
|
)
|
|
|
($460
|
)
|
|
|
$23,437
|
|
SunTrust Banks, Inc.
Consolidated Statements of Cash Flows
|
|||||||||||
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
||||||
Net income including income attributable to noncontrolling interest
|
|
$1,943
|
|
|
|
$1,785
|
|
|
|
$1,361
|
|
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:
|
|
|
|
|
|
||||||
Gain on sale of subsidiary
|
—
|
|
|
(105
|
)
|
|
—
|
|
|||
Depreciation, amortization, and accretion
|
786
|
|
|
693
|
|
|
708
|
|
|||
Origination of mortgage servicing rights
|
(238
|
)
|
|
(178
|
)
|
|
(352
|
)
|
|||
Provisions for credit losses and foreclosed property
|
176
|
|
|
364
|
|
|
605
|
|
|||
Mortgage repurchase (benefit)/provision
|
(12
|
)
|
|
12
|
|
|
114
|
|
|||
Deferred income tax expense
|
21
|
|
|
99
|
|
|
495
|
|
|||
Stock-based compensation
|
89
|
|
|
67
|
|
|
53
|
|
|||
Excess tax benefits from stock-based compensation
|
(20
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|||
Net securities (gains)/losses
|
(21
|
)
|
|
15
|
|
|
(2
|
)
|
|||
Net gain on sale of loans held for sale, loans, and other assets
|
(323
|
)
|
|
(343
|
)
|
|
(267
|
)
|
|||
Net decrease/(increase) in loans held for sale
|
1,625
|
|
|
(1,567
|
)
|
|
2,104
|
|
|||
Net decrease/(increase) in trading assets
|
67
|
|
|
(1,529
|
)
|
|
770
|
|
|||
Net increase in other assets
|
(407
|
)
|
|
(45
|
)
|
|
(529
|
)
|
|||
Net decrease in other liabilities
|
(190
|
)
|
|
(444
|
)
|
|
(846
|
)
|
|||
Net cash provided by/(used in) operating activities
|
3,496
|
|
|
(1,182
|
)
|
|
4,210
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities
|
|
|
|
|
|
||||||
Proceeds from maturities, calls, and paydowns of securities available for sale
|
5,680
|
|
|
4,707
|
|
|
5,522
|
|
|||
Proceeds from sales of securities available for sale
|
2,708
|
|
|
2,470
|
|
|
2,063
|
|
|||
Purchases of securities available for sale
|
(9,882
|
)
|
|
(11,039
|
)
|
|
(9,215
|
)
|
|||
Proceeds from sales of auction rate securities
|
—
|
|
|
59
|
|
|
8
|
|
|||
Net increase in loans, including purchases of loans
|
(5,897
|
)
|
|
(9,843
|
)
|
|
(8,409
|
)
|
|||
Proceeds from sales of loans
|
2,127
|
|
|
4,090
|
|
|
819
|
|
|||
Purchases of mortgage servicing rights
|
(117
|
)
|
|
(130
|
)
|
|
—
|
|
|||
Capital expenditures
|
(186
|
)
|
|
(147
|
)
|
|
(200
|
)
|
|||
Payments related to acquisitions, including contingent consideration
|
(30
|
)
|
|
(11
|
)
|
|
(3
|
)
|
|||
Proceeds from sale of subsidiary
|
—
|
|
|
193
|
|
|
—
|
|
|||
Proceeds from the sale of other real estate owned and other assets
|
281
|
|
|
378
|
|
|
472
|
|
|||
Net cash used in investing activities
|
(5,316
|
)
|
|
(9,273
|
)
|
|
(8,943
|
)
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Financing Activities
|
|
|
|
|
|
||||||
Net increase/(decrease) in total deposits
|
9,263
|
|
|
10,808
|
|
|
(2,557
|
)
|
|||
Net (decrease)/increase in funds purchased, securities sold under agreements to repurchase, and other short-term borrowings
|
(4,559
|
)
|
|
447
|
|
|
3,245
|
|
|||
Proceeds from long-term debt
|
1,351
|
|
|
2,574
|
|
|
1,564
|
|
|||
Repayments of long-term debt
|
(5,684
|
)
|
|
(53
|
)
|
|
(155
|
)
|
|||
Proceeds from the issuance of preferred stock
|
—
|
|
|
496
|
|
|
—
|
|
|||
Repurchase of common stock
|
(679
|
)
|
|
(458
|
)
|
|
(150
|
)
|
|||
Common and preferred dividends paid
|
(539
|
)
|
|
(409
|
)
|
|
(225
|
)
|
|||
Incentive compensation related activity
|
37
|
|
|
16
|
|
|
17
|
|
|||
Net cash (used in)/provided by financing activities
|
(810
|
)
|
|
13,421
|
|
|
1,739
|
|
|||
Net (decrease)/increase in cash and cash equivalents
|
(2,630
|
)
|
|
2,966
|
|
|
(2,994
|
)
|
|||
Cash and cash equivalents at beginning of period
|
8,229
|
|
|
5,263
|
|
|
8,257
|
|
|||
Cash and cash equivalents at end of period
|
|
$5,599
|
|
|
|
$8,229
|
|
|
|
$5,263
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Interest paid
|
|
$523
|
|
|
|
$534
|
|
|
|
$533
|
|
Income taxes paid
|
497
|
|
|
380
|
|
|
168
|
|
|||
Income taxes refunded
|
(1
|
)
|
|
(219
|
)
|
|
(99
|
)
|
|||
Loans transferred from loans held for sale to loans
|
741
|
|
|
44
|
|
|
43
|
|
|||
Loans transferred from loans to loans held for sale
|
1,790
|
|
|
3,280
|
|
|
280
|
|
|||
Loans transferred from loans and loans held for sale to other real estate owned
|
67
|
|
|
148
|
|
|
255
|
|
|||
Amortization of deferred gain on sale leaseback of premises
|
54
|
|
|
53
|
|
|
58
|
|
|||
Non-cash impact of the deconsolidation of CLO
|
—
|
|
|
282
|
|
|
—
|
|
|||
Non-cash impact of debt assumed by purchaser in lease sale
|
190
|
|
|
177
|
|
|
194
|
|
•
|
Level 1 – Assets or liabilities valued using unadjusted quoted prices in active markets for identical assets or liabilities that the Company can access at the measurement date, such as publicly-traded instruments or futures contracts
|
•
|
Level 2 – Assets and liabilities valued based on observable market data for similar instruments
|
•
|
Level 3 – Assets or liabilities for which significant valuation assumptions are not readily observable in the market; instruments valued based on the best available data, some of which may be internally developed, and considers risk premiums that a market participant would require
|
Standard
|
Description
|
Date of Adoption
|
Effect on the Financial Statements or Other Significant Matters
|
ASU 2014-09, Revenue from Contracts with Customers
|
The ASU supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date.
|
January 1, 2018
(early adoption permitted beginning January 1, 2017)
|
The Company is continuing to evaluate the alternative methods of adoption and the anticipated effects on the financial statements and related disclosures.
|
ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities
|
The ASU addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The main provisions require investments in equity securities to be measured at fair value through net income, unless they qualify for a practicability exception, and require fair value changes arising from changes in instrument-specific credit risk for financial liabilities that are measured under the fair value option to be recognized in other comprehensive income. With the exception of disclosure requirements that would be adopted prospectively, the ASU must be adopted on a modified retrospective basis.
|
January 1, 2018
(early adoption permitted beginning January 1, 2016 or 2017 for the provision related to changes in instrument-specific credit risk for financial liabilities under the fair value option)
|
The Company is early adopting the provision related to changes in instrument-specific credit risk beginning January 1, 2016, which will result in an immaterial reclassification from retained earnings to OCI. The prospective impact of this provision on the financial statements is a function of the principal amount of financial liabilities under the fair value option and changes in the Company's credit spreads. The Company is evaluating the impact of the remaining provisions of this ASU on the financial statements and related disclosures; however, the impact is not expected to be material.
|
(Dollars in millions)
|
Date
|
|
Cash Received/(Paid)
|
|
Goodwill
|
|
Other Intangibles
|
|
Pre-tax Gain
|
||||||||
2014
|
|
|
|
|
|
|
|
|
|
||||||||
Sale of RidgeWorth
|
5/30/2014
|
|
|
$193
|
|
|
|
($40
|
)
|
|
|
($9
|
)
|
|
|
$105
|
|
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
||||
Fed funds sold
|
|
$38
|
|
|
|
$38
|
|
Securities borrowed
|
277
|
|
|
290
|
|
||
Securities purchased under agreements to resell
|
962
|
|
|
832
|
|
||
Total Fed funds sold and securities borrowed or purchased under agreements to resell
|
|
$1,277
|
|
|
|
$1,160
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
(Dollars in millions)
|
Overnight and Continuous
|
|
Up to 30 days
|
|
Total
|
|
Overnight and Continuous
|
|
Up to 30 days
|
|
Total
|
||||||||||||
U.S. Treasury securities
|
|
$112
|
|
|
|
$—
|
|
|
|
$112
|
|
|
|
$376
|
|
|
|
$—
|
|
|
|
$376
|
|
Federal agency securities
|
319
|
|
|
—
|
|
|
319
|
|
|
231
|
|
|
—
|
|
|
231
|
|
||||||
MBS - agency
|
837
|
|
|
23
|
|
|
860
|
|
|
1,059
|
|
|
45
|
|
|
1,104
|
|
||||||
CP
|
49
|
|
|
—
|
|
|
49
|
|
|
238
|
|
|
—
|
|
|
238
|
|
||||||
Corporate and other debt securities
|
242
|
|
|
72
|
|
|
314
|
|
|
327
|
|
|
—
|
|
|
327
|
|
||||||
Total securities sold under agreements to repurchase
|
|
$1,559
|
|
|
|
$95
|
|
|
|
$1,654
|
|
|
|
$2,231
|
|
|
|
$45
|
|
|
|
$2,276
|
|
(Dollars in millions)
|
Gross
Amount
|
|
Amount
Offset
|
|
Net Amount
Presented in
Consolidated
Balance Sheets
|
|
Held/Pledged Financial
Instruments
|
|
Net
Amount
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities borrowed or purchased under agreements to resell
|
|
$1,239
|
|
|
|
$—
|
|
|
|
$1,239
|
|
1
|
|
$1,229
|
|
|
|
$10
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities sold under agreements to repurchase
|
1,654
|
|
|
—
|
|
|
1,654
|
|
|
1,654
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities borrowed or purchased under agreements to resell
|
|
$1,122
|
|
|
|
$—
|
|
|
|
$1,122
|
|
1
|
|
$1,112
|
|
|
|
$10
|
|
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities sold under agreements to repurchase
|
2,276
|
|
|
—
|
|
|
2,276
|
|
|
2,276
|
|
|
—
|
|
(Dollars in millions)
|
2015
|
|
2014
|
||||
Trading Assets and Derivative Instruments:
|
|
|
|
||||
U.S. Treasury securities
|
|
$538
|
|
|
|
$267
|
|
Federal agency securities
|
588
|
|
|
547
|
|
||
U.S. states and political subdivisions
|
30
|
|
|
42
|
|
||
MBS - agency
|
553
|
|
|
545
|
|
||
CLO securities
|
2
|
|
|
3
|
|
||
Corporate and other debt securities
|
468
|
|
|
509
|
|
||
CP
|
67
|
|
|
327
|
|
||
Equity securities
|
66
|
|
|
45
|
|
||
Derivative instruments
1
|
1,152
|
|
|
1,307
|
|
||
Trading loans
2
|
2,655
|
|
|
2,610
|
|
||
Total trading assets and derivative instruments
|
|
$6,119
|
|
|
|
$6,202
|
|
|
|
|
|
||||
Trading Liabilities and Derivative Instruments:
|
|
|
|
||||
U.S. Treasury securities
|
|
$503
|
|
|
|
$485
|
|
MBS - agency
|
37
|
|
|
1
|
|
||
Corporate and other debt securities
|
259
|
|
|
279
|
|
||
Derivative instruments
1
|
464
|
|
|
462
|
|
||
Total trading liabilities and derivative instruments
|
|
$1,263
|
|
|
|
$1,227
|
|
|
December 31, 2015
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
||||||||
U.S. Treasury securities
|
|
$3,460
|
|
|
|
$3
|
|
|
|
$14
|
|
|
|
$3,449
|
|
Federal agency securities
|
402
|
|
|
10
|
|
|
1
|
|
|
411
|
|
||||
U.S. states and political subdivisions
|
156
|
|
|
8
|
|
|
—
|
|
|
164
|
|
||||
MBS - agency
|
22,877
|
|
|
397
|
|
|
150
|
|
|
23,124
|
|
||||
MBS - private
|
92
|
|
|
2
|
|
|
—
|
|
|
94
|
|
||||
ABS
|
11
|
|
|
2
|
|
|
1
|
|
|
12
|
|
||||
Corporate and other debt securities
|
37
|
|
|
1
|
|
|
—
|
|
|
38
|
|
||||
Other equity securities
1
|
533
|
|
|
1
|
|
|
1
|
|
|
533
|
|
||||
Total securities AFS
|
|
$27,568
|
|
|
|
$424
|
|
|
|
$167
|
|
|
|
$27,825
|
|
|
|
|
|
|
|
|
|
||||||||
|
December 31, 2014
|
||||||||||||||
(Dollars in millions)
|
Amortized
Cost |
|
Unrealized
Gains |
|
Unrealized
Losses |
|
Fair
Value |
||||||||
U.S. Treasury securities
|
|
$1,913
|
|
|
|
$9
|
|
|
|
$1
|
|
|
|
$1,921
|
|
Federal agency securities
|
471
|
|
|
15
|
|
|
2
|
|
|
484
|
|
||||
U.S. states and political subdivisions
|
200
|
|
|
9
|
|
|
—
|
|
|
209
|
|
||||
MBS - agency
|
22,573
|
|
|
558
|
|
|
83
|
|
|
23,048
|
|
||||
MBS - private
|
122
|
|
|
2
|
|
|
1
|
|
|
123
|
|
||||
ABS
|
19
|
|
|
2
|
|
|
—
|
|
|
21
|
|
||||
Corporate and other debt securities
|
38
|
|
|
3
|
|
|
—
|
|
|
41
|
|
||||
Other equity securities
1
|
921
|
|
|
2
|
|
|
—
|
|
|
923
|
|
||||
Total securities AFS
|
|
$26,257
|
|
|
|
$600
|
|
|
|
$87
|
|
|
|
$26,770
|
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Taxable interest
|
|
$552
|
|
|
|
$565
|
|
|
|
$537
|
|
Tax-exempt interest
|
6
|
|
|
10
|
|
|
10
|
|
|||
Dividends
|
35
|
|
|
38
|
|
|
32
|
|
|||
Total interest and dividends
|
|
$593
|
|
|
|
$613
|
|
|
|
$579
|
|
|
Distribution of Remaining Maturities
|
||||||||||||||||||
(Dollars in millions)
|
Due in 1 Year or Less
|
|
Due After 1 Year through 5 Years
|
|
Due After 5 Years through 10 Years
|
|
Due After 10 Years
|
|
Total
|
||||||||||
Amortized Cost:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$—
|
|
|
|
$1,271
|
|
|
|
$2,189
|
|
|
|
$—
|
|
|
|
$3,460
|
|
Federal agency securities
|
163
|
|
|
105
|
|
|
13
|
|
|
121
|
|
|
402
|
|
|||||
U.S. states and political subdivisions
|
35
|
|
|
6
|
|
|
101
|
|
|
14
|
|
|
156
|
|
|||||
MBS - agency
|
2,383
|
|
|
9,134
|
|
|
6,997
|
|
|
4,363
|
|
|
22,877
|
|
|||||
MBS - private
|
—
|
|
|
92
|
|
|
—
|
|
|
—
|
|
|
92
|
|
|||||
ABS
|
9
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
11
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||
Total debt securities AFS
|
|
$2,590
|
|
|
|
$10,645
|
|
|
|
$9,301
|
|
|
|
$4,499
|
|
|
|
$27,035
|
|
Fair Value:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$—
|
|
|
|
$1,265
|
|
|
|
$2,184
|
|
|
|
$—
|
|
|
|
$3,449
|
|
Federal agency securities
|
165
|
|
|
111
|
|
|
13
|
|
|
122
|
|
|
411
|
|
|||||
U.S. states and political subdivisions
|
35
|
|
|
7
|
|
|
107
|
|
|
15
|
|
|
164
|
|
|||||
MBS - agency
|
2,513
|
|
|
9,286
|
|
|
6,979
|
|
|
4,346
|
|
|
23,124
|
|
|||||
MBS - private
|
—
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
94
|
|
|||||
ABS
|
11
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
12
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||
Total debt securities AFS
|
|
$2,724
|
|
|
|
$10,801
|
|
|
|
$9,283
|
|
|
|
$4,484
|
|
|
|
$27,292
|
|
Weighted average yield
1
|
2.38
|
%
|
|
2.40
|
%
|
|
2.66
|
%
|
|
2.90
|
%
|
|
2.57
|
%
|
|
December 31, 2015
|
||||||||||||||||||||||
|
Less than twelve months
|
|
Twelve months or longer
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
Fair
Value |
|
Unrealized
Losses 2 |
|
Fair
Value |
|
Unrealized Losses
|
|
Fair
Value |
|
Unrealized
Losses 2 |
||||||||||||
Temporarily impaired securities AFS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury securities
|
|
$2,169
|
|
|
|
$14
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$2,169
|
|
|
|
$14
|
|
Federal agency securities
|
75
|
|
|
—
|
|
|
34
|
|
|
1
|
|
|
109
|
|
|
1
|
|
||||||
MBS - agency
|
11,434
|
|
|
114
|
|
|
958
|
|
|
36
|
|
|
12,392
|
|
|
150
|
|
||||||
ABS
|
—
|
|
|
—
|
|
|
7
|
|
|
1
|
|
|
7
|
|
|
1
|
|
||||||
Other equity securities
|
3
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
||||||
Total temporarily impaired securities AFS
|
13,681
|
|
|
129
|
|
|
999
|
|
|
38
|
|
|
14,680
|
|
|
167
|
|
||||||
OTTI securities AFS
1
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
ABS
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Total OTTI securities AFS
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||
Total impaired securities AFS
|
|
$13,682
|
|
|
|
$129
|
|
|
|
$999
|
|
|
|
$38
|
|
|
|
$14,681
|
|
|
|
$167
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
Less than twelve months
|
|
Twelve months or longer
|
|
Total
|
||||||||||||||||||
(Dollars in millions)
|
Fair
Value
|
|
Unrealized
Losses
2
|
|
Fair
Value
|
|
Unrealized
Losses 2 |
|
Fair
Value
|
|
Unrealized
Losses
2
|
||||||||||||
Temporarily impaired securities AFS:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. Treasury securities
|
|
$150
|
|
|
|
$1
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$150
|
|
|
|
$1
|
|
Federal agency securities
|
20
|
|
|
—
|
|
|
132
|
|
|
2
|
|
|
152
|
|
|
2
|
|
||||||
MBS - agency
|
2,347
|
|
|
6
|
|
|
4,911
|
|
|
77
|
|
|
7,258
|
|
|
83
|
|
||||||
ABS
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||||
Total temporarily impaired securities AFS
|
2,517
|
|
|
7
|
|
|
5,057
|
|
|
79
|
|
|
7,574
|
|
|
86
|
|
||||||
OTTI securities AFS
1
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
MBS - private
|
69
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
1
|
|
||||||
Total OTTI securities AFS
|
69
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
1
|
|
||||||
Total impaired securities AFS
|
|
$2,586
|
|
|
|
$8
|
|
|
|
$5,057
|
|
|
|
$79
|
|
|
|
$7,643
|
|
|
|
$87
|
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Gross realized gains
|
|
$25
|
|
|
|
$28
|
|
|
|
$39
|
|
Gross realized losses
|
(3
|
)
|
|
(42
|
)
|
|
(36
|
)
|
|||
OTTI credit losses recognized in earnings
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Net securities gains/(losses)
|
|
$21
|
|
|
|
($15
|
)
|
|
|
$2
|
|
|
2015
1
|
|
2014
1
|
|
2013
|
Default rate
|
9%
|
|
2%
|
|
2 - 9%
|
Prepayment rate
|
13%
|
|
16%
|
|
7 - 21%
|
Loss severity
|
56%
|
|
46%
|
|
46 - 74%
|
(Dollars in millions)
|
December 31,
2015 |
|
December 31, 2014
|
||||
Commercial loans:
|
|
|
|
||||
C&I
|
|
$67,062
|
|
|
|
$65,440
|
|
CRE
|
6,236
|
|
|
6,741
|
|
||
Commercial construction
|
1,954
|
|
|
1,211
|
|
||
Total commercial loans
|
75,252
|
|
|
73,392
