Financial Supplement
Fourth Quarter and Full Year 2020
1
Table of Contents | Page |
Consolidated Financial Highlights | 3 |
Consolidated Statements of Operations (unaudited) | 5 |
Consolidated Balance Sheets (unaudited) | 6 |
Loans and Deposits | 7 |
Average Balance Sheets | 8 |
Average Annualized Yields and Rates | 9 |
Segment Financial Highlights | 10 |
Credit-Related Information: | |
Nonaccrual loans and leases | 14 |
Loans and Leases 90 Days or More Past Due and Accruing | 15 |
Charge-offs, Recoveries, and Related Ratios | 16 |
Summary of Changes in the Components of the Allowance for Credit Losses | 18 |
Capital and Ratios | 19 |
Non-GAAP Financial Measures and Reconciliations | 20 |
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward- looking statements language contained in the Company's reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC's website (www.sec.gov) or on the Company's website (www.citizensbank.com). The Company's future financial performance is subject to the risks and uncertainties described in its SEC filings.
2
CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | |||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | |||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | |||||||||||||||||||||||||
SELECTED OPERATING DATA | ||||||||||||||||||||||||||||||
Total revenue | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (5%) | $70 | 4% | $6,905 | $6,491 | $414 | 6% | |||||||||||||||||
Noninterest expense | 1,012 | 988 | 979 | 1,012 | 986 | 24 | 2 | 26 | 3 | 3,991 | 3,847 | 144 | 4 | |||||||||||||||||
Profit before provision for credit | ||||||||||||||||||||||||||||||
losses | 695 | 803 | 771 | 645 | 651 | (108) | (13) | 44 | 7 | 2,914 | 2,644 | 270 | 10 | |||||||||||||||||
Provision for credit losses | 124 | 428 | 464 | 600 | 110 | (304) | (71) | 14 | 13 | 1,616 | 393 | 1,223 | NM | |||||||||||||||||
NET INCOME | 456 | 314 | 253 | 34 | 450 | 142 | 45 | 6 | 1 | 1,057 | 1,791 | (734) | (41) | |||||||||||||||||
Net income, Underlying1 | 480 | 338 | 263 | 59 | 454 | 142 | 42 | 26 | 6 | 1,140 | 1,808 | (668) | (37) | |||||||||||||||||
Net income available to common | ||||||||||||||||||||||||||||||
stockholders | 424 | 289 | 225 | 12 | 427 | 135 | 47 | (3) | (1) | 950 | 1,718 | (768) | (45) | |||||||||||||||||
Net income available to common | ||||||||||||||||||||||||||||||
stockholders, Underlying1 | 448 | 313 | 235 | 37 | 431 | 135 | 43 | 17 | 4 | 1,033 | 1,735 | (702) | (40) | |||||||||||||||||
PER COMMON SHARE DATA | ||||||||||||||||||||||||||||||
Basic earnings | $0.99 | $0.68 | $0.53 | $0.03 | $0.98 | $0.31 | 46% | $0.01 | 1% | $2.22 | $3.82 | ($1.60) | (42%) | |||||||||||||||||
Diluted earnings | 0.99 | 0.68 | 0.53 | 0.03 | 0.98 | 0.31 | 46 | 0.01 | 1 | 2.22 | 3.81 | (1.59) | (42) | |||||||||||||||||
Basic earnings, Underlying1 | 1.05 | 0.73 | 0.55 | 0.09 | 0.99 | 0.32 | 44 | 0.06 | 6 | 2.42 | 3.86 | (1.44) | (37) | |||||||||||||||||
Diluted earnings, Underlying1 | 1.04 | 0.73 | 0.55 | 0.09 | 0.99 | 0.31 | 42 | 0.05 | 5 | 2.41 | 3.84 | (1.43) | (37) | |||||||||||||||||
Cash dividends declared and paid per | ||||||||||||||||||||||||||||||
common share | 0.39 | 0.39 | 0.39 | 0.39 | 0.36 | - | - | 0.03 | 8 | 1.56 | 1.36 | 0.20 | 15 | |||||||||||||||||
Book value per common share | 48.47 | 48.01 | 47.92 | 47.78 | 47.63 | 0.46 | 1 | 0.84 | 2 | 48.47 | 47.63 | 0.84 | 2 | |||||||||||||||||
Tangible book value per common | ||||||||||||||||||||||||||||||
share | 32.72 | 32.24 | 32.13 | 31.97 | 32.08 | 0.48 | 1 | 0.64 | 2 | 32.72 | 32.08 | 0.64 | 2 | |||||||||||||||||
Dividend payout ratio | 39 % | 58 % | 74 % | 1,398 % | 37 % | (1,829) bps | 265 | bps | 70 % | 36% | 3,453 | bps | ||||||||||||||||||
Dividend payout ratio, Underlying1 | 37 | 53 | 71 | 451 | 36 | (1,608) bps | 82 | bps | 65 | 35 | 2,930 | bps | ||||||||||||||||||
COMMON SHARES OUTSTANDING | ||||||||||||||||||||||||||||||
Average: Basic | 427,074,822 | 426,846,096 | 426,613,053 | 427,718,421 | 434,684,606 | 228,726 | -% | (7,609,784) | (2%) | 427,062,537 | 449,731,453 | (22,668,916) | (5%) | |||||||||||||||||
Diluted | 428,881,252 | 427,992,349 | 427,566,920 | 429,388,855 | 436,500,829 | 888,903 | - | (7,619,577) | (2) | 428,157,780 | 451,213,701 | (23,055,921) | (5) | |||||||||||||||||
Common shares at period-end | 427,209,831 | 427,073,084 | 426,824,594 | 426,586,533 | 433,121,083 | 136,747 | - | (5,911,252) | (1) | 427,209,831 | 433,121,083 | (5,911,252) | (1) | |||||||||||||||||
- These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
3
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | ||||||||||||||||||||||||||||||||
FINANCIAL RATIOS | |||||||||||||||||||||||||||||||||||||
Net interest margin | 2.75 | % | 2.82 | % | 2.87 | % | 3.09 | % | 3.04 | % | (7) bps | (29) bps | 2.88 | % | 3.14 | % | (26) bps | ||||||||||||||||||||
Net interest margin, FTE1 | 2.75 | 2.83 | 2.88 | 3.10 | 3.06 | (8) bps | (31) bps | 2.89 | 3.16 | (27) bps | |||||||||||||||||||||||||||
Return on average common equity | 8.20 | 5.60 | 4.44 | 0.24 | 8.30 | 260 | bps | (10) bps | 4.65 | 8.45 | (380) bps | ||||||||||||||||||||||||||
Return on average common equity, Underlying2 | 8.66 | 6.05 | 4.63 | 0.74 | 8.36 | 261 | bps | 30 | bps | 5.05 | 8.53 | (348) bps | |||||||||||||||||||||||||
Return on average tangible common equity | 12.20 | 8.33 | 6.62 | 0.36 | 12.39 | 387 | bps | (19) bps | 6.93 | 12.64 | (571) bps | ||||||||||||||||||||||||||
Return on average tangible common equity, | |||||||||||||||||||||||||||||||||||||
Underlying2 | 12.89 | 9.00 | 6.90 | 1.10 | 12.49 | 389 | bps | 40 | bps | 7.53 | 12.76 | (523) bps | |||||||||||||||||||||||||
Return on average total assets | 1.00 | 0.70 | 0.57 | 0.08 | 1.08 | 30 | bps | (8) bps | 0.60 | 1.10 | (50) bps | ||||||||||||||||||||||||||
Return on average total assets, Underlying2 | 1.05 | 0.76 | 0.59 | 0.14 | 1.09 | 29 | bps | (4) bps | 0.65 | 1.11 | (46) bps | ||||||||||||||||||||||||||
Return on average total tangible assets | 1.04 | 0.73 | 0.59 | 0.09 | 1.13 | 31 | bps | (9) bps | 0.62 | 1.15 | (53) bps | ||||||||||||||||||||||||||
Return on average total tangible assets, Underlying2 | 1.10 | 0.79 | 0.61 | 0.15 | 1.14 | 31 | bps | (4) bps | 0.67 | 1.16 | (49) bps | ||||||||||||||||||||||||||
Effective income tax rate | 20.16 | 16.10 | 17.69 | 24.13 | 16.76 | 406 | bps | 340 | bps | 18.54 | 20.43 | (189) bps | |||||||||||||||||||||||||
Effective income tax rate, Underlying2 | 21.70 | 16.79 | 19.36 | 24.52 | 21.52 | 491 | bps | 18 | bps | 19.92 | 22.03 | (211) bps | |||||||||||||||||||||||||
Efficiency ratio | 59.28 | 55.18 | 55.91 | 61.10 | 60.28 | 410 | bps | (100) bps | 57.80 | 59.28 | (148) bps | ||||||||||||||||||||||||||
Efficiency ratio, Underlying2 | 56.83 | 53.44 | 54.85 | 59.08 | 58.02 | 339 | bps | (119) bps | 55.99 | 58.23 | (224) bps | ||||||||||||||||||||||||||
Noninterest income as a % of total revenue | 34 % | 37 % | 34 % | 30 % | 30 % | (300) bps | 400 | bps | 34 % | 29 % | 500 | bps | |||||||||||||||||||||||||
CAPITAL RATIOS - PERIOD-END (PRELIMINARY) | |||||||||||||||||||||||||||||||||||||
CET1 capital ratio | 10.0 | % | 9.8 | % | 9.6 | % | 9.4 | % | 10.0 | % | |||||||||||||||||||||||||||
Tier 1 capital ratio | 11.3 | 11.2 | 10.9 | 10.5 | 11.1 | ||||||||||||||||||||||||||||||||
Total capital ratio | 13.4 | 13.3 | 13.1 | 12.5 | 13.0 | ||||||||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.4 | 9.5 | 9.3 | 9.6 | 10.0 | ||||||||||||||||||||||||||||||||
Tangible common equity ratio | 7.9 | 8.0 | 7.9 | 8.0 | 8.7 | ||||||||||||||||||||||||||||||||
SELECTED BALANCE SHEET DATA | |||||||||||||||||||||||||||||||||||||
Loans-to-deposits ratio (period-end balances) | 83.64 | % | 86.81 | % | 87.53 | % | 95.54 | % | 95.03 | % | (317) bps | (1,139) bps | 83.64 | % | 95.03 | % | (1,139) bps | ||||||||||||||||||||
Loans-to-deposits ratio (average balances) | 84.99 | 88.36 | 90.93 | 95.60 | 94.63 | (337) bps | (964) bps | 89.77 | 95.62 | (585) bps | |||||||||||||||||||||||||||
Full-time equivalent colleagues | 17,584 | 17,930 | 18,312 | 17,863 | 17,997 | (346) | (2) | (413) | (2) | 17,584 | 17,997 | (413) | (2) |
- Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
4
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||||||||||||
INTEREST INCOME | |||||||||||||||||||||||||||||||
Interest and fees on loans and leases | $1,105 | $1,120 | $1,192 | $1,302 | $1,312 | ($15) | (1%) | ($207) | (16%) | $4,719 | $5,441 | ($722) | (13%) | ||||||||||||||||||
Interest and fees on loans held for sale | 19 | 21 | 20 | 15 | 18 | (2) | (10) | 1 | 6 | 75 | 63 | 12 | 19 | ||||||||||||||||||
Interest and fees on other loans held for sale | 1 | 16 | 7 | 9 | 5 | (15) | (94) | (4) | (80) | 33 | 13 | 20 | 154 | ||||||||||||||||||
Investment securities | 121 | 121 | 130 | 147 | 159 | - | - | (38) | (24) | 519 | 642 | (123) | (19) | ||||||||||||||||||
Interest-bearing deposits in banks | 3 | 2 | 1 | 5 | 7 | 1 | 50 | (4) | (57) | 11 | 30 | (19) | (63) | ||||||||||||||||||
Total interest income | 1,249 | 1,280 | 1,350 | 1,478 | 1,501 | (31) | (2) | (252) | (17) | 5,357 | 6,189 | (832) | (13) | ||||||||||||||||||
INTEREST EXPENSE | |||||||||||||||||||||||||||||||
Deposits | 69 | 89 | 124 | 227 | 263 | (20) | (22) | (194) | (74) | 509 | 1,155 | (646) | (56) | ||||||||||||||||||
Short-term borrowed funds | 1 | - | - | 1 | 2 | 1 | 100 | (1) | (50) | 2 | 10 | (8) | (80) | ||||||||||||||||||
Long-term borrowed funds | 50 | 54 | 66 | 90 | 93 | (4) | (7) | (43) | (46) | 260 | 410 | (150) | (37) | ||||||||||||||||||
Total interest expense | 120 | 143 | 190 | 318 | 358 | (23) | (16) | (238) | (66) | 771 | 1,575 | (804) | (51) | ||||||||||||||||||
Net interest income | 1,129 | 1,137 | 1,160 | 1,160 | 1,143 | (8) | (1) | (14) | (1) | 4,586 | 4,614 | (28) | (1) | ||||||||||||||||||
NONINTEREST INCOME | |||||||||||||||||||||||||||||||
Mortgage banking fees | 193 | 287 | 276 | 159 | 80 | (94) | (33) | 113 | 141 | 915 | 302 | 613 | 203 | ||||||||||||||||||
Service charges and fees | 104 | 97 | 84 | 118 | 128 | 7 | 7 | (24) | (19) | 403 | 505 | (102) | (20) | ||||||||||||||||||
Capital markets fees | 88 | 58 | 61 | 43 | 66 | 30 | 52 | 22 | 33 | 250 | 216 | 34 | 16 | ||||||||||||||||||
