FIFTH THIRD BANCORP, 10-K filed on 2/24/2023
Annual Report
v3.22.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Jun. 30, 2022
Entity Listings [Line Items]      
Document Type 10-K    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Entity File Number 001-33653    
Entity Incorporation, State or Country Code OH    
Entity Tax Identification Number 31-0854434    
Entity Address, Address Line One 38 Fountain Square Plaza    
Entity Address, City or Town Cincinnati    
Entity Address, State or Province OH    
Entity Address, Postal Zip Code 45263    
City Area Code 800    
Local Phone Number 972-3030    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Common Stock, Shares Outstanding   678,585,140  
Entity Public Float     $ 20,129,206,051
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE

This report incorporates into a single document the requirements of the U.S. Securities and Exchange Commission (the “SEC”) with respect to annual reports on Form 10-K and annual reports to shareholders. Sections of the Bancorp’s Proxy Statement for the 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

Only those sections of this 2022 Annual Report to Shareholders that are specified in this Cross Reference Index constitute part of the registrant’s Form 10-K for the year ended December 31, 2022. No other information contained in this 2022 Annual Report to Shareholders shall be deemed to constitute any part of this Form 10-K nor shall any such information be incorporated into the Form 10-K and shall not be deemed “filed” as part of the registrant’s Form 10-K.
    
Amendment Flag false    
Entity Central Index Key 0000035527    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Transition Report false    
Entity Registrant Name FIFTH THIRD BANCORP    
Common Stock, Without Par Value      
Entity Listings [Line Items]      
Title of 12(b) Security Common Stock, Without Par Value    
Trading Symbol FITB    
Security Exchange Name NASDAQ    
Preferred stock, Series I      
Entity Listings [Line Items]      
Title of 12(b) Security 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series I    
Trading Symbol FITBI    
Security Exchange Name NASDAQ    
Class B Preferred stock, Series A      
Entity Listings [Line Items]      
Title of 12(b) Security 6.00% Non-Cumulative Perpetual Class B Preferred Stock, Series A    
Trading Symbol FITBP    
Security Exchange Name NASDAQ    
Preferred Stock, Series K      
Entity Listings [Line Items]      
Title of 12(b) Security 4.95% Non-Cumulative Perpetual Preferred Stock, Series K    
Trading Symbol FITBO    
Security Exchange Name NASDAQ    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Location Cincinnati, Ohio
Auditor Firm ID 34
v3.22.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and due from banks $ 3,466 $ 2,994
Other short-term investments [1] 8,351 34,572
Available-for-sale debt and other securities [2] 51,503 38,110
Held-to-maturity securities [3] 5 8
Trading debt securities 414 512
Equity securities 317 376
Loans and leases held for sale [4] 1,007 4,415
Total portfolio loans and leases [1],[5] 121,480 112,050
Allowance for loan and lease losses [1] (2,194) (1,892)
Portfolio loans and leases, net 119,286 110,158
Bank premises and equipment [6] 2,187 2,120
Operating lease equipment 627 616
Goodwill 4,915 4,514
Intangible assets 169 156
Servicing rights 1,746 1,121
Other assets [1] 13,459 11,444
Total Assets 207,452 211,116
Deposits:    
Noninterest-bearing deposits 53,125 65,088
Interest-bearing deposits 110,565 104,236
Total deposits 163,690 169,324
Federal funds purchased 180 281
Other short-term borrowings 4,838 980
Accrued taxes, interest and expenses 1,822 2,233
Other liabilities [1] 5,881 4,267
Long-term debt [1] 13,714 11,821
Total Liabilities 190,125 188,906
Equity    
Common stock [7] 2,051 2,051
Preferred stock [8] 2,116 2,116
Capital surplus 3,684 3,624
Retained earnings 21,689 20,236
Accumulated other comprehensive (loss) income (5,110) 1,207
Treasury stock [7] (7,103) (7,024)
Total Equity 17,327 22,210
Total Liabilities and Equity $ 207,452 $ 211,116
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
[2] Amortized cost of $57,530 and $36,941 at December 31, 2022 and 2021, respectively.
[3] Fair value of $5 and $8 at December 31, 2022 and 2021, respectively.
[4] Includes $600 and $1,023 of residential mortgage loans held for sale measured at fair value at December 31, 2022 and 2021, respectively.
[5] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[6] Includes $24 of bank premises and equipment held for sale at both December 31, 2022 and 2021. For further information, refer to Note 7.
[7] Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at December 31, 2022 – 683,385,880 (excludes 240,506,701 treasury shares), 2021 – 682,777,664 (excludes 241,114,917 treasury shares).
[8] 500,000 shares of no par value preferred stock were authorized at both December 31, 2022 and 2021. There were 422,000 unissued shares of undesignated no par value preferred stock at both December 31, 2022 and 2021. Each issued share of no par value preferred stock has a liquidation preference of $25,000. 500,000 shares of no par value Class B preferred stock were authorized at both December 31, 2022 and 2021. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both December 31, 2022 and 2021. Each issued share of no par value Class B preferred stock has a liquidation preference of $1,000.
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other short-term investments [1] $ 8,351 $ 34,572
Total portfolio loans and leases [1],[2] 121,480 112,050
Allowance for loan and lease losses [1] (2,194) (1,892)
Other assets [1] 13,459 11,444
Other liabilities [1] 5,881 4,267
Long-term debt [1] 13,714 11,821
Amortized Cost 57,530 36,941
Held-to-maturity securities 5 8
Bank premises and equipment held for sale $ 24 $ 24
Common stock, par value (in dollars per share) $ 2.22 $ 2.22
Common stock, authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, outstanding (in shares) 683,385,880 682,777,664
Treasury stock (in shares) 240,506,701 241,114,917
Preferred stock, authorized (in shares) 500,000 500,000
Preferred stock, unissued (in shares) 422,000 422,000
Preferred stock, liquidation preference per share (in dollars per share) $ 25,000 $ 25,000
Preferred Class B    
Preferred stock, authorized (in shares) 500,000 500,000
Preferred stock, unissued (in shares) 300,000 300,000
Preferred stock, liquidation preference per share (in dollars per share) $ 1,000 $ 1,000
Residential Mortgage    
Allowance for loan and lease losses $ (245) $ (235)
Loans held for sale 600 1,023
Loans measured at FV 123 154
Variable Interest Entity, Primary Beneficiary | Automobile And Solar Loan    
Other short-term investments 17 24
Total portfolio loans and leases 185 322
Allowance for loan and lease losses (2) (2)
Other assets 2 2
Other liabilities 9 1
Long-term debt $ 118 $ 263
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
[2] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
v3.22.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest Income      
Interest and fees on loans and leases $ 4,954 $ 4,079 $ 4,424
Interest on securities 1,517 1,090 1,119
Interest on other short-term investments 116 42 29
Total interest income 6,587 5,211 5,572
Interest Expense      
Interest on deposits 447 59 322
Interest on federal funds purchased 6 0 2
Interest on other short-term borrowings 108 2 14
Interest on long-term debt 417 380 452
Total interest expense 978 441 790
Net Interest Income 5,609 4,770 4,782
Provision for (benefit from) credit losses 563 (377) 1,097
Net Interest Income After Provision for (Benefit from) Credit Losses 5,046 5,147 3,685
Noninterest Income      
Service charges on deposits 589 600 559
Wealth and asset management revenue 570 586 520
Commercial banking revenue 565 637 528
Card and processing revenue 409 402 352
Leasing business revenue 237 300 276
Mortgage banking net revenue 215 270 320
Other noninterest income 265 332 211
Securities (losses) gains, net (82) (7) 62
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights (2) (2) 2
Total noninterest income 2,766 3,118 2,830
Noninterest Expense      
Compensation and benefits 2,554 2,626 2,590
Technology and communications 416 388 362
Net occupancy expense 307 312 350
Equipment expense 145 138 130
Leasing business expense 131 137 140
Marketing expense 118 107 104
Card and processing expense 80 89 121
Other noninterest expense 968 951 921
Total noninterest expense 4,719 4,748 4,718
Income (loss) before income taxes 3,093 3,517 1,797
Applicable income tax expense 647 747 370
Net Income 2,446 2,770 1,427
Dividends on preferred stock 116 111 104
Net Income Available to Common Shareholders $ 2,330 $ 2,659 $ 1,323
Shares Disclosures      
Earnings per share - basic (in dollars per share) $ 3.38 $ 3.78 $ 1.84
Earnings per share - diluted (in dollars per share) $ 3.35 $ 3.73 $ 1.83
Average common shares outstanding - basic (in shares) 688,633,659 702,188,552 714,729,585
Average common shares outstanding - diluted (in shares) 694,952,038 711,197,805 719,735,415
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net Income $ 2,446 $ 2,770 $ 1,427
Net unrealized (losses) gains on available-for-sale debt securities:      
Unrealized holding (losses) gains arising during the year (5,478) (1,043) 1,153
Reclassification adjustment for net (gains) losses included in net income (2) 3 (34)
Net unrealized (losses) gains on cash flow hedge derivatives:      
Unrealized holding (losses) gains arising during the year (774) (142) 483
Reclassification adjustment for net gains included in net income (77) (223) (187)
Defined benefit pension plans, net:      
Net actuarial gain (loss) arising during the year 9 4 (9)
Reclassification of amounts to net periodic benefit costs 5 7 7
Other 0 0 (4)
Other comprehensive (loss) income, net of tax (6,317) (1,394) 1,409
Comprehensive (Loss) Income $ (3,871) $ 1,376 $ 2,836
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
$ in Millions
Total
Preferred stock, Series H
Preferred stock Series I
Preferred stock, Series J
Preferred Stock Series K
Preferred stock, Series L
Class B Preferred stock, Series A
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Preferred Stock
Preferred Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Capital Surplus
Capital Surplus
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Preferred stock, Series H
Retained Earnings
Preferred stock Series I
Retained Earnings
Preferred stock, Series J
Retained Earnings
Preferred Stock Series K
Retained Earnings
Preferred stock, Series L
Retained Earnings
Class B Preferred stock, Series A
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Cumulative Effect, Period of Adoption, Adjusted Balance
Treasury Stock
Treasury Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning balance at Dec. 31, 2019 $ 21,203             $ (472) $ 20,731 $ 2,051 $ 2,051 $ 1,770 $ 1,770 $ 3,599 $ 3,599 $ 18,315             $ (472) $ 17,843 $ 1,192 $ 1,192 $ (5,724) $ (5,724)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                        
Net Income 1,427                             1,427                        
Other comprehensive (loss) income, net of tax 1,409                                               1,409      
Cash dividends declared:                                                        
Common stock (780)                             (780)                        
Preferred stock   $ (31) [1] $ (30) [1] $ (12) [1] $ (12) [1] $ (7) $ (12) [1]                   $ (31) [1] $ (30) [1] $ (12) [1] $ (12) [1] $ (7) $ (12) [1]            
Issuance of preferred stock 346                     346                                
Impact of stock transactions under stock compensation plans, net 82                         36                         46  
Other 0                             (2)                     2  
Ending balance at Dec. 31, 2020 23,111                 2,051   2,116   3,635   18,384                 2,601   (5,676)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                        
Net Income 2,770                             2,770                        
Other comprehensive (loss) income, net of tax (1,394)                                               (1,394)      
Cash dividends declared:                                                        
Common stock (805)                             (805)                        
Preferred stock [1]   (31) (30) (10) (12) (16) (12)                   (31) (30) (10) (12) (16) (12)            
Shares acquired for treasury (1,393)                                                   (1,393)  
Impact of stock transactions under stock compensation plans, net 33                         (11)                         44  
Other (1)                             (2)                     1  
Ending balance at Dec. 31, 2021 22,210                 2,051   2,116   3,624   20,236                 1,207   (7,024)  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                        
Net Income 2,446                             2,446                        
Other comprehensive (loss) income, net of tax (6,317)                                               (6,317)      
Cash dividends declared:                                                        
Common stock (877)                             $ (877)                        
Preferred stock [1]   $ (31) $ (30) $ (15) $ (12) $ (16) $ (12)                   $ (31) $ (30) $ (15) $ (12) $ (16) $ (12)            
Shares acquired for treasury (100)                                                   (100)  
Impact of stock transactions under stock compensation plans, net 81                         60                         21  
Other                                                     0  
Ending balance at Dec. 31, 2022 $ 17,327               $ 17,327 $ 2,051   $ 2,116   $ 3,684                   $ 21,689 $ (5,110)   $ (7,103)  
[1] Refer to Note 24 for further information on dividends declared for preferred stock.
v3.22.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Common stock dividends, per share (in dollars per share) $ 1.26 $ 1.14 $ 1.08
Preferred stock, Series H      
Preferred stock dividends, per share (in usd per share) 1,275 1,275 1,275
Preferred stock Series I      
Preferred stock dividends, per share (in usd per share) 1,656.24 1,656.24 1,656.24
Preferred stock, Series J      
Preferred stock dividends, per share (in usd per share) 1,249.19 839.62 1,043.48
Preferred Stock Series K      
Preferred stock dividends, per share (in usd per share) 1,237.5 1,237.5 1,237.52
Preferred stock, Series L      
Preferred stock dividends, per share (in usd per share) 1,125 1,125 468.75
Class B Preferred stock, Series A      
Preferred stock dividends, per share (in usd per share) $ 60.00 $ 60.00 $ 60.00
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net Income $ 2,446 $ 2,770 $ 1,427
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (benefit from) credit losses 563 (377) 1,097
Depreciation, amortization and accretion 436 349 492
Stock-based compensation expense 165 120 123
Benefit from deferred income taxes (60) (14) (162)
Securities losses (gains), net 84 16 (69)
MSR fair value adjustment (177) 139 565
Net gains on sales of loans and fair value adjustments on loans held for sale (126) (335) (291)
Net (gains) losses on disposition and impairment of bank premises and equipment and operating lease equipment (1) 10 26
Gain on sale of HSA deposit portfolio 0 (60) 0
Gain on the TRA associated with Worldpay, Inc. (46) (46) (74)
Proceeds from sales of loans held for sale 13,123 17,204 12,481
Loans originated or purchased for sale, net of repayments (10,239) (16,888) (14,767)
Dividends representing return on equity investments 50 55 17
Net change in:      
Equity and trading debt securities 70 15 12
Other assets 646 (37) (855)
Accrued taxes, interest and expenses and other liabilities (506) (217) 349
Net Cash Provided by Operating Activities 6,428 2,704 371
Proceeds from sales:      
AFS securities and other investments 4,359 3,125 1,743
Loans and leases 155 718 157
Bank premises and equipment 2 19 33
Proceeds from repayments / maturities of AFS and HTM securities and other investments 4,495 6,079 3,646
Purchases:      
AFS securities and other investments (29,714) (11,713) (5,266)
Bank premises and equipment (348) (309) (305)
MSRs (213) (381) (44)
Proceeds from settlement of BOLI 49 24 19
Proceeds from sales and dividends representing return of equity investments 87 63 69
Net cash received for divestitures 66 0 19
Net cash paid on acquisitions (917) (297) (23)
Net cash paid on sale of HSA deposit portfolio 0 (431) 0
Net change in:      
Other short-term investments 26,224 (1,172) (31,446)
Portfolio loans and leases (8,992) (3,721) (451)
Operating lease equipment (124) 28 (53)
Net Cash Used in Investing Activities (4,871) (7,968) (31,902)
Financing Activities      
Net change in deposits (5,994) 10,734 32,019
Net change in other short-term borrowings and federal funds purchased 3,757 (193) 182
Dividends paid on common and preferred stock (927) (897) (858)
Proceeds from issuance of long-term debt 4,026 562 2,557
Repayment of long-term debt (1,762) (3,603) (2,799)
Repurchase of treasury stock and related forward contract (100) (1,393) 0
Issuance of preferred stock 0 0 346
Other (85) (99) (47)
Net Cash (Used in) Provided by Financing Activities (1,085) 5,111 31,400
Increase (Decrease) in Cash and Due from Banks 472 (153) (131)
Cash and Due from Banks at Beginning of Period 2,994 3,147 3,278
Cash and Due from Banks at End of Period $ 3,466 $ 2,994 $ 3,147
v3.22.4
Summary of Significant Accounting and Reporting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting and Reporting Policies Summary of Significant Accounting and Reporting Policies
Nature of Operations
Fifth Third Bancorp, an Ohio corporation, conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States as well as through other offices, telephone sales, the internet and mobile applications.

Basis of Presentation
The Consolidated Financial Statements include the accounts of the Bancorp and its majority-owned subsidiaries and VIEs in which the Bancorp has been determined to be the primary beneficiary. Other entities, including certain joint ventures in which the Bancorp has the ability to exercise significant influence over operating and financial policies of the investee, but upon which the Bancorp does not possess control, are accounted for by the equity method and not consolidated. The investments in those entities in which the Bancorp does not have the ability to exercise significant influence are generally carried at fair value unless the investment does not have a readily determinable fair value. The Bancorp accounts for equity investments without a readily determinable fair value using the measurement alternative to fair value, representing the cost of the investment minus any impairment recorded and plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. Intercompany transactions and balances among consolidated entities have been eliminated.

Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Due from Banks
Cash and due from banks consist of currency and coin, cash items in the process of collection and due from banks. Currency and coin includes both U.S. and foreign currency owned and held at Fifth Third offices and that is in-transit to the FRB. Cash items in the process of collection include checks and drafts that are drawn on another depository institution or the FRB that are payable immediately upon presentation in the U.S. Balances due from banks include noninterest-bearing balances that are funds on deposit at other depository institutions or the FRB.

Investment Securities
Debt securities are classified as held-to-maturity, available-for-sale or trading on the date of purchase. Only those securities which management has the intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Debt securities are classified as trading when bought and held principally for the purpose of selling them in the near term. Trading debt securities are reported at fair value with unrealized gains and losses included in noninterest income. Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in OCI. For available-for-sale debt securities hedged in a fair value hedge, the amortized cost basis of the hedged items (excluding unrealized gains and losses) includes the cumulative fair value hedging basis adjustments. Changes in the fair value of these securities which are attributable to changes in the hedged risk are recognized in earnings instead of OCI. Accrued interest receivable on investment securities is presented in the Consolidated Balance Sheets as a component of other assets.

Available-for-sale debt securities with unrealized losses are reviewed quarterly to determine if the decline in fair value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of the unrealized loss attributable to credit; however, this impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized through OCI. Changes in the allowance for credit losses are recognized in earnings.

The determination of whether or not a credit loss exists is based on consideration of the cash flows expected to be collected from the debt security. The Bancorp develops these expectations after considering various factors such as agency ratings, the financial condition of the issuer or underlying obligors, payment history, payment structure of the security, industry and market conditions, underlying collateral and other factors which may be relevant based on the facts and circumstances pertaining to individual securities.

If the Bancorp intends to sell the debt security or will more likely than not be required to sell the debt security before recovery of its amortized cost basis, then the allowance for credit losses, if previously recorded, is written off and the security’s amortized cost is written down to the security’s fair value at the reporting date, with any incremental impairment recorded as a charge to noninterest income.

Held-to-maturity debt securities are assessed periodically to determine if a valuation allowance is necessary to absorb credit losses expected to occur over the remaining contractual life of the securities. The carrying amount of held-to-maturity debt securities is presented net of the valuation allowance for credit losses when such an allowance is deemed necessary.
Equity securities with readily determinable fair values not accounted for under the equity method are reported at fair value with unrealized gains and losses included in noninterest income in the Consolidated Statements of Income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes as a result of an observable price change for the identical or similar investment of the same issuer. At each quarterly reporting period, the Bancorp performs a qualitative assessment to evaluate whether impairment indicators are present. If qualitative indicators are identified, the investment is measured at fair value with the impairment loss included in noninterest income in the Consolidated Statements of Income.

The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted prices of similar instruments.

Premiums on purchased callable debt securities are amortized to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities.

Realized securities gains or losses are reported within noninterest income in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.

Portfolio Loans and Leases
Basis of accounting
Portfolio loans and leases are generally reported at the principal amount outstanding, net of unearned income, deferred direct loan origination fees and costs and any direct principal charge-offs. Direct loan origination fees and costs are deferred and the net amount is amortized over the contractual life or estimated life, if prepayments are estimated, of the related loans as a yield adjustment. Interest income is recognized based on the principal balance outstanding computed using the effective interest method.

Loans and leases acquired by the Bancorp through a purchase business combination are recorded at fair value as of the acquisition date. Purchased loans and finance leases (including both sales-type leases and direct financing leases) are evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans and finance leases that do not exhibit evidence of more-than-insignificant credit deterioration since origination, the Bancorp does not carry over the acquired company’s ALLL, but upon acquisition will record an ALLL and provision for credit losses reflective of credit losses expected to be incurred over the remaining contractual life of the acquired loans. Premiums and discounts reflected in the initial fair value are amortized over the contractual life of the loan as an adjustment to yield.

For loans and finance leases that exhibit evidence of more-than-insignificant credit quality deterioration since origination, the Bancorp’s estimate of expected credit losses is added to the ALLL upon acquisition and to the initial purchase price of the loans and leases to determine the initial amortized cost basis for the purchased financial assets with credit deterioration. Any resulting difference between the initial amortized cost basis (as adjusted for expected credit losses) and the par value of the loans and leases at the acquisition date represents the non-credit premium or discount, which is amortized over the contractual life of the loan or lease as an adjustment to yield. This method of accounting for loans acquired with deteriorated credit quality does not apply to loans carried at fair value or residential mortgage loans held for sale.

The Bancorp’s lease portfolio consists of sales-type, direct financing and leveraged leases. Leases are classified as sales-type if the Bancorp transfers control of the underlying asset to the lessee. The Bancorp classifies leases that do not meet any of the criteria for a sales-type lease as a direct financing lease if the present value of the sum of the lease payments and any residual value guaranteed by the lessee and/or any other third party equals or exceeds substantially all of the fair value of the underlying asset and the collection of the lease payments and residual value guarantee is probable. Sales-type and direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Interest income on sales-type and direct financing leases is recognized over the term of the lease to achieve a constant periodic rate of return on the outstanding investment.

Leveraged leases, entered into before January 1, 2019, are carried at the aggregate of lease payments (less nonrecourse debt payments) plus estimated residual value of the leased property, less unearned income. Interest income on leveraged leases is recognized over the term of the lease to achieve a constant rate of return on the outstanding investment in the lease, net of the related deferred income tax liability, in the years in which the net investment is positive. Leveraged lease accounting is no longer applied for leases entered into or modified after the Bancorp’s adoption of ASU 2016-02, Leases, on January 1, 2019.

Nonaccrual loans and leases
The Bancorp places loans and leases on nonaccrual status when full repayment of principal and interest is not expected, unless the loan or lease is well-secured and in the process of collection. When a loan is placed on nonaccrual status, the accrual of interest, amortization of loan premium, accretion of loan discount and amortization/accretion of deferred net direct loan origination fees or costs are discontinued and all
previously accrued and unpaid interest is reversed against income. The Bancorp utilizes the following policies to determine when full repayment of principal and interest on a loan or lease is not expected:
•Commercial loans are placed on nonaccrual status when there is a clear indication that the borrower’s cash flows may not be sufficient to meet payments as they become due. Such loans are also placed on nonaccrual status when the principal or interest is past due 90 days or more, unless the loan is fully or partially guaranteed by a government agency.
•Residential mortgage loans are placed on nonaccrual status when principal and interest payments become past due 150 days or more, unless repayment of the loan is fully or partially guaranteed by a government agency. Residential mortgage loans may stay on nonaccrual status for an extended time as the foreclosure process typically lasts longer than 180 days. The Bancorp maintains a reserve for the portion of accrued interest receivable that it estimates will be uncollectible, at the portfolio level, for residential mortgage loans which are past due 90 days or more and on accrual status. This reserve is recorded as a component of other assets on the Bancorp’s Consolidated Balance Sheets, consistent with the classification of the related accrued interest receivable.
•Residential mortgage loans that have been modified in a TDR and subsequently become past due 90 days or more are placed on nonaccrual status unless the loan is fully or partially guaranteed by a government agency.
•Home equity loans and lines of credit are placed on nonaccrual status if principal or interest has been in default for 90 days or more. Home equity loans and lines of credit that have been in default for 60 days or more are also placed on nonaccrual status if the senior lien has been in default 120 days or more.
•Credit card accounts that have been modified in a TDR are placed on nonaccrual status at the time of the modification. Subsequent to the modification, accounts are placed on nonaccrual status when required payments become past due 90 days or more.
•Indirect secured consumer loans and other consumer loans are generally placed on nonaccrual status when principal or interest becomes past due 90 days or more.
•Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the borrower’s payment history or capacity to repay in the future.

Well-secured loans are collateralized by perfected security interests in real and/or personal property for which the Bancorp estimates proceeds from the sale would be sufficient to recover the outstanding principal and accrued interest balance of the loan and pay all costs to sell the collateral. The Bancorp considers a loan in the process of collection if collection efforts or legal action is proceeding and the Bancorp expects to collect funds sufficient to bring the loan current or recover the entire outstanding principal and accrued interest balance in the near future.

Nonaccrual loans and leases may be returned to accrual status when all delinquent principal and interest payments become current in accordance with the loan agreement and the remaining principal and interest payments are reasonably assured of repayment in accordance with the contractual terms of the loan agreement, or when the loan is both well-secured and in the process of collection. Nonaccrual loans that have been modified in a TDR may not be returned to accrual status unless such loans have sustained repayment performance of six months or more and are reasonably assured of repayment in accordance with the restructured terms. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower may be returned to accrual status provided there is a sustained payment history of twelve months or more after bankruptcy and collectability is reasonably assured for all remaining contractual payments.

Except for loans discharged in a Chapter 7 bankruptcy that are not reaffirmed by the borrower, accruing residential mortgage loans, home equity loans and lines of credit, indirect secured consumer loans and other consumer loans modified as part of a TDR are maintained on accrual status, provided there is reasonable assurance of repayment and of performance according to the modified terms based upon a current, well-documented credit evaluation. Accruing commercial loans modified as part of a TDR are maintained on accrual status provided there is a sustained payment history of six months or more prior to the modification and collectability is reasonably assured for all remaining contractual payments under the modified terms. TDRs of commercial loans and credit card loans that do not have a sustained payment history of six months or more in accordance with their modified terms remain on nonaccrual status until a six-month payment history is sustained.

Nonaccrual loans and leases are generally accounted for on the cost recovery method due to the existence of doubt as to the collectability of the remaining amortized cost basis of nonaccrual assets. Under the cost recovery method, any payments received are applied to reduce principal. Once the entire amortized cost basis is collected, additional payments received are treated as recoveries of amounts previously charged-off until recovered in full, and any subsequent payments are treated as interest income. In certain circumstances when the remaining amortized cost basis of a nonaccrual loan or lease is deemed to be fully collectible, the Bancorp may utilize the cash basis method to account for interest payments received on a nonaccrual loan or lease. Under the cash basis method, interest income is recognized when cash is received, to the extent such income would have been accrued on the loan’s remaining balance at the contractual rate.

The Bancorp records a charge-off to the ALLL when all or a portion of a loan or lease is deemed to be uncollectible, after considering the net realizable value of any underlying collateral. Commercial loans and leases on nonaccrual status, including those modified in a TDR, as well as criticized commercial loans with aggregate borrower relationships exceeding $1 million, are subject to an individual review to identify charge-offs. The Bancorp does not have an established delinquency threshold for partially or fully charging off commercial loans and leases. The Bancorp records charge-offs on consumer loans in accordance with applicable regulatory guidelines, which are primarily based on a loan’s delinquency status.
Restructured loans and leases
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or remaining principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk.

Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan.

Loans and Leases Held for Sale
Loans and leases held for sale primarily represent conforming fixed-rate residential mortgage loans originated or acquired with the intent to sell in the secondary market and jumbo residential mortgage loans, commercial loans, other residential mortgage loans and other consumer loans that management has the intent to sell. Loans and leases held for sale may be carried at the lower of cost or fair value, or carried at fair value where the Bancorp has elected the fair value option of accounting under U.S. GAAP. The Bancorp has elected to measure certain groups of loans held for sale under the fair value option, including certain residential mortgage loans originated as held for sale and certain purchased commercial loans designated as held for sale at acquisition. For loans in which the Bancorp has not elected the fair value option, the lower of cost or fair value is determined at the individual loan level.

The fair value of residential mortgage loans held for sale for which the fair value election has been made is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effects of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. These fair value marks are recorded as a component of noninterest income in mortgage banking net revenue in the Consolidated Statements of Income. For residential mortgage loans that it has originated as held for sale, the Bancorp generally has commitments to sell these loans in the secondary market. Gains or losses on sales are recognized in mortgage banking net revenue in the Consolidated Statements of Income.

Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and, thereafter, reported within the Bancorp’s residential mortgage class of portfolio loans and leases. In such cases, if the fair value election was made, the residential mortgage loans will continue to be measured at fair value, which is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component.

Loans and leases held for sale are placed on nonaccrual status consistent with the Bancorp’s nonaccrual policies for portfolio loans and leases.

Other Real Estate Owned
OREO, which is included in other assets in the Consolidated Balance Sheets, represents property acquired through foreclosure or other proceedings and branch-related real estate no longer intended to be used for banking purposes. OREO is carried at the lower of cost or fair value, less costs to sell. All OREO property is periodically evaluated for impairment and decreases in carrying value are recognized as reductions in other noninterest income in the Consolidated Statements of Income. For government-guaranteed mortgage loans, upon foreclosure, a separate other receivable is recognized if certain conditions are met for the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This receivable is also included in other assets, separate from OREO, in the Consolidated Balance Sheets.

ALLL
The Bancorp disaggregates its portfolio loans and leases into portfolio segments for purposes of determining the ALLL. The Bancorp’s portfolio segments include commercial, residential mortgage and consumer. The Bancorp further disaggregates its portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial portfolio segment include commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leasing. The residential mortgage portfolio segment is also considered a class. Classes within the consumer portfolio segment include home equity, indirect secured consumer, credit card and other consumer loans. For an analysis of the Bancorp’s ALLL by portfolio segment and credit quality information by class, refer to Note 6.

The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. Contractual terms are adjusted for expected prepayments but are not extended for expected extensions, renewals or modifications except in circumstances where the Bancorp reasonably expects to execute a TDR with the borrower or where certain extension or renewal options are embedded in the original contract and not unconditionally cancellable by the Bancorp.
Accrued interest receivable on loans is presented in the Consolidated Financial Statements as a component of other assets. When accrued interest is deemed to be uncollectible (typically when a loan is placed on nonaccrual status), interest income is reversed. The Bancorp follows established policies for placing loans on nonaccrual status, so uncollectible accrued interest receivable is reversed in a timely manner. As a result, the Bancorp has elected not to measure a reserve for accrued interest receivable as part of its ALLL. However, the Bancorp does record a reserve for the portion of accrued interest receivable that it expects to be uncollectible. Refer to the Portfolio Loans and Leases section for additional information.

Credit losses are charged and recoveries are credited to the ALLL. The ALLL is maintained at a level the Bancorp considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans and leases, including historical credit loss experience, current and forecasted market and economic conditions and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating expected credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ALLL to the Bancorp’s current estimate of expected credit losses on portfolio loans and leases.

The Bancorp’s methodology for determining the ALLL includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibit probable or observed credit weaknesses, as well as loans that have been modified in a TDR, are individually evaluated for an ALLL. The Bancorp considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan or lease structure and other factors when determining the amount of the ALLL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When loans and leases are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for individually evaluated loans and leases that are collateral-dependent are measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans and leases that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated commercial loans and leases, including TDRs, are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Consumer and residential mortgage loans that have been modified in a TDR are individually evaluated for an ALLL. Allowances for individually evaluated loans that are collateral-dependent are typically measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate and a modeled expected credit loss amount. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated consumer and residential mortgage loans are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Expected credit losses are estimated on a collective basis for loans and leases that are not individually evaluated. These include commercial loans and leases that do not meet the criteria for individual evaluation as well as homogeneous loans in the residential mortgage and consumer portfolio segments. For collectively evaluated loans and leases, the Bancorp uses models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The estimate of the expected balance at the time of default considers prepayments and, for loans with available credit, expected utilization rates. The Bancorp’s expected credit loss models were developed based on historical credit loss experience and observations of migration patterns for various credit risk characteristics (such as internal credit risk grades, external credit ratings or scores, delinquency status, loan-to-value trends, etc.) over time, with those observations evaluated in the context of concurrent macroeconomic conditions. The Bancorp developed its models from historical observations capturing a full economic cycle when possible.

The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, the Bancorp considers its forecasts to be reasonable and supportable for a period of up to three years from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information without adjustment for changes in economic conditions. This reversion is phased in over a two-year period. The Bancorp evaluates the length of its reasonable and supportable forecast period, its reversion period and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

The Bancorp also considers qualitative factors in determining the ALLL. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within the Bancorp’s expected credit loss models. These include adjustments for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such
as geopolitical events, natural disasters and their effects on regional borrowers, and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology.

When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect that changing economic conditions may have on the Bancorp’s customers.

Reserve for Unfunded Commitments
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities and is included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve is based upon expected credit losses over the remaining contractual life of the commitments, taking into consideration the current funded balance and estimated exposure over the reasonable and supportable forecast period. This process takes into consideration the same risk elements that are analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the Consolidated Statements of Income.

Loan Sales and Securitizations
The Bancorp periodically sells loans through either securitizations or individual loan sales in accordance with its investment policies. The sold loans are removed from the Consolidated Balance Sheet and a net gain or loss is recognized in the Consolidated Financial Statements at the time of sale. The Bancorp typically isolates the loans through the use of a VIE and thus is required to assess whether the entity holding the sold or securitized loans is a VIE and whether the Bancorp is the primary beneficiary and therefore consolidator of that VIE. If the Bancorp holds the power to direct activities most significant to the economic performance of the VIE and has the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE, then the Bancorp will generally be deemed the primary beneficiary of the VIE. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate. Refer to Note 12 for further information on consolidated and non-consolidated VIEs.

The Bancorp’s loan sales and securitizations are generally structured with servicing retained, which often results in the recording of servicing rights. The Bancorp may also purchase servicing rights. The Bancorp has elected to measure all existing classes of its residential mortgage servicing rights portfolio at fair value with changes in the fair value of servicing rights reported in mortgage banking net revenue in the Consolidated Statements of Income in the period in which the changes occur.

Servicing rights are valued using internal OAS models. Key economic assumptions used in estimating the fair value of the servicing rights include the prepayment speeds of the underlying loans, the weighted-average life, the OAS and the weighted-average coupon rate, as applicable. The primary risk of material changes to the value of the servicing rights resides in the potential volatility in the economic assumptions used, particularly the prepayment speeds. In order to assist in the assessment of the fair value of servicing rights, the Bancorp obtains external valuations of the servicing rights portfolio from third parties and participates in peer surveys that provide additional confirmation of the reasonableness of the key assumptions utilized in the internal OAS model.

Fees received for servicing loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in noninterest income in the Consolidated Statements of Income as loan payments are received. Costs of servicing loans are charged to expense as incurred.

Reserve for Representation and Warranty Provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan or indemnify (make whole) the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. The Bancorp establishes a residential mortgage repurchase reserve related to various representations and warranties that reflects management’s estimate of losses based on a combination of factors.

The Bancorp’s estimation process requires management to make subjective and complex judgments about matters that are inherently uncertain, such as future demand expectations, economic factors and the specific characteristics of the loans subject to repurchase. Such factors incorporate historical investor audit and repurchase demand rates, appeals success rates, historical loss severity and any additional information obtained from the GSEs regarding future mortgage repurchase and file request criteria. At the time of a loan sale, the Bancorp records a representation and warranty reserve at the estimated fair value of the Bancorp’s guarantee and continually updates the reserve during the life of the loan as losses in excess of the reserve become probable and reasonably estimable. The provision for the estimated fair value of the representation and warranty guarantee arising from the loan sales is recorded as an adjustment to the gain on sale, which is included in other noninterest income in the Consolidated Statements of Income at the time of sale. Updates to the reserve are recorded in other noninterest expense in the Consolidated Statements of Income.
Legal Contingencies
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may be required in the determination of both the probability of loss and whether the amount of the loss is reasonably estimable. The Bancorp’s estimates are subjective and are based on the status of legal and regulatory proceedings, the merit of the Bancorp’s defenses and consultation with internal and external legal counsel. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. This accrual is included in other liabilities in the Consolidated Balance Sheets and is adjusted from time to time as appropriate to reflect changes in circumstances. Legal expenses are recorded in other noninterest expense in the Consolidated Statements of Income.

Bank Premises and Equipment and Other Long-Lived Assets
Bank premises and equipment, including leasehold improvements, and operating lease equipment are carried at cost less accumulated depreciation and amortization. Generally, depreciation is calculated using the straight-line method based on estimated useful lives of the assets for book purposes, while accelerated depreciation is used for income tax purposes. Amortization of leasehold improvements is generally computed using the straight-line method over the lives of the related leases or useful lives of the related assets, whichever is shorter. Whenever events or changes in circumstances dictate, the Bancorp tests its long-lived assets for impairment by determining whether the sum of the estimated undiscounted future cash flows attributable to a long-lived asset or asset group is less than the carrying amount of the long-lived asset or asset group through a probability-weighted approach. In the event the carrying amount of the long-lived asset or asset group is not recoverable, an impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Maintenance, repairs and minor improvements are charged to noninterest expense in the Consolidated Statements of Income as incurred. Lease payments received for operating lease equipment are recognized in leasing business revenue in the Consolidated Statements of Income over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from use of the underlying equipment.

Lessee Accounting
ROU assets and lease liabilities are recognized for all leases unless the initial term of the lease is twelve months or less. Lease costs for operating leases are recognized on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of consumption. The lease term includes any renewal period that the Bancorp is reasonably certain to exercise. The Bancorp uses its incremental borrowing rate to discount the lease payments if the rate implicit in the lease is not readily determinable. Variable lease payments associated with operating leases are recognized in the period in which the obligation for payments is incurred.

For finance leases, the lease liability is measured using the effective interest method such that the liability is increased for interest based on the discount rate that is implicit in the lease or the Bancorp’s incremental borrowing rate if the implicit rate cannot be readily determined, offset by a decrease in the liability resulting from the periodic lease payments. The ROU asset associated with the finance lease is amortized on a straight-line basis unless there is another systematic and rational basis that better reflects how the benefits of the underlying assets are consumed over the lease term. The period over which the ROU asset is amortized is generally the lesser of the remaining lease term or the remaining useful life of the leased asset. Variable lease payments associated with finance leases are recognized in the period in which the obligation for those payments is incurred.

When the lease liability is remeasured to reflect changes to the lease payments as a result of a lease modification, the ROU asset is adjusted for the amount of the lease liability remeasurement. If a lease modification reduces the scope of a lease, the ROU asset would be reduced proportionately based on the change in the lease liability and the difference between the lease liability adjustment and the resulting ROU asset adjustment would be recognized as a gain or loss in the Consolidated Statements of Income. Additionally, the amortization of the ROU asset is adjusted prospectively from the date of remeasurement.

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Any impairment loss is recognized in net occupancy expense in the Consolidated Statements of Income. Refer to the Bank Premises and Equipment and Other Long-Lived Assets section of this note for further information.

Derivative Financial Instruments and Hedge Accounting
The Bancorp accounts for its derivatives as either assets or liabilities measured at fair value through adjustments to AOCI and/or current earnings, as appropriate. On the date the Bancorp enters into a derivative contract, the Bancorp designates the derivative instrument as either a fair value hedge, cash flow hedge or as a free-standing derivative instrument. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current period net income. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in AOCI and subsequently reclassified to net income in the same period(s) that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period net income.
When entering into a hedge transaction, the Bancorp formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction before the end of the quarter in which the transaction is consummated. This process includes linking the derivative instrument designated as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. The Bancorp continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). Additionally, the Bancorp may also utilize the shortcut method to evaluate hedge effectiveness for certain qualifying hedges with matched terms that permit the assumption of perfect offset. If the shortcut method is no longer appropriate, the Bancorp would apply the long-haul method identified at inception of the hedging transaction for assessing hedge effectiveness as long as the hedge is highly effective. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting is discontinued. For fair value hedges, if hedge accounting is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset of liability. For cash flow hedges, upon discontinuation of hedge accounting, any amounts in AOCI related to that relationship should affect earnings at the same time and in the same manner in which the hedged transaction affects earnings. However, if it becomes probable that the forecasted transaction will not occur, any related amounts in AOCI are reclassified to earnings immediately.

Investments in Qualified Affordable Housing Projects
The Bancorp invests in projects to create affordable housing and revitalize business and residential areas. These investments are classified as other assets on the Bancorp’s Consolidated Balance Sheets. Investments in affordable housing projects that qualify for LIHTC are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting with impairment associated with the investments recognized in other noninterest expense in the Consolidated Statements of Income.

Deposits
Deposits generally include the unpaid balance of cash or its equivalent received or held by the Bank for its commercial and consumer customers. Deposits are classified as either transactional or non-transactional and include both interest-bearing and noninterest-bearing balances. Interest expense incurred on interest-bearing deposits is recognized in accordance with applicable guidance in U.S. GAAP for these liabilities and includes certain ongoing deposit placement fees paid on custodial accounts.

Income Taxes
The Bancorp accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future tax consequences. Under the asset and liability method, deferred tax assets and liabilities are determined by applying the federal and state tax rates to the differences between financial statement carrying amounts and the corresponding tax bases of assets and liabilities. Deferred tax assets are also recorded for any tax attributes, such as tax credits and net operating loss carryforwards. The net balances of deferred tax assets and liabilities are reported in other assets and accrued taxes, interest and expenses in the Consolidated Balance Sheets. Any effect of a change in federal or state tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Bancorp reflects the expected amount of income tax to be paid or refunded during the year as current income tax expense or benefit. Accrued taxes represent the net expected amount due to and/or from taxing jurisdictions and are reported in accrued taxes, interest and expenses in the Consolidated Balance Sheets. The Bancorp uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset.

The Bancorp evaluates the realization of deferred tax assets based on all positive and negative evidence available at the balance sheet date. Realization of deferred tax assets is based on the Bancorp’s judgment about relevant factors affecting their realization, including the taxable income within any applicable carry back periods, future projected taxable income, the reversal of taxable temporary differences and tax planning strategies. The Bancorp records a valuation allowance for deferred tax assets where the Bancorp does not believe that it is more likely than not that the deferred tax assets will be realized.

Income tax benefits from uncertain tax positions are recognized in the financial statements only if the Bancorp believes that it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the Bancorp does not believe that it is more likely than not that an uncertain tax position will be sustained, the Bancorp records a liability for the uncertain tax position. If the Bancorp believes that it is more likely than not that an uncertain tax position will be sustained, the Bancorp only records a tax benefit for the portion of the uncertain tax position where the likelihood of realization is greater than 50% upon settlement with the relevant taxing authority that has full knowledge of all relevant information. The Bancorp recognizes interest expense, interest income and penalties related to unrecognized tax benefits within applicable income tax expense in the Consolidated Statements of Income. Refer to Note 21 for further discussion regarding income taxes.
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Earnings per diluted share is computed by dividing adjusted net income available to common shareholders by the weighted-average number of shares of common stock outstanding, adjusted for the impact of potentially dilutive common shares arising from the exercise or settlement of stock-based awards and the settlement of outstanding forward contracts.

The Bancorp calculates earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. For purposes of calculating earnings per share under the two-class method, restricted shares that contain nonforfeitable rights to dividends are considered participating securities until vested. While the dividends declared per share on such restricted shares are the same as dividends declared per common share outstanding, the dividends recognized on such restricted shares may be less because dividends paid on restricted shares that are expected to be forfeited are reclassified to compensation expense during the period when forfeiture is expected.

Goodwill
Business combinations entered into by the Bancorp typically include the recognition of goodwill. U.S. GAAP requires goodwill to be tested for impairment at the reporting unit level on an annual basis, which the Bancorp performs as of September 30 each year, and more frequently if events or circumstances indicate that there may be impairment.

Impairment exists when a reporting unit’s carrying amount of goodwill exceeds its implied fair value. In testing goodwill for impairment, U.S. GAAP permits the Bancorp to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In this qualitative assessment, the Bancorp evaluates events and circumstances which may include, but are not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units to determine if it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the quantitative impairment test is required or the decision to bypass the qualitative assessment is elected, the Bancorp performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. A recognized impairment loss cannot be reversed in future periods even if the fair value of the reporting unit subsequently recovers.

The fair value of a reporting unit is the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units are publicly traded, individual reporting unit fair value determinations cannot be directly correlated to the Bancorp’s stock price. The determination of the fair value of a reporting unit is a subjective process that involves the use of estimates and judgments, particularly related to cash flows, the appropriate discount rates and an applicable control premium. The determination of the fair value of the Bancorp’s reporting units includes both an income-based approach and a market-based approach. The income-based approach utilizes the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Significant management judgment is necessary in the preparation of each reporting unit’s forecasted cash flows surrounding expectations for earnings projections, growth and credit loss expectations and actual results may differ from forecasted results. Additionally, the Bancorp determines its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compares this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach. Refer to Note 10 for further information regarding the Bancorp’s goodwill.

Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Bancorp employs various valuation approaches to measure fair value including the market, income and cost approaches. The market approach uses prices or relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach involves discounting future amounts to a single present amount and is based on current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of the asset.

U.S. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Bancorp has the ability to access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect the Bancorp’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include the Bancorp’s own financial data such as internally developed pricing models and DCF methodologies, as well as instruments for which the fair value determination requires significant management judgment.

The Bancorp’s fair value measurements involve various valuation techniques and models, which involve inputs that are observable, when available. Valuation techniques and parameters used for measuring assets and liabilities are reviewed and validated by the Bancorp on a quarterly basis. Additionally, the Bancorp monitors the fair values of significant assets and liabilities using a variety of methods including the evaluation of pricing runs and exception reports based on certain analytical criteria, comparison to previous trades and overall review and assessments for reasonableness. The Bancorp may, as a practical expedient, measure the fair value of certain investments on the basis of the net asset value per share of the investment, or its equivalent. Any investments which are valued using this practical expedient are not classified in the fair value hierarchy. Refer to Note 28 for further information on fair value measurements.

Stock-Based Compensation
The Bancorp recognizes compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. All awards, both those with cliff vesting and graded vesting, are expensed on a straight-line basis over the requisite service period. Awards to employees that meet eligible retirement status are expensed immediately. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, the Bancorp recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized. For further information on the Bancorp’s stock-based compensation plans, refer to Note 25.

Pension Plans
The Bancorp uses an expected long-term rate of return applied to the fair market value of assets as of the beginning of the year and the expected cash flow during the year for calculating the expected investment return on all pension plan assets. Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation and the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. The Bancorp uses a third-party actuary to compute the remaining service period of participating employees. This period reflects expected turnover, pre-retirement mortality and other applicable employee demographics.

Revenue Recognition
The Bancorp’s interest income is derived from loans and leases, investment securities and other short-term investments. The Bancorp recognizes interest income in accordance with the applicable guidance in U.S. GAAP for these assets. Refer to the Portfolio Loans and Leases and Investment Securities sections of this footnote for further information.

The Bancorp generally measures noninterest income revenue based on the amount of consideration the Bancorp expects to be entitled for the transfer of goods or services to a customer, then recognizes this revenue when or as the Bancorp satisfies its performance obligations under the contract, except in transactions where U.S. GAAP provides other applicable guidance. When the amount of consideration is variable, the Bancorp will only recognize revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in the future. Substantially all of the Bancorp’s contracts with customers have expected durations of one year or less and payments are typically due when or as the services are rendered or shortly thereafter. When third parties are involved in providing goods or services to customers, the Bancorp recognizes revenue on a gross basis when it has control over those goods or services prior to transfer to the customer; otherwise, revenue is recognized for the net amount of any fee or commission. The Bancorp excludes sales taxes from the recognition of revenue and recognizes the incremental costs of obtaining contracts as an expense if the period of amortization for those costs would be one year or less. The following provides additional information about the components of noninterest income:
•Commercial banking revenue consists primarily of service fees and other income related to loans to commercial clients, underwriting revenue recognized by the Bancorp’s broker-dealer subsidiary and fees for other services provided to commercial clients. Revenue related to loans is recognized in accordance with the Bancorp’s policies for portfolio loans and leases. Underwriting revenue is generally recognized on the trade date, which is when the Bancorp’s performance obligations are satisfied.
•Service charges on deposits consist primarily of treasury management fees for commercial clients, monthly service charges on consumer deposit accounts, transaction-based fees (such as overdraft fees and wire transfer fees), and other deposit account-related charges. The Bancorp’s performance obligations for treasury management fees and consumer deposit account service charges are
typically satisfied over time while performance obligations for transaction-based fees are typically satisfied at a point in time. Revenues are recognized on an accrual basis when or as the services are provided to the customer, net of applicable discounts, waivers and reversals. Payments are typically collected from customers directly from the related deposit account at the time the transaction is processed and/or at the end of the customer’s statement cycle (typically monthly).
•Wealth and asset management revenue consists primarily of service fees for investment management, custody, and trust administration services provided to commercial and consumer clients. The Bancorp’s performance obligations for these services are generally satisfied over time and revenues are recognized monthly based on the fee structure outlined in individual contracts. Transaction prices are most commonly based on the market value of assets under management or care and/or a fee per transaction processed. The Bancorp also offers certain services for which the performance obligations are satisfied and revenue is recognized at a point in time, when the services are performed. Wealth and asset management revenue also includes trailing commissions received from investments and annuities held in customer accounts, which are recognized in revenue when the Bancorp determines that it has satisfied its performance obligations and has sufficient information to estimate the amount of the commissions to which it expects to be entitled.
•Card and processing revenue consists primarily of ATM fees and interchange fees earned when the Bancorp’s credit and debit cards are processed through card association networks. The Bancorp’s performance obligations are generally complete when the transactions generating the fees are processed. Revenue is recognized on an accrual basis as such services are performed, net of certain costs not controlled by the Bancorp (primarily interchange fees charged by credit card associations and expenses of certain transaction-based rewards programs offered to customers).
•Leasing business revenue consists primarily of operating lease income, leasing business solutions revenue, lease remarketing fees and lease syndication fees from lease arrangements to commercial clients. Revenue related to leases is recognized either in accordance with the Bancorp’s policies for portfolio loans and leases or when the Bancorp’s performance obligations are satisfied.
•Mortgage banking net revenue consists primarily of origination fees and gains on loan sales, mortgage servicing fees and the impact of MSRs. Refer to the Loans and Leases Held for Sale and Loan Sales and Securitizations sections of this footnote for further information.
•Other noninterest income includes certain fees derived from loans, BOLI income, gains and losses on other assets, and other miscellaneous revenues and gains.

Other
Securities and other property held by Fifth Third Wealth and Asset Management, a division of the Bancorp’s banking subsidiary, in a fiduciary or agency capacity are not included in the Consolidated Balance Sheets because such items are not assets of the subsidiaries.

Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at other depository institutions or the FRB. The Bancorp uses other short-term investments as part of its liquidity risk management activities.

The Bancorp purchases life insurance policies on the lives of certain directors, officers and employees and is the owner and beneficiary of the policies. The Bancorp invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. Certain BOLI policies have a stable value agreement through either a large, well-rated bank or multi-national insurance carrier that provides limited cash surrender value protection from declines in the value of each policy’s underlying investments. The Bancorp records these BOLI policies within other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in other noninterest income in the Consolidated Statements of Income.

Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The Bancorp reviews intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

Securities sold under repurchase agreements are accounted for as secured borrowings and included in other short-term borrowings in the Consolidated Balance Sheets at the amounts at which the securities were sold plus accrued interest.

Acquisitions of treasury stock are carried at cost. Reissuance of shares in treasury for acquisitions, exercises of stock-based awards or other corporate purposes is recorded based on the specific identification method.

Advertising costs are generally expensed as incurred.
ACCOUNTING AND REPORTING DEVELOPMENTS
Standard Adopted in 2022
The Bancorp adopted the following new accounting standard effective January 1, 2022:

ASU 2020-06 – Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, which simplified the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Bancorp adopted the amended guidance on January 1, 2022 using the modified retrospective transition method. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

Significant Accounting Standards Issued but Not Yet Adopted
The following significant accounting standards were issued but not yet adopted by the Bancorp as of December 31, 2022:

ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, which provided guidance on the accounting for revenue contracts with customers which are acquired in a business combination. The amendments generally state that an acquirer accounts for an acquired revenue contract with a customer as if it had originated the contract. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis and will apply the amendments for business combinations occurring on or after the adoption date.

ASU 2022-01 – Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method
In March 2022, the FASB issued ASU 2022-01, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and renames the last-of-layer method the portfolio layer method. Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. It allows entities to designate multiple layers within a single closed portfolio as individual hedged items. Further, ASU 2022-01 clarifies that the fair value basis adjustments should be adjusted at the portfolio level and should not be allocated to individual assets within the portfolio. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis, except for the amendments related to fair value basis adjustments that, if applicable, were required to be applied on a modified retrospective basis. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

ASU 2022-02 – Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02, which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis, except for the amendments impacting the measurement of the ACL for TDRs and reasonably expected TDRs, which were adopted on a modified retrospective basis. Upon adoption, the Bancorp recorded a decrease to the ACL of approximately $49 million and a cumulative-effect adjustment to retained earnings of approximately $37 million, net of tax. The Bancorp will be subject to the amended disclosure requirements beginning with the filing of its Quarterly Report on Form 10-Q for the first quarter of 2023.

ASU 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the FASB issued ASU 2022-03, which clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to contractual sale restrictions, stating that such restrictions are not considered part of the unit of account of the security and therefore are not considered in measuring fair value. The amended guidance also requires disclosure of the fair value of equity securities subject to contractual sale restrictions and certain additional information about those restrictions. The amended guidance is effective for the Bancorp on January 1, 2024, with early adoption permitted, and is to be applied prospectively.

ASU 2022-04 – Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
In September 2022, the FASB issued ASU 2022-04, which provides guidance on the disclosure requirements for supplier finance programs. The amendments require that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Bancorp adopted the amended guidance on January 1, 2023 on a retrospective basis, except for the amendments related to disclosure of rollforward information, which are required to be adopted on January 1, 2024 on a prospective basis. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.
Reference Rate Reform and LIBOR Transition
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in the ASU apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, which clarified that the optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting also apply to derivatives that are affected by the discounting transition. The expedients and exceptions provided by the amendments did not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity had elected certain optional expedients and that are retained through the end of the hedging relationship. Subsequently, in December 2022, the FASB issued ASU 2022-06 which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in ASU 2020-04 (as amended) are effective for the Bancorp as of March 12, 2020 and may be applied through December 31, 2024. The Bancorp is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2024.
v3.22.4
Supplemental Cash Flow Information
 12 Months Ended
Dec. 31, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Cash payments related to interest and income taxes in addition to non-cash investing and financing activities are presented in the following table for the years ended December 31:
($ in millions)202220212020
Cash Payments:
Interest$869 465 825 
Income taxes272 607 491 
Transfers:
Portfolio loans and leases to loans and leases held for sale(a)
$105 447 926 
Loans and leases held for sale to portfolio loans and leases409 49 49 
Portfolio loans and leases to OREO8 8 12 
Loans and leases held for sale to OREO1 — 2 
Bank premises and equipment to OREO24 21 2 
Supplemental Disclosures:
Net additions to lease liabilities under operating leases
$152 66 47 
Net additions to lease liabilities under finance leases
27 35 106 
(a)Includes $167 and $794 for the years ended December 31, 2021 and 2020, respectively, of residential mortgage loans previously sold to GNMA which the Bancorp was initially deemed to have regained effective control over under ASC Topic 860 and which were recorded as portfolio loans. The Bancorp subsequently repurchased these loans and classified them as held for sale.
v3.22.4
Restrictions on Dividends and Capital Actions
 12 Months Ended
Dec. 31, 2022
Cash and Cash Equivalents [Abstract]  
Restrictions on Dividends and Capital Actions Restrictions on Dividends and Capital Actions
Restrictions on Cash Dividends
The principal source of income and funds for the Bancorp (parent company) are dividends from its subsidiaries. The dividends paid by the Bancorp’s banking subsidiary are subject to regulations and limitations prescribed by state and federal supervisory agencies. The Bancorp’s indirect banking subsidiary did not pay dividends during the year ended December 31, 2022 and paid the Bancorp’s direct nonbank subsidiary holding company, which in turn paid the Bancorp, $3.0 billion in dividends during the year ended December 31, 2021. The Bancorp’s nonbank subsidiaries are also limited by certain federal and state statutory provisions and regulations covering the amount of dividends that may be paid in any given year.

Capital Actions
The Bancorp is subject to restrictions on its capital actions, primarily as a result of supervisory policies set by the FRB. The Bancorp is required to develop and maintain a capital plan that governs its capacity to pay dividends and execute share repurchases and this plan is required to be submitted to the FRB periodically. As part of its capital plan, the Bancorp increased its quarterly common stock dividend to $0.33 per share in the third quarter of 2022. Additionally, the Bancorp entered into and settled accelerated share repurchase transactions during the year ended December 31, 2022. For more information related to these transactions, refer to Note 24.
v3.22.4
Investment Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of December 31:
2022
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,683 — (188)2,495 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities12,604 5 (1,372)11,237 
Agency commercial mortgage-backed securities29,824 11 (3,513)26,322 
Non-agency commercial mortgage-backed securities5,235 — (520)4,715 
Asset-backed securities and other debt securities6,292 3 (453)5,842 
Other securities(a)
874 — — 874 
Total available-for-sale debt and other securities$57,530 19 (6,046)51,503 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$3 — — 3 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$5 — — 5 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $381, $491 and $2, respectively, at December 31, 2022, that are carried at cost.

2021
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$85 1 — 86 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities8,432 368 (18)8,782 
Agency commercial mortgage-backed securities18,236 784 (69)18,951 
Non-agency commercial mortgage-backed securities4,364 128 (13)4,479 
Asset-backed securities and other debt securities5,287 32 (44)5,275 
Other securities(a)
519 — — 519 
Total available-for-sale debt and other securities$36,941 1,313 (144)38,110 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$6 — — 6 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$8 — — 8 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $30, $486 and $3, respectively, at December 31, 2021, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of December 31:
($ in millions)20222021
Trading debt securities$414 512 
Equity securities317 376 

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $131 million and $82 million at December 31, 2022 and 2021, respectively, which is presented as a component of other assets in the Consolidated Balance Sheets.

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. As part of managing interest rate risk, the Bancorp acquires securities as a component of its MSR non-qualifying hedging strategy, with net gains or losses recorded in securities (losses) gains, net – non-qualifying hedges on mortgage servicing rights in the Consolidated Statements of Income.
The following table presents securities (losses) gains recognized in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202220212020
Available-for-sale debt and other securities:
Realized gains$16 34 47 
Realized losses(13)(19)(2)
Impairment losses(1)(19)— 
Net realized gains (losses) on available-for-sale debt and other securities$2 (4)45 
Trading debt securities:
Net realized (losses) gains (2)(2)2 
Net unrealized gains (losses)11 (3)— 
Net trading debt securities gains (losses)$9 (5)2 
Equity securities:
Net realized gains 1 7 10 
Net unrealized (losses) gains(96)(7)7 
Net equity securities (losses) gains$(95)— 17 
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)
$(84)(9)64 
(a)Excludes an immaterial amount and $7 of net securities losses for the years ended December 31, 2022 and 2021, respectively, and $5 of net securities gains for the year ended December 31, 2020, related to securities held by FTS to facilitate the timely execution of customer transactions. These (losses) gains are included in commercial banking revenue and wealth and asset management revenue in the Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $1 million and $19 million during the years ended December 31, 2022 and 2021, respectively. These losses related to certain securities in unrealized loss positions that the Bancorp intended to sell prior to recovery of their amortized cost bases. The Bancorp did not consider these losses to be credit-related.

At both December 31, 2022 and 2021, the Bancorp completed its evaluation of the available-for-sale debt and other securities in an unrealized loss position and did not recognize an allowance for credit losses. The Bancorp did not recognize provision expense related to available-for-sale debt and other securities in an unrealized loss position during both the years ended December 31, 2022 and 2021.

At December 31, 2022 and 2021, investment securities with a fair value of $11.0 billion and $11.2 billion, respectively, were pledged to secure borrowings, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of December 31, 2022 are shown in the following table:
Available-for-Sale Debt and OtherHeld-to-Maturity
($ in millions)Amortized CostFair Value   Amortized CostFair Value    
Debt securities:(a)
Due in 1 year or less$381 374 3 3 
Due after 1 year through 5 years13,506 12,557 — — 
Due after 5 years through 10 years31,661 28,101 — — 
Due after 10 years11,108 9,597 2 2 
Other securities874 874 — — 
Total$57,530 51,503 5 5 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2022
U.S. Treasury and federal agencies securities$2,400 (188)— — 2,400 (188)
Obligations of states and political subdivisions securities— — 1 — 1 — 
Agency residential mortgage-backed securities10,078 (1,170)938 (202)11,016 (1,372)
Agency commercial mortgage-backed securities22,083 (2,487)3,697 (1,026)25,780 (3,513)
Non-agency commercial mortgage-backed securities3,621 (272)1,059 (248)4,680 (520)
Asset-backed securities and other debt securities3,164 (178)2,495 (275)5,659 (453)
Total$41,346 (4,295)8,190 (1,751)49,536 (6,046)
2021
Agency residential mortgage-backed securities$935 (10)161 (8)1,096 (18)
Agency commercial mortgage-backed securities2,886 (49)424 (20)3,310 (69)
Non-agency commercial mortgage-backed securities1,052 (13)— — 1,052 (13)
Asset-backed securities and other debt securities2,870 (34)367 (10)3,237 (44)
Total$7,743 (106)952 (38)8,695 (144)

At December 31, 2022 and 2021, $42 million and $2 million, respectively, of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.
v3.22.4
Loans and Leases
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Loans and Leases Loans and Leases
The Bancorp diversifies its loan and lease portfolio by offering a variety of loan and lease products with various payment terms and rate structures. The Bancorp’s commercial loan and lease portfolio consists of lending to various industry types. Management periodically reviews the performance of its loan and lease products to evaluate whether they are performing within acceptable interest rate and credit risk levels and changes are made to underwriting policies and procedures as needed. The Bancorp maintains an allowance to absorb loan and lease losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. For further information on credit quality and the ALLL, refer to Note 6.

The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of December 31:
($ in millions)20222021
Loans and leases held for sale:
Commercial and industrial loans$73 7 
Commercial mortgage loans— 13 
Commercial leases— 1 
Residential mortgage loans934 4,394 
Total loans and leases held for sale$1,007 4,415 
Portfolio loans and leases:
Commercial and industrial loans(a)
$57,232 51,659 
Commercial mortgage loans11,020 10,316 
Commercial construction loans5,433 5,241 
Commercial leases2,704 3,052 
Total commercial loans and leases$76,389 70,268 
Residential mortgage loans$17,628 16,397 
Home equity4,039 4,084 
Indirect secured consumer loans16,552 16,783 
Credit card1,874 1,766 
Other consumer loans4,998 2,752 
Total consumer loans$45,091 41,782 
Total portfolio loans and leases$121,480 112,050 
(a)Includes $94 million and $1.3 billion as of December 31, 2022 and 2021, respectively, related to the SBA’s Paycheck Protection Program.

Portfolio loans and leases are recorded net of unearned income, which totaled $238 million and $244 million as of December 31, 2022 and 2021, respectively. Additionally, portfolio loans and leases are recorded net of unamortized premiums and discounts, deferred direct loan origination fees and costs and fair value adjustments (associated with acquired loans or loans designated as fair value upon origination) which totaled a net premium of $146 million and $498 million as of December 31, 2022 and 2021, respectively. The amortized cost basis of loans and leases excludes accrued interest receivable of $518 million and $332 million at December 31, 2022 and 2021, respectively, which is presented as a component of other assets in the Consolidated Balance Sheets.

The Bancorp’s FHLB and FRB borrowings are primarily secured by loans. The Bancorp had loans of $15.9 billion and $15.3 billion at December 31, 2022 and 2021, respectively, pledged to the FHLB, and loans of $57.1 billion and $50.9 billion at December 31, 2022 and 2021, respectively, pledged to the FRB.
The following table presents a summary of the total loans and leases owned by the Bancorp and net charge-offs (recoveries) as of and for the years ended December 31:
Carrying Value
90 Days Past Due and Still Accruing(a)
Net Charge-Offs (Recoveries)
($ in millions)202220212022202120222021
Commercial and industrial loans$57,305 51,666 11 17 96 60 
Commercial mortgage loans11,020 10,329 — 1 (1)8 
Commercial construction loans5,433 5,241 — 1 2 — 
Commercial leases2,704 3,053 2 — 4 (1)
Residential mortgage loans18,562 20,791 7 72 (2)(4)
Home equity4,039 4,084 1 1 (2)(4)
Indirect secured consumer loans16,552 16,783 — 9 36 14 
Credit card1,874 1,766 18 15 52 70 
Other consumer loans4,998 2,752 1 1 42 31 
Total loans and leases$122,487 116,465 40 117 227 174 
Less: Loans and leases held for sale1,007 4,415 
Total portfolio loans and leases$121,480 112,050 
(a)Excludes government guaranteed residential mortgage loans.

The following table presents the components of the net investment in portfolio leases as of December 31:
($ in millions)(a)
20222021
Net investment in direct financing leases:
Lease payment receivable (present value)$570 886 
Unguaranteed residual assets (present value)107 147 
Net premium on acquired leases— 1 
Net investment in sales-type leases:
Lease payment receivable (present value)1,704 1,678 
Unguaranteed residual assets (present value)76 55 
(a)Excludes $247 and $285 of leveraged leases at December 31, 2022 and 2021, respectively.

Interest income recognized in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 was $29 million, $42 million and $64 million, respectively, for direct financing leases and $50 million, $42 million and $28 million, respectively, for sales-type leases.

The following table presents undiscounted cash flows for both direct financing and sales-type leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows:
As of December 31, 2022 ($ in millions)Direct Financing
Leases		Sales-Type Leases
2023$188 502 
2024148 440 
2025100 376 
202683 211 
202744 156 
Thereafter44 155 
Total undiscounted cash flows$607 1,840 
Less: Difference between undiscounted cash flows and discounted cash flows37 136 
Present value of lease payments (recognized as lease receivables)$570 1,704 

The lease residual value represents the present value of the estimated fair value of the leased equipment at the end of the lease. The Bancorp performs quarterly reviews of residual values associated with its leasing portfolio considering factors such as the subject equipment, structure of the transaction, industry, prior experience with the lessee and other factors that impact the residual value to assess for impairment. The Bancorp maintained an allowance of $15 million at both December 31, 2022 and 2021 to cover the losses that are expected to be incurred over the remaining contractual terms of the related leases, including the potential losses related to the lease residual value. Refer to Note 6 for additional information on credit quality and the ALLL.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Credit Quality and the Allowance for Loan and Lease Losses Credit Quality and the Allowance for Loan and Lease Losses
The Bancorp disaggregates ALLL balances and transactions in the ALLL by portfolio segment. Credit quality related disclosures for loans and leases are further disaggregated by class.

Allowance for Loan and Lease Losses
The following tables summarize transactions in the ALLL by portfolio segment for the years ended December 31:
2022 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,102 235 555 1,892 
Losses charged off(a)
(131)(3)(228)(362)
Recoveries of losses previously charged off(a)
30 5 100 135 
Provision for loan and lease losses126 8 395 529 
Balance, end of period$1,127 245 822 2,194 
(a)The Bancorp recorded $32 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2021 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,456 294 703 2,453 
Losses charged off(a)
(119)(3)(222)(344)
Recoveries of losses previously charged off(a)
52 7 111 170 
Benefit from loan and lease losses(287)(63)(37)(387)
Balance, end of period$1,102 235 555 1,892 
(a)The Bancorp recorded $33 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2020 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$710 73 298 121 1,202 
Impact of adoption of ASU 2016-13(a)
160 196 408 (121)643 
Losses charged off(b)
(282)(9)(320)— (611)
Recoveries of losses previously charged off(b)
16 7 117 — 140 
Provision for loan and lease losses852 27 200 — 1,079 
Balance, end of period$1,456 294 703 — 2,453 
(a)Includes $31, $2 and $1 in Commercial, Residential Mortgage and Consumer, respectively, related to the initial recognition of an ALLL on PCD loans.
(b)The Bancorp recorded $42 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
As of December 31, 2022 ($ in millions)CommercialResidential Mortgage ConsumerTotal    
ALLL:(a)
Individually evaluated$30 47 45 122 
Collectively evaluated1,097 198 777 2,072 
Total ALLL$1,127 245 822 2,194 
Portfolio loans and leases:(b)
Individually evaluated$531 560 297 1,388 
Collectively evaluated75,858 16,945 27,166 119,969 
Total portfolio loans and leases$76,389 17,505 27,463 121,357 
(a)Includes $2 related to commercial leveraged leases at December 31, 2022.
(b)Excludes $123 of residential mortgage loans measured at fair value and includes $247 of commercial leveraged leases, net of unearned income, at December 31, 2022.
As of December 31, 2021 ($ in millions)CommercialResidential MortgageConsumerTotal
ALLL:(a)
Individually evaluated$77 46 41 164 
Collectively evaluated1,025 189 514 1,728 
Total ALLL$1,102 235 555 1,892 
Portfolio loans and leases:(b)
Individually evaluated$579 460 313 1,352 
Collectively evaluated69,689 15,783 25,072 110,544 
Total portfolio loans and leases$70,268 16,243 25,385 111,896 
(a)Includes $2 related to commercial leveraged leases at December 31, 2021.
(b)Excludes $154 of residential mortgage loans measured at fair value and includes $285 of commercial leveraged leases, net of unearned income, at December 31, 2021.

Credit Risk Profile
Commercial Portfolio Segment
For purposes of monitoring the credit quality and risk characteristics of its commercial portfolio segment, the Bancorp disaggregates the segment into the following classes: commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leases.

To facilitate the monitoring of credit quality within the commercial portfolio segment, the Bancorp utilizes the following categories of credit grades: pass, special mention, substandard, doubtful and loss. The five categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter.

Pass ratings, which are assigned to those borrowers that do not have identified potential or well-defined weaknesses and for which there is a high likelihood of orderly repayment, are updated at least annually based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter.

The Bancorp assigns a special mention rating to loans and leases that have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or lease or the Bancorp’s credit position.

The Bancorp assigns a substandard rating to loans and leases that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans and leases have well-defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Bancorp will sustain some loss if the deficiencies noted are not addressed and corrected.

The Bancorp assigns a doubtful rating to loans and leases that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

Loans and leases classified as loss are considered uncollectible and are charged off in the period in which they are determined to be uncollectible. Because loans and leases in this category are fully charged off, they are not included in the following tables.

For loans and leases that are collectively evaluated, the Bancorp utilizes models to forecast expected credit losses over a reasonable and supportable forecast period based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. For the commercial portfolio segment, the estimates for probability of default are primarily based on internal ratings assigned to each commercial borrower on a 13-point scale and historical observations of how those ratings migrate to a default over time in the context of macroeconomic conditions. For loans with available credit, the estimate of the expected balance at the time of default considers expected utilization rates, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. Refer to Note 1 for additional information about the Bancorp’s processes for developing these models, estimating credit losses for periods beyond the reasonable and supportable forecast period and for estimating credit losses for individually evaluated loans.
The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk grade:
As of December 31, 2022 ($ in millions) Term Loans and Leases by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20222021202020192018PriorTotal
Commercial and industrial loans:
Pass$3,825 3,098 994 445 269 488 44,521 — 53,640 
Special mention65 24 15 36 10 24 1,221 — 1,395 
Substandard150 77 233 26 7 107 1,597 — 2,197 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,040 3,199 1,242 507 286 619 47,339 — 57,232 
Commercial mortgage owner-occupied loans:

Pass$1,177 826 522 257 160 264 1,624 — 4,830 
Special mention17 15 13 12 13 2 56 — 128 
Substandard51 14 20 73 11 25 106 — 300 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,245 855 555 342 184 291 1,786 — 5,258 
Commercial mortgage nonowner-occupied loans:

Pass$1,127 462 490 397 220 170 2,453 — 5,319 
Special mention1 84 26 — — 23 88 — 222 
Substandard65 19 18 1 1 17 100 — 221 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$1,193 565 534 398 221 210 2,641 — 5,762 
Commercial construction loans:

Pass$82 31 93 8 35 7 4,684 — 4,940 
Special mention— — — — — — 293 — 293 
Substandard53 — — — — 2 145 — 200 
Doubtful— — — — — — — — — 
Total commercial construction loans$135 31 93 8 35 9 5,122 — 5,433 
Commercial leases:

Pass$584 664 306 192 146 696 — — 2,588 
Special mention— 4 2 4 7 19 — — 36 
Substandard1 20 2 4 21 32 — — 80 
Doubtful— — — — — — — — — 
Total commercial leases$585 688 310 200 174 747 — — 2,704 
Total commercial loans and leases:
Pass$6,795 5,081 2,405 1,299 830 1,625 53,282 — 71,317 
Special mention83 127 56 52 30 68 1,658 — 2,074 
Substandard320 130 273 104 40 183 1,948 — 2,998 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,198 5,338 2,734 1,455 900 1,876 56,888 — 76,389 
As of December 31, 2021 ($ in millions) Term Loans and Leases by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Commercial and industrial loans:
Pass$4,266 2,291 1,198 552 356 752 39,486 — 48,901 
Special mention37 22 12 29 22 5 665 — 792 
Substandard19 52 36 69 52 115 1,623 — 1,966 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,322 2,365 1,246 650 430 872 41,774 — 51,659 
Commercial mortgage owner-occupied loans:
Pass$1,082 804 471 296 183 331 1,141 — 4,308 
Special mention— 31 46 17 2 40 69 — 205 
Substandard22 38 3 12 3 27 91 — 196 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,104 873 520 325 188 398 1,301 — 4,709 
Commercial mortgage nonowner-occupied loans:
Pass$635 733 595 284 141 302 1,977 — 4,667 
Special mention89 12 11 5 7 9 162 — 295 
Substandard160 78 4 3 9 3 388 — 645 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$884 823 610 292 157 314 2,527 — 5,607 
Commercial construction loans:
Pass$50 69 11 37 — 9 4,488 — 4,664 
Special mention— 39 — — — — 193 — 232 
Substandard17 — — — — — 328 — 345 
Doubtful— — — — — — — — — 
Total commercial construction loans$67 108 11 37 — 9 5,009 — 5,241 
Commercial leases:
Pass$1,019 436 284 231 233 776 — — 2,979 
Special mention4 4 5 9 — 8 — — 30 
Substandard7 3 8 10 13 2 — — 43 
Doubtful— — — — — — — — — 
Total commercial leases$1,030 443 297 250 246 786 — — 3,052 
Total commercial loans and leases:
Pass$7,052 4,333 2,559 1,400 913 2,170 47,092 — 65,519 
Special mention130 108 74 60 31 62 1,089 — 1,554 
Substandard225 171 51 94 77 147 2,430 — 3,195 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,407 4,612 2,684 1,554 1,021 2,379 50,611 — 70,268 
Age Analysis of Past Due Commercial Loans and Leases
The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:
Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2022 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$57,092 98 42 140 57,232 11 
Commercial mortgage owner-occupied loans5,241 14 3 17 5,258 — 
Commercial mortgage nonowner-occupied loans5,756 6 — 6 5,762 — 
Commercial construction loans5,424 7 2 9 5,433 — 
Commercial leases2,698 4 2 6 2,704 2 
Total portfolio commercial loans and leases$76,211 129 49 178 76,389 13 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which an immaterial amount were 30-89 days past due and $2 were 90 days or more past due.

Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2021 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$51,549 61 49 110 51,659 17 
Commercial mortgage owner-occupied loans4,701 4 4 8 4,709 1 
Commercial mortgage nonowner-occupied loans5,606 — 1 1 5,607 — 
Commercial construction loans5,241 — — — 5,241 1 
Commercial leases3,035 16 1 17 3,052 — 
Total portfolio commercial loans and leases$70,132 81 55 136 70,268 19 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which $20 were 30-89 days past due and $6 were 90 days or more past due.

Residential Mortgage and Consumer Portfolio Segments
For purposes of monitoring the credit quality and risk characteristics of its consumer portfolio segment, the Bancorp disaggregates the segment into the following classes: home equity, indirect secured consumer loans, credit card and other consumer loans. The Bancorp’s residential mortgage portfolio segment is also a separate class.

The Bancorp considers repayment performance as the best indicator of credit quality for residential mortgage and consumer loans, which includes both the delinquency status and performing versus nonperforming status of the loans. The delinquency status of all residential mortgage and consumer loans and the performing versus nonperforming status are presented in the following tables.

For collectively evaluated loans in the consumer and residential mortgage portfolio segments, the Bancorp’s expected credit loss models primarily utilize the borrower’s FICO score and delinquency history in combination with macroeconomic conditions when estimating the probability of default. The estimates for loss severity are primarily based on collateral type and coverage levels and the susceptibility of those characteristics to changes in macroeconomic conditions. The expected balance at the estimated date of default is also especially impactful in the expected credit loss models for portfolio classes which generally have longer terms (such as residential mortgage loans and home equity) and portfolio classes containing a high concentration of loans with revolving privileges (such as home equity). The estimate of the expected balance at the time of default considers expected prepayment and utilization rates where applicable, which are primarily based on macroeconomic conditions and the utilization history of similar borrowers under those economic conditions. Refer to Note 1 for additional information about the Bancorp’s process for developing these models and its process for estimating credit losses for periods beyond the reasonable and supportable forecast period.
The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:
As of December 31, 2022 ($ in millions) Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20222021202020192018PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$3,195 5,440 2,981 1,051 344 4,336 — — 17,347 
30-89 days past due4 4 3 1 2 15 — — 29 
90 days or more past due— — 1 — 1 5 — — 7 
Total performing3,199 5,444 2,985 1,052 347 4,356 — — 17,383 
Nonperforming— 3 4 4 7 104 — — 122 
Total residential mortgage loans(b)
$3,199 5,447 2,989 1,056 354 4,460 — — 17,505 
Home equity:

Performing:

Current$46 3 7 15 17 94 3,741 18 3,941 
30-89 days past due— — — — — 2 28 — 30 
90 days or more past due— — — — — 1 — — 1 
Total performing46 3 7 15 17 97 3,769 18 3,972 
Nonperforming— — — — — 8 58 1 67 
Total home equity$46 3 7 15 17 105 3,827 19 4,039 
Indirect secured consumer loans:

Performing:









Current$6,034 5,875 2,600 1,217 416 239 — — 16,381 
30-89 days past due34 42 28 22 11 5 — — 142 
90 days or more past due— — — — — — — — — 
Total performing6,068 5,917 2,628 1,239 427 244 — — 16,523 
Nonperforming4 6 7 6 4 2 — — 29 
Total indirect secured consumer loans$6,072 5,923 2,635 1,245 431 246 — — 16,552 
Credit card:

Performing:
Current$— — — — — — 1,808 — 1,808 
30-89 days past due— — — — — — 21 — 21 
90 days or more past due— — — — — — 18 — 18 
Total performing— — — — — — 1,847 — 1,847 
Nonperforming— — — — — — 27 — 27 
Total credit card$— — — — — — 1,874 — 1,874 
Other consumer loans:

Performing:

Current$2,704 540 355 169 112 146 908 26 4,960 
30-89 days past due14 6 3 2 2 2 3 — 32 
90 days or more past due— — — — — — 1 — 1 
Total performing2,718 546 358 171 114 148 912 26 4,993 
Nonperforming2 1 — — — 1 1 — 5 
Total other consumer loans$2,720 547 358 171 114 149 913 26 4,998 
Total residential mortgage and consumer loans:
Performing:
Current$11,979 11,858 5,943 2,452 889 4,815 6,457 44 44,437 
30-89 days past due52 52 34 25 15 24 52 — 254 
90 days or more past due— — 1 — 1 6 19 — 27 
Total performing12,031 11,910 5,978 2,477 905 4,845 6,528 44 44,718 
Nonperforming6 10 11 10 11 115 86 1 250 
Total residential mortgage and
    consumer loans(b)
$12,037 11,920 5,989 2,487 916 4,960 6,614 45 44,968 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2022, $81 of these loans were 30-89 days past due and $147 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2022 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $123 of residential mortgage loans measured at fair value at December 31, 2022, including $1 of 30-89 days past due loans and $2 of nonperforming loans.
As of December 31, 2021 ($ in millions) Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$5,886 3,309 1,294 418 954 4,261 — — 16,122 
30-89 days past due1 1 1 1 1 13 — — 18 
90 days or more past due— 2 4 3 9 52 — — 70 
Total performing5,887 3,312 1,299 422 964 4,326 — — 16,210 
Nonperforming— — 1 — 2 30 — — 33 
Total residential mortgage loans(b)
$5,887 3,312 1,300 422 966 4,356 — — 16,243 
Home equity:
Performing:
Current$2 6 13 18 2 113 3,815 12 3,981 
30-89 days past due— — — — — 3 22 — 25 
90 days or more past due— — — — — 1 — — 1 
Total performing2 6 13 18 2 117 3,837 12 4,007 
Nonperforming— — — — — 9 67 1 77 
Total home equity$2 6 13 18 2 126 3,904 13 4,084 
Indirect secured consumer loans:
Performing:
Current$8,732 4,206 2,221 902 389 194 — — 16,644 
30-89 days past due26 24 25 17 8 3 — — 103 
90 days or more past due2 2 2 2 1 — — — 9 
Total performing8,760 4,232 2,248 921 398 197 — — 16,756 
Nonperforming— 12 5 5 3 2 — — 27 
Total indirect secured consumer loans$8,760 4,244 2,253 926 401 199 — — 16,783 
Credit card:
Performing:
Current$— — — — — — 1,710 — 1,710 
30-89 days past due— — — — — — 18 — 18 
90 days or more past due— — — — — — 15 — 15 
Total performing— — — — — — 1,743 — 1,743 
Nonperforming— — — — — — 23 — 23 
Total credit card$— — — — — — 1,766 — 1,766 
Other consumer loans:
Performing:
Current$692 530 275 174 105 47 913 — 2,736 
30-89 days past due3 2 3 2 1 — 2 1 14 
90 days or more past due— — 1 — — — — — 1 
Total performing695 532 279 176 106 47 915 1 2,751 
Nonperforming— — — — — — 1 — 1 
Total other consumer loans$695 532 279 176 106 47 916 1 2,752 
Total residential mortgage and consumer loans:
Performing:
Current$15,312 8,051 3,803 1,512 1,450 4,615 6,438 12 41,193 
30-89 days past due30 27 29 20 10 19 42 1 178 
90 days or more past due2 4 7 5 10 53 15 — 96 
Total performing15,344 8,082 3,839 1,537 1,470 4,687 6,495 13 41,467 
Nonperforming— 12 6 5 5 41 91 1 161 
Total residential mortgage and consumer loans(b)
$15,344 8,094 3,845 1,542 1,475 4,728 6,586 14 41,628 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2021, $49 of these loans were 30-89 days past due and $139 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2021 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $154 of residential mortgage loans measured at fair value at December 31, 2021, including $2 of 30-89 days past due loans and $2 of 90 days or more past due loans.
Collateral-Dependent Loans and Leases
The Bancorp considers a loan or lease to be collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. When a loan or lease is collateral-dependent, its fair value is generally based on the fair value less cost to sell of the underlying collateral.

The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:
($ in millions)December 31,
2022		December 31,
2021
Commercial loans and leases:
Commercial and industrial loans$433 467 
Commercial mortgage owner-occupied loans14 22 
Commercial mortgage nonowner-occupied loans27 31 
Commercial construction loans56 56 
Commercial leases1 3 
Total commercial loans and leases$531 579 
Residential mortgage loans57 60 
Consumer loans:
Home equity46 58 
Indirect secured consumer loans6 8 
Total consumer loans$52 66 
Total portfolio loans and leases$640 705 

Nonperforming Assets
Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain; restructured commercial, credit card and consumer loans which do not meet the requirements to be classified as a performing asset; and certain other assets, including OREO and other repossessed property.

The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property, as of:
December 31, 2022December 31, 2021
 ($ in millions)With an ALLLNo Related
ALLL		TotalWith an ALLLNo Related
ALLL		Total
Commercial loans and leases:
Commercial and industrial loans$114 101 215 151 128 279 
Commercial mortgage owner-occupied loans9 7 16 10 13 23 
Commercial mortgage nonowner-occupied loans20 4 24 22 3 25 
Commercial construction loans6 2 8 6 — 6 
Commercial leases— — — 3 1 4 
Total nonaccrual portfolio commercial loans and leases$149 114 263 192 145 337 
Residential mortgage loans81 43 124 14 19 33 
Consumer loans:
Home equity45 22 67 53 24 77 
Indirect secured consumer loans26 3 29 21 6 27 
Credit card27 — 27 23 — 23 
Other consumer loans5 — 5 1 — 1 
Total nonaccrual portfolio consumer loans$103 25 128 98 30 128 
Total nonaccrual portfolio loans and leases(a)(b)
$333 182 515 304 194 498 
OREO and other repossessed property— 24 24 — 29 29 
Total nonperforming portfolio assets(a)(b)
$333 206 539 304 223 527 
(a)Excludes an immaterial amount and $15 of nonaccrual loans held for sale as of December 31, 2022 and 2021, respectively.
(b)Includes $15 and $26 of nonaccrual government insured commercial loans whose repayments are insured by the SBA as of December 31, 2022 and 2021, respectively, of which $11 are restructured nonaccrual government insured commercial loans as of both December 31, 2022 and 2021.
The Bancorp recognized an immaterial amount of interest income on nonaccrual loans and leases for both the years ended December 31, 2022 and 2021.

The Bancorp’s amortized cost basis of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $154 million and $84 million as of December 31, 2022 and 2021, respectively.

Troubled Debt Restructurings
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. Within each of the Bancorp’s loan classes, TDRs typically involve either a reduction of the stated interest rate of the loan, an extension of the loan’s maturity date with a stated rate lower than the current market rate for a new loan with similar risk, or in limited circumstances, a reduction of the principal balance of the loan or the loan’s accrued interest. Modifying the terms of a loan may result in an increase or decrease to the ALLL depending upon the terms modified, the method used to measure the ALLL for a loan prior to modification, the extent of collateral, and whether any charge-offs were recorded on the loan before or at the time of modification. Refer to the ALLL section of Note 1 for information on the Bancorp’s ALLL methodology. Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan. The resulting measurement may result in the need for minimal or no allowance regardless of which is used because it is probable that all cash flows will be collected under the modified terms of the loan. In addition, if the stated interest rate was increased in a TDR that is not collateral-dependent, the cash flows on the modified loan, using the pre-modification interest rate as the discount rate, often exceed the amortized cost basis of the loan. Conversely, upon a modification that reduces the stated interest rate on a loan that is not collateral-dependent, the Bancorp recognizes an increase to the ALLL. If a TDR involves a reduction of the principal balance of the loan or the loan’s accrued interest, that amount is charged off to the ALLL. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are treated as nonaccrual collateral-dependent loans with a charge-off recognized to reduce the carrying values of such loans to the fair value of the related collateral less costs to sell.

The Bancorp had commitments to lend additional funds to borrowers whose terms have been modified in a TDR, consisting of line of credit and letter of credit commitments of $130 million and $60 million, respectively, as of December 31, 2022 compared to $121 million and $66 million, respectively, as of December 31, 2021.

The following tables provide a summary of portfolio loans, by class, modified in a TDR by the Bancorp during the years ended December 31:
2022 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans89 $234 3 9 
Commercial mortgage owner-occupied loans12 7 — — 
Commercial mortgage nonowner-occupied loans7 24 — — 
Commercial construction loans3 10 (2)— 
Residential mortgage loans1,073 163 7 — 
Consumer loans:
Home equity231 16 (3)— 
Indirect secured consumer loans3,394 63 2 — 
Credit card5,282 28 12 — 
Total portfolio loans10,091 $545 19 9 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2021 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans86 $150 1 — 
Commercial mortgage owner-occupied loans10 8 — — 
Commercial mortgage nonowner-occupied loans5 29 — — 
Commercial construction loans1 34 — — 
Residential mortgage loans519 93 4 — 
Consumer loans:
Home equity206 10 (3)— 
Indirect secured consumer loans4,567 96 1 — 
Credit card5,488 30 9 1 
Total portfolio loans10,882 $450 12 1 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2020 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans124 $305 26 7 
Commercial mortgage owner-occupied loans43 58 (11)— 
Commercial mortgage nonowner-occupied loans19 44 (2)— 
Commercial construction loans3 21 1 — 
Residential mortgage loans424 58 1 — 
Consumer loans:
Home equity147 7 (4)— 
Indirect secured consumer loans70 — — — 
Credit card5,701 32 11 1 
Total portfolio loans6,531 $525 22 8 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.

The Bancorp considers TDRs that become 90 days or more past due under the modified terms as subsequently defaulted. For commercial loans not subject to individual evaluation for an ALLL, the applicable commercial models are applied for purposes of determining the ALLL as well as qualitatively assessing whether those loans are reasonably expected to be further restructured prior to their maturity date and, if so, the impact such a restructuring would have on the remaining contractual life of the loans. When a residential mortgage, home equity, indirect secured consumer or other consumer loan that has been modified in a TDR subsequently defaults, the present value of expected cash flows used in the measurement of the expected credit loss is generally limited to the expected net proceeds from the sale of the loan’s underlying collateral and any resulting collateral shortfall is reflected as a charge-off or an increase in ALLL. The Bancorp recognizes an ALLL for the entire balance of the credit card loans modified in a TDR that subsequently default.

The following tables provide a summary of TDRs that subsequently defaulted during the years ended December 31, 2022, 2021 and 2020 and were within 12 months of the restructuring date:
December 31, 2022 ($ in millions)(a)
Number of ContractsAmortized
Cost
Commercial loans:
Commercial and industrial loans8 $— 
Commercial mortgage owner-occupied loans2 — 
Commercial mortgage nonowner-occupied loans1 — 
Commercial construction loans1 2 
Residential mortgage loans247 33 
Consumer loans:
Home equity24 1 
Indirect secured consumer loans157 3 
Credit card356 1 
Total portfolio loans796 $40 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
December 31, 2021 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans7 $1 
Commercial mortgage owner-occupied loans3 1 
Commercial mortgage nonowner-occupied loans2 25 
Residential mortgage loans82 10 
Consumer loans:
Home equity28 1 
Indirect secured consumer loans130 2 
Credit card215 1 
Total portfolio loans467 $41 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2020 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans13 $5 
Commercial mortgage owner-occupied loans8 3 
Commercial mortgage nonowner-occupied loans3 11 
Residential mortgage loans149 23 
Consumer loans:
Home equity6 — 
Indirect secured consumer loans18 — 
Credit card260 1 
Total portfolio loans457 $43 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
v3.22.4
Bank Premises and Equipment
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Bank Premises and Equipment Bank Premises and Equipment
The following table provides a summary of bank premises and equipment as of December 31:
($ in millions)Estimated Useful Life20222021
Equipment2-20 years$2,492 2,392 
Buildings(a)
1-30 years1,699 1,668 
Land and improvements(a)
640 645 
Leasehold improvements1-30 years568 517 
Construction in progress(a)
124 84 
Bank premises and equipment held for sale:
Land and improvements17 18 
Buildings7 6 
Accumulated depreciation and amortization(3,360)(3,210)
Total bank premises and equipment$2,187 2,120 
(a)At December 31, 2022 and 2021, land and improvements, buildings and construction in progress included $27 and $39, respectively, associated with parcels of undeveloped land intended for future branch expansion.

Depreciation and amortization expense related to bank premises and equipment, including amortization of finance lease ROU assets, was $273 million, $270 million and $256 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The Bancorp monitors changing customer preferences associated with the channels it uses for banking transactions to evaluate the efficiency, competitiveness and quality of the customer service experience in its consumer distribution network. As part of this ongoing assessment, the Bancorp may determine that it is no longer fully committed to maintaining full-service banking centers at certain locations. Similarly, the Bancorp may also determine that it is no longer fully committed to building banking centers on certain parcels of land which had previously been held for future branch expansion. The Bancorp closed a total of 43 banking centers throughout its footprint during the year ended December 31, 2022.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Impairment losses associated with such assessments and lower of cost or market adjustments were $9 million, $7 million and $30 million for the years ended December 31, 2022, 2021 and 2020, respectively. The recognized impairment losses were recorded in other noninterest income in the Consolidated Statements of Income.
v3.22.4
Operating Lease Equipment
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating Lease Equipment Operating Lease Equipment
Operating lease equipment was $627 million and $616 million at December 31, 2022 and 2021, respectively, net of accumulated depreciation of $338 million and $304 million at December 31, 2022 and 2021, respectively. The Bancorp recorded lease income of $146 million, $152 million and $156 million relating to lease payments for operating leases in leasing business revenue in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation expense related to operating lease equipment was $121 million, $124 million and $126 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp received payments of $147 million and $155 million related to operating leases during the years ended December 31, 2022 and 2021, respectively.

The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. As a result of these recoverability assessments, the Bancorp recognized $2 million, $25 million and $7 million of impairment losses associated with operating lease assets for the years ended December 31, 2022, 2021 and 2020, respectively. The recognized impairment losses were recorded in leasing business revenue in the Consolidated Statements of Income.

The following table presents future lease payments receivable from operating leases for 2023 through 2027 and thereafter:
As of December 31, 2022 ($ in millions)Undiscounted
Cash Flows
2023$139 
2024106 
202580 
202651 
202725 
Thereafter25 
Total operating lease payments$426 
v3.22.4
Lease Obligations - Lessee
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease Obligations, Lessee Lease Obligations - Lessee
The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.

The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20222021
Assets
Operating lease right-of-use assetsOther assets$508 427 
Finance lease right-of-use assetsBank premises and equipment150 145 
Total right-of-use assets(a)
$658 572 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$599 520 
Finance lease liabilitiesLong-term debt156 149 
Total lease liabilities$755 669 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $255 and $66, respectively, as of December 31, 2022, and $198 and $47, respectively, as of December 31, 2021.

The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202220212020
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$19 18 11 
Interest on lease liabilitiesInterest on long-term debt5 4 3 
Total finance lease costs$24 22 14 
Operating lease costNet occupancy expense$84 80 110 
Short-term lease costNet occupancy expense1 2 1 
Variable lease costNet occupancy expense28 31 29 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 110 137 
Total lease costs$134 132 151 

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, the Bancorp recognized $2 million, $3 million and $8 million of impairment losses and termination charges for the ROU assets related to certain operating leases for the years ended
December 31, 2022, 2021 and 2020, respectively. The recognized losses were recorded in net occupancy expense in the Consolidated Statements of Income.

The following table presents undiscounted cash flows for both operating leases and finance leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:
As of December 31, 2022 ($ in millions)Operating
Leases		Finance
Leases		Total
2023$90 21 111 
202485 21 106 
202578 14 92 
202668 9 77 
202761 8 69 
Thereafter350 128 478 
Total undiscounted cash flows$732 201 933 
Less: Difference between undiscounted cash flows and discounted cash flows133 45 178 
Present value of lease liabilities$599 156 755 

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20222021
Weighted-average remaining lease term (years):
Operating leases10.808.92
Finance leases15.3114.70
Weighted-average discount rate:
Operating leases3.35 %2.88 
Finance leases2.94 2.74 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$90 88 91 
Operating cash flows from finance leases5 4 3 
Financing cash flows from finance leases23 16 11 
Gains on sale-leaseback transactions4 2 3 
(a)The cash flows related to the short-term and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
Lease Obligations, Lessee Lease Obligations - Lessee
The Bancorp leases certain banking centers, ATM sites, land for owned buildings and equipment. The Bancorp’s lease agreements typically do not contain any residual value guarantees or any material restrictive covenants.

The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20222021
Assets
Operating lease right-of-use assetsOther assets$508 427 
Finance lease right-of-use assetsBank premises and equipment150 145 
Total right-of-use assets(a)
$658 572 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$599 520 
Finance lease liabilitiesLong-term debt156 149 
Total lease liabilities$755 669 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $255 and $66, respectively, as of December 31, 2022, and $198 and $47, respectively, as of December 31, 2021.

The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202220212020
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$19 18 11 
Interest on lease liabilitiesInterest on long-term debt5 4 3 
Total finance lease costs$24 22 14 
Operating lease costNet occupancy expense$84 80 110 
Short-term lease costNet occupancy expense1 2 1 
Variable lease costNet occupancy expense28 31 29 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 110 137 
Total lease costs$134 132 151 

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. In addition to the lease costs disclosed in the table above, the Bancorp recognized $2 million, $3 million and $8 million of impairment losses and termination charges for the ROU assets related to certain operating leases for the years ended
December 31, 2022, 2021 and 2020, respectively. The recognized losses were recorded in net occupancy expense in the Consolidated Statements of Income.

The following table presents undiscounted cash flows for both operating leases and finance leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:
As of December 31, 2022 ($ in millions)Operating
Leases		Finance
Leases		Total
2023$90 21 111 
202485 21 106 
202578 14 92 
202668 9 77 
202761 8 69 
Thereafter350 128 478 
Total undiscounted cash flows$732 201 933 
Less: Difference between undiscounted cash flows and discounted cash flows133 45 178 
Present value of lease liabilities$599 156 755 

The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20222021
Weighted-average remaining lease term (years):
Operating leases10.808.92
Finance leases15.3114.70
Weighted-average discount rate:
Operating leases3.35 %2.88 
Finance leases2.94 2.74 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$90 88 91 
Operating cash flows from finance leases5 4 3 
Financing cash flows from finance leases23 16 11 
Gains on sale-leaseback transactions4 2 3 
(a)The cash flows related to the short-term and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
v3.22.4
Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Business combinations entered into by the Bancorp typically result in the recognition of goodwill. Acquisition activity includes acquisitions in the respective period in addition to purchase accounting adjustments related to previous acquisitions. During the third quarter of 2022, the Bancorp reorganized its management reporting structure and now reports on three business segments, which are also reporting units: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. In conjunction with this reorganization, the Bancorp reallocated a portion of its goodwill from Consumer and Small Business Banking to Commercial Banking using a relative fair value approach for the portions of the business which were transferred between reporting units. Refer to Note 31 for additional information.

The Bancorp completed its annual goodwill impairment test as of September 30, 2022 and the estimated fair values of the Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management reporting units exceeded their carrying values, including goodwill.

Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2022 and 2021 were as follows:
($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth and Asset
Management		General Corporate and OtherTotal
Goodwill$2,730 2,262 231 — 5,223 
Accumulated impairment losses(750)(215)— — (965)
Net carrying value as of December 31, 2020$1,980 2,047 231 — 4,258 
Acquisition activity— 256 — — 256 
Net carrying value as of December 31, 2021$1,980 2,303 231 — 4,514 
Acquisition activity— 440 — — 440 
Reallocation of goodwill378 (378)— — — 
Sale of businesses(34)— (5)— (39)
Net carrying value as of December 31, 2022$2,324 2,365 226 — 4,915 
v3.22.4
Intangible Assets
 12 Months Ended
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets Intangible Assets
Intangible assets consist of core deposit intangibles, developed technology, customer relationships, and other intangible assets which include trade names, backlog, operating leases and non-compete agreements. Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The increase in the gross carrying amount of intangible assets from the year ended December 31, 2021 reflects acquisition activity during 2022, which included the recognition of $44 million in developed technology, $12 million in customer relationships, $7 million in trade name and $3 million of backlog. These assets will be amortized over their remaining useful life, which was estimated to be 5, 12, 5 and 5 years, respectively, at the time of acquisition.

The details of the Bancorp’s intangible assets are shown in the following table:
($ in millions)Gross Carrying AmountAccumulated
Amortization		Net Carrying
Amount
As of December 31, 2022
Core deposit intangibles$229 (182)47 
Developed technology106 (17)89 
Customer relationships30 (7)23 
Other20 (10)10 
Total intangible assets$385 (216)169 
As of December 31, 2021
Core deposit intangibles$229 (153)76 
Developed technology62 (3)59 
Customer relationships25 (7)18 
Other15 (12)3 
Total intangible assets$331 (175)156 

As of December 31, 2022, all of the Bancorp’s intangible assets were being amortized. Amortization expense recognized on intangible assets was $48 million, $47 million and $55 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp’s projections of amortization expense shown in the following table are based on existing asset balances as of December 31, 2022. Future amortization expense may vary from these projections.

Estimated amortization expense for the years ending December 31, 2023 through 2027 is as follows:
($ in millions)Total
2023$43 
202435 
202528 
202622 
202714 
v3.22.4
Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Variable Interest Entities Variable Interest Entities
The Bancorp, in the normal course of business, engages in a variety of activities that involve VIEs, which are legal entities that lack sufficient equity at risk to finance their activities without additional subordinated financial support or the equity investors of the entities as a group lack any of the characteristics of a controlling interest. The Bancorp evaluates its interest in certain entities to determine if these entities meet the definition of a VIE and whether the Bancorp is the primary beneficiary and should consolidate the entity based on the variable interests it held both at inception and when there is a change in circumstances that requires a reconsideration. If the Bancorp is determined to be the primary beneficiary of a VIE, it must account for the VIE as a consolidated subsidiary. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate.

Consolidated VIEs
The Bancorp has consolidated VIEs related to an automobile loan securitization and a solar loan securitization where it has determined that it is the primary beneficiary. The following table provides a summary of assets and liabilities carried on the Consolidated Balance Sheets for the consolidated VIEs as of:
($ in millions)December 31,
2022		December 31,
2021
Assets:
Other short-term investments$17 24 
Indirect secured consumer loans141 322 
Other consumer loans44 — 
ALLL(2)(2)
Other assets2 2 
Total assets$202 346 
Liabilities:
Other liabilities$9 1 
Long-term debt118 263 
Total liabilities$127 264 

As a result of a business acquisition in the second quarter of 2022, the Bancorp acquired interests in a previously completed securitization transaction in which solar loans were transferred to a bankruptcy remote trust which was deemed to be a VIE. Additionally, the Bancorp previously completed a securitization transaction in which the Bancorp transferred certain consumer automobile loans to a bankruptcy remote trust which was deemed to be a VIE. In each of these securitization transactions, the primary purposes of the VIEs were to issue asset-backed securities with varying levels of credit subordination and payment priority, as well as residual interests, and to provide access to liquidity for originated loans. The Bancorp retained residual interests in the VIEs and, therefore, has an obligation to absorb losses and a right to receive benefits from the VIEs that could potentially be significant to the VIEs. In addition, the Bancorp retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIEs that most significantly impact the economic performance of the VIEs. As a result, the Bancorp concluded that it is the primary beneficiary of the VIEs and has consolidated these VIEs. The assets of the VIEs are restricted to the settlement of the asset-backed securities and other obligations of the VIEs. The third-party holders of the asset-backed notes do not have recourse to the general assets of the Bancorp.