|
|
||
Residential loans:
|
|
|
|
||||
Residential mortgages - guaranteed
|
629
|
|
|
632
|
|
||
Residential mortgages - nonguaranteed
1
|
24,744
|
|
|
23,443
|
|
||
Residential home equity products
|
13,171
|
|
|
14,264
|
|
||
Residential construction
|
384
|
|
|
436
|
|
||
Total residential loans
|
38,928
|
|
|
38,775
|
|
||
Consumer loans:
|
|
|
|
||||
Guaranteed student
|
4,922
|
|
|
4,827
|
|
||
Other direct
|
6,127
|
|
|
4,573
|
|
||
Indirect
|
10,127
|
|
|
10,644
|
|
||
Credit cards
|
1,086
|
|
|
901
|
|
||
Total consumer loans
|
22,262
|
|
|
20,945
|
|
||
LHFI
|
|
$136,442
|
|
|
|
$133,112
|
|
LHFS
2
|
|
$1,838
|
|
|
|
$3,232
|
|
|
Commercial Loans
|
||||||||||||||||||||||
|
C&I
|
|
CRE
|
|
Commercial Construction
|
||||||||||||||||||
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
Risk rating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pass
|
|
$65,379
|
|
|
|
$64,228
|
|
|
|
$6,067
|
|
|
|
$6,586
|
|
|
|
$1,931
|
|
|
|
$1,196
|
|
Criticized accruing
|
1,375
|
|
|
1,061
|
|
|
158
|
|
|
134
|
|
|
23
|
|
|
14
|
|
||||||
Criticized nonaccruing
|
308
|
|
|
151
|
|
|
11
|
|
|
21
|
|
|
—
|
|
|
1
|
|
||||||
Total
|
|
$67,062
|
|
|
|
$65,440
|
|
|
|
$6,236
|
|
|
|
$6,741
|
|
|
|
$1,954
|
|
|
|
$1,211
|
|
|
Residential Loans
1
|
||||||||||||||||||||||
|
Residential Mortgages -
Nonguaranteed
|
|
Residential Home Equity Products
|
|
Residential Construction
|
||||||||||||||||||
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
Current FICO score range:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
700 and above
|
|
$20,422
|
|
|
|
$18,780
|
|
|
|
$10,772
|
|
|
|
$11,475
|
|
|
|
$313
|
|
|
|
$347
|
|
620 - 699
|
3,262
|
|
|
3,369
|
|
|
1,741
|
|
|
1,991
|
|
|
58
|
|
|
70
|
|
||||||
Below 620
2
|
1,060
|
|
|
1,294
|
|
|
658
|
|
|
798
|
|
|
13
|
|
|
19
|
|
||||||
Total
|
|
$24,744
|
|
|
|
$23,443
|
|
|
|
$13,171
|
|
|
|
$14,264
|
|
|
|
$384
|
|
|
|
$436
|
|
|
Consumer Loans
3
|
||||||||||||||||||||||
|
Other Direct
|
|
Indirect
|
|
Credit Cards
|
||||||||||||||||||
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||
Current FICO score range:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
700 and above
|
|
$5,501
|
|
|
|
$4,023
|
|
|
|
$7,015
|
|
|
|
$7,661
|
|
|
|
$759
|
|
|
|
$639
|
|
620 - 699
|
576
|
|
|
476
|
|
|
2,481
|
|
|
2,335
|
|
|
265
|
|
|
212
|
|
||||||
Below 620
2
|
50
|
|
|
74
|
|
|
631
|
|
|
648
|
|
|
62
|
|
|
50
|
|
||||||
Total
|
|
$6,127
|
|
|
|
$4,573
|
|
|
|
$10,127
|
|
|
|
$10,644
|
|
|
|
$1,086
|
|
|
|
$901
|
|
|
December 31, 2015
|
||||||||||||||||||
(Dollars in millions)
|
Accruing
Current
|
|
Accruing
30-89 Days
Past Due
|
|
Accruing
90+ Days
Past Due
|
|
Nonaccruing
2
|
|
Total
|
||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
C&I
|
|
$66,670
|
|
|
|
$61
|
|
|
|
$23
|
|
|
|
$308
|
|
|
|
$67,062
|
|
CRE
|
6,222
|
|
|
3
|
|
|
—
|
|
|
11
|
|
|
6,236
|
|
|||||
Commercial construction
|
1,952
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1,954
|
|
|||||
Total commercial loans
|
74,844
|
|
|
64
|
|
|
25
|
|
|
319
|
|
|
75,252
|
|
|||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgages - guaranteed
|
192
|
|
|
59
|
|
|
378
|
|
|
—
|
|
|
629
|
|
|||||
Residential mortgages - nonguaranteed
1
|
24,449
|
|
|
105
|
|
|
7
|
|
|
183
|
|
|
24,744
|
|
|||||
Residential home equity products
|
12,939
|
|
|
87
|
|
|
—
|
|
|
145
|
|
|
13,171
|
|
|||||
Residential construction
|
365
|
|
|
3
|
|
|
—
|
|
|
16
|
|
|
384
|
|
|||||
Total residential loans
|
37,945
|
|
|
254
|
|
|
385
|
|
|
344
|
|
|
38,928
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Guaranteed student
|
3,861
|
|
|
500
|
|
|
561
|
|
|
—
|
|
|
4,922
|
|
|||||
Other direct
|
6,094
|
|
|
24
|
|
|
3
|
|
|
6
|
|
|
6,127
|
|
|||||
Indirect
|
10,022
|
|
|
102
|
|
|
—
|
|
|
3
|
|
|
10,127
|
|
|||||
Credit cards
|
1,070
|
|
|
9
|
|
|
7
|
|
|
—
|
|
|
1,086
|
|
|||||
Total consumer loans
|
21,047
|
|
|
635
|
|
|
571
|
|
|
9
|
|
|
22,262
|
|
|||||
Total LHFI
|
|
$133,836
|
|
|
|
$953
|
|
|
|
$981
|
|
|
|
$672
|
|
|
|
$136,442
|
|
|
December 31, 2014
|
||||||||||||||||||
(Dollars in millions)
|
Accruing
Current
|
|
Accruing
30-89 Days
Past Due
|
|
Accruing
90+ Days
Past Due
|
|
Nonaccruing
2
|
|
Total
|
||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
C&I
|
|
$65,246
|
|
|
|
$36
|
|
|
|
$7
|
|
|
|
$151
|
|
|
|
$65,440
|
|
CRE
|
6,716
|
|
|
3
|
|
|
1
|
|
|
21
|
|
|
6,741
|
|
|||||
Commercial construction
|
1,209
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1,211
|
|
|||||
Total commercial loans
|
73,171
|
|
|
40
|
|
|
8
|
|
|
173
|
|
|
73,392
|
|
|||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential mortgages - guaranteed
|
176
|
|
|
34
|
|
|
422
|
|
|
—
|
|
|
632
|
|
|||||
Residential mortgages - nonguaranteed
1
|
23,067
|
|
|
108
|
|
|
14
|
|
|
254
|
|
|
23,443
|
|
|||||
Residential home equity products
|
13,989
|
|
|
101
|
|
|
—
|
|
|
174
|
|
|
14,264
|
|
|||||
Residential construction
|
402
|
|
|
7
|
|
|
—
|
|
|
27
|
|
|
436
|
|
|||||
Total residential loans
|
37,634
|
|
|
250
|
|
|
436
|
|
|
455
|
|
|
38,775
|
|
|||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Guaranteed student
|
3,801
|
|
|
425
|
|
|
601
|
|
|
—
|
|
|
4,827
|
|
|||||
Other direct
|
4,545
|
|
|
19
|
|
|
3
|
|
|
6
|
|
|
4,573
|
|
|||||
Indirect
|
10,537
|
|
|
104
|
|
|
3
|
|
|
—
|
|
|
10,644
|
|
|||||
Credit cards
|
887
|
|
|
8
|
|
|
6
|
|
|
—
|
|
|
901
|
|
|||||
Total consumer loans
|
19,770
|
|
|
556
|
|
|
613
|
|
|
6
|
|
|
20,945
|
|
|||||
Total LHFI
|
|
$130,575
|
|
|
|
$846
|
|
|
|
$1,057
|
|
|
|
$634
|
|
|
|
$133,112
|
|
|
December 31, 2015
|
|
December 31, 2014
|
||||||||||||||||||||
(Dollars in millions)
|
Unpaid
Principal
Balance
|
|
Amortized
Cost
1
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Amortized
Cost
1
|
|
Related
Allowance
|
||||||||||||
Impaired loans with no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I
|
|
$55
|
|
|
|
$42
|
|
|
|
$—
|
|
|
|
$70
|
|
|
|
$51
|
|
|
|
$—
|
|
CRE
|
11
|
|
|
9
|
|
|
—
|
|
|
12
|
|
|
11
|
|
|
—
|
|
||||||
Total commercial loans
|
66
|
|
|
51
|
|
|
—
|
|
|
82
|
|
|
62
|
|
|
—
|
|
||||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages - nonguaranteed
|
500
|
|
|
380
|
|
|
—
|
|
|
592
|
|
|
425
|
|
|
—
|
|
||||||
Residential construction
|
29
|
|
|
8
|
|
|
—
|
|
|
31
|
|
|
9
|
|
|
—
|
|
||||||
Total residential loans
|
529
|
|
|
388
|
|
|
—
|
|
|
623
|
|
|
434
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I
|
173
|
|
|
167
|
|
|
28
|
|
|
27
|
|
|
26
|
|
|
7
|
|
||||||
CRE
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
4
|
|
||||||
Total commercial loans
|
173
|
|
|
167
|
|
|
28
|
|
|
31
|
|
|
30
|
|
|
11
|
|
||||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages - nonguaranteed
|
1,381
|
|
|
1,344
|
|
|
178
|
|
|
1,381
|
|
|
1,354
|
|
|
215
|
|
||||||
Residential home equity products
|
740
|
|
|
670
|
|
|
60
|
|
|
703
|
|
|
630
|
|
|
66
|
|
||||||
Residential construction
|
127
|
|
|
125
|
|
|
14
|
|
|
145
|
|
|
145
|
|
|
19
|
|
||||||
Total residential loans
|
2,248
|
|
|
2,139
|
|
|
252
|
|
|
2,229
|
|
|
2,129
|
|
|
300
|
|
||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other direct
|
11
|
|
|
11
|
|
|
1
|
|
|
13
|
|
|
13
|
|
|
1
|
|
||||||
Indirect
|
114
|
|
|
114
|
|
|
5
|
|
|
105
|
|
|
105
|
|
|
5
|
|
||||||
Credit cards
|
24
|
|
|
6
|
|
|
1
|
|
|
25
|
|
|
8
|
|
|
2
|
|
||||||
Total consumer loans
|
149
|
|
|
131
|
|
|
7
|
|
|
143
|
|
|
126
|
|
|
8
|
|
||||||
Total impaired loans
|
|
$3,165
|
|
|
|
$2,876
|
|
|
|
$287
|
|
|
|
$3,108
|
|
|
|
$2,781
|
|
|
|
$319
|
|
|
Year Ended December 31
|
||||||||||||||||||||||
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||
(Dollars in millions)
|
Average
Amortized
Cost
|
|
Interest
Income
Recognized
1
|
|
Average
Amortized
Cost
|
|
Interest
Income
Recognized
1
|
|
Average
Amortized
Cost
|
|
Interest
Income
Recognized
1
|
||||||||||||
Impaired loans with no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I
|
|
$58
|
|
|
|
$2
|
|
|
|
$84
|
|
|
|
$1
|
|
|
|
$75
|
|
|
|
$1
|
|
CRE
|
10
|
|
|
—
|
|
|
11
|
|
|
1
|
|
|
60
|
|
|
2
|
|
||||||
Total commercial loans
|
68
|
|
|
2
|
|
|
95
|
|
|
2
|
|
|
135
|
|
|
3
|
|
||||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages - nonguaranteed
|
390
|
|
|
17
|
|
|
437
|
|
|
17
|
|
|
449
|
|
|
18
|
|
||||||
Residential construction
|
11
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
21
|
|
|
1
|
|
||||||
Total residential loans
|
401
|
|
|
17
|
|
|
449
|
|
|
17
|
|
|
470
|
|
|
19
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Impaired loans with an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
C&I
|
147
|
|
|
5
|
|
|
16
|
|
|
1
|
|
|
45
|
|
|
1
|
|
||||||
CRE
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
3
|
|
|
—
|
|
||||||
Commercial construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
||||||
Total commercial loans
|
147
|
|
|
5
|
|
|
21
|
|
|
1
|
|
|
53
|
|
|
1
|
|
||||||
Residential loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential mortgages - nonguaranteed
|
1,349
|
|
|
65
|
|
|
1,357
|
|
|
78
|
|
|
1,576
|
|
|
76
|
|
||||||
Residential home equity products
|
682
|
|
|
28
|
|
|
644
|
|
|
27
|
|
|
649
|
|
|
23
|
|
||||||
Residential construction
|
125
|
|
|
8
|
|
|
144
|
|
|
8
|
|
|
172
|
|
|
10
|
|
||||||
Total residential loans
|
2,156
|
|
|
101
|
|
|
2,145
|
|
|
113
|
|
|
2,397
|
|
|
109
|
|
||||||
Consumer loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other direct
|
12
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
15
|
|
|
1
|
|
||||||
Indirect
|
125
|
|
|
6
|
|
|
113
|
|
|
5
|
|
|
89
|
|
|
4
|
|
||||||
Credit cards
|
7
|
|
|
1
|
|
|
10
|
|
|
1
|
|
|
16
|
|
|
1
|
|
||||||
Total consumer loans
|
144
|
|
|
7
|
|
|
137
|
|
|
6
|
|
|
120
|
|
|
6
|
|
||||||
Total impaired loans
|
|
$2,916
|
|
|
|
$132
|
|
|
|
$2,847
|
|
|
|
$139
|
|
|
|
$3,175
|
|
|
|
$138
|
|
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
||||
Nonaccrual/NPLs:
|
|
|
|
||||
Commercial loans:
|
|
|
|
||||
C&I
|
|
$308
|
|
|
|
$151
|
|
CRE
|
11
|
|
|
21
|
|
||
Commercial construction
|
—
|
|
|
1
|
|
||
Residential loans:
|
|
|
|
||||
Residential mortgages - nonguaranteed
|
183
|
|
|
254
|
|
||
Residential home equity products
|
145
|
|
|
174
|
|
||
Residential construction
|
16
|
|
|
27
|
|
||
Consumer loans:
|
|
|
|
||||
Other direct
|
6
|
|
|
6
|
|
||
Indirect
|
3
|
|
|
—
|
|
||
Total nonaccrual/NPLs
1
|
672
|
|
|
634
|
|
||
OREO
2
|
56
|
|
|
99
|
|
||
Other repossessed assets
|
7
|
|
|
9
|
|
||
Nonperforming LHFS
|
—
|
|
|
38
|
|
||
Total NPAs
|
|
$735
|
|
|
|
$780
|
|
|
Year Ended December 31, 2015
|
|||||
(Dollars in millions)
|
Number of Loans
|
|
Amortized Cost
|
|||
Commercial loans:
|
|
|
|
|||
C&I
|
34
|
|
|
|
$1
|
|
Residential loans:
|
|
|
|
|||
Residential mortgages
|
120
|
|
|
16
|
|
|
Residential home equity products
|
138
|
|
|
6
|
|
|
Consumer loans:
|
|
|
|
|||
Other direct
|
5
|
|
|
—
|
|
|
Indirect
|
171
|
|
|
2
|
|
|
Credit cards
|
84
|
|
|
—
|
|
|
Total TDRs
|
552
|
|
|
|
$25
|
|
|
Year Ended December 31, 2014
|
||||
(Dollars in millions)
|
Number of Loans
|
|
Amortized Cost
|
||
Commercial loans:
|
|
|
|
||
C&I
|
78
|
|
|
$10
|
|
Residential loans:
|
|
|
|
||
Residential mortgages
|
158
|
|
19
|
|
|
Residential home equity products
|
101
|
|
5
|
|
|
Residential construction
|
6
|
|
—
|
|
|
Consumer loans:
|
|
|
|
||
Other direct
|
9
|
|
—
|
|
|
Indirect
|
181
|
|
1
|
|
|
Credit cards
|
145
|
|
1
|
|
|
Total TDRs
|
678
|
|
|
$36
|
|
|
Year Ended December 31, 2013
|
||||
(Dollars in millions)
|
Number of Loans
|
|
Amortized Cost
|
||
Commercial loans:
|
|
|
|
||
C&I
|
55
|
|
|
$5
|
|
CRE
|
5
|
|
3
|
|
|
Commercial construction
|
1
|
|
—
|
|
|
Residential loans:
|
|
|
|
||
Residential mortgages
|
287
|
|
23
|
|
|
Residential home equity products
|
188
|
|
10
|
|
|
Residential construction
|
48
|
|
3
|
|
|
Consumer loans:
|
|
|
|
||
Other direct
|
15
|
|
1
|
|
|
Indirect
|
207
|
|
2
|
|
|
Credit cards
|
169
|
|
1
|
|
|
Total TDRs
|
975
|
|
|
$48
|
|
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
||||
Interest only mortgages with MI or with combined original LTV ≤ 80%
1
|
|
$1,563
|
|
|
|
$3,180
|
|
Interest only mortgages with no MI and with combined original LTV > 80%
1
|
547
|
|
|
873
|
|
||
Total interest only mortgages
1
|
2,110
|
|
|
4,053
|
|
||
Amortizing mortgages with combined original LTV > 80% and/or second liens
2
|
8,366
|
|
|
7,368
|
|
||
Total mortgages with potential concentration of credit risk
|
|
$10,476
|
|
|
|
$11,421
|
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Balance, beginning of period
|
|
$1,991
|
|
|
|
$2,094
|
|
|
|
$2,219
|
|
Provision for loan losses
|
156
|
|
|
338
|
|
|
548
|
|
|||
Provision for unfunded commitments
|
9
|
|
|
4
|
|
|
5
|
|
|||
Loan charge-offs
|
(470
|
)
|
|
(607
|
)
|
|
(869
|
)
|
|||
Loan recoveries
|
129
|
|
|
162
|
|
|
191
|
|
|||
Balance, end of period
|
|
$1,815
|
|
|
|
$1,991
|
|
|
|
$2,094
|
|
|
|
|
|
|
|
||||||
Components:
|
|
|
|
|
|
||||||
ALLL
|
|
$1,752
|
|
|
|
$1,937
|
|
|
|
$2,044
|
|
Unfunded commitments reserve
1
|
63
|
|
|
54
|
|
|
50
|
|
|||
Allowance for credit losses
|
|
$1,815
|
|
|
|
$1,991
|
|
|
|
$2,094
|
|
|
2015
|
||||||||||||||
(Dollars in millions)
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total
|
||||||||
Balance, beginning of period
|
|
$986
|
|
|
|
$777
|
|
|
|
$174
|
|
|
|
$1,937
|
|
Provision/(benefit) for loan losses
|
133
|
|
|
(67
|
)
|
|
90
|
|
|
156
|
|
||||
Loan charge-offs
|
(117
|
)
|
|
(218
|
)
|
|
(135
|
)
|
|
(470
|
)
|
||||
Loan recoveries
|
45
|
|
|
42
|
|
|
42
|
|
|
129
|
|
||||
Balance, end of period
|
|
$1,047
|
|
|
|
$534
|
|
|
|
$171
|
|
|
|
$1,752
|
|
|
|
|
|
|
|
|
|
||||||||
|
2014
|
||||||||||||||
(Dollars in millions)
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total
|
||||||||
Balance, beginning of period
|
|
$946
|
|
|
|
$930
|
|
|
|
$168
|
|
|
|
$2,044
|
|
Provision for loan losses
|
111
|
|
|
126
|
|
|
101
|
|
|
338
|
|
||||
Loan charge-offs
|
(128
|
)
|
|
(344
|
)
|
|
(135
|
)
|
|
(607
|
)
|
||||
Loan recoveries
|
57
|
|
|
65
|
|
|
40
|
|
|
162
|
|
||||
Balance, end of period
|
|
$986
|
|
|
|
$777
|
|
|
|
$174
|
|
|
|
$1,937
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total
|
||||||||||||||||||||||||
(Dollars in millions)
|
Carrying
Value
|
|
ALLL
|
|
Carrying
Value
|
|
ALLL
|
|
Carrying
Value
|
|
ALLL
|
|
Carrying
Value
|
|
ALLL
|
||||||||||||||||
Individually evaluated
|
|
$218
|
|
|
|
$28
|
|
|
|
$2,527
|
|
|
|
$252
|
|
|
|
$131
|
|
|
|
$7
|
|
|
|
$2,876
|
|
|
|
$287
|
|
Collectively evaluated
|
75,034
|
|
|
1,019
|
|
|
36,144
|
|
|
282
|
|
|
22,131
|
|
|
164
|
|
|
133,309
|
|
|
1,465
|
|
||||||||
Total evaluated
|
75,252
|
|
|
1,047
|
|
|
38,671
|
|
|
534
|
|
|
22,262
|
|
|
171
|
|
|
136,185
|
|
|
1,752
|
|
||||||||
LHFI at fair value
|
—
|
|
|
—
|
|
|
257
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
257
|
|
|
—
|
|
||||||||
Total LHFI
|
|
$75,252
|
|
|
|
$1,047
|
|
|
|
$38,928
|
|
|
|
$534
|
|
|
|
$22,262
|
|
|
|
$171
|
|
|
|
$136,442
|
|
|
|
$1,752
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||||||
|
Commercial
|
|
Residential
|
|
Consumer
|
|
Total
|
||||||||||||||||||||||||
(Dollars in millions)
|
Carrying
Value |
|
ALLL
|
|
Carrying
Value |
|
ALLL
|
|
Carrying
Value |
|
ALLL
|
|
Carrying
Value |
|
ALLL
|
||||||||||||||||
Individually evaluated
|
|
$92
|
|
|
|
$11
|
|
|
|
$2,563
|
|
|
|
$300
|
|
|
|
$126
|
|
|
|
$8
|
|
|
|
$2,781
|
|
|
|
$319
|
|
Collectively evaluated
|
73,300
|
|
|
975
|
|
|
35,940
|
|
|
477
|
|
|
20,819
|
|
|
166
|
|
|
130,059
|
|
|
1,618
|
|
||||||||
Total evaluated
|
73,392
|
|
|
986
|
|
|
38,503
|
|
|
777
|
|
|
20,945
|
|
|
174
|
|
|
132,840
|
|
|
1,937
|
|
||||||||
LHFI at fair value
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
||||||||
Total LHFI
|
|
$73,392
|
|
|
|
$986
|
|
|
|
$38,775
|
|
|
|
$777
|
|
|
|
$20,945
|
|
|
|
$174
|
|
|
|
$133,112
|
|
|
|
$1,937
|
|
(Dollars in millions)
|
Useful Life
(in years)
|
|
2015
|
|
2014
|
||||
Land
|
Indefinite
|
|
|
$330
|
|
|
|
$334
|
|
Buildings and improvements
|
1 - 40
|
|
1,073
|
|
|
1,051
|
|
||
Leasehold improvements
|
1 - 30
|
|
636
|
|
|
628
|
|
||
Furniture and equipment
|
1 - 20
|
|
1,463
|
|
|
1,426
|
|
||
Construction in progress
|
|
|
249
|
|
|
201
|
|
||
Total premises and equipment
|
|
|
3,751
|
|
|
3,640
|
|
||
Less: Accumulated depreciation and amortization
|
2,249
|
|
|
2,132
|
|
||||
Premises and equipment, net
|
|
|
$1,502
|
|
|
|
$1,508
|
|
(Dollars in millions)
|
Operating Leases
|
||
2016
|
|
$207
|
|
2017
|
192
|
|
|
2018
|
122
|
|
|
2019
|
103
|
|
|
2020
|
81
|
|
|
Thereafter
|
307
|
|
|
Total minimum lease payments
|
|
$1,012
|
|
(Dollars in millions)
|
Consumer Banking and Private Wealth Management
|
|
Wholesale Banking
|
|
Total
|
||||||
Balance, January 1, 2014
|
|
$4,262
|
|
|
|
$2,107
|
|
|
|
$6,369
|
|
Acquisition of Lantana Oil and Gas Partners, Inc.