Card fees | 56 | 57 | 48 | 56 | 64 | (1) | (2) | (8) | (13) | 217 | 254 | (37) | (15) | ||||||||||||||||||
Trust and investment services fees | 52 | 53 | 45 | 53 | 52 | (1) | (2) | - | - | 203 | 202 | 1 | - | ||||||||||||||||||
Letter of credit and loan fees | 38 | 37 | 31 | 34 | 35 | 1 | 3 | 3 | 9 | 140 | 135 | 5 | 4 | ||||||||||||||||||
Foreign exchange and interest rate products | 35 | 27 | 34 | 24 | 49 | 8 | 30 | (14) | (29) | 120 | 155 | (35) | (23) | ||||||||||||||||||
Securities gains, net | - | 1 | 3 | - | 4 | (1) | (100) | (4) | (100) | 4 | 19 | (15) | (79) | ||||||||||||||||||
Other income | 12 | 37 | 8 | 10 | 16 | (25) | (68) | (4) | (25) | 67 | 89 | (22) | (25) | ||||||||||||||||||
Total noninterest income | 578 | 654 | 590 | 497 | 494 | (76) | (12) | 84 | 17 | 2,319 | 1,877 | 442 | 24 | ||||||||||||||||||
TOTAL REVENUE | 1,707 | 1,791 | 1,750 | 1,657 | 1,637 | (84) | (5) | 70 | 4 | 6,905 | 6,491 | 414 | 6 | ||||||||||||||||||
Provision for credit losses | 124 | 428 | 464 | 600 | 110 | (304) | (71) | 14 | 13 | 1,616 | 393 | 1,223 | NM | ||||||||||||||||||
NONINTEREST EXPENSE | |||||||||||||||||||||||||||||||
Salaries and employee benefits | 537 | 524 | 513 | 549 | 502 | 13 | 2 | 35 | 7 | 2,123 | 2,026 | 97 | 5 | ||||||||||||||||||
Equipment and software expense | 141 | 149 | 142 | 133 | 133 | (8) | (5) | 8 | 6 | 565 | 514 | 51 | 10 | ||||||||||||||||||
Outside services | 148 | 139 | 131 | 135 | 142 | 9 | 6 | 6 | 4 | 553 | 498 | 55 | 11 | ||||||||||||||||||
Occupancy | 84 | 81 | 82 | 84 | 88 | 3 | 4 | (4) | (5) | 331 | 333 | (2) | (1) | ||||||||||||||||||
Other operating expense | 102 | 95 | 111 | 111 | 121 | 7 | 7 | (19) | (16) | 419 | 476 | (57) | (12) | ||||||||||||||||||
Total noninterest expense | 1,012 | 988 | 979 | 1,012 | 986 | 24 | 2 | 26 | 3 | 3,991 | 3,847 | 144 | 4 | ||||||||||||||||||
Income before income tax expense | 571 | 375 | 307 | 45 | 541 | 196 | 52 | 30 | 6 | 1,298 | 2,251 | (953) | (42) | ||||||||||||||||||
Income tax expense | 115 | 61 | 54 | 11 | 91 | 54 | 89 | 24 | 26 | 241 | 460 | (219) | (48) | ||||||||||||||||||
Net income | $456 | $314 | $253 | $34 | $450 | $142 | 45% | $6 | 1% | $1,057 | $1,791 | ($734) | (41%) | ||||||||||||||||||
Net income, Underlying1 | $480 | $338 | $263 | $59 | $454 | $142 | 42% | $26 | 6% | $1,140 | $1,808 | ($668) | (37%) | ||||||||||||||||||
Net income available to common stockholders | |||||||||||||||||||||||||||||||
$424 | $289 | $225 | $12 | $427 | $135 | 47% | ($3) | (1%) | $950 | $1,718 | ($768) | (45%) | |||||||||||||||||||
Net income available to common stockholders, Underlying1 | $448 | $313 | $235 | $37 | $431 | $135 | 43% | $17 | 4% | $1,033 | $1,735 | ($702) | (40%) | ||||||||||||||||||
- These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5
CONSOLIDATED BALANCE SHEETS (unaudited) (in millions)
PERIOD-END BALANCES
AS OF | DECEMBER 31, 2020 CHANGE | |||||||||||||
Dec 31, 2020 | Sept 30, 2020 June 30, 2020 Mar 31, 2020 | Dec 31, 2019 | September 30, 2020 | December 31, 2019 | ||||||||||
$ | % | $ | % |
ASSETS | |||||||||||||||||
Cash and due from banks | $1,037 | $904 | $1,088 | $1,155 | $1,175 | $133 | 15% | ($138) | (12%) | ||||||||
Interest-bearing cash and due from banks | 11,696 | 8,312 | 6,358 | 2,903 | 2,211 | 3,384 | 41 | 9,485 | NM | ||||||||
Interest-bearing deposits in banks | 306 | 328 | 475 | 280 | 297 | (22) | (7) | 9 | 3 | ||||||||
Debt securities available for sale, at fair value | 22,942 | 22,884 | 22,144 | 22,307 | 20,613 | 58 | - | 2,329 | 11 | ||||||||
Debt securities held to maturity | 3,235 | 2,578 | 2,856 | 3,071 | 3,202 | 657 | 25 | 33 | 1 | ||||||||
Loans held for sale, at fair value | 3,564 | 3,587 | 3,631 | 2,911 | 1,946 | (23) | (1) | 1,618 | 83 | ||||||||
Other loans held for sale | 439 | 127 | 1,362 | 350 | 1,384 | 312 | 246 | (945) | (68) | ||||||||
Loans and leases | 123,090 | 124,071 | 125,713 | 127,528 | 119,088 | (981) | (1) | 4,002 | 3 | ||||||||
Less: Allowance for loan and lease losses | (2,443) | (2,542) | (2,448) | (2,171) | (1,252) | 99 | (4) | (1,191) | 95 | ||||||||
Net loans and leases | 120,647 | 121,529 | 123,265 | 125,357 | 117,836 | (882) | (1) | 2,811 | 2 | ||||||||
Derivative assets | 1,915 | 2,030 | 2,069 | 1,968 | 807 | (115) | (6) | 1,108 | 137 | ||||||||
Premises and equipment | 759 | 747 | 751 | 746 | 761 | 12 | 2 | (2) | - | ||||||||
Bank-owned life insurance | 1,756 | 1,751 | 1,739 | 1,736 | 1,725 | 5 | - | 31 | 2 | ||||||||
Goodwill | 7,050 | 7,050 | 7,050 | 7,050 | 7,044 | - | - | 6 | - | ||||||||
Other assets1 | 8,003 | 7,401 | 7,086 | 6,885 | 6,732 | 602 | 8 | 1,271 | 19 | ||||||||
TOTAL ASSETS | $183,349 | $179,228 | $179,874 | $176,719 | $165,733 | $4,121 | 2% | $17,616 | 11% | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||
LIABILITIES | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing | $43,831 | $41,249 | $40,545 | $32,398 | $29,233 | $2,582 | 6% | $14,598 | 50% | ||||||||
Interest-bearing | 103,333 | 101,672 | 103,073 | 101,077 | 96,080 | 1,661 | 2 | 7,253 | 8 | ||||||||
Total deposits | 147,164 | 142,921 | 143,618 | 133,475 | 125,313 | 4,243 | 3 | 21,851 | 17 | ||||||||
Short-term borrowed funds | 243 | 252 | 255 | 1,059 | 274 | (9) | (4) | (31) | (11) | ||||||||
Derivative liabilities | 128 | 100 | 198 | 234 | 120 | 28 | 28 | 8 | 7 | ||||||||
Deferred taxes, net | 629 | 638 | 709 | 782 | 866 | (9) | (1) | (237) | (27) | ||||||||
Long-term borrowed funds: | |||||||||||||||||
FHLB advances | 19 | 19 | 6 | 8,007 | 5,008 | - | - | (4,989) | (100) | ||||||||
Senior debt | 6,740 | 7,504 | 7,519 | 6,775 | 7,382 | (764) | (10) | (642) | (9) | ||||||||
Subordinated debt and other debt | 1,587 | 1,586 | 1,677 | 1,655 | 1,657 | 1 | - | (70) | (4) | ||||||||
Total long-term borrowed funds | 8,346 | 9,109 | 9,202 | 16,437 | 14,047 | (763) | (8) | (5,701) | (41) | ||||||||
Other liabilities2 | 4,166 | 3,739 | 3,474 | 2,782 | 2,912 | 427 | 11 | 1,254 | 43 | ||||||||
TOTAL LIABILITIES | 160,676 | 156,759 | 157,456 | 154,769 | 143,532 | 3,917 | 2 | 17,144 | 12 | ||||||||
STOCKHOLDERS' EQUITY | |||||||||||||||||
Preferred stock: | |||||||||||||||||
$25.00 par value, 100,000,000 shares authorized for each of the periods | |||||||||||||||||
presented | 1,965 | 1,965 | 1,965 | 1,570 | 1,570 | - | - | 395 | 25 | ||||||||
Common stock: | |||||||||||||||||
$0.01 par value, 1,000,000,000 shares authorized for each of the periods | |||||||||||||||||
presented | 6 | 6 | 6 | 6 | 6 | - | - | - | - | ||||||||
Additional paid-in capital | 18,940 | 18,922 | 18,908 | 18,901 | 18,891 | 18 | - | 49 | - | ||||||||
Retained earnings | 6,445 | 6,189 | 6,068 | 6,011 | 6,498 | 256 | 4 | (53) | (1) | ||||||||
Treasury stock, at cost | (4,623) | (4,623) | (4,623) | (4,623) | (4,353) | - | - | (270) | (6) | ||||||||
Accumulated other comprehensive (loss) income | (60) | 10 | 94 | 85 | (411) | (70) | NM | 351 | 85 | ||||||||
TOTAL STOCKHOLDERS' EQUITY | 22,673 | 22,469 | 22,418 | 21,950 | 22,201 | 204 | 1 | 472 | 2 | ||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $183,349 | $179,228 | $179,874 | $176,719 | $165,733 | $4,121 | 2% | $17,616 | 11% | ||||||||
Memo: Total tangible common equity | $13,979 | $13,771 | $13,716 | $13,639 | $13,893 | $208 | 2% | $86 | 1% |
- In the fourth quarter of 2020, we reclassified due from broker as well as equity securities, at fair value and at cost, to other assets. Prior periods have been adjusted to conform with the current period presentation.
2 In the fourth quarter of 2020, we reclassified due to broker to other liabilities. Prior periods have been adjusted to conform with the current period presentation.
6
LOANS AND DEPOSITS (in millions)
PERIOD-END BALANCES | AS OF | DECEMBER 31, 2020 CHANGE | ||||||||||||||||
Dec 31, 2020 | Sept 30, 2020 | June 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sept 30, 2020 | December 31, 2019 | ||||||||||||
$ | % | $ | % | |||||||||||||||
LOANS AND LEASES | ||||||||||||||||||
Commercial and industrial¹ | $44,173 | $45,185 | $48,017 | $49,092 | $41,479 | ($1,012) | (2%) | $2,694 | 6% | |||||||||
Commercial real estate | 14,652 | 14,889 | 14,485 | 14,502 | 13,522 | (237) | (2) | 1,130 | 8 | |||||||||
Leases | 1,968 | 2,288 | 2,428 | 2,438 | 2,537 | (320) | (14) | (569) | (22) | |||||||||
Total commercial | 60,793 | 62,362 | 64,930 | 66,032 | 57,538 | (1,569) | (3) | 3,255 | 6 | |||||||||
Residential mortgages | 19,539 | 19,633 | 19,245 | 18,721 | 19,083 | (94) | - | 456 | 2 | |||||||||
Home equity | 12,149 | 12,322 | 12,541 | 12,992 | 13,154 | (173) | (1) | (1,005) | (8) | |||||||||
Automobile | 12,153 | 12,035 | 12,028 | 12,157 | 12,120 | 118 | 1 | 33 | - | |||||||||
Education | 12,308 | 11,631 | 10,591 | 10,887 | 10,347 | 677 | 6 | 1,961 | 19 | |||||||||
Other retail | 6,148 | 6,088 | 6,378 | 6,739 | 6,846 | 60 | 1 | (698) | (10) | |||||||||
Total retail | 62,297 | 61,709 | 60,783 | 61,496 | 61,550 | 588 | 1 | 747 | 1 | |||||||||
Total loans and leases | $123,090 | $124,071 | $125,713 | $127,528 | $119,088 | ($981) | (1%) | $4,002 | 3% | |||||||||
Loans held for sale, at fair value | 3,564 | 3,587 | 3,631 | 2,911 | 1,946 | (23) | (1) | 1,618 | 83 | |||||||||
Other loans held for sale | 439 | 127 | 1,362 | 350 | 1,384 | 312 | 246 | (945) | (68) | |||||||||
Loans and leases and loans held for sale | $127,093 | $127,785 | $130,706 | $130,789 | $122,418 | ($692) | (1%) | $4,675 | 4% | |||||||||
DEPOSITS | ||||||||||||||||||
Demand | $43,831 | $41,249 | $40,545 | $32,398 | $29,233 | $2,582 | 6% | $14,598 | 50% | |||||||||
Checking with interest | 27,204 | 27,141 | 27,200 | 25,358 | 24,840 | 63 | - | 2,364 | 10 | |||||||||
Regular savings | 18,044 | 17,237 | 16,665 | 14,702 | 13,779 | 807 | 5 | 4,265 | 31 | |||||||||
Money market accounts | 48,569 | 46,400 | 44,965 | 42,972 | 38,725 | 2,169 | 5 | 9,844 | 25 | |||||||||
Term deposits | 9,516 | 10,894 | 14,243 | 18,045 | 18,736 | (1,378) | (13) | (9,220) | (49) | |||||||||
Total deposits | $147,164 | $142,921 | $143,618 | $133,475 | $125,313 | $4,243 | 3% | $21,851 | 17% | |||||||||
- The commercial loan class has been renamed commercial and industrial, and the commercial loans and leases loan segment has been renamed commercial.