The economic performance of the VIEs is most significantly impacted by the performance of the underlying loans. The principal risks to which the VIEs are exposed include credit risk and prepayment risk. The credit and prepayment risks are managed through credit enhancements in the form of reserve accounts, overcollateralization, excess interest on the loans and the subordination of certain classes of asset-backed securities to other classes.
Non-consolidated VIEs
The following tables provide a summary of assets and liabilities carried on the Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:
December 31, 2022 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,856 653 1,856 
Private equity investments186 — 349 
Loans provided to VIEs4,374 — 6,438 
Lease pool entities61 — 61 
Solar loan securitizations10 — 10 
December 31, 2021 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,705 580 1,705 
Private equity investments133 — 257 
Loans provided to VIEs3,386 — 4,873 
Lease pool entities68 — 68 

CDC investments
CDC invests in projects to create affordable housing and revitalize business and residential areas. CDC generally co-invests with other unrelated companies and/or individuals and typically makes investments in a separate legal entity that owns the property under development. The entities are usually formed as limited partnerships and LLCs and CDC typically invests as a limited partner/investor member in the form of equity contributions. The economic performance of the VIEs is driven by the performance of their underlying investment projects as well as the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it lacks the power to direct the activities that most significantly impact the economic performance of the underlying project or the VIEs’ ability to operate in compliance with the rules and regulations necessary for the qualification of tax credits generated by equity investments. This power is held by the managing members who exercise full and exclusive control of the operations of the VIEs. For information regarding the Bancorp’s accounting for these investments, refer to Note 1.

The Bancorp’s funding requirements are limited to its invested capital and any additional unfunded commitments for future equity contributions. The Bancorp’s maximum exposure to loss as a result of its involvement with the VIEs is limited to the carrying amounts of the investments, including the unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Consolidated Balance Sheets, and the liabilities related to the unfunded commitments, which are included in other liabilities in the Consolidated Balance Sheets, are included in the previous tables for all periods presented. The Bancorp has no other liquidity arrangements or obligations to purchase assets of the VIEs that would expose the Bancorp to a loss. In certain arrangements, the general partner/managing member of the VIE has guaranteed a level of projected tax credits to be received by the limited partners/investor members, thereby minimizing a portion of the Bancorp’s risk.

At December 31, 2022 and 2021, the Bancorp’s CDC investments included $1.6 billion and $1.4 billion, respectively, of investments in affordable housing tax credits recognized in other assets in the Consolidated Balance Sheets. The unfunded commitments related to these investments were $643 million and $573 million at December 31, 2022 and 2021, respectively. The unfunded commitments as of December 31, 2022 are expected to be funded from 2023 to 2039.

The Bancorp has accounted for all of its qualifying LIHTC investments using the proportional amortization method of accounting. The following table summarizes the impact to the Consolidated Statements of Income related to these investments for the years ended December 31:
Consolidated Statements of Income Caption(a)
202220212020
Proportional amortizationApplicable income tax expense$189 163 150 
Tax credits and other benefitsApplicable income tax expense(219)(193)(175)
(a)The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during the years ended December 31, 2022, 2021 and 2020.

Private equity investments
The Bancorp invests as a limited partner in private equity investments which provide the Bancorp an opportunity to obtain higher rates of return on invested capital, while also providing strategic opportunities in certain cases. Each of the limited partnerships has an unrelated third-party general partner responsible for appointing the fund manager. The Bancorp has not been appointed fund manager for any of these private equity investments. The funds finance primarily all of their activities from the partners’ capital contributions and investment returns. The Bancorp has determined that it is not the primary beneficiary of the funds because it does not have the obligation to absorb the funds’ expected losses or the right to receive the funds’ expected residual returns that could potentially be significant to the funds and lacks the
power to direct the activities that most significantly impact the economic performance of the funds. The Bancorp, as a limited partner, does not have substantive participating or substantive kick-out rights over the general partner. Therefore, the Bancorp accounts for its investments in these limited partnerships under the equity method of accounting.

The Bancorp is exposed to losses arising from the negative performance of the underlying investments in the private equity investments. As a limited partner, the Bancorp’s maximum exposure to loss is limited to the carrying amounts of the investments plus unfunded commitments. The carrying amounts of these investments, which are included in other assets in the Consolidated Balance Sheets, are presented in previous tables. Also, at December 31, 2022 and 2021, the Bancorp’s unfunded commitment amounts to the private equity funds were $163 million and $124 million, respectively. As part of previous commitments, the Bancorp made capital contributions to private equity investments of $44 million and $17 million during the years ended December 31, 2022 and 2021, respectively.

Loans provided to VIEs
The Bancorp has provided funding to certain unconsolidated VIEs sponsored by third parties. These VIEs are generally established to finance certain consumer and small business loans originated by third parties. The entities are primarily funded through the issuance of a loan from the Bancorp or a syndication through which the Bancorp is involved. The sponsor/administrator of the entities is responsible for servicing the underlying assets in the VIEs. Because the sponsor/administrator, not the Bancorp, holds the servicing responsibilities, which include the establishment and employment of default mitigation policies and procedures, the Bancorp does not hold the power to direct the activities that most significantly impact the economic performance of the entity and, therefore, is not the primary beneficiary.

The principal risk to which these entities are exposed is credit risk related to the underlying assets. The Bancorp’s maximum exposure to loss is equal to the carrying amounts of the loans and unfunded commitments to the VIEs. The Bancorp’s outstanding loans to these VIEs are included in commercial loans in Note 5. As of December 31, 2022 and 2021, the Bancorp’s unfunded commitments to these entities were $2.1 billion and $1.5 billion, respectively. The loans and unfunded commitments to these VIEs are included in the Bancorp’s overall analysis of the ALLL and reserve for unfunded commitments, respectively. The Bancorp does not provide any implicit or explicit liquidity guarantees or principal value guarantees to these VIEs.

Lease pool entities
The Bancorp is a co-investor with other unrelated leasing companies in three LLCs designed for the purpose of purchasing pools of residual interests in leases which have been originated or purchased by the other investing member. For each LLC, the leasing company is the managing member and has full authority over the day-to-day operations of the entity. While the Bancorp holds more than 50% of the equity interests in each LLC, the operating agreements require both members to consent to significant corporate actions, such as liquidating the entity or removing the manager. In addition, the Bancorp has a preference with regards to distributions such that all of the Bancorp’s equity contribution for each pool must be distributed, plus a pre-defined rate of return, before the other member may receive distributions. The leasing company is also entitled to the return of its investment plus a pre-defined rate of return before any residual profits are distributed to the members.

The lease pool entities are primarily subject to risk of losses on the lease residuals purchased. The Bancorp’s maximum exposure to loss is equal to the carrying amount of the investments. The Bancorp has determined that it is not the primary beneficiary of these VIEs because it does not have the power to direct the activities that most significantly impact the economic performance of the entities. This power is held by the leasing company, who as managing member controls the servicing of the leases and collection of the proceeds on the residual interests.

Solar loan securitizations
As a result of a business acquisition in the second quarter of 2022, the Bancorp acquired interests in previously completed securitization transactions in which solar loans were transferred to bankruptcy remote trusts which were deemed to be VIEs. In each of these securitization transactions, the primary purposes of the VIEs were to issue asset-backed securities with varying levels of credit subordination and payment priority, as well as residual interests, and to provide access to liquidity for originated loans. The Bancorp retained certain risk retention interests in the classes of securities issued by the VIEs and retained servicing rights for the underlying loans. The Bancorp’s maximum exposure to loss is equal to the carrying amount of the investments. The Bancorp has determined that it is not the primary beneficiary of the VIEs because it does not have the obligation to absorb the VIEs expected losses or the right to receive the VIEs expected residual returns that could potentially be significant to the VIEs. The risk retention interests held by the Bancorp were included in available-for-sale debt and other securities in the Consolidated Balance Sheets.
v3.22.4
Sales of Receivables and Servicing Rights
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Sales of Receivables and Servicing Rights Sales of Receivables and Servicing Rights
Residential Mortgage Loan Sales
The Bancorp sold fixed and adjustable-rate residential mortgage loans during the years ended December 31, 2022, 2021 and 2020. In those sales, the Bancorp obtained servicing responsibilities and provided certain standard representations and warranties; however, the investors have no recourse to the Bancorp’s other assets for failure of debtors to pay when due. The Bancorp receives servicing fees based on a percentage of the outstanding balance. The Bancorp identifies classes of servicing assets based on financial asset type and interest rates.

Information related to residential mortgage loan sales and the Bancorp’s mortgage banking activity, which is included in mortgage banking net revenue in the Consolidated Statements of Income, for the years ended December 31 is as follows:
($ in millions)202220212020
Residential mortgage loan sales(a)
$13,307 16,900 11,827 
Origination fees and gains on loan sales91 285 315 
Gross mortgage servicing fees310 247 263 
(a)Represents the unpaid principal balance at the time of the sale.

Servicing Rights
The Bancorp measures all of its mortgage servicing rights at fair value with changes in fair value reported in mortgage banking net revenue in the Consolidated Statements of Income.

The following table presents changes in the servicing rights related to residential mortgage loans for the years ended December 31:
($ in millions)20222021
Balance, beginning of period$1,121 656 
Servicing rights originated235 223 
Servicing rights purchased213 381 
Changes in fair value:
Due to changes in inputs or assumptions(a)
355 142 
Other changes in fair value(b)
(178)(281)
Balance, end of period$1,746 1,121 
(a)Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b)Primarily reflects changes due to realized cash flows and the passage of time.

The Bancorp maintains a non-qualifying hedging strategy to manage a portion of the risk associated with changes in the value of the MSR portfolio. This strategy may include the purchase of free-standing derivatives and various available-for-sale debt and trading debt securities. The interest income, mark-to-market adjustments and gain or loss from sale activities associated with these portfolios are expected to economically hedge a portion of the change in value of the MSR portfolio caused by fluctuating OAS, earnings rates and prepayment speeds. The fair value of the servicing asset is based on the present value of expected future cash flows.

The following table presents activity related to valuations of the MSR portfolio and the impact of the non-qualifying hedging strategy for the years ended December 31:
($ in millions)202220212020
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights$(2)(2)2 
Changes in fair value and settlement of free-standing derivatives purchased to economically
    hedge the MSR portfolio(a)
(363)(123)307 
MSR fair value adjustment due to changes in inputs or assumptions(a)
355 142 (311)
(a)Included in mortgage banking net revenue in the Consolidated Statements of Income.

The key economic assumptions used in measuring the servicing rights related to residential mortgage loans that continued to be held by the Bancorp at the date of sale, securitization, or purchase resulting from transactions completed during the years ended December 31 were as follows:
20222021
Weighted-
Average Life
(in years)		Prepayment
Speed
(annual)		OAS    
(bps)    		Weighted-Average Life
(in years)		Prepayment
Speed
(annual)		OAS
(bps)
Fixed-rate7.69.2 %7536.510.7 %693
Adjustable-rate2.829.0 8032.728.8 626
At December 31, 2022 and 2021, the Bancorp serviced $103.2 billion and $89.2 billion, respectively, of residential mortgage loans for other investors. The value of MSRs that continue to be held by the Bancorp is subject to credit, prepayment and interest rate risks on the sold financial assets. The weighted-average coupon of the MSR portfolio was 3.59% and 3.45% at December 31, 2022 and 2021, respectively

At December 31, 2022, the sensitivity of the current fair value of residual cash flows to immediate 10%, 20% and 50% adverse changes in prepayment speed assumptions and immediate 10% and 20% adverse changes in OAS for servicing rights related to residential mortgage loans are as follows:
($ in millions)(a)
Fair ValueWeighted-
Average Life
(in years)		Prepayment Speed AssumptionOAS Assumption
Impact of Adverse Change
on Fair Value		OAS 
(bps)		Impact of Adverse 
Change on Fair Value
Rate 10%20%50%10%20%
Fixed-rate$1,741 9.15.1 %$(37)(71)(159)734$(51)(100)
Adjustable-rate5 5.220.3 (1)(1)(2)1,204— — 
(a)The impact of the weighted-average default rate on the current fair value of residual cash flows for all scenarios is immaterial.

These sensitivities are hypothetical and should be used with caution. As the figures indicate, changes in fair value based on these variations in the assumptions typically cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. The Bancorp believes that variations of these levels are reasonably possible; however, there is the potential that adverse changes in key assumptions could be even greater. Also, in the previous table, the effect of a variation in a particular assumption on the fair value of the interests that continue to be held by the Bancorp is calculated without changing any other assumption; in reality, changes in one factor may result in changes in another (for example, increases in market interest rates may result in lower prepayments), which might magnify or counteract these sensitivities.
v3.22.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Bancorp maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce certain risks related to interest rate, prepayment and foreign currency volatility. Additionally, the Bancorp holds derivative instruments for the benefit of its commercial customers and for other business purposes. The Bancorp does not enter into unhedged speculative derivative positions.

The Bancorp’s interest rate risk management strategy involves modifying the repricing characteristics of certain financial instruments so that changes in interest rates do not adversely affect the Bancorp’s net interest margin and cash flows. Derivative instruments that the Bancorp may use as part of its interest rate risk management strategy include interest rate swaps, interest rate floors, interest rate caps, forward contracts, forward starting interest rate swaps, options, swaptions and TBA securities. Interest rate swap contracts are exchanges of interest payments, such as fixed-rate payments for floating-rate payments, based on a stated notional amount and maturity date. Interest rate floors protect against declining rates, while interest rate caps protect against rising interest rates. Forward contracts are contracts in which the buyer agrees to purchase, and the seller agrees to make delivery of, a specific financial instrument at a predetermined price or yield. Options provide the purchaser with the right, but not the obligation, to purchase or sell a contracted item during a specified period at an agreed upon price. Swaptions are financial instruments granting the owner the right, but not the obligation, to enter into or cancel a swap.

Prepayment volatility arises mostly from changes in fair value of the largely fixed-rate MSR portfolio, mortgage loans and mortgage-backed securities. The Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge prepayment volatility. Principal-only swaps are total return swaps based on changes in the value of the underlying mortgage principal-only trust. TBA securities are a forward purchase agreement for a mortgage-backed securities trade whereby the terms of the security are undefined at the time the trade is made.

Foreign currency volatility occurs as the Bancorp enters into certain loans denominated in foreign currencies. Derivative instruments that the Bancorp may use to economically hedge these foreign denominated loans include foreign exchange swaps and forward contracts.

The Bancorp also enters into derivative contracts (including foreign exchange contracts, commodity contracts and interest rate contracts) for the benefit of commercial customers and other business purposes. The Bancorp economically hedges significant exposures related to these free-standing derivatives by entering into offsetting third-party contracts with approved, reputable and independent counterparties with substantially matching terms and currencies. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. The Bancorp’s exposure is limited to the replacement value of the contracts rather than the notional, principal or contract amounts. Credit risk is minimized through credit approvals, limits, counterparty collateral and monitoring procedures.

The fair value of derivative instruments is presented on a gross basis, even when the derivative instruments are subject to master netting arrangements. Derivative instruments with a positive fair value are reported in other assets in the Consolidated Balance Sheets while derivative instruments with a negative fair value are reported in other liabilities in the Consolidated Balance Sheets. Cash collateral payables and receivables associated with the derivative instruments are not added to or netted against the fair value amounts with the exception of certain variation margin payments that are considered legal settlements of the derivative contracts. For derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the variation margin payments are applied to net the fair value of the respective derivative contracts.

The Bancorp’s derivative assets include certain contractual features in which the Bancorp requires the counterparties to provide collateral in the form of cash and securities to offset changes in the fair value of the derivatives, including changes in the fair value due to credit risk of the counterparty. As of December 31, 2022 and 2021, the balance of collateral held by the Bancorp for derivative assets was $1.3 billion and $1.1 billion, respectively. For derivative contracts cleared through certain central clearing parties whose rules treat variation margin payments as settlements of the derivative contract, the payments for variation margin of $1.0 billion and $771 million were applied to reduce the respective derivative contracts and were also not included in the total amount of collateral held as of December 31, 2022 and 2021, respectively. The credit component negatively impacting the fair value of derivative assets associated with customer accommodation contracts was $9 million and $20 million as of December 31, 2022 and 2021, respectively.

In measuring the fair value of derivative liabilities, the Bancorp considers its own credit risk, taking into consideration collateral maintenance requirements of certain derivative counterparties and the duration of instruments with counterparties that do not require collateral maintenance. When necessary, the Bancorp posts collateral primarily in the form of cash and securities to offset changes in fair value of the derivatives, including changes in fair value due to the Bancorp’s credit risk. As of December 31, 2022 and 2021, the balance of collateral posted by the Bancorp for derivative liabilities was $913 million and $1.3 billion, respectively. Additionally, $1.0 billion and $570 million of variation margin payments were applied to the respective derivative contracts to reduce the Bancorp’s derivative liabilities as of December 31, 2022 and 2021, respectively, and were also not included in the total amount of collateral posted. Certain of the Bancorp’s derivative liabilities contain credit-risk related contingent features that could result in the requirement to post additional collateral upon the occurrence of specified events. As of December 31, 2022 and 2021, the fair value of the additional collateral that could be required to be posted as a result of the credit-risk related contingent features being triggered was immaterial to the Bancorp’s Consolidated Financial Statements. The posting of collateral has been determined to remove the need for further consideration of credit risk. As a result, the Bancorp determined that the impact of the Bancorp’s credit risk to the valuation of its derivative liabilities was immaterial to the Bancorp’s Consolidated Financial Statements.
The Bancorp holds certain derivative instruments that qualify for hedge accounting treatment and are designated as either fair value hedges or cash flow hedges. Derivative instruments that do not qualify for hedge accounting treatment, or for which hedge accounting is not established, are held as free-standing derivatives. All customer accommodation derivatives are held as free-standing derivatives.

The following tables reflect the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as of:
Fair Value
December 31, 2022 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$5,955 126 195 
Total fair value hedges126 195 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 4 — 
Interest rate swaps related to C&I loans8,000 — 76 
Interest rate swaps related to C&I loans - forward starting(c)
11,000 22 — 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — 25 
Interest rate swaps related to commercial mortgage and commercial construction loans - forward starting(c)
4,000 5 — 
Total cash flow hedges31 101 
Total derivatives designated as qualifying hedging instruments157 296 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio2,975 62 17 
Forward contracts related to residential mortgage loans held for sale(b)
1,869 9 7 
Swap associated with the sale of Visa, Inc. Class B Shares3,358 — 195 
Foreign exchange contracts156 1 — 
Interest-only strips58 4 — 
Interest rate contracts for collateral management12,000 9 1 
Interest rate contracts for LIBOR transition597 — — 
Total free-standing derivatives - risk management and other business purposes85 220 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
83,605 998 1,663 
Interest rate lock commitments216 2 1 
Commodity contracts16,122 1,478 1,350 
TBA securities62 — — 
Foreign exchange contracts25,322 453 422 
Total free-standing derivatives - customer accommodation2,931 3,436 
Total derivatives not designated as qualifying hedging instruments3,016 3,656 
Total$3,173 3,952 
(a)Derivative assets and liabilities are presented net of variation margin of $694 and $37, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
(c)Forward starting swaps will become effective on various dates between February 2023 and February 2025.
Fair Value
December 31, 2021 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 393 2 
Interest rate swaps related to available-for-sale debt and other securities445 7 — 
Total fair value hedges400 2 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 122 — 
Interest rate swaps related to C&I loans8,000 — 1 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — — 
Total cash flow hedges122 1 
Total derivatives designated as qualifying hedging instruments522 3 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,260 140 — 
Forward contracts related to residential mortgage loans held for sale(b)
1,952 2 2 
Swap associated with the sale of Visa, Inc. Class B Shares3,545 — 214 
Foreign exchange contracts158 — 1 
Interest rate contracts for collateral management12,000 5 4 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes147 221 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
76,061 578 232 
Interest rate lock commitments673 12 — 
Commodity contracts12,376 1,326 1,260 
TBA securities55 — — 
Foreign exchange contracts23,148 323 297 
Total free-standing derivatives - customer accommodation2,239 1,789 
Total derivatives not designated as qualifying hedging instruments2,386 2,010 
Total$2,908 2,013 
(a)Derivative assets and liabilities are presented net of variation margin of $104 and $472, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.

Fair Value Hedges
The Bancorp may enter into interest rate swaps to convert its fixed-rate funding to floating-rate or to hedge the exposure to changes in fair value of a recognized asset attributable to changes in the benchmark interest rate. Decisions to enter into these interest rate swaps are made primarily through consideration of the asset/liability mix of the Bancorp, the desired asset/liability sensitivity and interest rate levels. As of December 31, 2022, certain interest rate swaps met the criteria required to qualify for the shortcut method of accounting that permits the assumption of perfect offset. For all designated fair value hedges of interest rate risk as of December 31, 2022 that were not accounted for under the shortcut method of accounting, the Bancorp performed an assessment of hedge effectiveness using regression analysis with changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk recorded in the same income statement line in current period net income.
The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Consolidated Statements of Income in which the corresponding gains or losses are recorded:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$(460)(138)134 
Change in fair value of hedged long-term debt attributable to the risk
being hedged
Interest on long-term debt460 138 (133)
Available-for-sale debt and other securities:
Change in fair value of interest rate swaps hedging available-for-sale
debt and other securities
Interest on securities8 7 — 
Change in fair value of hedged available-for-sale debt and other
securities attributable to the risk being hedged
Interest on securities(8)(7)— 

The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31:
($ in millions)Consolidated Balance 
Sheets Caption		20222021
Long-term debt:
Carrying amount of the hedged itemsLong-term debt$5,865 2,339 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Long-term debt(64)396 
Available-for-sale debt and other securities:
Carrying amount of the hedged items(a)
Available-for-sale debt and other securities— 465 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Available-for-sale debt and other securities— (8)
Cumulative amount of fair value hedging adjustments remaining
for hedged items for which hedge accounting has been discontinued
Available-for-sale debt and other securities(14)— 
(a)The carrying amount represents the amortized cost basis of the hedged items (which excludes unrealized gains and losses) plus the fair value hedging adjustments.

Cash Flow Hedges
The Bancorp may enter into interest rate swaps to convert floating-rate assets and liabilities to fixed rates or to hedge certain forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate. The assets or liabilities may be grouped in circumstances where they share the same risk exposure that the Bancorp desires to hedge. The Bancorp may also enter into interest rate caps and floors to limit cash flow variability of floating rate assets and liabilities. As of December 31, 2022, all hedges designated as cash flow hedges were assessed for effectiveness using regression analysis. The entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is recorded in AOCI and reclassified from AOCI to current period earnings when the hedged item affects earnings. As of December 31, 2022, the maximum length of time over which the Bancorp is hedging its exposure to the variability in future cash flows is 109 months.

Reclassified gains and losses on interest rate contracts related to commercial and industrial loans are recorded within interest income in the Consolidated Statements of Income. As of December 31, 2022 and 2021, respectively, $498 million of net deferred losses, net of tax, and $353 million of net deferred gains, net of tax, on cash flow hedges were recorded in AOCI in the Consolidated Balance Sheets. As of December 31, 2022, $253 million in net unrealized losses, net of tax, recorded in AOCI are expected to be reclassified into earnings during the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations or the addition of other hedges subsequent to December 31, 2022.

During both the years ended December 31, 2022 and 2021, there were no gains or losses reclassified from AOCI into earnings associated with the discontinuance of cash flow hedges because it was probable that the original forecasted transaction would no longer occur by the end of the originally specified time period or within the additional period of time as defined by U.S. GAAP.

The following table presents the pre-tax net (losses) gains recorded in the Consolidated Statements of Income and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the years ended December 31 ($ in millions)202220212020
Amount of pre-tax net (losses) gains recognized in OCI$(1,006)(185)611 
Amount of pre-tax net gains reclassified from OCI into net income99 293 237 
Free-Standing Derivative Instruments – Risk Management and Other Business Purposes
As part of its overall risk management strategy relative to its mortgage banking activity, the Bancorp may enter into various free-standing derivatives (principal-only swaps, interest rate swaptions, interest rate floors, mortgage options, TBA securities and interest rate swaps) to economically hedge changes in fair value of its largely fixed-rate MSR portfolio. Principal-only swaps hedge the spread between mortgage rates and LIBOR because these swaps appreciate in value as a result of tightening spreads. Principal-only swaps also provide prepayment protection by increasing in value when prepayment speeds increase, as opposed to MSRs that lose value in a faster prepayment environment. Receive fixed/pay floating interest rate swaps and swaptions increase in value when interest rates do not increase as quickly as expected.

The Bancorp enters into forward contracts and mortgage options to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. These contracts generally settle within one year or less. IRLCs issued on residential mortgage loan commitments that will be held for sale are also considered free-standing derivative instruments and the interest rate exposure on these commitments is economically hedged primarily with forward contracts. Revaluation gains and losses from free-standing derivatives related to mortgage banking activity are recorded as a component of mortgage banking net revenue in the Consolidated Statements of Income.

In conjunction with the sale of Visa, Inc. Class B Shares in 2009, the Bancorp entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. This total return swap is accounted for as a free-standing derivative. Refer to Note 28 for further discussion of significant inputs and assumptions used in the valuation of this instrument.

The Bancorp entered into certain interest rate swap contracts for the purpose of managing its collateral positions across two central clearing parties. These interest rate swaps were perfectly offsetting positions that allowed the Bancorp to lower the cash posted as required initial margin at the clearing parties, which reduced its credit exposure to the clearing parties. Given that all relevant terms for these interest rate swaps are offsetting, these trades create no additional market risk for the Bancorp.

As part of the LIBOR to SOFR transition, the Bancorp received certain interest rate swap contracts from the two central clearing parties that are moving from an Effective Federal Funds Rate discounting curve to a SOFR discounting curve. The purpose of these interest rate swaps was to neutralize the impact on collateral requirements due to the change in discounting curves implemented by the central clearing parties.

The net (losses) gains recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Interest rate contracts:
Forward contracts related to residential mortgage loans held for saleMortgage banking net revenue$3 15 (12)
Interest rate contracts related to MSR portfolioMortgage banking net revenue(363)(123)307 
Foreign exchange contracts:
Foreign exchange contracts for risk management purposesOther noninterest income12 (3)(3)
Equity contracts:
Swap associated with sale of Visa, Inc. Class B SharesOther noninterest income(84)(86)(103)

Free-Standing Derivative Instruments – Customer Accommodation
The majority of the free-standing derivative instruments the Bancorp enters into are for the benefit of its commercial customers. These derivative contracts are not designated against specific assets or liabilities on the Consolidated Balance Sheets or to forecasted transactions and, therefore, do not qualify for hedge accounting. These instruments include foreign exchange derivative contracts entered into for the benefit of commercial customers involved in international trade to hedge their exposure to foreign currency fluctuations and commodity contracts to hedge such items as natural gas and various other derivative contracts. The Bancorp may economically hedge significant exposures related to these derivative contracts entered into for the benefit of customers by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. The Bancorp hedges its interest rate exposure on commercial customer transactions by executing offsetting swap agreements with primary dealers. Revaluation gains and losses on interest rate, foreign exchange, commodity and other commercial customer derivative contracts are recorded as a component of commercial banking revenue or other noninterest income in the Consolidated Statements of Income.

The Bancorp enters into risk participation agreements, under which the Bancorp assumes credit exposure relating to certain underlying interest rate derivative contracts. The Bancorp only enters into these risk participation agreements in instances in which the Bancorp has participated in the loan that the underlying interest rate derivative contract was designed to hedge. The Bancorp will make payments under these agreements if a customer defaults on its obligation to perform under the terms of the underlying interest rate derivative contract. As of December 31, 2022 and 2021, the total notional amount of the risk participation agreements was $3.7 billion and $3.8 billion, respectively,
and the fair value was a liability of $7 million and $8 million, respectively, which is included in other liabilities in the Consolidated Balance Sheets. As of December 31, 2022, the risk participation agreements had a weighted-average remaining life of 3.3 years.

The Bancorp’s maximum exposure in the risk participation agreements is contingent on the fair value of the underlying interest rate derivative contracts in an asset position at the time of default. The Bancorp monitors the credit risk associated with the underlying customers in the risk participation agreements through the same risk grading system currently utilized for establishing loss reserves in its loan and lease portfolio.

Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$3,597 3,733 
Special mention81 13 
Substandard32 34 
Total$3,710 3,780 

The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Interest rate contracts:
Interest rate contracts for customers (contract revenue)Commercial banking revenue$48 38 36 
Interest rate contracts for customers (credit portion of fair value adjustment)Other noninterest expense10 21 (22)
Interest rate lock commitmentsMortgage banking net revenue16 149 271 
Commodity contracts:
Commodity contracts for customers (contract revenue)Commercial banking revenue44 23 15 
Commodity contracts for customers (credit losses)Other noninterest expense— (1)(1)
Commodity contracts for customers (credit portion of fair value adjustment)Other noninterest expense— — (2)
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)Commercial banking revenue70 61 55 
Foreign exchange contracts for customers (contract revenue)Other noninterest expense8 2 (11)
Foreign exchange contracts for customers (credit portion of fair value adjustment)Other noninterest expense(3)— (1)

Offsetting Derivative Financial Instruments
The Bancorp’s derivative transactions are generally governed by ISDA Master Agreements and similar arrangements, which include provisions governing the setoff of assets and liabilities between the parties. When the Bancorp has more than one outstanding derivative transaction with a single counterparty, the setoff provisions contained within these agreements generally allow the non-defaulting party the right to reduce its liability to the defaulting party by amounts eligible for setoff, including the collateral received as well as eligible offsetting transactions with that counterparty, irrespective of the currency, place of payment or booking office. The Bancorp’s policy is to present its derivative assets and derivative liabilities on the Consolidated Balance Sheets on a gross basis, even when provisions allowing for setoff are in place. However, for derivative contracts cleared through certain central clearing parties who have modified their rules to treat variation margin payments as settlements, the fair value of the respective derivative contracts is reported net of the variation margin payments.

Collateral amounts included in the tables below consist primarily of cash and highly rated government-backed securities and do not include variation margin payments for derivative contracts with legal rights of setoff for both periods shown.
The following table provides a summary of offsetting derivative financial instruments:
Gross Amount Recognized in the Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Derivatives
Collateral(b)
Net Amount
As of December 31, 2022
Derivative assets$3,171 (1,405)(887)879 
Derivative liabilities3,951 (1,405)(406)2,140 
As of December 31, 2021
Derivative assets$2,896 (837)(548)1,511 
Derivative liabilities2,013 (837)(712)464 
(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.
v3.22.4
Other Assets
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Other Assets
The following table provides the components of other assets included in the Consolidated Balance Sheets as of December 31:
($ in millions)20222021
Derivative instruments$3,173 2,908 
Accounts receivable and drafts-in-process2,579 2,560 
Partnership investments2,153 2,022 
Bank owned life insurance2,056 2,041 
Deferred tax assets1,553 6 
Accrued interest and fees receivable703 465 
Operating lease right-of-use assets508 427 
Worldpay, Inc. TRA receivable183 317 
Prepaid expenses145 139 
Income tax receivable74 237 
OREO and other repossessed property24 29 
Other308 293 
Total other assets$13,459 11,444 

In conjunction with Worldpay, Inc.’s IPO in 2012, the Bancorp entered into two TRAs with Worldpay, Inc. The TRAs provide for payments by Worldpay, Inc. to the Bancorp of 85% of the cash savings actually realized as a result of the increase in tax basis that results from the historical or future purchase of equity in Worldpay Holding, LLC from the Bancorp or from the exchange of equity units in Worldpay Holding, LLC for cash or Class A Stock, as well as any tax benefits attributable to payments made under the TRA.

During the fourth quarter of 2019, the Bancorp entered into an agreement with Fidelity National Information Services, Inc. and Worldpay, Inc. under which Worldpay, Inc. may be obligated to pay up to approximately $366 million to the Bancorp to terminate and settle a portion of the remaining TRA cash flows, totaling an estimated $720 million, upon the exercise of certain call options by Worldpay, Inc. or certain put options by the Bancorp. In 2019, the Bancorp recognized a gain of approximately $345 million in other noninterest income associated with these options. The Worldpay, Inc. TRA receivable associated with this transaction, recorded in other assets in the Consolidated Balance Sheets, was $183 million and $317 million as of December 31, 2022 and 2021, respectively.

Separate from the impact of the TRA settlement agreement discussed above, the Bancorp recognized $46 million, $46 million and $74 million in other noninterest income in the Consolidated Statements of Income associated with the TRA during the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp expects to receive approximately $33 million of future payments through 2025 under the TRA that are not subject to the call or put options. These remaining cash flows will be recognized in future periods when the related uncertainties are resolved.
v3.22.4
Short-Term Borrowings
 12 Months Ended
Dec. 31, 2022
Short-Term Debt [Abstract]  
Short-Term Borrowings Short-Term Borrowings
Borrowings with original maturities of one year or less are classified as short-term and include federal funds purchased and other short-term borrowings. Federal funds purchased are excess balances in reserve accounts held at the FRB that the Bancorp purchased from other member banks on an overnight basis. Other short-term borrowings may include securities sold under repurchase agreements, derivative collateral, FHLB advances and other borrowings with original maturities of one year or less.

The following table summarizes short-term borrowings and weighted-average rates:
20222021
($ in millions)AmountRate      AmountRate        
As of December 31:
Federal funds purchased$180 4.22 %$281 0.13 %
Other short-term borrowings4,838 3.75 980 0.04 
Average for the years ended December 31:
Federal funds purchased$381 1.69 %$333 0.12 %
Other short-term borrowings4,544 2.39 1,107 0.15 
Maximum month-end balance for the years ended December 31:
Federal funds purchased$1,312 $365 
Other short-term borrowings8,606 1,353 

The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:
($ in millions)20222021
FHLB advances$4,300 — 
Securities sold under repurchase agreements388 544 
Derivative collateral124 436 
Other borrowed money26 — 
Total other short-term borrowings$4,838 980 

The Bancorp’s securities sold under repurchase agreements are accounted for as secured borrowings and are collateralized by securities included in available-for-sale debt and other securities in the Consolidated Balance Sheets. These securities are subject to changes in market value and, therefore, the Bancorp may increase or decrease the level of securities pledged as collateral based upon these movements in market value. As of both December 31, 2022 and 2021, all securities sold under repurchase agreements were secured by agency residential mortgage-backed securities and the repurchase agreements had an overnight remaining contractual maturity.
v3.22.4
Long-Term Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following table is a summary of the Bancorp’s long-term borrowings at December 31:
($ in millions)MaturityInterest Rate20222021
Parent Company
Senior:
Fixed-rate notes20222.60%$— 700 
Fixed-rate notes20223.50%— 500 
Fixed-rate notes20231.625%500 499 
Fixed-rate notes20243.65%1,498 1,496 
Fixed-rate notes20252.375%748 748 
Fixed-rate notes20272.55%747 746 
Fixed-rate/floating-rate notes(c)
20271.707%448 496 
Fixed-rate notes20283.95%648 647 
Fixed-rate/floating-rate notes(c)
20284.055%381 — 
Fixed-rate/floating-rate notes(c)
20286.361%1,012 — 
Fixed-rate/floating-rate notes(c)
20304.772%936 — 
Fixed-rate/floating-rate notes(c)
20334.337%556 — 
Subordinated:(a)
Fixed-rate notes20244.30%749 749 
Fixed-rate notes20388.25%1,108 1,346 
Subsidiaries
Senior:
 Floating-rate notes(a)(e)
20220.772%— 300 
Fixed-rate notes20231.80%650 649 
Fixed-rate notes20253.95%723 795 
Fixed-rate/floating-rate notes(c)
20255.852%999 — 
Fixed-rate notes20272.25%599 598 
Subordinated:(a)
Fixed-rate notes20263.85%749 748 
Fixed-rate notes20274.00%173 172 
Junior subordinated:
 Floating-rate debentures(a)(b)
20356.189%-6.459%53 54 
FHLB advances(d)
2023-20473.81%21 44 
Notes associated with consolidated VIEs:
Automobile loan securitization, fixed-rate notes2023-20262.64%-2.69%75 250 
Solar loan securitization, fixed-rate notes20384.05%‘-7.00%39 — 
Other2023-2052Varies302 284 
Total$13,714 11,821 
(a)In aggregate, $1.9 billion and $2.5 billion qualifies as Tier 2 capital for regulatory capital purposes for the years ended December 31, 2022 and 2021, respectively.
(b)These rates reflect the floating rates as of December 31, 2022.
(c)This rate reflects the fixed rate in effect as of December 31, 2022.
(d)This rate reflects the weighted-average rate as of December 31, 2022.
(e)These rates reflect the floating rates as of December 31, 2021.

The Bancorp pays down long-term debt in accordance with contractual terms over maturity periods summarized in the previous table. The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2022 are presented in the following table:
($ in millions)Parent CompanySubsidiariesTotal
2023$500 669 1,169 
20242,247 12 2,259 
2025748 1,772 2,520 
2026— 843 843 
20271,195 789 1,984 
Thereafter4,641 298 4,939 
Total$9,331 4,383 13,714 
At December 31, 2022, the Bancorp’s long-term borrowings consisted of outstanding principal balances of $13.8 billion, net discounts of $19 million, debt issuance costs of $32 million and reductions for mark-to-market adjustments on its hedged debt of $64 million. At December 31, 2021, the Bancorp’s long-term borrowings consisted of outstanding principal balances of $11.5 billion, net discounts of $16 million, debt issuance costs of $24 million and additions for mark-to-market adjustments on its hedged debt of $396 million. The Bancorp was in compliance with all debt covenants at December 31, 2022 and 2021.

Parent Company Long-Term Borrowings
Senior notes
On March 14, 2018, the Bancorp issued and sold $650 million of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 3.95% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on March 14, 2028. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On January 25, 2019, the Bancorp issued and sold $1.5 billion of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 3.65% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on January 25, 2024. These fixed-rate senior notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On October 28, 2019, the Bancorp issued and sold $750 million of senior notes to third-party investors. The senior notes bear a fixed-rate of interest of 2.375% per annum. The notes are unsecured, senior obligations of the Bancorp. Payment of the full principal amounts of the notes is due upon maturity on January 28, 2025. These notes will be redeemable at the Bancorp’s option, in whole or in part, at any time or from time to time, on or after April 25, 2020, and prior to December 29, 2024, in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of (i) 100% of the aggregate principal amount of the notes being redeemed on that redemption date; and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed that would be due if the notes to be redeemed matured on December 29, 2024 discounted to the redemption date on a semi-annual basis at the applicable treasury rate plus 15 bps. Additionally, these notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date.

On May 5, 2020, the Bancorp issued and sold $1.25 billion in aggregate principal amount of senior fixed-rate notes. The notes consisted of $500 million of 1.625% senior fixed-rate notes, with a maturity of three years, due on May 5, 2023; and $750 million of 2.55% senior fixed-rate notes, with a maturity of seven years, due on May 5, 2027. The 1.625% and 2.55% senior fixed-rate notes will be redeemable on or after April 5, 2023 and April 5, 2027, respectively (the respective “Applicable Par Call Date”), in whole or in part, at any time and from time to time, at the Bancorp’s option at a redemption price equal to 100% of the aggregate principal amount of the senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. Additionally, the 1.625% and 2.55% senior fixed-rate notes will be redeemable at the Bancorp’s option, in whole or in part, at any time or from time to time, on or after November 2, 2020, and prior to the notes’ respective Applicable Par Call Date, in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (a) 100% of the aggregate principal amount of the senior fixed-rate notes being redeemed on that redemption date; and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the senior fixed-rate notes being redeemed that would be due if the senior fixed-rate notes to be redeemed matured on their respective Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus either 25 bps (for the 1.625% senior fixed-rate notes) or 35 bps (for the 2.55% senior fixed-rate notes), as the case may be.

On November 1, 2021, the Bancorp issued and sold $500 million of fixed-rate/floating-rate senior notes which will mature on November 1, 2027. The senior notes bear a fixed rate of interest of 1.707% per annum to, but excluding, November 1, 2026. From, and including, November 1, 2026 until, but excluding, November 1, 2027, the senior notes will have an interest rate of compounded SOFR plus 0.685%. The Bancorp entered into interest rate swaps designated as fair value hedges to convert the fixed-rate period of the notes to a floating rate of one-month LIBOR plus 57 bps, and the Bancorp paid a rate of 4.69% at December 31, 2022. The notes will be redeemable in whole, but not in part, by the Bancorp on November 1, 2026, the date that is one year prior to the maturity date, at a redemption price equal to 100% of the principal amount of the notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. In addition, the notes will be redeemable, in whole or in part, by the Bancorp on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

On April 25, 2022, the Bancorp issued and sold $1 billion of fixed-rate/floating-rate senior notes. $400 million of the notes will bear interest at a rate of 4.055% per annum to, but excluding, April 25, 2027, followed by an interest rate of compounded SOFR plus 1.355% until maturity on April 25, 2028. The remaining $600 million of the notes will bear interest at a rate of 4.337% per annum to, but excluding, April 25, 2032, followed by an interest rate of compounded SOFR plus 1.660% until maturity on April 25, 2033. The Bancorp entered into interest
rate swaps designated as fair value hedges to convert the fixed-rate periods of the notes to floating rates of one-month LIBOR plus 1.239% and one-month LIBOR plus 1.543% for the notes due April 25, 2028 and the notes due April 25, 2033, respectively. The Bancorp paid rates on these swaps of 5.63% and 5.93%, respectively, at December 31, 2022. Each tranche of notes is redeemable in whole at par plus accrued and unpaid interest one year prior to its maturity date, or may be wholly or partially redeemed 30 days or 90 days prior to maturity for the 2028 notes and the 2033 notes, respectively.

On July 28, 2022, the Bancorp issued and sold $1 billion of fixed-rate/floating-rate senior notes which will mature on July 28, 2030. The senior notes bear interest at a rate of 4.772% per annum to, but excluding, July 28, 2029. From, and including July 28, 2029 until, but excluding July 28, 2030, the senior notes will bear interest at a rate of compounded SOFR plus 2.127%. The Bancorp entered into interest rate swaps designated as fair value hedges to convert the fixed-rate period of the notes to a floating rate of compounded SOFR plus 2.132%, and the Bancorp paid a rate of 6.43% at December 31, 2022. The senior notes are redeemable in whole at par plus accrued and unpaid interest one year prior to their maturity date, or may be wholly or partially redeemed 60 days prior to maturity.

On October 27, 2022, the Bancorp issued and sold $1 billion of fixed-rate/floating-rate senior notes which will mature on October 27, 2028. The senior notes will bear interest at a rate of 6.361% per annum to, but excluding, October 27, 2027. From, and including October 27, 2027 until, but excluding October 27, 2028, the senior notes will bear interest at a rate of compounded SOFR plus 2.192%. The Bancorp entered into interest rate swaps designated as fair value hedges to convert the fixed-rate period of the notes to a floating rate of compounded SOFR plus 2.193%, and the Bancorp paid a rate of 6.49% at December 31, 2022. The senior notes are redeemable in whole at par plus accrued and unpaid interest one year prior to their maturity date, or may be wholly or partially redeemed on or after 30 days prior to maturity. Additionally, the senior notes are redeemable at the Bancorp’s option, in whole or in part, beginning 180 days after the issue date and prior to October 27, 2027, at the greater of: (a) the aggregate principal amount of the senior notes being redeemed, or (b) the discounted present value of the remaining scheduled payments of principal and interest that would be due if the senior notes being redeemed matured on October 27, 2027.

Subordinated debt
The Bancorp has entered into interest rate swaps to convert part of its subordinated fixed-rate notes due in 2038 to a floating rate. Of the $1.0 billion in 8.25% subordinated fixed-rate notes due in 2038, the Bancorp entered into interest rate swaps designated as fair value hedges to convert $705 million of the notes to a floating rate of three-month LIBOR plus 3.05%, and the Bancorp paid a rate of 7.81% on the hedged portion of these notes at December 31, 2022.

On November 20, 2013, the Bancorp issued and sold $750 million of 4.30% unsecured subordinated fixed-rate notes which will mature on January 16, 2024. These fixed-rate notes will be redeemable by the Bancorp, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

Subsidiary Long-Term Borrowings
Senior and subordinated debt
Medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by the Bancorp’s banking subsidiary. Under the Bancorp’s banking subsidiary’s global bank note program, the Bank’s capacity to issue its senior and subordinated unsecured bank notes is $25.0 billion. As of December 31, 2022, $20.3 billion was available for future issuance under the global bank note program.

On March 15, 2016, the Bank issued and sold, under its bank notes program, $750 million of 3.85% subordinated fixed-rate notes due on March 15, 2026. These bank notes will be redeemable by the Bank, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

On July 26, 2018 the Bank issued and sold, under its bank notes program, $750 million of 3.95% senior fixed-rate notes due on July 28, 2025. The Bank entered into interest rate swaps designated as fair value hedges to convert these fixed-rate notes to a floating rate of one-month LIBOR plus 1.04%, and the Bancorp paid a rate of 5.43% at December 31, 2022. These bank notes will be redeemable by the Bank, in whole or in part, on or after the date that is 30 days prior to the maturity date at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date.

As a result of the MB Financial, Inc. acquisition in March 2019, the Bank assumed $175 million of 4.00% subordinated fixed-rate notes due on December 1, 2027. These bank notes will be redeemable by the Bank, in whole or in part, on any interest payment date on or after December 1, 2022 at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest up to, but excluding, the redemption date. From December 1, 2022 until maturity, the bank notes pay interest quarterly on the first day of March, June, September and December.

On January 31, 2020, the Bank issued and sold, under its bank notes program, $1.25 billion in aggregate principal amount of senior fixed-rate notes. The bank notes consisted of $650 million of 1.80% senior fixed-rate notes, with a maturity of three years, due on January 30, 2023; and
$600 million of 2.25% senior fixed-rate notes, with a maturity of seven years, due on February 1, 2027. On or after the date that is 30 days before the maturity date, the 1.80% senior fixed-rate notes will be redeemable, in whole or in part, at any time and from time to time, at the Bank’s option at a redemption price equal to 100% of the aggregate principal amount of the 1.80% senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The 2.25% senior fixed-rate notes will be redeemable at the Bank’s option, in whole or in part, at any time or from time to time, on or after July 31, 2020, and prior to January 4, 2027 (the “Applicable Par Call Date”), in each case at a redemption price, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: (a) 100% of the aggregate principal amount of the 2.25% senior fixed-rate notes being redeemed on that redemption date; and (b) the sum of the present values of the remaining scheduled payments of principal and interest on the 2.25% senior fixed-rate notes being redeemed that would be due if the 2.25% senior fixed-rate notes to be redeemed matured on the Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus the Applicable Spread for the Notes to be redeemed. Additionally, on or after January 4, 2027, the 2.25% senior fixed-rate notes will also be redeemable, in whole or in part, at any time and from time to time, at the Bank’s option at a redemption price equal to 100% of the aggregate principal amount of the 2.25% senior fixed-rate notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.

On October 27, 2022, under its bank notes program, the Bank issued and sold $1 billion of fixed-rate/floating-rate senior notes which will mature on October 27, 2025. The senior notes will bear interest at a rate of 5.852% per annum to, but excluding, October 27, 2024. From, and including October 27, 2024 until, but excluding October 27, 2025, the senior notes will bear interest at a rate of compounded SOFR plus 1.230%. The Bank entered into interest rate swaps designated as fair value hedges to convert the fixed-rate period of the notes to a floating rate of compounded SOFR plus 1.218%, and the Bank paid a rate of 5.52% at December 31, 2022. The senior notes are redeemable in whole at par plus accrued and unpaid interest one year prior to their maturity date, or may be wholly or partially redeemed on or after 30 days prior to maturity.

Junior subordinated debt
The junior subordinated floating-rate debentures due in 2035 were assumed by the Bancorp’s direct nonbank subsidiary holding company as part of the acquisition of First Charter in June 2008. The obligation was issued to First Charter Capital Trust I and II. The notes of First Charter Capital Trust I and II pay a floating rate at three-month LIBOR plus 1.69% and 1.42%, respectively. The Bancorp’s nonbank subsidiary holding company has fully and unconditionally guaranteed all obligations under the acquired TruPS issued by First Charter Capital Trust I and II.

FHLB advances
At December 31, 2022, FHLB advances have a weighted-average rate of 3.81%, with interest payable monthly. The Bancorp has pledged $18.6 billion of loans and securities to secure its borrowing capacity at the FHLB which is partially utilized to fund $21 million in FHLB advances that are outstanding. The FHLB advances mature as follows: $9 million in 2023, an immaterial amount in 2024, $5 million in 2025, an immaterial amount in 2026, an immaterial amount in 2027, and $7 million thereafter.

Notes associated with consolidated VIEs
As discussed in Note 12, the Bancorp was determined to be the primary beneficiary of various VIEs associated with certain automobile and solar loan securitizations. Third-party holders of this debt do not have recourse to the general assets of the Bancorp. Approximately $114 million of outstanding notes related to these VIEs are included in long-term debt in the Consolidated Balance Sheets as of December 31, 2022.
v3.22.4
Commitments, Contingent Liabilities and Guarantees
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingent Liabilities and Guarantees Commitments, Contingent Liabilities and Guarantees
The Bancorp, in the normal course of business, enters into financial instruments and various agreements to meet the financing needs of its customers. The Bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks, provide funding, equipment and locations for its operations and invest in its communities. These instruments and agreements involve, to varying degrees, elements of credit risk, counterparty risk and market risk in excess of the amounts recognized in the Consolidated Balance Sheets. The creditworthiness of counterparties for all instruments and agreements is evaluated on a case-by-case basis in accordance with the Bancorp’s credit policies. The Bancorp’s significant commitments, contingent liabilities and guarantees in excess of the amounts recognized in the Consolidated Balance Sheets are discussed in the following sections.

Commitments
The Bancorp has certain commitments to make future payments under contracts. The following table reflects a summary of significant commitments as of December 31:
($ in millions)20222021
Commitments to extend credit$83,437 80,641 
Letters of credit2,009 1,953 
Forward contracts related to residential mortgage loans held for sale1,869 1,952 
Capital commitments for private equity investments163 124 
Purchase obligations113 160 
Capital expenditures94 78 

Commitments to extend credit
Commitments to extend credit are agreements to lend, typically having fixed expiration dates or other termination clauses that may require payment of a fee. Since many of the commitments to extend credit may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. The Bancorp is exposed to credit risk in the event of nonperformance by the counterparty for the amount of the contract. Fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the Bancorp’s exposure is limited to the replacement value of those commitments. As of December 31, 2022 and 2021, the Bancorp had a reserve for unfunded commitments, including letters of credit, totaling $216 million and $182 million, respectively, included in other liabilities in the Consolidated Balance Sheets. The Bancorp monitors the credit risk associated with commitments to extend credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.

Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$81,345 78,298 
Special mention976 1,058 
Substandard1,116 1,285 
Total commitments to extend credit$83,437 80,641 

Letters of credit
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of December 31, 2022:
($ in millions)
Less than 1 year(a)
$951 
1 - 5 years(a)
1,052 
Over 5 years6 
Total letters of credit$2,009 
(a)Includes $1 and $2 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire in less than 1 year and between 1 - 5 years, respectively.

Standby letters of credit accounted for approximately 99% of total letters of credit at both December 31, 2022 and 2021 and are considered guarantees in accordance with U.S. GAAP. Approximately 67% and 71% of the total standby letters of credit were collateralized as of December 31, 2022 and 2021, respectively. In the event of nonperformance by the customers, the Bancorp has rights to the underlying collateral, which can include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. The reserve related to these standby letters of credit, which was included in the total reserve for unfunded commitments, was $22 million and $24 million at December 31, 2022 and 2021, respectively. The Bancorp monitors the credit risk associated with letters of credit using the same standard regulatory risk rating systems utilized for its loan and lease portfolio.
Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$1,827 1,778 
Special mention47 40 
Substandard135 135 
Total letters of credit$2,009 1,953 

At December 31, 2022 and 2021, the Bancorp had outstanding letters of credit that were supporting certain securities issued as VRDNs. The Bancorp facilitates financing for its commercial customers, which consist of companies and municipalities, by marketing the VRDNs to investors. The VRDNs pay interest to holders at a rate of interest that fluctuates based upon market demand. The VRDNs generally have long-term maturity dates, but can be tendered by the holder for purchase at par value upon proper advance notice. When the VRDNs are tendered, a remarketing agent generally finds another investor to purchase the VRDNs to keep the securities outstanding in the market. As of December 31, 2022 and 2021, total VRDNs, of which FTS was the remarketing agent for all, were $423 million and $464 million, respectively. As remarketing agent, FTS is responsible for actively remarketing VRDNs to other investors when they have been tendered. If another investor is not identified, FTS may choose to purchase the VRDNs into inventory at its discretion while it continues to remarket them. If FTS purchases the VRDNs into inventory, it can subsequently tender back the VRDNs to the issuer’s trustee with proper advance notice. The Bancorp issued letters of credit, as a credit enhancement, to $102 million and $118 million of the VRDNs remarketed by FTS at December 31, 2022 and 2021, respectively. These letters of credit are included in the total letters of credit balance provided in the previous tables. The Bancorp held $3 million and $1 million of these VRDNs in its portfolio and classified them as trading debt securities at December 31, 2022 and 2021, respectively.

Forward contracts related to residential mortgage loans held for sale
The Bancorp enters into forward contracts to economically hedge the change in fair value of certain residential mortgage loans held for sale due to changes in interest rates. The outstanding notional amounts of these forward contracts are included in the summary of significant commitments table for all periods presented.

Other commitments
The Bancorp has entered into a limited number of agreements for work related to banking center construction and to purchase goods or services.

Contingent Liabilities
Legal claims
There are legal claims pending against the Bancorp and its subsidiaries that have arisen in the normal course of business. Refer to Note 19 for additional information regarding these proceedings.

Guarantees
The Bancorp has performance obligations upon the occurrence of certain events under financial guarantees provided in certain contractual arrangements as discussed in the following sections.

Residential mortgage loans sold with representation and warranty provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan, or indemnify or make whole the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. For more information on how the Bancorp establishes the residential mortgage repurchase reserve, refer to Note 1.

As of both December 31, 2022 and 2021, the Bancorp maintained reserves related to loans sold with representation and warranty provisions totaling $9 million included in other liabilities in the Consolidated Balance Sheets.

The Bancorp uses the best information available when estimating its mortgage representation and warranty reserve; however, the estimation process is inherently uncertain and imprecise and, accordingly, losses in excess of the amounts reserved as of December 31, 2022 are reasonably possible. The Bancorp currently estimates that it is reasonably possible that it could incur losses related to mortgage representation and warranty provisions in an amount up to approximately $11 million in excess of amounts reserved. This estimate was derived by modifying the key assumptions to reflect management’s judgment regarding reasonably possible adverse changes to those assumptions. The actual repurchase losses could vary significantly from the recorded mortgage representation and warranty reserve or this estimate of reasonably possible losses, depending on the outcome of various factors, including those previously discussed.

During both the years ended December 31, 2022 and 2021, the Bancorp paid an immaterial amount in the form of make-whole payments and repurchased $63 million and $42 million, respectively, in outstanding principal of loans to satisfy investor demands. Total repurchase demand
requests during the years ended December 31, 2022 and 2021 were $104 million and $64 million, respectively. Total outstanding repurchase demand inventory was $25 million and $18 million at December 31, 2022 and 2021, respectively.

Margin accounts
FTS, an indirect wholly-owned subsidiary of the Bancorp, guarantees the collection of all margin account balances held by its brokerage clearing agent for the benefit of its customers. FTS is responsible for payment to its brokerage clearing agent for any loss, liability, damage, cost or expense incurred as a result of customers failing to comply with margin or margin maintenance calls on all margin accounts. The margin account balances held by the brokerage clearing agent were $14 million and $20 million at December 31, 2022 and 2021, respectively. In the event of customer default, FTS has rights to the underlying collateral provided. Given the existence of the underlying collateral provided and negligible historical credit losses, the Bancorp does not maintain a loss reserve related to the margin accounts.

Long-term borrowing obligations
The Bancorp had certain fully and unconditionally guaranteed long-term borrowing obligations issued by wholly-owned issuing trust entities of $62 million at both December 31, 2022 and 2021.

Visa litigation
The Bancorp, as a member bank of Visa prior to Visa’s reorganization and IPO (the “IPO”) of its Class A common shares (the “Class A Shares”) in 2008, had certain indemnification obligations pursuant to Visa’s certificate of incorporation and bylaws and in accordance with its membership agreements. In accordance with Visa’s bylaws prior to the IPO, the Bancorp could have been required to indemnify Visa for the Bancorp’s proportional share of losses based on the pre-IPO membership interests. As part of its reorganization and IPO, the Bancorp’s indemnification obligation was modified to include only certain known or anticipated litigation (the “Covered Litigation”) as of the date of the restructuring. This modification triggered a requirement for the Bancorp to recognize a liability equal to the fair value of the indemnification liability.

In conjunction with the IPO, the Bancorp received 10.1 million of Visa’s Class B common shares (the “Class B Shares”) based on the Bancorp’s membership percentage in Visa prior to the IPO. The Class B Shares are not transferable (other than to another member bank) until the later of the third anniversary of the IPO closing or the date on which the Covered Litigation has been resolved; therefore, the Bancorp’s Class B Shares were classified in other assets and accounted for at their carryover basis of $0. Visa deposited $3 billion of the proceeds from the IPO into a litigation escrow account, established for the purpose of funding judgments in, or settlements of, the Covered Litigation. Since then, when Visa’s litigation committee determined that the escrow account was insufficient, Visa issued additional Class A Shares and deposited the proceeds from the sale of the Class A Shares into the litigation escrow account. When Visa funded the litigation escrow account, the Class B Shares were subjected to dilution through an adjustment in the conversion rate of Class B Shares into Class A Shares.

In 2009, the Bancorp completed the sale of Visa, Inc. Class B Shares and entered into a total return swap in which the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Class B Shares into Class A Shares. The swap terminates on the later of the third anniversary of Visa’s IPO or the date on which the Covered Litigation is settled. Refer to Note 28 for additional information on the valuation of the swap. The counterparty to the swap as a result of its ownership of the Class B Shares will be impacted by dilutive adjustments to the conversion rate of the Class B Shares into Class A Shares caused by any Covered Litigation losses in excess of the litigation escrow account. If actual judgments in, or settlements of, the Covered Litigation significantly exceed current expectations, then additional funding by Visa of the litigation escrow account and the resulting dilution of the Class B Shares could result in a scenario where the Bancorp’s ultimate exposure associated with the Covered Litigation (the “Visa Litigation Exposure”) exceeds the value of the Class B Shares owned by the swap counterparty (the “Class B Value”). In the event the Bancorp concludes that it is probable that the Visa Litigation Exposure exceeds the Class B Value, the Bancorp would record a litigation reserve liability and a corresponding amount of other noninterest expense for the amount of the excess. Any such litigation reserve liability would be separate and distinct from the fair value derivative liability associated with the total return swap.

As of the date of the Bancorp’s sale of the Visa Class B Shares and through December 31, 2022, the Bancorp has concluded that it is not probable that the Visa Litigation Exposure will exceed the Class B value. Based on this determination, upon the sale of Class B Shares, the Bancorp reversed its net Visa litigation reserve liability and recognized a free-standing derivative liability associated with the total return swap. The fair value of the swap liability was $195 million and $214 million at December 31, 2022 and 2021, respectively. Refer to Note 14 and Note 28 for further information.
After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:
Period ($ in millions)Visa Funding AmountBancorp Cash Payment Amount
Q2 2010$500 20 
Q4 2010800 35 
Q2 2011400 19 
Q1 20121,565 75 
Q3 2012150 6 
Q3 2014450 18 
Q2 2018600 26 
Q3 2019300 12 
Q4 2021250 11 
Q2 2022600 25 
Q4 2022350 (a)
(a)The Bancorp made a cash payment of $15 million to the swap counterparty on January 13, 2023 as a result of the Visa escrow funding in the fourth quarter of 2022.
v3.22.4
Legal and Regulatory Proceedings
 12 Months Ended
Dec. 31, 2022
Loss Contingency [Abstract]  
Legal and Regulatory Proceedings Legal and Regulatory Proceedings
Litigation
Visa/MasterCard Merchant Interchange Litigation
In April 2006, the Bancorp was added as a defendant in a consolidated antitrust class action lawsuit originally filed against Visa®, MasterCard® and several other major financial institutions in the United States District Court for the Eastern District of New York (In re: Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720). The plaintiffs, merchants operating commercial businesses throughout the U.S. and trade associations, claimed that the interchange fees charged by card-issuing banks were unreasonable and sought injunctive relief and unspecified damages. In addition to being a named defendant, the Bancorp is currently also subject to a possible indemnification obligation of Visa as discussed in Note 18 and has also entered into judgment and loss sharing agreements with Visa, MasterCard and certain other named defendants. In October 2012, the parties to the litigation entered into a settlement agreement that was initially approved by the trial court but reversed by the U.S. Second Circuit Court of Appeals and remanded to the district court for further proceedings. More than 500 of the merchants who requested exclusion from the class filed separate federal lawsuits against Visa, MasterCard and certain other defendants alleging similar antitrust violations. These individual federal lawsuits were transferred to the United States District Court for the Eastern District of New York. While the Bancorp is only named as a defendant in one of the individual federal lawsuits, it may have obligations pursuant to indemnification arrangements and/or the judgment or loss sharing agreements noted above. On September 17, 2018, the defendants in the consolidated class action signed a second settlement agreement (the “Amended Settlement Agreement”) resolving the claims seeking monetary damages by the proposed plaintiffs’ class (the “Plaintiff Damages Class”) and superseding the original settlement agreement entered into in October 2012. The Amended Settlement Agreement included, among other terms, a release from participating class members for liability for claims that accrue no later than five years after the Amended Settlement Agreement becomes final. The Amended Settlement Agreement provided for a total payment by all defendants of approximately $6.24 billion, composed of approximately $5.34 billion held in escrow plus an additional $900 million in new funds. Pursuant to the terms of the Settlement Agreement, $700 million of the additional $900 million has been returned to the defendants due to the level of opt-outs from the class. The Bancorp’s allocated share of the settlement is within existing reserves, including funds maintained in escrow. On December 13, 2019, the Court entered an order granting final approval for the settlement, which is currently pending appeal. The settlement does not resolve the claims of the separate proposed plaintiffs’ class seeking injunctive relief or the claims of merchants who have opted out of the proposed class settlement and are pursuing, or may in the future decide to pursue, private lawsuits. On September 27, 2021, the Court entered an order certifying a class of merchants pursuing claims for injunctive relief. The ultimate outcome in this matter, including the timing of resolution, remains uncertain. Refer to Note 18 for further information.

Klopfenstein v. Fifth Third Bank
On August 3, 2012, William Klopfenstein and Adam McKinney filed a lawsuit against Fifth Third Bank in the United States District Court for the Northern District of Ohio (Klopfenstein et al. v. Fifth Third Bank), alleging that the 120% APR that Fifth Third disclosed on its Early Access program was misleading. Early Access is a deposit-advance program offered to eligible customers with checking accounts. The plaintiffs sought to represent a nationwide class of customers who used the Early Access program and repaid their cash advances within 30 days. On October 31, 2012, the case was transferred to the United States District Court for the Southern District of Ohio. In 2013, four similar putative class action lawsuits were filed against Fifth Third Bank in federal courts throughout the country (Lori and Danielle Laskaris v. Fifth Third Bank, Janet Fyock v. Fifth Third Bank, Jesse McQuillen v. Fifth Third Bank, and Brian Harrison v. Fifth Third Bank). Those four lawsuits were transferred to the Southern District of Ohio and consolidated with the original lawsuit as In re: Fifth Third Early Access Cash Advance Litigation (Case No. 1:12-CV-851). On behalf of a putative class, the plaintiffs sought unspecified monetary and statutory damages, injunctive relief, punitive damages, attorneys’ fees, and pre- and post-judgment interest. On March 30, 2015, the court dismissed all claims alleged in the consolidated lawsuit except a claim under the TILA. On May 28, 2019, the Sixth Circuit Court of Appeals reversed the dismissal of plaintiffs’ breach of contract claim and remanded for further proceedings. The plaintiffs’ claimed damages for the alleged breach of contract claim exceed $440 million, plus prejudgment interest. On March 26, 2021, the trial court granted plaintiffs’ motion for class certification. The court has set a trial date for April 17, 2023.

Bureau of Consumer Financial Protection v. Fifth Third Bank, National Association
On March 9, 2020, the CFPB filed a lawsuit against Fifth Third in the United States District Court for the Northern District of Illinois entitled CFPB v. Fifth Third Bank, National Association, Case No. 1:20-CV-1683 (N.D. Ill.) (ABW), alleging violations of the Consumer Financial Protection Act, TILA, and Truth in Savings Act related to Fifth Third’s alleged opening of unspecified numbers of allegedly unauthorized credit card, savings, checking, online banking and early access accounts from 2010 through 2016. The CFPB seeks unspecified amounts of civil monetary penalties as well as unspecified customer remediation. On February 12, 2021, the court granted Fifth Third’s motion to transfer venue to the United States District Court for the Southern District of Ohio. The case is currently in discovery and no trial date has been set.

Shareholder Litigation
On July 31, 2020, a putative shareholder class action lawsuit captioned Dr. Steven Fox, individually and on behalf of all others similarly situated v. Fifth Third Bancorp, et al., Case No. 2020CH05219 was filed on behalf of former shareholders of MB Financial, Inc. in the Cook County, Illinois Circuit Court. The suit brings claims for violation of Sections 11 and 12(a)(2) of the Securities Act of 1933, alleging that the Bancorp and certain of its officers and directors made material misstatements and omissions regarding an alleged improper cross-selling strategy in filings made in connection with the Bancorp’s merger with MB Financial, Inc. On March 19, 2021, the trial court denied the
defendants’ motion to dismiss. The parties have reached an agreement in principle to resolve the matter, subject to documentation and court approval. The Bancorp does not expect the settlement to have a material impact on the Bancorp’s Consolidated Financial Statements.

In addition, shareholder derivative lawsuits have been filed seeking monetary damages on behalf of the Bancorp alleging certain claims against various officers and directors relating to an alleged improper cross-selling strategy. Five lawsuits have been consolidated into a single action pending in the U.S. District Court for the Northern District of Illinois captioned In re Fifth Third Bancorp Derivative Litigation, Case No. 1:20-cv-04115. Those cases consist of: (1) Pemberton v. Carmichael, et al., Case No. 20-cv-4115 (filed July 13, 2020); (2) Meyer v. Carmichael, et al., Case No. 20-cv-4244 (filed July 17, 2020); (3) Cox v. Carmichael, et al., Case No. 20-cv-4660 (filed August 7, 2020); (4) Hansen v. Carmichael, et al., Case No. 20-cv-5339 (filed September 10, 2020); and (5) Reese v. Carmichael, et al., Case No. 1:21-cv-01631 (filed November 4, 2020 originally as Case No. 20-cv-866 in the Southern District of Ohio). On March 31, 2022, the district court granted the defendants’ motion to dismiss those cases without prejudice. On April 29, 2022, plaintiffs filed an amended complaint. Also separately pending in the Hamilton County, Ohio Court of Common Pleas is Sandys v. Carmichael, et al., Case No. A2004539 (filed December 28, 2020) and The City of Miami Firefighters’ and Police Officers’ Retirement Trust v. Carmichael, et al., Case No. A2200330 (filed January 27, 2022). On April 18, 2022, the Sandys shareholder voluntarily dismissed the lawsuit without prejudice. The case brought by The City of Miami Firefighters’ and Police Officers’ Retirement Trust is pending.

The Bancorp has also received several shareholder demands under Ohio Rev. Code § 1701.37(c) and lawsuits have been filed arising out of the same. Finally, the Bancorp has received shareholder demands that the Bancorp’s Board of Directors investigate and commence a civil action for failure to detect and/or prevent the alleged illegal cross-selling strategy.

Howards v. Fifth Third Bank
On March 8, 2018, Plaintiff Troy Howards filed a putative class action against Fifth Third Bank in the United States District Court for the Central District of California (Case No. 1:18-CV-869, S.D. OH 2018), alleging that Fifth Third improperly charged certain fees related to insufficient funds, customer overdrafts, and out-of-network ATM use. Venue was subsequently transferred to the United States District Court for the Southern District of Ohio. Plaintiff filed claims for breach of contract, breach of the implied covenant of good faith and fair dealing, for violation of the California Unfair Competition Law (Ca. Bus. & Prof. Code sec. 17200, et seq)., and the California Consumer Legal Remedies Act (Cal. Civ. Code sec. 1750 et seq.). Plaintiff seeks to represent putative nationwide classes and California classes of consumers allegedly charged improper repeated insufficient funds fees, improper overdraft fees, and fees for out-of-network ATM use from the beginning of the applicable statute of limitations to present. Plaintiff seeks damages of restitution and disgorgement in the amount of the allegedly unlawfully charged fees, damages proved at trial together with interest as allowed by applicable law. Fifth Third filed a motion to dismiss all claims. On February 6, 2023, the trial court issued an order dismissing the Plaintiff’s breach of contract claim with respect to out-of-network ATM fees and dismissing the two claims for violations of California consumer protection statutes. The Court denied Fifth Third’s motion to dismiss as it relates to the claims for breach of contract and breach of the implied covenant of good faith and fair dealing for certain customer overdrafts and insufficient funds fees. The case is now set to begin discovery, and no trial date has been set.

Other litigation
The Bancorp and its subsidiaries are not parties to any other material litigation. However, there are other litigation matters that arise in the normal course of business. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, management believes that the resulting liability, if any, from these other actions would not have a material effect upon the Bancorp’s consolidated financial position, results of operations or cash flows.

Governmental Investigations and Proceedings
The Bancorp and/or its affiliates are or may become involved in information-gathering requests, reviews, investigations and proceedings (both formal and informal) by various governmental regulatory agencies and law enforcement authorities, including but not limited to the FRB, OCC, CFPB, SEC, FINRA, U.S. Department of Justice, etc., as well as state and other governmental authorities and self-regulatory bodies regarding their respective businesses. For example, the Bancorp’s broker-dealer and investment advisory subsidiaries are cooperating with an investigation by the SEC regarding compliance with certain record-keeping requirements for business-related electronic communications on unapproved channels. The SEC is conducting similar investigations of record-keeping practices at other financial institutions. Additional matters will likely arise from time to time. Any of these matters may result in material adverse consequences or reputational harm to the Bancorp, its affiliates and/or their respective directors, officers and other personnel, including adverse judgments, findings, settlements, fines, penalties, orders, injunctions or other actions, amendments and/or restatements of the Bancorp’s SEC filings and/or financial statements, as applicable, and/or determinations of material weaknesses in our disclosure controls and procedures. Investigations by regulatory authorities may from time to time result in civil or criminal referrals to law enforcement. Additionally, in some cases, regulatory authorities may take supervisory actions that are considered to be confidential supervisory information which may not be publicly disclosed.

Reasonably Possible Losses in Excess of Accruals
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict. The following factors, among others, contribute to this lack of predictability: claims often include significant legal uncertainties, damages alleged by plaintiffs are often unspecified or overstated, discovery may not have started or may not be complete
and material facts may be disputed or unsubstantiated. As a result of these factors, the Bancorp is not always able to provide an estimate of the range of reasonably possible outcomes for each claim. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. Any such accrual is adjusted from time to time thereafter as appropriate to reflect changes in circumstances. The Bancorp also determines, when possible (due to the uncertainties described above), estimates of reasonably possible losses or ranges of reasonably possible losses, in excess of amounts accrued. Under U.S. GAAP, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight.” Thus, references to the upper end of the range of reasonably possible loss for cases in which the Bancorp is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the Bancorp believes the risk of loss is more than slight. For matters where the Bancorp is able to estimate such possible losses or ranges of possible losses, the Bancorp currently estimates that it is reasonably possible that it could incur losses related to legal and regulatory proceedings in an aggregate amount up to approximately $150 million in excess of amounts accrued, with it also being reasonably possible that no losses will be incurred in these matters. The estimates included in this amount are based on the Bancorp’s analysis of currently available information, and as new information is obtained the Bancorp may change its estimates.

For these matters and others where an unfavorable outcome is reasonably possible but not probable, there may be a range of possible losses in excess of the established accrual that cannot be estimated. Based on information currently available, advice of counsel, available insurance coverage and established accruals, the Bancorp believes that the eventual outcome of the actions against the Bancorp and/or its subsidiaries, including the matters described above, will not, individually or in the aggregate, have a material adverse effect on the Bancorp’s consolidated financial position. However, in the event of unexpected future developments, it is possible that the ultimate resolution of those matters, if unfavorable, may be material to the Bancorp’s results of operations for any particular period, depending, in part, upon the size of the loss or liability imposed and the operating results for the applicable period.
v3.22.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Bancorp maintains written policies and procedures covering related party transactions with principal shareholders, directors and executives of the Bancorp. These procedures cover transactions such as employee-stock purchase loans, personal lines of credit, residential secured loans, overdrafts, letters of credit and increases in indebtedness. Such transactions are subject to the Bancorp’s normal underwriting and approval procedures. Prior to approving a loan to a related party, Compliance Risk Management must review and determine whether the transaction requires approval from or a post notification to the Bancorp’s Board of Directors. At December 31, 2022 and 2021, certain directors, executive officers, principal holders of Bancorp common stock and their related interests were indebted, including undrawn commitments to lend, to the Bancorp’s banking subsidiary.

The following table summarizes the Bancorp’s lending activities with its principal shareholders, directors, executives and their related interests at December 31:
($ in millions)20222021
Commitments to lend, net of participations:
Directors and their affiliated companies$183 157 
Executive officers5 7 
Total$188 164 
Outstanding balance on loans, net of participations and undrawn commitments$85 115 

The commitments to lend are in the form of loans and guarantees for various business and personal interests. This indebtedness was incurred in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated parties. This indebtedness does not involve more than the normal risk of repayment or present other features unfavorable to the Bancorp.

Coforge Business Process Solutions Private Limited
As of December 31, 2022, the Bancorp owns 100% of Fifth Third Mauritius Holdings Limited, which owns 40% of Coforge Business Process Solutions Private Limited (formerly known as SLK Global Solutions Private Limited), and accounts for this investment under the equity method of accounting. During the second quarter of 2021, Coforge Limited acquired a controlling interest in SLK Global Solutions Private Limited. As part of this transaction, the Bancorp sold a 9% interest in SLK Global Solutions Private Limited to Coforge Limited and recognized a gain of $12 million as a result of the transaction. The Bancorp recognized $7 million, $3 million and $5 million in other noninterest income in the Consolidated Statements of Income as part of its equity method investment in Coforge Business Process Solutions Private Limited for the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp received cash distributions of $9 million, $5 million and $1 million during the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp’s investment in Coforge Business Process Solutions Private Limited was $17 million and $19 million at December 31, 2022 and 2021, respectively. The Bancorp paid Coforge Business Process Solutions Private Limited $26 million, $21 million and $27 million for their process and software services during the years ended December 31, 2022, 2021 and 2020, respectively, which are included in other noninterest expense in the Consolidated Statements of Income.
CDC investments The Bancorp holds equity investments in non-consolidated VIEs related to CDC. The Bancorp had loans outstanding to these VIEs of $10 million and $22 million at December 31, 2022 and 2021, respectively, as well as unfunded commitment balances of $16 million and $36 million at December 31, 2022 and 2021, respectively. The Bancorp also held $73 million and $51 million of deposits for these entities at December 31, 2022 and 2021, respectively. For further information on CDC investments, refer to Note 12.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Bancorp and its subsidiaries file a consolidated federal income tax return. The following is a summary of applicable income taxes included in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202220212020
Current income tax expense:
U.S. Federal income taxes$570 657 463 
State and local income taxes126 102 69 
Foreign income taxes11 2 — 
Total current income tax expense707 761 532 
Deferred income tax (benefit) expense:
U.S. Federal income taxes(31)(21)(140)
State and local income taxes(29)8 (23)
Foreign income taxes— (1)1 
Total deferred income tax benefit(60)(14)(162)
Applicable income tax expense$647 747 370 

The current U.S. Federal income taxes above include proportional amortization for qualifying LIHTC investments of $189 million, $163 million and $150 million for the years ended December 31, 2022, 2021 and 2020, respectively.

The following is a reconciliation between the statutory U.S. Federal income tax rate and the Bancorp’s effective tax rate for the years ended December 31:
202220212020
Statutory tax rate21.0 %21.0 21.0 
Increase (decrease) resulting from:
State taxes, net of federal benefit2.5 2.5 2.0 
Tax-exempt income(0.8)(0.6)(1.5)
LIHTC investment and other tax benefits(7.1)(5.5)(9.7)
LIHTC investment proportional amortization6.1 4.6 8.3 
Other tax credits(0.4)(0.2)(0.4)
Other, net(0.3)(0.6)0.9 
Effective tax rate21.0 %21.2 20.6 

Other tax credits in the rate reconciliation table include New Markets, Rehabilitation Investment and Qualified Zone Academy Bond tax credits. Tax-exempt income in the rate reconciliation table includes interest on municipal bonds, interest on tax-exempt lending, income on life insurance policies held by the Bancorp and certain gains on sales of leases that are exempt from federal taxation.

The following table provides a reconciliation of the beginning and ending amounts of the Bancorp’s unrecognized tax benefits:
($ in millions)202220212020
Unrecognized tax benefits at January 1$102 100 65 
Gross increases for tax positions taken during prior period3 10 29 
Gross decreases for tax positions taken during prior period(5)(4)(3)
Gross increases for tax positions taken during current period11 11 12 
Settlements with taxing authorities— — (1)
Lapse of applicable statute of limitations(17)(15)(2)
Unrecognized tax benefits at December 31(a)
$94 102 100 
(a)With the exception of $6 in 2020, all amounts represent unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.

The Bancorp’s unrecognized tax benefits as of December 31, 2022, 2021 and 2020 primarily related to state income tax exposures from taking tax positions where the Bancorp believes it is likely that, upon examination, a state would take a position contrary to the position taken by the Bancorp.

While it is reasonably possible that the amount of the unrecognized tax benefits with respect to certain of the Bancorp’s uncertain tax positions could increase or decrease during the next twelve months, the Bancorp believes it is unlikely that its unrecognized tax benefits will change by a material amount during the next twelve months.
Deferred income taxes are comprised of the following items at December 31:
($ in millions)20222021
Deferred tax assets:
Other comprehensive income$1,595 $— 
Allowance for loan and lease losses461 397 
Deferred compensation105 106 
Reserves for unfunded commitments45 38 
Reserves34 30 
Federal net operating loss carryforwards31 15 
State deferred taxes20 — 
State net operating loss carryforwards14 3 
Other231 187 
Total deferred tax assets$2,536 $776 
Deferred tax liabilities:
Lease financing$561 $553 
MSRs and related economic hedges120 116 
Goodwill and intangible assets78 68 
Bank premises and equipment66 65 
Investments in joint ventures and partnership interests61 61 
Other comprehensive income— 367 
State deferred taxes— 6 
Other101 51 
Total deferred tax liabilities$987 $1,287 
Total net deferred tax asset (liability)1,549 (511)

At December 31, 2022 and 2021, the Bancorp recorded deferred tax assets of $14 million and $3 million, respectively, related to state net operating loss carryforwards. The deferred tax assets relating to state net operating losses are presented net of specific valuation allowances of $5 million and $4 million at December 31, 2022 and 2021, respectively. If these carryforwards are not utilized, they will expire in varying amounts through 2042.

The Bancorp has determined that a valuation allowance is not needed against the remaining deferred tax assets as of December 31, 2022 or 2021. The Bancorp considered all of the positive and negative evidence available to determine whether it is more likely than not that the deferred tax assets will ultimately be realized and, based upon that evidence, the Bancorp believes it is more likely than not that the deferred tax assets recorded at December 31, 2022 and 2021 will ultimately be realized. The Bancorp reached this conclusion as it is expected that the Bancorp’s remaining deferred tax assets will be realized through the reversal of its existing taxable temporary differences, its projected future taxable income and tax-planning strategies.

The statute of limitations for the Bancorp’s federal income tax returns remains open for tax years 2019 through 2022. On occasion, as various state and local taxing jurisdictions examine the returns of the Bancorp and its subsidiaries, the Bancorp may agree to extend the statute of limitations for a reasonable period of time. Otherwise, the statutes of limitations for state income tax returns remain open only for tax years in accordance with each state’s statutes.

Any interest and penalties incurred in connection with income taxes are recorded as a component of applicable income tax expense in the Consolidated Financial Statements. During the years ended December 31, 2022, 2021 and 2020, the Bancorp recognized $1 million, $1 million and $3 million, respectively, of interest expense in connection with income taxes. At December 31, 2022 and 2021, the Bancorp had accrued interest liabilities, net of the related tax benefits, of $8 million and $7 million, respectively. No material liabilities were recorded for penalties related to income taxes.
Retained earnings at December 31, 2022 and 2021 included $157 million in allocations of earnings for bad debt deductions of former thrift subsidiaries for which no income tax has been provided. Under current tax law, if certain of the Bancorp’s subsidiaries use these bad debt reserves for purposes other than to absorb bad debt losses, they will be subject to federal income tax at the current corporate tax rate.
v3.22.4
Retirement and Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement and Benefit Plans Retirement and Benefit Plans
The Bancorp’s qualified defined benefit plan’s benefits were frozen in 1998, except for grandfathered employees. The Bancorp’s other defined benefit retirement plans consist of non-qualified plans which are frozen and funded on an as-needed basis. A majority of these plans were obtained in acquisitions and are included with the qualified defined benefit plan in the following tables (“the Plan”). The Bancorp recognizes the overfunded or underfunded status of the Plan in other assets and accrued taxes, interest and expenses, respectively, in the Consolidated Balance Sheets.

The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:
($ in millions)
20222021
Fair value of plan assets at January 1$152 173 
Actual return on assets(27)(3)
Contributions2 1 
Settlement(11)(12)
Benefits paid(7)(7)
Fair value of plan assets at December 31$109 152 
Projected benefit obligation at January 1$176 203 
Interest cost5 4 
Settlement(11)(12)
Actuarial gain(43)(12)
Benefits paid(7)(7)
Projected benefit obligation at December 31$120 176 
Underfunded projected benefit obligation at December 31$(11)(24)
Accumulated benefit obligation at December 31(a)
$120 176 
(a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2022 and 2021.

The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31:
($ in millions)202220212020
Components of net periodic benefit cost:
Interest cost$5 4 6 
Expected return on assets(4)(4)(4)
Amortization of net actuarial loss3 6 6 
Settlement3 3 3 
Net periodic benefit cost$7 9 11 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss$(11)(5)12 
Amortization of net actuarial loss(3)(6)(6)
Settlement(3)(3)(3)
Total recognized in other comprehensive income(17)(14)3 
Total recognized in net periodic benefit cost and other comprehensive income$(10)(5)14 

Fair Value Measurements of Plan Assets
The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2022 ($ in millions)Level 1Level 2Level 3    Total Fair Value
Cash equivalents$8 — — 8 
Debt securities:
U.S. Treasury and federal agencies securities54 3 — 57 
Asset-backed securities and other debt securities(b)
— 44 — 44 
Total debt securities$54 47 — 101 
Total Plan assets$62 47 — 109 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Fair Value Measurements Using(a)
2021 ($ in millions)Level 1Level 2Level 3 Total Fair Value
Cash equivalents$5 — — 5 
Mutual and exchange-traded funds51 — — 51 
Debt securities:
U.S. Treasury and federal agencies securities54 5 — 59 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 36 — 36 
Total debt securities$54 42 — 96 
Total Plan assets$110 42 — 152 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.

The following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Cash equivalents
Cash equivalents are comprised of money market mutual funds that invest in short-term money market instruments that are issued and payable in U.S. dollars. The Plan measures its cash equivalent funds that are exchange-traded using the fund’s quoted price, which is in an active market. Therefore, these investments are classified within Level 1 of the valuation hierarchy.

Mutual and exchange-traded funds
The Plan measures its mutual and exchange-traded funds, which are registered with the SEC, using the funds’ quoted prices which are available in an active market. Therefore, these investments are classified within Level 1 of the valuation hierarchy. The mutual and exchange-traded funds held by the Plan are open-ended funds and are required to publicly publish their NAV on a daily basis. The funds are also required to transact and use the daily NAV as a basis for transactions. Therefore, the NAV reflects the fair value of the Plan’s investment.

Debt securities
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics. Examples of such instruments, which are classified within Level 2 of the valuation hierarchy, include federal agencies securities, non-agency commercial mortgage-backed securities and asset-backed securities and other debt securities.

Plan Assumptions
The Plan’s assumptions are evaluated annually and are updated as necessary. The discount rate assumption reflects the yield on a portfolio of high quality fixed-income instruments that have a similar duration to the Plan’s liabilities. The expected long-term rate of return assumption reflects the average return expected on the assets invested to provide for the Plan’s liabilities. In determining the expected long-term rate of return, the Bancorp evaluated actuarial and economic inputs, including long-term inflation rate assumptions and broad equity and bond indices long-term return projections, as well as actual long-term historical plan performance.

The following table summarizes the weighted-average plan assumptions for the years ended December 31:
202220212020
For measuring benefit obligations at year end:
Discount rate5.37 %2.85 2.26 
For measuring net periodic benefit cost:
Discount rate3.69 2.26 3.05 
Expected return on plan assets3.91 2.43 2.64 

Lowering both the expected rate of return on the plan assets and the discount rate by 0.25% would have increased the 2022 pension expense by approximately $1 million.

Based on the actuarial assumptions, the Bancorp expects to contribute $2 million to the Plan in 2023. Estimated pension benefit payments are $14 million for 2023, $13 million for 2024, $13 million for 2025, $12 million for 2026 and $12 million for 2027. The total estimated payments for the years 2028 through 2032 is $47 million.

Investment Policies and Strategies
The Bancorp’s policy for the investment of Plan assets is to employ investment strategies that achieve a range of weighted-average target asset allocations relating to equity securities, fixed-income securities (including U.S. Treasury and federal agencies securities, mortgage-
backed securities, asset-backed securities, corporate bonds and municipal bonds), alternative strategies (including traditional mutual funds, precious metals and commodities) and cash.

The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category, with mutual and exchange-traded funds incorporated according to their underlying investments, for the years ended December 31:
Targeted Range  20222021
Equity securities
0-55  % 
— — 
Fixed-income securities
50-100      
92 96 
Alternative strategies
0-5      
— — 
Cash or cash equivalents
0-100      
8 4 
Total100 %100 

Plan Management’s objective is to achieve and maintain a fully-funded status of the qualified defined benefit plan while also minimizing the risk of excess assets. As a result, the portfolio assets of the qualified defined benefit plan will continue to increase the weighting of long duration fixed income, or liability matching assets, as the funded status increases. There were no significant concentrations of risk associated with the investments of the Plan at December 31, 2022.

Permitted asset classes of the Plan include cash and cash equivalents, fixed-income (domestic and non-U.S. bonds), equities (U.S., non-U.S., emerging markets and real estate investment trusts), equipment leasing and mortgages. The Plan utilizes derivative instruments including puts, calls, straddles or other option strategies, as approved by management.

Fifth Third Bank, National Association, as Trustee, is expected to manage Plan assets in a manner consistent with the Plan agreement and other regulatory, federal and state laws. The Fifth Third Bank Pension, 401(k) and Medical Plan Committee (the “Committee”) is the plan administrator. The Trustee is required to provide to the Committee monthly and quarterly reports covering a list of Plan assets, portfolio performance, transactions and asset allocation. The Trustee is also required to keep the Committee apprised of any material changes in the Trustee’s outlook and recommended investment policy. There were no fees paid by the Plan for investment management, accounting or administrative services provided by the Trustee for the years ended December 31, 2022, 2021 and 2020.

Other Information on Retirement and Benefit Plans
The Bancorp has a qualified defined contribution savings plan that allows participants to make voluntary 401(k) contributions on a pre-tax or Roth basis, subject to statutory limitations. Expenses recognized for matching contributions to the Bancorp’s qualified defined contribution savings plan were $111 million, $108 million and $105 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Bancorp did not make profit sharing contributions during the years ended December 31, 2022, 2021 and 2020. In addition, the Bancorp has a non-qualified defined contribution plan that allows certain employees to make voluntary contributions into a deferred compensation plan. Expenses recognized by the Bancorp for its non-qualified defined contribution plan were $7 million, $5 million and $5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
v3.22.4
Accumulated Other Comprehensive Income
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income
The tables below present the activity of the components of OCI and AOCI for the years ended December 31:
Total OCITotal AOCI
2022 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(7,194)1,716 (5,478)
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(2)— (2)
Net unrealized losses on available-for-sale debt securities(7,196)1,716 (5,480)891 (5,480)(4,589)
Unrealized holding losses on cash flow hedge derivatives arising
    during the year
 		(1,006)232 (774)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(99)22 (77)
Net unrealized losses on cash flow hedge derivatives(1,105)254 (851)353 (851)(498)
Net actuarial gain arising during the year11 (2)9 
Reclassification of amounts to net periodic benefit costs6 (1)5 
Defined benefit pension plans, net17 (3)14 (33)14 (19)
Other— — — (4)— (4)
Total$(8,284)1,967 (6,317)1,207 (6,317)(5,110)

Total OCITotal AOCI
2021 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(1,366)323 (1,043)
Reclassification adjustment for net losses on available-for-sale debt
    securities included in net income		4 (1)3 
Net unrealized gains on available-for-sale debt securities(1,362)322 (1,040)1,931 (1,040)891 
Unrealized holding losses on cash flow hedge derivatives arising
    during the year		(185)43 (142)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(293)70 (223)
Net unrealized gains on cash flow hedge derivatives(478)113 (365)718 (365)353 
Net actuarial gain arising during the year5 (1)4 
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net14 (3)11 (44)11 (33)
Other— — — (4)— (4)
Total$(1,826)432 (1,394)2,601 (1,394)1,207 
Total OCITotal AOCI
2020 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year
 		$1,514 (361)1,153 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(45)11 (34)
Net unrealized gains on available-for-sale debt securities1,469 (350)1,119 812 1,119 1,931 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year
 		611 (128)483 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(237)50 (187)
Net unrealized gains on cash flow hedge derivatives374 (78)296 422 296 718 
Net actuarial loss arising during the year
 		(12)3 (9)
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net(3)1 (2)(42)(2)(44)
Other(4)— (4)— (4)(4)
Total$1,836 (427)1,409 1,192 1,409 2,601 

The table below presents reclassifications out of AOCI for the years ended December 31:
($ in millions)Consolidated Statements of
Income Caption		202220212020
Net unrealized (losses) gains on available-for-sale debt securities:(b)
Net gains (losses) included in net incomeSecurities (losses) gains, net$2 (4)45 
Income before income taxes2 (4)45 
Applicable income tax expense— 1 (11)
Net income2 (3)34 
Net unrealized (losses) gains on cash flow hedge derivatives:(b)
Interest rate contracts related to C&I, commercial mortgage and commercial construction loansInterest and fees on loans and leases99 293 237 
Income before income taxes99 293 237 
Applicable income tax expense(22)(70)(50)
Net income77 223 187 
Net periodic benefit costs:(b)
Amortization of net actuarial loss
Compensation and benefits(a)
(3)(6)(6)
Settlements
Compensation and benefits(a)
(3)(3)(3)
Income before income taxes(6)(9)(9)
Applicable income tax expense1 2 2 
Net income(5)(7)(7)
Total reclassifications for the periodNet income$74 213 214 
(a)This AOCI component is included in the computation of net periodic benefit cost. Refer to Note 22 for information on the computation of net periodic benefit cost.
(b)Amounts in parentheses indicate reductions to net income.
v3.22.4
Common, Preferred and Treasury Stock
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Common, Preferred and Treasury Stock Common, Preferred and Treasury Stock
The table presents a summary of the share activity within common, preferred and treasury stock for the years ended:
Common StockPreferred StockTreasury Stock
($ in millions, except share data)ValueSharesValueSharesValueShares
December 31, 2019$2,051 923,892,581 $1,770 264,000$(5,724)214,976,952 
Issuance of preferred shares, Series L— — 346 14,000 — — 
Impact of stock transactions under stock
   compensation plans, net		— — — — 46 (3,818,518)
Other— — — — 2 (26,178)
December 31, 2020$2,051 923,892,581 $2,116 278,000$(5,676)211,132,256 
Shares acquired for treasury— — — — (1,393)35,652,079 
Impact of stock transactions under stock
   compensation plans, net		— — — — 44 (5,621,878)
Other— — — — 1 (47,540)
December 31, 2021$2,051 923,892,581 $2,116 278,000$(7,024)241,114,917 
Shares acquired for treasury— — — —(100)3,079,462 
Impact of stock transactions under stock
   compensation plans, net		— — — — 21 (3,687,834)
Other— — — — — 156 
December 31, 2022$2,051 923,892,581 $2,116 278,000$(7,103)240,506,701 

Preferred Stock—Series L
On July 30, 2020, the Bancorp issued in a registered public offering 350,000 depositary shares, representing 14,000 shares of 4.50% fixed-rate reset non-cumulative perpetual preferred stock, Series L, for net proceeds of approximately $346 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends on a non-cumulative basis at an annual rate of 4.50% through but excluding September 30, 2025. From, and including, September 30, 2025 and for each dividend reset period thereafter, dividends will accrue on the Series L preferred stock, on a non-cumulative basis, at a rate equal to the five-year U.S. Treasury rate as of the most recent reset dividend determination date plus 4.215%. Dividends will be payable, when, as and if declared by the Bancorp’s Board of Directors, quarterly in arrears on each of March 31, June 30, September 30 and December 31, beginning on September 30, 2020. Subject to obtaining all required regulatory approvals, on any dividend payment date on or after September 30, 2025, the Bancorp may redeem the Series L preferred stock and the related depositary shares in whole or in part, at 100% of their liquidation preference, plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. In addition, the Series L preferred stock and the related depositary shares may be redeemed, subject to obtaining all required regulatory approvals, in whole but not in part, at any time, following the occurrence of a regulatory capital event, at 100% of their liquidation preference, plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. The Series L preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series K
On September 17, 2019, the Bancorp issued, in a registered public offering 10,000,000 depositary shares, representing 10,000 shares of 4.95% non-cumulative Series K perpetual preferred stock, for net proceeds of approximately $242 million. Each preferred share has a $25,000 liquidation preference. Subject to any required regulatory approval, the Bancorp may redeem the Series K preferred shares at its option in whole or in part, on any dividend payment date on or after September 30, 2024 and may redeem in whole, but not in part, at any time following a regulatory capital event. The Series K preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Class B, Series A
On August 26, 2019, the Bancorp issued 200,000 shares of 6.00% non-cumulative perpetual Class B preferred stock, Series A. Each preferred share has a $1,000 liquidation preference. These shares were issued to the holders of MB Financial, Inc.’s 6.00% non-cumulative perpetual preferred stock, Series C, in conjunction with the merger of MB Financial, Inc. with and into Fifth Third Bancorp. This transaction resulted in the elimination of the noncontrolling interest in MB Financial, Inc. which was previously reported in the Bancorp’s Consolidated Financial Statements. The newly issued shares of Class B preferred stock, Series A were recognized by the Bancorp at the carrying value previously assigned to the MB Financial, Inc. Series C preferred stock prior to the transaction.

Preferred Stock—Series J
On June 5, 2014, the Bancorp issued, in a registered public offering, 300,000 depositary shares, representing 12,000 shares of 4.90% fixed to floating-rate non-cumulative Series J perpetual preferred stock, for net proceeds of $297 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrued dividends, on a non-cumulative semi-annual basis, at an annual rate of 4.90% through but excluding September 30, 2019, at which time it converted to a quarterly floating-rate dividend of three-month LIBOR plus 3.129%. Subject to any required regulatory approval, the Bancorp may redeem the Series J preferred shares at its option, in whole or in part, at any time on or
after September 30, 2019, or any time prior following a regulatory capital event. The Series J preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series I
On December 9, 2013, the Bancorp issued, in a registered public offering, 18,000,000 depositary shares, representing 18,000 shares of 6.625% fixed to floating-rate non-cumulative Series I perpetual preferred stock, for net proceeds of $441 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends, on a non-cumulative quarterly basis, at an annual rate of 6.625% through but excluding December 31, 2023, at which time it converts to a quarterly floating-rate dividend of three-month LIBOR plus 3.71%. Subject to any required regulatory approval, the Bancorp may redeem the Series I preferred shares at its option in whole or in part, at any time on or after December 31, 2023 and may redeem in whole but not in part, following a regulatory capital event at any time prior to December 31, 2023. The Series I preferred shares are not convertible into Bancorp common shares or any other securities.

Preferred Stock—Series H
On May 16, 2013, the Bancorp issued, in a registered public offering, 600,000 depositary shares, representing 24,000 shares of 5.10% fixed to floating-rate non-cumulative Series H perpetual preferred stock, for net proceeds of $593 million. Each preferred share has a $25,000 liquidation preference. The preferred stock accrues dividends, on a non-cumulative semi-annual basis, at an annual rate of 5.10% through but excluding June 30, 2023, at which time it converts to a quarterly floating-rate dividend of three-month LIBOR plus 3.033%. Subject to any required regulatory approval, the Bancorp may redeem the Series H preferred shares at its option in whole or in part, at any time on or after June 30, 2023 and may redeem in whole but not in part, following a regulatory capital event at any time prior to June 30, 2023. The Series H preferred shares are not convertible into Bancorp common shares or any other securities.

Treasury Stock
In June of 2019, the Board of Directors authorized the Bancorp to repurchase up to 100 million common shares in the open market or in privately negotiated transactions and to utilize any derivative or similar instrument to effect share repurchase transactions.

Under this authorization, the Bancorp entered into and settled a number of accelerated share repurchase transactions during the years ended December 31, 2022 and 2021. As part of these transactions, the Bancorp entered into forward contracts in which the final number of shares delivered at settlement was based generally on a discount to the average daily volume-weighted average price of the Bancorp’s common stock during the term of these repurchase agreements. The accelerated share repurchases were treated as two separate transactions: (i) the repurchase of treasury shares on the repurchase date and (ii) a forward contract indexed to the Bancorp’s common stock.

The following table presents a summary of the Bancorp’s accelerated share repurchase transactions that were entered into and settled during the years ended December 31, 2022 and 2021:
Repurchase DateAmount  ($ in millions)Shares Repurchased on Repurchase DateShares Received from Forward Contract  SettlementTotal Shares RepurchasedFinal Settlement Date
January 26, 2021$180 4,951,456 366,939 5,318,395 March 31, 2021
April 23, 2021347 7,894,807 675,295 8,570,102 June 11, 2021
July 27, 2021(a)
550 13,065,958 1,413,211 14,479,169 September 29, 2021
October 29, 2021316 6,211,841 1,072,572 7,284,413 December 2, 2021
December 8, 2022100 2,636,476 442,986 3,079,462 December 19, 2022
(a)This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $275 million.
v3.22.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock-based awards are eligible for issuance under the Bancorp’s Incentive Compensation Plan to executives, directors and key employees of the Bancorp and its subsidiaries. The 2021 Incentive Compensation Plan was approved by shareholders on April 13, 2021 and authorized the issuance of up to 50 million shares as equity compensation. The plan authorizes the issuance of SARs, RSAs, RSUs, stock options, performance share or unit awards, dividend or dividend equivalent rights and stock awards. As of December 31, 2022, there were 36.8 million shares available for future issuance. Based on total stock-based awards outstanding (including SARs, RSUs, stock options and PSAs) and shares remaining for future grants under the 2021 Incentive Compensation Plan, the potential dilution to which the Bancorp’s common shareholders are exposed due to the potential that stock-based compensation will be awarded to executives, directors or key employees of the Bancorp and its subsidiaries is 8%. SARs, RSUs, stock options and PSAs outstanding represent 3% of the Bancorp’s issued shares at December 31, 2022.

All of the Bancorp’s stock-based awards are to be settled with stock. The Bancorp has historically used treasury stock to settle stock-based awards, when available. SARs, issued at fair value based on the closing price of the Bancorp’s common stock on the date of grant, have terms up to ten years and vest and typically become exercisable ratably over a three year period of continued employment. The Bancorp does not grant discounted SARs or stock options, re-price previously granted SARs or stock options or grant reload stock options. RSUs are typically released after three or four years or ratably over three or four years of continued employment and receive dividend equivalents. Dividend equivalents are accrued and paid in cash when the underlying shares are distributed, except for certain RSUs which have the rights to receive dividend equivalents paid in cash at each dividend payment date. For PSAs that are eligible to receive dividend equivalents, the accrued cash dividends are adjusted by the payout percentage achieved on the underlying awards. Stock options were previously issued at fair value based on the closing price of the Bancorp’s common stock on the date of grant, had up to ten year terms and vested and became fully exercisable ratably over a three or four-year period of continued employment. PSAs have three-year cliff vesting terms with performance conditions as defined by the plan. All of the Bancorp’s executive stock-based awards contain an annual performance hurdle of 2% return on tangible common equity. If this threshold is not met in any one of the three years during the performance period, one-third of PSAs are forfeited. Additionally, if this threshold is not met, all SARs and RSUs that would vest in the next year may also be forfeited at the discretion of the Human Capital and Compensation Committee of the Board of Directors. The Bancorp met this threshold as of December 31, 2022.

Stock-based compensation expense was $165 million, $120 million and $123 million for the years ended December 31, 2022, 2021 and 2020, respectively, and is included in compensation and benefits expense in the Consolidated Statements of Income. The total related income tax benefit recognized was $34 million, $25 million and $26 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Stock Appreciation Rights
The Bancorp uses assumptions, which are evaluated and revised as necessary, in estimating the grant-date fair value of each SAR grant.