|
—
|
|
|
8
|
|
|
8
|
|
|||
Sale of RidgeWorth
|
—
|
|
|
(40
|
)
|
|
(40
|
)
|
|||
Balance, December 31, 2014
|
|
$4,262
|
|
|
|
$2,075
|
|
|
|
$6,337
|
|
(Dollars in millions)
|
MSRs -
Fair Value |
|
Other
|
|
Total
|
||||||
Balance, January 1, 2015
|
|
$1,206
|
|
|
|
$13
|
|
|
|
$1,219
|
|
Amortization
1
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|||
Servicing rights originated
|
238
|
|
|
13
|
|
|
251
|
|
|||
Servicing rights purchased
|
109
|
|
|
—
|
|
|
109
|
|
|||
Changes in fair value:
|
|
|
|
|
|
||||||
Due to changes in inputs and assumptions
2
|
(32
|
)
|
|
—
|
|
|
(32
|
)
|
|||
Other changes in fair value
3
|
(210
|
)
|
|
—
|
|
|
(210
|
)
|
|||
Servicing rights sold
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||
Balance, December 31, 2015
|
|
$1,307
|
|
|
|
$18
|
|
|
|
$1,325
|
|
|
|
|
|
|
|
||||||
Balance, January 1, 2014
|
|
$1,300
|
|
|
|
$34
|
|
|
|
$1,334
|
|
Amortization
1
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
|||
Servicing rights originated
|
178
|
|
|
—
|
|
|
178
|
|
|||
Servicing rights purchased
|
130
|
|
|
—
|
|
|
130
|
|
|||
Changes in fair value:
|
|
|
|
|
|
|
|||||
Due to changes in inputs and assumptions
2
|
(234
|
)
|
|
—
|
|
|
(234
|
)
|
|||
Other changes in fair value
3
|
(167
|
)
|
|
—
|
|
|
(167
|
)
|
|||
Servicing rights sold
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Sale of RidgeWorth
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|||
Balance, December 31, 2014
|
|
$1,206
|
|
|
|
$13
|
|
|
|
$1,219
|
|
(Dollars in millions)
|
December 31, 2015
|
|
December 31, 2014
|
||||
Fair value of MSRs
|
|
$1,307
|
|
|
|
$1,206
|
|
Prepayment rate assumption (annual)
|
10
|
%
|
|
11
|
%
|
||
Decline in fair value from 10% adverse change
|
|
$49
|
|
|
|
$46
|
|
Decline in fair value from 20% adverse change
|
94
|
|
|
88
|
|
||
Option adjusted spread (annual)
|
8
|
%
|
|
10
|
%
|
||
Decline in fair value from 10% adverse change
|
|
$64
|
|
|
|
$55
|
|
Decline in fair value from 20% adverse change
|
123
|
|
|
105
|
|
||
Weighted-average life (in years)
|
6.6
|
|
|
6.4
|
|
||
Weighted-average coupon
|
4.1
|
%
|
|
4.2
|
%
|
|
Portfolio Balance
1
|
|
Past Due and Nonaccrual
2
|
|
Net Charge-offs
|
||||||||||||||||||
|
December 31, 2015
|
|
December 31, 2014
|
|
December 31, 2015
|
|
December 31, 2014
|
|
Year Ended December 31
|
||||||||||||||
(Dollars in millions)
|
|
2015
|
|
2014
|
|||||||||||||||||||
LHFI portfolio:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
$75,252
|
|
|
|
$73,392
|
|
|
|
$344
|
|
|
|
$181
|
|
|
|
$72
|
|
|
|
$71
|
|
Residential
|
38,928
|
|
|
38,775
|
|
|
729
|
|
|
891
|
|
|
176
|
|
|
279
|
|
||||||
Consumer
|
22,262
|
|
|
20,945
|
|
|
580
|
|
|
619
|
|
|
93
|
|
|
95
|
|
||||||
Total LHFI portfolio
|
136,442
|
|
|
133,112
|
|
|
1,653
|
|
|
1,691
|
|
|
341
|
|
|
445
|
|
||||||
Managed securitized loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Residential
|
116,990
|
|
|
110,591
|
|
|
126
|
|
3
|
183
|
|
3
|
12
|
|
|
16
|
|
||||||
Consumer
|
807
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||||
Total managed securitized loans
|
117,797
|
|
|
110,591
|
|
|
127
|
|
|
183
|
|
|
14
|
|
|
16
|
|
||||||
Managed unsecuritized loans
4
|
3,973
|
|
|
4,943
|
|
|
597
|
|
|
705
|
|
|
—
|
|
|
—
|
|
||||||
Total managed loans
|
|
$258,212
|
|
|
|
$248,646
|
|
|
|
$2,377
|
|
|
|
$2,579
|
|
|
|
$355
|
|
|
|
$461
|
|
|
2015
|
|
2014
|
||||||||||
(Dollars in millions)
|
Balance
|
|
Interest Rate
|
|
Balance
|
|
Interest Rate
|
||||||
FHLB advances
|
|
$—
|
|
|
—
|
%
|
|
|
$4,000
|
|
|
0.23
|
%
|
Master notes
|
582
|
|
|
0.20
|
|
|
1,280
|
|
|
0.15
|
|
||
Dealer collateral
|
442
|
|
|
0.20
|
|
|
354
|
|
|
0.13
|
|
||
Total other short-term borrowings
|
|
$1,024
|
|
|
|
|
|
$5,634
|
|
|
|
|
2015
|
|
2014
|
||||||||
(Dollars in millions)
|
Maturity Date(s)
|
|
Interest Rate(s)
|
|
Balance
|
|
Balance
|
||||
Parent Company Only:
|
|
|
|
|
|
|
|
||||
Senior, fixed rate
|
2016 - 2028
|
|
2.35% - 6.00%
|
|
|
$3,614
|
|
|
|
$3,630
|
|
Senior, variable rate
|
2016 - 2019
|
|
0.48 - 1.86
|
|
331
|
|
|
358
|
|
||
Subordinated, fixed rate
|
2026
|
|
6.00
|
|
200
|
|
|
200
|
|
||
Junior subordinated, variable rate
|
2027 - 2028
|
|
1.03 - 1.31
|
|
627
|
|
|
627
|
|
||
Total Parent Company debt
|
|
|
|
|
4,772
|
|
|
4,815
|
|
||
Subsidiaries
1
:
|
|
|
|
|
|
|
|
||||
Senior, fixed rate
2
|
2016 - 2053
|
|
0.80 - 9.65
|
|
1,620
|
|
|
5,682
|
|
||
Senior, variable rate
|
2016 - 2043
|
|
0.44 - 2.23
|
|
1,097
|
|
|
742
|
|
||
Subordinated, fixed rate
3
|
2017 - 2020
|
|
5.20 - 7.25
|
|
973
|
|
|
1,283
|
|
||
Subordinated, variable rate
|
|
|
|
|
—
|
|
|
500
|
|
||
Total subsidiaries debt
|
|
|
|
|
3,690
|
|
|
8,207
|
|
||
Total long-term debt
|
|
|
|
|
|
$8,462
|
|
|
|
$13,022
|
|
(Dollars in millions)
|
Parent Company
|
|
Subsidiaries
|
||||
2016
|
|
$1,038
|
|
|
|
$73
|
|
2017
|
1,232
|
|
|
1,711
|
|
||
2018
|
874
|
|
|
502
|
|
||
2019
|
792
|
|
|
33
|
|
||
2020
|
—
|
|
|
226
|
|
||
Thereafter
|
836
|
|
|
1,145
|
|
||
Total
|
|
$4,772
|
|
|
|
$3,690
|
|
|
Payments Due by Period
|
||||||||||||||||||||||||||
(Dollars in millions)
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
Purchase obligations
1
|
|
$349
|
|
|
|
$17
|
|
|
|
$13
|
|
|
|
$4
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$383
|
|
Consumer and other time deposits
2, 3
|
4,736
|
|
|
1,933
|
|
|
1,317
|
|
|
575
|
|
|
876
|
|
|
382
|
|
|
9,819
|
|
|||||||
Brokered time deposits
3
|
196
|
|
|
83
|
|
|
104
|
|
|
181
|
|
|
212
|
|
|
123
|
|
|
899
|
|
|
Year Ended December 31
|
||||||||||
(Dollars and shares in millions, except per share data)
|
2015
|
|
2014
|
|
2013
|
||||||
Net income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
Preferred dividends
|
(64
|
)
|
|
(42
|
)
|
|
(37
|
)
|
|||
Dividends and undistributed earnings allocated to unvested shares
|
(6
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|||
Net income available to common shareholders
|
|
$1,863
|
|
|
|
$1,722
|
|
|
|
$1,297
|
|
|
|
|
|
|
|
||||||
Average basic common shares
|
515
|
|
|
528
|
|
|
534
|
|
|||
Effect of dilutive securities:
|
|
|
|
|
|
||||||
Stock options
|
2
|
|
|
1
|
|
|
1
|
|
|||
Restricted stock, RSUs, and warrants
|
4
|
|
|
4
|
|
|
4
|
|
|||
Average diluted common shares
|
521
|
|
|
533
|
|
|
539
|
|
|||
|
|
|
|
|
|
||||||
Net income per average common share - diluted
|
|
$3.58
|
|
|
|
$3.23
|
|
|
|
$2.41
|
|
Net income per average common share - basic
|
|
$3.62
|
|
|
|
$3.26
|
|
|
|
$2.43
|
|
|
Under Basel III
1
|
|
Under Basel I
1
|
||||||||||
|
2015
|
|
2014
|
||||||||||
(Dollars in millions)
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
||||||
SunTrust Banks, Inc.
|
|
|
|
|
|
|
|
||||||
CET1
|
|
$16,421
|
|
|
9.96
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 common equity
|
N/A
|
|
|
N/A
|
|
|
|
$15,594
|
|
|
9.60
|
%
|
|
Tier 1 capital
|
|
$17,804
|
|
|
10.80
|
%
|
|
17,554
|
|
|
10.80
|
|
|
Total capital
|
20,668
|
|
|
12.54
|
|
|
20,338
|
|
|
12.51
|
|
||
Leverage
|
|
|
9.69
|
|
|
|
|
9.64
|
|
||||
SunTrust Bank
|
|
|
|
|
|
|
|
||||||
CET1
|
|
$17,859
|
|
|
11.02
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 capital
|
17,908
|
|
|
11.05
|
|
|
|
$17,036
|
|
|
10.67
|
%
|
|
Total capital
|
20,101
|
|
|
12.40
|
|
|
19,619
|
|
|
12.29
|
|
||
Leverage
|
|
|
9.96
|
|
|
|
|
9.57
|
|
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Series A (1,725 shares outstanding)
|
|
$172
|
|
|
|
$172
|
|
|
|
$172
|
|
Series B
(1,025 shares outstanding)
|
103
|
|
|
103
|
|
|
103
|
|
|||
Series E (4,500 shares outstanding)
|
450
|
|
|
450
|
|
|
450
|
|
|||
Series F (5,000 shares outstanding)
|
500
|
|
|
500
|
|
|
—
|
|
|||
Total preferred stock
|
|
$1,225
|
|
|
|
$1,225
|
|
|
|
$725
|
|
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Current income tax provision/(benefit):
|
|
|
|
|
|
||||||
Federal
|
|
$707
|
|
|
|
$365
|
|
|
|
($158
|
)
|
State
|
36
|
|
|
29
|
|
|
(15
|
)
|
|||
Total
|
743
|
|
|
394
|
|
|
(173
|
)
|
|||
Deferred income tax provision/(benefit):
|
|
|
|
|
|
||||||
Federal
|
27
|
|
|
99
|
|
|
444
|
|
|||
State
|
(6
|
)
|
|
—
|
|
|
51
|
|
|||
Total
|
21
|
|
|
99
|
|
|
495
|
|
|||
Total provision for income taxes
1
|
|
$764
|
|
|
|
$493
|
|
|
|
$322
|
|
|
2015
|
|
2014
|
|
2013
|
|||||||||||||||
(Dollars in millions)
|
Amount
|
|
% of
Pre-Tax Income
|
|
Amount
|
|
% of
Pre-Tax Income
|
|
Amount
|
|
% of
Pre-Tax Income |
|||||||||
Income tax provision at federal statutory rate
|
|
$944
|
|
|
35.0
|
%
|
|
|
$793
|
|
|
35.0
|
%
|
|
|
$583
|
|
|
35.0
|
%
|
Increase/(decrease) resulting from:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
State income taxes, net
|
25
|
|
|
0.9
|
|
|
12
|
|
|
0.5
|
|
|
21
|
|
|
1.2
|
|
|||
Tax-exempt interest
|
(88
|
)
|
|
(3.3
|
)
|
|
(89
|
)
|
|
(3.9
|
)
|
|
(80
|
)
|
|
(4.8
|
)
|
|||
Internal restructuring
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(343
|
)
|
|
(20.6
|
)
|
|||
Changes in UTBs (including interest), net
|
(31
|
)
|
|
(1.1
|
)
|
|
(82
|
)
|
|
(3.6
|
)
|
|
152
|
|
|
9.1
|
|
|||
Income tax credits, net of amortization
1
|
(69
|
)
|
|
(2.6
|
)
|
|
(65
|
)
|
|
(2.9
|
)
|
|
(53
|
)
|
|
(3.2
|
)
|
|||
Non-deductible expenses
|
—
|
|
|
—
|
|
|
(57
|
)
|
|
(2.5
|
)
|
|
49
|
|
|
3.0
|
|
|||
Other
|
(17
|
)
|
|
(0.6
|
)
|
|
(19
|
)
|
|
(0.8
|
)
|
|
(7
|
)
|
|
(0.4
|
)
|
|||
Total provision for income taxes and effective tax rate
|
|
$764
|
|
|
28.3
|
%
|
|
|
$493
|
|
|
21.8
|
%
|
|
|
$322
|
|
|
19.3
|
%
|
(Dollars in millions)
|
2015
|
|
2014
|
||||
DTAs:
|
|
|
|
||||
ALLL
|
|
$651
|
|
|
|
$710
|
|
Accrued expenses
|
297
|
|
|
358
|
|
||
State NOLs and other carryforwards
|
192
|
|
|
201
|
|
||
Net unrealized losses in AOCI
|
257
|
|
|
56
|
|
||
Other
|
97
|
|
|
127
|
|
||
Total gross DTAs
|
1,494
|
|
|
1,452
|
|
||
Valuation allowance
|
(79
|
)
|
|
(98
|
)
|
||
Total DTAs
|
1,415
|
|
|
1,354
|
|
||
DTLs:
|
|
|
|
||||
Leasing
|
707
|
|
|
762
|
|
||
Compensation and employee benefits
|
140
|
|
|
113
|
|
||
MSRs
|
372
|
|
|
515
|
|
||
Loans
|
109
|
|
|
93
|
|
||
Goodwill and intangible assets
|
216
|
|
|
190
|
|
||
Fixed assets
|
131
|
|
|
140
|
|
||
Other
|
65
|
|
|
61
|
|
||
Total DTLs
|
1,740
|
|
|
1,874
|
|
||
Net DTL
|
|
($325
|
)
|
|
|
($520
|
)
|
(Dollars in millions)
|
2015
|
|
2014
|
||||
Balance at January 1
|
|
$210
|
|
|
|
$291
|
|
Increases in UTBs related to prior years
|
4
|
|
|
1
|
|
||
Decreases in UTBs related to prior years
|
(4
|
)
|
|
(36
|
)
|
||
Increases in UTBs related to the current year
|
10
|
|
|
87
|
|
||
Decreases in UTBs related to settlements
|
(119
|
)
|
|
(130
|
)
|
||
Decreases in UTBs related to lapse of the applicable statutes of limitations
|
(1
|
)
|
|
(3
|
)
|
||
Balance at December 31
|
|
$100
|
|
|
|
$210
|
|
|
Year Ended December 31
|
|||||
|
2015
1
|
|
2014
1
|
|
2013
|
|
Dividend yield
|
N/A
|
|
N/A
|
|
1.28
|
%
|
Expected stock price volatility
|
N/A
|
|
N/A
|
|
30.98
|
|
Risk-free interest rate (weighted average)
|
N/A
|
|
N/A
|
|
1.02
|
|
Expected life of options
|
N/A
|
|
N/A
|
|
6 years
|
|
|
Stock Options
|
|
Restricted Stock
|
|
Restricted Stock Units
|
||||||||||||||||||||||
(Dollars in millions, except per share data)
|
Shares
|
|
Price
Range |
|
Weighted
Average Exercise Price |
|
Shares
|
|
Deferred
Compensation |
|
Weighted
Average Grant Price |
|
Shares
|
|
Weighted
Average Grant Price |
||||||||||||
Balance, January 1, 2013
|
13,311,652
|
|
|
$9.06 - 150.45
|
|
|
|
$50.15
|
|
|
3,686,321
|
|
|
|
$48
|
|
|
|
$25.56
|
|
|
1,930,646
|
|
|
|
$25.16
|
|
Granted
|
552,998
|
|
|
27.41
|
|
|
27.41
|
|
|
1,314,277
|
|
|
39
|
|
|
29.58
|
|
|
593,093
|
|
|
24.65
|
|
||||
Exercised/vested
|
(712,981
|
)
|
|
9.06 - 27.79
|
|
|
16.94
|
|
|
(821,636
|
)
|
|
—
|
|
|
25.95
|
|
|
(41,790
|
)
|
|
28.73
|
|
||||
Cancelled/expired/forfeited
|
(2,222,298
|
)
|
|
21.67 - 118.18
|
|
|
56.55
|
|
|
(195,424
|
)
|
|
(5
|
)
|
|
27.41
|
|
|
14,229
|
|
|
20.54
|
|
||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance, December 31, 2013
|
10,929,371
|
|
|
9.06 - 150.45
|
|
|
49.86
|
|
|
3,983,538
|
|
|
50
|
|
|
27.04
|
|
|
2,496,178
|
|
|
26.69
|
|
||||
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
21,427
|
|
|
—
|
|
|
39.20
|
|
|
1,590,075
|
|
|
36.67
|
|
||||
Exercised/vested
|
(426,889
|
)
|
|
9.06 - 32.27
|
|
|
20.86
|
|
|
(957,308
|
)
|
|
—
|
|
|
29.31
|
|
|
(338,196
|
)
|
|
32.80
|
|
||||
Cancelled/expired/forfeited
|
(2,774,725
|
)
|
|
23.70 - 149.81
|
|
|
71.10
|
|
|
(117,798
|
)
|
|
(2
|
)
|
|
25.60
|
|
|
(58,793
|
)
|
|
37.73
|
|
||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance, December 31, 2014
|
7,727,757
|
|
|
9.06 - 150.45
|
|
|
43.84
|
|
|
2,929,859
|
|
|
21
|
|
|
26.45
|
|
|
3,689,264
|
|
|
31.15
|
|
||||
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
20,412
|
|
|
1
|
|
|
41.15
|
|
|
1,670,587
|
|
|
40.54
|
|
||||
Exercised/vested
|
(687,832
|
)
|
|
9.06 - 32.27
|
|
|
20.38
|
|
|
(1,510,045
|
)
|
|
—
|
|
|
22.86
|
|
|
(883,621
|
)
|
|
26.39
|
|
||||
Cancelled/expired/forfeited
|
(1,821,667
|
)
|
|
23.70 - 150.45
|
|
|
73.01
|
|
|
(106,151
|
)
|
|
(4
|
)
|
|
29.95
|
|
|
(157,390
|
)
|
|
39.19
|
|
||||
Amortization of restricted stock compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Balance, December 31, 2015
|
5,218,258
|
|
|
$9.06 - 85.34
|
|
|
|
$36.75
|
|
|
1,334,075
|
|
|
|
$2
|
|
|
|
$30.44
|
|
|
4,318,840
|
|
|
|
$35.44
|
|
Exercisable,
December 31, 2015
|
5,033,948
|
|
|
|
|
|
$37.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||||||||||
(Dollars in millions, except per share data)
|
|
Number
Outstanding
at
December 31, 2015
|
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Life (Years) |
|
Total
Aggregate Intrinsic Value |
|
Number
Exercisable
at
December 31, 2015
|
|
Weighted
Average Exercise Price |
|
Weighted
Average Remaining Contractual Life (Years) |
|
Total
Aggregate Intrinsic Value |
||||||||||
Range of Exercise Prices:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
$9.06 to 49.46
|
|
3,482,672
|
|
|
|
$19.47
|
|
|
4.2
|
|
|
$81
|
|
|
3,298,362
|
|
|
|
$19.03
|
|
|
4.1
|
|
|
$79
|
|
$49.47 to 64.57
|
|
781
|
|
|
56.34
|
|
|
1.8
|
|
—
|
|
|
781
|
|
|
56.34
|
|
|
1.8
|
|
—
|
|
||||
$64.58 to 85.34
|
|
1,734,805
|
|
|
71.42
|
|
|
1.2
|
|
—
|
|
|
1,734,805
|
|
|
71.42
|
|
|
1.2
|
|
—
|
|
||||
|
|
5,218,258
|
|
|
|
$36.75
|
|
|
3.2
|
|
|
$81
|
|
|
5,033,948
|
|
|
|
$37.09
|
|
|
3.1
|
|
|
$79
|
|
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Intrinsic value of options exercised
1
|
|
$15
|
|
|
|
$8
|
|
|
|
$11
|
|
Fair value of vested restricted shares
1
|
35
|
|
|
28
|
|
|
21
|
|
|||
Fair value of vested RSUs
1
|
23
|
|
|
11
|
|
|
1
|
|
|
Years Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Stock options
|
|
$1
|
|
|
|
$2
|
|
|
|
$6
|
|
Restricted stock
|
16
|
|
|
27
|
|
|
32
|
|
|||
Performance stock units
|
32
|
|
|
13
|
|
|
—
|
|
|||
RSUs
|
46
|
|
|
34
|
|
|
18
|
|
|||
Total stock-based compensation
|
|
$95
|
|
|
|
$76
|
|
|
|
$56
|
|
Stock-based compensation tax benefit
|
|
$36
|
|
|
|
$29
|
|
|
|
$21
|
|
|
Pension Benefits
1
|
|
Other Postretirement Benefits
|
|
||||||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2015
|
|
2014
|
|
2013
|
|
||||||||||||
Service cost
|
|
$5
|
|
|
|
$5
|
|
|
|
$5
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
Interest cost
|
116
|
|
|
124
|
|
|
113
|
|
|
2
|
|
|
3
|
|
|
6
|
|
|
||||||
Expected return on plan assets
|
(206
|
)
|
|
(200
|
)
|
|
(192
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
||||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
||||||
Amortization of actuarial loss
|
21
|
|
|
16
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
||||||
Net periodic benefit
|
|
($64
|
)
|
|
|
($55
|
)
|
|
|
($48
|
)
|
|
|
($9
|
)
|
|
|
($8
|
)
|
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Weighted average assumptions used to determine net periodic benefit:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Discount rate
|
4.09
|
%
|
|
4.98
|
%
|
|
4.08
|
%
|
|
3.60
|
%
|
|
4.15
|
%
|
|
3.45
|
%
|
|
||||||
Expected return on plan assets
|
6.91
|
|
|
7.17
|
|
|
7.00
|
|
|
3.50
|
|
2
|
3.68
|
|
2
|
3.49
|
|
2
|
|
Pension Benefits
|
|
Other
Postretirement
Benefits
|
||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
Prior service credit
|
|
$—
|
|
|
|
$—
|
|
|
|
($64
|
)
|
|
|
($70
|
)
|
Net actuarial loss/(gain)
|
1,072
|
|
|
1,021
|
|
|
(11
|
)
|
|
(14
|
)
|
||||
Total AOCI, pre-tax
|
|
$1,072
|
|
|
|
$1,021
|
|
|
|
($75
|
)
|
|
|
($84
|
)
|
(Dollars in millions)
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
Current year actuarial loss
|
|
$72
|
|
|
|
$3
|
|
Amortization of prior service credit
|
—
|
|
|
6
|
|
||
Amortization of actuarial loss
|
(21
|
)
|
|
—
|
|
||
Total recognized in AOCI, pre-tax
|
|
$51
|
|
|
|
$9
|
|
Total recognized in net periodic benefit and AOCI, pre-tax
|
|
($13
|
)
|
|
|
$—
|
|
|
|
|
Fair Value Measurements at December 31, 2015
1
|
||||||||||||
(Dollars in millions)
|
Total