7
AVERAGE BALANCE SHEETS (in millions)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | $11,303 | $6,250 | $5,231 | $1,859 | $1,970 | $5,053 | 81% | $9,333 | NM | $6,175 | $1,544 | $4,631 | NM | ||||||||||||||||
Taxable investment securities | 25,471 | 24,654 | 25,180 | 25,339 | 25,305 | 817 | 3 | 166 | 1 | 25,160 | 25,425 | (265) | (1) | ||||||||||||||||
Non-taxable investment securities | 3 | 4 | 4 | 4 | 5 | (1) | (25) | (2) | (40) | 4 | 5 | (1) | (20) | ||||||||||||||||
Total investment securities | 25,474 | 24,658 | 25,184 | 25,343 | 25,310 | 816 | 3 | 164 | 1 | 25,164 | 25,430 | (266) | (1) | ||||||||||||||||
Investment securities and interest-bearing deposits | 36,777 | 30,908 | 30,415 | 27,202 | 27,280 | 5,869 | 19 | 9,497 | 35 | 31,339 | 26,974 | 4,365 | 16 | ||||||||||||||||
Commercial and industrial | 44,594 | 46,844 | 50,443 | 43,152 | 42,012 | (2,250) | (5) | 2,582 | 6 | 46,255 | 41,702 | 4,553 | 11 | ||||||||||||||||
Commercial real estate | 14,745 | 14,644 | 14,540 | 13,876 | 13,103 | 101 | 1 | 1,642 | 13 | 14,452 | 13,160 | 1,292 | 10 | ||||||||||||||||
Leases | 2,176 | 2,373 | 2,426 | 2,482 | 2,546 | (197) | (8) | (370) | (15) | 2,365 | 2,694 | (329) | (12) | ||||||||||||||||
Total commercial | 61,515 | 63,861 | 67,409 | 59,510 | 57,661 | (2,346) | (4) | 3,854 | 7 | 63,072 | 57,556 | 5,516 | 10 | ||||||||||||||||
Residential mortgages | 19,543 | 19,427 | 18,872 | 18,866 | 19,495 | 116 | 1 | 48 | - | 19,178 | 19,308 | (130) | (1) | ||||||||||||||||
Home equity | 12,239 | 12,416 | 12,736 | 13,042 | 13,265 | (177) | (1) | (1,026) | (8) | 12,607 | 13,645 | (1,038) | (8) | ||||||||||||||||
Automobile | 12,066 | 12,019 | 11,998 | 12,173 | 12,099 | 47 | - | (33) | - | 12,064 | 12,047 | 17 | - | ||||||||||||||||
Education | 11,931 | 10,929 | 11,183 | 10,610 | 9,888 | 1,002 | 9 | 2,043 | 21 | 11,165 | 9,415 | 1,750 | 19 | ||||||||||||||||
Other retail | 6,167 | 6,260 | 6,557 | 6,854 | 6,497 | (93) | (1) | (330) | (5) | 6,458 | 5,929 | 529 | 9 | ||||||||||||||||
Total retail | 61,946 | 61,051 | 61,346 | 61,545 | 61,244 | 895 | 1 | 702 | 1 | 61,472 | 60,344 | 1,128 | 2 | ||||||||||||||||
Total loans and leases | 123,461 | 124,912 | 128,755 | 121,055 | 118,905 | (1,451) | (1) | 4,556 | 4 | 124,544 | 117,900 | 6,644 | 6 | ||||||||||||||||
Loans held for sale, at fair value | 3,185 | 3,295 | 2,710 | 1,890 | 2,209 | (110) | (3) | 976 | 44 | 2,772 | 1,689 | 1,083 | 64 | ||||||||||||||||
Other loans held for sale | 110 | 1,061 | 510 | 799 | 517 | (951) | (90) | (407) | (79) | 620 | 251 | 369 | 147 | ||||||||||||||||
Total interest-earning assets | 163,533 | 160,176 | 162,390 | 150,946 | 148,911 | 3,357 | 2 | 14,622 | 10 | 159,275 | 146,814 | 12,461 | 8 | ||||||||||||||||
Allowance for loan and lease losses | (2,541) | (2,444) | (2,172) | (1,708) | (1,260) | (97) | (4) | (1,281) | (102) | (2,218) | (1,244) | (974) | (78) | ||||||||||||||||
Goodwill | 7,050 | 7,050 | 7,050 | 7,046 | 7,044 | - | - | 6 | - | 7,049 | 7,036 | 13 | - | ||||||||||||||||
Other noninterest-earning assets | 13,019 | 12,893 | 12,525 | 10,893 | 9,951 | 126 | 1 | 3,068 | 31 | 12,336 | 9,570 | 2,766 | 29 | ||||||||||||||||
TOTAL ASSETS | $181,061 | $177,675 | $179,793 | $167,177 | $164,646 | $3,386 | 2% | $16,415 | 10% | $176,442 | $162,176 | $14,266 | 9% | ||||||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||||||||
Checking with interest | $26,432 | $26,638 | $26,312 | $24,612 | $23,545 | ($206) | (1%) | $2,887 | 12% | $26,002 | $23,470 | $2,532 | 11% | ||||||||||||||||
Money market accounts | 48,667 | 45,187 | 45,187 | 39,839 | 38,809 | 3,480 | 8 | 9,858 | 25 | 44,732 | 36,613 | 8,119 | 22 | ||||||||||||||||
Regular savings | 17,566 | 16,902 | 15,883 | 14,201 | 13,582 | 664 | 4 | 3,984 | 29 | 16,144 | 13,247 | 2,897 | 22 | ||||||||||||||||
Term deposits | 10,191 | 12,032 | 16,470 | 18,616 | 19,788 | (1,841) | (15) | (9,597) | (48) | 14,309 | 21,035 | (6,726) | (32) | ||||||||||||||||
Total interest-bearing deposits | 102,856 | 100,759 | 103,852 | 97,268 | 95,724 | 2,097 | 2 | 7,132 | 7 | 101,187 | 94,365 | 6,822 | 7 | ||||||||||||||||
Short-term borrowed funds | 232 | 240 | 222 | 644 | 504 | (8) | (3) | (272) | (54) | 334 | 665 | (331) | (50) | ||||||||||||||||
FHLB advances | 19 | 6 | 2,595 | 5,138 | 3,259 | 13 | 217 | (3,240) | (99) | 1,929 | 3,637 | (1,708) | (47) | ||||||||||||||||
Senior debt | 6,845 | 7,515 | 7,499 | 7,263 | 7,914 | (670) | (9) | (1,069) | (14) | 7,280 | 7,722 | (442) | (6) | ||||||||||||||||
Subordinated debt and other debt | 1,586 | 1,675 | 1,661 | 1,656 | 1,657 | (89) | (5) | (71) | (4) | 1,644 | 1,655 | (11) | (1) | ||||||||||||||||
Total long-term borrowed funds | 8,450 | 9,196 | 11,755 | 14,057 | 12,830 | (746) | (8) | (4,380) | (34) | 10,853 | 13,014 | (2,161) | (17) | ||||||||||||||||
Total borrowed funds | 8,682 | 9,436 | 11,977 | 14,701 | 13,334 | (754) | (8) | (4,652) | (35) | 11,187 | 13,679 | (2,492) | (18) | ||||||||||||||||
Total interest-bearing liabilities | 111,538 | 110,195 | 115,829 | 111,969 | 109,058 | 1,343 | 1 | 2,480 | 2 | 112,374 | 108,044 | 4,330 | 4 | ||||||||||||||||
Total demand deposits | 42,411 | 40,608 | 37,745 | 29,362 | 29,928 | 1,803 | 4 | 12,483 | 42 | 37,553 | 28,936 | 8,617 | 30 | ||||||||||||||||
Other liabilities | 4,600 | 4,374 | 4,086 | 4,053 | 3,819 | 226 | 5 | 781 | 20 | 4,280 | 3,683 | 597 | 16 | ||||||||||||||||
TOTAL LIABILITIES | 158,549 | 155,177 | 157,660 | 145,384 | 142,805 | 3,372 | 2 | 15,744 | 11 | 154,207 | 140,663 | 13,544 | 10 | ||||||||||||||||
STOCKHOLDERS' EQUITY | 22,512 | 22,498 | 22,133 | 21,793 | 21,841 | 14 | - | 671 | 3 | 22,235 | 21,513 | 722 | 3 | ||||||||||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $181,061 | $177,675 | $179,793 | $167,177 | $164,646 | $3,386 | 2% | $16,415 | 10% | $176,442 | $162,176 | $14,266 | 9% | ||||||||||||||||
Memo: Total loans and leases, including loans held for sale | $126,756 | $129,268 | $131,975 | $123,744 | $121,631 | ($2,512) | (2%) | $5,125 | 4% | $127,936 | $119,840 | $8,096 | 7% | ||||||||||||||||
Total deposits (interest-bearing and demand) | $145,267 | $141,367 | $141,597 | $126,630 | $125,652 | $3,900 | 3% | $19,615 | 16% | $138,740 | $123,301 | $15,439 | 13% | ||||||||||||||||
Total average tangible common equity | $13,814 | $13,797 | $13,706 | $13,484 | $13,660 | $17 | -% | $154 | 1% | $13,701 | $13,589 | $112 | 1% |
8
AVERAGE ANNUALIZED YIELDS AND RATES (in millions, except rates)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 2020 | 2019 | ||||||||||||||||||||||||||||
Income/ | Income/ | Income/ | Income/ | Income/ | Income/ | Income/ | ||||||||||||||||||||||||||||
Rate | Expense | Rate | Expense | Rate | Expense | Rate | Expense | Rate | Expense | Rate | Expense | Rate | Expense | |||||||||||||||||||||
INTEREST-EARNING ASSETS | ||||||||||||||||||||||||||||||||||
Interest-bearing cash and due from banks and deposits in banks | 0.10% | $3 | 0.10% | $2 | 0.09% | $1 | 1.12% | $5 | 1.49% | $7 | 0.18% | $11 | 1.94% | $30 | ||||||||||||||||||||
Taxable investment securities | 1.89 | 121 | 1.95 | 121 | 2.15 | 130 | 2.32 | 147 | 2.47 | 159 | 2.06 | 519 | 2.51 | 642 | ||||||||||||||||||||
Non-taxable investment securities | 2.60 | - | 2.60 | - | 2.60 | - | 2.60 | - | 2.60 | - | 2.60 | - | 2.60 | - | ||||||||||||||||||||
Total investment securities | 1.89 | 121 | 1.95 | 121 | 2.15 | 130 | 2.32 | 147 | 2.47 | 159 | 2.06 | 519 | 2.51 | 642 | ||||||||||||||||||||
Investment securities and interest-bearing deposits | 124 | 123 | 131 | 152 | 166 | 530 | 672 | |||||||||||||||||||||||||||
Commercial and industrial | 3.25 | 370 | 3.20 | 383 | 3.23 | 412 | 3.82 | 417 | 3.95 | 424 | 3.36 | 1,582 | 4.25 | 1,797 | ||||||||||||||||||||
Commercial real estate | 2.58 | 97 | 2.57 | 96 | 2.87 | 106 | 3.96 | 139 | 4.26 | 142 | 2.98 | 438 | 4.71 | 628 | ||||||||||||||||||||
Leases | 2.58 | 14 | 2.65 | 16 | 2.75 | 16 | 2.83 | 18 | 2.77 | 18 | 2.71 | 64 | 2.84 | 77 | ||||||||||||||||||||
Total commercial | 3.07 | 481 | 3.03 | 495 | 3.14 | 534 | 3.81 | 574 | 3.97 | 584 | 3.25 | 2,084 | 4.29 | 2,502 | ||||||||||||||||||||
Residential mortgages | 3.08 | 151 | 3.15 | 153 | 3.19 | 150 | 3.47 | 164 | 3.40 | 165 | 3.22 | 618 | 3.56 | 687 | ||||||||||||||||||||
Home equity | 3.18 | 98 | 3.21 | 100 | 3.50 | 111 | 4.69 | 152 | 4.73 | 159 | 3.66 | 461 | 5.13 | 700 | ||||||||||||||||||||
Automobile | 4.26 | 129 | 4.23 | 128 | 4.33 | 129 | 4.34 | 131 | 4.32 | 132 | 4.29 | 517 | 4.20 | 506 | ||||||||||||||||||||
Education | 4.55 | 136 | 4.74 | 130 | 5.21 | 145 | 5.64 | 149 | 5.76 | 143 | 5.02 | 560 | 5.89 | 555 | ||||||||||||||||||||
Other retail | 7.10 | 110 | 7.22 | 114 | 7.52 | 123 | 7.77 | 132 | 7.83 | 129 | 7.41 | 479 | 8.27 | 491 | ||||||||||||||||||||
Total retail | 4.01 | 624 | 4.08 | 625 | 4.31 | 658 | 4.75 | 728 | 4.72 | 728 | 4.29 | 2,635 | 4.87 | 2,939 | ||||||||||||||||||||
Total loans and leases | 3.54 | 1,105 | 3.54 | 1,120 | 3.69 | 1,192 | 4.29 | 1,302 | 4.36 | 1,312 | 3.76 | 4,719 | 4.59 | 5,441 | ||||||||||||||||||||
Loans held for sale, at fair value | 2.41 | 19 | 2.60 | 21 | 2.85 | 20 | 3.28 | 15 | 3.38 | 18 | 2.72 | 75 | 3.74 | 63 | ||||||||||||||||||||
Other loans held for sale | 3.14 | 1 | 6.02 | 16 | 4.66 | 7 | 4.31 | 9 | 3.89 | 5 | 5.22 | 33 | 5.10 | 13 | ||||||||||||||||||||
Total interest-earning assets | 3.02 | 1,249 | 3.15 | 1,280 | 3.33 | 1,350 | 3.91 | 1,478 | 3.98 | 1,501 | 3.35 | 5,357 | 4.19 | 6,189 | ||||||||||||||||||||
INTEREST-BEARING LIABILITIES | ||||||||||||||||||||||||||||||||||
Checking with interest | 0.11 | 8 | 0.13 | 8 | 0.17 | 11 | 0.60 | 37 | 0.71 | 42 | 0.24 | 64 | 0.87 | 203 | ||||||||||||||||||||
Money market accounts | 0.22 | 27 | 0.28 | 33 | 0.35 | 39 | 0.94 | 93 | 1.12 | 110 | 0.43 | 192 | 1.23 | 450 | ||||||||||||||||||||
Regular savings | 0.15 | 7 | 0.24 | 10 | 0.39 | 15 | 0.51 | 18 | 0.52 | 17 | 0.31 | 50 | 0.57 | 75 | ||||||||||||||||||||
Term deposits | 1.09 | 27 | 1.25 | 38 | 1.44 | 59 | 1.70 | 79 | 1.88 | 94 | 1.42 | 203 | 2.03 | 427 | ||||||||||||||||||||
Total interest-bearing deposits | 0.27 | 69 | 0.35 | 89 | 0.48 | 124 | 0.94 | 227 | 1.09 | 263 | 0.50 | 509 | 1.22 | 1,155 | ||||||||||||||||||||
Short-term borrowed funds | 0.44 | 1 | 0.13 | - | 0.29 | - | 0.76 | 1 | 1.07 | 2 | 0.52 | 2 | 1.47 | 10 | ||||||||||||||||||||
FHLB advances | 0.93 | - | 1.42 | - | 0.86 | 6 | 1.87 | 24 | 1.98 | 16 | 1.53 | 30 | 2.39 | 88 | ||||||||||||||||||||
Senior debt | 1.93 | 33 | 1.84 | 35 | 2.25 | 42 | 2.69 | 49 | 3.02 | 60 | 2.18 | 159 | 3.29 | 254 | ||||||||||||||||||||
Subordinated debt and other debt | 4.35 | 17 | 4.67 | 19 | 4.22 | 18 | 4.13 | 17 | 4.20 | 17 | 4.34 | 71 | 4.12 | 68 | ||||||||||||||||||||
Total long-term borrowed funds | 2.38 | 50 | 2.35 | 54 | 2.22 | 66 | 2.56 | 90 | 2.91 | 93 | 2.39 | 260 | 3.14 | 410 | ||||||||||||||||||||
Total borrowed funds | 2.33 | 51 | 2.30 | 54 | 2.18 | 66 | 2.48 | 91 | 2.84 | 95 | 2.33 | 262 | 3.06 | 420 | ||||||||||||||||||||
Total interest-bearing liabilities | 0.43 | 120 | 0.52 | 143 | 0.66 | 190 | 1.14 | 318 | 1.30 | 358 | 0.69 | 771 | 1.46 | 1,575 | ||||||||||||||||||||
INTEREST RATE SPREAD | 2.60 | 2.63 | 2.67 | 2.77 | 2.68 | 2.66 | 2.73 | |||||||||||||||||||||||||||