The weighted-average assumptions were as follows for the years ended December 31:
202220212020
Expected life (in years)777
Expected volatility31 %29 24 
Expected dividend yield3.4 3.2 3.2 
Risk-free interest rate2.7 0.9 1.5 

The expected life is generally derived from historical exercise patterns and represents the amount of time that SARs granted are expected to be outstanding. The expected volatility is based on a combination of historical and implied volatilities of the Bancorp’s common stock. The expected dividend yield is based on annual dividends divided by the Bancorp’s stock price. Annual dividends are based on projected dividends, estimated using an expected long-term dividend payout ratio, over the estimated life of the awards. The risk-free interest rate for periods within the contractual life of the SARs is based on the U.S. Treasury yield curve in effect at the time of grant.

The grant-date fair value of SARs is measured using the Black-Scholes option-pricing model. The weighted-average grant-date fair value of SARs granted was $12.76, $7.84 and $6.82 per share for the years ended December 31, 2022, 2021 and 2020, respectively. The total grant-date fair value of SARs that vested during the years ended December 31, 2022, 2021 and 2020 was $2 million, $8 million and $15 million, respectively.

At December 31, 2022, there was $2 million of stock-based compensation expense related to outstanding SARs not yet recognized. The expense is expected to be recognized over an estimated remaining weighted-average period at December 31, 2022 of 1.8 years.
The following table summarizes SARs activity for the years ended December 31:
202220212020
SARs (in thousands, except per share data)Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share 
Outstanding at January 111,185 $20.47 19,258 $18.83 21,449 $18.38 
Granted304 46.96 322 33.53 365 29.64 
Exercised(2,358)17.05 (8,367)17.20 (2,420)16.10 
Forfeited or expired(19)30.43 (28)23.01 (136)25.50 
Outstanding at December 319,112 $22.22 11,185 $20.47 19,258 $18.83 
Exercisable at December 318,487 $20.97 10,515 $19.80 17,979 $18.19 

The following table summarizes outstanding and exercisable SARs by grant price per share at December 31, 2022.
Outstanding SARsExercisable SARs
SARs (in thousands, except per share data)Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)		Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)
$10.01-$20.00
4,845 $17.56 2.24,845 $17.56 2.2
$20.01-$30.00
3,449 24.95 3.53,335 24.78 3.3
$30.01-$40.00
568 33.41 7.2307 33.28 6.1
Over $40.00
250 49.51 9.1— — — 
All SARs9,112 $22.22 3.28,487 $20.97 2.8

Restricted Stock Units
The total grant-date fair value of RSUs that were released during the years ended December 31, 2022, 2021 and 2020 was $110 million, $99 million and $107 million, respectively. At December 31, 2022, there was $183 million of stock-based compensation expense related to outstanding RSUs not yet recognized. The expense is expected to be recognized over an estimated remaining weighted-average period at December 31, 2022 of 2.4 years.

The following table summarizes RSUs activity for the years ended December 31:
202220212020
RSUs (in thousands, except per unit data)Units Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at January 19,487 $30.67 9,466 $28.38 10,006 $27.30 
Granted4,682 47.11 4,186 34.25 4,177 28.75 
Released(3,608)30.54 (3,432)28.87 (4,076)26.19 
Forfeited(655)37.12 (733)29.80 (641)27.70 
Outstanding at December 319,906 $38.04 9,487 $30.67 9,466 $28.38 

The following table summarizes outstanding RSUs by grant-date fair value per unit at December 31, 2022.
Outstanding RSUs
RSUs (in thousands)Units       Weighted-Average Remaining Contractual Life (in years)
Under $25.00
431 0.2
$25.01-$30.00
2,249 0.4
$30.01-$35.00
2,471 1.2
$35.01-$40.00
1,021 1.3
$40.01-$45.00
165 1.9
$45.01 and over
3,569 1.6
All RSUs9,906 1.1
Stock Options
There were no stock options granted during the years ended December 31, 2022, 2021 and 2020. The Bancorp generally utilizes the Black-Scholes option pricing model to measure the fair value of stock option grants.

The total intrinsic value of stock options exercised was $2 million, $7 million and $3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Cash received from stock options exercised was $1 million, $6 million and $5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The tax benefit realized from exercised stock options was immaterial for the year ended December 31, 2022 and $1 million for both the years ended December 31, 2021 and 2020. An immaterial amount of stock options vested during the years ended December 31, 2022, 2021 and 2020. As of December 31, 2022, the aggregate intrinsic value of both outstanding stock options and exercisable stock options was $3 million.

The following table summarizes stock options activity for the years ended December 31:
202220212020
Stock Options (in thousands, except per share data)  Number of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per Share
Outstanding at January 1409 $21.51 793 $20.81 1,381 $20.15 
Exercised(97)21.06 (384)20.06 (440)17.48 
Forfeited or expired— — — — (148)23.99 
Outstanding at December 31312 $21.65 409 $21.51 793 $20.81 
Exercisable at December 31312 $21.65 386 $21.31 725 $20.34 

The following table summarizes outstanding and exercisable stock options by exercise price per share at December 31, 2022.
Outstanding Stock OptionsExercisable Stock Options
Stock Options (in thousands, except per share data)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)
Under $10.00
2 $8.98 3.62 $8.98 3.6
$10.01-$20.00
172 18.40 2.2172 18.40 2.2
$20.01-$30.00
138 25.86 3.0138 25.86 3.0
All stock options312 $21.65 2.6312 $21.65 2.6

Other Stock-Based Compensation
PSAs are payable contingent upon the Bancorp achieving certain predefined performance targets over a three-year measurement period. Depending on performance, between zero and 1.2 million shares may be released to settle the PSAs outstanding at December 31, 2022 once the applicable performance periods are completed. Awards granted during the years ended December 31, 2022, 2021 and 2020 will be entirely settled in stock. The performance targets are based on the Bancorp’s performance relative to a defined peer group. PSAs use a performance-based metric based on return on tangible common equity in relation to peers. During the years ended December 31, 2022, 2021 and 2020, approximately 288 thousand, 251 thousand and 280 thousand PSAs, respectively, were granted by the Bancorp. These awards were granted at a weighted-average grant-date fair value of $47.03, $33.53 and $29.64 per unit during the years ended December 31, 2022, 2021 and 2020, respectively.

The Bancorp sponsors an employee stock purchase plan that allows qualifying employees to purchase shares of the Bancorp’s common stock with a 15% match. During the years ended December 31, 2022, 2021 and 2020, there were approximately 520 thousand, 470 thousand and 884 thousand shares, respectively, purchased by participants and the Bancorp recognized stock-based compensation expense of $2 million in each of the respective years. As of December 31, 2022, there were approximately 2.7 million shares available for future issuance, which represents the remaining shares of Fifth Third common stock under the Bancorp’s 1993 Stock Purchase Plan, as amended and restated, including an additional 1.5 million shares approved by shareholders on March 28, 2007 and an additional 12 million shares approved by shareholders on April 21, 2009.
v3.22.4
Other Noninterest Income and Other Noninterest Expense
 12 Months Ended
Dec. 31, 2022
Noninterest Income [Abstract]  
Other Noninterest Income and Other Noninterest Expense Other Noninterest Income and Other Noninterest Expense
The following table presents the major components of other noninterest income and other noninterest expense for the years ended December 31:
($ in millions)202220212020
Other noninterest income:
Private equity investment income$708175
BOLI income646163
Cardholder fees545044
Income from the TRA associated with Worldpay, Inc.464674
Banking center income242320
Equity method investment income223012
Consumer loan fees191720
Gains on contract sales3622
Loss on swap associated with the sale of Visa, Inc. Class B Shares(84)(86)(103)
Other, net47484
Total other noninterest income$265 332 211 
Other noninterest expense:
Loan and lease$167 217 162 
FDIC insurance and other taxes132 114 118 
Losses and adjustments91 69 100 
Data processing82 79 75 
Travel60 34 27 
Professional service fees54 63 49 
Intangible amortization47 44 48 
Postal and courier40 37 36 
Other, net295 294 306 
Total other noninterest expense$968 951 921 
v3.22.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
202220212020
($ in millions, except per share data)IncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share Amount
Earnings Per Share:
Net income available to common
    shareholders		$2,330 2,659 1,323 
Less: Income allocated to participating
    securities		2 7 6 
Net income allocated to common
    shareholders		$2,328 689 3.38 2,652 702 3.78 1,317 715 1.84 
Earnings Per Diluted Share:
Net income available to common
    shareholders		$2,330 2,659 1,323 
Effect of dilutive securities:
Stock-based awards— 6 — 9 — 5 
Net income available to common
    shareholders plus assumed conversions		2,330 2,659 1,323 
Less: Income allocated to participating
    securities		2 7 6 
Net income allocated to common
    shareholders plus assumed conversions		$2,328 695 3.35 2,652 711 3.73 1,317 720 1.83 

Shares are excluded from the computation of earnings per diluted share when their inclusion has an anti-dilutive effect on earnings per share. The diluted earnings per share computation for the years ended December 31, 2022, 2021 and 2020 excludes 3 million, an immaterial amount and 7 million shares, respectively, of stock-based awards because their inclusion would have been anti-dilutive.
v3.22.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. For more information regarding the fair value hierarchy and how the Bancorp measures fair value, refer to Note 1.

Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
December 31, 2022 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,495 — — 2,495 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,237 — 11,237 
Agency commercial mortgage-backed securities— 26,322 — 26,322 
          Non-agency commercial mortgage-backed securities— 4,715 — 4,715 
Asset-backed securities and other debt securities— 5,842 — 5,842 
Available-for-sale debt and other securities(a)
2,495 48,134 — 50,629 
Trading debt securities:
U.S. Treasury and federal agencies securities23 22 — 45 
Obligations of states and political subdivisions securities— 14 — 14 
Agency residential mortgage-backed securities— 8 — 8 
Asset-backed securities and other debt securities— 347 — 347 
Trading debt securities23 391 — 414 
Equity securities306 11 — 317 
Residential mortgage loans held for sale— 600 — 600 
Residential mortgage loans(b)
— — 123 123 
Servicing rights— — 1,746 1,746 
Derivative assets:
Interest rate contracts12 1,222 7 1,241 
Foreign exchange contracts— 454 — 454 
Commodity contracts56 1,422 — 1,478 
Derivative assets(c)
68 3,098 7 3,173 
Total assets$2,892 52,234 1,876 57,002 
Liabilities:
Derivative liabilities:
Interest rate contracts$7 1,970 8 1,985 
Foreign exchange contracts— 422 — 422 
Equity contracts— — 195 195 
Commodity contracts92 1,258 — 1,350 
Derivative liabilities(d)
99 3,650 203 3,952 
Short positions:
U.S. Treasury and federal agencies securities66 — — 66 
Asset-backed securities and other debt securities— 112 — 112 
Short positions(d)
66 112 — 178 
Total liabilities$165 3,762 203 4,130 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $381, $491 and $2, respectively, at December 31, 2022.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2021 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$86 — — 86 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 8,782 — 8,782 
Agency commercial mortgage-backed securities— 18,951 — 18,951 
Non-agency commercial mortgage-backed securities— 4,479 — 4,479 
Asset-backed securities and other debt securities— 5,275 — 5,275 
Available-for-sale debt and other securities(a)
86 37,505 — 37,591 
Trading debt securities:
U.S. Treasury and federal agencies securities72 12 — 84 
Obligations of states and political subdivisions securities— 32 — 32 
Agency residential mortgage-backed securities— 105 — 105 
Asset-backed securities and other debt securities— 291 — 291 
Trading debt securities72 440 — 512 
Equity securities365 11 — 376 
Residential mortgage loans held for sale— 1,023 — 1,023 
Residential mortgage loans(b)
— — 154 154 
Servicing rights— — 1,121 1,121 
Derivative assets:
Interest rate contracts2 1,245 12 1,259 
Foreign exchange contracts— 323 — 323 
Commodity contracts26 1,300 — 1,326 
Derivative assets(c)
28 2,868 12 2,908 
Total assets$551 41,847 1,287 43,685 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 231 8 241 
Foreign exchange contracts— 298 — 298 
Equity contracts— — 214 214 
Commodity contracts285 975 — 1,260 
Derivative liabilities(d)
287 1,504 222 2,013 
Short positions:
U.S. Treasury and federal agencies securities96 — — 96 
Asset-backed securities and other debt securities— 201 — 201 
Short positions(d)
96 201 — 297 
Total liabilities$383 1,705 222 2,310 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $30, $486 and $3, respectively, at December 31, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.

The following is a description of the valuation methodologies used for significant instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy.

Available-for-sale debt and other securities, trading debt securities and equity securities
Where quoted prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities and equity securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics. Level 2 securities may include federal agencies securities, obligations of states and political subdivisions securities, agency residential mortgage-backed securities, agency and non-agency commercial mortgage-backed securities, asset-backed securities and other debt securities and equity securities. These securities are generally valued using a market approach based on observable prices of securities with similar characteristics.

Residential mortgage loans held for sale
For residential mortgage loans held for sale for which the fair value election has been made, fair value is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio
composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effect of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. Residential mortgage loans held for sale that are valued based on mortgage-backed securities prices are classified within Level 2 of the valuation hierarchy as the valuation is based on external pricing for similar instruments. ARM loans classified as held for sale are also classified within Level 2 of the valuation hierarchy due to the use of observable inputs in the DCF model. These observable inputs include interest rate spreads from agency mortgage-backed securities market rates and observable discount rates.

Residential mortgage loans
For residential mortgage loans for which the fair value election has been made, and that are reclassified from held for sale to held for investment, the fair value estimation is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component. Therefore, these loans are transferred from Level 2 to Level 3 of the valuation hierarchy. An adverse change in the loss rate or severity assumption would result in a decrease in fair value of the related loans.

Servicing rights
MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs do occur, the precise terms and conditions typically are not readily available. Accordingly, the Bancorp estimates the fair value of MSRs using internal OAS models with certain unobservable inputs, primarily prepayment speed assumptions, OAS and weighted-average lives, resulting in a classification within Level 3 of the valuation hierarchy. Refer to Note 13 for further information on the assumptions used in the valuation of the Bancorp’s MSRs.

Derivatives
Exchange-traded derivatives valued using quoted prices and certain over-the-counter derivatives valued using active bids are classified within Level 1 of the valuation hierarchy. Most of the Bancorp’s derivative contracts are valued using DCF or other models that incorporate current market interest rates, credit spreads assigned to the derivative counterparties and other market parameters and, therefore, are classified within Level 2 of the valuation hierarchy. Such derivatives include basic and structured interest rate, foreign exchange and commodity swaps and options. Derivatives that are valued based upon models with significant unobservable market parameters are classified within Level 3 of the valuation hierarchy. As of December 31, 2022 and 2021, derivatives classified as Level 3, which are valued using models containing unobservable inputs, consisted primarily of a total return swap associated with the Bancorp’s sale of Visa, Inc. Class B Shares as well as IRLCs, which utilize internally generated loan closing rate assumptions as a significant unobservable input in the valuation process.

Under the terms of the total return swap, the Bancorp will make or receive payments based on subsequent changes in the conversion rate of the Visa, Inc. Class B Shares into Class A Shares. Additionally, the Bancorp will make a quarterly payment based on Visa’s stock price and the conversion rate of the Visa, Inc. Class B Shares into Class A Shares until the date on which the Covered Litigation is settled. The fair value of the total return swap was calculated using a DCF model based on unobservable inputs consisting of management’s estimate of the probability of certain litigation scenarios, the timing of the resolution of the Covered Litigation and Visa litigation loss estimates in excess, or shortfall, of the Bancorp’s proportional share of escrow funds.

An increase in the loss estimate or a delay in the resolution of the Covered Litigation would result in an increase in the fair value of the derivative liability; conversely, a decrease in the loss estimate or an acceleration of the resolution of the Covered Litigation would result in a decrease in the fair value of the derivative liability. Refer to Note 18 for additional information on the Covered Litigation.

The net asset fair value of the Bancorp’s IRLCs at December 31, 2022 was $1 million. Immediate decreases in current interest rates of 25 bps and 50 bps would result in increases in the fair value of the IRLCs of approximately $2 million and $3 million, respectively. Immediate increases of current interest rates of 25 bps and 50 bps would result in decreases in the fair value of the IRLCs of approximately $2 million and $4 million, respectively. Immediate changes in the assumed loan closing rates, either adverse or favorable, of 10% and 20% would result in changes in the fair value of IRLCs of approximately an immaterial amount. These sensitivities are hypothetical and should be used with caution, as changes in fair value based on a variation in assumptions typically cannot be extrapolated because the relationship of the change in assumptions to the change in fair value may not be linear.

Short positions
Where quoted prices are available in an active market, short positions are classified within Level 1 of the valuation hierarchy. Level 1 securities include U.S. Treasury securities. If quoted market prices are not available, then fair values are estimated using pricing models which primarily utilize quoted prices of securities with similar characteristics and therefore are classified within Level 2 of the valuation hierarchy. Level 2 securities include asset-backed and other debt securities.
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2022 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$154 1,121 4 (214)1,065 
Total gains (losses) (realized/unrealized):(b)
Included in earnings(18)177 22 (84)97 
Purchases/originations— 448 1 — 449 
Settlements(23)— (28)103 52 
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$123 1,746 (1)(195)1,673 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2022
$(18)311 6 (84)215 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $8, respectively, as of December 31, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2021 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$161 656 53 (201)669 
Total (losses) gains (realized/unrealized):(b)
Included in earnings(2)(139)153 (86)(74)
Purchases/originations— 604 (3)— 601 
Settlements(54)— (199)73 (180)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$154 1,121 4 (214)1,065 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2021
$(2)78 15 (86)5 
(a)Net interest rate derivatives include derivative assets and liabilities of $12 and $8, respectively, as of December 31, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2020 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$183 993 10 (163)1,023 
Total (losses) gains (realized/unrealized):(b)
Included in earnings3 (565)272 (103)(393)
Purchases/originations— 228 4 — 232 
Settlements(74)— (233)65 (242)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$161 656 53 (201)669 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2020
$3 (227)58 (103)(269)
(a)Net interest rate derivatives include derivative assets and liabilities of $61 and $8, respectively, as of December 31, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
The total gains and losses included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 as follows:
($ in millions)202220212020
Mortgage banking net revenue$177 9 (291)
Commercial banking revenue4 3 2 
Other noninterest income(84)(86)(104)
Total gains (losses)$97 (74)(393)

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at December 31, 2022, 2021 and 2020 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202220212020
Mortgage banking net revenue$295 88 (167)
Commercial banking revenue4 3 2 
Other noninterest income(84)(86)(104)
Total gains (losses)$215 5 (269)

The following tables present information about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$123 Loss rate modelInterest rate risk factor(24.1)-2.4%(12.3)%
(a)
Credit risk factor— -22.9%0.5 %
(a)
(Fixed)5.1 %
(b)
Servicing rights1,746 DCFPrepayment speed— -100.0%(Adjustable)20.3 %
(b)
(Fixed)734
(b)
OAS (bps)542 -1,513(Adjustable)1,204
(b)
IRLCs, net1 DCFLoan closing rates34.7 -97.5%86.6 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(195)DCFTiming of the resolution of the Covered LitigationQ1 2024-Q1 2027Q2 2025
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$154 Loss rate modelInterest rate risk factor(8.5)-8.8%0.4 %
(a)
Credit risk factor— -28.5%0.3 %
(a)
(Fixed)10.7 %
(b)
Servicing rights1,121 DCFPrepayment speed— -100.0%(Adjustable)20.6 %
(b)
(Fixed)686
(b)
OAS (bps)479 -1,587(Adjustable)1,087
(b)
IRLCs, net12 DCFLoan closing rates8.9 -97.2%80.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(214)DCFTiming of the resolution of the Covered LitigationQ1 2023-Q2 2025Q1 2024
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment.
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2022 and 2021, and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2022 and 2021, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2022 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2022
Commercial loans held for sale$— — 40 40 (1)
Commercial loans and leases— — 162 162 (83)
Consumer and residential mortgage loans— — 109 109 1 
OREO— — 3 3 — 
Bank premises and equipment— — 19 19 (9)
Operating lease equipment— — 1 1 (2)
Private equity investments— 9 1 10 (8)
Total$— 9 335 344 (102)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2021 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2021
Commercial loans held for sale$— — 2 2 2 
Commercial loans and leases— — 236 236 (29)
Consumer and residential mortgage loans— — 125 125 (1)
OREO— — 7 7 (6)
Bank premises and equipment— — 11 11 (6)
Operating lease equipment— — 13 13 (21)
Private equity investments— 1 14 15 38 
Total$— 1 408 409 (23)

The following tables present information as of December 31, 2022 and 2021 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$40 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases162 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans109 Appraised valueCollateral valueNMNM
OREO3 Appraised valueAppraised valueNMNM
Bank premises and equipment19 Appraised valueAppraised valueNMNM
Operating lease equipment1 Appraised valueAppraised valueNMNM
Private equity investments1 Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases236 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans125 Appraised valueCollateral valueNMNM
OREO7 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment13 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM

Commercial loans held for sale
The Bancorp estimated the fair value of certain commercial loans held for sale during the years ended December 31, 2022 and 2021, resulting in a negative fair value adjustment of $1 million and a positive fair value adjustment of $1 million during the years ended December 31, 2022 and 2021, respectively. These valuations were based on quoted prices for similar assets in active markets (Level 2 of the valuation hierarchy), appraisals of the underlying collateral or by applying unobservable inputs such as an estimated market discount to the unpaid principal balance of the loans or the appraised values of the assets (Level 3 of the valuation hierarchy). The Bancorp recognized losses on the sale of
certain commercial loans held for sale of an immaterial amount and gains of $1 million during the years ended December 31, 2022 and 2021, respectively.

Portfolio loans and leases
During the years ended December 31, 2022 and 2021, the Bancorp recorded nonrecurring adjustments to certain collateral-dependent portfolio loans and leases. When a loan is collateral-dependent, the fair value of the loan is generally based on the fair value less cost to sell of the underlying collateral supporting the loan and therefore these loans were classified within Level 3 of the valuation hierarchy. In cases where the amortized cost basis of the loan or lease exceeds the estimated net realizable value of the collateral, then an ALLL is recognized, or a charge-off once the remaining amount is considered uncollectible.

OREO
During the years ended December 31, 2022 and 2021, the Bancorp recorded nonrecurring adjustments to certain commercial and residential real estate properties and branch-related real estate no longer intended to be used for banking purposes classified as OREO and measured at the lower of carrying amount or fair value. These nonrecurring losses were primarily due to declines in real estate values of the properties recorded in OREO. For the years ended December 31, 2022 and 2021, these losses include an immaterial amount and $5 million in losses, respectively, recorded as charge-offs on new OREO properties transferred from loans during the respective periods and an immaterial amount recorded as positive fair value adjustments and $1 million recorded as negative fair value adjustments for properties subsequent to their transfer into OREO, respectively. The fair value amounts are generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. In cases where the carrying amount exceeds the fair value, less costs to sell, an impairment loss is recognized. The previous tables reflect the fair value measurements of the properties before deducting the estimated costs to sell.

Bank premises and equipment
The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. These properties were written down to their lower of cost or market values. At least annually thereafter, the Bancorp will review these properties for market fluctuations. The fair value amounts were generally based on appraisals of the property values, resulting in a classification within Level 3 of the valuation hierarchy. For further information on bank premises and equipment, refer to Note 7.

Operating lease equipment
The Bancorp performs assessments of the recoverability of long-lived assets when events or changes in circumstances indicate that their carrying values may not be recoverable. When evaluating whether an individual asset is impaired, the Bancorp considers the current fair value of the asset, the changes in overall market demand for the asset and the rate of change in advancements associated with technological improvements that impact the demand for the specific asset under review. As part of this ongoing assessment, the Bancorp determined that the carrying values of certain operating lease equipment were not recoverable and, as a result, the Bancorp recorded an impairment loss equal to the amount by which the carrying value of the assets exceeded the fair value. The fair value amounts were generally based on appraised values of the assets, resulting in a classification within Level 3 of the valuation hierarchy.

Private equity investments
The Bancorp accounts for its private equity investments using the measurement alternative to fair value, except for those accounted for under the equity method of accounting. Under the measurement alternative, the Bancorp carries each investment at its cost basis minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. The Bancorp recognized gains of $4 million and $41 million during the years ended December 31, 2022 and 2021, respectively, resulting from observable price changes. The carrying value of the Bancorp’s private equity investments still held as of December 31, 2022 includes a cumulative $40 million of positive adjustments as a result of observable price changes since January 1, 2018. Because these adjustments are based on observable transactions in inactive markets, they are classified in Level 2 of the fair value hierarchy.

For private equity investments which are accounted for using the measurement alternative to fair value, the Bancorp qualitatively evaluates each investment quarterly to determine if impairment may exist. If necessary, the Bancorp then measures impairment by estimating the value of its investment and comparing that to the investment’s carrying value, whether or not the Bancorp considers the impairment to be temporary. These valuations are typically developed using a DCF method, but other methods may be used if more appropriate for the circumstances. These valuations are based on unobservable inputs and therefore are classified in Level 3 of the fair value hierarchy. The Bancorp recognized impairments of $12 million and $3 million during the years ended December 31, 2022 and 2021, respectively. The carrying value of the Bancorp’s private equity investments still held as of December 31, 2022 includes a cumulative $34 million of impairment charges recognized since adoption of the measurement alternative to fair value on January 1, 2018.

Fair Value Option
The Bancorp elected to measure certain residential mortgage loans held for sale under the fair value option as allowed under U.S. GAAP. Electing to measure residential mortgage loans held for sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets
or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and maintained in the Bancorp’s loan portfolio. In such cases, the loans will continue to be measured at fair value.

Fair value changes recognized in earnings for residential mortgage loans held at December 31, 2022 and 2021 for which the fair value option was elected, as well as the changes in fair value of the underlying IRLCs, included losses of $10 million and gains of $28 million, respectively. These losses and gains are reported in mortgage banking net revenue in the Consolidated Statements of Income.

Valuation adjustments related to instrument-specific credit risk for residential mortgage loans measured at fair value negatively impacted the fair value of those loans by $1 million and an immaterial amount at December 31, 2022 and 2021, respectively. Interest on loans measured at fair value is accrued as it is earned using the effective interest method and is reported as interest income in the Consolidated Statements of Income.

The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2022
Residential mortgage loans measured at fair value$723 733 (10)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans2 2 — 
December 31, 2021
Residential mortgage loans measured at fair value$1,177 1,149 28 
Past due loans of 90 days or more3 3 — 

The Bancorp may invest in certain hybrid financial instruments with embedded derivatives that are not clearly and closely related to the host contracts. The Bancorp elected to measure the entire instrument at fair value with changes in fair value recognized in earnings. The Bancorp did not hold these investments as of December 31, 2022 and the carrying value of these investments was $89 million as of December 31, 2021 and the investments were classified as trading debt securities in the Consolidated Balance Sheets. Fair value changes recognized in earnings included gains of $11 million and losses of $3 million for the years ended December 31, 2022 and 2021, respectively, reported in securities (losses) gains, net in the Consolidated Statements of Income.
Fair Value of Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2022 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,466 3,466 — — 3,466 
Other short-term investments8,351 8,351 — — 8,351 
Other securities874 — 874 — 874 
Held-to-maturity securities5 — — 5 5 
Loans and leases held for sale407 — — 414 414 
Portfolio loans and leases:
Commercial loans and leases75,262 — — 75,104 75,104 
Consumer and residential mortgage loans43,901 — — 42,193 42,193 
Total portfolio loans and leases, net$119,163 — — 117,297 117,297 
Financial liabilities:
Deposits$163,690 — 163,634 — 163,634 
Federal funds purchased180 180 — — 180 
Other short-term borrowings4,838 — 4,829 — 4,829 
Long-term debt13,778 13,218 411 — 13,629 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2021 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$2,994 2,994 — — 2,994 
Other short-term investments34,572 34,572 — — 34,572 
Other securities519 — 519 — 519 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,392 — — 3,405 3,405 
Portfolio loans and leases:
Commercial loans and leases69,166 — — 69,924 69,924 
Consumer and residential mortgage loans40,838 — — 41,632 41,632 
Total portfolio loans and leases, net$110,004 — — 111,556 111,556 
Financial liabilities:
Deposits$169,324 — 169,316 — 169,316 
Federal funds purchased281 281 — — 281 
Other short-term borrowings980 — 980 — 980 
Long-term debt11,425 12,091 387 — 12,478 
v3.22.4
Regulatory Capital Requirements and Capital Ratios
 12 Months Ended
Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Capital Requirements and Capital Ratios Regulatory Capital Requirements and Capital Ratios
The Board of Governors of the Federal Reserve System issued capital adequacy guidelines pursuant to which it assesses the adequacy of capital in examining and supervising a BHC. These guidelines include quantitative measures that assign risk weightings to assets and off-balance sheet items, define and set minimum regulatory capital requirements as well as the measure of “well-capitalized” status. Additionally, the U.S. banking agencies issued similar guidelines for minimum regulatory capital requirements and “well-capitalized” measurements for banking subsidiaries.

The following table summarizes the prescribed capital ratios for the Bancorp and its banking subsidiary.
Minimum      Well-Capitalized
CET1 capital:
Fifth Third Bancorp4.50 %N/A
Fifth Third Bank, National Association4.50 6.50 
Tier 1 risk-based capital:
Fifth Third Bancorp6.00 6.00 
Fifth Third Bank, National Association6.00 8.00 
Total risk-based capital:
Fifth Third Bancorp8.00 10.00 
Fifth Third Bank, National Association8.00 10.00 
Leverage:
Fifth Third Bancorp4.00 N/A
Fifth Third Bank, National Association4.00 5.00 

Failure to meet the minimum capital requirements or falling below the “well-capitalized” measure can initiate certain actions by regulators that could have a direct material effect on the Consolidated Financial Statements of the Bancorp. The Bancorp is subject to the stress capital buffer requirement and must maintain capital ratios above its buffered minimum (regulatory minimum plus stress capital buffer) in order to avoid certain limitations on capital distributions and discretionary bonuses to executive officers. The FRB uses the supervisory stress test to determine the Bancorp’s stress capital buffer, subject to a floor of 2.5%. The Bancorp’s stress capital buffer requirement has been 2.5% since the introduction of this framework and was most recently affirmed as part of the FRB’s 2022 supervisory stress test with an effective date of October 1, 2022. The Bancorp’s capital ratios have exceeded the stress capital buffer requirement for all periods presented.

The Bancorp and its banking subsidiary, Fifth Third Bank, National Association, had CET1 capital, Tier 1 risk-based capital, Total risk-based capital and Leverage ratios above the “well-capitalized” levels at both December 31, 2022 and 2021. To continue to qualify for financial holding company status pursuant to the Gramm-Leach-Bliley Act of 1999, the Bancorp’s banking subsidiary must, among other things, maintain “well-capitalized” capital ratios.

The following table presents capital and risk-based capital and leverage ratios for the Bancorp and its banking subsidiary at December 31:
20222021
($ in millions)AmountRatio        AmountRatio      
CET1 capital:
Fifth Third Bancorp$15,670 9.28 %$14,781 9.54 %
Fifth Third Bank, National Association18,952 11.31 16,723 10.90 
Tier 1 risk-based capital:
Fifth Third Bancorp17,786 10.53 16,897 10.91 
Fifth Third Bank, National Association18,952 11.31 16,723 10.90 
Total risk-based capital:
Fifth Third Bancorp21,606 12.79 20,789 13.42 
Fifth Third Bank, National Association21,463 12.81 18,917 12.33 
Leverage:(a)
Fifth Third Bancorp17,786 8.56 16,897 8.27 
Fifth Third Bank, National Association18,952 9.23 16,723 8.29 
(a)Quarterly average assets are a component of the Leverage ratio and for this purpose do not include goodwill and any other intangible assets and other investments that the U.S. banking agencies determine should be deducted from Tier 1 capital.
v3.22.4
Parent Company Financial Statements
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Statements Parent Company Financial Statements
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)202220212020
Income
Dividends from consolidated nonbank subsidiaries(a)
$165 3,040 1,285 
Securities (losses) gains, net(9)1 1 
Interest 11 11 17 
Total income167 3,052 1,303 
Expenses
Interest311 250 266 
Other19 30 26 
Total expenses330 280 292 
(Loss) Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries(163)2,772 1,011 
Applicable income tax benefit(76)(62)(65)
(Loss) Income Before Equity in Undistributed Earnings of Subsidiaries(87)2,834 1,076 
Equity in undistributed earnings2,533 (64)351 
Net Income Attributable to Bancorp$2,446 2,770 1,427 
Other Comprehensive Income— — — 
Comprehensive Income Attributable to Bancorp$2,446 2,770 1,427 
(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion and $1.3 billion for the years ended December 31, 2021 and 2020, respectively. The Bancorp’s indirect banking subsidiary did not pay dividends during the year ended December 31, 2022.

Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)20222021
Assets
Cash$120 122 
Other short-term investments5,667 6,234 
Available-for-sale debt and other securities1,000 — 
Equity securities34 49 
Loans to nonbank subsidiaries60 192 
Investment in nonbank subsidiaries20,256 23,877 
Goodwill80 80 
Other assets326 431 
Total Assets$27,543 30,985 
Liabilities
Other short-term borrowings$121 361 
Accrued expenses and other liabilities764 487 
Long-term debt (external)9,331 7,927 
Total Liabilities$10,216 8,775 
Equity
Common stock$2,051 2,051 
Preferred stock2,116 2,116 
Capital surplus3,684 3,624 
Retained earnings21,689 20,236 
Accumulated other comprehensive (loss) income(5,110)1,207 
Treasury stock(7,103)(7,024)
Total Equity17,327 22,210 
Total Liabilities and Equity$27,543 30,985 
Condensed Statements of Cash Flows (Parent Company Only)   
For the years ended December 31 ($ in millions)202220212020
Operating Activities   
Net income$2,446 2,770 1,427 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion7 7 7 
(Benefit from) provision for deferred income taxes(3)(1)— 
Securities losses (gains), net9 (1)(1)
Equity in undistributed earnings(2,533)64 (351)
Net change in:
Equity securities6 1 — 
Other assets(115)(40)(1)
Accrued expenses and other liabilities45 (80)— 
Net Cash (Used in) Provided by Operating Activities(138)2,720 1,081 
Investing Activities
Purchase of securities issued by subsidiary(1,000)— — 
Net change in:
Other short-term investments567 (656)(855)
Loans to nonbank subsidiaries132 158 94 
Net Cash Used in Investing Activities(301)(498)(761)
Financing Activities
Net change in other short-term borrowings(240)(89)91 
Proceeds from issuance of long-term debt2,986 498 1,243 
Repayment of long-term debt(1,200)(250)(1,100)
Dividends paid on common and preferred stock(927)(897)(858)
Repurchase of treasury stock and related forward contract(100)(1,393)— 
Issuance of preferred stock— — 346 
Other, net(82)(89)(40)
Net Cash Provided by (Used in) Financing Activities437 (2,220)(318)
(Decrease) Increase in Cash(2)2 2 
Cash at Beginning of Period122 120 118 
Cash at End of Period$120 122 120 
v3.22.4
Business Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments Business Segments
Results of the Bancorp’s business segments are presented based on its management structure and management accounting practices. The structure and accounting practices are specific to the Bancorp; therefore, the financial results of the Bancorp’s business segments are not necessarily comparable with similar information for other financial institutions. The Bancorp refines its methodologies from time to time as management’s accounting practices and businesses change.

During the third quarter of 2022, the Bancorp reorganized its management reporting structure and now reports on three business segments: Commercial Banking, Consumer and Small Business Banking and Wealth and Asset Management. This reorganization primarily involved merging the Bancorp’s previously reported Branch Banking and Consumer Lending segments and the transfer of certain portions of the newly combined segment to the Commercial Banking segment. These portions primarily included the loans, deposits and other services provided to relationship manager assigned lower middle-market business customers, along with the income and expenses associated with those customers. Prior period results have been adjusted to conform to the new segment presentation.

The Bancorp manages interest rate risk centrally at the corporate level. By employing an FTP methodology, the business segments are insulated from most benchmark interest rate volatility, enabling them to focus on serving customers through the origination of loans and acceptance of deposits. The FTP methodology assigns charge and credit rates to classes of assets and liabilities, respectively, based on the estimated amount and timing of the cash flows for each transaction. Assigning the FTP rate based on matching the duration of cash flows allocates interest income and interest expense to each business segment so its resulting net interest income is insulated from future changes in benchmark interest rates. The Bancorp’s FTP methodology also allocates the contribution to net interest income of the asset-generating and deposit-providing businesses on a duration-adjusted basis to better attribute the driver of the performance. As the asset and liability durations are not perfectly matched, the residual impact of the FTP methodology is captured in General Corporate and Other. The charge and credit rates are determined using the FTP rate curve, which is based on an estimate of Fifth Third’s marginal borrowing cost in the wholesale funding markets. The FTP curve is constructed using the U.S. swap curve, brokered CD pricing and unsecured debt pricing. The Bancorp’s FTP methodology was not adjusted during the years ended December 31, 2022, 2021 and 2020.

The Bancorp adjusts the FTP charge and credit rates as dictated by changes in interest rates for various interest-earning assets and interest-bearing liabilities and by the review of behavioral assumptions, such as prepayment rates on interest-earning assets and the estimated durations for indeterminate-lived deposits. Key assumptions, including the credit rates provided for deposit accounts, are reviewed annually. Credit rates for deposit products and charge rates for loan products may be reset more frequently in response to changes in market conditions.

The Bancorp’s methodology for allocating provision for credit losses to the business segments includes charges or benefits associated with changes in criticized commercial loan levels in addition to actual net charge-offs experienced by the loans and leases owned by each business segment. Provision for credit losses attributable to loan and lease growth and changes in ALLL factors is captured in General Corporate and Other. The financial results of the business segments include allocations for shared services and headquarters expenses. Additionally, the business segments form synergies by taking advantage of relationship depth opportunities and funding operations by accessing the capital markets as a collective unit.

The following is a description of each of the Bancorp’s business segments and the products and services they provide to their respective client bases.

Commercial Banking offers credit intermediation, cash management and financial services to large and middle-market businesses and government and professional customers. In addition to the traditional lending and depository offerings, Commercial Banking products and services include global cash management, foreign exchange and international trade finance, derivatives and capital markets services, asset-based lending, real estate finance, public finance, commercial leasing and syndicated finance.

Consumer and Small Business Banking provides a full range of deposit and loan products to individuals and small businesses through a network of full-service banking centers and relationships with indirect and correspondent loan originators in addition to providing products designed to meet the specific needs of small businesses, including cash management services. Consumer and Small Business Banking includes the Bancorp’s residential mortgage, home equity loans and lines of credit, credit cards, automobile and other indirect lending and other consumer lending activities. Residential mortgage activities include the origination, retention and servicing of residential mortgage loans, sales and securitizations of those loans and all associated hedging activities. Indirect lending activities include extending loans to consumers through automobile dealers, motorcycle dealers, powersport dealers, recreational vehicle dealers and marine dealers. Other consumer lending activities include home improvement and solar energy installation loans originated through a network of contractors and installers.

Wealth and Asset Management provides a full range of wealth management services for individuals, companies and not-for-profit organizations. Wealth and Asset Management is made up of three main businesses: FTS, an indirect wholly-owned subsidiary of the Bancorp; Fifth Third Private Bank; and Fifth Third Institutional Services. FTS offers full service retail brokerage services to individual clients and broker-dealer services to the institutional marketplace. Fifth Third Private Bank offers wealth management strategies to high net worth and ultra-high net worth clients through wealth planning, investment management, banking, insurance, trust and estate services. Fifth Third
Institutional Services provides advisory services for institutional clients including middle market businesses, non-profits, states and municipalities.

The following tables present the results of operations and assets by business segment for the years ended December 31:
2022 ($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal
Net interest income$2,542 3,131 262 (326)— 5,609 
Provision for credit losses33 139 — 391 — 563 
Net interest income after provision for credit
     losses
2,509 2,992 262 (717)— 5,046 
Noninterest income:
Service charges on deposits372 216 1 — — 589 
Wealth and asset management revenue3 204 540 — (177)
(a)
570 
Commercial banking revenue563 3 1 (2)— 565 
Card and processing revenue87 308 2 12 — 409 
Leasing business revenue237 
(c)
— — — — 237 
Mortgage banking net revenue— 214 1 — — 215 
Other noninterest income(b)
111 110 — 44 — 265 
Securities losses, net(33)— — (49)— (82)
Securities losses, net -non-qualifying
     hedges on MSRs		— (2)— — — (2)
Total noninterest income1,340 1,053 545 5 (177)2,766 
Noninterest expense:
Compensation and benefits639 828 218 869 — 2,554 
Technology and communications11 22 1 382 — 416 
Net occupancy expense(d)
40 196 13 58 — 307 
Equipment expense27 38 — 80 — 145 
Leasing business expense131 — — — — 131 
Marketing expense5 58 1 54 — 118 
Card and processing expense11 72 1 (4)— 80 
Other noninterest expense959 1,175 322 (1,311)(177)968 
Total noninterest expense1,823 2,389 556 128 (177)4,719 
Income (loss) before income taxes2,026 1,656 251 (840)— 3,093 
Applicable income tax expense (benefit)377 347 53 (130)— 647 
Net income (loss)1,649 1,309 198 (710)— 2,446 
Total goodwill$2,324 2,365 226 — — 4,915 
Total assets$83,535 83,697 14,253 25,967 
(e)
— 207,452 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income. 
(b)Includes impairment charges of $6 recorded in Consumer and Small Business Banking and $3 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28. 
(c)Includes impairment charges of $2 for operating lease equipment. For more information, refer to Note 8 and Note 28. 
(d)Includes impairment losses and termination charges of $2 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7. 
2021 ($ in millions)Commercial BankingConsumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$1,596 1,685 88 1,401 — 4,770 
(Benefit from) provision for credit losses(597)120 (1)101 — (377)
Net interest income after (benefit from) provision
     for credit losses		2,193 1,565 89 1,300 — 5,147 
Noninterest income:
Service charges on deposits385 214 1 — — 600 
Wealth and asset management revenue2 206 558 — (180)
(a)
586 
Commercial banking revenue633 2 2 — — 637 
Card and processing revenue78 312 2 10 — 402 
Leasing business revenue300 
(c)
— — — — 300 
Mortgage banking net revenue— 267 3 — — 270 
Other noninterest income(b)
91 108 4 129 — 332 
Securities (losses) gains, net8 — — (15)— (7)
Securities losses, net -non-qualifying
hedges on MSRs
— (2)— — — (2)
Total noninterest income1,497 1,107 570 124 (180)3,118 
Noninterest expense:
Compensation and benefits644 833 205 944 — 2,626 
Technology and communications17 16 1 354 — 388 
Net occupancy expense(d)
37 197 15 63 — 312 
Equipment expense26 38 — 74 — 138 
Leasing business expense137 — — — — 137 
Marketing expense7 41 2 57 — 107 
Card and processing expense7 85 1 (4)— 89 
Other noninterest expense898 1,185 316 (1,268)(180)951 
Total noninterest expense1,773 2,395 540 220 (180)4,748 
Income before income taxes1,917 277 119 1,204 — 3,517 
Applicable income tax expense363 57 25 302 — 747 
Net income1,554 220 94 902 — 2,770 
Total goodwill$1,980 2,303 231 — — 4,514 
Total assets$75,387 85,455 13,836 36,438 
(e)
— 211,116 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $6 recorded in Consumer and Small Business Banking and $1 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28.
(c)Includes impairment charges of $25 for operating lease equipment. For more information, refer to Note 8 and Note 28.
(d)Includes impairment losses and termination charges of $3 for ROU assets related to certain operating leases. For more information, refer to Note 9. 
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7.
2020 ($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$2,009 1,942 139 692 — 4,782 
Provision for (benefit from) credit losses1,086 229 3 (221)— 1,097 
Net interest income after provision for (benefit
     from) credit losses		923 1,713 136 913 — 3,685 
Noninterest income:
Service charges on deposits358 200 1 — — 559 
Wealth and asset management revenue3 172 498 — (153)
(a)
520 
Commercial banking revenue527 2 2 (3)— 528 
Card and processing revenue68 269 2 13 — 352 
Leasing business revenue276 
(c)
— — — — 276 
Mortgage banking net revenue— 315 5 — — 320 
Other noninterest income(b)
101 78 18 14 — 211 
Securities gains, net— — — 62 — 62 
Securities gains, net -non-qualifying hedges
on MSRs
— 2 — — — 2 
Total noninterest income1,333 1,038 526 86 (153)2,830 
Noninterest expense:
Compensation and benefits606 821 218 945 — 2,590 
Technology and communications13 12 1 336 — 362 
Net occupancy expense(d)
32 185 12 121 — 350 
Equipment expense27 41 1 61 — 130 
Leasing business expense140 — — — — 140 
Marketing expense9 34 2 59 — 104 
Card and processing expense7 116 1 (3)— 121 
Other noninterest expense975 1,090 298 (1,289)(153)921 
Total noninterest expense1,809 2,299 533 230 (153)4,718 
Income before income taxes447 452 129 769 — 1,797 
Applicable income tax expense49 95 27 199 — 370 
Net income398 357 102 570 — 1,427 
Total goodwill$1,980 2,047 231 — — 4,258 
Total assets$71,801 77,169 12,466 43,244 
(e)
— 204,680 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $15 recorded in Consumer and Small Business Banking and $15 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7.
(c)Includes impairment charges of $7 for operating lease equipment. For more information, refer to Note 8.
(d)Includes impairment losses and termination charges of $8 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $35 classified as held for sale. For more information, refer to Note 7.
v3.22.4
Subsequent Event
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent EventOn January 20, 2023, the Bancorp entered into an accelerated share repurchase transaction with a counterparty pursuant to which the Bancorp paid $200 million on January 24, 2023 to repurchase shares of its outstanding common stock. The Bancorp is repurchasing the shares of its common stock as part of its Board-approved 100 million share repurchase program previously announced on June 18, 2019. The Bancorp expects the settlement of the transaction to occur on or before March 30, 2023.
v3.22.4
Summary of Significant Accounting and Reporting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Nature of Operations
Nature of Operations
Fifth Third Bancorp, an Ohio corporation, conducts its principal lending, deposit gathering, transaction processing and service advisory activities through its banking and non-banking subsidiaries from banking centers located throughout the Midwestern and Southeastern regions of the United States as well as through other offices, telephone sales, the internet and mobile applications.
Basis of Presentation
Basis of Presentation
The Consolidated Financial Statements include the accounts of the Bancorp and its majority-owned subsidiaries and VIEs in which the Bancorp has been determined to be the primary beneficiary. Other entities, including certain joint ventures in which the Bancorp has the ability to exercise significant influence over operating and financial policies of the investee, but upon which the Bancorp does not possess control, are accounted for by the equity method and not consolidated. The investments in those entities in which the Bancorp does not have the ability to exercise significant influence are generally carried at fair value unless the investment does not have a readily determinable fair value. The Bancorp accounts for equity investments without a readily determinable fair value using the measurement alternative to fair value, representing the cost of the investment minus any impairment recorded and plus or minus changes resulting from observable price changes in orderly transactions for an identical or a similar investment of the same issuer. Intercompany transactions and balances among consolidated entities have been eliminated.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Due from Banks
Cash and Due from Banks
Cash and due from banks consist of currency and coin, cash items in the process of collection and due from banks. Currency and coin includes both U.S. and foreign currency owned and held at Fifth Third offices and that is in-transit to the FRB. Cash items in the process of collection include checks and drafts that are drawn on another depository institution or the FRB that are payable immediately upon presentation in the U.S. Balances due from banks include noninterest-bearing balances that are funds on deposit at other depository institutions or the FRB.
Investment Securities
Investment Securities
Debt securities are classified as held-to-maturity, available-for-sale or trading on the date of purchase. Only those securities which management has the intent and ability to hold to maturity are classified as held-to-maturity and reported at amortized cost. Debt securities are classified as available-for-sale when, in management’s judgment, they may be sold in response to, or in anticipation of, changes in market conditions. Debt securities are classified as trading when bought and held principally for the purpose of selling them in the near term. Trading debt securities are reported at fair value with unrealized gains and losses included in noninterest income. Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of related deferred income taxes, included in OCI. For available-for-sale debt securities hedged in a fair value hedge, the amortized cost basis of the hedged items (excluding unrealized gains and losses) includes the cumulative fair value hedging basis adjustments. Changes in the fair value of these securities which are attributable to changes in the hedged risk are recognized in earnings instead of OCI. Accrued interest receivable on investment securities is presented in the Consolidated Balance Sheets as a component of other assets.

Available-for-sale debt securities with unrealized losses are reviewed quarterly to determine if the decline in fair value is the result of a credit loss or other factors. An allowance for credit losses is recorded against available-for-sale securities to reflect the amount of the unrealized loss attributable to credit; however, this impairment is limited by the amount that the fair value is less than the amortized cost basis. Any remaining unrealized loss is recognized through OCI. Changes in the allowance for credit losses are recognized in earnings.

The determination of whether or not a credit loss exists is based on consideration of the cash flows expected to be collected from the debt security. The Bancorp develops these expectations after considering various factors such as agency ratings, the financial condition of the issuer or underlying obligors, payment history, payment structure of the security, industry and market conditions, underlying collateral and other factors which may be relevant based on the facts and circumstances pertaining to individual securities.

If the Bancorp intends to sell the debt security or will more likely than not be required to sell the debt security before recovery of its amortized cost basis, then the allowance for credit losses, if previously recorded, is written off and the security’s amortized cost is written down to the security’s fair value at the reporting date, with any incremental impairment recorded as a charge to noninterest income.

Held-to-maturity debt securities are assessed periodically to determine if a valuation allowance is necessary to absorb credit losses expected to occur over the remaining contractual life of the securities. The carrying amount of held-to-maturity debt securities is presented net of the valuation allowance for credit losses when such an allowance is deemed necessary.
Equity securities with readily determinable fair values not accounted for under the equity method are reported at fair value with unrealized gains and losses included in noninterest income in the Consolidated Statements of Income. Equity securities without readily determinable fair values are measured at cost minus impairment, if any, plus or minus changes as a result of an observable price change for the identical or similar investment of the same issuer. At each quarterly reporting period, the Bancorp performs a qualitative assessment to evaluate whether impairment indicators are present. If qualitative indicators are identified, the investment is measured at fair value with the impairment loss included in noninterest income in the Consolidated Statements of Income.

The fair value of a security is determined based on quoted market prices. If quoted market prices are not available, fair value is determined based on quoted prices of similar instruments.

Premiums on purchased callable debt securities are amortized to the earliest call date if the call feature meets certain criteria. Otherwise, premiums are amortized to maturity similar to discounts on callable debt securities.

Realized securities gains or losses are reported within noninterest income in the Consolidated Statements of Income. The cost of securities sold is based on the specific identification method.
Portfolio Loans and Leases and Nonaccrual loans and leases
Portfolio Loans and Leases
Basis of accounting
Portfolio loans and leases are generally reported at the principal amount outstanding, net of unearned income, deferred direct loan origination fees and costs and any direct principal charge-offs. Direct loan origination fees and costs are deferred and the net amount is amortized over the contractual life or estimated life, if prepayments are estimated, of the related loans as a yield adjustment. Interest income is recognized based on the principal balance outstanding computed using the effective interest method.