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Money market funds
2
|
|
$83
|
|
|
|
$83
|
|
|
|
$—
|
|
|
|
$—
|
|
Equity securities
|
1,416
|
|
|
1,416
|
|
|
—
|
|
|
—
|
|
||||
Mutual funds
3
:
|
|
|
|
|
|
|
|
||||||||
Equity index fund
|
48
|
|
|
48
|
|
|
—
|
|
|
—
|
|
||||
Tax exempt municipal bond funds
|
84
|
|
|
84
|
|
|
—
|
|
|
—
|
|
||||
Taxable fixed income index funds
|
13
|
|
|
13
|
|
|
—
|
|
|
—
|
|
||||
Futures contracts
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
||||
Fixed income securities
|
1,381
|
|
|
—
|
|
|
1,381
|
|
|
—
|
|
||||
Other assets
|
11
|
|
|
11
|
|
|
—
|
|
|
—
|
|
||||
Total plan assets
|
|
$3,025
|
|
|
|
$1,655
|
|
|
|
$1,370
|
|
|
|
$—
|
|
|
|
|
Fair Value Measurements at December 31, 2014
1
|
||||||||||||
(Dollars in millions)
|
Total
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
Money market funds
2
|
|
$135
|
|
|
|
$135
|
|
|
|
$—
|
|
|
|
$—
|
|
Equity securities
|
1,467
|
|
|
1,467
|
|
|
—
|
|
|
—
|
|
||||
Mutual funds
3
:
|
|
|
|
|
|
|
|
||||||||
Equity index fund
|
51
|
|
|
51
|
|
|
—
|
|
|
—
|
|
||||
Tax exempt municipal bond funds
|
82
|
|
|
82
|
|
|
—
|
|
|
—
|
|
||||
Taxable fixed income index funds
|
14
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||
Futures contracts
|
(21
|
)
|
|
—
|
|
|
(21
|
)
|
|
—
|
|
||||
Fixed income securities
|
1,478
|
|
|
107
|
|
|
1,371
|
|
|
—
|
|
||||
Other assets
|
17
|
|
|
17
|
|
|
—
|
|
|
—
|
|
||||
Total plan assets
|
|
$3,223
|
|
|
|
$1,873
|
|
|
|
$1,350
|
|
|
|
$—
|
|
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||||||||||||
|
Target Allocation
|
|
% of plan assets
|
|
Target Allocation
|
|
% of plan assets
|
||||||||||
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
||||||||
Cash equivalents
|
0-10
|
%
|
|
3
|
%
|
|
4
|
%
|
|
5-15
|
%
|
|
7
|
%
|
|
8
|
%
|
Equity securities
|
0-50
|
|
|
49
|
|
|
48
|
|
|
20-40
|
|
|
31
|
|
|
32
|
|
Debt securities
|
50-100
|
|
|
48
|
|
|
48
|
|
|
50-70
|
|
|
62
|
|
|
60
|
|
Total
|
|
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
100
|
%
|
|
100
|
%
|
(Dollars in millions)
|
Pension Benefits
1
|
|
Other Postretirement Benefits (excluding Medicare Subsidy)
2
|
||||
Employer Contributions:
|
|
|
|
||||
2016 (expected) to plan trusts
|
|
$—
|
|
|
|
$—
|
|
2016 (expected) to plan participants
3
|
8
|
|
|
—
|
|
||
|
|
|
|
||||
Expected Benefit Payments:
|
|
|
|
||||
2016
|
191
|
|
|
7
|
|
||
2017
|
172
|
|
|
7
|
|
||
2018
|
166
|
|
|
6
|
|
||
2019
|
165
|
|
|
5
|
|
||
2020
|
167
|
|
|
5
|
|
||
2021 - 2025
|
819
|
|
|
20
|
|
|
Performance Year
1
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Contribution
|
|
$19
|
|
|
|
$19
|
|
|
|
$19
|
|
Percentage of eligible pay
|
1
|
%
|
|
1
|
%
|
|
1
|
%
|
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Beginning pending repurchase requests
|
|
$47
|
|
|
|
$126
|
|
|
|
$655
|
|
Repurchase requests received
|
73
|
|
|
158
|
|
|
1,511
|
|
|||
Repurchase requests resolved:
|
|
|
|
|
|
||||||
Repurchased
|
(22
|
)
|
|
(28
|
)
|
|
(1,134
|
)
|
|||
Cured
|
(81
|
)
|
|
(209
|
)
|
|
(906
|
)
|
|||
Total resolved
|
(103
|
)
|
|
(237
|
)
|
|
(2,040
|
)
|
|||
Ending pending repurchase requests
1
|
|
$17
|
|
|
|
$47
|
|
|
|
$126
|
|
|
|
|
|
|
|
||||||
Percent from non-agency investors:
|
|
|
|
|
|||||||
Pending repurchase requests
|
32.9
|
%
|
|
6.7
|
%
|
|
2.8
|
%
|
|||
Repurchase requests received
|
7.2
|
%
|
|
0.9
|
%
|
|
1.2
|
%
|
(Dollars in millions)
|
2015
|
|
2014
|
2013
|
|
|||||
Balance, at beginning of period
|
|
$85
|
|
|
|
$78
|
|
|
$632
|
|
Repurchase (benefit)/provision
|
(12
|
)
|
|
12
|
|
114
|
|
|||
Charge-offs, net of recoveries
|
(16
|
)
|
|
(5
|
)
|
(668
|
)
|
|||
Balance, at end of period
|
|
$57
|
|
|
|
$85
|
|
|
$78
|
|
(Dollars in millions)
|
2015
|
|
2014
|
||||
Outstanding repurchased mortgage loans:
|
|
|
|||||
Performing LHFI
|
|
$255
|
|
|
|
$271
|
|
Nonperforming LHFI
|
17
|
|
|
29
|
|
||
Nonperforming LHFS
|
—
|
|
|
12
|
|
||
Total carrying value of outstanding repurchased mortgage loans
|
|
$272
|
|
|
|
$312
|
|
|
December 31, 2015
|
||||||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
(Dollars in millions)
|
Notional
Amounts
|
|
Fair
Value
|
|
Notional
Amounts
|
|
Fair
Value
|
||||||||
Derivative instruments designated in cash flow hedging relationships
1
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging floating rate loans
|
|
$14,500
|
|
|
|
$130
|
|
|
|
$2,900
|
|
|
|
$11
|
|
Derivative instruments designated in fair value hedging relationships
2
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging fixed rate debt
|
1,700
|
|
|
14
|
|
|
600
|
|
|
—
|
|
||||
Interest rate contracts hedging brokered CDs
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
1,730
|
|
|
14
|
|
|
600
|
|
|
—
|
|
||||
Derivative instruments not designated as hedging instruments
3
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging:
|
|
|
|
|
|
|
|
||||||||
MSRs
|
7,782
|
|
|
198
|
|
|
16,882
|
|
|
98
|
|
||||
LHFS, IRLCs
4
|
4,309
|
|
|
10
|
|
|
2,520
|
|
|
5
|
|
||||
LHFI
|
15
|
|
|
—
|
|
|
40
|
|
|
1
|
|
||||
Trading activity
5
|
67,426
|
|
|
1,983
|
|
|
68,125
|
|
|
1,796
|
|
||||
Foreign exchange rate contracts hedging trading activity
|
3,648
|
|
|
127
|
|
|
3,227
|
|
|
122
|
|
||||
Credit contracts hedging:
|
|
|
|
|
|
|
|
||||||||
Loans
|
—
|
|
|
—
|
|
|
175
|
|
|
2
|
|
||||
Trading activity
6
|
2,232
|
|
|
57
|
|
|
2,385
|
|
|
54
|
|
||||
Equity contracts hedging trading activity
5
|
19,138
|
|
|
1,812
|
|
|
27,154
|
|
|
2,222
|
|
||||
Other contracts:
|
|
|
|
|
|
|
|
||||||||
IRLCs and other
7
|
2,024
|
|
|
21
|
|
|
299
|
|
|
6
|
|
||||
Commodities
|
453
|
|
|
113
|
|
|
448
|
|
|
111
|
|
||||
Total
|
107,027
|
|
|
4,321
|
|
|
121,255
|
|
|
4,417
|
|
||||
Total derivative instruments
|
|
$123,257
|
|
|
|
$4,465
|
|
|
|
$124,755
|
|
|
|
$4,428
|
|
|
|
|
|
|
|
|
|
||||||||
Total gross derivative instruments, before netting
|
|
|
|
$4,465
|
|
|
|
|
|
$4,428
|
|
||||
Less: Legally enforceable master netting agreements
|
|
|
(2,916
|
)
|
|
|
|
(2,916
|
)
|
||||||
Less: Cash collateral received/paid
|
|
|
(397
|
)
|
|
|
|
(1,048
|
)
|
||||||
Total derivative instruments, after netting
|
|
|
|
$1,152
|
|
|
|
|
|
$464
|
|
|
December 31, 2014
|
||||||||||||||
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||
(Dollars in millions)
|
Notional
Amounts
|
|
Fair
Value
|
|
Notional
Amounts
|
|
Fair
Value
|
||||||||
Derivative instruments designated in cash flow hedging relationships
1
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging floating rate loans
|
|
$18,150
|
|
|
|
$208
|
|
|
|
$2,850
|
|
|
|
$8
|
|
Derivative instruments designated in fair value hedging relationships
2
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging fixed rate debt
|
2,700
|
|
|
30
|
|
|
2,600
|
|
|
1
|
|
||||
Interest rate contracts hedging brokered CDs
|
30
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
2,730
|
|
|
30
|
|
|
2,600
|
|
|
1
|
|
||||
Derivative instruments not designated as hedging instruments
3
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts hedging:
|
|
|
|
|
|
|
|
||||||||
MSRs
|
5,172
|
|
|
163
|
|
|
8,807
|
|
|
30
|
|
||||
LHFS, IRLCs
4
|
1,840
|
|
|
4
|
|
|
4,923
|
|
|
23
|
|
||||
Trading activity
5
|
61,049
|
|
|
2,405
|
|
|
61,065
|
|
|
2,225
|
|
||||
Foreign exchange rate contracts hedging trading activity
|
2,429
|
|
|
104
|
|
|
2,414
|
|
|
100
|
|
||||
Credit contracts hedging:
|
|
|
|
|
|
|
|
||||||||
Loans
|
—
|
|
|
—
|
|
|
392
|
|
|
5
|
|
||||
Trading activity
6
|
2,282
|
|
|
20
|
|
|
2,452
|
|
|
20
|
|
||||
Equity contracts hedging trading activity
5
|
21,875
|
|
|
2,809
|
|
|
28,128
|
|
|
3,090
|
|
||||
Other contracts:
|
|
|
|
|
|
|
|
||||||||
IRLCs and other
7
|
2,231
|
|
|
25
|
|
|
139
|
|
|
5
|
|
||||
Commodities
|
381
|
|
|
71
|
|
|
374
|
|
|
70
|
|
||||
Total
|
97,259
|
|
|
5,601
|
|
|
108,694
|
|
|
5,568
|
|
||||
Total derivative instruments
|
|
$118,139
|
|
|
|
$5,839
|
|
|
|
$114,144
|
|
|
|
$5,577
|
|
|
|
|
|
|
|
|
|
||||||||
Total gross derivative instruments, before netting
|
|
|
|
$5,839
|
|
|
|
|
|
$5,577
|
|
||||
Less: Legally enforceable master netting agreements
|
|
|
(4,083
|
)
|
|
|
|
(4,083
|
)
|
||||||
Less: Cash collateral received/paid
|
|
|
(449
|
)
|
|
|
|
(1,032
|
)
|
||||||
Total derivative instruments, after netting
|
|
|
|
$1,307
|
|
|
|
|
|
$462
|
|
|
Year Ended December 31, 2015
|
||||||||
(Dollars in millions)
|
Amount of
Pre-tax Gain
Recognized in OCI
on Derivatives
(Effective Portion) |
|
Amount of
Pre-tax Gain
Reclassified from AOCI into Income (Effective Portion) |
|
Classification of
Pre-tax Gain
Reclassified
from AOCI into Income
(Effective Portion) |
||||
Derivative instruments in cash flow hedging relationships:
|
|
|
|
|
|
||||
Interest rate contracts hedging floating rate loans
1
|
|
$246
|
|
|
|
$169
|
|
|
Interest and fees on loans
|
|
Year Ended December 31, 2015
|
||||||||||
(Dollars in millions)
|
Amount of Loss
on Derivatives
Recognized in Income |
|
Amount of Gain on
Related Hedged Items
Recognized in Income |
|
Amount of Loss
Recognized in Income
on Hedges
(Ineffective Portion) |
||||||
Derivative instruments in fair value hedging relationships:
|
|
|
|
|
|
||||||
Interest rate contracts hedging fixed rate debt
1
|
|
($2
|
)
|
|
|
$1
|
|
|
|
($1
|
)
|
Interest rate contracts hedging brokered CDs
1
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
($2
|
)
|
|
|
$1
|
|
|
|
($1
|
)
|
(Dollars in millions)
|
Classification of Gain/(Loss) Recognized
in Income on Derivatives
|
|
Amount of Gain/(Loss) Recognized in Income on Derivatives During the
Year Ended December 31, 2015
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|||
Interest rate contracts hedging:
|
|
|
|
||
MSRs
|
Mortgage servicing related income
|
|
|
$19
|
|
LHFS, IRLCs
|
Mortgage production related income
|
|
(45
|
)
|
|
LHFI
|
Other noninterest income
|
|
(1
|
)
|
|
Trading activity
|
Trading income
|
|
61
|
|
|
Foreign exchange rate contracts hedging trading activity
|
Trading income
|
|
93
|
|
|
Credit contracts hedging:
|
|
|
|
||
Loans
|
Other noninterest income
|
|
(1
|
)
|
|
Trading activity
|
Trading income
|
|
23
|
|
|
Equity contracts hedging trading activity
|
Trading income
|
|
4
|
|
|
Other contracts:
|
|
|
|
||
IRLCs
|
Mortgage production related income
|
|
156
|
|
|
Commodities
|
Trading income
|
|
2
|
|
|
Total
|
|
|
|
$311
|
|
|
Year Ended December 31, 2014
|
||||||||
(Dollars in millions)
|
Amount of
Pre-tax Gain Recognized in OCI
on Derivatives
(Effective Portion) |
|
Amount of
Pre-tax Gain Reclassified from AOCI into Income (Effective Portion) |
|
Classification of
Pre-tax Gain
Reclassified from AOCI into Income (Effective Portion) |
||||
Derivative instruments in cash flow hedging relationships:
|
|
|
|
|
|
||||
Interest rate contracts hedging floating rate loans
1
|
|
$99
|
|
|
|
$290
|
|
|
Interest and fees on loans
|
|
Year Ended December 31, 2014
|
||||||||||
(Dollars in millions)
|
Amount of Gain
on Derivatives
Recognized in Income |
|
Amount of Loss on Related Hedged Items
Recognized in Income |
|
Amount of Gain
Recognized in Income on Hedges (Ineffective Portion) |
||||||
Derivative instruments in fair value hedging relationships:
|
|
|
|
|
|
||||||
Interest rate contracts hedging fixed rate debt
1
|
|
$8
|
|
|
|
($7
|
)
|
|
|
$1
|
|
Interest rate contracts hedging brokered CDs
1
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total
|
|
$8
|
|
|
|
($7
|
)
|
|
|
$1
|
|
(Dollars in millions)
|
Classification of Gain/(Loss) Recognized
in Income on Derivatives |
|
Amount of Gain/(Loss) Recognized in Income
on Derivatives During the
Year Ended December 31, 2014
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|||
Interest rate contracts hedging:
|
|
|
|
||
MSRs
|
Mortgage servicing related income
|
|
|
$257
|
|
LHFS, IRLCs
|
Mortgage production related income
|
|
(149
|
)
|
|
Trading activity
|
Trading income
|
|
49
|
|
|
Foreign exchange rate contracts hedging trading activity
|
Trading income
|
|
69
|
|
|
Credit contracts hedging:
|
|
|
|
||
Loans
|
Other noninterest income
|
|
(1
|
)
|
|
Trading activity
|
Trading income
|
|
17
|
|
|
Equity contracts hedging trading activity
|
Trading income
|
|
4
|
|
|
Other contracts - IRLCs
|
Mortgage production related income
|
|
261
|
|
|
Total
|
|
|
|
$507
|
|
|
Year Ended December 31, 2013
|
||||||||
(Dollars in millions)
|
Amount of
Pre-tax (Loss)/Gain
Recognized in OCI
on Derivatives
(Effective Portion) |
|
Amount of
Pre-tax Gain Reclassified from AOCI into Income (Effective Portion) |
|
Classification of
Pre-tax (Loss)/Gain
Reclassified from AOCI into Income (Effective Portion) |
||||
Derivative instruments in cash flow hedging relationships:
|
|
|
|
|
|
||||
Interest rate contracts hedging forecasted debt
|
|
($2
|
)
|
|
|
$—
|
|
|
Interest on long-term debt
|
Interest rate contracts hedging floating rate loans
1
|
18
|
|
|
327
|
|
|
Interest and fees on loans
|
||
Total
|
|
$16
|
|
|
|
$327
|
|
|
|
|
Year Ended December 31, 2013
|
||||||||||
(Dollars in millions)
|
Amount of Loss
on Derivatives Recognized in Income
|
|
Amount of Gain on Related Hedged Items
Recognized in Income |
|
Amount of Loss
Recognized in Income on Hedges (Ineffective Portion) |
||||||
Derivative instruments in fair value hedging relationships:
|
|
|
|
|
|
||||||
Interest rate contracts hedging fixed rate debt
1
|
|
($36
|
)
|
|
|
$33
|
|
|
|
($3
|
)
|
(Dollars in millions)
|
Classification of (Loss)/Gain Recognized
in Income on Derivatives |
|
Amount of (Loss)/Gain Recognized in Income
on Derivatives During the
Year Ended December 31, 2013
|
||
Derivative instruments not designated as hedging instruments:
|
|
|
|||
Interest rate contracts hedging:
|
|
|
|
||
MSRs
|
Mortgage servicing related income
|
|
|
($284
|
)
|
LHFS, IRLCs
|
Mortgage production related income
|
|
289
|
|
|
Trading activity
|
Trading income
|
|
61
|
|
|
Foreign exchange rate contracts hedging trading activity
|
Trading income
|
|
24
|
|
|
Credit contracts hedging:
|
|
|
|
||
Loans
|
Other noninterest income
|
|
(4
|
)
|
|
Trading activity
|
Trading income
|
|
21
|
|
|
Equity contracts hedging trading activity
|
Trading income
|
|
(15
|
)
|
|
Other contracts - IRLCs
|
Mortgage production related income
|
|
98
|
|
|
Total
|
|
|
|
$190
|
|
(Dollars in millions)
|
Gross
Amount
|
|
Amount
Offset
|
|
Net Amount
Presented in
Consolidated
Balance Sheets
|
|
Held/Pledged
Financial
Instruments
|
|
Net
Amount
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative instrument assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to master netting arrangement or similar arrangement
|
|
$4,184
|
|
|
|
$3,156
|
|
|
|
$1,028
|
|
|
|
$66
|
|
|
|
$962
|
|
Derivatives not subject to master netting arrangement or similar arrangement
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Exchange traded derivatives
|
260
|
|
|
157
|
|
|
103
|
|
|
—
|
|
|
103
|
|
|||||
Total derivative instrument assets
|
|
$4,465
|
|
|
|
$3,313
|
|
|
|
$1,152
|
|
1
|
|
$66
|
|
|
|
$1,086
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative instrument liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to master netting arrangement or similar arrangement
|
|
$4,162
|
|
|
|
$3,807
|
|
|
|
$355
|
|
|
|
$19
|
|
|
|
$336
|
|
Derivatives not subject to master netting arrangement or similar arrangement
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
105
|
|
|||||
Exchange traded derivatives
|
161
|
|
|
157
|
|
|
4
|
|
|
—
|
|
|
4
|
|
|||||
Total derivative instrument liabilities
|
|
$4,428
|
|
|
|
$3,964
|
|
|
|
$464
|
|
2
|
|
$19
|
|
|
|
$445
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative instrument assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to master netting arrangement or similar arrangement
|
|
$5,127
|
|
|
|
$4,095
|
|
|
|
$1,032
|
|
|
|
$63
|
|
|
|
$969
|
|
Derivatives not subject to master netting arrangement or similar arrangement
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Exchange traded derivatives
|
687
|
|
|
437
|
|
|
250
|
|
|
—
|
|
|
250
|
|
|||||
Total derivative instrument assets
|
|
$5,839
|
|
|
|
$4,532
|
|
|
|
$1,307
|
|
1
|
|
$63
|
|
|
|
$1,244
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative instrument liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivatives subject to master netting arrangement or similar arrangement
|
|
$5,001
|
|
|
|
$4,678
|
|
|
|
$323
|
|
|
|
$12
|
|
|
|
$311
|
|
Derivatives not subject to master netting arrangement or similar arrangement
|
133
|
|
|
—
|
|
|
133
|
|
|
—
|
|
|
133
|
|
|||||
Exchange traded derivatives
|
443
|
|
|
437
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|||||
Total derivative instrument liabilities
|
|
$5,577
|
|
|
|
$5,115
|
|
|
|
$462
|
|
2
|
|
$12
|
|
|
|
$450
|
|
•
|
MSRs
. The Company hedges these instruments with a combination of interest rate derivatives, including forward and option contracts, futures, and forward rate agreements.