NET INTEREST MARGIN AND NET INTEREST INCOME | 2.75 % | $1,129 | 2.82 % | $1,137 | 2.87 % | $1,160 | 3.09 % | $1,160 | 3.04 % | $1,143 | 2.88 % | $4,586 | 3.14 % | $4,614 | ||||||||||||||||||||
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1 | 2.75 % | $1,132 | 2.83 % | $1,140 | 2.88 % | $1,163 | 3.10 % | $1,164 | 3.06 % | $1,147 | 2.89 % | $4,599 | 3.16 % | $4,635 | ||||||||||||||||||||
Memo: Total deposit costs | 0.19 | % | $69 | 0.25 | % | $89 | 0.35 | % | $124 | 0.72 | % | $227 | 0.83 | % | $263 | 0.37 | % | $509 | 0.94 | % | $1,155 |
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING (in millions, except ratio data)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||||
CONSUMER BANKING | 4Q20 Change | 2020 Change | |||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | ||||||||||||||||||||||||||
Net interest income | $859 | $845 | $814 | $793 | $796 | $14 | 2% | $63 | 8% | $3,311 | $3,182 | $129 | 4% | ||||||||||||||||||
Noninterest income | 375 | 495 | 428 | 357 | 296 | (120) | (24) | 79 | 27 | 1,655 | 1,156 | 499 | 43 | ||||||||||||||||||
Total revenue | 1,234 | 1,340 | 1,242 | 1,150 | 1,092 | (106) | (8) | 142 | 13 | 4,966 | 4,338 | 628 | 14 | ||||||||||||||||||
Noninterest expense | 749 | 742 | 735 | 738 | 718 | 7 | 1 | 31 | 4 | 2,964 | 2,851 | 113 | 4 | ||||||||||||||||||
Profit before provision for credit losses | 485 | 598 | 507 | 412 | 374 | (113) | (19) | 111 | 30 | 2,002 | 1,487 | 515 | 35 | ||||||||||||||||||
Provision for credit losses | 56 | 55 | 80 | 97 | 97 | 1 | 2 | (41) | (42) | 288 | 325 | (37) | (11) | ||||||||||||||||||
Income before income tax expense | 429 | 543 | 427 | 315 | 277 | (114) | (21) | 152 | 55 | 1,714 | 1,162 | 552 | 48 | ||||||||||||||||||
Income tax expense | 107 | 136 | 107 | 79 | 68 | (29) | (21) | 39 | 57 | 429 | 287 | 142 | 49 | ||||||||||||||||||
Net income | $322 | $407 | $320 | $236 | $209 | ($85) | (21%) | $113 | 54% | $1,285 | $875 | $410 | 47% | ||||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||||||||||
Total assets | $74,392 | $73,605 | $71,634 | $68,415 | $68,069 | $787 | 1% | $6,323 | 9% | $72,022 | $66,240 | $5,782 | 9% | ||||||||||||||||||
Total loans and leases1 | 69,650 | 69,719 | 68,205 | 65,343 | 65,157 | (69) | - | 4,493 | 7 | 68,237 | 63,396 | 4,841 | 8 | ||||||||||||||||||
Deposits | 95,007 | 94,212 | 91,648 | 85,228 | 85,477 | 795 | 1 | 9,530 | 11 | 91,541 | 84,835 | 6,706 | 8 | ||||||||||||||||||
Interest-earning assets | 70,529 | 69,925 | 68,256 | 65,393 | 65,208 | 604 | 1 | 5,321 | 8 | 68,535 | 63,449 | 5,086 | 8 | ||||||||||||||||||
KEY METRICS | |||||||||||||||||||||||||||||||
Net interest margin | 4.85 % | 4.81 % | 4.80 % | 4.88 % | 4.85 % | 4 | bps | - | bps | 4.83 % | 5.02 % | (19) bps | |||||||||||||||||||
Efficiency ratio | 60.75 | 55.35 | 59.19 | 64.16 | 65.74 | 540 | bps | (499) bps | 59.69 | 65.72 | (603) bps | ||||||||||||||||||||
Loans-to-deposits ratio (period-end balances) | 69.38 | 70.61 | 69.17 | 72.94 | 74.15 | (123) bps | (477) bps | 69.38 | 74.15 | (477) bps | |||||||||||||||||||||
Loans-to-deposits ratio (average balances) | 70.12 | 69.88 | 71.59 | 74.07 | 73.37 | 24 | bps | (325) bps | 71.34 | 72.81 | (147) bps | ||||||||||||||||||||
Return on average total tangible assets | 1.72 | 2.21 | 1.80 | 1.39 | 1.22 | (49) bps | 50 | bps | 1.79 | 1.32 | 47 | bps | |||||||||||||||||||
1Includes loans held for sale. |
10
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING, CONTINUED (in millions, except ratio data)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | |||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | |||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | |||||||||||||||||||||||||
MORTGAGE BANKING FEES | ||||||||||||||||||||||||||||||
Production revenue | $194 | $275 | $271 | $136 | $61 | ($81) | (29%) | $133 | 218% | $876 | $221 | $655 | NM | |||||||||||||||||
Mortgage servicing revenue | 3 | 2 | 9 | 17 | 16 | 1 | 50 | (13) | (81) | 31 | 51 | (20) | (39) | |||||||||||||||||
MSR valuation changes, net of hedge impact | (3) | 10 | (4) | 6 | 4 | (13) | NM | (7) | NM | 9 | 31 | (22) | (71) | |||||||||||||||||
Total mortgage banking fees | $194 | $287 | $276 | $159 | $81 | ($93) | (32%) | $113 | 140% | $916 | $303 | $613 | 202% | |||||||||||||||||
Gain on sale of secondary originations | 2.09 % | 3.04 % | 3.09 % | 2.36 % | 0.98 % | (95) bps | 111 | bps | 2.67 % | 1.18 % | 149 | bps | ||||||||||||||||||
RESIDENTIAL REAL ESTATE ORIGINATIONS | ||||||||||||||||||||||||||||||
Retail | $4,096 | $4,300 | $3,882 | $2,523 | $3,196 | ($204) | (5%) | $900 | 28% | $14,801 | $9,395 | $5,406 | 58% | |||||||||||||||||
Third Party | 6,762 | 6,811 | 7,388 | 4,813 | 5,750 | (49) | (1) | 1,012 | 18 | 25,774 | 17,011 | 8,763 | 52 | |||||||||||||||||
Total | $10,858 | $11,111 | $11,270 | $7,336 | $8,946 | ($253) | (2%) | $1,912 | 21% | $40,575 | $26,406 | $14,169 | 54% | |||||||||||||||||
Originated for sale | 85 % | 82 % | 81 % | 83 % | 80 % | 300 | bps | 500 | bps | 83 % | 80 % | 300 | bps | |||||||||||||||||
Originated for investment | 15 | 18 | 19 | 17 | 20 | (300) bps | (500) bps | 17 | 20 | (300) bps | ||||||||||||||||||||
Total | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | 100 % | |||||||||||||||||||||||
MORTGAGE SERVICING INFORMATION (UPB) | ||||||||||||||||||||||||||||||
Loans serviced for others | $81,240 | $80,700 | $79,942 | $79,157 | $77,526 | $540 | 1% | $3,714 | 5% | $81,240 | $77,526 | $3,714 | 5% | |||||||||||||||||
Owned loans serviced | 22,582 | 22,193 | 21,642 | 21,057 | 20,831 | 389 | 2 | 1,751 | 8 | 22,582 | 20,831 | 1,751 | 8 | |||||||||||||||||
Total | $103,822 | $102,893 | $101,584 | $100,214 | $98,357 | $929 | 1% | $5,465 | 6% | $103,822 | $98,357 | $5,465 | 6% | |||||||||||||||||
MSR CARRYING VALUE1 | ||||||||||||||||||||||||||||||
MSR at fair value | $658 | $606 | $568 | $577 | $642 | $52 | 9% | $16 | 2% | $658 | $642 | $16 | 2% | |||||||||||||||||
MSR at lower of cost or market | - | - | - | - | 182 | - | - | (182) | (100) | - | 182 | (182) | (100) | |||||||||||||||||
Total | $658 | $606 | $568 | $577 | $824 | $52 | 9% | ($166) | (20%) | $658 | $824 | ($166) | (20%) | |||||||||||||||||
1Beginning in the first quarter of 2020, mortgage servicing rights previously accounted for at lower of cost or market are now accounted for at fair value.
11
SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING (in millions, except ratio data)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||||
COMMERCIAL BANKING | 4Q20 Change | 2020 Change | |||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | ||||||||||||||||||||||||||
Net interest income | $438 | $421 | $419 | $365 | $363 | $17 | 4% | $75 | 21% | $1,643 | $1,466 | $177 | 12% | ||||||||||||||||||
Noninterest income | 182 | 144 | 144 | 125 | 175 | 38 | 26 | 7 | 4 | 595 | 607 | (12) | (2) | ||||||||||||||||||
Total revenue | 620 | 565 | 563 | 490 | 538 | 55 | 10 | 82 | 15 | 2,238 | 2,073 | 165 | 8 | ||||||||||||||||||
Noninterest expense | 216 | 210 | 213 | 221 | 219 | 6 | 3 | (3) | (1) | 860 | 858 | 2 | - | ||||||||||||||||||
Profit before provision for credit losses | 404 | 355 | 350 | 269 | 319 | 49 | 14 | 85 | 27 | 1,378 | 1,215 | 163 | 13 | ||||||||||||||||||
Provision for credit losses | 124 | 161 | 70 | 43 | 24 | (37) | (23) | 100 | NM | 398 | 97 | 301 | NM | ||||||||||||||||||
Income before income tax expense | 280 | 194 | 280 | 226 | 295 | 86 | 44 | (15) | (5) | 980 | 1,118 | (138) | (12) | ||||||||||||||||||
Income tax expense | 59 | 41 | 59 | 47 | 64 | 18 | 44 | (5) | (8) | 206 | 248 | (42) | (17) | ||||||||||||||||||
Net income | $221 | $153 | $221 | $179 | $231 | $68 | 44% | ($10) | (4%) | $774 | $870 | ($96) | (11%) | ||||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||||||||||
Total assets | $58,212 | $60,889 | $65,280 | $59,005 | $56,407 | ($2,677) | (4%) | $1,805 | 3% | $60,839 | $55,947 | $4,892 | 9% | ||||||||||||||||||
Total loans and leases1 | 55,407 | 57,796 | 62,011 | 56,555 | 54,523 | (2,389) | (4) | 884 | 2 | 57,935 | 54,355 | 3,580 | 7 | ||||||||||||||||||
Deposits | 44,920 | 41,393 | 41,750 | 33,545 | 32,715 | 3,527 | 9 | 12,205 | 37 | 40,417 | 31,085 | 9,332 | 30 | ||||||||||||||||||
Interest-earning assets | 55,752 | 58,177 | 62,422 | 57,016 | 54,905 | (2,425) | (4) | 847 | 2 | 58,334 | 54,666 | 3,668 | 7 | ||||||||||||||||||
KEY METRICS | |||||||||||||||||||||||||||||||
Net interest margin | 3.12 % | 2.88 % | 2.70 % | 2.57 % | 2.62 % | 24 | bps | 50 | bps | 2.82 % | 2.68 % | 14 | bps | ||||||||||||||||||
Efficiency ratio | 34.94 | 37.03 | 37.93 | 45.06 | 40.60 | (209) bps | (566) bps | 38.43 | 41.38 | (295) bps | |||||||||||||||||||||
Loans-to-deposits ratio (period-end balances) | 121.09 | 129.43 | 140.79 | 164.10 | 165.24 | (834) bps | (4,415) bps | 121.09 | 165.24 | (4,415) bps | |||||||||||||||||||||
Loans-to-deposits ratio (average balances) | 122.75 | 138.48 | 147.03 | 167.18 | 165.80 | (1,573) bps | (4,305) bps | 142.20 | 173.85 | (3,165) bps | |||||||||||||||||||||
Return on average total tangible assets | 1.51 | 1.01 | 1.36 | 1.22 | 1.63 | 50 | bps | (12) bps | 1.27 | 1.56 | (29) bps | ||||||||||||||||||||
1Includes loans held for sale. |
12
SEGMENT FINANCIAL HIGHLIGHTS - OTHER (in millions)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||
OTHER1 | 4Q20 Change | 2020 Change | |||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||||||||||
Net interest income | ($168) | ($129) | ($73) | $2 | ($16) | ($39) | (30%) | ($152) | NM | ($368) | ($34) | ($334) | NM | ||||||||||||||||
Noninterest income | 21 | 15 | 18 | 15 | 23 | 6 | 40 | (2) | (9) | 69 | 114 | (45) | (39) | ||||||||||||||||
Total revenue | (147) | (114) | (55) | 17 | 7 | (33) | (29) | (154) | NM | (299) | 80 | (379) | NM | ||||||||||||||||
Noninterest expense | 47 | 36 | 31 | 53 | 49 | 11 | 31 | (2) | (4) | 167 | 138 | 29 | 21 | ||||||||||||||||
Loss before provision for credit losses | (194) | (150) | (86) | (36) | (42) | (44) | (29) | (152) | NM | (466) | (58) | (408) | NM | ||||||||||||||||
Provision for credit losses | (56) | 212 | 314 | 460 | (11) | (268) | NM | (45) | NM | 930 | (29) | 959 | NM | ||||||||||||||||
Loss before income tax benefit | (138) | (362) | (400) | (496) | (31) | 224 | 62 | (107) | NM | (1,396) | (29) | (1,367) | NM | ||||||||||||||||
Income tax benefit | (51) | (116) | (112) | (115) | (41) | 65 | 56 | (10) | (24) | (394) | (75) | (319) | NM | ||||||||||||||||
Net (loss) income | ($87) | ($246) | ($288) | ($381) | $10 | $159 | 65% | ($97) | NM | ($1,002) | $46 | ($1,048) | NM | ||||||||||||||||
AVERAGE BALANCES | |||||||||||||||||||||||||||||
Total assets | $48,457 | $43,181 | $42,879 | $39,757 | $40,170 | $5,276 | 12% | $8,287 | 21% | $43,581 | $39,989 | $3,592 | 9% | ||||||||||||||||
Total loans and leases2 | 1,699 | 1,753 | 1,759 | 1,846 | 1,951 | (54) | (3) | (252) | (13) | 1,764 | 2,089 | (325) | (16) | ||||||||||||||||
Deposits | 5,340 | 5,762 | 8,199 | 7,857 | 7,460 | (422) | (7) | (2,120) | (28) | 6,782 | 7,381 | (599) | (8) | ||||||||||||||||
Interest-earning assets | 37,252 | 32,074 | 31,712 | 28,537 | 28,798 | 5,178 | 16 | 8,454 | 29 | 32,406 | 28,699 | 3,707 | 13 |
1Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.