Loans and leases acquired by the Bancorp through a purchase business combination are recorded at fair value as of the acquisition date. Purchased loans and finance leases (including both sales-type leases and direct financing leases) are evaluated for evidence of credit deterioration at acquisition and recorded at their initial fair value. For loans and finance leases that do not exhibit evidence of more-than-insignificant credit deterioration since origination, the Bancorp does not carry over the acquired company’s ALLL, but upon acquisition will record an ALLL and provision for credit losses reflective of credit losses expected to be incurred over the remaining contractual life of the acquired loans. Premiums and discounts reflected in the initial fair value are amortized over the contractual life of the loan as an adjustment to yield.

For loans and finance leases that exhibit evidence of more-than-insignificant credit quality deterioration since origination, the Bancorp’s estimate of expected credit losses is added to the ALLL upon acquisition and to the initial purchase price of the loans and leases to determine the initial amortized cost basis for the purchased financial assets with credit deterioration. Any resulting difference between the initial amortized cost basis (as adjusted for expected credit losses) and the par value of the loans and leases at the acquisition date represents the non-credit premium or discount, which is amortized over the contractual life of the loan or lease as an adjustment to yield. This method of accounting for loans acquired with deteriorated credit quality does not apply to loans carried at fair value or residential mortgage loans held for sale.

The Bancorp’s lease portfolio consists of sales-type, direct financing and leveraged leases. Leases are classified as sales-type if the Bancorp transfers control of the underlying asset to the lessee. The Bancorp classifies leases that do not meet any of the criteria for a sales-type lease as a direct financing lease if the present value of the sum of the lease payments and any residual value guaranteed by the lessee and/or any other third party equals or exceeds substantially all of the fair value of the underlying asset and the collection of the lease payments and residual value guarantee is probable. Sales-type and direct financing leases are carried at the aggregate of lease payments plus estimated residual value of the leased property, less unearned income. Interest income on sales-type and direct financing leases is recognized over the term of the lease to achieve a constant periodic rate of return on the outstanding investment.

Leveraged leases, entered into before January 1, 2019, are carried at the aggregate of lease payments (less nonrecourse debt payments) plus estimated residual value of the leased property, less unearned income. Interest income on leveraged leases is recognized over the term of the lease to achieve a constant rate of return on the outstanding investment in the lease, net of the related deferred income tax liability, in the years in which the net investment is positive. Leveraged lease accounting is no longer applied for leases entered into or modified after the Bancorp’s adoption of ASU 2016-02, Leases, on January 1, 2019.

Nonaccrual loans and leases
The Bancorp places loans and leases on nonaccrual status when full repayment of principal and interest is not expected, unless the loan or lease is well-secured and in the process of collection. When a loan is placed on nonaccrual status, the accrual of interest, amortization of loan premium, accretion of loan discount and amortization/accretion of deferred net direct loan origination fees or costs are discontinued and all
previously accrued and unpaid interest is reversed against income. The Bancorp utilizes the following policies to determine when full repayment of principal and interest on a loan or lease is not expected:
•Commercial loans are placed on nonaccrual status when there is a clear indication that the borrower’s cash flows may not be sufficient to meet payments as they become due. Such loans are also placed on nonaccrual status when the principal or interest is past due 90 days or more, unless the loan is fully or partially guaranteed by a government agency.
•Residential mortgage loans are placed on nonaccrual status when principal and interest payments become past due 150 days or more, unless repayment of the loan is fully or partially guaranteed by a government agency. Residential mortgage loans may stay on nonaccrual status for an extended time as the foreclosure process typically lasts longer than 180 days. The Bancorp maintains a reserve for the portion of accrued interest receivable that it estimates will be uncollectible, at the portfolio level, for residential mortgage loans which are past due 90 days or more and on accrual status. This reserve is recorded as a component of other assets on the Bancorp’s Consolidated Balance Sheets, consistent with the classification of the related accrued interest receivable.
•Residential mortgage loans that have been modified in a TDR and subsequently become past due 90 days or more are placed on nonaccrual status unless the loan is fully or partially guaranteed by a government agency.
•Home equity loans and lines of credit are placed on nonaccrual status if principal or interest has been in default for 90 days or more. Home equity loans and lines of credit that have been in default for 60 days or more are also placed on nonaccrual status if the senior lien has been in default 120 days or more.
•Credit card accounts that have been modified in a TDR are placed on nonaccrual status at the time of the modification. Subsequent to the modification, accounts are placed on nonaccrual status when required payments become past due 90 days or more.
•Indirect secured consumer loans and other consumer loans are generally placed on nonaccrual status when principal or interest becomes past due 90 days or more.
•Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower are classified as collateral-dependent TDRs and placed on nonaccrual status regardless of the borrower’s payment history or capacity to repay in the future.

Well-secured loans are collateralized by perfected security interests in real and/or personal property for which the Bancorp estimates proceeds from the sale would be sufficient to recover the outstanding principal and accrued interest balance of the loan and pay all costs to sell the collateral. The Bancorp considers a loan in the process of collection if collection efforts or legal action is proceeding and the Bancorp expects to collect funds sufficient to bring the loan current or recover the entire outstanding principal and accrued interest balance in the near future.

Nonaccrual loans and leases may be returned to accrual status when all delinquent principal and interest payments become current in accordance with the loan agreement and the remaining principal and interest payments are reasonably assured of repayment in accordance with the contractual terms of the loan agreement, or when the loan is both well-secured and in the process of collection. Nonaccrual loans that have been modified in a TDR may not be returned to accrual status unless such loans have sustained repayment performance of six months or more and are reasonably assured of repayment in accordance with the restructured terms. Loans discharged in a Chapter 7 bankruptcy and not reaffirmed by the borrower may be returned to accrual status provided there is a sustained payment history of twelve months or more after bankruptcy and collectability is reasonably assured for all remaining contractual payments.

Except for loans discharged in a Chapter 7 bankruptcy that are not reaffirmed by the borrower, accruing residential mortgage loans, home equity loans and lines of credit, indirect secured consumer loans and other consumer loans modified as part of a TDR are maintained on accrual status, provided there is reasonable assurance of repayment and of performance according to the modified terms based upon a current, well-documented credit evaluation. Accruing commercial loans modified as part of a TDR are maintained on accrual status provided there is a sustained payment history of six months or more prior to the modification and collectability is reasonably assured for all remaining contractual payments under the modified terms. TDRs of commercial loans and credit card loans that do not have a sustained payment history of six months or more in accordance with their modified terms remain on nonaccrual status until a six-month payment history is sustained.

Nonaccrual loans and leases are generally accounted for on the cost recovery method due to the existence of doubt as to the collectability of the remaining amortized cost basis of nonaccrual assets. Under the cost recovery method, any payments received are applied to reduce principal. Once the entire amortized cost basis is collected, additional payments received are treated as recoveries of amounts previously charged-off until recovered in full, and any subsequent payments are treated as interest income. In certain circumstances when the remaining amortized cost basis of a nonaccrual loan or lease is deemed to be fully collectible, the Bancorp may utilize the cash basis method to account for interest payments received on a nonaccrual loan or lease. Under the cash basis method, interest income is recognized when cash is received, to the extent such income would have been accrued on the loan’s remaining balance at the contractual rate.
The Bancorp records a charge-off to the ALLL when all or a portion of a loan or lease is deemed to be uncollectible, after considering the net realizable value of any underlying collateral. Commercial loans and leases on nonaccrual status, including those modified in a TDR, as well as criticized commercial loans with aggregate borrower relationships exceeding $1 million, are subject to an individual review to identify charge-offs. The Bancorp does not have an established delinquency threshold for partially or fully charging off commercial loans and leases. The Bancorp records charge-offs on consumer loans in accordance with applicable regulatory guidelines, which are primarily based on a loan’s delinquency status.
Restructured Loans and Leases
Restructured loans and leases
A loan is accounted for as a TDR if the Bancorp, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not otherwise consider. TDRs include concessions granted under reorganization, arrangement or other provisions of the Federal Bankruptcy Act. A TDR typically involves a modification of terms such as a reduction of the stated interest rate or remaining principal amount of the loan, a reduction of accrued interest or an extension of the maturity date at a stated interest rate lower than the current market rate for a new loan with similar risk.
Upon modification of a loan, the Bancorp measures the expected credit loss as either the difference between the amortized cost of the loan and the fair value of collateral less cost to sell or the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan.
Loans and Leases Held for Sale
Loans and Leases Held for Sale
Loans and leases held for sale primarily represent conforming fixed-rate residential mortgage loans originated or acquired with the intent to sell in the secondary market and jumbo residential mortgage loans, commercial loans, other residential mortgage loans and other consumer loans that management has the intent to sell. Loans and leases held for sale may be carried at the lower of cost or fair value, or carried at fair value where the Bancorp has elected the fair value option of accounting under U.S. GAAP. The Bancorp has elected to measure certain groups of loans held for sale under the fair value option, including certain residential mortgage loans originated as held for sale and certain purchased commercial loans designated as held for sale at acquisition. For loans in which the Bancorp has not elected the fair value option, the lower of cost or fair value is determined at the individual loan level.

The fair value of residential mortgage loans held for sale for which the fair value election has been made is estimated based upon mortgage-backed securities prices and spreads to those prices or, for certain ARM loans, DCF models that may incorporate the anticipated portfolio composition, credit spreads of asset-backed securities with similar collateral and market conditions. The anticipated portfolio composition includes the effects of interest rate spreads and discount rates due to loan characteristics such as the state in which the loan was originated, the loan amount and the ARM margin. These fair value marks are recorded as a component of noninterest income in mortgage banking net revenue in the Consolidated Statements of Income. For residential mortgage loans that it has originated as held for sale, the Bancorp generally has commitments to sell these loans in the secondary market. Gains or losses on sales are recognized in mortgage banking net revenue in the Consolidated Statements of Income.

Management’s intent to sell residential mortgage loans classified as held for sale may change over time due to such factors as changes in the overall liquidity in markets or changes in characteristics specific to certain loans held for sale. Consequently, these loans may be reclassified to loans held for investment and, thereafter, reported within the Bancorp’s residential mortgage class of portfolio loans and leases. In such cases, if the fair value election was made, the residential mortgage loans will continue to be measured at fair value, which is based on mortgage-backed securities prices, interest rate risk and an internally developed credit component.

Loans and leases held for sale are placed on nonaccrual status consistent with the Bancorp’s nonaccrual policies for portfolio loans and leases.
Other Real Estate Owned
Other Real Estate Owned
OREO, which is included in other assets in the Consolidated Balance Sheets, represents property acquired through foreclosure or other proceedings and branch-related real estate no longer intended to be used for banking purposes. OREO is carried at the lower of cost or fair value, less costs to sell. All OREO property is periodically evaluated for impairment and decreases in carrying value are recognized as reductions in other noninterest income in the Consolidated Statements of Income. For government-guaranteed mortgage loans, upon foreclosure, a separate other receivable is recognized if certain conditions are met for the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. This receivable is also included in other assets, separate from OREO, in the Consolidated Balance Sheets.
ALLL
ALLL
The Bancorp disaggregates its portfolio loans and leases into portfolio segments for purposes of determining the ALLL. The Bancorp’s portfolio segments include commercial, residential mortgage and consumer. The Bancorp further disaggregates its portfolio segments into classes for purposes of monitoring and assessing credit quality based on certain risk characteristics. Classes within the commercial portfolio segment include commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leasing. The residential mortgage portfolio segment is also considered a class. Classes within the consumer portfolio segment include home equity, indirect secured consumer, credit card and other consumer loans. For an analysis of the Bancorp’s ALLL by portfolio segment and credit quality information by class, refer to Note 6.

The Bancorp maintains the ALLL to absorb the amount of credit losses that are expected to be incurred over the remaining contractual terms of the related loans and leases. Contractual terms are adjusted for expected prepayments but are not extended for expected extensions, renewals or modifications except in circumstances where the Bancorp reasonably expects to execute a TDR with the borrower or where certain extension or renewal options are embedded in the original contract and not unconditionally cancellable by the Bancorp.
Accrued interest receivable on loans is presented in the Consolidated Financial Statements as a component of other assets. When accrued interest is deemed to be uncollectible (typically when a loan is placed on nonaccrual status), interest income is reversed. The Bancorp follows established policies for placing loans on nonaccrual status, so uncollectible accrued interest receivable is reversed in a timely manner. As a result, the Bancorp has elected not to measure a reserve for accrued interest receivable as part of its ALLL. However, the Bancorp does record a reserve for the portion of accrued interest receivable that it expects to be uncollectible. Refer to the Portfolio Loans and Leases section for additional information.

Credit losses are charged and recoveries are credited to the ALLL. The ALLL is maintained at a level the Bancorp considers to be adequate and is based on ongoing quarterly assessments and evaluations of the collectability of loans and leases, including historical credit loss experience, current and forecasted market and economic conditions and consideration of various qualitative factors that, in management’s judgment, deserve consideration in estimating expected credit losses. Provisions for credit losses are recorded for the amounts necessary to adjust the ALLL to the Bancorp’s current estimate of expected credit losses on portfolio loans and leases.

The Bancorp’s methodology for determining the ALLL includes an estimate of expected credit losses on a collective basis for groups of loans and leases with similar risk characteristics and specific allowances for loans and leases which are individually evaluated.

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibit probable or observed credit weaknesses, as well as loans that have been modified in a TDR, are individually evaluated for an ALLL. The Bancorp considers the current value of collateral, credit quality of any guarantees, the guarantor’s liquidity and willingness to cooperate, the loan or lease structure and other factors when determining the amount of the ALLL. Other factors may include the borrower’s susceptibility to risks presented by the forecasted macroeconomic environment, the industry and geographic region of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower and the Bancorp’s evaluation of the borrower’s management. When loans and leases are individually evaluated, allowances are determined based on management’s estimate of the borrower’s ability to repay the loan or lease given the availability of collateral and other sources of cash flow, as well as an evaluation of legal options available to the Bancorp. Allowances for individually evaluated loans and leases that are collateral-dependent are measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans and leases that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated commercial loans and leases, including TDRs, are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Consumer and residential mortgage loans that have been modified in a TDR are individually evaluated for an ALLL. Allowances for individually evaluated loans that are collateral-dependent are typically measured based on the fair value of the underlying collateral, less expected costs to sell where applicable. Individually evaluated loans that are not collateral-dependent are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate and a modeled expected credit loss amount. The Bancorp evaluates the collectability of both principal and interest when assessing the need for a loss accrual. Specific allowances on individually evaluated consumer and residential mortgage loans are reviewed quarterly and adjusted as necessary based on changing borrower and/or collateral conditions and actual collection and charge-off experience.

Expected credit losses are estimated on a collective basis for loans and leases that are not individually evaluated. These include commercial loans and leases that do not meet the criteria for individual evaluation as well as homogeneous loans in the residential mortgage and consumer portfolio segments. For collectively evaluated loans and leases, the Bancorp uses models to forecast expected credit losses based on the probability of a loan or lease defaulting, the expected balance at the estimated date of default and the expected loss percentage given a default. The estimate of the expected balance at the time of default considers prepayments and, for loans with available credit, expected utilization rates. The Bancorp’s expected credit loss models were developed based on historical credit loss experience and observations of migration patterns for various credit risk characteristics (such as internal credit risk grades, external credit ratings or scores, delinquency status, loan-to-value trends, etc.) over time, with those observations evaluated in the context of concurrent macroeconomic conditions. The Bancorp developed its models from historical observations capturing a full economic cycle when possible.

The Bancorp’s expected credit loss models consider historical credit loss experience, current market and economic conditions, and forecasted changes in market and economic conditions if such forecasts are considered reasonable and supportable. Generally, the Bancorp considers its forecasts to be reasonable and supportable for a period of up to three years from the estimation date. For periods beyond the reasonable and supportable forecast period, expected credit losses are estimated by reverting to historical loss information without adjustment for changes in economic conditions. This reversion is phased in over a two-year period. The Bancorp evaluates the length of its reasonable and supportable forecast period, its reversion period and reversion methodology at least annually, or more often if warranted by economic conditions or other circumstances.

The Bancorp also considers qualitative factors in determining the ALLL. Qualitative factors are used to capture characteristics in the portfolio that impact expected credit losses but that are not fully captured within the Bancorp’s expected credit loss models. These include adjustments for changes in policies or procedures in underwriting, monitoring or collections, lending and risk management personnel and results of internal audit and quality control reviews. These may also include adjustments, when deemed necessary, for specific idiosyncratic risks such
as geopolitical events, natural disasters and their effects on regional borrowers, and changes in product structures. Qualitative factors may also be used to address the impacts of unforeseen events on key inputs and assumptions within the Bancorp’s expected credit loss models, such as the reasonable and supportable forecast period, changes to historical loss information or changes to the reversion period or methodology.

When evaluating the adequacy of allowances, consideration is also given to regional geographic concentrations and the closely associated effect that changing economic conditions may have on the Bancorp’s customers.
Reserve for Unfunded Commitments
Reserve for Unfunded Commitments
The reserve for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities and is included in other liabilities in the Consolidated Balance Sheets. The determination of the adequacy of the reserve is based upon expected credit losses over the remaining contractual life of the commitments, taking into consideration the current funded balance and estimated exposure over the reasonable and supportable forecast period. This process takes into consideration the same risk elements that are analyzed in the determination of the adequacy of the Bancorp’s ALLL, as previously discussed. Net adjustments to the reserve for unfunded commitments are included in the provision for credit losses in the Consolidated Statements of Income.
Loan Sales and Securitizations
Loan Sales and Securitizations
The Bancorp periodically sells loans through either securitizations or individual loan sales in accordance with its investment policies. The sold loans are removed from the Consolidated Balance Sheet and a net gain or loss is recognized in the Consolidated Financial Statements at the time of sale. The Bancorp typically isolates the loans through the use of a VIE and thus is required to assess whether the entity holding the sold or securitized loans is a VIE and whether the Bancorp is the primary beneficiary and therefore consolidator of that VIE. If the Bancorp holds the power to direct activities most significant to the economic performance of the VIE and has the obligation to absorb losses or right to receive benefits that could potentially be significant to the VIE, then the Bancorp will generally be deemed the primary beneficiary of the VIE. If the Bancorp is determined not to be the primary beneficiary of a VIE but holds a variable interest in the entity, such variable interests are accounted for under the equity method of accounting or other accounting standards as appropriate. Refer to Note 12 for further information on consolidated and non-consolidated VIEs.

The Bancorp’s loan sales and securitizations are generally structured with servicing retained, which often results in the recording of servicing rights. The Bancorp may also purchase servicing rights. The Bancorp has elected to measure all existing classes of its residential mortgage servicing rights portfolio at fair value with changes in the fair value of servicing rights reported in mortgage banking net revenue in the Consolidated Statements of Income in the period in which the changes occur.

Servicing rights are valued using internal OAS models. Key economic assumptions used in estimating the fair value of the servicing rights include the prepayment speeds of the underlying loans, the weighted-average life, the OAS and the weighted-average coupon rate, as applicable. The primary risk of material changes to the value of the servicing rights resides in the potential volatility in the economic assumptions used, particularly the prepayment speeds. In order to assist in the assessment of the fair value of servicing rights, the Bancorp obtains external valuations of the servicing rights portfolio from third parties and participates in peer surveys that provide additional confirmation of the reasonableness of the key assumptions utilized in the internal OAS model.

Fees received for servicing loans owned by investors are based on a percentage of the outstanding monthly principal balance of such loans and are included in noninterest income in the Consolidated Statements of Income as loan payments are received. Costs of servicing loans are charged to expense as incurred.
Reserve for Representation and Warranty Provisions
Reserve for Representation and Warranty Provisions
Conforming residential mortgage loans sold to unrelated third parties are generally sold with representation and warranty provisions. A contractual liability arises only in the event of a breach of these representations and warranties and, in general, only when a loss results from the breach. The Bancorp may be required to repurchase any previously sold loan or indemnify (make whole) the investor or insurer for which the representation or warranty of the Bancorp proves to be inaccurate, incomplete or misleading. The Bancorp establishes a residential mortgage repurchase reserve related to various representations and warranties that reflects management’s estimate of losses based on a combination of factors.

The Bancorp’s estimation process requires management to make subjective and complex judgments about matters that are inherently uncertain, such as future demand expectations, economic factors and the specific characteristics of the loans subject to repurchase. Such factors incorporate historical investor audit and repurchase demand rates, appeals success rates, historical loss severity and any additional information obtained from the GSEs regarding future mortgage repurchase and file request criteria. At the time of a loan sale, the Bancorp records a representation and warranty reserve at the estimated fair value of the Bancorp’s guarantee and continually updates the reserve during the life of the loan as losses in excess of the reserve become probable and reasonably estimable. The provision for the estimated fair value of the representation and warranty guarantee arising from the loan sales is recorded as an adjustment to the gain on sale, which is included in other noninterest income in the Consolidated Statements of Income at the time of sale. Updates to the reserve are recorded in other noninterest expense in the Consolidated Statements of Income.
Legal Contingencies
Legal Contingencies
The Bancorp and its subsidiaries are parties to numerous claims and lawsuits as well as threatened or potential actions or claims concerning matters arising from the conduct of its business activities. The outcome of claims or litigation and the timing of ultimate resolution are inherently difficult to predict and significant judgment may be required in the determination of both the probability of loss and whether the amount of the loss is reasonably estimable. The Bancorp’s estimates are subjective and are based on the status of legal and regulatory proceedings, the merit of the Bancorp’s defenses and consultation with internal and external legal counsel. An accrual for a potential litigation loss is established when information related to the loss contingency indicates both that a loss is probable and that the amount of loss can be reasonably estimated. This accrual is included in other liabilities in the Consolidated Balance Sheets and is adjusted from time to time as appropriate to reflect changes in circumstances. Legal expenses are recorded in other noninterest expense in the Consolidated Statements of Income.
Bank Premises and Equipment and Other Long-Lived Assets
Bank Premises and Equipment and Other Long-Lived Assets
Bank premises and equipment, including leasehold improvements, and operating lease equipment are carried at cost less accumulated depreciation and amortization. Generally, depreciation is calculated using the straight-line method based on estimated useful lives of the assets for book purposes, while accelerated depreciation is used for income tax purposes. Amortization of leasehold improvements is generally computed using the straight-line method over the lives of the related leases or useful lives of the related assets, whichever is shorter. Whenever events or changes in circumstances dictate, the Bancorp tests its long-lived assets for impairment by determining whether the sum of the estimated undiscounted future cash flows attributable to a long-lived asset or asset group is less than the carrying amount of the long-lived asset or asset group through a probability-weighted approach. In the event the carrying amount of the long-lived asset or asset group is not recoverable, an impairment loss is measured as the amount by which the carrying amount of the long-lived asset or asset group exceeds its fair value. Maintenance, repairs and minor improvements are charged to noninterest expense in the Consolidated Statements of Income as incurred. Lease payments received for operating lease equipment are recognized in leasing business revenue in the Consolidated Statements of Income over the lease term on a straight-line basis unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from use of the underlying equipment.
Lessee Accounting
Lessee Accounting
ROU assets and lease liabilities are recognized for all leases unless the initial term of the lease is twelve months or less. Lease costs for operating leases are recognized on a straight-line basis over the lease term unless another systematic basis is more representative of the pattern of consumption. The lease term includes any renewal period that the Bancorp is reasonably certain to exercise. The Bancorp uses its incremental borrowing rate to discount the lease payments if the rate implicit in the lease is not readily determinable. Variable lease payments associated with operating leases are recognized in the period in which the obligation for payments is incurred.

For finance leases, the lease liability is measured using the effective interest method such that the liability is increased for interest based on the discount rate that is implicit in the lease or the Bancorp’s incremental borrowing rate if the implicit rate cannot be readily determined, offset by a decrease in the liability resulting from the periodic lease payments. The ROU asset associated with the finance lease is amortized on a straight-line basis unless there is another systematic and rational basis that better reflects how the benefits of the underlying assets are consumed over the lease term. The period over which the ROU asset is amortized is generally the lesser of the remaining lease term or the remaining useful life of the leased asset. Variable lease payments associated with finance leases are recognized in the period in which the obligation for those payments is incurred.

When the lease liability is remeasured to reflect changes to the lease payments as a result of a lease modification, the ROU asset is adjusted for the amount of the lease liability remeasurement. If a lease modification reduces the scope of a lease, the ROU asset would be reduced proportionately based on the change in the lease liability and the difference between the lease liability adjustment and the resulting ROU asset adjustment would be recognized as a gain or loss in the Consolidated Statements of Income. Additionally, the amortization of the ROU asset is adjusted prospectively from the date of remeasurement.

The Bancorp performs impairment assessments for ROU assets when events or changes in circumstances indicate that their carrying values may not be recoverable. Any impairment loss is recognized in net occupancy expense in the Consolidated Statements of Income. Refer to the Bank Premises and Equipment and Other Long-Lived Assets section of this note for further information.
Derivative Financial Instruments and Hedge Accounting
Derivative Financial Instruments and Hedge Accounting
The Bancorp accounts for its derivatives as either assets or liabilities measured at fair value through adjustments to AOCI and/or current earnings, as appropriate. On the date the Bancorp enters into a derivative contract, the Bancorp designates the derivative instrument as either a fair value hedge, cash flow hedge or as a free-standing derivative instrument. For a fair value hedge, changes in the fair value of the derivative instrument and changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded in current period net income. For a cash flow hedge, changes in the fair value of the derivative instrument are recorded in AOCI and subsequently reclassified to net income in the same period(s) that the hedged transaction impacts net income. For free-standing derivative instruments, changes in fair values are reported in current period net income.
When entering into a hedge transaction, the Bancorp formally documents the relationship between the hedging instrument and the hedged item, as well as the risk management objective and strategy for undertaking the hedge transaction before the end of the quarter in which the transaction is consummated. This process includes linking the derivative instrument designated as a fair value or cash flow hedge to a specific asset or liability on the balance sheet or to specific forecasted transactions and the risk being hedged, along with a formal assessment at the inception of the hedge as to the effectiveness of the derivative instrument in offsetting changes in fair values or cash flows of the hedged item. The Bancorp continues to assess hedge effectiveness on an ongoing basis using either a qualitative or a quantitative assessment (regression analysis). Additionally, the Bancorp may also utilize the shortcut method to evaluate hedge effectiveness for certain qualifying hedges with matched terms that permit the assumption of perfect offset. If the shortcut method is no longer appropriate, the Bancorp would apply the long-haul method identified at inception of the hedging transaction for assessing hedge effectiveness as long as the hedge is highly effective. If it is determined that the derivative instrument is not highly effective as a hedge, hedge accounting is discontinued. For fair value hedges, if hedge accounting is discontinued, the cumulative basis adjustments related to the hedged asset or liability are amortized to earnings in the same manner as other components of the carrying amount of that asset of liability. For cash flow hedges, upon discontinuation of hedge accounting, any amounts in AOCI related to that relationship should affect earnings at the same time and in the same manner in which the hedged transaction affects earnings. However, if it becomes probable that the forecasted transaction will not occur, any related amounts in AOCI are reclassified to earnings immediately.
Investments in Qualified Affordable Housing Projects
Investments in Qualified Affordable Housing Projects
The Bancorp invests in projects to create affordable housing and revitalize business and residential areas. These investments are classified as other assets on the Bancorp’s Consolidated Balance Sheets. Investments in affordable housing projects that qualify for LIHTC are accounted for using the proportional amortization method. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other benefits received and recognized as a component of applicable income tax expense in the Consolidated Statements of Income. Investments which do not meet the qualification criteria for the proportional amortization method are accounted for using the equity method of accounting with impairment associated with the investments recognized in other noninterest expense in the Consolidated Statements of Income.
Deposits
Deposits
Deposits generally include the unpaid balance of cash or its equivalent received or held by the Bank for its commercial and consumer customers. Deposits are classified as either transactional or non-transactional and include both interest-bearing and noninterest-bearing balances. Interest expense incurred on interest-bearing deposits is recognized in accordance with applicable guidance in U.S. GAAP for these liabilities and includes certain ongoing deposit placement fees paid on custodial accounts.
Income Taxes
Income Taxes
The Bancorp accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for expected future tax consequences. Under the asset and liability method, deferred tax assets and liabilities are determined by applying the federal and state tax rates to the differences between financial statement carrying amounts and the corresponding tax bases of assets and liabilities. Deferred tax assets are also recorded for any tax attributes, such as tax credits and net operating loss carryforwards. The net balances of deferred tax assets and liabilities are reported in other assets and accrued taxes, interest and expenses in the Consolidated Balance Sheets. Any effect of a change in federal or state tax rates on deferred tax assets and liabilities is recognized in income tax expense in the period that includes the enactment date. The Bancorp reflects the expected amount of income tax to be paid or refunded during the year as current income tax expense or benefit. Accrued taxes represent the net expected amount due to and/or from taxing jurisdictions and are reported in accrued taxes, interest and expenses in the Consolidated Balance Sheets. The Bancorp uses the deferral method of accounting on investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction to the related asset.

The Bancorp evaluates the realization of deferred tax assets based on all positive and negative evidence available at the balance sheet date. Realization of deferred tax assets is based on the Bancorp’s judgment about relevant factors affecting their realization, including the taxable income within any applicable carry back periods, future projected taxable income, the reversal of taxable temporary differences and tax planning strategies. The Bancorp records a valuation allowance for deferred tax assets where the Bancorp does not believe that it is more likely than not that the deferred tax assets will be realized.

Income tax benefits from uncertain tax positions are recognized in the financial statements only if the Bancorp believes that it is more likely than not that the uncertain tax position will be sustained based solely on the technical merits of the tax position and consideration of the relevant taxing authority’s widely understood administrative practices and precedents. If the Bancorp does not believe that it is more likely than not that an uncertain tax position will be sustained, the Bancorp records a liability for the uncertain tax position. If the Bancorp believes that it is more likely than not that an uncertain tax position will be sustained, the Bancorp only records a tax benefit for the portion of the uncertain tax position where the likelihood of realization is greater than 50% upon settlement with the relevant taxing authority that has full knowledge of all relevant information. The Bancorp recognizes interest expense, interest income and penalties related to unrecognized tax benefits within applicable income tax expense in the Consolidated Statements of Income. Refer to Note 21 for further discussion regarding income taxes.
Earnings Per Share
Earnings Per Share
Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Earnings per diluted share is computed by dividing adjusted net income available to common shareholders by the weighted-average number of shares of common stock outstanding, adjusted for the impact of potentially dilutive common shares arising from the exercise or settlement of stock-based awards and the settlement of outstanding forward contracts.

The Bancorp calculates earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share separately for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. For purposes of calculating earnings per share under the two-class method, restricted shares that contain nonforfeitable rights to dividends are considered participating securities until vested. While the dividends declared per share on such restricted shares are the same as dividends declared per common share outstanding, the dividends recognized on such restricted shares may be less because dividends paid on restricted shares that are expected to be forfeited are reclassified to compensation expense during the period when forfeiture is expected.
Goodwill
Goodwill
Business combinations entered into by the Bancorp typically include the recognition of goodwill. U.S. GAAP requires goodwill to be tested for impairment at the reporting unit level on an annual basis, which the Bancorp performs as of September 30 each year, and more frequently if events or circumstances indicate that there may be impairment.

Impairment exists when a reporting unit’s carrying amount of goodwill exceeds its implied fair value. In testing goodwill for impairment, U.S. GAAP permits the Bancorp to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In this qualitative assessment, the Bancorp evaluates events and circumstances which may include, but are not limited to, the general economic environment, banking industry and market conditions, the overall financial performance of the Bancorp, the performance of the Bancorp’s common stock, the key financial performance metrics of the Bancorp’s reporting units and events affecting the reporting units to determine if it is not more likely than not that the fair value of a reporting unit is less than its carrying amount. If the quantitative impairment test is required or the decision to bypass the qualitative assessment is elected, the Bancorp performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. A recognized impairment loss cannot be reversed in future periods even if the fair value of the reporting unit subsequently recovers.

The fair value of a reporting unit is the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. As none of the Bancorp’s reporting units are publicly traded, individual reporting unit fair value determinations cannot be directly correlated to the Bancorp’s stock price. The determination of the fair value of a reporting unit is a subjective process that involves the use of estimates and judgments, particularly related to cash flows, the appropriate discount rates and an applicable control premium. The determination of the fair value of the Bancorp’s reporting units includes both an income-based approach and a market-based approach. The income-based approach utilizes the reporting unit’s forecasted cash flows (including a terminal value approach to estimate cash flows beyond the final year of the forecast) and the reporting unit’s estimated cost of equity as the discount rate. Significant management judgment is necessary in the preparation of each reporting unit’s forecasted cash flows surrounding expectations for earnings projections, growth and credit loss expectations and actual results may differ from forecasted results. Additionally, the Bancorp determines its market capitalization based on the average of the closing price of the Bancorp’s stock during the month including the measurement date, incorporating an additional control premium, and compares this market-based fair value measurement to the aggregate fair value of the Bancorp’s reporting units in order to corroborate the results of the income approach. Refer to Note 10 for further information regarding the Bancorp’s goodwill.
Fair Value Measurements
Fair Value Measurements
The Bancorp measures certain financial assets and liabilities at fair value in accordance with U.S. GAAP, which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Bancorp employs various valuation approaches to measure fair value including the market, income and cost approaches. The market approach uses prices or relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach involves discounting future amounts to a single present amount and is based on current market expectations about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of the asset.

U.S. GAAP establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the instrument’s fair value measurement. The three levels within the fair value hierarchy are described as follows:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Bancorp has the ability to access at the measurement date.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – Unobservable inputs for the asset or liability for which there is little, if any, market activity at the measurement date. Unobservable inputs reflect the Bancorp’s own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include the Bancorp’s own financial data such as internally developed pricing models and DCF methodologies, as well as instruments for which the fair value determination requires significant management judgment.

The Bancorp’s fair value measurements involve various valuation techniques and models, which involve inputs that are observable, when available. Valuation techniques and parameters used for measuring assets and liabilities are reviewed and validated by the Bancorp on a quarterly basis. Additionally, the Bancorp monitors the fair values of significant assets and liabilities using a variety of methods including the evaluation of pricing runs and exception reports based on certain analytical criteria, comparison to previous trades and overall review and assessments for reasonableness. The Bancorp may, as a practical expedient, measure the fair value of certain investments on the basis of the net asset value per share of the investment, or its equivalent. Any investments which are valued using this practical expedient are not classified in the fair value hierarchy. Refer to Note 28 for further information on fair value measurements.
Stock-Based Compensation
Stock-Based Compensation
The Bancorp recognizes compensation expense for the grant-date fair value of stock-based awards that are expected to vest over the requisite service period. All awards, both those with cliff vesting and graded vesting, are expensed on a straight-line basis over the requisite service period. Awards to employees that meet eligible retirement status are expensed immediately. As compensation expense is recognized, a deferred tax asset is recorded that represents an estimate of the future tax deduction from exercise or release of restrictions. At the time awards are exercised, cancelled, expire or restrictions are released, the Bancorp recognizes an adjustment to income tax expense for the difference between the previously estimated tax deduction and the actual tax deduction realized. For further information on the Bancorp’s stock-based compensation plans, refer to Note 25.
Pension Plans
Pension Plans
The Bancorp uses an expected long-term rate of return applied to the fair market value of assets as of the beginning of the year and the expected cash flow during the year for calculating the expected investment return on all pension plan assets. Amortization of the net gain or loss resulting from experience different from that assumed and from changes in assumptions (excluding asset gains and losses not yet reflected in market-related value) is included as a component of net periodic benefit cost. If, as of the beginning of the year, that net gain or loss exceeds 10% of the greater of the projected benefit obligation and the market-related value of plan assets, the amortization is that excess divided by the average remaining service period of participating employees expected to receive benefits under the plan. The Bancorp uses a third-party actuary to compute the remaining service period of participating employees. This period reflects expected turnover, pre-retirement mortality and other applicable employee demographics.
Revenue Recognition
Revenue Recognition
The Bancorp’s interest income is derived from loans and leases, investment securities and other short-term investments. The Bancorp recognizes interest income in accordance with the applicable guidance in U.S. GAAP for these assets. Refer to the Portfolio Loans and Leases and Investment Securities sections of this footnote for further information.

The Bancorp generally measures noninterest income revenue based on the amount of consideration the Bancorp expects to be entitled for the transfer of goods or services to a customer, then recognizes this revenue when or as the Bancorp satisfies its performance obligations under the contract, except in transactions where U.S. GAAP provides other applicable guidance. When the amount of consideration is variable, the Bancorp will only recognize revenue to the extent that it is probable that the cumulative amount recognized will not be subject to a significant reversal in the future. Substantially all of the Bancorp’s contracts with customers have expected durations of one year or less and payments are typically due when or as the services are rendered or shortly thereafter. When third parties are involved in providing goods or services to customers, the Bancorp recognizes revenue on a gross basis when it has control over those goods or services prior to transfer to the customer; otherwise, revenue is recognized for the net amount of any fee or commission. The Bancorp excludes sales taxes from the recognition of revenue and recognizes the incremental costs of obtaining contracts as an expense if the period of amortization for those costs would be one year or less. The following provides additional information about the components of noninterest income:
•Commercial banking revenue consists primarily of service fees and other income related to loans to commercial clients, underwriting revenue recognized by the Bancorp’s broker-dealer subsidiary and fees for other services provided to commercial clients. Revenue related to loans is recognized in accordance with the Bancorp’s policies for portfolio loans and leases. Underwriting revenue is generally recognized on the trade date, which is when the Bancorp’s performance obligations are satisfied.
•Service charges on deposits consist primarily of treasury management fees for commercial clients, monthly service charges on consumer deposit accounts, transaction-based fees (such as overdraft fees and wire transfer fees), and other deposit account-related charges. The Bancorp’s performance obligations for treasury management fees and consumer deposit account service charges are
typically satisfied over time while performance obligations for transaction-based fees are typically satisfied at a point in time. Revenues are recognized on an accrual basis when or as the services are provided to the customer, net of applicable discounts, waivers and reversals. Payments are typically collected from customers directly from the related deposit account at the time the transaction is processed and/or at the end of the customer’s statement cycle (typically monthly).
•Wealth and asset management revenue consists primarily of service fees for investment management, custody, and trust administration services provided to commercial and consumer clients. The Bancorp’s performance obligations for these services are generally satisfied over time and revenues are recognized monthly based on the fee structure outlined in individual contracts. Transaction prices are most commonly based on the market value of assets under management or care and/or a fee per transaction processed. The Bancorp also offers certain services for which the performance obligations are satisfied and revenue is recognized at a point in time, when the services are performed. Wealth and asset management revenue also includes trailing commissions received from investments and annuities held in customer accounts, which are recognized in revenue when the Bancorp determines that it has satisfied its performance obligations and has sufficient information to estimate the amount of the commissions to which it expects to be entitled.
•Card and processing revenue consists primarily of ATM fees and interchange fees earned when the Bancorp’s credit and debit cards are processed through card association networks. The Bancorp’s performance obligations are generally complete when the transactions generating the fees are processed. Revenue is recognized on an accrual basis as such services are performed, net of certain costs not controlled by the Bancorp (primarily interchange fees charged by credit card associations and expenses of certain transaction-based rewards programs offered to customers).
•Leasing business revenue consists primarily of operating lease income, leasing business solutions revenue, lease remarketing fees and lease syndication fees from lease arrangements to commercial clients. Revenue related to leases is recognized either in accordance with the Bancorp’s policies for portfolio loans and leases or when the Bancorp’s performance obligations are satisfied.
•Mortgage banking net revenue consists primarily of origination fees and gains on loan sales, mortgage servicing fees and the impact of MSRs. Refer to the Loans and Leases Held for Sale and Loan Sales and Securitizations sections of this footnote for further information.
•Other noninterest income includes certain fees derived from loans, BOLI income, gains and losses on other assets, and other miscellaneous revenues and gains.
Other
Other
Securities and other property held by Fifth Third Wealth and Asset Management, a division of the Bancorp’s banking subsidiary, in a fiduciary or agency capacity are not included in the Consolidated Balance Sheets because such items are not assets of the subsidiaries.

Other short-term investments have original maturities less than one year and primarily include interest-bearing balances that are funds on deposit at other depository institutions or the FRB. The Bancorp uses other short-term investments as part of its liquidity risk management activities.

The Bancorp purchases life insurance policies on the lives of certain directors, officers and employees and is the owner and beneficiary of the policies. The Bancorp invests in these policies, known as BOLI, to provide an efficient form of funding for long-term retirement and other employee benefits costs. Certain BOLI policies have a stable value agreement through either a large, well-rated bank or multi-national insurance carrier that provides limited cash surrender value protection from declines in the value of each policy’s underlying investments. The Bancorp records these BOLI policies within other assets in the Consolidated Balance Sheets at each policy’s respective cash surrender value, with changes recorded in other noninterest income in the Consolidated Statements of Income.

Intangible assets are amortized on either a straight-line or an accelerated basis over their estimated useful lives and, based on the type of intangible asset, the amortization expense may be recorded in either leasing business revenue or other noninterest expense in the Consolidated Statements of Income. The Bancorp reviews intangible assets for impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

Securities sold under repurchase agreements are accounted for as secured borrowings and included in other short-term borrowings in the Consolidated Balance Sheets at the amounts at which the securities were sold plus accrued interest.

Acquisitions of treasury stock are carried at cost. Reissuance of shares in treasury for acquisitions, exercises of stock-based awards or other corporate purposes is recorded based on the specific identification method.

Advertising costs are generally expensed as incurred.
Accounting and Reporting Developments
ACCOUNTING AND REPORTING DEVELOPMENTS
Standard Adopted in 2022
The Bancorp adopted the following new accounting standard effective January 1, 2022:

ASU 2020-06 – Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Equity’s Own Equity
In August 2020, the FASB issued ASU 2020-06, which simplified the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The Bancorp adopted the amended guidance on January 1, 2022 using the modified retrospective transition method. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

Significant Accounting Standards Issued but Not Yet Adopted
The following significant accounting standards were issued but not yet adopted by the Bancorp as of December 31, 2022:

ASU 2021-08 – Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
In October 2021, the FASB issued ASU 2021-08, which provided guidance on the accounting for revenue contracts with customers which are acquired in a business combination. The amendments generally state that an acquirer accounts for an acquired revenue contract with a customer as if it had originated the contract. The amendments also provide certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis and will apply the amendments for business combinations occurring on or after the adoption date.

ASU 2022-01 – Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method
In March 2022, the FASB issued ASU 2022-01, which clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets and renames the last-of-layer method the portfolio layer method. Under current guidance, the last-of-layer method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. ASU 2022-01 expands the scope of this guidance to allow entities to apply the portfolio layer method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. It allows entities to designate multiple layers within a single closed portfolio as individual hedged items. Further, ASU 2022-01 clarifies that the fair value basis adjustments should be adjusted at the portfolio level and should not be allocated to individual assets within the portfolio. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis, except for the amendments related to fair value basis adjustments that, if applicable, were required to be applied on a modified retrospective basis. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.

ASU 2022-02 – Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the FASB issued ASU 2022-02, which eliminates the accounting guidance on troubled debt restructurings for creditors in ASC 310-40 and requires entities to evaluate all receivable modifications under ASC 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. The amended guidance adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The amended guidance also requires disclosure of current period gross charge-offs by year of origination within the vintage disclosures required by ASC 326. The Bancorp adopted the amended guidance on January 1, 2023 on a prospective basis, except for the amendments impacting the measurement of the ACL for TDRs and reasonably expected TDRs, which were adopted on a modified retrospective basis. Upon adoption, the Bancorp recorded a decrease to the ACL of approximately $49 million and a cumulative-effect adjustment to retained earnings of approximately $37 million, net of tax. The Bancorp will be subject to the amended disclosure requirements beginning with the filing of its Quarterly Report on Form 10-Q for the first quarter of 2023.

ASU 2022-03 – Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
In June 2022, the FASB issued ASU 2022-03, which clarifies the guidance in ASC 820 on the fair value measurement of an equity security that is subject to contractual sale restrictions, stating that such restrictions are not considered part of the unit of account of the security and therefore are not considered in measuring fair value. The amended guidance also requires disclosure of the fair value of equity securities subject to contractual sale restrictions and certain additional information about those restrictions. The amended guidance is effective for the Bancorp on January 1, 2024, with early adoption permitted, and is to be applied prospectively.

ASU 2022-04 – Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations
In September 2022, the FASB issued ASU 2022-04, which provides guidance on the disclosure requirements for supplier finance programs. The amendments require that a buyer in a supplier finance program disclose sufficient qualitative and quantitative information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Bancorp adopted the amended guidance on January 1, 2023 on a retrospective basis, except for the amendments related to disclosure of rollforward information, which are required to be adopted on January 1, 2024 on a prospective basis. The adoption did not have a material impact on the Bancorp’s Consolidated Financial Statements.
Reference Rate Reform and LIBOR Transition
In March 2020, the FASB issued ASU 2020-04, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in the ASU apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, which clarified that the optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting also apply to derivatives that are affected by the discounting transition. The expedients and exceptions provided by the amendments did not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022 for which an entity had elected certain optional expedients and that are retained through the end of the hedging relationship. Subsequently, in December 2022, the FASB issued ASU 2022-06 which deferred the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments in ASU 2020-04 (as amended) are effective for the Bancorp as of March 12, 2020 and may be applied through December 31, 2024. The Bancorp is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships available through December 31, 2024.
v3.22.4
Supplemental Cash Flow Information (Tables)
 12 Months Ended
Dec. 31, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Noncash Investing and Financing Activities
Cash payments related to interest and income taxes in addition to non-cash investing and financing activities are presented in the following table for the years ended December 31:
($ in millions)202220212020
Cash Payments:
Interest$869 465 825 
Income taxes272 607 491 
Transfers:
Portfolio loans and leases to loans and leases held for sale(a)
$105 447 926 
Loans and leases held for sale to portfolio loans and leases409 49 49 
Portfolio loans and leases to OREO8 8 12 
Loans and leases held for sale to OREO1 — 2 
Bank premises and equipment to OREO24 21 2 
Supplemental Disclosures:
Net additions to lease liabilities under operating leases
$152 66 47 
Net additions to lease liabilities under finance leases
27 35 106 
(a)Includes $167 and $794 for the years ended December 31, 2021 and 2020, respectively, of residential mortgage loans previously sold to GNMA which the Bancorp was initially deemed to have regained effective control over under ASC Topic 860 and which were recorded as portfolio loans. The Bancorp subsequently repurchased these loans and classified them as held for sale.
v3.22.4
Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of December 31:
2022
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,683 — (188)2,495 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities12,604 5 (1,372)11,237 
Agency commercial mortgage-backed securities29,824 11 (3,513)26,322 
Non-agency commercial mortgage-backed securities5,235 — (520)4,715 
Asset-backed securities and other debt securities6,292 3 (453)5,842 
Other securities(a)
874 — — 874 
Total available-for-sale debt and other securities$57,530 19 (6,046)51,503 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$3 — — 3 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$5 — — 5 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $381, $491 and $2, respectively, at December 31, 2022, that are carried at cost.