|
•
|
IRLC
s and mortgage LHFS
. The Company hedges these instruments using forward and option contracts, futures, and forward rate agreements.
|
•
|
Level 1: Quoted prices for identical instruments in active markets
|
•
|
Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets
|
•
|
Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable
|
|
December 31, 2015
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
Adjustments
1
|
|
Assets/Liabilities
at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading assets and derivative instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$538
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$538
|
|
Federal agency securities
|
—
|
|
|
588
|
|
|
—
|
|
|
—
|
|
|
588
|
|
|||||
U.S. states and political subdivisions
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|||||
MBS - agency
|
—
|
|
|
553
|
|
|
—
|
|
|
—
|
|
|
553
|
|
|||||
CLO securities
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
379
|
|
|
89
|
|
|
—
|
|
|
468
|
|
|||||
CP
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
67
|
|
|||||
Equity securities
|
66
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
66
|
|
|||||
Derivative instruments
|
262
|
|
|
4,182
|
|
|
21
|
|
|
(3,313
|
)
|
|
1,152
|
|
|||||
Trading loans
|
—
|
|
|
2,655
|
|
|
—
|
|
|
—
|
|
|
2,655
|
|
|||||
Total trading assets and derivative instruments
|
866
|
|
|
8,456
|
|
|
110
|
|
|
(3,313
|
)
|
|
6,119
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
3,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,449
|
|
|||||
Federal agency securities
|
—
|
|
|
411
|
|
|
—
|
|
|
—
|
|
|
411
|
|
|||||
U.S. states and political subdivisions
|
—
|
|
|
159
|
|
|
5
|
|
|
—
|
|
|
164
|
|
|||||
MBS - agency
|
—
|
|
|
23,124
|
|
|
—
|
|
|
—
|
|
|
23,124
|
|
|||||
MBS - private
|
—
|
|
|
—
|
|
|
94
|
|
|
—
|
|
|
94
|
|
|||||
ABS
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
33
|
|
|
5
|
|
|
—
|
|
|
38
|
|
|||||
Other equity securities
2
|
93
|
|
|
—
|
|
|
440
|
|
|
—
|
|
|
533
|
|
|||||
Total securities AFS
|
3,542
|
|
|
23,727
|
|
|
556
|
|
|
—
|
|
|
27,825
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential LHFS
|
—
|
|
|
1,489
|
|
|
5
|
|
|
—
|
|
|
1,494
|
|
|||||
LHFI
|
—
|
|
|
—
|
|
|
257
|
|
|
—
|
|
|
257
|
|
|||||
MSRs
|
—
|
|
|
—
|
|
|
1,307
|
|
|
—
|
|
|
1,307
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading liabilities and derivative instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
503
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
503
|
|
|||||
MBS - agency
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
259
|
|
|
—
|
|
|
—
|
|
|
259
|
|
|||||
Derivative instruments
|
161
|
|
|
4,261
|
|
|
6
|
|
|
(3,964
|
)
|
|
464
|
|
|||||
Total trading liabilities and derivative instruments
|
664
|
|
|
4,557
|
|
|
6
|
|
|
(3,964
|
)
|
|
1,263
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
—
|
|
|
973
|
|
|
—
|
|
|
—
|
|
|
973
|
|
|||||
Other liabilities
3
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
|
December 31, 2014
|
||||||||||||||||||
|
Fair Value Measurements
|
|
|
|
|
||||||||||||||
(Dollars in millions)
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
Adjustments
1
|
|
Assets/Liabilities
at Fair Value
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading assets and derivative instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
|
$267
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$267
|
|
Federal agency securities
|
—
|
|
|
547
|
|
|
—
|
|
|
—
|
|
|
547
|
|
|||||
U.S. states and political subdivisions
|
—
|
|
|
42
|
|
|
—
|
|
|
—
|
|
|
42
|
|
|||||
MBS - agency
|
—
|
|
|
545
|
|
|
—
|
|
|
—
|
|
|
545
|
|
|||||
CLO securities
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
509
|
|
|
—
|
|
|
—
|
|
|
509
|
|
|||||
CP
|
—
|
|
|
327
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|||||
Equity securities
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|||||
Derivative instruments
|
688
|
|
|
5,126
|
|
|
25
|
|
|
(4,532
|
)
|
|
1,307
|
|
|||||
Trading loans
|
—
|
|
|
2,610
|
|
|
—
|
|
|
—
|
|
|
2,610
|
|
|||||
Total trading assets and derivative instruments
|
1,000
|
|
|
9,709
|
|
|
25
|
|
|
(4,532
|
)
|
|
6,202
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
1,921
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,921
|
|
|||||
Federal agency securities
|
—
|
|
|
484
|
|
|
—
|
|
|
—
|
|
|
484
|
|
|||||
U.S. states and political subdivisions
|
—
|
|
|
197
|
|
|
12
|
|
|
—
|
|
|
209
|
|
|||||
MBS - agency
|
—
|
|
|
23,048
|
|
|
—
|
|
|
—
|
|
|
23,048
|
|
|||||
MBS - private
|
—
|
|
|
—
|
|
|
123
|
|
|
—
|
|
|
123
|
|
|||||
ABS
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
36
|
|
|
5
|
|
|
—
|
|
|
41
|
|
|||||
Other equity securities
2
|
138
|
|
|
—
|
|
|
785
|
|
|
—
|
|
|
923
|
|
|||||
Total securities AFS
|
2,059
|
|
|
23,765
|
|
|
946
|
|
|
—
|
|
|
26,770
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Residential LHFS
|
—
|
|
|
1,891
|
|
|
1
|
|
|
—
|
|
|
1,892
|
|
|||||
LHFI
|
—
|
|
|
—
|
|
|
272
|
|
|
—
|
|
|
272
|
|
|||||
MSRs
|
—
|
|
|
—
|
|
|
1,206
|
|
|
—
|
|
|
1,206
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Trading liabilities and derivative instruments:
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Treasury securities
|
485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
485
|
|
|||||
MBS - agency
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Corporate and other debt securities
|
—
|
|
|
279
|
|
|
—
|
|
|
—
|
|
|
279
|
|
|||||
Derivative instruments
|
444
|
|
|
5,128
|
|
|
5
|
|
|
(5,115
|
)
|
|
462
|
|
|||||
Total trading liabilities and derivative instruments
|
929
|
|
|
5,408
|
|
|
5
|
|
|
(5,115
|
)
|
|
1,227
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
—
|
|
|
1,283
|
|
|
—
|
|
|
—
|
|
|
1,283
|
|
|||||
Other liabilities
3
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
(Dollars in millions)
|
Fair Value at December 31, 2015
|
|
Aggregate UPB at December 31, 2015
|
|
Fair Value
Over/(Under)
Unpaid Principal
|
||||||
Assets:
|
|
|
|
|
|
||||||
Trading loans
|
|
$2,655
|
|
|
|
$2,605
|
|
|
|
$50
|
|
LHFS:
|
|
|
|
|
|
||||||
Accruing
|
1,494
|
|
|
1,453
|
|
|
41
|
|
|||
LHFI:
|
|
|
|
|
|
||||||
Accruing
|
254
|
|
|
259
|
|
|
(5
|
)
|
|||
Nonaccrual
|
3
|
|
|
5
|
|
|
(2
|
)
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Long-term debt
|
973
|
|
|
907
|
|
|
66
|
|
|||
|
|
|
|
|
|
||||||
(Dollars in millions)
|
Fair Value at December 31, 2014
|
|
Aggregate UPB at
December 31, 2014
|
|
Fair Value
Over/(Under)
Unpaid Principal
|
||||||
Assets:
|
|
|
|
|
|
||||||
Trading loans
|
|
$2,610
|
|
|
|
$2,589
|
|
|
|
$21
|
|
LHFS:
|
|
|
|
|
|
||||||
Accruing
|
1,891
|
|
|
1,817
|
|
|
74
|
|
|||
Nonaccrual
|
1
|
|
|
1
|
|
|
—
|
|
|||
LHFI:
|
|
|
|
|
|
||||||
Accruing
|
269
|
|
|
281
|
|
|
(12
|
)
|
|||
Nonaccrual
|
3
|
|
|
5
|
|
|
(2
|
)
|
|||
Liabilities:
|
|
|
|
|
|
||||||
Long-term debt
|
1,283
|
|
|
1,176
|
|
|
107
|
|
|
|
Fair Value (Loss)/Gain for the Year Ended
December 31, 2015 for Items Measured at Fair Value
Pursuant to Election of the FVO
|
||||||||||||||
(Dollars in millions)
|
|
Trading
Income
|
Mortgage Production Related
Income 1 |
Mortgage
Servicing
Related
Income
|
Other Noninterest Income
|
Total Changes
in Fair Values
Included in
Earnings
2
|
||||||||||
Assets:
|
|
|
|
|
|
|
||||||||||
Trading loans
|
|
|
($1
|
)
|
|
$—
|
|
|
$—
|
|
|
$—
|
|
|
($1
|
)
|
LHFS
|
|
—
|
|
44
|
|
—
|
|
—
|
|
44
|
|
|||||
LHFI
|
|
—
|
|
—
|
|
—
|
|
5
|
|
5
|
|
|||||
MSRs
|
|
—
|
|
2
|
|
(242
|
)
|
—
|
|
(240
|
)
|
|||||
Liabilities:
|
|
|
|
|
|
|
||||||||||
Long-term debt
|
|
41
|
|
—
|
|
—
|
|
—
|
|
41
|
|
|
|
Fair Value Gain/(Loss) for the Year Ended
December 31, 2014 for Items Measured at Fair Value
Pursuant to Election of the FVO
|
|||||||||||
(Dollars in millions)
|
|
Trading
Income
|
Mortgage Production Related
Income
1
|
Mortgage
Servicing
Related
Income
|
Total Changes
in Fair Values
Included in
Earnings
2
|
||||||||
Assets:
|
|
|
|
|
|
||||||||
Trading loans
|
|
|
$11
|
|
|
$—
|
|
|
$—
|
|
|
$11
|
|
LHFS
|
|
—
|
|
3
|
|
—
|
|
3
|
|
||||
LHFI
|
|
—
|
|
11
|
|
—
|
|
11
|
|
||||
MSRs
|
|
—
|
|
3
|
|
(401
|
)
|
(398
|
)
|
||||
Liabilities:
|
|
|
|
|
|
||||||||
Brokered time deposits
|
|
6
|
|
—
|
|
—
|
|
6
|
|
||||
Long-term debt
|
|
17
|
|
—
|
|
—
|
|
17
|
|
|
|
Fair Value Gain/(Loss) for the Year Ended
December 31, 2013 for Items Measured at Fair Value
Pursuant to Election of the FVO
|
|||||||||||
(Dollars in millions)
|
|
Trading
Income
|
Mortgage Production Related
Income
1
|
Mortgage
Servicing
Related
Income
|
Total Changes
in Fair Values
Included in
Earnings
2
|
||||||||
Assets:
|
|
|
|
|
|
||||||||
Trading loans
|
|
|
$13
|
|
|
$—
|
|
|
$—
|
|
|
$13
|
|
LHFS
|
|
1
|
|
(135
|
)
|
—
|
|
(134
|
)
|
||||
LHFI
|
|
—
|
|
(10
|
)
|
—
|
|
(10
|
)
|
||||
MSRs
|
|
—
|
|
4
|
|
50
|
|
54
|
|
||||
Liabilities:
|
|
|
|
|
|
||||||||
Brokered time deposits
|
|
8
|
|
—
|
|
—
|
|
8
|
|
||||
Long-term debt
|
|
36
|
|
—
|
|
—
|
|
36
|
|
|
Level 3 Significant Unobservable Input Assumptions
|
||||||||
(Dollars in millions)
|
Fair value
December 31, 2015 |
|
Valuation Technique
|
|
Unobservable Input
1
|
|
Range
(weighted average)
|
||
Assets
|
|
|
|
|
|
|
|
||
Trading assets and derivative instruments:
|
|
|
|
|
|
|
|
||
Corporate and other debt securities
|
|
$89
|
|
|
Market comparables
|
|
Yield adjustment
|
|
126-447 bps (287 bps)
|
Derivative instruments, net
2
|
15
|
|
|
Internal model
|
|
Pull through rate
|
|
24-100% (79%)
|
|
|
MSR value
|
|
29-210 bps (103 bps)
|
||||||
Securities AFS:
|
|
|
|
|
|
|
|
||
U.S. states and political subdivisions
|
5
|
|
|
Cost
|
|
N/A
|
|
|
|
MBS - private
|
94
|
|
|
Third party pricing
|
|
N/A
|
|
|
|
ABS
|
12
|
|
|
Third party pricing
|
|
N/A
|
|
|
|
Corporate and other debt securities
|
5
|
|
|
Cost
|
|
N/A
|
|
|
|
Other equity securities
|
440
|
|
|
Cost
|
|
N/A
|
|
|
|
Residential LHFS
|
5
|
|
|
Monte Carlo/Discounted cash flow
|
|
Option adjusted spread
|
|
104-197 bps (125 bps)
|
|
Conditional prepayment rate
|
2-17 CPR (8 CPR)
|
||||||||
Conditional default rate
|
0-2 CDR (0.5 CDR)
|
||||||||
LHFI
|
251
|
|
|
Monte Carlo/Discounted cash flow
|
|
Option adjusted spread
|
|
62-784 bps (193 bps)
|
|
Conditional prepayment rate
|
5-36 CPR (14 CPR)
|
||||||||
Conditional default rate
|
0-5 CDR (2 CDR)
|
||||||||
6
|
|
Collateral based pricing
|
Appraised value
|
NM
4
|
|||||
MSRs
|
1,307
|
|
|
Monte Carlo/Discounted cash flow
|
|
Conditional prepayment rate
|
|
2-21 CPR (10 CPR)
|
|
|
Option adjusted spread
|
|
(5)-110% (8%)
|
||||||
Liabilities
|
|
|
|
|
|
|
|
||
Other liabilities
3
|
23
|
|
|
Internal model
|
|
Loan production volume
|
|
150% (150%)
|
|
Level 3 Significant Unobservable Input Assumptions
|
||||||||
(Dollars in millions)
|
Fair value December 31, 2014
|
|
Valuation Technique
|
|
Unobservable Input
1
|
|
Range
(weighted average)
|
||
Assets
|
|
|
|
|
|
|
|
||
Trading assets and derivative instruments:
|
|
|
|
|
|
|
|
||
Derivative instruments, net
2
|
|
$20
|
|
|
Internal model
|
|
Pull through rate
|
|
40-100% (75%)
|
|
MSR value
|
|
39-218 bps (107 bps)
|
||||||
Securities AFS:
|
|
|
|
|
|
|
|
||
U.S. states and political subdivisions
|
12
|
|
|
Cost
|
|
N/A
|
|
|
|
MBS - private
|
123
|
|
|
Third party pricing
|
|
N/A
|
|
|
|
ABS
|
21
|
|
|
Third party pricing
|
|
N/A
|
|
|
|
Corporate and other debt securities
|
5
|
|
|
Cost
|
|
N/A
|
|
|
|
Other equity securities
|
785
|
|
|
Cost
|
|
N/A
|
|
|
|
Residential LHFS
|
1
|
|
|
Monte Carlo/Discounted cash flow
|
|
Option adjusted spread
|
|
145-225 bps (157 bps)
|
|
|
Conditional prepayment rate
|
|
1-30 CPR (15 CPR)
|
||||||
|
Conditional default rate
|
|
0-3 CDR (0.75 CDR)
|
||||||
LHFI
|
269
|
|
|
Monte Carlo/Discounted cash flow
|
|
Option adjusted spread
|
|
0-450 bps (286 bps)
|
|
|
Conditional prepayment rate
|
|
4-30 CPR (14 CPR)
|
||||||
|
Conditional default rate
|
|
0-7 CDR (2 CDR)
|
||||||
3
|
|
|
Collateral based pricing
|
|
Appraised value
|
|
NM
4
|
||
MSRs
|
1,206
|
|
|
Monte Carlo/Discounted cash flow
|
|
Conditional prepayment rate
|
|
2-47 CPR (11 CPR)
|
|
|
Option adjusted spread
|
|
(1)-122% (10%)
|
||||||
Liabilities
|
|
|
|
|
|
|
|
||
Other liabilities
3
|
27
|
|
|
Internal model
|
|
Loan production volume
|
|
0-150% (107%)
|
|
Fair Value Measurements
Using Significant Unobservable Inputs
|
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Beginning
Balance January 1, 2015 |
|
Included
in Earnings |
|
OCI
|
|
Purchases
|
|
Sales
|
|
Settlements
|
|
Transfers to/from Other Balance Sheet Line Items
|
|
Transfers
into Level 3 |
|
Transfers
out of Level 3 |
|
Fair Value December 31, 2015
|
|
Included in Earnings (held at December 31, 2015)
1
|
|
||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Corporate and other debt securities
|
|
$—
|
|
|
|
($13
|
)
|
2
|
|
$—
|
|
|
|
$123
|
|
|
|
($21
|
)
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$89
|
|
|
|
($13
|
)
|
2
|
Derivative instruments, net
|
20
|
|
|
153
|
|
3
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(161
|
)
|
|
—
|
|
|
—
|
|
|
15
|
|
|
20
|
|
3
|
|||||||||||
Total trading assets
|
20
|
|
|
140
|
|
|
—
|
|
|
123
|
|
|
(21
|
)
|
|
3
|
|
|
(161
|
)
|
|
—
|
|
|
—
|
|
|
104
|
|
|
7
|
|
|
|||||||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. states and political subdivisions
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|||||||||||
MBS - private
|
123
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94
|
|
|
(1
|
)
|
|
|||||||||||
ABS
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
|||||||||||
Corporate and other debt securities
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|||||||||||
Other equity securities
|
785
|
|
|
—
|
|
|
(2
|
)
|
|
104
|
|
|
—
|
|
|
(447
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
440
|
|
|
—
|
|
|
|||||||||||
Total securities AFS
|
946
|
|
|
(1
|
)
|
4
|
(1
|
)
|
5
|
109
|
|
|
—
|
|
|
(497
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
556
|
|
|
(1
|
)
|
4
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Residential LHFS
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
26
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|||||||||||
LHFI
|
272
|
|
|
6
|
|
6
|
—
|
|
|
—
|
|
|
—
|
|
|
(41
|
)
|
|
(1
|
)
|
|
21
|
|
|
—
|
|
|
257
|
|
|
4
|
|
6
|
|||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Other liabilities
|
27
|
|
|
6
|
|
7
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
6
|
|
7
|
|
Fair Value Measurements
Using Significant Unobservable Inputs
|
|
||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions)
|
Beginning
Balance January 1, 2014 |
|
Included
in Earnings |
|
OCI
|
|
Purchases
|
|
Sales
|
|
Settlements
|
|
Transfers to/from Other Balance Sheet Line Items
|
|
Transfers
into Level 3 |
|
Transfers
out of Level 3 |
|
Fair Value December 31, 2014
|
|
Included in Earnings (held at December 31, 2014)
1
|
|
||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Trading assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
CDO/CLO securities
|
|
$54
|
|
|
|
$11
|
|
2
|
|
$—
|
|
|
|
$—
|
|
|
|
($65
|
)
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$—
|
|
|
ABS
|
6
|
|
|
1
|
|
2
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|||||||||||
Derivative instruments, net
|
5
|
|
|
252
|
|
3
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
(245
|
)
|
|
—
|
|
|
—
|
|
|
20
|
|
|
24
|
|
3
|
|||||||||||
Total trading assets
|
65
|
|
|
264
|
|
|
—
|
|
|
—
|
|
|
(72
|
)
|
|
8
|
|
|
(245
|
)
|
|
—
|
|
|
—
|
|
|
20
|
|
|
24
|
|
|
|||||||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
U.S. states and political subdivisions
|
34
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
|||||||||||
MBS - private
|
154
|
|
|
(1
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|
(1
|
)
|
|
|||||||||||
ABS
|
21
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
|||||||||||
Corporate and other debt securities
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
|||||||||||
Other equity securities
|
739
|
|
|
—
|
|
|
—
|
|
|
360
|
|
|
—
|
|
|
(320
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
785
|
|
|
—
|
|
|
|||||||||||
Total securities AFS
|
953
|
|
|
(3
|
)
|
4
|
4
|
|
5
|
360
|
|
|
(20
|
)
|
|
(354
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
946
|
|
|
(1
|
)
|
4
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Residential LHFS
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(6
|
)
|
|
17
|
|
|
(3
|
)
|
|
1
|
|
|
—
|
|
|
|||||||||||
LHFI
|
302
|
|
|
12
|
|
6
|
—
|
|
|
—
|
|
|
—
|
|
|
(45
|
)
|
|
1
|
|
|
2
|
|
|
—
|
|
|
272
|
|
|
9
|
|
6
|
|||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Other liabilities
|
26
|
|
|
4
|
|
7
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
|
|
|
Fair Value Measurements
|
|
Losses for the
Year Ended December 31, 2015
|
||||||||||||||
(Dollars in millions)
|
December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
LHFS
|
|
$202
|
|
|
|
$—
|
|
|
|
$—
|
|
|
|
$202
|
|
|
|
($6
|
)
|
LHFI
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|||||
OREO
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
(4
|
)
|
|||||
Other assets
|
36
|
|
|
—
|
|
|
29
|
|
|
7
|
|
|
(6
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Fair Value Measurements
|
|
Losses for the
Year Ended December 31, 2014 |
||||||||||||||
(Dollars in millions)
|
December 31, 2014
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||
LHFS
|
|
$1,108
|
|
|
|
$121
|
|
|
|
$45
|
|
|
|
$942
|
|
|
|
($6
|
)
|
LHFI
|
24
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|||||
OREO
|
29
|
|
|
—
|
|
|
1
|
|
|
28
|
|
|
(6
|
)
|
|||||
Affordable housing
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
(21
|
)
|
|||||
Other assets
|
225
|
|
|
—
|
|
|
216
|
|
|
9
|
|
|
(64
|
)
|
|
December 31, 2015
|
|
Fair Value Measurements
|
|
||||||||||||||||
(Dollars in millions)
|
Measured
Amount
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$5,599
|
|
|
|
$5,599
|
|
|
|
$5,599
|
|
|
|
$—
|
|
|
|
$—
|
|
(a)
|
Trading assets and derivative instruments
|
6,119
|
|
|
6,119
|
|
|
866
|
|
|
5,143
|
|
|
110
|
|
(b)
|
|||||
Securities AFS
|
27,825
|
|
|
27,825
|
|
|
3,542
|
|
|
23,727
|
|
|
556
|
|
(b)
|
|||||
LHFS
|
1,838
|
|
|
1,842
|
|
|
—
|
|
|
1,803
|
|
|
39
|
|
(c)
|
|||||
LHFI, net
|
134,690
|
|
|
131,178
|
|
|
—
|
|
|
397
|
|
|
130,781
|
|
(d)
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
149,830
|
|
|
149,889
|
|
|
—
|
|
|
149,889
|
|
|
—
|
|
(e)
|
|||||
Short-term borrowings
|
4,627
|
|
|
4,627
|
|
|
—
|
|
|
4,627
|
|
|
—
|
|
(f)
|
|||||
Long-term debt
|
8,462
|
|
|
8,374
|
|
|
—
|
|
|
7,772
|
|
|
602
|
|
(f)
|
|||||
Trading liabilities and derivative instruments
|
1,263
|
|
|
1,263
|
|
|
664
|
|
|
593
|
|
|
6
|
|
(b)
|
|
December 31, 2014
|
|
Fair Value Measurements
|
|
||||||||||||||||
(Dollars in millions)
|
Measured
Amount
|
|
Fair
Value
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$8,229
|
|
|
|
$8,229
|
|
|
|
$8,229
|
|
|
|
$—
|
|
|
|
$—
|
|
(a)
|
Trading assets and derivative instruments
|
6,202
|
|
|
6,202
|
|
|
1,000
|
|
|
5,177
|
|
|
25
|
|
(b)
|
|||||
Securities AFS
|
26,770
|
|
|
26,770
|
|
|
2,059
|
|
|
23,765
|
|
|
946
|
|
(b)
|
|||||
LHFS
|
3,232
|
|
|
3,240
|
|
|
—
|
|
|
2,063
|
|
|
1,177
|
|
(c)
|
|||||
LHFI, net
|
131,175
|
|
|
126,855
|
|
|
—
|
|
|
545
|
|
|
126,310
|
|
(d)
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
140,567
|
|
|
140,562
|
|
|
—
|
|
|
140,562
|
|
|
—
|
|
(e)
|
|||||
Short-term borrowings
|
9,186
|
|
|
9,186
|
|
|
—
|
|
|
9,186
|
|
|
—
|
|
(f)
|
|||||
Long-term debt
|
13,022
|
|
|
13,056
|
|
|
—
|
|
|
12,398
|
|
|
658
|
|
(f)
|
|||||
Trading liabilities and derivative instruments
|
1,227
|
|
|
1,227
|
|
|
929
|
|
|
293
|
|
|
5
|
|
(b)
|
(a)
|
Cash and cash equivalents are valued at their carrying amounts, which are reasonable estimates of fair value due to the relatively short period to maturity of the instruments.