2Includes loans held for sale.
13
CREDIT-RELATED INFORMATION (in millions, except ratio data)
AS OF | DECEMBER 31, 2020 CHANGE | ||||||||||||||||||
Dec 31, 2020 | Sept 30, 2020 | June 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sept 30, 2020 | December 31, 2019 | |||||||||||||
$/bps | % | $/bps | % | ||||||||||||||||
NONACCRUAL LOANS AND LEASES1 | |||||||||||||||||||
Commercial and industrial | $280 | $435 | $366 | $305 | $240 | ($155) | (36%) | $40 | 17% | ||||||||||
Commercial real estate | 176 | 323 | 61 | 8 | 2 | (147) | (46) | 174 | NM | ||||||||||
Leases | 2 | 2 | 79 | 1 | 3 | - | - | (1) | (33) | ||||||||||
Total commercial | 458 | 760 | 506 | 314 | 245 | (302) | (40) | 213 | 87 | ||||||||||
Residential mortgages2 | 167 | 131 | 112 | 101 | 93 | 36 | 27 | 74 | 80 | ||||||||||
Home equity | 276 | 265 | 254 | 242 | 246 | 11 | 4 | 30 | 12 | ||||||||||
Automobile | 72 | 80 | 67 | 69 | 67 | (8) | (10) | 5 | 7 | ||||||||||
Education | 18 | 16 | 18 | 21 | 18 | 2 | 13 | - | - | ||||||||||
Other retail | 28 | 25 | 33 | 33 | 34 | 3 | 12 | (6) | (18) | ||||||||||
Total retail | 561 | 517 | 484 | 466 | 458 | 44 | 9 | 103 | 22 | ||||||||||
Nonaccrual loans and leases | 1,019 | 1,277 | 990 | 780 | 703 | (258) | (20) | 316 | 45 | ||||||||||
Repossessed assets | 19 | 27 | 33 | 44 | 45 | (8) | (30) | (26) | (58) | ||||||||||
Nonaccrual loans and leases and repossessed assets | $1,038 | $1,304 | $1,023 | $824 | $748 | ($266) | (20%) | $290 | 39% | ||||||||||
NONACCRUAL LOANS AND LEASES BY PRODUCT3 | |||||||||||||||||||
Commercial | $458 | $760 | $506 | $314 | $245 | ($302) | (40%) | $213 | 87% | ||||||||||
Retail | 580 | 544 | 517 | 510 | 503 | 36 | 7 | 77 | 15 | ||||||||||
Total nonaccrual loans and leases | $1,038 | $1,304 | $1,023 | $824 | $748 | ($266) | (20%) | $290 | 39% | ||||||||||
ASSET QUALITY RATIOS | |||||||||||||||||||
Allowance for loan and lease losses to loans and leases | 1.98% | 2.05% | 1.95% | 1.70% | 1.05% | (7) bps | 93 | bps | |||||||||||
Allowance for credit losses to loans and leases | 2.17 | 2.21 | 2.01 | 1.73 | 1.09 | (4) | 108 | ||||||||||||
Allowance for loan and lease losses to nonaccrual and leases | 239.72 | 199.04 | 247.40 | 278.51 | 177.99 | NM | NM | ||||||||||||
Allowance for credit losses to nonaccrual loans and leases | 262.02 | 214.22 | 255.39 | 283.48 | 184.31 | NM | NM | ||||||||||||
Nonaccrual loans and leases to loans and leases | 0.83 | 1.03 | 0.79 | 0.61 | 0.59 | (20) | 24 |
1Beginning in the first quarter of 2020 and upon the adoption of ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, nonperforming loans and leases are now referred to as nonaccrual loans and leases and other nonperforming assets are referred to as repossessed assets.
2Beginning in the fourth quarter of 2019, nonaccrual balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation.
3Nonaccrual loans and leases by product includes repossessed assets.
14
CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data)
AS OF | DECEMBER 31, 2020 CHANGE | ||||||||||||||||
Dec 31, 2020 | Sept 30, 2020 | June 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sept 30, 2020 | December 31, 2019 | |||||||||||
$/bps | % | $/bps | % | ||||||||||||||
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING | |||||||||||||||||
Commercial and industrial | $20 | $3 | $33 | $- | $2 | $17 | NM | $18 | NM | ||||||||
Commercial real estate | - | - | - | - | - | - | - | - | - | ||||||||
Leases | 1 | - | - | - | - | 1 | 100 | 1 | 100 | ||||||||
Total commercial | 21 | 3 | 33 | - | 2 | 18 | NM | 19 | NM | ||||||||
Residential mortgages | 30 | 17 | 13 | 14 | 13 | 13 | 76 | 17 | 131 | ||||||||
Home equity | - | - | - | - | - | - | - | - | - | ||||||||
Automobile | - | - | - | - | - | - | - | - | - | ||||||||
Education | 2 | 2 | 2 | 2 | 2 | - | - | - | - | ||||||||
Other retail | 9 | 6 | 7 | 11 | 8 | 3 | 50 | 1 | 13 | ||||||||
Total retail | 41 | 25 | 22 | 27 | 23 | 16 | 64 | 18 | 78 | ||||||||
Total loans and leases | $62 | $28 | $55 | $27 | $25 | $34 | 121% | $37 | 148% | ||||||||
15
CREDIT-RELATED INFORMATION, CONTINUED (in millions)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||||
4Q20 Change | 2020 | Change | ||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | |||||||||||||||||||||
$ | % | $ | % | $ | % | |||||||||||||||||||||||||
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS | ||||||||||||||||||||||||||||||
GROSS CHARGE-OFFS | ||||||||||||||||||||||||||||||
Commercial and industrial | $51 | $81 | $68 | $47 | $24 | ($30) | (37%) | $27 | 113 | $247 | $87 | $160 | 184% | |||||||||||||||||
Commercial real estate | 70 | 42 | - | - | 9 | 28 | 67 | 61 | NM | 112 | 39 | 73 | 187 | |||||||||||||||||
Leases | 24 | 48 | 6 | - | 1 | (24) | (50) | 23 | NM | 78 | 14 | 64 | NM | |||||||||||||||||
Total commercial | 145 | 171 | 74 | 47 | 34 | (26) | (15) | 111 | NM | 437 | 140 | 297 | 212 | |||||||||||||||||
Residential mortgages | 2 | 2 | 2 | 1 | 2 | - | - | - | - | 7 | 8 | (1) | (13) | |||||||||||||||||
Home equity | 5 | 6 | 6 | 8 | 10 | (1) | (17) | (5) | (50) | 25 | 39 | (14) | (36) | |||||||||||||||||
Automobile | 22 | 22 | 31 | 39 | 38 | - | - | (16) | (42) | 114 | 143 | (29) | (20) | |||||||||||||||||
Education | 10 | 9 | 14 | 18 | 20 | 1 | 11 | (10) | (50) | 51 | 72 | (21) | (29) | |||||||||||||||||
Other retail | 48 | 47 | 53 | 61 | 58 | 1 | 2 | (10) | (17) | 209 | 213 | (4) | (2) | |||||||||||||||||
Total retail | 87 | 86 | 106 | 127 | 128 | 1 | 1 | (41) | (32) | 406 | 475 | (69) | (15) | |||||||||||||||||
Total gross charge-offs | $232 | $257 | $180 | $174 | $162 | ($25) | (10%) | $70 | 43% | $843 | $615 | $228 | 37% | |||||||||||||||||
GROSS RECOVERIES | ||||||||||||||||||||||||||||||
Commercial and industrial | $4 | $1 | $3 | $3 | $7 | $3 | NM | ($3) | (43%) | $11 | $24 | ($13) | (54%) | |||||||||||||||||
Commercial real estate | 1 | - | - | - | - | 1 | 100 | 1 | 100 | 1 | - | 1 | 100 | |||||||||||||||||
Leases | - | - | - | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||
Total commercial | 5 | 1 | 3 | 3 | 7 | 4 | NM | (2) | (29) | 12 | 24 | (12) | (50) | |||||||||||||||||
Residential mortgages | 2 | 2 | 1 | 1 | 1 | - | - | 1 | 100 | 6 | 9 | (3) | (33) | |||||||||||||||||
Home equity | 11 | 8 | 8 | 11 | 10 | 3 | 38 | 1 | 10 | 38 | 49 | (11) | (22) | |||||||||||||||||
Automobile | 13 | 15 | 11 | 12 | 11 | (2) | (13) | 2 | 18 | 51 | 57 | (6) | (11) | |||||||||||||||||
Education | 4 | 4 | 4 | 4 | 4 | - | - | - | - | 16 | 16 | - | - | |||||||||||||||||
Other retail | 7 | 8 | 6 | 6 | 7 | (1) | (13) | - | - | 27 | 30 | (3) | (10) | |||||||||||||||||
Total retail | 37 | 37 | 30 | 34 | 33 | - | - | 4 | 12 | 138 | 161 | (23) | (14) | |||||||||||||||||
Total gross recoveries | $42 | $38 | $33 | $37 | $40 | $4 | 11% | $2 | 5% | $150 | $185 | ($35) | (19%) | |||||||||||||||||
NET CHARGE-OFFS (RECOVERIES) | ||||||||||||||||||||||||||||||
Commercial and industrial | $47 | $80 | $65 | $44 | $17 | ($33) | (41%) | $30 | 176 | $236 | $63 | $173 | NM | |||||||||||||||||
Commercial real estate | 69 | 42 | - | - | 9 | 27 | 64 | 60 | NM | 111 | 39 | 72 | 185 | |||||||||||||||||
Leases | 24 | 48 | 6 | - | 1 | (24) | (50) | 23 | NM | 78 | 14 | 64 | NM | |||||||||||||||||
Total commercial | 140 | 170 | 71 | 44 | 27 | (30) | (18) | 113 | NM | 425 | 116 | 309 | NM | |||||||||||||||||
Residential mortgages | - | - | 1 | - | 1 | - | - | (1) | (100) | 1 | (1) | 2 | NM | |||||||||||||||||
Home equity | (6) | (2) | (2) | (3) | - | (4) | (200) | (6) | (100) | (13) | (10) | (3) | (30) | |||||||||||||||||
Automobile | 9 | 7 | 20 | 27 | 27 | 2 | 29 | (18) | (67) | 63 | 86 | (23) | (27) | |||||||||||||||||
Education | 6 | 5 | 10 | 14 | 16 | 1 | 20 | (10) | (63) | 35 | 56 | (21) | (38) | |||||||||||||||||
Other retail | 41 | 39 | 47 | 55 | 51 | 2 | 5 | (10) | (20) | 182 | 183 | (1) | (1) | |||||||||||||||||
Total retail | 50 | 49 | 76 | 93 | 95 | 1 | 2 | (45) | (47) | 268 | 314 | (46) | (15) | |||||||||||||||||
Total net charge-offs | $190 | $219 | $147 | $137 | $122 | ($29) | (13%) | $68 | 56% | $693 | $430 | $263 | 61% | |||||||||||||||||
16
CREDIT-RELATED INFORMATION, CONTINUED (in millions, except rates)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | ||||||||||||||||||||||||
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES | |||||||||||||||||||||||||||||
Commercial and industrial | 0.41% | 0.68% | 0.52% | 0.41% | 0.16% | (27) bps | 25 | bps | 0.51% | 0.15% | 36 | bps | |||||||||||||||||
Commercial real estate | 1.88 | 1.13 | - | - | 0.26 | 75 | bps | 162 | bps | 0.77 | 0.29 | 48 | bps | ||||||||||||||||
Leases | 4.44 | 7.99 | 1.03 | 0.07 | 0.19 | (355) bps | 425 | bps | 3.32 | 0.53 | 279 | bps | |||||||||||||||||
Total commercial | 0.91 | 1.06 | 0.42 | 0.30 | 0.19 | (15) bps | 72 | bps | 0.67 | 0.20 | 47 | bps | |||||||||||||||||
Residential mortgages | - | - | 0.02 | 0.01 | 0.02 | - | bps | (2) bps | 0.01 | - | 1 | bps | |||||||||||||||||
Home equity | (0.19) | (0.10) | (0.05) | (0.10) | 0.02 | (9) bps | (21) bps | (0.11) | (0.07) | (4) bps | |||||||||||||||||||
Automobile | 0.29 | 0.24 | 0.68 | 0.88 | 0.85 | 5 | bps | (56) bps | 0.52 | 0.71 | (19) bps | ||||||||||||||||||
Education | 0.18 | 0.21 | 0.34 | 0.55 | 0.65 | (3) bps | (47) bps | 0.31 | 0.59 | (28) bps | |||||||||||||||||||