2021
($ in millions)Amortized CostUnrealized GainsUnrealized LossesFair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$85 1 — 86 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities8,432 368 (18)8,782 
Agency commercial mortgage-backed securities18,236 784 (69)18,951 
Non-agency commercial mortgage-backed securities4,364 128 (13)4,479 
Asset-backed securities and other debt securities5,287 32 (44)5,275 
Other securities(a)
519 — — 519 
Total available-for-sale debt and other securities$36,941 1,313 (144)38,110 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$6 — — 6 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$8 — — 8 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $30, $486 and $3, respectively, at December 31, 2021, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of December 31:
($ in millions)20222021
Trading debt securities$414 512 
Equity securities317 376 
Realized Gain (Loss) on Investments
The following table presents securities (losses) gains recognized in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202220212020
Available-for-sale debt and other securities:
Realized gains$16 34 47 
Realized losses(13)(19)(2)
Impairment losses(1)(19)— 
Net realized gains (losses) on available-for-sale debt and other securities$2 (4)45 
Trading debt securities:
Net realized (losses) gains (2)(2)2 
Net unrealized gains (losses)11 (3)— 
Net trading debt securities gains (losses)$9 (5)2 
Equity securities:
Net realized gains 1 7 10 
Net unrealized (losses) gains(96)(7)7 
Net equity securities (losses) gains$(95)— 17 
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)
$(84)(9)64 
(a)Excludes an immaterial amount and $7 of net securities losses for the years ended December 31, 2022 and 2021, respectively, and $5 of net securities gains for the year ended December 31, 2020, related to securities held by FTS to facilitate the timely execution of customer transactions. These (losses) gains are included in commercial banking revenue and wealth and asset management revenue in the Consolidated Statements of Income.
Contractual Maturity Schedule
The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of December 31, 2022 are shown in the following table:
Available-for-Sale Debt and OtherHeld-to-Maturity
($ in millions)Amortized CostFair Value   Amortized CostFair Value    
Debt securities:(a)
Due in 1 year or less$381 374 3 3 
Due after 1 year through 5 years13,506 12,557 — — 
Due after 5 years through 10 years31,661 28,101 — — 
Due after 10 years11,108 9,597 2 2 
Other securities874 874 — — 
Total$57,530 51,503 5 5 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
Fair Value and Gross Unrealized Loss of Securities Available for Sale
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
2022
U.S. Treasury and federal agencies securities$2,400 (188)— — 2,400 (188)
Obligations of states and political subdivisions securities— — 1 — 1 — 
Agency residential mortgage-backed securities10,078 (1,170)938 (202)11,016 (1,372)
Agency commercial mortgage-backed securities22,083 (2,487)3,697 (1,026)25,780 (3,513)
Non-agency commercial mortgage-backed securities3,621 (272)1,059 (248)4,680 (520)
Asset-backed securities and other debt securities3,164 (178)2,495 (275)5,659 (453)
Total$41,346 (4,295)8,190 (1,751)49,536 (6,046)
2021
Agency residential mortgage-backed securities$935 (10)161 (8)1,096 (18)
Agency commercial mortgage-backed securities2,886 (49)424 (20)3,310 (69)
Non-agency commercial mortgage-backed securities1,052 (13)— — 1,052 (13)
Asset-backed securities and other debt securities2,870 (34)367 (10)3,237 (44)
Total$7,743 (106)952 (38)8,695 (144)
v3.22.4
Loans and Leases (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Loans and Leases Classified by Primary Purpose
The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of December 31:
($ in millions)20222021
Loans and leases held for sale:
Commercial and industrial loans$73 7 
Commercial mortgage loans— 13 
Commercial leases— 1 
Residential mortgage loans934 4,394 
Total loans and leases held for sale$1,007 4,415 
Portfolio loans and leases:
Commercial and industrial loans(a)
$57,232 51,659 
Commercial mortgage loans11,020 10,316 
Commercial construction loans5,433 5,241 
Commercial leases2,704 3,052 
Total commercial loans and leases$76,389 70,268 
Residential mortgage loans$17,628 16,397 
Home equity4,039 4,084 
Indirect secured consumer loans16,552 16,783 
Credit card1,874 1,766 
Other consumer loans4,998 2,752 
Total consumer loans$45,091 41,782 
Total portfolio loans and leases$121,480 112,050 
(a)Includes $94 million and $1.3 billion as of December 31, 2022 and 2021, respectively, related to the SBA’s Paycheck Protection Program.
Total Loans and Leases Owned by the Bancorp
The following table presents a summary of the total loans and leases owned by the Bancorp and net charge-offs (recoveries) as of and for the years ended December 31:
Carrying Value
90 Days Past Due and Still Accruing(a)
Net Charge-Offs (Recoveries)
($ in millions)202220212022202120222021
Commercial and industrial loans$57,305 51,666 11 17 96 60 
Commercial mortgage loans11,020 10,329 — 1 (1)8 
Commercial construction loans5,433 5,241 — 1 2 — 
Commercial leases2,704 3,053 2 — 4 (1)
Residential mortgage loans18,562 20,791 7 72 (2)(4)
Home equity4,039 4,084 1 1 (2)(4)
Indirect secured consumer loans16,552 16,783 — 9 36 14 
Credit card1,874 1,766 18 15 52 70 
Other consumer loans4,998 2,752 1 1 42 31 
Total loans and leases$122,487 116,465 40 117 227 174 
Less: Loans and leases held for sale1,007 4,415 
Total portfolio loans and leases$121,480 112,050 
(a)Excludes government guaranteed residential mortgage loans.
Investment in Lease Financing
The following table presents the components of the net investment in portfolio leases as of December 31:
($ in millions)(a)
20222021
Net investment in direct financing leases:
Lease payment receivable (present value)$570 886 
Unguaranteed residual assets (present value)107 147 
Net premium on acquired leases— 1 
Net investment in sales-type leases:
Lease payment receivable (present value)1,704 1,678 
Unguaranteed residual assets (present value)76 55 
(a)Excludes $247 and $285 of leveraged leases at December 31, 2022 and 2021, respectively.
Sales-type and Direct Financing Leases, Lease Receivable, Maturity
The following table presents undiscounted cash flows for both direct financing and sales-type leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows:
As of December 31, 2022 ($ in millions)Direct Financing
Leases		Sales-Type Leases
2023$188 502 
2024148 440 
2025100 376 
202683 211 
202744 156 
Thereafter44 155 
Total undiscounted cash flows$607 1,840 
Less: Difference between undiscounted cash flows and discounted cash flows37 136 
Present value of lease payments (recognized as lease receivables)$570 1,704 
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Summary of Transactions in the ALLL
The following tables summarize transactions in the ALLL by portfolio segment for the years ended December 31:
2022 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,102 235 555 1,892 
Losses charged off(a)
(131)(3)(228)(362)
Recoveries of losses previously charged off(a)
30 5 100 135 
Provision for loan and lease losses126 8 395 529 
Balance, end of period$1,127 245 822 2,194 
(a)The Bancorp recorded $32 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2021 ($ in millions)CommercialResidential MortgageConsumerTotal    
Balance, beginning of period$1,456 294 703 2,453 
Losses charged off(a)
(119)(3)(222)(344)
Recoveries of losses previously charged off(a)
52 7 111 170 
Benefit from loan and lease losses(287)(63)(37)(387)
Balance, end of period$1,102 235 555 1,892 
(a)The Bancorp recorded $33 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

2020 ($ in millions)CommercialResidential MortgageConsumerUnallocatedTotal    
Balance, beginning of period$710 73 298 121 1,202 
Impact of adoption of ASU 2016-13(a)
160 196 408 (121)643 
Losses charged off(b)
(282)(9)(320)— (611)
Recoveries of losses previously charged off(b)
16 7 117 — 140 
Provision for loan and lease losses852 27 200 — 1,079 
Balance, end of period$1,456 294 703 — 2,453 
(a)Includes $31, $2 and $1 in Commercial, Residential Mortgage and Consumer, respectively, related to the initial recognition of an ALLL on PCD loans.
(b)The Bancorp recorded $42 in both losses charged-off and recoveries of losses previously charged-off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.
Summary of the ALLL and Related Loans and Leases Classified by Portfolio Segment
The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
As of December 31, 2022 ($ in millions)CommercialResidential Mortgage ConsumerTotal    
ALLL:(a)
Individually evaluated$30 47 45 122 
Collectively evaluated1,097 198 777 2,072 
Total ALLL$1,127 245 822 2,194 
Portfolio loans and leases:(b)
Individually evaluated$531 560 297 1,388 
Collectively evaluated75,858 16,945 27,166 119,969 
Total portfolio loans and leases$76,389 17,505 27,463 121,357 
(a)Includes $2 related to commercial leveraged leases at December 31, 2022.
(b)Excludes $123 of residential mortgage loans measured at fair value and includes $247 of commercial leveraged leases, net of unearned income, at December 31, 2022.
As of December 31, 2021 ($ in millions)CommercialResidential MortgageConsumerTotal
ALLL:(a)
Individually evaluated$77 46 41 164 
Collectively evaluated1,025 189 514 1,728 
Total ALLL$1,102 235 555 1,892 
Portfolio loans and leases:(b)
Individually evaluated$579 460 313 1,352 
Collectively evaluated69,689 15,783 25,072 110,544 
Total portfolio loans and leases$70,268 16,243 25,385 111,896 
(a)Includes $2 related to commercial leveraged leases at December 31, 2021.
(b)Excludes $154 of residential mortgage loans measured at fair value and includes $285 of commercial leveraged leases, net of unearned income, at December 31, 2021.
Loan and Leases Balances by Credit Quality Indicator
The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk grade:
As of December 31, 2022 ($ in millions) Term Loans and Leases by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20222021202020192018PriorTotal
Commercial and industrial loans:
Pass$3,825 3,098 994 445 269 488 44,521 — 53,640 
Special mention65 24 15 36 10 24 1,221 — 1,395 
Substandard150 77 233 26 7 107 1,597 — 2,197 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,040 3,199 1,242 507 286 619 47,339 — 57,232 
Commercial mortgage owner-occupied loans:

Pass$1,177 826 522 257 160 264 1,624 — 4,830 
Special mention17 15 13 12 13 2 56 — 128 
Substandard51 14 20 73 11 25 106 — 300 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,245 855 555 342 184 291 1,786 — 5,258 
Commercial mortgage nonowner-occupied loans:

Pass$1,127 462 490 397 220 170 2,453 — 5,319 
Special mention1 84 26 — — 23 88 — 222 
Substandard65 19 18 1 1 17 100 — 221 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$1,193 565 534 398 221 210 2,641 — 5,762 
Commercial construction loans:

Pass$82 31 93 8 35 7 4,684 — 4,940 
Special mention— — — — — — 293 — 293 
Substandard53 — — — — 2 145 — 200 
Doubtful— — — — — — — — — 
Total commercial construction loans$135 31 93 8 35 9 5,122 — 5,433 
Commercial leases:

Pass$584 664 306 192 146 696 — — 2,588 
Special mention— 4 2 4 7 19 — — 36 
Substandard1 20 2 4 21 32 — — 80 
Doubtful— — — — — — — — — 
Total commercial leases$585 688 310 200 174 747 — — 2,704 
Total commercial loans and leases:
Pass$6,795 5,081 2,405 1,299 830 1,625 53,282 — 71,317 
Special mention83 127 56 52 30 68 1,658 — 2,074 
Substandard320 130 273 104 40 183 1,948 — 2,998 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,198 5,338 2,734 1,455 900 1,876 56,888 — 76,389 
As of December 31, 2021 ($ in millions) Term Loans and Leases by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Commercial and industrial loans:
Pass$4,266 2,291 1,198 552 356 752 39,486 — 48,901 
Special mention37 22 12 29 22 5 665 — 792 
Substandard19 52 36 69 52 115 1,623 — 1,966 
Doubtful— — — — — — — — — 
Total commercial and industrial loans$4,322 2,365 1,246 650 430 872 41,774 — 51,659 
Commercial mortgage owner-occupied loans:
Pass$1,082 804 471 296 183 331 1,141 — 4,308 
Special mention— 31 46 17 2 40 69 — 205 
Substandard22 38 3 12 3 27 91 — 196 
Doubtful— — — — — — — — — 
Total commercial mortgage owner-occupied loans
$1,104 873 520 325 188 398 1,301 — 4,709 
Commercial mortgage nonowner-occupied loans:
Pass$635 733 595 284 141 302 1,977 — 4,667 
Special mention89 12 11 5 7 9 162 — 295 
Substandard160 78 4 3 9 3 388 — 645 
Doubtful— — — — — — — — — 
Total commercial mortgage nonowner-occupied loans
$884 823 610 292 157 314 2,527 — 5,607 
Commercial construction loans:
Pass$50 69 11 37 — 9 4,488 — 4,664 
Special mention— 39 — — — — 193 — 232 
Substandard17 — — — — — 328 — 345 
Doubtful— — — — — — — — — 
Total commercial construction loans$67 108 11 37 — 9 5,009 — 5,241 
Commercial leases:
Pass$1,019 436 284 231 233 776 — — 2,979 
Special mention4 4 5 9 — 8 — — 30 
Substandard7 3 8 10 13 2 — — 43 
Doubtful— — — — — — — — — 
Total commercial leases$1,030 443 297 250 246 786 — — 3,052 
Total commercial loans and leases:
Pass$7,052 4,333 2,559 1,400 913 2,170 47,092 — 65,519 
Special mention130 108 74 60 31 62 1,089 — 1,554 
Substandard225 171 51 94 77 147 2,430 — 3,195 
Doubtful— — — — — — — — — 
Total commercial loans and leases$7,407 4,612 2,684 1,554 1,021 2,379 50,611 — 70,268 
The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:
As of December 31, 2022 ($ in millions) Term Loans by Origination YearRevolving
Loans		Revolving Loans Converted to Term Loans
20222021202020192018PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$3,195 5,440 2,981 1,051 344 4,336 — — 17,347 
30-89 days past due4 4 3 1 2 15 — — 29 
90 days or more past due— — 1 — 1 5 — — 7 
Total performing3,199 5,444 2,985 1,052 347 4,356 — — 17,383 
Nonperforming— 3 4 4 7 104 — — 122 
Total residential mortgage loans(b)
$3,199 5,447 2,989 1,056 354 4,460 — — 17,505 
Home equity:

Performing:

Current$46 3 7 15 17 94 3,741 18 3,941 
30-89 days past due— — — — — 2 28 — 30 
90 days or more past due— — — — — 1 — — 1 
Total performing46 3 7 15 17 97 3,769 18 3,972 
Nonperforming— — — — — 8 58 1 67 
Total home equity$46 3 7 15 17 105 3,827 19 4,039 
Indirect secured consumer loans:

Performing:









Current$6,034 5,875 2,600 1,217 416 239 — — 16,381 
30-89 days past due34 42 28 22 11 5 — — 142 
90 days or more past due— — — — — — — — — 
Total performing6,068 5,917 2,628 1,239 427 244 — — 16,523 
Nonperforming4 6 7 6 4 2 — — 29 
Total indirect secured consumer loans$6,072 5,923 2,635 1,245 431 246 — — 16,552 
Credit card:

Performing:
Current$— — — — — — 1,808 — 1,808 
30-89 days past due— — — — — — 21 — 21 
90 days or more past due— — — — — — 18 — 18 
Total performing— — — — — — 1,847 — 1,847 
Nonperforming— — — — — — 27 — 27 
Total credit card$— — — — — — 1,874 — 1,874 
Other consumer loans:

Performing:

Current$2,704 540 355 169 112 146 908 26 4,960 
30-89 days past due14 6 3 2 2 2 3 — 32 
90 days or more past due— — — — — — 1 — 1 
Total performing2,718 546 358 171 114 148 912 26 4,993 
Nonperforming2 1 — — — 1 1 — 5 
Total other consumer loans$2,720 547 358 171 114 149 913 26 4,998 
Total residential mortgage and consumer loans:
Performing:
Current$11,979 11,858 5,943 2,452 889 4,815 6,457 44 44,437 
30-89 days past due52 52 34 25 15 24 52 — 254 
90 days or more past due— — 1 — 1 6 19 — 27 
Total performing12,031 11,910 5,978 2,477 905 4,845 6,528 44 44,718 
Nonperforming6 10 11 10 11 115 86 1 250 
Total residential mortgage and
    consumer loans(b)
$12,037 11,920 5,989 2,487 916 4,960 6,614 45 44,968 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2022, $81 of these loans were 30-89 days past due and $147 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2022 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $123 of residential mortgage loans measured at fair value at December 31, 2022, including $1 of 30-89 days past due loans and $2 of nonperforming loans.
As of December 31, 2021 ($ in millions) Term Loans by Origination YearRevolving LoansRevolving Loans Converted to Term Loans
20212020201920182017PriorTotal
Residential mortgage loans:
Performing:
Current(a)
$5,886 3,309 1,294 418 954 4,261 — — 16,122 
30-89 days past due1 1 1 1 1 13 — — 18 
90 days or more past due— 2 4 3 9 52 — — 70 
Total performing5,887 3,312 1,299 422 964 4,326 — — 16,210 
Nonperforming— — 1 — 2 30 — — 33 
Total residential mortgage loans(b)
$5,887 3,312 1,300 422 966 4,356 — — 16,243 
Home equity:
Performing:
Current$2 6 13 18 2 113 3,815 12 3,981 
30-89 days past due— — — — — 3 22 — 25 
90 days or more past due— — — — — 1 — — 1 
Total performing2 6 13 18 2 117 3,837 12 4,007 
Nonperforming— — — — — 9 67 1 77 
Total home equity$2 6 13 18 2 126 3,904 13 4,084 
Indirect secured consumer loans:
Performing:
Current$8,732 4,206 2,221 902 389 194 — — 16,644 
30-89 days past due26 24 25 17 8 3 — — 103 
90 days or more past due2 2 2 2 1 — — — 9 
Total performing8,760 4,232 2,248 921 398 197 — — 16,756 
Nonperforming— 12 5 5 3 2 — — 27 
Total indirect secured consumer loans$8,760 4,244 2,253 926 401 199 — — 16,783 
Credit card:
Performing:
Current$— — — — — — 1,710 — 1,710 
30-89 days past due— — — — — — 18 — 18 
90 days or more past due— — — — — — 15 — 15 
Total performing— — — — — — 1,743 — 1,743 
Nonperforming— — — — — — 23 — 23 
Total credit card$— — — — — — 1,766 — 1,766 
Other consumer loans:
Performing:
Current$692 530 275 174 105 47 913 — 2,736 
30-89 days past due3 2 3 2 1 — 2 1 14 
90 days or more past due— — 1 — — — — — 1 
Total performing695 532 279 176 106 47 915 1 2,751 
Nonperforming— — — — — — 1 — 1 
Total other consumer loans$695 532 279 176 106 47 916 1 2,752 
Total residential mortgage and consumer loans:
Performing:
Current$15,312 8,051 3,803 1,512 1,450 4,615 6,438 12 41,193 
30-89 days past due30 27 29 20 10 19 42 1 178 
90 days or more past due2 4 7 5 10 53 15 — 96 
Total performing15,344 8,082 3,839 1,537 1,470 4,687 6,495 13 41,467 
Nonperforming— 12 6 5 5 41 91 1 161 
Total residential mortgage and consumer loans(b)
$15,344 8,094 3,845 1,542 1,475 4,728 6,586 14 41,628 
(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2021, $49 of these loans were 30-89 days past due and $139 were 90 days or more past due. The Bancorp recognized $2 of losses during the year ended December 31, 2021 due to claim denials and curtailments associated with these insured or guaranteed loans.
(b)Excludes $154 of residential mortgage loans measured at fair value at December 31, 2021, including $2 of 30-89 days past due loans and $2 of 90 days or more past due loans.
Summary by Age and Class of the Recorded Investment in Delinquencies Included in the Bancorp's Portfolio of Loans and Leases
The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:
Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2022 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$57,092 98 42 140 57,232 11 
Commercial mortgage owner-occupied loans5,241 14 3 17 5,258 — 
Commercial mortgage nonowner-occupied loans5,756 6 — 6 5,762 — 
Commercial construction loans5,424 7 2 9 5,433 — 
Commercial leases2,698 4 2 6 2,704 2 
Total portfolio commercial loans and leases$76,211 129 49 178 76,389 13 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which an immaterial amount were 30-89 days past due and $2 were 90 days or more past due.

Current Loans and Leases(a)
Past DueTotal Loans and Leases90 Days Past Due and Still Accruing
As of December 31, 2021 ($ in millions)
30-89 Days(a)
90 Days or More(a)
Total Past Due  
Commercial loans and leases:
Commercial and industrial loans(b)
$51,549 61 49 110 51,659 17 
Commercial mortgage owner-occupied loans4,701 4 4 8 4,709 1 
Commercial mortgage nonowner-occupied loans5,606 — 1 1 5,607 — 
Commercial construction loans5,241 — — — 5,241 1 
Commercial leases3,035 16 1 17 3,052 — 
Total portfolio commercial loans and leases$70,132 81 55 136 70,268 19 
(a)Includes accrual and nonaccrual loans and leases.
(b)Includes loans related to the SBA’s Paycheck Protection Program, of which $20 were 30-89 days past due and $6 were 90 days or more past due.
Summary of the Amortized Cost Basis of the Bancorp's Collateral Dependent Loans
The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:
($ in millions)December 31,
2022		December 31,
2021
Commercial loans and leases:
Commercial and industrial loans$433 467 
Commercial mortgage owner-occupied loans14 22 
Commercial mortgage nonowner-occupied loans27 31 
Commercial construction loans56 56 
Commercial leases1 3 
Total commercial loans and leases$531 579 
Residential mortgage loans57 60 
Consumer loans:
Home equity46 58 
Indirect secured consumer loans6 8 
Total consumer loans$52 66 
Total portfolio loans and leases$640 705 
Summary of the Bancorp's Nonperforming Loans and Leases by Class
The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property, as of:
December 31, 2022December 31, 2021
 ($ in millions)With an ALLLNo Related
ALLL		TotalWith an ALLLNo Related
ALLL		Total
Commercial loans and leases:
Commercial and industrial loans$114 101 215 151 128 279 
Commercial mortgage owner-occupied loans9 7 16 10 13 23 
Commercial mortgage nonowner-occupied loans20 4 24 22 3 25 
Commercial construction loans6 2 8 6 — 6 
Commercial leases— — — 3 1 4 
Total nonaccrual portfolio commercial loans and leases$149 114 263 192 145 337 
Residential mortgage loans81 43 124 14 19 33 
Consumer loans:
Home equity45 22 67 53 24 77 
Indirect secured consumer loans26 3 29 21 6 27 
Credit card27 — 27 23 — 23 
Other consumer loans5 — 5 1 — 1 
Total nonaccrual portfolio consumer loans$103 25 128 98 30 128 
Total nonaccrual portfolio loans and leases(a)(b)
$333 182 515 304 194 498 
OREO and other repossessed property— 24 24 — 29 29 
Total nonperforming portfolio assets(a)(b)
$333 206 539 304 223 527 
(a)Excludes an immaterial amount and $15 of nonaccrual loans held for sale as of December 31, 2022 and 2021, respectively.
(b)Includes $15 and $26 of nonaccrual government insured commercial loans whose repayments are insured by the SBA as of December 31, 2022 and 2021, respectively, of which $11 are restructured nonaccrual government insured commercial loans as of both December 31, 2022 and 2021.
Summary of Loans Modified in a TDR
The following tables provide a summary of portfolio loans, by class, modified in a TDR by the Bancorp during the years ended December 31:
2022 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans89 $234 3 9 
Commercial mortgage owner-occupied loans12 7 — — 
Commercial mortgage nonowner-occupied loans7 24 — — 
Commercial construction loans3 10 (2)— 
Residential mortgage loans1,073 163 7 — 
Consumer loans:
Home equity231 16 (3)— 
Indirect secured consumer loans3,394 63 2 — 
Credit card5,282 28 12 — 
Total portfolio loans10,091 $545 19 9 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2021 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans86 $150 1 — 
Commercial mortgage owner-occupied loans10 8 — — 
Commercial mortgage nonowner-occupied loans5 29 — — 
Commercial construction loans1 34 — — 
Residential mortgage loans519 93 4 — 
Consumer loans:
Home equity206 10 (3)— 
Indirect secured consumer loans4,567 96 1 — 
Credit card5,488 30 9 1 
Total portfolio loans10,882 $450 12 1 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
2020 ($ in millions)
Number of Loans
Modified in a TDR
During the Year(a)
Amortized Cost Basis of Loans Modified
in a TDR
During the Year		Increase
(Decrease)
to ALLL Upon
Modification		Charge-offs
Recognized Upon  
Modification
Commercial loans:
Commercial and industrial loans124 $305 26 7 
Commercial mortgage owner-occupied loans43 58 (11)— 
Commercial mortgage nonowner-occupied loans19 44 (2)— 
Commercial construction loans3 21 1 — 
Residential mortgage loans424 58 1 — 
Consumer loans:
Home equity147 7 (4)— 
Indirect secured consumer loans70 — — — 
Credit card5,701 32 11 1 
Total portfolio loans6,531 $525 22 8 
(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.
Summary of Subsequent Defaults
The following tables provide a summary of TDRs that subsequently defaulted during the years ended December 31, 2022, 2021 and 2020 and were within 12 months of the restructuring date:
December 31, 2022 ($ in millions)(a)
Number of ContractsAmortized
Cost
Commercial loans:
Commercial and industrial loans8 $— 
Commercial mortgage owner-occupied loans2 — 
Commercial mortgage nonowner-occupied loans1 — 
Commercial construction loans1 2 
Residential mortgage loans247 33 
Consumer loans:
Home equity24 1 
Indirect secured consumer loans157 3 
Credit card356 1 
Total portfolio loans796 $40 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
December 31, 2021 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans7 $1 
Commercial mortgage owner-occupied loans3 1 
Commercial mortgage nonowner-occupied loans2 25 
Residential mortgage loans82 10 
Consumer loans:
Home equity28 1 
Indirect secured consumer loans130 2 
Credit card215 1 
Total portfolio loans467 $41 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.

December 31, 2020 ($ in millions)(a)
Number of
Contracts		Amortized
Cost
Commercial loans:
Commercial and industrial loans13 $5 
Commercial mortgage owner-occupied loans8 3 
Commercial mortgage nonowner-occupied loans3 11 
Residential mortgage loans149 23 
Consumer loans:
Home equity6 — 
Indirect secured consumer loans18 — 
Credit card260 1 
Total portfolio loans457 $43 
(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
v3.22.4
Bank Premises and Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Summary of Bank Premises and Equipment
The following table provides a summary of bank premises and equipment as of December 31:
($ in millions)Estimated Useful Life20222021
Equipment2-20 years$2,492 2,392 
Buildings(a)
1-30 years1,699 1,668 
Land and improvements(a)
640 645 
Leasehold improvements1-30 years568 517 
Construction in progress(a)
124 84 
Bank premises and equipment held for sale:
Land and improvements17 18 
Buildings7 6 
Accumulated depreciation and amortization(3,360)(3,210)
Total bank premises and equipment$2,187 2,120 
(a)At December 31, 2022 and 2021, land and improvements, buildings and construction in progress included $27 and $39, respectively, associated with parcels of undeveloped land intended for future branch expansion.
v3.22.4
Operating Lease Equipment (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Future Lease Payments Receivable from Operating Leases
The following table presents future lease payments receivable from operating leases for 2023 through 2027 and thereafter:
As of December 31, 2022 ($ in millions)Undiscounted
Cash Flows
2023$139 
2024106 
202580 
202651 
202725 
Thereafter25 
Total operating lease payments$426 
v3.22.4
Lease Obligations - Lessee (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease Assets and Lease Liabilities
The following table provides a summary of lease assets and lease liabilities as of December 31:
($ in millions)Consolidated Balance Sheets Caption20222021
Assets
Operating lease right-of-use assetsOther assets$508 427 
Finance lease right-of-use assetsBank premises and equipment150 145 
Total right-of-use assets(a)
$658 572 
Liabilities
Operating lease liabilitiesAccrued taxes, interest and expenses$599 520 
Finance lease liabilitiesLong-term debt156 149 
Total lease liabilities$755 669 
(a)Operating and finance lease right-of-use assets are recorded net of accumulated amortization of $255 and $66, respectively, as of December 31, 2022, and $198 and $47, respectively, as of December 31, 2021.
Components of Lease Costs, Weighted-Average Lease Term and Discount Rate
The following table presents the components of lease costs for the years ended December 31:
($ in millions)Consolidated Statements of Income Caption202220212020
Lease costs:
  Amortization of ROU assetsNet occupancy and equipment expense$19 18 11 
Interest on lease liabilitiesInterest on long-term debt5 4 3 
Total finance lease costs$24 22 14 
Operating lease costNet occupancy expense$84 80 110 
Short-term lease costNet occupancy expense1 2 1 
Variable lease costNet occupancy expense28 31 29 
Sublease incomeNet occupancy expense(3)(3)(3)
Total operating lease costs$110 110 137 
Total lease costs$134 132 151 
The following table presents the weighted-average remaining lease term and weighted-average discount rate as of December 31:
20222021
Weighted-average remaining lease term (years):
Operating leases10.808.92
Finance leases15.3114.70
Weighted-average discount rate:
Operating leases3.35 %2.88 
Finance leases2.94 2.74 

The following table presents information related to lease transactions for the years ended December 31:
($ in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities:(a)
Operating cash flows from operating leases$90 88 91 
Operating cash flows from finance leases5 4 3 
Financing cash flows from finance leases23 16 11 
Gains on sale-leaseback transactions4 2 3 
(a)The cash flows related to the short-term and variable lease payments are not included in the amounts in the table as they were not included in the measurement of lease liabilities.
Undiscounted Cash Flows for Operating Leases
The following table presents undiscounted cash flows for both operating leases and finance leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:
As of December 31, 2022 ($ in millions)Operating
Leases		Finance
Leases		Total
2023$90 21 111 
202485 21 106 
202578 14 92 
202668 9 77 
202761 8 69 
Thereafter350 128 478 
Total undiscounted cash flows$732 201 933 
Less: Difference between undiscounted cash flows and discounted cash flows133 45 178 
Present value of lease liabilities$599 156 755 
Undiscounted Cash Flows for Finance Leases
The following table presents undiscounted cash flows for both operating leases and finance leases for 2023 through 2027 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease liabilities:
As of December 31, 2022 ($ in millions)Operating
Leases		Finance
Leases		Total
2023$90 21 111 
202485 21 106 
202578 14 92 
202668 9 77 
202761 8 69 
Thereafter350 128 478 
Total undiscounted cash flows$732 201 933 
Less: Difference between undiscounted cash flows and discounted cash flows133 45 178 
Present value of lease liabilities$599 156 755 
v3.22.4
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Changes in the Net Carrying Amount of Goodwill by Reporting Segment
Changes in the net carrying amount of goodwill, by reporting unit, for the years ended December 31, 2022 and 2021 were as follows:
($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth and Asset
Management		General Corporate and OtherTotal
Goodwill$2,730 2,262 231 — 5,223 
Accumulated impairment losses(750)(215)— — (965)
Net carrying value as of December 31, 2020$1,980 2,047 231 — 4,258 
Acquisition activity— 256 — — 256 
Net carrying value as of December 31, 2021$1,980 2,303 231 — 4,514 
Acquisition activity— 440 — — 440 
Reallocation of goodwill378 (378)— — — 
Sale of businesses(34)— (5)— (39)
Net carrying value as of December 31, 2022$2,324 2,365 226 — 4,915 
v3.22.4
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Intangible Assets
The details of the Bancorp’s intangible assets are shown in the following table:
($ in millions)Gross Carrying AmountAccumulated
Amortization		Net Carrying
Amount
As of December 31, 2022
Core deposit intangibles$229 (182)47 
Developed technology106 (17)89 
Customer relationships30 (7)23 
Other20 (10)10 
Total intangible assets$385 (216)169 
As of December 31, 2021
Core deposit intangibles$229 (153)76 
Developed technology62 (3)59 
Customer relationships25 (7)18 
Other15 (12)3 
Total intangible assets$331 (175)156 
Estimated Amortization Expense
Estimated amortization expense for the years ending December 31, 2023 through 2027 is as follows:
($ in millions)Total
2023$43 
202435 
202528 
202622 
202714 
v3.22.4
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidation of VIEs The following table provides a summary of assets and liabilities carried on the Consolidated Balance Sheets for the consolidated VIEs as of:
($ in millions)December 31,
2022		December 31,
2021
Assets:
Other short-term investments$17 24 
Indirect secured consumer loans141 322 
Other consumer loans44 — 
ALLL(2)(2)
Other assets2 2 
Total assets$202 346 
Liabilities:
Other liabilities$9 1 
Long-term debt118 263 
Total liabilities$127 264 
Assets and Liabilities Related to Non-consolidated VIEs and Maximum Exposure to Losses
The following tables provide a summary of assets and liabilities carried on the Consolidated Balance Sheets related to non-consolidated VIEs for which the Bancorp holds an interest, but is not the primary beneficiary of the VIE, as well as the Bancorp’s maximum exposure to losses associated with its interests in the entities as of:
December 31, 2022 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,856 653 1,856 
Private equity investments186 — 349 
Loans provided to VIEs4,374 — 6,438 
Lease pool entities61 — 61 
Solar loan securitizations10 — 10 
December 31, 2021 ($ in millions)Total AssetsTotal LiabilitiesMaximum Exposure
CDC investments$1,705 580 1,705 
Private equity investments133 — 257 
Loans provided to VIEs3,386 — 4,873 
Lease pool entities68 — 68 
Investments in Qualified Affordable Housing Tax Credits The following table summarizes the impact to the Consolidated Statements of Income related to these investments for the years ended December 31:
Consolidated Statements of Income Caption(a)
202220212020
Proportional amortizationApplicable income tax expense$189 163 150 
Tax credits and other benefitsApplicable income tax expense(219)(193)(175)
(a)The Bancorp did not recognize impairment losses resulting from the forfeiture or ineligibility of tax credits or other circumstances during the years ended December 31, 2022, 2021 and 2020.
v3.22.4
Sales of Receivables and Servicing Rights (Tables)
 12 Months Ended
Dec. 31, 2022
Transfers and Servicing [Abstract]  
Activity Related to Mortgage Banking Net Revenue
Information related to residential mortgage loan sales and the Bancorp’s mortgage banking activity, which is included in mortgage banking net revenue in the Consolidated Statements of Income, for the years ended December 31 is as follows:
($ in millions)202220212020
Residential mortgage loan sales(a)
$13,307 16,900 11,827 
Origination fees and gains on loan sales91 285 315 
Gross mortgage servicing fees310 247 263 
(a)Represents the unpaid principal balance at the time of the sale.
Changes in Servicing Assets
The following table presents changes in the servicing rights related to residential mortgage loans for the years ended December 31:
($ in millions)20222021
Balance, beginning of period$1,121 656 
Servicing rights originated235 223 
Servicing rights purchased213 381 
Changes in fair value:
Due to changes in inputs or assumptions(a)
355 142 
Other changes in fair value(b)
(178)(281)
Balance, end of period$1,746 1,121 
(a)Primarily reflects changes in prepayment speed and OAS assumptions which are updated based on market interest rates.
(b)Primarily reflects changes due to realized cash flows and the passage of time.
Activity Related to the MSR Portfolio
The following table presents activity related to valuations of the MSR portfolio and the impact of the non-qualifying hedging strategy for the years ended December 31:
($ in millions)202220212020
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights$(2)(2)2 
Changes in fair value and settlement of free-standing derivatives purchased to economically
    hedge the MSR portfolio(a)
(363)(123)307 
MSR fair value adjustment due to changes in inputs or assumptions(a)
355 142 (311)
(a)Included in mortgage banking net revenue in the Consolidated Statements of Income.
Servicing Assets and Residual Interests Economic Assumptions
The key economic assumptions used in measuring the servicing rights related to residential mortgage loans that continued to be held by the Bancorp at the date of sale, securitization, or purchase resulting from transactions completed during the years ended December 31 were as follows:
20222021
Weighted-
Average Life
(in years)		Prepayment
Speed
(annual)		OAS    
(bps)    		Weighted-Average Life
(in years)		Prepayment
Speed
(annual)		OAS
(bps)
Fixed-rate7.69.2 %7536.510.7 %693
Adjustable-rate2.829.0 8032.728.8 626
Sensitivity of the Current Fair Value of Residual Cash Flows to Immediate 10%, 20% and 50% Adverse Changes in Assumptions
At December 31, 2022, the sensitivity of the current fair value of residual cash flows to immediate 10%, 20% and 50% adverse changes in prepayment speed assumptions and immediate 10% and 20% adverse changes in OAS for servicing rights related to residential mortgage loans are as follows:
($ in millions)(a)
Fair ValueWeighted-
Average Life
(in years)		Prepayment Speed AssumptionOAS Assumption
Impact of Adverse Change
on Fair Value		OAS 
(bps)		Impact of Adverse 
Change on Fair Value
Rate 10%20%50%10%20%
Fixed-rate$1,741 9.15.1 %$(37)(71)(159)734$(51)(100)
Adjustable-rate5 5.220.3 (1)(1)(2)1,204— — 
(a)The impact of the weighted-average default rate on the current fair value of residual cash flows for all scenarios is immaterial.
v3.22.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The following tables reflect the notional amounts and fair values for all derivative instruments included in the Consolidated Balance Sheets as of:
Fair Value
December 31, 2022 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$5,955 126 195 
Total fair value hedges126 195 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 4 — 
Interest rate swaps related to C&I loans8,000 — 76 
Interest rate swaps related to C&I loans - forward starting(c)
11,000 22 — 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — 25 
Interest rate swaps related to commercial mortgage and commercial construction loans - forward starting(c)
4,000 5 — 
Total cash flow hedges31 101 
Total derivatives designated as qualifying hedging instruments157 296 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio2,975 62 17 
Forward contracts related to residential mortgage loans held for sale(b)
1,869 9 7 
Swap associated with the sale of Visa, Inc. Class B Shares3,358 — 195 
Foreign exchange contracts156 1 — 
Interest-only strips58 4 — 
Interest rate contracts for collateral management12,000 9 1 
Interest rate contracts for LIBOR transition597 — — 
Total free-standing derivatives - risk management and other business purposes85 220 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
83,605 998 1,663 
Interest rate lock commitments216 2 1 
Commodity contracts16,122 1,478 1,350 
TBA securities62 — — 
Foreign exchange contracts25,322 453 422 
Total free-standing derivatives - customer accommodation2,931 3,436 
Total derivatives not designated as qualifying hedging instruments3,016 3,656 
Total$3,173 3,952 
(a)Derivative assets and liabilities are presented net of variation margin of $694 and $37, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
(c)Forward starting swaps will become effective on various dates between February 2023 and February 2025.
Fair Value
December 31, 2021 ($ in millions)Notional    
Amount    		Derivative
Assets		    Derivative    
Liabilities
Derivatives Designated as Qualifying Hedging Instruments
Fair value hedges:
Interest rate swaps related to long-term debt$1,955 393 2 
Interest rate swaps related to available-for-sale debt and other securities445 7 — 
Total fair value hedges400 2 
Cash flow hedges:
Interest rate floors related to C&I loans3,000 122 — 
Interest rate swaps related to C&I loans8,000 — 1 
Interest rate swaps related to commercial mortgage and commercial construction loans4,000 — — 
Total cash flow hedges122 1 
Total derivatives designated as qualifying hedging instruments522 3 
Derivatives Not Designated as Qualifying Hedging Instruments
Free-standing derivatives - risk management and other business purposes:
Interest rate contracts related to MSR portfolio6,260 140 — 
Forward contracts related to residential mortgage loans held for sale(b)
1,952 2 2 
Swap associated with the sale of Visa, Inc. Class B Shares3,545 — 214 
Foreign exchange contracts158 — 1 
Interest rate contracts for collateral management12,000 5 4 
Interest rate contracts for LIBOR transition2,372 — — 
Total free-standing derivatives - risk management and other business purposes147 221 
Free-standing derivatives - customer accommodation:
Interest rate contracts(a)
76,061 578 232 
Interest rate lock commitments673 12 — 
Commodity contracts12,376 1,326 1,260 
TBA securities55 — — 
Foreign exchange contracts23,148 323 297 
Total free-standing derivatives - customer accommodation2,239 1,789 
Total derivatives not designated as qualifying hedging instruments2,386 2,010 
Total$2,908 2,013 
(a)Derivative assets and liabilities are presented net of variation margin of $104 and $472, respectively.
(b)Includes forward sale and forward purchase contracts which are utilized to manage market risk on residential mortgage loans held for sale and the related interest rate lock commitments.
Net Gains (Losses) Recognized in the Income Statement Related to Derivatives in Fair Value Hedging Relationships
The following table reflects the changes in fair value of interest rate contracts, designated as fair value hedges and the changes in fair value of the related hedged items attributable to the risk being hedged, as well as the line items in the Consolidated Statements of Income in which the corresponding gains or losses are recorded:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Long-term debt:
Change in fair value of interest rate swaps hedging long-term debtInterest on long-term debt$(460)(138)134 
Change in fair value of hedged long-term debt attributable to the risk
being hedged
Interest on long-term debt460 138 (133)
Available-for-sale debt and other securities:
Change in fair value of interest rate swaps hedging available-for-sale
debt and other securities
Interest on securities8 7 — 
Change in fair value of hedged available-for-sale debt and other
securities attributable to the risk being hedged
Interest on securities(8)(7)— 

The following amounts were recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges as of December 31:
($ in millions)Consolidated Balance 
Sheets Caption		20222021
Long-term debt:
Carrying amount of the hedged itemsLong-term debt$5,865 2,339 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Long-term debt(64)396 
Available-for-sale debt and other securities:
Carrying amount of the hedged items(a)
Available-for-sale debt and other securities— 465 
Cumulative amount of fair value hedging adjustments included in
the carrying amount of the hedged items
Available-for-sale debt and other securities— (8)
Cumulative amount of fair value hedging adjustments remaining
for hedged items for which hedge accounting has been discontinued
Available-for-sale debt and other securities(14)— 
(a)The carrying amount represents the amortized cost basis of the hedged items (which excludes unrealized gains and losses) plus the fair value hedging adjustments.
Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges
The following table presents the pre-tax net (losses) gains recorded in the Consolidated Statements of Income and in the Consolidated Statements of Comprehensive Income relating to derivative instruments designated as cash flow hedges:
For the years ended December 31 ($ in millions)202220212020
Amount of pre-tax net (losses) gains recognized in OCI$(1,006)(185)611 
Amount of pre-tax net gains reclassified from OCI into net income99 293 237 
Schedule of Price Risk Derivatives
The net (losses) gains recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for risk management and other business purposes are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Interest rate contracts:
Forward contracts related to residential mortgage loans held for saleMortgage banking net revenue$3 15 (12)
Interest rate contracts related to MSR portfolioMortgage banking net revenue(363)(123)307 
Foreign exchange contracts:
Foreign exchange contracts for risk management purposesOther noninterest income12 (3)(3)
Equity contracts:
Swap associated with sale of Visa, Inc. Class B SharesOther noninterest income(84)(86)(103)
Risk Ratings of the Notional Amount of Risk Participation Agreements
Risk ratings of the notional amount of risk participation agreements under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$3,597 3,733 
Special mention81 13 
Substandard32 34 
Total$3,710 3,780 
Net Gains (Losses) Recognized in the Income Statement Related to Free-Standing Derivative Instruments Used For Customer Accommodation
The net gains (losses) recorded in the Consolidated Statements of Income relating to free-standing derivative instruments used for customer accommodation are summarized in the following table:
For the years ended December 31 ($ in millions)Consolidated Statements of Income Caption202220212020
Interest rate contracts:
Interest rate contracts for customers (contract revenue)Commercial banking revenue$48 38 36 
Interest rate contracts for customers (credit portion of fair value adjustment)Other noninterest expense10 21 (22)
Interest rate lock commitmentsMortgage banking net revenue16 149 271 
Commodity contracts:
Commodity contracts for customers (contract revenue)Commercial banking revenue44 23 15 
Commodity contracts for customers (credit losses)Other noninterest expense— (1)(1)
Commodity contracts for customers (credit portion of fair value adjustment)Other noninterest expense— — (2)
Foreign exchange contracts:
Foreign exchange contracts for customers (contract revenue)Commercial banking revenue70 61 55 
Foreign exchange contracts for customers (contract revenue)Other noninterest expense8 2 (11)
Foreign exchange contracts for customers (credit portion of fair value adjustment)Other noninterest expense(3)— (1)
Offsetting Derivative Financial Instruments
The following table provides a summary of offsetting derivative financial instruments:
Gross Amount Recognized in the Consolidated Balance Sheets(a)
Gross Amounts Not Offset in the
Consolidated Balance Sheets
Derivatives
Collateral(b)
Net Amount
As of December 31, 2022
Derivative assets$3,171 (1,405)(887)879 
Derivative liabilities3,951 (1,405)(406)2,140 
As of December 31, 2021
Derivative assets$2,896 (837)(548)1,511 
Derivative liabilities2,013 (837)(712)464 
(a)Amount does not include IRLCs because these instruments are not subject to master netting or similar arrangements.
(b)Amount of collateral received as an offset to asset positions or pledged as an offset to liability positions. Collateral values in excess of related derivative amounts recognized in the Consolidated Balance Sheets were excluded from this table.
v3.22.4
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Other Assets [Abstract]  
Other Assets Disclosure
The following table provides the components of other assets included in the Consolidated Balance Sheets as of December 31:
($ in millions)20222021
Derivative instruments$3,173 2,908 
Accounts receivable and drafts-in-process2,579 2,560 
Partnership investments2,153 2,022 
Bank owned life insurance2,056 2,041 
Deferred tax assets1,553 6 
Accrued interest and fees receivable703 465 
Operating lease right-of-use assets508 427 
Worldpay, Inc. TRA receivable183 317 
Prepaid expenses145 139 
Income tax receivable74 237 
OREO and other repossessed property24 29 
Other308 293 
Total other assets$13,459 11,444 
v3.22.4
Short-Term Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Short-Term Debt [Abstract]  
Summary of Short-Term Borrowings and Weighted-Average Rates
The following table summarizes short-term borrowings and weighted-average rates:
20222021
($ in millions)AmountRate      AmountRate        
As of December 31:
Federal funds purchased$180 4.22 %$281 0.13 %
Other short-term borrowings4,838 3.75 980 0.04 
Average for the years ended December 31:
Federal funds purchased$381 1.69 %$333 0.12 %
Other short-term borrowings4,544 2.39 1,107 0.15 
Maximum month-end balance for the years ended December 31:
Federal funds purchased$1,312 $365 
Other short-term borrowings8,606 1,353 
Summary of Other Short-Term Borrowings
The following table presents a summary of the Bancorp’s other short-term borrowings as of December 31:
($ in millions)20222021
FHLB advances$4,300 — 
Securities sold under repurchase agreements388 544 
Derivative collateral124 436 
Other borrowed money26 — 
Total other short-term borrowings$4,838 980 
v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of the Bancorp's Long-Term Borrowings
The following table is a summary of the Bancorp’s long-term borrowings at December 31:
($ in millions)MaturityInterest Rate20222021
Parent Company
Senior:
Fixed-rate notes20222.60%$— 700 
Fixed-rate notes20223.50%— 500 
Fixed-rate notes20231.625%500 499 
Fixed-rate notes20243.65%1,498 1,496 
Fixed-rate notes20252.375%748 748 
Fixed-rate notes20272.55%747 746 
Fixed-rate/floating-rate notes(c)
20271.707%448 496 
Fixed-rate notes20283.95%648 647 
Fixed-rate/floating-rate notes(c)
20284.055%381 — 
Fixed-rate/floating-rate notes(c)
20286.361%1,012 — 
Fixed-rate/floating-rate notes(c)
20304.772%936 — 
Fixed-rate/floating-rate notes(c)
20334.337%556 — 
Subordinated:(a)
Fixed-rate notes20244.30%749 749 
Fixed-rate notes20388.25%1,108 1,346 
Subsidiaries
Senior:
 Floating-rate notes(a)(e)
20220.772%— 300 
Fixed-rate notes20231.80%650 649 
Fixed-rate notes20253.95%723 795 
Fixed-rate/floating-rate notes(c)
20255.852%999 — 
Fixed-rate notes20272.25%599 598 
Subordinated:(a)
Fixed-rate notes20263.85%749 748 
Fixed-rate notes20274.00%173 172 
Junior subordinated:
 Floating-rate debentures(a)(b)
20356.189%-6.459%53 54 
FHLB advances(d)
2023-20473.81%21 44 
Notes associated with consolidated VIEs:
Automobile loan securitization, fixed-rate notes2023-20262.64%-2.69%75 250 
Solar loan securitization, fixed-rate notes20384.05%‘-7.00%39 — 
Other2023-2052Varies302 284 
Total$13,714 11,821 
(a)In aggregate, $1.9 billion and $2.5 billion qualifies as Tier 2 capital for regulatory capital purposes for the years ended December 31, 2022 and 2021, respectively.
(b)These rates reflect the floating rates as of December 31, 2022.
(c)This rate reflects the fixed rate in effect as of December 31, 2022.
(d)This rate reflects the weighted-average rate as of December 31, 2022.
(e)These rates reflect the floating rates as of December 31, 2021.
Schedule of Long-term Debt Maturities The aggregate annual maturities of long-term debt obligations (based on final maturity dates) as of December 31, 2022 are presented in the following table:
($ in millions)Parent CompanySubsidiariesTotal
2023$500 669 1,169 
20242,247 12 2,259 
2025748 1,772 2,520 
2026— 843 843 
20271,195 789 1,984 
Thereafter4,641 298 4,939 
Total$9,331 4,383 13,714 
v3.22.4
Commitments, Contingent Liabilities and Guarantees (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of Significant Commitments The following table reflects a summary of significant commitments as of December 31:
($ in millions)20222021
Commitments to extend credit$83,437 80,641 
Letters of credit2,009 1,953 
Forward contracts related to residential mortgage loans held for sale1,869 1,952 
Capital commitments for private equity investments163 124 
Purchase obligations113 160 
Capital expenditures94 78 
Credit Risk Associated with Commitments
Risk ratings of outstanding commitments to extend credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$81,345 78,298 
Special mention976 1,058 
Substandard1,116 1,285 
Total commitments to extend credit$83,437 80,641 
Standby and Commercial Letters of Credit, Conditional Commitments Issued to Guarantee the Performance of a Customer to a Third Party
Standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party and expire as summarized in the following table as of December 31, 2022:
($ in millions)
Less than 1 year(a)
$951 
1 - 5 years(a)
1,052 
Over 5 years6 
Total letters of credit$2,009 
(a)Includes $1 and $2 issued on behalf of commercial customers to facilitate trade payments in U.S. dollars and foreign currencies which expire in less than 1 year and between 1 - 5 years, respectively.
Credit Risk Associated with Letters of Credit
Risk ratings of outstanding letters of credit under this risk rating system are summarized in the following table as of December 31:
($ in millions)20222021
Pass$1,827 1,778 
Special mention47 40 
Substandard135 135 
Total letters of credit$2,009 1,953 
Visa Funding and Bancorp Cash Payments
After the Bancorp’s sale of the Class B Shares, Visa has funded additional amounts into the litigation escrow account which have resulted in further dilutive adjustments to the conversion of Class B Shares into Class A Shares, and along with other terms of the total return swap, required the Bancorp to make cash payments in varying amounts to the swap counterparty as follows:
Period ($ in millions)Visa Funding AmountBancorp Cash Payment Amount
Q2 2010$500 20 
Q4 2010800 35 
Q2 2011400 19 
Q1 20121,565 75 
Q3 2012150 6 
Q3 2014450 18 
Q2 2018600 26 
Q3 2019300 12 
Q4 2021250 11 
Q2 2022600 25 
Q4 2022350 (a)
(a)The Bancorp made a cash payment of $15 million to the swap counterparty on January 13, 2023 as a result of the Visa escrow funding in the fourth quarter of 2022.
v3.22.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Summary of the Bancorp's Activities with its Principal Shareholders, Directors and Executives
The following table summarizes the Bancorp’s lending activities with its principal shareholders, directors, executives and their related interests at December 31:
($ in millions)20222021
Commitments to lend, net of participations:
Directors and their affiliated companies$183 157 
Executive officers5 7 
Total$188 164 
Outstanding balance on loans, net of participations and undrawn commitments$85 115 
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Applicable Income Taxes Included in the Consolidated Statements Of Income The following is a summary of applicable income taxes included in the Consolidated Statements of Income for the years ended December 31:
($ in millions)202220212020
Current income tax expense:
U.S. Federal income taxes$570 657 463 
State and local income taxes126 102 69 
Foreign income taxes11 2 — 
Total current income tax expense707 761 532 
Deferred income tax (benefit) expense:
U.S. Federal income taxes(31)(21)(140)
State and local income taxes(29)8 (23)
Foreign income taxes— (1)1 
Total deferred income tax benefit(60)(14)(162)
Applicable income tax expense$647 747 370 
Reconciliation Between the Statutory U.S. Income Tax Rate and the Bancorp's Effective Tax Rate
The following is a reconciliation between the statutory U.S. Federal income tax rate and the Bancorp’s effective tax rate for the years ended December 31:
202220212020
Statutory tax rate21.0 %21.0 21.0 
Increase (decrease) resulting from:
State taxes, net of federal benefit2.5 2.5 2.0 
Tax-exempt income(0.8)(0.6)(1.5)
LIHTC investment and other tax benefits(7.1)(5.5)(9.7)
LIHTC investment proportional amortization6.1 4.6 8.3 
Other tax credits(0.4)(0.2)(0.4)
Other, net(0.3)(0.6)0.9 
Effective tax rate21.0 %21.2 20.6 
Reconciliation of the Beginning and Ending Amounts of the Bancorp's Unrecognized Tax Benefits
The following table provides a reconciliation of the beginning and ending amounts of the Bancorp’s unrecognized tax benefits:
($ in millions)202220212020
Unrecognized tax benefits at January 1$102 100 65 
Gross increases for tax positions taken during prior period3 10 29 
Gross decreases for tax positions taken during prior period(5)(4)(3)
Gross increases for tax positions taken during current period11 11 12 
Settlements with taxing authorities— — (1)
Lapse of applicable statute of limitations(17)(15)(2)
Unrecognized tax benefits at December 31(a)
$94 102 100 
(a)With the exception of $6 in 2020, all amounts represent unrecognized tax benefits that, if recognized, would affect the annual effective tax rate.
Deferred Income Taxes Included in Other Assets in the Consolidated Balance Sheets
Deferred income taxes are comprised of the following items at December 31:
($ in millions)20222021
Deferred tax assets:
Other comprehensive income$1,595 $— 
Allowance for loan and lease losses461 397 
Deferred compensation105 106 
Reserves for unfunded commitments45 38 
Reserves34 30 
Federal net operating loss carryforwards31 15 
State deferred taxes20 — 
State net operating loss carryforwards14 3 
Other231 187 
Total deferred tax assets$2,536 $776 
Deferred tax liabilities:
Lease financing$561 $553 
MSRs and related economic hedges120 116 
Goodwill and intangible assets78 68 
Bank premises and equipment66 65 
Investments in joint ventures and partnership interests61 61 
Other comprehensive income— 367 
State deferred taxes— 6 
Other101 51 
Total deferred tax liabilities$987 $1,287 
Total net deferred tax asset (liability)1,549 (511)
v3.22.4
Retirement and Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Benefit Retirement Plans with an Underfunded Status
The following table summarizes the defined benefit retirement plans as of and for the years ended December 31:
($ in millions)
20222021
Fair value of plan assets at January 1$152 173 
Actual return on assets(27)(3)
Contributions2 1 
Settlement(11)(12)
Benefits paid(7)(7)
Fair value of plan assets at December 31$109 152 
Projected benefit obligation at January 1$176 203 
Interest cost5 4 
Settlement(11)(12)
Actuarial gain(43)(12)
Benefits paid(7)(7)
Projected benefit obligation at December 31$120 176 
Underfunded projected benefit obligation at December 31$(11)(24)
Accumulated benefit obligation at December 31(a)
$120 176 
(a)Since the Plan’s benefits are frozen, the rate of compensation increase is no longer an assumption used to calculate the accumulated benefit obligation. Therefore, the accumulated benefit obligation was the same as the projected benefit obligation at both December 31, 2022 and 2021.
Net Periodic Benefit Cost and Other Changes In Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
The following table summarizes net periodic benefit cost and other changes in the Plan’s assets and benefit obligations recognized in OCI for the years ended December 31:
($ in millions)202220212020
Components of net periodic benefit cost:
Interest cost$5 4 6 
Expected return on assets(4)(4)(4)
Amortization of net actuarial loss3 6 6 
Settlement3 3 3 
Net periodic benefit cost$7 9 11 
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss$(11)(5)12 
Amortization of net actuarial loss(3)(6)(6)
Settlement(3)(3)(3)
Total recognized in other comprehensive income(17)(14)3 
Total recognized in net periodic benefit cost and other comprehensive income$(10)(5)14 
Plan Assets Measured at Fair Value on a Recurring Basis
The following tables summarize Plan assets measured at fair value on a recurring basis as of December 31:
Fair Value Measurements Using(a)
2022 ($ in millions)Level 1Level 2Level 3    Total Fair Value
Cash equivalents$8 — — 8 
Debt securities:
U.S. Treasury and federal agencies securities54 3 — 57 
Asset-backed securities and other debt securities(b)
— 44 — 44 
Total debt securities$54 47 — 101 
Total Plan assets$62 47 — 109 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Fair Value Measurements Using(a)
2021 ($ in millions)Level 1Level 2Level 3 Total Fair Value
Cash equivalents$5 — — 5 
Mutual and exchange-traded funds51 — — 51 
Debt securities:
U.S. Treasury and federal agencies securities54 5 — 59 
Mortgage-backed securities:
Non-agency commercial mortgage-backed securities— 1 — 1 
Asset-backed securities and other debt securities(b)
— 36 — 36 
Total debt securities$54 42 — 96 
Total Plan assets$110 42 — 152 
(a)For further information on fair value hierarchy levels, refer to Note 1.
(b)Includes corporate bonds.
Plan Assumptions
The following table summarizes the weighted-average plan assumptions for the years ended December 31:
202220212020
For measuring benefit obligations at year end:
Discount rate5.37 %2.85 2.26 
For measuring net periodic benefit cost:
Discount rate3.69 2.26 3.05 
Expected return on plan assets3.91 2.43 2.64 
Weighted Average Allocation of Plan Assets
The following table provides the Bancorp’s targeted and actual weighted-average asset allocations by asset category, with mutual and exchange-traded funds incorporated according to their underlying investments, for the years ended December 31:
Targeted Range  20222021
Equity securities
0-55  % 
— — 
Fixed-income securities
50-100      
92 96 
Alternative strategies
0-5      
— — 
Cash or cash equivalents
0-100      
8 4 
Total100 %100 
v3.22.4
Accumulated Other Comprehensive Income (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Activity of the Components of Other Comprehensive Income and Accumulated Other Comprehensive Income
The tables below present the activity of the components of OCI and AOCI for the years ended December 31:
Total OCITotal AOCI
2022 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(7,194)1,716 (5,478)
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(2)— (2)
Net unrealized losses on available-for-sale debt securities(7,196)1,716 (5,480)891 (5,480)(4,589)
Unrealized holding losses on cash flow hedge derivatives arising
    during the year
 		(1,006)232 (774)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(99)22 (77)
Net unrealized losses on cash flow hedge derivatives(1,105)254 (851)353 (851)(498)
Net actuarial gain arising during the year11 (2)9 
Reclassification of amounts to net periodic benefit costs6 (1)5 
Defined benefit pension plans, net17 (3)14 (33)14 (19)
Other— — — (4)— (4)
Total$(8,284)1,967 (6,317)1,207 (6,317)(5,110)