|
(b)
|
Trading assets and derivative instruments, securities
AFS
, and trading liabilities and derivative instruments that are classified as level 1 are valued based on quoted market prices. For those instruments classified as level 2 or 3, refer to the respective valuation discussions within this footnote.
|
(c)
|
LHFS are generally valued based on observable current market prices or, if quoted market prices are not available, quoted market prices of similar instruments. Refer to the LHFS section within this footnote for further discussion. When valuation assumptions are not readily observable in the market, instruments are valued based on the best available data to approximate fair value. This data may be internally developed and considers risk premiums that a market participant would require under then-current market conditions.
|
(d)
|
LHFI fair values are based on a hypothetical exit price, which does not represent the estimated intrinsic value of the loan if held for investment. The assumptions used are expected to approximate those that a market participant purchasing the loans would use to value the loans, including a market risk premium and liquidity discount. Estimating the fair value of the loan portfolio when loan sales and trading markets are illiquid or nonexistent requires significant judgment.
|
(e)
|
Deposit liabilities with no defined maturity such as
DDA
s,
NOW
/money market accounts, and savings accounts have a fair value equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for
CD
s are estimated using a discounted cash flow approach that applies current interest rates to a schedule of aggregated expected maturities. The assumptions used in the discounted cash flow analysis are expected to approximate those that market participants would use in valuing deposits. The value of long-term relationships with depositors is not taken into account in estimating fair values.
|
(f)
|
Fair values for short-term borrowings and certain long-term debt are based on quoted market prices for similar instruments or estimated discounted cash flows utilizing the Company’s current incremental borrowing rate for similar types of instruments. For long-term debt that the Company measures at fair value, refer to the respective valuation section within this footnote. For level 3 debt, the terms are unique in nature or there are no similar instruments that can be used to value the instrument without using significant unobservable assumptions. In these situations, the Company reviews current borrowing rates along with the collateral levels that secure the debt in determining an appropriate fair value adjustment.
|
•
|
Consumer Banking provides services to consumers and branch-managed small business clients through an extensive network of traditional and in-store branches,
ATM
s, the internet (
www.suntrust.com
), mobile banking, and telephone (1-800-SUNTRUST). Financial products and services offered to consumers and small business clients include deposits, home equity lines and loans, credit lines, indirect auto, student lending, bank card, other lending products, and various fee-based services. Consumer Banking also serves as an entry point for clients and provides services for other lines of business.
|
•
|
PWM
provides a full array of wealth management products and professional services to both individual and institutional clients including loans, deposits, brokerage, professional investment management, and trust services to clients seeking active management of their financial resources. Institutional clients are served by the Institutional Investment Solutions business. Discount/online and full-service brokerage products are offered to individual clients through
STIS
.
PWM
also includes
GenSpring
, which provides family office solutions to ultra-high net worth individuals and their families. Utilizing teams of multi-disciplinary specialists with expertise in investments, tax, accounting, estate planning, and other wealth management disciplines,
GenSpring
helps families manage and sustain wealth across multiple generations.
|
•
|
CIB
delivers comprehensive capital markets solutions, including advisory, capital raising, and financial risk management, with the goal of serving the needs of both public and private companies in the Wholesale Banking segment and
PWM
business. Investment Banking and Corporate Banking teams within
CIB
serve clients across the nation, offering a full suite of traditional banking and investment banking products and services to companies with annual revenues typically greater than $150 million. Investment Banking serves select industry segments including consumer and retail, energy, financial services, healthcare, industrials, and technology, media and communications. Corporate Banking serves clients across diversified industry sectors based on size, complexity, and frequency of capital markets issuance. Also managed within
CIB
is the Equipment Finance Group, which provides lease
|
•
|
Commercial & Business Banking offers an array of traditional banking products, including lending, cash management and investment banking solutions via
STRH
to commercial clients (generally those with revenues $1 million to $150 million), not-for-profit organizations, and governmental entities, as well as auto dealer financing (floor plan inventory financing). Also managed within Commercial & Business Banking is the Premium Assignment Corporation, which provides corporate insurance premium financing solutions.
|
•
|
Commercial Real Estate provides a full range of financial solutions for commercial real estate developers, owners, and investors, including construction, mini-perm, and permanent real estate financing, as well as tailored financing and equity investment solutions via
STRH
. The Institutional Real Estate team targets relationships with institutional advisors, private funds, and insurance companies and the Regional team focuses on real estate owners and developers through a regional delivery structure. Commercial Real Estate also offers tailored financing and equity investment solutions for community development and affordable housing projects through
STCC
, with particular expertise in Low Income Housing Tax Credits and New Market Tax Credits.
|
•
|
Treasury & Payment Solutions provides all SunTrust business clients with services required to manage their payments and receipts, combined with the ability to manage and optimize their deposits across all aspects of their business. Treasury & Payment Solutions operates all electronic and paper payment types, including card, wire transfer,
ACH
, check, and cash. It also provides clients the means to manage their accounts electronically online, both domestically and internationally.
|
•
|
Net interest income
– Net interest income is presented on an FTE basis to make income from tax-exempt assets comparable to other taxable products. The segment results reflect matched maturity funds transfer pricing, which ascribes credits or charges based on the economic value or cost created by the assets and liabilities of each segment. The mismatch between funds credits and funds charges at the segment level resides in Reconciling Items. The change in this mismatch is generally attributable to corporate balance sheet management strategies.
|
•
|
Provision/(benefit) for credit losses
– Represents net charge-offs by segment combined with an allocation to the segments of the provision/(benefit) attributable to each segment's quarterly change in the ALLL and unfunded commitments reserve balances.
|
•
|
Provision/(benefit) for income taxes
– Calculated using a blended income tax rate for each segment. This calculation includes the impact of various adjustments, such as the reversal of the FTE gross up on tax-exempt assets, tax adjustments, and credits that are unique to each segment. The difference between the calculated provision/(benefit) for income taxes at the segment level and the consolidated provision/(benefit) for income taxes is reported in Reconciling Items.
|
•
|
Operational costs
– Expenses are charged to the segments based on various statistical volumes multiplied by activity based cost rates. As a result of the activity based costing process, residual expenses are also allocated to the segments. The recoveries for the majority of these costs are reported in Corporate Other.
|
•
|
Support and overhead costs
– Expenses not directly attributable to a specific segment are allocated based on various drivers (e.g., number of equivalent employees, number of PCs/Laptops, and net revenue). The recoveries for these allocations are reported in Corporate Other.
|
•
|
Sales and referral credits
– Segments may compensate another segment for referring or selling certain products. The majority of the revenue resides in the segment where the product is ultimately managed.
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||
(Dollars in millions)
|
Consumer
Banking and Private Wealth Management |
|
Wholesale Banking
|
|
Mortgage Banking
|
|
Corporate Other
|
|
Reconciling
Items |
|
Consolidated
|
||||||||||||
Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average loans
|
|
$40,632
|
|
|
|
$67,853
|
|
|
|
$25,024
|
|
|
|
$61
|
|
|
|
($12
|
)
|
|
|
$133,558
|
|
Average consumer and commercial deposits
|
91,127
|
|
|
50,376
|
|
|
2,679
|
|
|
80
|
|
|
(60
|
)
|
|
144,202
|
|
||||||
Average total assets
|
46,498
|
|
|
80,951
|
|
|
28,692
|
|
|
29,634
|
|
|
3,117
|
|
|
188,892
|
|
||||||
Average total liabilities
|
91,776
|
|
|
55,995
|
|
|
3,048
|
|
|
14,797
|
|
|
(70
|
)
|
|
165,546
|
|
||||||
Average total equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,346
|
|
|
23,346
|
|
||||||
Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
|
$2,729
|
|
|
|
$1,771
|
|
|
|
$483
|
|
|
|
$147
|
|
|
|
($366
|
)
|
|
|
$4,764
|
|
FTE adjustment
|
1
|
|
|
138
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
142
|
|
||||||
Net interest income - FTE
1
|
2,730
|
|
|
1,909
|
|
|
483
|
|
|
150
|
|
|
(366
|
)
|
|
4,906
|
|
||||||
Provision/(benefit) for credit losses
2
|
137
|
|
|
137
|
|
|
(110
|
)
|
|
—
|
|
|
1
|
|
|
165
|
|
||||||
Net interest income after provision/(benefit) for credit losses - FTE
|
2,593
|
|
|
1,772
|
|
|
593
|
|
|
150
|
|
|
(367
|
)
|
|
4,741
|
|
||||||
Total noninterest income
|
1,508
|
|
|
1,215
|
|
|
460
|
|
|
99
|
|
|
(14
|
)
|
|
3,268
|
|
||||||
Total noninterest expense
|
2,902
|
|
|
1,575
|
|
|
682
|
|
|
15
|
|
|
(14
|
)
|
|
5,160
|
|
||||||
Income before provision for income taxes - FTE
|
1,199
|
|
|
1,412
|
|
|
371
|
|
|
234
|
|
|
(367
|
)
|
|
2,849
|
|
||||||
Provision for income taxes - FTE
3
|
445
|
|
|
458
|
|
|
84
|
|
|
66
|
|
|
(147
|
)
|
|
906
|
|
||||||
Net income including income attributable to noncontrolling interest
|
754
|
|
|
954
|
|
|
287
|
|
|
168
|
|
|
(220
|
)
|
|
1,943
|
|
||||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
1
|
|
|
10
|
|
||||||
Net income
|
|
$754
|
|
|
|
$954
|
|
|
|
$287
|
|
|
|
$159
|
|
|
|
($221
|
)
|
|
|
$1,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2014
|
||||||||||||||||||||||
(Dollars in millions)
|
Consumer
Banking and Private Wealth Management |
|
Wholesale Banking
|
|
Mortgage Banking
|
|
Corporate Other
|
|
Reconciling
Items |
|
Consolidated
|
||||||||||||
Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average loans
|
|
$41,700
|
|
|
|
$62,638
|
|
|
|
$26,494
|
|
|
|
$48
|
|
|
|
($6
|
)
|
|
|
$130,874
|
|
Average consumer and commercial deposits
|
86,070
|
|
|
43,566
|
|
|
2,333
|
|
|
91
|
|
|
(48
|
)
|
|
132,012
|
|
||||||
Average total assets
|
47,380
|
|
|
74,302
|
|
|
30,386
|
|
|
26,966
|
|
|
3,142
|
|
|
182,176
|
|
||||||
Average total liabilities
|
86,798
|
|
|
50,310
|
|
|
2,665
|
|
|
20,243
|
|
|
(10
|
)
|
|
160,006
|
|
||||||
Average total equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,170
|
|
|
22,170
|
|
||||||
Statements of Income/(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
|
$2,629
|
|
|
|
$1,659
|
|
|
|
$552
|
|
|
|
$276
|
|
|
|
($276
|
)
|
|
|
$4,840
|
|
FTE adjustment
|
1
|
|
|
139
|
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
142
|
|
||||||
Net interest income - FTE
1
|
2,630
|
|
|
1,798
|
|
|
552
|
|
|
279
|
|
|
(277
|
)
|
|
4,982
|
|
||||||
Provision for credit losses
2
|
191
|
|
|
71
|
|
|
81
|
|
|
—
|
|
|
(1
|
)
|
|
342
|
|
||||||
Net interest income after provision for credit losses - FTE
|
2,439
|
|
|
1,727
|
|
|
471
|
|
|
279
|
|
|
(276
|
)
|
|
4,640
|
|
||||||
Total noninterest income
|
1,527
|
|
|
1,104
|
|
|
473
|
|
|
238
|
|
|
(19
|
)
|
|
3,323
|
|
||||||
Total noninterest expense
|
2,866
|
|
|
1,552
|
|
|
1,049
|
|
|
92
|
|
|
(16
|
)
|
|
5,543
|
|
||||||
Income/(loss) before provision/(benefit) for income taxes - FTE
|
1,100
|
|
|
1,279
|
|
|
(105
|
)
|
|
425
|
|
|
(279
|
)
|
|
2,420
|
|
||||||
Provision/(benefit) for income taxes - FTE
3
|
405
|
|
|
404
|
|
|
(52
|
)
|
|
(20
|
)
|
|
(102
|
)
|
|
635
|
|
||||||
Net income/(loss) including income attributable to noncontrolling interest
|
695
|
|
|
875
|
|
|
(53
|
)
|
|
445
|
|
|
(177
|
)
|
|
1,785
|
|
||||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
||||||
Net income/(loss)
|
|
$695
|
|
|
|
$875
|
|
|
|
($53
|
)
|
|
|
$434
|
|
|
|
($177
|
)
|
|
|
$1,774
|
|
|
Year Ended December 31, 2013
|
||||||||||||||||||||||
(Dollars in millions)
|
Consumer
Banking and Private Wealth Management |
|
Wholesale Banking
|
|
Mortgage Banking
|
|
Corporate Other
|
|
Reconciling
Items |
|
Consolidated
|
||||||||||||
Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average loans
|
|
$40,510
|
|
|
|
$54,142
|
|
|
|
$27,974
|
|
|
|
$50
|
|
|
|
($19
|
)
|
|
|
$122,657
|
|
Average consumer and commercial deposits
|
84,289
|
|
|
39,572
|
|
|
3,206
|
|
|
98
|
|
|
(89
|
)
|
|
127,076
|
|
||||||
Average total assets
|
45,538
|
|
|
66,095
|
|
|
32,708
|
|
|
26,505
|
|
|
1,651
|
|
|
172,497
|
|
||||||
Average total liabilities
|
85,167
|
|
|
46,693
|
|
|
3,845
|
|
|
15,720
|
|
|
(95
|
)
|
|
151,330
|
|
||||||
Average total equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,167
|
|
|
21,167
|
|
||||||
Statements of Income/(Loss):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
|
$2,595
|
|
|
|
$1,547
|
|
|
|
$539
|
|
|
|
$316
|
|
|
|
($144
|
)
|
|
|
$4,853
|
|
FTE adjustment
|
1
|
|
|
124
|
|
|
—
|
|
|
3
|
|
|
(1
|
)
|
|
127
|
|
||||||
Net interest income - FTE
1
|
2,596
|
|
|
1,671
|
|
|
539
|
|
|
319
|
|
|
(145
|
)
|
|
4,980
|
|
||||||
Provision/(benefit) for credit losses
2
|
261
|
|
|
124
|
|
|
170
|
|
|
(1
|
)
|
|
(1
|
)
|
|
553
|
|
||||||
Net interest income after provision/(benefit) for credit losses - FTE
|
2,335
|
|
|
1,547
|
|
|
369
|
|
|
320
|
|
|
(144
|
)
|
|
4,427
|
|
||||||
Total noninterest income
|
1,482
|
|
|
1,103
|
|
|
402
|
|
|
237
|
|
|
(10
|
)
|
|
3,214
|
|
||||||
Total noninterest expense
|
2,783
|
|
|
1,455
|
|
|
1,503
|
|
|
100
|
|
|
(10
|
)
|
|
5,831
|
|
||||||
Income/(loss) before provision/(benefit) for income taxes - FTE
|
1,034
|
|
|
1,195
|
|
|
(732
|
)
|
|
457
|
|
|
(144
|
)
|
|
1,810
|
|
||||||
Provision/(benefit) for income taxes - FTE
3
|
381
|
|
|
388
|
|
|
(205
|
)
|
|
(68
|
)
|
|
(47
|
)
|
|
449
|
|
||||||
Net income/(loss) including income attributable to noncontrolling interest
|
653
|
|
|
807
|
|
|
(527
|
)
|
|
525
|
|
|
(97
|
)
|
|
1,361
|
|
||||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||
Net income/(loss)
|
|
$653
|
|
|
|
$807
|
|
|
|
($527
|
)
|
|
|
$508
|
|
|
|
($97
|
)
|
|
|
$1,344
|
|
(Dollars in millions)
|
Securities AFS
|
|
Derivative Instruments
|
|
Employee Benefit Plans
|
|
Total
|
||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
|
$298
|
|
|
|
$97
|
|
|
|
($517
|
)
|
|
|
($122
|
)
|
Net unrealized (losses)/gains arising during the period
|
(150
|
)
|
|
154
|
|
|
—
|
|
|
4
|
|
||||
Amounts reclassified from AOCI
|
(13
|
)
|
|
(164
|
)
|
|
(165
|
)
|
|
(342
|
)
|
||||
Other comprehensive loss, net of tax
|
(163
|
)
|
|
(10
|
)
|
|
(165
|
)
|
|
(338
|
)
|
||||
Balance, end of period
|
|
$135
|
|
|
|
$87
|
|
|
|
($682
|
)
|
|
|
($460
|
)
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
|
($77
|
)
|
|
|
$279
|
|
|
|
($491
|
)
|
|
|
($289
|
)
|
Net unrealized gains arising during the period
|
366
|
|
|
62
|
|
|
—
|
|
|
428
|
|
||||
Amounts reclassified from AOCI
|
9
|
|
|
(244
|
)
|
|
(26
|
)
|
|
(261
|
)
|
||||
Other comprehensive income/(loss), net of tax
|
375
|
|
|
(182
|
)
|
|
(26
|
)
|
|
167
|
|
||||
Balance, end of period
|
|
$298
|
|
|
|
$97
|
|
|
|
($517
|
)
|
|
|
($122
|
)
|
|
|
|
|
|
|
|
|
||||||||
Year Ended December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Balance, beginning of period
|
|
$520
|
|
|
|
$532
|
|
|
|
($743
|
)
|
|
|
$309
|
|
Net unrealized (losses)/gains arising during the period
|
(596
|
)
|
|
10
|
|
|
—
|
|
|
(586
|
)
|
||||
Amounts reclassified from AOCI
|
(1
|
)
|
|
(263
|
)
|
|
252
|
|
|
(12
|
)
|
||||
Other comprehensive (loss)/income, net of tax
|
(597
|
)
|
|
(253
|
)
|
|
252
|
|
|
(598
|
)
|
||||
Balance, end of period
|
|
($77
|
)
|
|
|
$279
|
|
|
|
($491
|
)
|
|
|
($289
|
)
|
(Dollars in millions)
|
|
Year Ended December 31
|
|
Affected Line Item in the Statement Where Net Income is Presented
|
||||||||||
Details About AOCI Components
|
|
2015
|
|
2014
|
|
2013
|
|
|||||||
Securities AFS:
|
|
|
|
|
|
|
|
|
||||||
Realized (gains)/losses on securities AFS
|
|
|
($21
|
)
|
|
|
$15
|
|
|
|
($2
|
)
|
|
Net securities gains/(losses)
|
Tax effect
|
|
8
|
|
|
(6
|
)
|
|
1
|
|
|
Provision for income taxes
|
|||
|
|
(13
|
)
|
|
9
|
|
|
(1
|
)
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Derivative Instruments:
|
|
|
|
|
|
|
|
|
||||||
Realized gains on cash flow hedges
|
|
(261
|
)
|
|
(387
|
)
|
|
(417
|
)
|
|
Interest and fees on loans
|
|||
Tax effect
|
|
97
|
|
|
143
|
|
|
154
|
|
|
Provision for income taxes
|
|||
|
|
(164
|
)
|
|
(244
|
)
|
|
(263
|
)
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Employee Benefit Plans:
|
|
|
|
|
|
|
|
|
||||||
Amortization of prior service credit
|
|
(6
|
)
|
|
(6
|
)
|
|
—
|
|
|
Employee benefits
|
|||
Amortization of actuarial loss
|
|
21
|
|
|
16
|
|
|
26
|
|
|
Employee benefits
|
|||
Adjustment to funded status of employee benefit obligation
|
|
(283
|
)
|
|
(51
|
)
|
|
373
|
|
|
Other assets/other liabilities
|
|||
|
|
(268
|
)
|
|
(41
|
)
|
|
399
|
|
|
|
|||
Tax effect
|
|
103
|
|
|
15
|
|
|
(147
|
)
|
|
Provision for income taxes
|
|||
|
|
(165
|
)
|
|
(26
|
)
|
|
252
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Total reclassifications from AOCI
|
|
|
($342
|
)
|
|
|
($261
|
)
|
|
|
($12
|
)
|
|
|
|
Year Ended December 31
|
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
||||||
Income
|
|
|
|
|
|
|
||||||
Dividends
1
|
|
$1,159
|
|
|
|
$1,057
|
|
|
|
$1,200
|
|
|
Interest from loans to subsidiaries
|
8
|
|
|
7
|
|
|
10
|
|
|
|||
Trading (losses)/gains
|
(1
|
)
|
|
10
|
|
|
16
|
|
|
|||
Gain on sale of subsidiary
|
—
|
|
|
105
|
|
|
—
|
|
|
|||
Other income
|
15
|
|
|
13
|
|
|
7
|
|
|
|||
Total income
|
1,181
|
|
|
1,192
|
|
|
1,233
|
|
|
|||
Expense
|
|
|
|
|
|
|
||||||
Interest on short-term borrowings
|
1
|
|
|
7
|
|
|
12
|
|
|
|||
Interest on long-term debt
|
128
|
|
|
122
|
|
|
96
|
|
|
|||
Employee compensation and benefits
2
|
69
|
|
|
42
|
|
|
24
|
|
|
|||
Service fees to subsidiaries
|
6
|
|
|
10
|
|
|
3
|
|
|
|||
Other expense
|
21
|
|
|
11
|
|
|
(113
|
)
|
3
|
|||
Total expense
|
225
|
|
|
192
|
|
|
22
|
|
|
|||
Income before income tax benefit and equity in undistributed income of subsidiaries
|
956
|
|
|