Other retail | 2.62 | 2.46 | 2.93 | 3.21 | 3.09 | 16 | bps | (47) bps | 2.82 | 3.09 | (27) bps | ||||||||||||||||||
Total retail | 0.32 | 0.32 | 0.50 | 0.61 | 0.61 | - | bps | (29) bps | 0.44 | 0.52 | (8) bps | ||||||||||||||||||
Total loans and leases | 0.61 % | 0.70 % | 0.46 % | 0.46 % | 0.41 % | (9) bps | 20 | bps | 0.56 % | 0.36 % | 20 | bps | |||||||||||||||||
Memo: Average loans | |||||||||||||||||||||||||||||
Commercial and industrial | $44,594 | $46,844 | $50,443 | $43,152 | $42,012 | ($2,250) | (5%) | $2,582 | 6% | $46,255 | $41,702 | $4,553 | 11% | ||||||||||||||||
Commercial real estate | 14,745 | 14,644 | 14,540 | 13,876 | 13,103 | 101 | 1 | 1,642 | 13 | 14,452 | 13,160 | 1,292 | 10 | ||||||||||||||||
Leases | 2,176 | 2,373 | 2,426 | 2,482 | 2,546 | (197) | (8) | (370) | (15) | 2,365 | 2,694 | (329) | (12) | ||||||||||||||||
Total commercial | 61,515 | 63,861 | 67,409 | 59,510 | 57,661 | (2,346) | (4) | 3,854 | 7 | 63,072 | 57,556 | 5,516 | 10 | ||||||||||||||||
Residential mortgages | 19,543 | 19,427 | 18,872 | 18,866 | 19,495 | 116 | 1 | 48 | - | 19,178 | 19,308 | (130) | (1) | ||||||||||||||||
Home equity | 12,239 | 12,416 | 12,736 | 13,042 | 13,265 | (177) | (1) | (1,026) | (8) | 12,607 | 13,645 | (1,038) | (8) | ||||||||||||||||
Automobile | 12,066 | 12,019 | 11,998 | 12,173 | 12,099 | 47 | - | (33) | - | 12,064 | 12,047 | 17 | - | ||||||||||||||||
Education | 11,931 | 10,929 | 11,183 | 10,610 | 9,888 | 1,002 | 9 | 2,043 | 21 | 11,165 | 9,415 | 1,750 | 19 | ||||||||||||||||
Other retail | 6,167 | 6,260 | 6,557 | 6,854 | 6,497 | (93) | (1) | (330) | (5) | 6,458 | 5,929 | 529 | 9 | ||||||||||||||||
Total retail | 61,946 | 61,051 | 61,346 | 61,545 | 61,244 | 895 | 1 | 702 | 1 | 61,472 | 60,344 | 1,128 | 2 | ||||||||||||||||
Total loans and leases | $123,461 | $124,912 | $128,755 | $121,055 | $118,905 | ($1,451) | (1%) | $4,556 | 4% | $124,544 | $117,900 | $6,644 | 6% | ||||||||||||||||
17
CREDIT-RELATED INFORMATION, CONTINUED (in millions)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||||||||||
SUMMARY OF CHANGES IN THE COMPONENTS OF THE | |||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||||||||||||
Allowance for loan and lease losses - beginning | $2,542 | $2,448 | $2,171 | $1,252 | $1,263 | $94 | 4% | $1,279 | 101% | $1,252 | $1,242 | $10 | 1% | ||||||||||||||||
Cumulative effect of change in accounting principle: | |||||||||||||||||||||||||||||
Commercial | - | - | - | (176) | - | - | - | - | - | (176) | - | (176) | (100) | ||||||||||||||||
Retail | - | - | - | 629 | - | - | - | - | - | 629 | - | 629 | 100 | ||||||||||||||||
Total cumulative effect of change in accounting | |||||||||||||||||||||||||||||
principle | - | - | - | 453 | - | - | - | - | - | 453 | - | 453 | 100 | ||||||||||||||||
Allowance for loan and lease losses - beginning, | |||||||||||||||||||||||||||||
adjusted | 2,542 | 2,448 | 2,171 | 1,705 | 1,263 | 94 | 4 | 1,279 | 101 | 1,705 | 1,242 | 463 | 37 | ||||||||||||||||
Charge-offs: | |||||||||||||||||||||||||||||
Commercial | 145 | 171 | 74 | 47 | 34 | (26) | (15) | 111 | NM | 437 | 140 | 297 | 212 | ||||||||||||||||
Retail | 87 | 86 | 106 | 127 | 128 | 1 | 1 | (41) | (32) | 406 | 475 | (69) | (15) | ||||||||||||||||
Total charge-offs | 232 | 257 | 180 | 174 | 162 | (25) | (10) | 70 | 43 | 843 | 615 | 228 | 37 | ||||||||||||||||
Recoveries: | |||||||||||||||||||||||||||||
Commercial | 5 | 1 | 3 | 3 | 7 | 4 | NM | (2) | (29) | 12 | 24 | (12) | (50) | ||||||||||||||||
Retail | 37 | 37 | 30 | 34 | 33 | - | - | 4 | 12 | 138 | 161 | (23) | (14) | ||||||||||||||||
Total recoveries | 42 | 38 | 33 | 37 | 40 | 4 | 11 | 2 | 5 | 150 | 185 | (35) | (19) | ||||||||||||||||
Net charge-offs | 190 | 219 | 147 | 137 | 122 | (29) | (13) | 68 | 56 | 693 | 430 | 263 | 61 | ||||||||||||||||
Provision for loan and lease losses: | |||||||||||||||||||||||||||||
Commercial | 84 | 224 | 554 | 298 | (11) | (140) | (63) | 95 | NM | 1,160 | 100 | 1,060 | NM | ||||||||||||||||
Retail | 7 | 89 | (130) | 305 | 122 | (82) | (92) | (115) | (94) | 271 | 340 | (69) | (20) | ||||||||||||||||
Total provision for loan and lease losses | 91 | 313 | 424 | 603 | 111 | (222) | (71) | (20) | (18) | 1,431 | 440 | 991 | 225 | ||||||||||||||||
Allowance for loan and lease losses - ending | $2,443 | $2,542 | $2,448 | $2,171 | $1,252 | ($99) | (4%) | $1,191 | 95% | $2,443 | $1,252 | $1,191 | 95% | ||||||||||||||||
Reserve for unfunded lending commitments - beginning | $194 | $79 | $39 | $44 | $45 | $115 | 146% | $149 | NM | $44 | $91 | ($47) | (52%) | ||||||||||||||||
Cumulative effect of change in accounting principle | - | - | - | (2) | - | - | - | - | - | (2) | - | (2) | - | ||||||||||||||||
Provision for unfunded lending commitments | 33 | 115 | 40 | (3) | (1) | (82) | (71) | 34 | NM | 185 | (47) | 232 | NM | ||||||||||||||||
Reserve for unfunded lending commitments - ending | $227 | $194 | $79 | $39 | $44 | $33 | 17% | $183 | NM | $227 | $44 | $183 | NM | ||||||||||||||||
Total allowance for credit losses - ending | $2,670 | $2,736 | $2,527 | $2,210 | $1,296 | ($66) | (2%) | $1,374 | 106% | $2,670 | $1,296 | $1,374 | 106% | ||||||||||||||||
Memo: Total allowance for credit losses by product | |||||||||||||||||||||||||||||
Commercial | $1,419 | $1,441 | $1,304 | $790 | $718 | ($22) | (2%) | $701 | 98% | $1,419 | $718 | $701 | 98% | ||||||||||||||||
Retail | 1,251 | 1,295 | 1,223 | 1,420 | 578 | (44) | (3) | 673 | 116 | 1,251 | 578 | 673 | 116 | ||||||||||||||||
Total allowance for credit losses | $2,670 | $2,736 | $2,527 | $2,210 | $1,296 | ($66) | (2%) | $1,374 | 106% | $2,670 | $1,296 | $1,374 | 106% | ||||||||||||||||
18
CAPITAL AND RATIOS
(in millions, except ratio data)
AS OF | FULL YEAR | |||||||||||||||||||||||||||||||
DECEMBER 31, 2020 CHANGE | 2020 Change | |||||||||||||||||||||||||||||||
Dec 31, | Sept 30, | June 30, | Mar 31, | Dec 31, | ||||||||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2019 | Sept 30, 2020 | December 31, 2019 | 2020 | 2019 | 2019 | |||||||||||||||||||||||
$ | % | $ | % | $ | % | |||||||||||||||||||||||||||
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY) | ||||||||||||||||||||||||||||||||
CET1 capital | $14,607 | $14,345 | $14,154 | $14,007 | $14,304 | $262 | 2% | $303 | 2% | |||||||||||||||||||||||
Tier 1 capital | 16,572 | 16,310 | 16,119 | 15,577 | 15,874 | 262 | 2 | 698 | 4 | |||||||||||||||||||||||
Total capital | 19,602 | 19,427 | 19,319 | 18,592 | 18,542 | 175 | 1 | 1,060 | 6 | |||||||||||||||||||||||
Risk-weighted assets | 146,781 | 146,131 | 147,260 | 148,946 | 142,915 | 650 | - | 3,866 | 3 | |||||||||||||||||||||||
Adjusted average assets1 | 175,370 | 171,938 | 174,017 | 161,715 | 158,782 | 3,432 | 2 | 16,588 | 10 | |||||||||||||||||||||||
CET1 capital ratio | 10.0 | % | 9.8 | % | 9.6 | % | 9.4 | % | 10.0 | % | ||||||||||||||||||||||
Tier 1 capital ratio | 11.3 | 11.2 | 10.9 | 10.5 | 11.1 | |||||||||||||||||||||||||||
Total capital ratio | 13.4 | 13.3 | 13.1 | 12.5 | 13.0 | |||||||||||||||||||||||||||
Tier 1 leverage ratio | 9.4 | 9.5 | 9.3 | 9.6 | 10.0 | |||||||||||||||||||||||||||
TANGIBLE COMMON EQUITY (PERIOD-END) | ||||||||||||||||||||||||||||||||
Common stockholders' equity | $20,708 | $20,504 | $20,453 | $20,380 | $20,631 | $204 | 1% | $77 | -% | $20,708 | $20,631 | $77 | -% | |||||||||||||||||||
Less: Goodwill | 7,050 | 7,050 | 7,050 | 7,050 | 7,044 | - | - | 6 | - | 7,050 | 7,044 | 6 | - | |||||||||||||||||||
Less: Other intangible assets | 58 | 60 | 63 | 66 | 68 | (2) | (3) | (10) | (15) | 58 | 68 | (10) | (15) | |||||||||||||||||||
Add: Deferred tax liabilities2 | 379 | 377 | 376 | 375 | 374 | 2 | 1 | 5 | 1 | 379 | 374 | 5 | 1 | |||||||||||||||||||
Total tangible common equity | $13,979 | $13,771 | $13,716 | $13,639 | $13,893 | $208 | 2% | $86 | 1% | $13,979 | $13,893 | $86 | 1% | |||||||||||||||||||
TANGIBLE COMMON EQUITY (AVERAGE) | ||||||||||||||||||||||||||||||||
Common stockholders' equity | $20,547 | $20,534 | $20,446 | $20,223 | $20,400 | $13 | -% | $147 | 1% | $20,438 | $20,325 | $113 | 1% | |||||||||||||||||||
Less: Goodwill | 7,050 | 7,050 | 7,050 | 7,046 | 7,044 | - | - | 6 | - | 7,049 | 7,036 | 13 | - | |||||||||||||||||||
Less: Other intangible assets | 60 | 62 | 65 | 67 | 69 | (2) | (3) | (9) | (13) | 64 | 71 | (7) | (10) | |||||||||||||||||||
Add: Deferred tax liabilities2 | 377 | 375 | 375 | 374 | 373 | 2 | 1 | 4 | 1 | 376 | 371 | 5 | 1 | |||||||||||||||||||
Total tangible common equity | $13,814 | $13,797 | $13,706 | $13,484 | $13,660 | $17 | -% | $154 | 1% | $13,701 | $13,589 | $112 | 1% | |||||||||||||||||||
INTANGIBLE ASSETS (PERIOD-END) | ||||||||||||||||||||||||||||||||
Goodwill | $7,050 | $7,050 | $7,050 | $7,050 | $7,044 | $- | -% | $6 | -% | $7,050 | $7,044 | $6 | -% | |||||||||||||||||||
Other intangible assets | 58 | 60 | 63 | 66 | 68 | (2) | (3) | (10) | (15) | 58 | 68 | (10) | (15) | |||||||||||||||||||
Total intangible assets | $7,108 | $7,110 | $7,113 | $7,116 | $7,112 | ($2) | -% | ($4) | -% | $7,108 | $7,112 | ($4) | -% | |||||||||||||||||||
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, and the accumulated other comprehensive income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2Deferred tax liabilities relate to tax-deductible goodwill, which is netted against goodwill when calculating tangible common equity.