1,000
|
|
|
1,211
|
|
|
|||
Income tax benefit
|
61
|
|
|
2
|
|
|
8
|
|
|
|||
Income before equity in undistributed income of subsidiaries
|
1,017
|
|
|
1,002
|
|
|
1,219
|
|
|
|||
Equity in undistributed income of subsidiaries
|
916
|
|
|
772
|
|
|
125
|
|
|
|||
Net income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
|
Preferred dividends
|
|
($64
|
)
|
|
|
($42
|
)
|
|
|
($37
|
)
|
|
Dividends and undistributed earnings allocated to unvested shares
|
(6
|
)
|
|
(10
|
)
|
|
(10
|
)
|
|
|||
Net income available to common shareholders
|
|
$1,863
|
|
|
|
$1,722
|
|
|
|
$1,297
|
|
|
|
|
|
|
||||
|
December 31
|
||||||
(Dollars in millions)
|
2015
|
|
2014
|
||||
Assets
|
|
|
|
||||
Cash held at SunTrust Bank
|
|
$478
|
|
|
|
$192
|
|
Interest-bearing deposits held at SunTrust Bank
|
2,115
|
|
|
2,410
|
|
||
Interest-bearing deposits held at other banks
|
22
|
|
|
21
|
|
||
Cash and cash equivalents
|
2,615
|
|
|
2,623
|
|
||
Trading assets and derivative instruments
|
8
|
|
|
26
|
|
||
Securities available for sale
|
198
|
|
|
251
|
|
||
Loans to subsidiaries
|
1,627
|
|
|
2,669
|
|
||
Investment in capital stock of subsidiaries stated on the basis of
the Company’s equity in subsidiaries’ capital accounts:
|
|
|
|
||||
Banking subsidiaries
|
23,324
|
|
|
22,783
|
|
||
Nonbanking subsidiaries
|
1,291
|
|
|
1,222
|
|
||
Goodwill
|
211
|
|
|
211
|
|
||
Other assets
|
382
|
|
|
298
|
|
||
Total assets
|
|
$29,656
|
|
|
|
$30,083
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
||||
Short-term borrowings:
|
|
|
|
||||
Subsidiaries
|
|
$178
|
|
|
|
$243
|
|
Non-affiliated companies
|
582
|
|
|
1,280
|
|
||
Long-term debt with non-affiliated companies
|
4,772
|
|
|
4,815
|
|
||
Other liabilities
|
795
|
|
|
848
|
|
||
Total liabilities
|
6,327
|
|
|
7,186
|
|
||
Shareholders’ Equity
|
|
|
|
||||
Preferred stock
|
1,225
|
|
|
1,225
|
|
||
Common stock
|
550
|
|
|
550
|
|
||
Additional paid-in capital
|
9,094
|
|
|
9,089
|
|
||
Retained earnings
|
14,686
|
|
|
13,295
|
|
||
Treasury stock, at cost, and other
1
|
(1,766
|
)
|
|
(1,140
|
)
|
||
Accumulated other comprehensive loss, net of tax
|
(460
|
)
|
|
(122
|
)
|
||
Total shareholders’ equity
|
23,329
|
|
|
22,897
|
|
||
Total liabilities and shareholders’ equity
|
|
$29,656
|
|
|
|
$30,083
|
|
|
Year Ended December 31
|
||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
|
$1,933
|
|
|
|
$1,774
|
|
|
|
$1,344
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Gain on sale of subsidiary
|
—
|
|
|
(105
|
)
|
|
—
|
|
|||
Equity in undistributed income of subsidiaries
|
(916
|
)
|
|
(772
|
)
|
|
(125
|
)
|
|||
Depreciation, amortization, and accretion
|
6
|
|
|
5
|
|
|
5
|
|
|||
Deferred income tax (benefit)/expense
|
(4
|
)
|
|
35
|
|
|
74
|
|
|||
Excess tax benefits from stock-based compensation
|
(20
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|||
Stock-based compensation
|
11
|
|
|
21
|
|
|
34
|
|
|||
Net securities losses/(gains)
|
—
|
|
|
2
|
|
|
(2
|
)
|
|||
Net (increase)/decrease in other assets
|
(72
|
)
|
|
207
|
|
|
51
|
|
|||
Net (decrease)/increase in other liabilities
|
(64
|
)
|
|
13
|
|
|
(335
|
)
|
|||
Net cash provided by operating activities
|
874
|
|
|
1,174
|
|
|
1,042
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Proceeds from maturities, calls, and paydowns of securities available for sale
|
66
|
|
|
71
|
|
|
55
|
|
|||
Proceeds from sales of securities available for sale
|
—
|
|
|
21
|
|
|
57
|
|
|||
Purchases of securities available for sale
|
(15
|
)
|
|
(26
|
)
|
|
(25
|
)
|
|||
Proceeds from sales of auction rate securities
|
—
|
|
|
59
|
|
|
8
|
|
|||
Net decrease/(increase) in loans to subsidiaries
|
1,042
|
|
|
(1,518
|
)
|
|
1,422
|
|
|||
Proceeds from sale of subsidiary
|
—
|
|
|
193
|
|
|
—
|
|
|||
Net capital contributions to subsidiaries
|
—
|
|
|
(32
|
)
|
|
—
|
|
|||
Other, net
|
(2
|
)
|
|
(10
|
)
|
|
—
|
|
|||
Net cash provided by/(used in) investing activities
|
1,091
|
|
|
(1,242
|
)
|
|
1,517
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Net decrease in short-term borrowings
|
(763
|
)
|
|
(686
|
)
|
|
(827
|
)
|
|||
Proceeds from long-term debt
|
—
|
|
|
723
|
|
|
888
|
|
|||
Repayment of long-term debt
|
(29
|
)
|
|
(5
|
)
|
|
(9
|
)
|
|||
Proceeds from the issuance of preferred stock
|
—
|
|
|
496
|
|
|
—
|
|
|||
Repurchase of common stock
|
(679
|
)
|
|
(458
|
)
|
|
(150
|
)
|
|||
Common and preferred dividends paid
|
(539
|
)
|
|
(409
|
)
|
|
(225
|
)
|
|||
Incentive compensation related activity
|
37
|
|
|
16
|
|
|
17
|
|
|||
Net cash used in financing activities
|
(1,973
|
)
|
|
(323
|
)
|
|
(306
|
)
|
|||
Net (decrease)/increase in cash and cash equivalents
|
(8
|
)
|
|
(391
|
)
|
|
2,253
|
|
|||
Cash and cash equivalents at beginning of period
|
2,623
|
|
|
3,014
|
|
|
761
|
|
|||
Cash and cash equivalents at end of period
|
|
$2,615
|
|
|
|
$2,623
|
|
|
|
$3,014
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosures:
|
|
|
|
|
|
||||||
Income taxes paid to subsidiaries
|
|
($499
|
)
|
|
|
($219
|
)
|
|
|
($195
|
)
|
Income taxes received by Parent Company
|
481
|
|
|
171
|
|
|
55
|
|
|||
Net income taxes paid by Parent Company
|
|
($18
|
)
|
|
|
($48
|
)
|
|
|
($140
|
)
|
Interest paid
|
|
$130
|
|
|
|
$131
|
|
|
|
$112
|
|
|
|
Item 9.
|
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|
Item 9A.
|
CONTROLS AND PROCEDURES
|
Item 10.
|
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|
Item 11.
|
EXECUTIVE COMPENSATION
|
Item 12.
|
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|
Item 13.
|
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
|
Item 14.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
Item 15.
|
EXHIBITS, FINANCIAL STATEMENT SCHEDULES
|
Exhibit
|
|
Description
|
|
|
4.8
|
|
Form of Second Supplemental Indenture
(to Indenture dated as of October 25, 2006) between SunTrust Banks, Inc. and U.S. Bank National Association, as Trustee, incorporated by reference to Exhibit 4.4 to the Registrant's Registration Statement on Form 8-A filed on December 5, 2006.
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|
*
|
|
|
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|
|
4.9
|
|
Senior Indenture
dated as of September 10, 2007 by and between SunTrust Banks, Inc. and U.S. Bank National Association, as Trustee, incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K filed on September 10, 2007.
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|
*
|
|
|
|
|
|
4.10
|
|
Form of Third Supplemental Indenture to the Junior Subordinated Notes Indenture
between SunTrust Banks, Inc. and U.S. Bank National Association, as Trustee, incorporated by reference to Exhibit 4.4 to the Registrant's Registration Statement on Form 8-A filed on March 3, 2008.
|
|
*
|
|
|
|
|
|
4.11
|
|
Warrant Agreement
dated September 22, 2011, among SunTrust Banks, Inc., Computershare Inc. and Computershare Trust Company, N.A., incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-A filed September 23, 2011.
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|
*
|
|
|
|
|
|
4.12
|
|
Warrant Agreement
dated September 22, 2011, among SunTrust Banks, Inc., Computershare Inc. and Computershare Trust Company, N.A., incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-A filed September 23, 2011.
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|
*
|
|
|
|
|
|
4.13
|
|
Form of Series A Preferred Stock Certificate,
incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed September 12, 2006.
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|
*
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|
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|
|
4.14
|
|
Form of Stock Certificate Representing the
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities of SunTrust Preferred Capital I, incorporated by reference to Exhibit 4.7 to Registrant's Current Report on Form 8-A filed October 24, 2006.
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|
*
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|
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|
4.15
|
|
Form of Series E Preferred Stock Certificate,
incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed December 20, 2012.
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|
*
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|
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|
|
4.16
|
|
Form of Series F Preferred Stock Certificate,
incorporated by reference to Exhibit 4.2 to Registrant's Current Report on Form 8-K filed November 7, 2014.
|
|
*
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|
|
|
|
|
10.1
|
|
SunTrust Banks, Inc. Annual Incentive Plan,
amended and restated as of January 1, 2014, incorporated by reference to Appendix B to the Registrant’s Proxy Statement filed March 10, 2014.
|
|
*
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
10.2
|
|
SunTrust Banks, Inc. 2009 Stock Plan
, as amended and restated as of August 11, 2015, incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed August 13, 2015, together with (i) Form of Nonqualified Stock Option Agreement; (ii) Form of Performance-Vested Stock Option Agreement; (iii) Form of Pro-Rata Nonqualified Stock Option Award Agreement; (iv) Form of Restricted Stock Agreement (3-year cliff vesting); (v) Form of Restricted Stock Agreement (3-year ratable vesting); (vi) Form of Performance Stock Agreement; (vii) Form of CCP Long Term Restricted Stock Award Agreement; (viii) Form of Performance Stock Unit Agreement; (ix) Form of TSR Performance-Vested Restricted Stock Unit Award Agreement; (x) Form of Tier 1 Capital Performance-Vested Restricted Stock Unit Award Agreement; (xi) Form of (2010) Salary Share Stock Unit Award Agreement; (xii) Form of (2011) SunTrust Banks, Inc. Salary Share Stock Unit Agreement; (xiii) Form of Non-Employee Director Restricted Stock Award Agreement; (xiv) Form of Non-Employee Director Restricted Stock Unit Award Agreement; (xv) Form of Co-investment Restricted Stock Unit Award Agreement with clawback under the SunTrust Banks, Inc. 2009 Stock Plan; (xvi) Form of Performance Vested (ROA) Restricted Stock Unit Award Agreement with clawback under the SunTrust Banks, Inc. 2009 Stock Plan; (xvii) Form of Performance Vested (TSR) Restricted Stock Unit Award Agreement with clawback under the SunTrust Banks, Inc. 2009 Stock Plan; (xviii) Form of Nonqualified Stock Option Award Agreement with clawback under the SunTrust Banks, Inc. 2009 Stock Plan; (xix) Form of Time Vested Restricted Stock Award Agreement with clawback under the SunTrust Banks, Inc. 2009 Stock Plan; (xx) Form of 2012 Non-Qualified Stock Option Award Agreement (2-year cliff vested) under the SunTrust Banks, Inc. 2009 Stock Plan; (xxi) Form of Restricted Stock Unit Award Agreement, 2013 RORWA; (xxii) Form of Restricted Stock Unit Award Agreement, 2013 TSR; (xxiii) Form of Restricted Stock Unit Agreement, 2014 TSR/Return on Tangible Common Equity (corrected); (xxiv) Form of Time-Vested Restricted Stock Unit Agreement, 2014 Type I; (xxv) Form of Time-Vested Restricted Stock Unit Agreement, 2014 Type II; (xxvi) Form of Restricted Stock Unit Agreement, 2015 TSR/Return on Tangible Common Equity; (xxvii) Form of Restricted Stock Unit Agreement, 2014 Return on Tangible Common Equity (corrected); (xxviii)Form of Restricted Stock Unit Agreement, 2015 Return on Tangible Common Equity; and (xxix) Form of Restricted Stock Unit Agreement, 2015 Type I, three-year cliff,
incorporated by reference to
(i) Exhibit 10.1.1 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (ii) Exhibit 10.1.2 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (iii) Exhibit 10.3 of the Company's Current Report on Form 8-K filed April 4, 2011; (iv) Exhibit 10.1.4 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (v) Exhibit 10.1.3 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (vi) Exhibit 10.1.6 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (vii) Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q filed November 5, 2010; (viii) Exhibit 10.1.7 to the Company's Registration Statement No. 333-158866 on Form S-8 filed April 28, 2009; (ix) Exhibit 10.1 of the Company's Current Report on Form 8-K/A filed April 27, 2011; (x) Exhibit 10.2 of the Company's Current Report on Form 8-K filed April 4, 2011; (xi) Exhibit 10.2 of the Company's Current Report on Form 8-K/A filed January 13, 2010; (xii) Exhibit 10.5 of the Company's Current Report on Form 8-K filed January 6, 2011; (xiii) Exhibit 10.1 of the Company's Current Report on Form 8-K filed April 27, 2011; (xiv) Exhibit 10.2 of the Company's Current Report on Form 8-K filed April 27, 2011; (xv) to (xix) Exhibits 10.26 to 10.30 to the Company's Annual Report on Form 10-K filed February 24, 2012; (xx) Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q filed August 1, 2012; (xxi) Exhibit 10.23 of the Company's Annual Report on Form 10-K filed February 27, 2013; (xxii) Exhibit 10.24 of the Company's Annual Report on Form 10-K filed February 27, 2013; (xxiii) Exhibit 10.17 of this Annual Report; (xxiv) Exhibit 10.18 of the Company's Annual Report on Form 10-K filed February 24, 2014; (xxv) Exhibit 10.19 of the Company's Annual Report on Form 10-K filed February 24, 2014; and (xxvi) Exhibit 10.18 of this Annual Report; (xxvii) Exhibit 10.17 to Annual Report on Form 10-K filed February 24, 2015; (xxviii) Exhibit 10.18 to Annual Report on Form 10-K filed February 24, 2015; and (xxix) Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed August 5, 2015.
|
|
*
|
|
|
|
|
|
10.3
|
|
SunTrust Banks, Inc. 2004 Stock Plan
effective April 20, 2004, as amended and restated February 12, 2008, incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed February 15, 2008, as further amended effective January 1, 2009, incorporated by reference to Exhibit 10.14 to the Registrant's Current Report on Form 8-K filed January 7, 2009, together with (i) Form of Non-Qualified Stock Option Agreement, (ii) Form of Restricted Stock Agreement, (iii) Form of Director Restricted Stock Agreement, and (iv) Form of Director Restricted Stock Unit Agreement, incorporated by reference to (i) Exhibit 10.70 of the Registrant's Quarterly Report on Form 10-Q filed May 8, 2006, (ii)Exhibit 10.71 of the Registrant's Quarterly Report on Form 10-Q filed May 8, 2006, (iii) Exhibit 10.72 of the Registrant's Quarterly Report on Form 10-Q filed May 8, 2006, and (iv) Exhibit 10.74 of the Registrant's Quarterly Report on Form 10-Q filed May 8, 2006.
|
|
*
|
|
|
|
|
|
10.4
|
|
SunTrust Banks, Inc. 2000 Stock Plan
, effective February 8, 2000, and amendments effective January 1, 2005, November 14, 2006, and January 1, 2009, incorporated by reference to Exhibit A to Registrant's 2000 Proxy Statement on Form 14A (File No. 001-08918), to Exhibits 10.1 and 10.2 to the Registrant's Current Report on Form 8-K filed February 16, 2007, and to Exhibit 10.12 to the Registrant's Current Report on Form 8-K filed January 7, 2009.
|
|
*
|
|
|
|
|
|
10.5
|
|
GB&T Bancshares, Inc. Stock Option Plan of 1997
, incorporated by reference to Exhibit 10.6 to the annual report on Form 10-K of GB&T Bancshares Inc. filed March 31, 2003 (File No. 005-82430).
|
|
*
|
|
|
|
|
|
10.6
|
|
GB&T Bancshares, Inc. 2007 Omnibus Long-Term Incentive Plan
, incorporated by reference to Appendix A to the definitive proxy statement of GB&T Bancshares Inc. filed April 18, 2007 (File No. 005-82430).
|
|
*
|
Exhibit
|
|
Description
|
|
|
|
|
|
|
|
10.7
|
|
Form of Restricted Stock Unit Agreement,
2016 Return on Tangible Common Equity.
|
|
**
|
|
|
|
|
|
10.8
|
|
Form of Restricted Stock Unit Agreement,
2016 Retention I, incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K filed February 12, 2016.
|
|
*
|
|
|
|
|
|
10.9
|
|
Form of Restricted Stock Unit Agreement,
2016 Retention II, incorporated by reference to Exhibit 10.2 to Current Report on Form 8-K filed February 12, 2016.
|
|
*
|
|
|
|
|
|
10.10
|
|
SunTrust Banks, Inc. Supplemental Executive Retirement Plan
, amended and restated as of January 1, 2011, incorporated by reference to Exhibit 10.7 to the Registrant's Quarterly Report on Form 10-Q filed August 9, 2011, as further amended by Amendment Number One, effective as of January 1, 2012, incorporated by reference to Exhibit 10.10 to the Registrant's Annual Report on Form 10-K filed February 24, 2012.
|
|
*
|
|
|
|
|
|
10.11
|
|
SunTrust Banks, Inc. ERISA Excess Retirement Plan,
amended and restated effective as of January 1, 2011, incorporated by reference to Exhibit 10.8 to the Registrant's Quarterly Report on Form 10-Q filed August 9, 2011, as further amended by Amendment Number One, effective as of January 1, 2012, incorporated by reference to Exhibit 10.1 to the Registrant's Annual Report on Form 10-K filed February 24, 2012.
|
|
*
|
|
|
|
|
|
10.12
|
|
SunTrust Restoration Plan,
amended and restated effective May 31, 2011, incorporated by reference to Exhibit 10.9 to the Registrant's Quarterly Report on Form 10-Q filed August 9, 2011, as further amended by Amendment Number One, effective as of January 1, 2012, incorporated by reference to Exhibit 10.11 to the Registrant's Annual Report on Form 10-K filed February 24, 2012.
|
|
*
|
|
|
|
|
|
10.13
|
|
Forms of Change in Control Agreements
between Registrant and (i) William H. Rogers, Jr., (ii) Aleem Gillani, (iii) Thomas E. Freeman, (iv) Mark A. Chancy, and (v) Anil Cheriyan, incorporated by reference to: (i) - (iii), Exhibit 10.13 to the Registrant's Annual Report on Form 10-K filed February 23, 2010; (iv), Exhibit 10.12 to the Registrant's Annual Report on Form 10-K filed February 23, 2010; and (v) Exhibit 10.16 to the Registrant's Annual Report on Form 10-K filed February 24, 2012.
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|
*
|
|
|
|
|
|
10.14
|
|
Executive Severance Plan,
amended and restated July 24, 2014, incorporated by reference to Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q filed August 6, 2014.
|
|
*
|
|
|
|
|
|
10.15
|
|
SunTrust Banks, Inc. Deferred Compensation Plan,
amended and restated effective as of January 1, 2015, incorporated by reference to Exhibit 10.10 to Annual Report on Form 10-K filed February 24, 2015.
|
|
*
|
|
|
|
|
|
10.16
|
|
SunTrust Banks, Inc. 401(k) Plan
, amended and restated effective as of January 1, 2012 (including amendments through December 31, 2012), incorporated by reference to Exhibits 10.1, 10.1.1, 10.1.2, 10.1.3, and 10.1.4 to the Registrant's Current Report on Form 8-K filed December 27, 2012.
|
|
*
|
|
|
|
|
|
10.17
|
|
SunTrust Banks, Inc. 401(k) Plan Trust Agreement
, amended and restated as of July 1, 2011, incorporated by reference to Exhibit 10.23 to the Registrant's Annual Report on Form 10-K filed February 24, 2012.
|
|
*
|
|
|
|
|
|
10.18
|
|
Consent Order
dated April 13, 2011 by and among the Board of Governors of the Federal Reserve System, SunTrust Banks, Inc.; SunTrust Bank; and SunTrust Mortgage, Inc., incorporated by reference to Exhibit 10.11 to the Registrant's Quarterly Report on Form 10-Q filed August 9, 2011, as amended February 28, 2013, such amendment incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q filed May 7, 2013.
|
|
*
|
|
|
|
|
|
10.19
|
|
Consent Judgment
between SunTrust Mortgage, Inc. (“SunTrust Mortgage”) on the one hand and the United States Department of Justice, the United States Department of Housing and Urban Development, certain other federal agencies, and the Attorneys General for forty-nine states and the District of Columbia dated as of June 17, 2014.
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|
*
|
|
|
|
|
|
10.20
|
|
Restitution and Remediation Agreement
dated as of July 3, 2014 between SunTrust Mortgage, Inc. and the United States of America, incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed July 3, 2014.
|
|
*
|
|
|
|
|
|
10.21
|
|
Master Agency Agreement,
dated as of September 13, 2010 among SunTrust and SunTrust Robinson Humphrey, Inc. (incorporated by reference to Exhibit 1.1 to the Registrant's Form 8-K filed on September 14, 2010), as amended by Amendment No. 1 to Master Agency Agreement, dated October 3, 2012, incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed October 3, 2012.
|
|
*
|
|
|
|
|
|
Exhibit
|
|
Description
|
|
|
12.1
|
|
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends.
|
|
**
|
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21.1
|
|
Registrant's Subsidiaries.
|
|
**
|
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23.1
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
**
|
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31.1
|
|
Certification of Chairman and Chief Executive Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
**
|
|
|
|
|
|
31.2
|
|
Certification of Corporate Executive Vice President and Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
**
|
|
|
|
|
|
32.1
|
|
Certification of Chairman and Chief Executive Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
**
|
|
|
|
|
|
32.2
|
|
Certification of Corporate Executive Vice President and Chief Financial Officer
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
**
|
|
|
|
|
|
99.1
|
|
Recoupment Policy.
|
|
**
|
|
|
|
|
|
101.1
|
|
Interactive Data File.
|
|
**
|
*
|
incorporated by reference
|
**
|
filed herewith
|
|
|
|
|
|
SUNTRUST BANKS, INC.
|
|
|
|
(Registrant)
|
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|
|
By: /s/ William H. Rogers, Jr.
|
|
|
|
William H. Rogers, Jr.,
|
|
|
|
Chairman of the Board and Chief Executive Officer
|
Signatures
|
|
Date
|
|
Title
|
|
|
|
|
|
Principal Executive Officer:
|
|
|
|
|
/s/ William H. Rogers, Jr.
|
|
February 23, 2016
|
Chairman of the Board (Director) and
|
|
William H. Rogers, Jr.
|
|
Date
|
Chief Executive Officer
|
|
|
|
|
|
|
Principal Financial Officer:
|
|
|
|
|
/s/ Aleem Gillani
|
|
February 23, 2016
|
Corporate Executive Vice President and
|
|
Aleem Gillani
|
|
Date
|
Chief Financial Officer
|
|
|
|
|
|
|
Principal Accounting Officer:
|
|
|
|
|
/s/ Thomas E. Panther
|
|
February 23, 2016
|
Senior Vice President, Director of Corporate
|
|
Thomas E. Panther
|
|
Date
|
Finance & Controller
|
|
|
|
|
||
Directors:
|
|
|
|
|
/s/ Robert M. Beall, II
|
|
February 9, 2016
|
Director
|
|
Robert M. Beall, II
|
|
Date
|
|
|
|
|
|
||
/s/ Dallas S. Clement
|
|
February 9, 2016
|
Director
|
|
Dallas S. Clement
|
|
Date
|
|
|
|
|
|
|
|
/s/ Paul R. Garcia
|
|
February 9, 2016
|
Director
|
|
Paul R. Garcia
|
|
Date
|
|
|
|
|
|
|
|
/s/ David H. Hughes
|
|
February 9, 2016
|
Director
|
|
David H. Hughes
|
|
Date
|
|
|
|
|
|
||
________________
|
|
______________
|
Director
|
|
M. Douglas Ivester
|
|
Date
|
|
|
|
|
|
|
|
/s/ Kyle Prechtl Legg
|
|
February 9, 2016
|
Director
|
|
Kyle Prechtl Legg
|
|
Date
|
|
|
|
|
|
|
|
/s/ William A. Linnenbringer
|
|
February 9, 2016
|
Director
|
|
William A. Linnenbringer
|
|
Date
|
|
|
|
|
|
||
/s/ Donna S. Morea
|
|
February 9, 2016
|
Director
|
|
Donna S. Morea
|
|
Date
|
|
|
|
|
|
||
/s/ David M. Ratcliffe
|
|
February 9, 2016
|
Director
|
|
David M. Ratcliffe
|
|
Date
|
|
|
|
|
|
|
|
/s/ Frank P. Scruggs, Jr.
|
|
February 9, 2016
|
Director
|
|
Frank P. Scruggs, Jr.
|
|
Date
|
|
|
|
|
|
||
/s/ Bruce L. Tanner
|
|
February 9, 2016
|
Director
|
|
Bruce L. Tanner
|
|
Date
|
|
|
|
|
|
|
|
/s/ Thomas R. Watjen
|
|
February 9, 2016
|
Director
|
|
Thomas R. Watjen
|
|
Date
|
|
|
|
|
|
||
/s/ Dr. Phail Wynn, Jr.
|
|
February 9, 2016
|
Director
|
|
Dr. Phail Wynn, Jr.
|
|
Date
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
|
|
Name of Grantee
|
|
_
[Name]
____________________________
|
|
|
|
Target Number of Restricted Stock Units
|
|
_
[
# of Units
]
_____
|
|
|
|
Grant Date
|
|
_
[Grant Date]
_________________________
|
(i)
|
The Grantee shall vest in a percentage of Restricted Stock Units (between 0% and 150%) indicated by the following ROTCE Matrix adjusted by the TSR Modifier below on February 9, 2019 (the “Vesting Date”); provided, that the Grantee has remained in continuous employment with SunTrust or a Subsidiary from the Grant Date through the Vesting Date, except as provided in §5(d) hereof (pertaining to vesting after Retirement). In addition, the Restricted Stock Units may vest prior to the Vesting Date in accordance with any other provisions of §4 or §5. The Absolute ROTCE for SunTrust and each member of the Peer Group shall be calculated and ranked from high to low.
|
SunTrust’s ROTCE Rank
|
Payout Percentage
|
||||
Within Top 3 Banks
|
120%
|
130%
|
140%
|
150%
|
|
Within Next 3 Banks
|
100%
|
120%
|
130%
|
140%
|
|
Within Next 3 Banks
|
50%
|
100%
|
120%
|
130%
|
|
Within Bottom 2 Banks
|
0%
|
50%
|
100%
|
120%
|
|
|
|
|
|
|
|
|
|
redacted
|
redacted
|
redacted
|
redacted
|
|
|
STI Absolute ROTCE
|
(ii)
|
The Payout Percentage is determined as follows: (1) Locate the column(s) in the ROTCE Matrix that correspond to SunTrust’s Absolute ROTCE; (2) Determine the ROTCE Rank of SunTrust and each member of the Peer Group ranked from high to low; (3) interpolate between the Payout Percentages in the row corresponding to SunTrust’s ROTCE Rank based on the percentages in the column(s) that correspond to SunTrust’s Absolute ROTCE.
|
|
|
|
|
SunTrust TSR Rank - Percentile
|
Payout Adjustment
|
Above 75th
|
+20 %
|
Between 25th and 75th
|
No Adjustment
|
Below 25
th
|
-20 %
|
|
|
(i)
|
the portion of the Vested Units comprising the “Award Percentage” which is less than or equal to 130% shall be paid in a lump sum upon the earliest to occur of the following: (A) the date of the Grantee's death, (B) the date of the Grantee's Disability, (C) subject to §6(d), the date of the Grantee's Separation from Service, if such Separation from Service occurs: (1) within two (2) years following a 409A Change in Control or (2) before the Grantee becomes eligible for Retirement, or (D) February 9, 2019
|
|
|
(ii)
|
the portion, if any, of the Vested Units comprising the “Award Percentage” greater than 130% shall be paid in a lump sum upon the earliest to occur of the following: (A) the date of the Grantee's death, (B) the date of the Grantee's Disability, (C) subject to §6(d), the date of the Grantee's Separation from Service, if such Separation from Service occurs: (1) within two (2) years following a 409A Change in Control or (2) before the Grantee becomes eligible for Retirement, or (D) February 9, 2020.
|
|
|
|
|
(b)
|
In the event payment is made pursuant to sub-paragraph §6(a)(i)(A), §6(a)(i)(B), §6(i)(C), §6(ii)(A), §6(ii)(B), or §6(ii)(C) above, such payment shall be made on the last day of the sixty (60) day period which commences immediately following the date of the applicable event. In the event payment is made pursuant to sub-paragraphs §6(a)(i)(D) and §6(a)(ii)(D) above, such payment shall be made within 30 days following February 9, 2019 and February 9, 2020.
|
|
|
|
|
(c)
|
Except as set forth below, the Vested Units shall be paid out in an equivalent number of shares of Stock; provided, however, the Grantee's right to any fractional share of Stock shall be paid in cash. In the event the Restricted Stock Units (and related Dividend Equivalent Rights) vest following a Change in Control pursuant to §4, the Vested Units shall be paid in cash, and the amount of the payment for each Vested Unit to be paid in cash will equal the Fair Market Value of a share of Stock on the date of the Change in Control.
|
|
|
|
|
(d)
|
Notwithstanding anything herein to the contrary, distributions may not be made to a Key Employee upon a Separation from Service before the date which is six (6) months after the date of the Key Employee's Separation from Service (or, if earlier, the date of death of the Key Employee). Any payments that would otherwise be made during this period of delay shall be accumulated and paid in the seventh month following the Grantee's Separation from Service.
|
|
|
|
|
(e)
|
The Grantee shall be entitled to a Dividend Equivalent Right for each Vested Unit. At the same time that the related Vested Units are paid, SunTrust shall pay each Dividend Equivalent Right in shares of Stock to the Grantee, or, in the event the Restricted Stock Units vest pursuant to §4, in cash; provided, however, the Grantee's right to any fractional share of Stock shall be paid in cash.
|
|
|
|
|
(f)
|
The Grantee will not have any shareholder rights with respect to the Restricted Stock Units, including the right to vote or receive dividends, unless and until shares of Stock are issued to the Grantee as payment of the vested Restricted Stock Units.
|
|
|
|
|
(i)
|
No Solicitation of Customers or Clients.
Grantee shall not during the Restricted Period solicit any customer or client of SunTrust or any SunTrust Affiliate with whom Grantee had any material business contact during the two (2) year period which ends on the date Grantee's employment by SunTrust or a SunTrust Affiliate terminates for the purpose of competing with SunTrust or any SunTrust Affiliate for any reason, either individually, or as an owner, partner, employee, agent, consultant, advisor, contractor, salesman, stockholder, investor, officer or director of, or service provider to, any corporation, partnership, venture or other business entity.
|
|
|
|
|
(ii)
|
Anti-pirating of Employees.
Absent the Compensation Committee's written consent, Grantee will not during the Restricted Period solicit to employ on Grantee's own behalf or on behalf of any other person, firm or corporation, any person who was employed by SunTrust or a SunTrust Affiliate during the term of Grantee's employment by SunTrust or a SunTrust Affiliate (whether or not such employee would commit a breach of contract), and who has not ceased to be employed by SunTrust or a SunTrust Affiliate for a period of at least one (1) year.
|
(iii)
|
Protection of Trade Secrets and Confidential Information.
Grantee hereby agrees that Grantee will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will not directly or indirectly use or disclose, any Trade Secret that Grantee may have acquired during the term of Grantee's employment by SunTrust or a SunTrust Affiliate for so long as such information remains a Trade Secret. In addition, Grantee agrees that during the Restricted Period, Grantee will hold in a fiduciary capacity for the benefit of SunTrust and each SunTrust Affiliate, and will not directly or indirectly use or disclose, any Confidential or Proprietary Information that Grantee may have acquired (whether or not developed or compiled by Grantee and whether or not Grantee was authorized to have access to such information) during the term of, in the course of, or as a result of Grantee's employment by SunTrust or a SunTrust Affiliate.
|
|
|
|
|
(i)
|
No Competitive Activity.
Absent the Committee's written consent, Grantee shall not, during the Restricted Period and within the Territory, engage in any Managerial Responsibilities for or on behalf of any corporation, partnership, venture, or other business entity that engages directly or indirectly in the Financial Services Business whether as an owner, partner, employee, agent, consultant, advisor, contractor, salesman, stockholder, investor, officer or director; provided, however, that Grantee may own up to five percent (5%) of the stock of a publicly traded company that engages in the Financial Services Business so long as Grantee is only a passive investor and is not actively involved in such company in any way.
|
|
|
|
|
(ii)
|
Non-Disparagement.
Grantee agrees not to knowingly make false or materially misleading statements or disparaging comments about SunTrust or any SunTrust Affiliate during the Restricted Period.
|
|
|
1.
|
KeyCorp
|
|
|
2.
|
Comerica Incorporated
|
|
|
3.
|
Fifth Third Bancorp
|
|
|
4.
|
Regions Financial Corp
|
|
|
5.
|
PNC Financial Services Group, Inc.
|
|
|
6.
|
Wells Fargo & Company
|
|
|
7.
|
BB&T Corp.
|
|
|
8.
|
Capital One Financial Corp.
|
|
|
9.
|
U.S. Bancorp
|
|
|
10.
|
M&T Bank Corp.
|
SunTrust Banks, Inc.
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends
|
|||||||||||||||||||
|
|
||||||||||||||||||
|
For the Year Ended December 31
|
||||||||||||||||||
(Dollars in millions)
|
2015
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
||||||||||
Ratio 1 - Including interest on deposits
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
1
|
|
$2,697
|
|
|
|
$2,267
|
|
|
|
$1,666
|
|
|
|
$2,770
|
|
|
|
$766
|
|
Fixed charges
|
588
|
|
|
633
|
|
|
626
|
|
|
849
|
|
|
1,189
|
|
|||||
Total earnings
|
|
$3,285
|
|
|
|
$2,900
|
|
|
|
$2,292
|
|
|
|
$3,619
|
|
|
|
$1,955
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on deposits
|
|
$219
|
|
|
|
$235
|
|
|
|
$291
|
|
|
|
$429
|
|
|
|
$624
|
|
Interest on funds purchased and securities sold under agreements to repurchase
|
5
|
|
|
4
|
|
|
4
|
|
|
4
|
|
|
5
|
|
|||||
Interest on other short-term borrowings
|
3
|
|
|
14
|
|
|
13
|
|
|
18
|
|
|
12
|
|
|||||
Interest on trading liabilities
|
22
|
|
|
21
|
|
|
17
|
|
|
15
|
|
|
26
|
|
|||||
Interest on long-term debt
|
252
|
|
|
270
|
|
|
210
|
|
|
299
|
|
|
449
|
|
|||||
Portion of rents representative of the interest factor of rental expense
|
87
|
|
|
89
|
|
|
91
|
|
|
84
|
|
|
73
|
|
|||||
Total fixed charges
|
588
|
|
|
633
|
|
|
626
|
|
|
849
|
|
|
1,189
|
|
|||||
Preferred stock dividend requirements
|
90
|
|
|
53
|
|
|
46
|
|
|
17
|
|
|
174
|
|
|||||
Fixed charges and preferred stock dividends
|
|
$678
|
|
|
|
$686
|
|
|
|
$672
|
|
|
|
$866
|
|
|
|
$1,363
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
5.59x
|
|
|
4.58x
|
|
|
3.66x
|
|
|
4.26x
|
|
|
1.64x
|
|
|||||
Ratio of earnings to fixed charges and preferred stock dividends
|
4.85x
|
|
|
4.23x
|
|
|
3.41x
|
|
|
4.18x
|
|
|
1.43x
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio 2 - Excluding interest on deposits
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Income before income taxes
1
|
|
$2,697
|
|
|
|
$2,267
|
|
|
|
$1,666
|
|
|
|
$2,770
|
|
|
|
$766
|
|
Fixed charges
|
369
|
|
|
398
|
|
|
335
|
|
|
420
|
|
|
565
|
|
|||||
Total earnings
|
|
$3,066
|
|
|
|
$2,665
|
|
|
|
$2,001
|
|
|
|
$3,190
|
|
|
|
$1,331
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest on funds purchased and securities sold under agreements to repurchase
|
|
$5
|
|
|
|
$4
|
|
|
|
$4
|
|
|
|
$4
|
|
|
|
$5
|
|
Interest on other short-term borrowings
|
3
|
|
|
14
|
|
|
13
|
|
|
18
|
|
|
12
|
|
|||||
Interest on trading liabilities
|
22
|
|
|
21
|
|
|
17
|
|
|
15
|
|
|
26
|
|
|||||
Interest on long-term debt
|
252
|
|
|
270
|
|
|
210
|
|
|
299
|
|
|
449
|
|
|||||
Portion of rents representative of the interest factor of rental expense
|
87
|
|
|
89
|
|
|
91
|
|
|
84
|
|
|
73
|
|
|||||
Total fixed charges
|
369
|
|
|
398
|
|
|
335
|
|
|
420
|
|
|
565
|
|
|||||
Preferred stock dividend requirements
|
90
|
|
|
53
|
|
|
46
|
|
|
17
|
|
|
174
|
|
|||||
Fixed charges and preferred stock dividends
|
|
$459
|
|
|
|
$451
|
|
|
|
$381
|
|
|
|
$437
|
|
|
|
$739
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
8.31x
|
|
|
6.70x
|
|
|
5.97x
|
|
|
7.60x
|
|
|
2.36x
|
|
|||||
Ratio of earnings to fixed charges and preferred stock dividends
|
6.68x
|
|
|
5.91x
|
|
|
5.25x
|
|
|
7.30x
|
|
|
1.80x
|
|
Name
|
State of
Incorporation
|
Additional Names under which it does business
|
|
|
|
SunTrust Banks, Inc.
|
Georgia
|
none
|
|
|
|
SunTrust Robinson Humphrey, Inc.
|
Tennessee
|
none
|
|
|
|
GenSpring Family Offices, LLC
|
Florida
|
GenSpring
|
|
|
|
SunTrust Bank Holding Company
|
Florida
|
none
|
|
|
|
SunTrust Insurance Services, Inc.
|
Georgia
|
SunTrust Insurance Agency
|
|
|
|
Twin Rivers II, Inc.
|
South Carolina
|
none
|
|
|
|
SunTrust Investment Services, Inc.
|
Georgia
|
none
|
|
|
|
SunTrust Bank
|
Georgia
|
LightStream Lending,
|
|
|
SunTrust Dealer
Financial Services
|
|
|
SunTrust Bank, Corp
|
|
|
|
SunTrust Mortgage, Inc.
|
Virginia
|
Crestar Mortgage
|
|
|
|
Twin Rivers Insurance Company
|
South Carolina
|
none
|
|
|
|
Premium Assignment Corporation
|
Florida
|
none
|
|
|
|
Premium Assignment Corporation, II
|
California
|
none
|
|
|
|
REITS
|
|
|
|
|
|
STB Real Estate Holdings (Commercial), Inc.
|
Delaware
|
none
|
|
|
|
STB Real Estate Holdings (Household Lending ), Inc.
|
Delaware
|
none
|
|
|
|
STB Real Estate Holdings (Residential), Inc.
|
Delaware
|
none
|
|
|
|
STB Real Estate, LLC
|
Delaware
|
none
|
(1)
|
I have reviewed this Annual Report on Form 10-K of SunTrust Banks, Inc.;
|
(2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
(4)
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
(5)
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
(1)
|
I have reviewed this Annual Report on Form 10-K of SunTrust Banks, Inc.;
|
(2)
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
(3)
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
(4)
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
|
(5)
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
Effective Date
. This policy shall take effect on November 5, 2015.
|
2.
|
Definitions
. Unless the context otherwise requires, all terms used in this section have the same meaning as in the Exchange Act and the rules and regulations thereunder. In addition, unless the context otherwise requires, the following definitions apply for purposes of this section:
|
(1)
|
the commission of an act of fraud or dishonesty in the course of Grantee's employment;
|
(2)
|
improper conduct by Grantee including, but not limited to, fraud, unethical conduct, falsification of SunTrust's records, unauthorized removal of SunTrust property or information, theft, violent acts or threats of violence, unauthorized possession of controlled substances on the property of SunTrust, conduct causing reputational harm to SunTrust or its clients, or the use of SunTrust property, facilities or services for unauthorized or illegal purposes;
|
(3)
|
the improper disclosure by Grantee of proprietary, privileged or confidential information of SunTrust or a SunTrust client or former client or breach of a fiduciary duty owed to SunTrust or a SunTrust client or former client;
|
(4)
|
the commission of a criminal act by Grantee, whether or not performed in the workplace, that constitutes a felony or a crime of comparable magnitude under applicable law as determined by SunTrust in its sole discretion, or that subjects, or if generally known, would subject SunTrust to public ridicule or embarrassment;
|
(5)
|
the commission of an act or omission which causes Grantee or SunTrust to be in violation of federal or state securities laws, rules or regulations, and/or the rules of any exchange or association of which SunTrust is a member, including statutory disqualification;
|
(6)
|
Grantee's failure to perform the duties of Grantee's job which are set forth in Grantee's written job description, written operating policies, inBalance goals or other written document available to Grantee and which in each case SunTrust views as being material to Grantee's position and the overall business of SunTrust under circumstances where such failure is detrimental to SunTrust;
|
(7)
|
the material breach of a written policy applicable to teammates of SunTrust including, but not limited to, the SunTrust Code of Business Conduct and Ethics;
|
(8)
|
an act or omission by Grantee which results or is intended to result in personal gain at the expense of SunTrust; or
|
(9)
|
any other act or omission which constitutes “cause” for termination.
|
6.
|
Recoupment of Compensation under Other Circumstances
.
|
(1)
|
the amount of Incentive compensation received that exceeds the amount of incentive compensation that otherwise would have been received but for the circumstances described in either Section 4(a), Section 4(b), or Section 4(c);
|
(2)
|
the cost or difficulty of obtaining recoupment, including but not limited to whether Grantee has any outstanding grants that may be cancelled, whether Grantee continues to be employed by SunTrust, and the language of this Recoupment Policy in effect on the relevant date of Grant;
|
(3)
|
Grantee’s relative fault or degree of involvement, (including such factors as Grantee's current or former leadership role with respect to SunTrust or the relevant line of business, and the degree to which Grantee was involved in decisions that are determined to have contributed to the loss);
|
(4)
|
Grantee's general performance;
|
(5)
|
the impact of Grantee’s conduct on SunTrust, and the magnitude of any loss or variance from plan;
|
(6)
|
other employment discipline that may have been applied;
|
(7)
|
any other relevant facts and circumstances.
|