19
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (in millions, except share, per-share and ratio data)
Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company's on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
20
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||||||||||
Total revenue, Underlying: | |||||||||||||||||||||||||||||
Total revenue (GAAP) | A | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (5%) | $70 | 4% | $6,905 | $6,491 | $414 | 6% | |||||||||||||||
Less: Notable items | - | - | - | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||
Total revenue, Underlying (non-GAAP) | B | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (5%) | $70 | 4% | $6,905 | $6,491 | $414 | 6% | |||||||||||||||
Noninterest expense, Underlying: | |||||||||||||||||||||||||||||
Noninterest expense (GAAP) | C | $1,012 | $988 | $979 | $1,012 | $986 | $24 | 2% | $26 | 3% | $3,991 | $3,847 | $144 | 4% | |||||||||||||||
Less: Notable items | 42 | 31 | 19 | 33 | 37 | 11 | 35 | 5 | 14 | 125 | 68 | 57 | 84 | ||||||||||||||||
Noninterest expense, Underlying (non-GAAP) | D | $970 | $957 | $960 | $979 | $949 | $13 | 1% | $21 | 2% | $3,866 | $3,779 | $87 | 2% | |||||||||||||||
Pre-provision profit: | |||||||||||||||||||||||||||||
Total revenue (GAAP) | A | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (5%) | $70 | 4% | $6,905 | $6,491 | $414 | 6% | |||||||||||||||
Less: Noninterest expense (GAAP) | C | 1,012 | 988 | 979 | 1,012 | 986 | 24 | 2 | 26 | 3 | 3,991 | 3,847 | 144 | 4 | |||||||||||||||
Pre-provision profit (GAAP) | $695 | $803 | $771 | $645 | $651 | ($108) | (13%) | $44 | 7% | $2,914 | $2,644 | $270 | 10% | ||||||||||||||||
Pre-provision profit, Underlying: | |||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | B | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (5%) | $70 | 4% | $6,905 | $6,491 | $414 | 6% | |||||||||||||||
Less: Noninterest expense, Underlying (non-GAAP) | D | 970 | 957 | 960 | 979 | 949 | 13 | 1 | 21 | 2 | 3,866 | 3,779 | 87 | 2 | |||||||||||||||
Pre-provision profit, Underlying (non-GAAP) | $737 | $834 | $790 | $678 | $688 | ($97) | (12%) | $49 | 7% | $3,039 | $2,712 | $327 | 12% | ||||||||||||||||
Income before income tax expense, Underlying: | |||||||||||||||||||||||||||||
Income before income tax expense (GAAP) | E | $571 | $375 | $307 | $45 | $541 | $196 | 52% | $30 | 6% | $1,298 | $2,251 | ($953) | (42%) | |||||||||||||||
Less: Expense before income tax benefit related to notable items | (42) | (31) | (19) | (33) | (37) | (11) | (35) | (5) | (14) | (125) | (68) | (57) | (84) | ||||||||||||||||
Income before income tax expense, Underlying (non-GAAP) | F | $613 | $406 | $326 | $78 | $578 | $207 | 51% | $35 | 6% | $1,423 | $2,319 | ($896) | (39%) | |||||||||||||||
Income tax expense, Underlying: | |||||||||||||||||||||||||||||
Income tax expense (GAAP) | G | $115 | $61 | $54 | $11 | $91 | $54 | 89% | $24 | 26% | $241 | $460 | ($219) | (48%) | |||||||||||||||
Less: Income tax benefit related to notable items | (18) | (7) | (9) | (8) | (33) | (11) | (157) | 15 | 45 | (42) | (51) | 9 | 18 | ||||||||||||||||
Income tax expense, Underlying (non-GAAP) | H | $133 | $68 | $63 | $19 | $124 | $65 | 96% | $9 | 7% | $283 | $511 | ($228) | (45%) | |||||||||||||||
Net income, Underlying: | |||||||||||||||||||||||||||||
Net income (GAAP) | I | $456 | $314 | $253 | $34 | $450 | $142 | 45% | $6 | 1% | $1,057 | $1,791 | ($734) | (41%) | |||||||||||||||
Add: Notable items, net of income tax benefit | 24 | 24 | 10 | 25 | 4 | - | - | 20 | NM | 83 | 17 | 66 | NM | ||||||||||||||||
Net income, Underlying (non-GAAP) | J | $480 | $338 | $263 | $59 | $454 | $142 | 42% | $26 | 6% | $1,140 | $1,808 | ($668) | (37%) | |||||||||||||||
Net income available to common stockholders, Underlying: | |||||||||||||||||||||||||||||
Net income available to common stockholders (GAAP) | K | $424 | $289 | $225 | $12 | $427 | $135 | 47% | ($3) | (1%) | $950 | $1,718 | ($768) | (45%) | |||||||||||||||
Add: Notable items, net of income tax benefit | 24 | 24 | 10 | 25 | 4 | - | - | 20 | NM | 83 | 17 | 66 | NM | ||||||||||||||||
Net income available to common stockholders, Underlying (non-GAAP) | L | $448 | $313 | $235 | $37 | $431 | $135 | 43% | $17 | 4% | $1,033 | $1,735 | ($702) | (40%) | |||||||||||||||
21
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | |||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | |||||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | |||||||||||||||||||||||||
Operating leverage: | ||||||||||||||||||||||||||||||
Total revenue (GAAP) | A | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (4.65%) | $70 | 4.35% | $6,905 | $6,491 | $414 | 6.38% | ||||||||||||||||
Less: Noninterest expense (GAAP) | C | 1,012 | 988 | 979 | 1,012 | 986 | 24 | 2.43 | 26 | 2.61 | 3,991 | 3,847 | 144 | 3.73 | ||||||||||||||||
Operating leverage | (7.08%) | 1.74% | 2.65% | |||||||||||||||||||||||||||
Operating leverage, Underlying: | ||||||||||||||||||||||||||||||
Total revenue, Underlying (non-GAAP) | B | $1,707 | $1,791 | $1,750 | $1,657 | $1,637 | ($84) | (4.65%) | $70 | 4.35% | $6,905 | $6,491 | $414 | 6.39% | ||||||||||||||||
Less: Noninterest expense, Underlying (non-GAAP) | D | 970 | 957 | 960 | 979 | 949 | 13 | 1.39 | 21 | 2.21 | 3,866 | 3,779 | 87 | 2.30 | ||||||||||||||||
Operating leverage, Underlying (non-GAAP) | (6.04%) | 2.14% | 4.09% | |||||||||||||||||||||||||||
Efficiency ratio and efficiency ratio, Underlying: | ||||||||||||||||||||||||||||||
Efficiency ratio | C/A | 59.28 % | 55.18% | 55.91% | 61.10% | 60.28% | 410 | bps | (100) bps | 57.80 % | 59.28 % | (148) bps | ||||||||||||||||||
Efficiency ratio, Underlying (non-GAAP) | D/B | 56.83 | 53.44 | 54.85 | 59.08 | 58.02 | 339 | bps | (119) bps | 55.99 | 58.23 | (224) bps | ||||||||||||||||||
Effective income tax rate and effective income tax rate, | ||||||||||||||||||||||||||||||
Underlying: | ||||||||||||||||||||||||||||||
Effective income tax rate | G/E | 20.16% | 16.10% | 17.69% | 24.13% | 16.76% | 406 | bps | 340 | bps | 18.54 % | 20.43 % | (189) bps | |||||||||||||||||
Effective income tax rate, Underlying (non-GAAP) | H/F | 21.70 | 16.79 | 19.36 | 24.52 | 21.52 | 491 | bps | 18 | bps | 19.92 | 22.03 | (211) bps | |||||||||||||||||
Return on average common equity and return on average | ||||||||||||||||||||||||||||||
common equity, Underlying: | ||||||||||||||||||||||||||||||
Average common equity (GAAP) | M | $20,547 | $20,534 | $20,446 | $20,223 | $20,400 | $13 | -% | $147 | 1% | $20,438 | $20,325 | $113 | 1% | ||||||||||||||||
Return on average common equity | K/M | 8.20 % | 5.60% | 4.44% | 0.24% | 8.30% | 260 | bps | (10) bps | 4.65 % | 8.45 % | (380) bps | ||||||||||||||||||
Return on average common equity, Underlying (non-GAAP) | L/M | 8.66 | 6.05 | 4.63 | 0.74 | 8.36 | 261 | bps | 30 | bps | 5.05 | 8.53 | (348) bps | |||||||||||||||||
Return on average tangible common equity and return on | ||||||||||||||||||||||||||||||
average tangible common equity, Underlying: | ||||||||||||||||||||||||||||||
Average common equity (GAAP) | M | $20,547 | $20,534 | $20,446 | $20,223 | $20,400 | $13 | -% | $147 | 1% | $20,438 | $20,325 | $113 | 1% | ||||||||||||||||
Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,046 | 7,044 | - | - | 6 | - | 7,049 | 7,036 | 13 | - | |||||||||||||||||
Less: Average other intangibles (GAAP) | 60 | 62 | 65 | 67 | 69 | (2) | (3) | (9) | (13) | 64 | 71 | (7) | (10) | |||||||||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | 377 | 375 | 375 | 374 | 373 | 2 | 1 | 4 | 1 | 376 | 371 | 5 | 1 | |||||||||||||||||
Average tangible common equity | N | $13,814 | $13,797 | $13,706 | $13,484 | $13,660 | $17 | -% | $154 | 1% | $13,701 | $13,589 | $112 | 1% | ||||||||||||||||
Return on average tangible common equity | K/N | 12.20 % | 8.33% | 6.62% | 0.36% | 12.39% | 387 | bps | (19) bps | 6.93 % | 12.64 % | (571) bps | ||||||||||||||||||
Return on average tangible common equity, Underlying (non- | ||||||||||||||||||||||||||||||
GAAP) | L/N | 12.89 | 9.00 | 6.90 | 1.10 | 12.49 | 389 | bps | 40 | bps | 7.53 | 12.76 | (523) bps | |||||||||||||||||
Return on average total assets and return on average total | ||||||||||||||||||||||||||||||
assets, Underlying: | ||||||||||||||||||||||||||||||
Average total assets (GAAP) | O | $181,061 | $177,675 | $179,793 | $167,177 | $164,646 | $3,386 | 2% | $16,415 | 10% | $176,442 | $162,176 | $14,266 | 9% | ||||||||||||||||
Return on average total assets | I/O | 1.00 % | 0.70% | 0.57% | 0.08% | 1.08% | 30 | bps | (8) bps | 0.60 % | 1.10 % | (50) bps | ||||||||||||||||||
Return on average total assets, Underlying (non-GAAP) | J/O | 1.05 | 0.76 | 0.59 | 0.14 | 1.09 | 29 | bps | (4) bps | 0.65 | 1.11 | (46) bps |
22
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data)
QUARTERLY TRENDS | FULL YEAR | |||||||||||||||||||||||||||
4Q20 Change | 2020 Change | |||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | |||||||||||||||||||
$/bps | % | $/bps | % | $/bps | % | |||||||||||||||||||||||
Return on average total tangible | ||||||||||||||||||||||||||||
assets and return on average total | ||||||||||||||||||||||||||||
tangible assets, Underlying: | ||||||||||||||||||||||||||||
Average total assets (GAAP) | P | $181,061 | $177,675 | $179,793 | $167,177 | $164,646 | $3,386 | 2% | $16,415 | 10% | $176,442 | $162,176 | $14,266 | 9% | ||||||||||||||
Less: Average goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,046 | 7,044 | - | - | 6 | - | 7,049 | 7,036 | 13 | - | |||||||||||||||
Less: Average other intangibles | ||||||||||||||||||||||||||||
(GAAP) | 60 | 62 | 65 | 67 | 69 | (2) | (3) | (9) | (13) | 64 | 71 | (7) | (10) | |||||||||||||||
Add: Average deferred tax liabilities | ||||||||||||||||||||||||||||
related to goodwill (GAAP) | 377 | 375 | 375 | 374 | 373 | 2 | 1 | 4 | 1 | 376 | 371 | 5 | 1 | |||||||||||||||
Average tangible assets | Q | $174,328 | $170,938 | $173,053 | $160,438 | $157,906 | $3,390 | 2% | $16,422 | 10% | $169,705 | $155,440 | $14,265 | 9% | ||||||||||||||
Return on average total tangible | ||||||||||||||||||||||||||||
assets | I/Q | 1.04 % | 0.73% | 0.59% | 0.09% | 1.13% | 31 | bps | (9) bps | 0.62 % | 1.15 % | (53) bps | ||||||||||||||||
Return on average total tangible | ||||||||||||||||||||||||||||
assets, Underlying (non-GAAP) | J/Q | 1.10 | 0.79 | 0.61 | 0.15 | 1.14 | 31 | bps | (4) bps | 0.67 | 1.16 | (49) bps | ||||||||||||||||
Tangible book value per common shar | e: | |||||||||||||||||||||||||||
Common shares - at period-end | ||||||||||||||||||||||||||||
(GAAP) | R | 427,209,831 | 427,073,084 | 426,824,594 | 426,586,533 | 433,121,083 | 136,747 | -% | (5,911,252) | (1%) | 427,209,831 | 433,121,083 | (5,911,252) | (1%) | ||||||||||||||
Common stockholders' equity (GAAP) | $20,708 | $20,504 | $20,453 | $20,380 | $20,631 | $204 | 1 | $77 | - | $20,708 | $20,631 | $77 | - | |||||||||||||||
Less: Goodwill (GAAP) | 7,050 | 7,050 | 7,050 | 7,050 | 7,044 | - | - | 6 | - | 7,050 | 7,044 | 6 | - | |||||||||||||||
Less: Other intangible assets (GAAP) | 58 | 60 | 63 | 66 | 68 | (2) | (3) | (10) | (15) | 58 | 68 | (10) | (15) | |||||||||||||||
Add: Deferred tax liabilities related to | ||||||||||||||||||||||||||||
goodwill (GAAP) | 379 | 377 | 376 | 375 | 374 | 2 | 1 | 5 | 1 | 379 | 374 | 5 | 1 | |||||||||||||||
Tangible common equity | S | $13,979 | $13,771 | $13,716 | $13,639 | $13,893 | $208 | 2% | $86 | 1% | $13,979 | $13,893 | $86 | 1% | ||||||||||||||
Tangible book value per common | ||||||||||||||||||||||||||||
share | S/R | $32.72 | $32.24 | $32.13 | $31.97 | $32.08 | $0.48 | 1% | $0.64 | 2% | $32.72 | $32.08 | $0.64 | 2% | ||||||||||||||
Net income per average common | ||||||||||||||||||||||||||||
share - basic and diluted and net | ||||||||||||||||||||||||||||
income per average common share - | ||||||||||||||||||||||||||||
basic and diluted, Underlying: | ||||||||||||||||||||||||||||
Average common shares outstanding - | ||||||||||||||||||||||||||||
basic (GAAP) | T | 427,074,822 | 426,846,096 | 426,613,053 | 427,718,421 | 434,684,606 | 228,726 | -% | (7,609,784) | (2%) | 427,062,537 | 449,731,453 | (22,668,916) | (5%) | ||||||||||||||
Average common shares outstanding - | ||||||||||||||||||||||||||||
diluted (GAAP) | U | 428,881,252 | 427,992,349 | 427,566,920 | 429,388,855 | 436,500,829 | 888,903 | - | (7,619,577) | (2) | 428,157,780 | 451,213,701 | (23,055,921) | (5) | ||||||||||||||
Net income per average common | ||||||||||||||||||||||||||||
share - basic (GAAP) | K/T | $0.99 | $0.68 | $0.53 | $0.03 | $0.98 | $0.31 | 46 | $0.01 | 1 | $2.22 | $3.82 | ($1.60) | (42) | ||||||||||||||
Net income per average common | ||||||||||||||||||||||||||||
share - diluted (GAAP) | K/U | 0.99 | 0.68 | 0.53 | 0.03 | 0.98 | 0.31 | 46 | 0.01 | 1 | 2.22 | 3.81 | (1.59) | (42) | ||||||||||||||
Net income per average common | ||||||||||||||||||||||||||||
share - basic, Underlying (non-GAAP) | L/T | 1.05 | 0.73 | 0.55 | 0.09 | 0.99 | 0.32 | 44 | 0.06 | 6 | 2.42 | 3.86 | (1.44) | (37) | ||||||||||||||
Net income per average common | ||||||||||||||||||||||||||||
share - diluted, Underlying (non- | ||||||||||||||||||||||||||||
GAAP) | L/U | 1.04 | 0.73 | 0.55 | 0.09 | 0.99 | 0.31 | 42 | 0.05 | 5 | 2.41 | 3.84 | (1.43) | (37) | ||||||||||||||
Dividend payout ratio and dividend | ||||||||||||||||||||||||||||
payout ratio, Underlying: | ||||||||||||||||||||||||||||
Cash dividends declared and paid per | ||||||||||||||||||||||||||||
common share | V | $0.39 | $0.39 | $0.39 | $0.39 | $0.36 | $- | -% | $0.03 | 8% | $1.56 | $1.36 | $0.20 | 15% | ||||||||||||||
Dividend payout ratio | V/(K/T) | 39 % | 58 % | 74 % | 1,398 % | 37 % | (1,829) bps | 265 bps | 70 % | 36 % | 3,453 bps | |||||||||||||||||
Dividend payout ratio, Underlying | ||||||||||||||||||||||||||||
(non-GAAP) | V/(L/T) | 37 | 53 | 71 | 451 | 36 | (1,608) bps | 82 bps | 65 | 35 | 2,930 bps |
23
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data)
QUARTERLY TRENDS | FULL YEAR | ||||||||||||||||||||||||||||||
4Q20 Change | 2020 Change | ||||||||||||||||||||||||||||||
4Q20 | 3Q20 | 2Q20 | 1Q20 | 4Q19 | 3Q20 | 4Q19 | 2020 | 2019 | 2019 | ||||||||||||||||||||||
$ | % | $ | % | $/bps | % | ||||||||||||||||||||||||||
Salaries and employee benefits, Underlying: | |||||||||||||||||||||||||||||||
Salaries and employee benefits (GAAP) | $537 | $524 | $513 | $549 | $502 | $13 | 2% | $35 | 7% | $2,123 | $2,026 | $97 | 5% | ||||||||||||||||||
Less: Notable items | 18 | 13 | 4 | 10 | 6 | 5 | 38 | 12 | 200 | 45 | 14 | 31 | 221 | ||||||||||||||||||
Salaries and employee benefits, Underlying (non-GAAP) | $519 | $511 | $509 | $539 | $496 | $8 | 2% | $23 | 5% | $2,078 | $2,012 | $66 | 3% | ||||||||||||||||||
Equipment and software expense, Underlying: | |||||||||||||||||||||||||||||||
Equipment and software expense (GAAP) | $141 | $149 | $142 | $133 | $133 | ($8) | (5%) | $8 | 6% | $565 | $514 | $51 | 10% | ||||||||||||||||||
Less: Notable items | 1 | 1 | - | 1 | 3 | - | - | (2) | (67) | 3 | 3 | - | - | ||||||||||||||||||
Equipment and software expense, Underlying (non-GAAP) | $140 | $148 | $142 | $132 | $130 | ($8) | (5%) | $10 | 8% | $562 | $511 | $51 | 10% | ||||||||||||||||||
Outside services, Underlying: | |||||||||||||||||||||||||||||||
Outside services (GAAP) | $148 | $139 | $131 | $135 | $142 | $9 | 6% | $6 | 4% | $553 | $498 | $55 | 11% | ||||||||||||||||||
Less: Notable items | 17 | 16 | 12 | 18 | 20 | 1 | 6 | (3) | (15) | 63 | 43 | 20 | 47 | ||||||||||||||||||
Outside services, Underlying (non-GAAP) | $131 | $123 | $119 | $117 | $122 | $8 | 7% | $9 | 7% | $490 | $455 | $35 | 8% | ||||||||||||||||||
Occupancy, Underlying: | |||||||||||||||||||||||||||||||
Occupancy (GAAP) | $84 | $81 | $82 | $84 | $88 | $3 | 4% | ($4) | (5%) | $331 | $333 | ($2) | (1%) | ||||||||||||||||||
Less: Notable items | 6 | 1 | 3 | 4 | 8 | 5 | NM | (2) | (25) | 14 | 8 | 6 | 75 | ||||||||||||||||||
Occupancy, Underlying (non-GAAP) | $78 | $80 | $79 | $80 | $80 | ($2) | (3%) | ($2) | (3%) | $317 | $325 | ($8) | (2%) | ||||||||||||||||||
24
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (in millions, except ratio data)
FOURTH QUARTER 2020 | THIRD QUARTER 2020 | SECOND QUARTER 2020 | ||||||||||||||||||||||||
Consumer | Commercial | Consumer | Commercial | Consumer | Commercial | |||||||||||||||||||||
Banking | Banking | Other | Consolidated | Banking | Banking | Other | Consolidated | Banking | Banking | Other | Consolidated | |||||||||||||||
Net income (loss) available to common | ||||||||||||||||||||||||||
stockholders: | ||||||||||||||||||||||||||
Net income (loss) | A | $322 | $221 | ($87) | $456 | $407 | $153 | ($246) | $314 | $320 | $221 | ($288) | $253 | |||||||||||||
Less: Preferred stock dividends | - | - | 32 | 32 | - | - | 25 | 25 | - | - | 28 | 28 | ||||||||||||||
Net income (loss) available to common stockholders | B | $322 | $221 | ($119) | $424 | $407 | $153 | ($271) | $289 | $320 | $221 | ($316) | $225 | |||||||||||||
Return on average total tangible assets: | ||||||||||||||||||||||||||
Average total assets (GAAP) | $74,392 | $58,212 | $48,457 | $181,061 | $73,605 | $60,889 | $43,181 | $177,675 | $71,634 | $65,280 | $42,879 | $179,793 | ||||||||||||||
Less: Average goodwill (GAAP) | 122 | 52 | 6,876 | 7,050 | 122 | 52 | 6,876 | 7,050 | 122 | 52 | 6,876 | 7,050 | ||||||||||||||
Average other intangibles (GAAP) | 39 | 5 | 16 | 60 | 40 | 5 | 17 | 62 | 41 | 6 | 18 | 65 | ||||||||||||||
Add: Average deferred tax liabilities related to | ||||||||||||||||||||||||||
goodwill (GAAP) | 3 | 1 | 373 | 377 | 2 | 1 | 372 | 375 | 2 | 1 | 372 | 375 | ||||||||||||||
Average tangible assets | C | $74,234 | $58,156 | $41,938 | $174,328 | $73,445 | $60,833 | $36,660 | $170,938 | $71,473 | $65,223 | $36,357 | $173,053 | |||||||||||||
Return on average total tangible assets | A/C | 1.72 % | 1.51 % | NM | 1.04 % | 2.21 % | 1.01 % | NM | 0.73 % | 1.80 % | 1.36 % | NM | 0.59 % | |||||||||||||
Efficiency ratio: | ||||||||||||||||||||||||||
Noninterest expense (GAAP) | D | $749 | $216 | $47 | $1,012 | $742 | $210 | $36 | $988 | $735 | $213 | $31 | $979 | |||||||||||||
Net interest income (GAAP) | 859 | 438 | (168) | 1,129 | 845 | 421 | (129) | 1,137 | 814 | 419 | (73) | 1,160 | ||||||||||||||
Noninterest income (GAAP) | 375 | 182 | 21 | 578 | 495 | 144 | 15 | 654 | 428 | 144 | 18 | 590 | ||||||||||||||
Total revenue (GAAP) | E | $1,234 | $620 | ($147) | $1,707 | $1,340 | $565 | ($114) | $1,791 | $1,242 | $563 | ($55) | $1,750 | |||||||||||||
Efficiency ratio | D/E | 60.75 % | 34.94 % | NM | 59.28 % | 55.35 % | 37.03 % | NM | 55.18 % | 59.19 % | 37.93 % | NM | 55.91 % |
FIRST QUARTER 2020 | FOURTH QUARTER 2019 | ||||||||||||||||
Consumer | Commercial | Consumer | Commercial | ||||||||||||||
Banking | Banking | Other | Consolidated | Banking | Banking | Other | Consolidated | ||||||||||
Net income (loss) available to common stockholders: | |||||||||||||||||
Net income (loss) | A | $236 | $179 | ($381) | $34 | $209 | $231 | $10 | $450 | ||||||||
Less: Preferred stock dividends | - | - | 22 | 22 | - | - | 23 | 23 | |||||||||
Net income (loss) available to common stockholders | B | $236 | $179 | ($403) | $12 | $209 | $231 | ($13) | $427 | ||||||||
Return on average total tangible assets: | |||||||||||||||||
Average total assets (GAAP) | $68,415 | $59,005 | $39,757 | $167,177 | $68,069 | $56,407 | $40,170 | $164,646 | |||||||||
Less: Average goodwill (GAAP) | 122 | 48 | 6,876 | 7,046 | 122 | 46 | 6,876 | 7,044 | |||||||||
Average other intangibles (GAAP) | 43 | 6 | 18 | 67 | 63 | 6 | - | 69 | |||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | 1 | 1 | 372 | 374 | 1 | 1 | 371 | 373 | |||||||||
Average tangible assets | C | $68,251 | $58,952 | $33,235 | $160,438 | $67,885 | $56,356 | $33,665 | $157,906 | ||||||||
Return on average total tangible assets | A/C | 1.39 % | 1.22 % | NM | 0.09 % | 1.22 % | 1.63 % | NM | 1.13 % | ||||||||
Efficiency ratio: | |||||||||||||||||
Noninterest expense (GAAP) | D | $738 | $221 | $53 | $1,012 | $718 | $219 | $49 | $986 | ||||||||
Net interest income (GAAP) | 793 | 365 | 2 | 1,160 | 796 | 363 | (16) | 1,143 | |||||||||
Noninterest income (GAAP) | 357 | 125 | 15 | 497 | 296 | 175 | 23 | 494 | |||||||||
Total revenue (GAAP) | E | $1,150 | $490 | $17 | $1,657 | $1,092 | $538 | $7 | $1,637 | ||||||||
Efficiency ratio | D/E | 64.16 % | 45.06 % | NM | 61.10 % | 65.74 % | 40.60 % | NM | 60.28 % |
25
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED) (in millions, except ratio data)
FULL YEAR
2020 | 2019 | |||||||||||||||||
Consumer | Commercial | Consumer | Commercial | |||||||||||||||
Banking | Banking | Other | Consolidated | Banking | Banking | Other | Consolidated | |||||||||||
Net income (loss) available to common stockholders: | ||||||||||||||||||
Net income (loss) | A | $1,285 | $774 | ($1,002) | $1,057 | $875 | $870 | $46 | $1,791 | |||||||||
Less: Preferred stock dividends | - | - | 107 | 107 | - | - | 73 | 73 | ||||||||||
Net income (loss) available to common stockholders | B | $1,285 | $774 | ($1,109) | $950 | $875 | $870 | ($27) | $1,718 | |||||||||
Return on average total tangible assets: | ||||||||||||||||||
Average total assets (GAAP) | $72,022 | $60,839 | $43,581 | $176,442 | $66,240 | $55,947 | $39,989 | $162,176 | ||||||||||
Less: Average goodwill (GAAP) | 122 | 51 | 6,876 | 7,049 | 120 | 40 | 6,876 | 7,036 | ||||||||||
Average other intangibles (GAAP) | 41 | 6 | 17 | 64 | 65 | 6 | - | 71 | ||||||||||
Add: Average deferred tax liabilities related to goodwill (GAAP) | 2 | 1 | 373 | 376 | - | - | 371 | 371 | ||||||||||
Average tangible assets | C | $71,861 | $60,783 | $37,061 | $169,705 | $66,055 | $55,901 | $33,484 | $155,440 | |||||||||
Return on average total tangible assets | A/C | 1.79 % | 1.27 % | NM | 0.62 % | 1.32 % | 1.56 % | NM | 1.15 % | |||||||||
Efficiency ratio: | ||||||||||||||||||
Noninterest expense (GAAP) | D | $2,964 | $860 | $167 | $3,991 | $2,851 | $858 | $138 | $3,847 | |||||||||
Net interest income (GAAP) | 3,311 | 1,643 | (368) | 4,586 | 3,182 | 1,466 | (34) | 4,614 | ||||||||||
Noninterest income (GAAP) | 1,655 | 595 | 69 | 2,319 | 1,156 | 607 | 114 | 1,877 | ||||||||||
Total revenue (GAAP) | E | $4,966 | $2,238 | ($299) | $6,905 | $4,338 | $2,073 | $80 | $6,491 | |||||||||
Efficiency ratio | D/E | 59.69 % | 38.43 % | NM | 57.80 % | 65.72 % | 41.38 % | NM | 59.28 % |
26
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Citizens Financial Group Inc. published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 11:15:07 UTC