Total OCITotal AOCI
2021 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding losses on available-for-sale debt securities
    arising during the year		$(1,366)323 (1,043)
Reclassification adjustment for net losses on available-for-sale debt
    securities included in net income		4 (1)3 
Net unrealized gains on available-for-sale debt securities(1,362)322 (1,040)1,931 (1,040)891 
Unrealized holding losses on cash flow hedge derivatives arising
    during the year		(185)43 (142)
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(293)70 (223)
Net unrealized gains on cash flow hedge derivatives(478)113 (365)718 (365)353 
Net actuarial gain arising during the year5 (1)4 
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net14 (3)11 (44)11 (33)
Other— — — (4)— (4)
Total$(1,826)432 (1,394)2,601 (1,394)1,207 
Total OCITotal AOCI
2020 ($ in millions)Pre-tax
Activity		Tax
Effect		Net
Activity		Beginning
Balance		Net
Activity		Ending
Balance
Unrealized holding gains on available-for-sale debt securities
    arising during the year
 		$1,514 (361)1,153 
Reclassification adjustment for net gains on available-for-sale debt
    securities included in net income		(45)11 (34)
Net unrealized gains on available-for-sale debt securities1,469 (350)1,119 812 1,119 1,931 
Unrealized holding gains on cash flow hedge derivatives arising
    during the year
 		611 (128)483 
Reclassification adjustment for net gains on cash flow hedge
    derivatives included in net income		(237)50 (187)
Net unrealized gains on cash flow hedge derivatives374 (78)296 422 296 718 
Net actuarial loss arising during the year
 		(12)3 (9)
Reclassification of amounts to net periodic benefit costs9 (2)7 
Defined benefit pension plans, net(3)1 (2)(42)(2)(44)
Other(4)— (4)— (4)(4)
Total$1,836 (427)1,409 1,192 1,409 2,601 
Reclassification Out of Accumulated Other Comprehensive Income to Net Income
The table below presents reclassifications out of AOCI for the years ended December 31:
($ in millions)Consolidated Statements of
Income Caption		202220212020
Net unrealized (losses) gains on available-for-sale debt securities:(b)
Net gains (losses) included in net incomeSecurities (losses) gains, net$2 (4)45 
Income before income taxes2 (4)45 
Applicable income tax expense— 1 (11)
Net income2 (3)34 
Net unrealized (losses) gains on cash flow hedge derivatives:(b)
Interest rate contracts related to C&I, commercial mortgage and commercial construction loansInterest and fees on loans and leases99 293 237 
Income before income taxes99 293 237 
Applicable income tax expense(22)(70)(50)
Net income77 223 187 
Net periodic benefit costs:(b)
Amortization of net actuarial loss
Compensation and benefits(a)
(3)(6)(6)
Settlements
Compensation and benefits(a)
(3)(3)(3)
Income before income taxes(6)(9)(9)
Applicable income tax expense1 2 2 
Net income(5)(7)(7)
Total reclassifications for the periodNet income$74 213 214 
(a)This AOCI component is included in the computation of net periodic benefit cost. Refer to Note 22 for information on the computation of net periodic benefit cost.
(b)Amounts in parentheses indicate reductions to net income.
v3.22.4
Common, Preferred and Treasury Stock (Tables)
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Share Activity Within Common, Preferred and Treasury Stock
The table presents a summary of the share activity within common, preferred and treasury stock for the years ended:
Common StockPreferred StockTreasury Stock
($ in millions, except share data)ValueSharesValueSharesValueShares
December 31, 2019$2,051 923,892,581 $1,770 264,000$(5,724)214,976,952 
Issuance of preferred shares, Series L— — 346 14,000 — — 
Impact of stock transactions under stock
   compensation plans, net		— — — — 46 (3,818,518)
Other— — — — 2 (26,178)
December 31, 2020$2,051 923,892,581 $2,116 278,000$(5,676)211,132,256 
Shares acquired for treasury— — — — (1,393)35,652,079 
Impact of stock transactions under stock
   compensation plans, net		— — — — 44 (5,621,878)
Other— — — — 1 (47,540)
December 31, 2021$2,051 923,892,581 $2,116 278,000$(7,024)241,114,917 
Shares acquired for treasury— — — —(100)3,079,462 
Impact of stock transactions under stock
   compensation plans, net		— — — — 21 (3,687,834)
Other— — — — — 156 
December 31, 2022$2,051 923,892,581 $2,116 278,000$(7,103)240,506,701 
Summary of the Bancorp's Accelerated Share Repurchase Transactions
The following table presents a summary of the Bancorp’s accelerated share repurchase transactions that were entered into and settled during the years ended December 31, 2022 and 2021:
Repurchase DateAmount  ($ in millions)Shares Repurchased on Repurchase DateShares Received from Forward Contract  SettlementTotal Shares RepurchasedFinal Settlement Date
January 26, 2021$180 4,951,456 366,939 5,318,395 March 31, 2021
April 23, 2021347 7,894,807 675,295 8,570,102 June 11, 2021
July 27, 2021(a)
550 13,065,958 1,413,211 14,479,169 September 29, 2021
October 29, 2021316 6,211,841 1,072,572 7,284,413 December 2, 2021
December 8, 2022100 2,636,476 442,986 3,079,462 December 19, 2022
(a)This accelerated share repurchase transaction consisted of two supplemental confirmations each with a notional amount of $275 million.
v3.22.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award, Stock Appreciation Rights, Valuation Assumptions
The weighted-average assumptions were as follows for the years ended December 31:
202220212020
Expected life (in years)777
Expected volatility31 %29 24 
Expected dividend yield3.4 3.2 3.2 
Risk-free interest rate2.7 0.9 1.5 
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity
The following table summarizes SARs activity for the years ended December 31:
202220212020
SARs (in thousands, except per share data)Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share		Number of
SARs		Weighted-
Average Grant
Price Per Share 
Outstanding at January 111,185 $20.47 19,258 $18.83 21,449 $18.38 
Granted304 46.96 322 33.53 365 29.64 
Exercised(2,358)17.05 (8,367)17.20 (2,420)16.10 
Forfeited or expired(19)30.43 (28)23.01 (136)25.50 
Outstanding at December 319,112 $22.22 11,185 $20.47 19,258 $18.83 
Exercisable at December 318,487 $20.97 10,515 $19.80 17,979 $18.19 
Outstanding and Exercisable SARs by Grant Price
The following table summarizes outstanding and exercisable SARs by grant price per share at December 31, 2022.
Outstanding SARsExercisable SARs
SARs (in thousands, except per share data)Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)		Number of
SARs		Weighted-Average Grant Price Per ShareWeighted-
Average Remaining
Contractual Life
(in years)
$10.01-$20.00
4,845 $17.56 2.24,845 $17.56 2.2
$20.01-$30.00
3,449 24.95 3.53,335 24.78 3.3
$30.01-$40.00
568 33.41 7.2307 33.28 6.1
Over $40.00
250 49.51 9.1— — — 
All SARs9,112 $22.22 3.28,487 $20.97 2.8
Schedule of Share-Based Compensation, RSUs
The following table summarizes RSUs activity for the years ended December 31:
202220212020
RSUs (in thousands, except per unit data)Units Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per UnitUnits Weighted-Average Grant-Date Fair Value Per Unit
Outstanding at January 19,487 $30.67 9,466 $28.38 10,006 $27.30 
Granted4,682 47.11 4,186 34.25 4,177 28.75 
Released(3,608)30.54 (3,432)28.87 (4,076)26.19 
Forfeited(655)37.12 (733)29.80 (641)27.70 
Outstanding at December 319,906 $38.04 9,487 $30.67 9,466 $28.38 
Unvested RSUs by Grant-Date Fair Value
The following table summarizes outstanding RSUs by grant-date fair value per unit at December 31, 2022.
Outstanding RSUs
RSUs (in thousands)Units       Weighted-Average Remaining Contractual Life (in years)
Under $25.00
431 0.2
$25.01-$30.00
2,249 0.4
$30.01-$35.00
2,471 1.2
$35.01-$40.00
1,021 1.3
$40.01-$45.00
165 1.9
$45.01 and over
3,569 1.6
All RSUs9,906 1.1
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes stock options activity for the years ended December 31:
202220212020
Stock Options (in thousands, except per share data)  Number of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per ShareNumber of OptionsWeighted-Average Exercise Price Per Share
Outstanding at January 1409 $21.51 793 $20.81 1,381 $20.15 
Exercised(97)21.06 (384)20.06 (440)17.48 
Forfeited or expired— — — — (148)23.99 
Outstanding at December 31312 $21.65 409 $21.51 793 $20.81 
Exercisable at December 31312 $21.65 386 $21.31 725 $20.34 
Schedule of Outstanding And Exercisable Stock Options Exercise Price
The following table summarizes outstanding and exercisable stock options by exercise price per share at December 31, 2022.
Outstanding Stock OptionsExercisable Stock Options
Stock Options (in thousands, except per share data)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)Number of OptionsWeighted-Exercise Price Per ShareWeighted-Average Remaining Contractual Life (in years)
Under $10.00
2 $8.98 3.62 $8.98 3.6
$10.01-$20.00
172 18.40 2.2172 18.40 2.2
$20.01-$30.00
138 25.86 3.0138 25.86 3.0
All stock options312 $21.65 2.6312 $21.65 2.6
v3.22.4
Other Noninterest Income and Other Noninterest Expense (Tables)
 12 Months Ended
Dec. 31, 2022
Noninterest Income [Abstract]  
Other Noninterest Income and Other Noninterest Expense
The following table presents the major components of other noninterest income and other noninterest expense for the years ended December 31:
($ in millions)202220212020
Other noninterest income:
Private equity investment income$708175
BOLI income646163
Cardholder fees545044
Income from the TRA associated with Worldpay, Inc.464674
Banking center income242320
Equity method investment income223012
Consumer loan fees191720
Gains on contract sales3622
Loss on swap associated with the sale of Visa, Inc. Class B Shares(84)(86)(103)
Other, net47484
Total other noninterest income$265 332 211 
Other noninterest expense:
Loan and lease$167 217 162 
FDIC insurance and other taxes132 114 118 
Losses and adjustments91 69 100 
Data processing82 79 75 
Travel60 34 27 
Professional service fees54 63 49 
Intangible amortization47 44 48 
Postal and courier40 37 36 
Other, net295 294 306 
Total other noninterest expense$968 951 921 
v3.22.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Basic and Diluted
The following table provides the calculation of earnings per share and the reconciliation of earnings per share and earnings per diluted share for the years ended December 31:
202220212020
($ in millions, except per share data)IncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share AmountIncomeAverage SharesPer Share Amount
Earnings Per Share:
Net income available to common
    shareholders		$2,330 2,659 1,323 
Less: Income allocated to participating
    securities		2 7 6 
Net income allocated to common
    shareholders		$2,328 689 3.38 2,652 702 3.78 1,317 715 1.84 
Earnings Per Diluted Share:
Net income available to common
    shareholders		$2,330 2,659 1,323 
Effect of dilutive securities:
Stock-based awards— 6 — 9 — 5 
Net income available to common
    shareholders plus assumed conversions		2,330 2,659 1,323 
Less: Income allocated to participating
    securities		2 7 6 
Net income allocated to common
    shareholders plus assumed conversions		$2,328 695 3.35 2,652 711 3.73 1,317 720 1.83 
v3.22.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables summarize assets and liabilities measured at fair value on a recurring basis as of:
Fair Value Measurements Using
December 31, 2022 ($ in millions)     Level 1     Level 2   Level 3     Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,495 — — 2,495 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 11,237 — 11,237 
Agency commercial mortgage-backed securities— 26,322 — 26,322 
          Non-agency commercial mortgage-backed securities— 4,715 — 4,715 
Asset-backed securities and other debt securities— 5,842 — 5,842 
Available-for-sale debt and other securities(a)
2,495 48,134 — 50,629 
Trading debt securities:
U.S. Treasury and federal agencies securities23 22 — 45 
Obligations of states and political subdivisions securities— 14 — 14 
Agency residential mortgage-backed securities— 8 — 8 
Asset-backed securities and other debt securities— 347 — 347 
Trading debt securities23 391 — 414 
Equity securities306 11 — 317 
Residential mortgage loans held for sale— 600 — 600 
Residential mortgage loans(b)
— — 123 123 
Servicing rights— — 1,746 1,746 
Derivative assets:
Interest rate contracts12 1,222 7 1,241 
Foreign exchange contracts— 454 — 454 
Commodity contracts56 1,422 — 1,478 
Derivative assets(c)
68 3,098 7 3,173 
Total assets$2,892 52,234 1,876 57,002 
Liabilities:
Derivative liabilities:
Interest rate contracts$7 1,970 8 1,985 
Foreign exchange contracts— 422 — 422 
Equity contracts— — 195 195 
Commodity contracts92 1,258 — 1,350 
Derivative liabilities(d)
99 3,650 203 3,952 
Short positions:
U.S. Treasury and federal agencies securities66 — — 66 
Asset-backed securities and other debt securities— 112 — 112 
Short positions(d)
66 112 — 178 
Total liabilities$165 3,762 203 4,130 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $381, $491 and $2, respectively, at December 31, 2022.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Fair Value Measurements Using
December 31, 2021 ($ in millions)Level 1Level 2Level 3Total Fair Value
Assets:
   Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$86 — — 86 
Obligations of states and political subdivisions securities— 18 — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities— 8,782 — 8,782 
Agency commercial mortgage-backed securities— 18,951 — 18,951 
Non-agency commercial mortgage-backed securities— 4,479 — 4,479 
Asset-backed securities and other debt securities— 5,275 — 5,275 
Available-for-sale debt and other securities(a)
86 37,505 — 37,591 
Trading debt securities:
U.S. Treasury and federal agencies securities72 12 — 84 
Obligations of states and political subdivisions securities— 32 — 32 
Agency residential mortgage-backed securities— 105 — 105 
Asset-backed securities and other debt securities— 291 — 291 
Trading debt securities72 440 — 512 
Equity securities365 11 — 376 
Residential mortgage loans held for sale— 1,023 — 1,023 
Residential mortgage loans(b)
— — 154 154 
Servicing rights— — 1,121 1,121 
Derivative assets:
Interest rate contracts2 1,245 12 1,259 
Foreign exchange contracts— 323 — 323 
Commodity contracts26 1,300 — 1,326 
Derivative assets(c)
28 2,868 12 2,908 
Total assets$551 41,847 1,287 43,685 
Liabilities:
Derivative liabilities:
Interest rate contracts$2 231 8 241 
Foreign exchange contracts— 298 — 298 
Equity contracts— — 214 214 
Commodity contracts285 975 — 1,260 
Derivative liabilities(d)
287 1,504 222 2,013 
Short positions:
U.S. Treasury and federal agencies securities96 — — 96 
Asset-backed securities and other debt securities— 201 — 201 
Short positions(d)
96 201 — 297 
Total liabilities$383 1,705 222 2,310 
(a)Excludes FHLB, FRB and DTCC restricted stock holdings totaling $30, $486 and $3, respectively, at December 31, 2021.
(b)Includes residential mortgage loans originated as held for sale and subsequently transferred to held for investment.
(c)Included in other assets in the Consolidated Balance Sheets.
(d)Included in other liabilities in the Consolidated Balance Sheets.
Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables are a reconciliation of assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2022 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$154 1,121 4 (214)1,065 
Total gains (losses) (realized/unrealized):(b)
Included in earnings(18)177 22 (84)97 
Purchases/originations— 448 1 — 449 
Settlements(23)— (28)103 52 
Transfers into Level 3(c)
10 — — — 10 
Balance, end of period$123 1,746 (1)(195)1,673 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2022
$(18)311 6 (84)215 
(a)Net interest rate derivatives include derivative assets and liabilities of $7 and $8, respectively, as of December 31, 2022.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2022.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2021 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$161 656 53 (201)669 
Total (losses) gains (realized/unrealized):(b)
Included in earnings(2)(139)153 (86)(74)
Purchases/originations— 604 (3)— 601 
Settlements(54)— (199)73 (180)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$154 1,121 4 (214)1,065 
The amount of total gains (losses) for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2021
$(2)78 15 (86)5 
(a)Net interest rate derivatives include derivative assets and liabilities of $12 and $8, respectively, as of December 31, 2021.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2021.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
For the year ended December 31, 2020 ($ in millions)Residential Mortgage LoansServicing
Rights
Interest Rate
Derivatives,
Net(a)
Equity
Derivatives		Total Fair Value
Balance, beginning of period$183 993 10 (163)1,023 
Total (losses) gains (realized/unrealized):(b)
Included in earnings3 (565)272 (103)(393)
Purchases/originations— 228 4 — 232 
Settlements(74)— (233)65 (242)
Transfers into Level 3(c)
49 — — — 49 
Balance, end of period$161 656 53 (201)669 
The amount of total (losses) gains for the period
   included in earnings attributable to the change in
   unrealized gains or losses relating to instruments
   still held at December 31, 2020
$3 (227)58 (103)(269)
(a)Net interest rate derivatives include derivative assets and liabilities of $61 and $8, respectively, as of December 31, 2020.
(b)There were no unrealized gains or losses for the period included in other comprehensive income for instruments still held at December 31, 2020.
(c)Includes certain residential mortgage loans originated as held for sale that were transferred to held for investment.
Total Gains and Losses Included in Earnings for Assets and Liabilites Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)
The total gains and losses included in earnings for assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) were recorded in the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 as follows:
($ in millions)202220212020
Mortgage banking net revenue$177 9 (291)
Commercial banking revenue4 3 2 
Other noninterest income(84)(86)(104)
Total gains (losses)$97 (74)(393)

The total gains and losses included in earnings attributable to changes in unrealized gains and losses related to Level 3 assets and liabilities still held at December 31, 2022, 2021 and 2020 were recorded in the Consolidated Statements of Income as follows:
($ in millions)202220212020
Mortgage banking net revenue$295 88 (167)
Commercial banking revenue4 3 2 
Other noninterest income(84)(86)(104)
Total gains (losses)$215 5 (269)
Quantitative Information About Significant Unobservable Level 3 Fair Value Measurement Inputs
The following tables present information about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured at fair value on a recurring basis:
As of December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$123 Loss rate modelInterest rate risk factor(24.1)-2.4%(12.3)%
(a)
Credit risk factor— -22.9%0.5 %
(a)
(Fixed)5.1 %
(b)
Servicing rights1,746 DCFPrepayment speed— -100.0%(Adjustable)20.3 %
(b)
(Fixed)734
(b)
OAS (bps)542 -1,513(Adjustable)1,204
(b)
IRLCs, net1 DCFLoan closing rates34.7 -97.5%86.6 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(195)DCFTiming of the resolution of the Covered LitigationQ1 2024-Q1 2027Q2 2025
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.

As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable
Inputs		Range of InputsWeighted-Average
Residential mortgage loans$154 Loss rate modelInterest rate risk factor(8.5)-8.8%0.4 %
(a)
Credit risk factor— -28.5%0.3 %
(a)
(Fixed)10.7 %
(b)
Servicing rights1,121 DCFPrepayment speed— -100.0%(Adjustable)20.6 %
(b)
(Fixed)686
(b)
OAS (bps)479 -1,587(Adjustable)1,087
(b)
IRLCs, net12 DCFLoan closing rates8.9 -97.2%80.9 %
(c)
Swap associated with the sale of Visa, Inc. Class B Shares(214)DCFTiming of the resolution of the Covered LitigationQ1 2023-Q2 2025Q1 2024
(d)
(a) Unobservable inputs were weighted by the relative carrying value of the instruments.
(b) Unobservable inputs were weighted by the relative unpaid principal balance of the instruments.
(c) Unobservable inputs were weighted by the relative notional amount of the instruments.
(d) Unobservable inputs were weighted by the probability of the final funding date of the instruments.
The following tables present information as of December 31, 2022 and 2021 about significant unobservable inputs related to the Bancorp’s material categories of Level 3 financial assets and liabilities measured on a nonrecurring basis:
As of December 31, 2022 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of
Inputs		Weighted-Average
Commercial loans held for sale$40 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases162 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans109 Appraised valueCollateral valueNMNM
OREO3 Appraised valueAppraised valueNMNM
Bank premises and equipment19 Appraised valueAppraised valueNMNM
Operating lease equipment1 Appraised valueAppraised valueNMNM
Private equity investments1 Comparable company analysisMarket comparable transactionsNMNM
As of December 31, 2021 ($ in millions)
Financial InstrumentFair ValueValuation TechniqueSignificant Unobservable InputsRanges of  
Inputs  		Weighted-Average
Commercial loans held for sale$2 Comparable company analysisMarket comparable transactionsNMNM
Commercial loans and leases236 Appraised valueCollateral valueNMNM
Consumer and residential mortgage loans125 Appraised valueCollateral valueNMNM
OREO7 Appraised valueAppraised valueNMNM
Bank premises and equipment11 Appraised valueAppraised valueNMNM
Operating lease equipment13 Appraised valueAppraised valueNMNM
Private equity investments14 Comparable company analysisMarket comparable transactionsNMNM
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The following tables provide the fair value hierarchy and carrying amount of all assets that were held as of December 31, 2022 and 2021, and for which a nonrecurring fair value adjustment was recorded during the years ended December 31, 2022 and 2021, and the related gains and losses from fair value adjustments on assets sold during the period as well as assets still held as of the end of the period.
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2022 ($ in millions)Level 1  Level 2Level 3    Total For the year ended December 31, 2022
Commercial loans held for sale$— — 40 40 (1)
Commercial loans and leases— — 162 162 (83)
Consumer and residential mortgage loans— — 109 109 1 
OREO— — 3 3 — 
Bank premises and equipment— — 19 19 (9)
Operating lease equipment— — 1 1 (2)
Private equity investments— 9 1 10 (8)
Total$— 9 335 344 (102)
Fair Value Measurements UsingTotal (Losses) Gains
As of December 31, 2021 ($ in millions)Level 1Level 2Level 3TotalFor the year ended December 31, 2021
Commercial loans held for sale$— — 2 2 2 
Commercial loans and leases— — 236 236 (29)
Consumer and residential mortgage loans— — 125 125 (1)
OREO— — 7 7 (6)
Bank premises and equipment— — 11 11 (6)
Operating lease equipment— — 13 13 (21)
Private equity investments— 1 14 15 38 
Total$— 1 408 409 (23)
Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value
The following table summarizes the difference between the fair value and the unpaid principal balance for residential mortgage loans measured at fair value as of:
($ in millions)Aggregate  Fair ValueAggregate Unpaid Principal BalanceDifference
December 31, 2022
Residential mortgage loans measured at fair value$723 733 (10)
Past due loans of 30-89 days1 1 — 
Nonaccrual loans2 2 — 
December 31, 2021
Residential mortgage loans measured at fair value$1,177 1,149 28 
Past due loans of 90 days or more3 3 — 
Carrying Amounts and Estimated Fair Values for Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments measured at fair value on a recurring basis:
Net CarryingFair Value Measurements Using        Total
As of December 31, 2022 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$3,466 3,466 — — 3,466 
Other short-term investments8,351 8,351 — — 8,351 
Other securities874 — 874 — 874 
Held-to-maturity securities5 — — 5 5 
Loans and leases held for sale407 — — 414 414 
Portfolio loans and leases:
Commercial loans and leases75,262 — — 75,104 75,104 
Consumer and residential mortgage loans43,901 — — 42,193 42,193 
Total portfolio loans and leases, net$119,163 — — 117,297 117,297 
Financial liabilities:
Deposits$163,690 — 163,634 — 163,634 
Federal funds purchased180 180 — — 180 
Other short-term borrowings4,838 — 4,829 — 4,829 
Long-term debt13,778 13,218 411 — 13,629 
Net CarryingFair Value Measurements Using        Total
As of December 31, 2021 ($ in millions)AmountLevel 1Level 2Level 3Fair Value
Financial assets:
Cash and due from banks$2,994 2,994 — — 2,994 
Other short-term investments34,572 34,572 — — 34,572 
Other securities519 — 519 — 519 
Held-to-maturity securities8 — — 8 8 
Loans and leases held for sale3,392 — — 3,405 3,405 
Portfolio loans and leases:
Commercial loans and leases69,166 — — 69,924 69,924 
Consumer and residential mortgage loans40,838 — — 41,632 41,632 
Total portfolio loans and leases, net$110,004 — — 111,556 111,556 
Financial liabilities:
Deposits$169,324 — 169,316 — 169,316 
Federal funds purchased281 281 — — 281 
Other short-term borrowings980 — 980 — 980 
Long-term debt11,425 12,091 387 — 12,478 
v3.22.4
Regulatory Capital Requirements and Capital Ratios (Tables)
 12 Months Ended
Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Capital and Risk-Based Capital and Leverage Ratios for the Bancorp and its Significant Subsidiary Banks
The following table summarizes the prescribed capital ratios for the Bancorp and its banking subsidiary.
Minimum      Well-Capitalized
CET1 capital:
Fifth Third Bancorp4.50 %N/A
Fifth Third Bank, National Association4.50 6.50 
Tier 1 risk-based capital:
Fifth Third Bancorp6.00 6.00 
Fifth Third Bank, National Association6.00 8.00 
Total risk-based capital:
Fifth Third Bancorp8.00 10.00 
Fifth Third Bank, National Association8.00 10.00 
Leverage:
Fifth Third Bancorp4.00 N/A
Fifth Third Bank, National Association4.00 5.00 
The following table presents capital and risk-based capital and leverage ratios for the Bancorp and its banking subsidiary at December 31:
20222021
($ in millions)AmountRatio        AmountRatio      
CET1 capital:
Fifth Third Bancorp$15,670 9.28 %$14,781 9.54 %
Fifth Third Bank, National Association18,952 11.31 16,723 10.90 
Tier 1 risk-based capital:
Fifth Third Bancorp17,786 10.53 16,897 10.91 
Fifth Third Bank, National Association18,952 11.31 16,723 10.90 
Total risk-based capital:
Fifth Third Bancorp21,606 12.79 20,789 13.42 
Fifth Third Bank, National Association21,463 12.81 18,917 12.33 
Leverage:(a)
Fifth Third Bancorp17,786 8.56 16,897 8.27 
Fifth Third Bank, National Association18,952 9.23 16,723 8.29 
(a)Quarterly average assets are a component of the Leverage ratio and for this purpose do not include goodwill and any other intangible assets and other investments that the U.S. banking agencies determine should be deducted from Tier 1 capital.
v3.22.4
Parent Company Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Statements of Income (Parent Company Only)
Condensed Statements of Income (Parent Company Only)
For the years ended December 31 ($ in millions)202220212020
Income
Dividends from consolidated nonbank subsidiaries(a)
$165 3,040 1,285 
Securities (losses) gains, net(9)1 1 
Interest 11 11 17 
Total income167 3,052 1,303 
Expenses
Interest311 250 266 
Other19 30 26 
Total expenses330 280 292 
(Loss) Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries(163)2,772 1,011 
Applicable income tax benefit(76)(62)(65)
(Loss) Income Before Equity in Undistributed Earnings of Subsidiaries(87)2,834 1,076 
Equity in undistributed earnings2,533 (64)351 
Net Income Attributable to Bancorp$2,446 2,770 1,427 
Other Comprehensive Income— — — 
Comprehensive Income Attributable to Bancorp$2,446 2,770 1,427 
(a)Includes dividends paid by the Bancorp’s indirect banking subsidiary to the Bancorp’s direct nonbank subsidiary holding company of $3.0 billion and $1.3 billion for the years ended December 31, 2021 and 2020, respectively. The Bancorp’s indirect banking subsidiary did not pay dividends during the year ended December 31, 2022.
Condensed Balance Sheets (Parent Company Only)
Condensed Balance Sheets (Parent Company Only)
As of December 31 ($ in millions)20222021
Assets
Cash$120 122 
Other short-term investments5,667 6,234 
Available-for-sale debt and other securities1,000 — 
Equity securities34 49 
Loans to nonbank subsidiaries60 192 
Investment in nonbank subsidiaries20,256 23,877 
Goodwill80 80 
Other assets326 431 
Total Assets$27,543 30,985 
Liabilities
Other short-term borrowings$121 361 
Accrued expenses and other liabilities764 487 
Long-term debt (external)9,331 7,927 
Total Liabilities$10,216 8,775 
Equity
Common stock$2,051 2,051 
Preferred stock2,116 2,116 
Capital surplus3,684 3,624 
Retained earnings21,689 20,236 
Accumulated other comprehensive (loss) income(5,110)1,207 
Treasury stock(7,103)(7,024)
Total Equity17,327 22,210 
Total Liabilities and Equity$27,543 30,985 
Condensed Statements of Cash Flows (Parent Company Only)
Condensed Statements of Cash Flows (Parent Company Only)   
For the years ended December 31 ($ in millions)202220212020
Operating Activities   
Net income$2,446 2,770 1,427 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and accretion7 7 7 
(Benefit from) provision for deferred income taxes(3)(1)— 
Securities losses (gains), net9 (1)(1)
Equity in undistributed earnings(2,533)64 (351)
Net change in:
Equity securities6 1 — 
Other assets(115)(40)(1)
Accrued expenses and other liabilities45 (80)— 
Net Cash (Used in) Provided by Operating Activities(138)2,720 1,081 
Investing Activities
Purchase of securities issued by subsidiary(1,000)— — 
Net change in:
Other short-term investments567 (656)(855)
Loans to nonbank subsidiaries132 158 94 
Net Cash Used in Investing Activities(301)(498)(761)
Financing Activities
Net change in other short-term borrowings(240)(89)91 
Proceeds from issuance of long-term debt2,986 498 1,243 
Repayment of long-term debt(1,200)(250)(1,100)
Dividends paid on common and preferred stock(927)(897)(858)
Repurchase of treasury stock and related forward contract(100)(1,393)— 
Issuance of preferred stock— — 346 
Other, net(82)(89)(40)
Net Cash Provided by (Used in) Financing Activities437 (2,220)(318)
(Decrease) Increase in Cash(2)2 2 
Cash at Beginning of Period122 120 118 
Cash at End of Period$120 122 120 
v3.22.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Results of Operations and Assets by Segment
The following tables present the results of operations and assets by business segment for the years ended December 31:
2022 ($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal
Net interest income$2,542 3,131 262 (326)— 5,609 
Provision for credit losses33 139 — 391 — 563 
Net interest income after provision for credit
     losses
2,509 2,992 262 (717)— 5,046 
Noninterest income:
Service charges on deposits372 216 1 — — 589 
Wealth and asset management revenue3 204 540 — (177)
(a)
570 
Commercial banking revenue563 3 1 (2)— 565 
Card and processing revenue87 308 2 12 — 409 
Leasing business revenue237 
(c)
— — — — 237 
Mortgage banking net revenue— 214 1 — — 215 
Other noninterest income(b)
111 110 — 44 — 265 
Securities losses, net(33)— — (49)— (82)
Securities losses, net -non-qualifying
     hedges on MSRs		— (2)— — — (2)
Total noninterest income1,340 1,053 545 5 (177)2,766 
Noninterest expense:
Compensation and benefits639 828 218 869 — 2,554 
Technology and communications11 22 1 382 — 416 
Net occupancy expense(d)
40 196 13 58 — 307 
Equipment expense27 38 — 80 — 145 
Leasing business expense131 — — — — 131 
Marketing expense5 58 1 54 — 118 
Card and processing expense11 72 1 (4)— 80 
Other noninterest expense959 1,175 322 (1,311)(177)968 
Total noninterest expense1,823 2,389 556 128 (177)4,719 
Income (loss) before income taxes2,026 1,656 251 (840)— 3,093 
Applicable income tax expense (benefit)377 347 53 (130)— 647 
Net income (loss)1,649 1,309 198 (710)— 2,446 
Total goodwill$2,324 2,365 226 — — 4,915 
Total assets$83,535 83,697 14,253 25,967 
(e)
— 207,452 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income. 
(b)Includes impairment charges of $6 recorded in Consumer and Small Business Banking and $3 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28. 
(c)Includes impairment charges of $2 for operating lease equipment. For more information, refer to Note 8 and Note 28. 
(d)Includes impairment losses and termination charges of $2 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7. 
2021 ($ in millions)Commercial BankingConsumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$1,596 1,685 88 1,401 — 4,770 
(Benefit from) provision for credit losses(597)120 (1)101 — (377)
Net interest income after (benefit from) provision
     for credit losses		2,193 1,565 89 1,300 — 5,147 
Noninterest income:
Service charges on deposits385 214 1 — — 600 
Wealth and asset management revenue2 206 558 — (180)
(a)
586 
Commercial banking revenue633 2 2 — — 637 
Card and processing revenue78 312 2 10 — 402 
Leasing business revenue300 
(c)
— — — — 300 
Mortgage banking net revenue— 267 3 — — 270 
Other noninterest income(b)
91 108 4 129 — 332 
Securities (losses) gains, net8 — — (15)— (7)
Securities losses, net -non-qualifying
hedges on MSRs
— (2)— — — (2)
Total noninterest income1,497 1,107 570 124 (180)3,118 
Noninterest expense:
Compensation and benefits644 833 205 944 — 2,626 
Technology and communications17 16 1 354 — 388 
Net occupancy expense(d)
37 197 15 63 — 312 
Equipment expense26 38 — 74 — 138 
Leasing business expense137 — — — — 137 
Marketing expense7 41 2 57 — 107 
Card and processing expense7 85 1 (4)— 89 
Other noninterest expense898 1,185 316 (1,268)(180)951 
Total noninterest expense1,773 2,395 540 220 (180)4,748 
Income before income taxes1,917 277 119 1,204 — 3,517 
Applicable income tax expense363 57 25 302 — 747 
Net income1,554 220 94 902 — 2,770 
Total goodwill$1,980 2,303 231 — — 4,514 
Total assets$75,387 85,455 13,836 36,438 
(e)
— 211,116 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $6 recorded in Consumer and Small Business Banking and $1 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7 and Note 28.
(c)Includes impairment charges of $25 for operating lease equipment. For more information, refer to Note 8 and Note 28.
(d)Includes impairment losses and termination charges of $3 for ROU assets related to certain operating leases. For more information, refer to Note 9. 
(e)Includes bank premises and equipment of $24 classified as held for sale. For more information, refer to Note 7.
2020 ($ in millions)Commercial
Banking		Consumer and Small Business BankingWealth
and Asset
Management		General
Corporate
and Other		EliminationsTotal      
Net interest income$2,009 1,942 139 692 — 4,782 
Provision for (benefit from) credit losses1,086 229 3 (221)— 1,097 
Net interest income after provision for (benefit
     from) credit losses		923 1,713 136 913 — 3,685 
Noninterest income:
Service charges on deposits358 200 1 — — 559 
Wealth and asset management revenue3 172 498 — (153)
(a)
520 
Commercial banking revenue527 2 2 (3)— 528 
Card and processing revenue68 269 2 13 — 352 
Leasing business revenue276 
(c)
— — — — 276 
Mortgage banking net revenue— 315 5 — — 320 
Other noninterest income(b)
101 78 18 14 — 211 
Securities gains, net— — — 62 — 62 
Securities gains, net -non-qualifying hedges
on MSRs
— 2 — — — 2 
Total noninterest income1,333 1,038 526 86 (153)2,830 
Noninterest expense:
Compensation and benefits606 821 218 945 — 2,590 
Technology and communications13 12 1 336 — 362 
Net occupancy expense(d)
32 185 12 121 — 350 
Equipment expense27 41 1 61 — 130 
Leasing business expense140 — — — — 140 
Marketing expense9 34 2 59 — 104 
Card and processing expense7 116 1 (3)— 121 
Other noninterest expense975 1,090 298 (1,289)(153)921 
Total noninterest expense1,809 2,299 533 230 (153)4,718 
Income before income taxes447 452 129 769 — 1,797 
Applicable income tax expense49 95 27 199 — 370 
Net income398 357 102 570 — 1,427 
Total goodwill$1,980 2,047 231 — — 4,258 
Total assets$71,801 77,169 12,466 43,244 
(e)
— 204,680 
(a)Revenue sharing agreements between Wealth and Asset Management and Consumer and Small Business Banking are eliminated in the Consolidated Statements of Income.
(b)Includes impairment charges of $15 recorded in Consumer and Small Business Banking and $15 recorded in General Corporate and Other for bank premises and equipment. For more information, refer to Note 7.
(c)Includes impairment charges of $7 for operating lease equipment. For more information, refer to Note 8.
(d)Includes impairment losses and termination charges of $8 for ROU assets related to certain operating leases. For more information, refer to Note 9.
(e)Includes bank premises and equipment of $35 classified as held for sale. For more information, refer to Note 7.
v3.22.4
Summary of Significant Accounting and Reporting Policies - Portfolio Loans and Leases (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Commercial  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 90 days
Loans modified as TDR maintained on accrual status, payment history, period 6 months
Established threshold nonaccrual commercial loans $ 1
Residential Mortgage | Residential mortgage loans  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 150 days
Foreclosure process, period 180 days
Threshold period past due for accrual loans 90 days
Threshold period past due 90 days
Consumer | Home equity  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 90 days
Threshold period past due for nonaccrual loans, with senior lien in default 60 days
Senior lien in default, threshold period 120 days
Consumer | Credit card  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due 90 days
Loans modified as TDR maintained on accrual status, payment history, period 6 months
Consumer | Indirect Secured Consumer Loan And Other Consumer Loan  
Financing Receivable, Recorded Investment, Past Due  
Threshold period past due for nonaccrual loans 90 days
v3.22.4
Summary of Significant Accounting and Reporting Policies - ALLL (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Large Commercial Loans and Leases  
Financing Receivable, Recorded Investment, Past Due  
Larger commercial loans, subject to impairment review $ 1
v3.22.4
Summary of Significant Accounting and Reporting Policies - Pension Plans (Details)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Net gain (loss) in excess of projected benefit obligation, percentage 10.00%
v3.22.4
Summary of Significant Accounting and Reporting Policies - Accounting Standards (Details) - USD ($)
$ in Millions
Jan. 01, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for loan and lease losses   $ (2,194) [1] $ (1,892) [1] $ (2,453) $ (1,202)
Retained earnings   $ 21,689 $ 20,236    
Cumulative Effect, Period of Adoption, Adjustment          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for loan and lease losses         $ (643)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2022-02 | Subsequent Event          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for loan and lease losses $ 49        
Retained earnings $ 37        
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Payments:      
Interest $ 869 $ 465 $ 825
Income taxes 272 607 491
Transfers:      
Portfolio loans and leases to loans and leases held for sale 105 447 926
Loans and leases held for sale to portfolio loans and leases 409 49 49
Portfolio loans and leases to OREO 8 8 12
Loans and leases held for sale to OREO 1 0 2
Bank premises and equipment to OREO 24 21 2
Supplemental Disclosures:      
Net additions to lease liabilities under operating leases 152 66 47
Net additions to lease liabilities under finance leases $ 27 35 106
Residential mortgage loans | GNMA loans      
Transfers:      
Portfolio loans and leases to loans and leases held for sale   $ 167 $ 794
v3.22.4
Restrictions on Dividends and Capital Actions (Details) - USD ($)
 3 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]        
Dividends from consolidated nonbank subsidiaries   $ 0 $ 3,000,000,000  
Common stock dividends, per share (in dollars per share) $ 0.33 $ 1.26 $ 1.14 $ 1.08
v3.22.4
Investment Securities - Investment Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Available-for-sale debt and other securities:    
Amortized Cost $ 57,530 $ 36,941
Unrealized Gains 19 1,313
Unrealized Losses (6,046) (144)
Fair Value [1] 51,503 38,110
Held-to-maturity securities:    
Amortized Cost [2] 5 8
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 5 8
Trading debt securities 414 512
Equity securities 317 376
U.S. Treasury and federal agencies securities    
Available-for-sale debt and other securities:    
Amortized Cost 2,683 85
Unrealized Gains 0 1
Unrealized Losses (188) 0
Fair Value 2,495 86
Obligations of states and political subdivisions securities    
Available-for-sale debt and other securities:    
Amortized Cost 18 18
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 18 18
Held-to-maturity securities:    
Amortized Cost 3 6
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 3 6
Agency mortgage-backed securities | Residential mortgage backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 12,604 8,432
Unrealized Gains 5 368
Unrealized Losses (1,372) (18)
Fair Value 11,237 8,782
Agency mortgage-backed securities | Commercial mortgage-backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 29,824 18,236
Unrealized Gains 11 784
Unrealized Losses (3,513) (69)
Fair Value 26,322 18,951
Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Available-for-sale debt and other securities:    
Amortized Cost 5,235 4,364
Unrealized Gains 0 128
Unrealized Losses (520) (13)
Fair Value 4,715 4,479
Asset-backed securities and other debt securities    
Available-for-sale debt and other securities:    
Amortized Cost 6,292 5,287
Unrealized Gains 3 32
Unrealized Losses (453) (44)
Fair Value 5,842 5,275
Held-to-maturity securities:    
Amortized Cost 2 2
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 2 2
Other securities    
Available-for-sale debt and other securities:    
Amortized Cost 874 519
Unrealized Gains 0 0
Unrealized Losses 0 0
Fair Value 874 519
FHLB, restricted stock holdings 381 30
FRB, restricted stock holdings 491 486
DTCC, restricted stock holdings $ 2 $ 3
[1] Amortized cost of $57,530 and $36,941 at December 31, 2022 and 2021, respectively.
[2] Fair value of $5 and $8 at December 31, 2022 and 2021, respectively.
v3.22.4
Investment Securities - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment Holdings [Line Items]      
Accrued interest receivables on investment securities $ 131 $ 82  
Impairment losses 1 19 $ 0
Securities with a fair value, pledged as collateral 11,000 11,200  
Unrealized losses 6,046 144  
Non-rated Securities      
Investment Holdings [Line Items]      
Unrealized losses $ 42 $ 2  
v3.22.4
Investment Securities - Gains and Losses Recognized in Income from Securities (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Available-for-sale debt and other securities:      
Realized gains $ 16,000,000 $ 34,000,000 $ 47,000,000
Realized losses (13,000,000) (19,000,000) (2,000,000)
Impairment losses (1,000,000) (19,000,000) 0
Net realized gains (losses) on available-for-sale debt and other securities 2,000,000 (4,000,000) 45,000,000
Trading debt securities:      
Net realized (losses) gains (2,000,000) (2,000,000) 2,000,000
Net unrealized gains (losses) 11,000,000 (3,000,000) 0
Net trading debt securities gains (losses) 9,000,000 (5,000,000) 2,000,000
Equity securities:      
Net realized gains 1,000,000 7,000,000 10,000,000
Net unrealized (losses) gains (96,000,000) (7,000,000) 7,000,000
Net equity securities (losses) gains (95,000,000) 0 17,000,000
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities (84,000,000) (9,000,000) 64,000,000
Commercial Banking Revenue and Wealth and Asset Management Revenue      
Equity securities:      
Securities gains (losses) $ 0 $ (7,000,000) $ 5,000,000
v3.22.4
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale Debt and Held-to-Maturity Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Available-for-Sale Debt and Other, Amortized Cost    
Due in 1 year or less $ 381  
Due after 1 year through 5 years 13,506  
Due after 5 years through 10 years 31,661  
Due after 10 years 11,108  
Other securities 874  
Amortized Cost 57,530 $ 36,941
Available-for-Sale Debt and Other, Fair Value    
Due in 1 year or less 374  
Due after 1 year through 5 years 12,557  
Due after 5 years through 10 years 28,101  
Due after 10 years 9,597  
Other securities 874  
Fair Value [1] 51,503 38,110
Held-to-Maturity, Amortized Cost    
Due in 1 year or less 3  
Due after 1 year through 5 years 0  
Due after 5 years through 10 years 0  
Due after 10 years 2  
Other securities 0  
Amortized Cost [2] 5 8
Held-to-Maturity, Fair Value    
Due in 1 year or less 3  
Due after 1 year through 5 years 0  
Due after 5 years through 10 years 0  
Due after 10 years 2  
Other securities 0  
Fair Value $ 5 $ 8
[1] Amortized cost of $57,530 and $36,941 at December 31, 2022 and 2021, respectively.
[2] Fair value of $5 and $8 at December 31, 2022 and 2021, respectively.
v3.22.4
Investment Securities - Fair Value and Gross Unrealized Losses on Available-for-Sale Debt Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value    
Less than 12 months $ 41,346 $ 7,743
12 months or more 8,190 952
Total 49,536 8,695
Unrealized Losses    
Less than 12 months (4,295) (106)
12 months or more (1,751) (38)
Total (6,046) (144)
Amortized Cost [1] 5 8
U.S. Treasury and federal agencies securities    
Fair Value    
Less than 12 months 2,400  
12 months or more 0  
Total 2,400  
Unrealized Losses    
Less than 12 months (188)  
12 months or more 0  
Total (188)  
Obligations of states and political subdivisions securities    
Fair Value    
Less than 12 months 0  
12 months or more 1  
Total 1  
Unrealized Losses    
Less than 12 months 0  
12 months or more 0  
Total 0  
Amortized Cost 3 6
Agency mortgage-backed securities | Residential mortgage backed securities    
Fair Value    
Less than 12 months 10,078 935
12 months or more 938 161
Total 11,016 1,096
Unrealized Losses    
Less than 12 months (1,170) (10)
12 months or more (202) (8)
Total (1,372) (18)
Agency mortgage-backed securities | Commercial mortgage-backed securities    
Fair Value    
Less than 12 months 22,083 2,886
12 months or more 3,697 424
Total 25,780 3,310
Unrealized Losses    
Less than 12 months (2,487) (49)
12 months or more (1,026) (20)
Total (3,513) (69)
Non-agency mortgage-backed securities | Commercial mortgage-backed securities    
Fair Value    
Less than 12 months 3,621 1,052
12 months or more 1,059 0
Total 4,680 1,052
Unrealized Losses    
Less than 12 months (272) (13)
12 months or more (248) 0
Total (520) (13)
Asset-backed securities and other debt securities    
Fair Value    
Less than 12 months 3,164 2,870
12 months or more 2,495 367
Total 5,659 3,237
Unrealized Losses    
Less than 12 months (178) (34)
12 months or more (275) (10)
Total (453) (44)
Amortized Cost $ 2 $ 2
[1] Fair value of $5 and $8 at December 31, 2022 and 2021, respectively.
v3.22.4
Loans and Leases - Loans and Leases Classified by Primary Purpose (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Loans and leases held for sale:    
Loans and leases held for sale [1] $ 1,007 $ 4,415
Portfolio loans and leases:    
Commercial and industrial loans 57,232 51,659
Commercial mortgage loans 11,020 10,316
Commercial construction loans 5,433 5,241
Commercial leases 2,704 3,052
Residential mortgage loans 17,628 16,397
Home equity 4,039 4,084
Indirect secured consumer loans 16,552 16,783
Credit card 1,874 1,766
Other consumer loans 4,998 2,752
Total portfolio loans and leases [2],[3] 121,480 112,050
Residential mortgage loans    
Loans and leases held for sale:    
Loans and leases held for sale 934 4,394
Commercial    
Portfolio loans and leases:    
Total portfolio loans and leases 76,389 70,268
Commercial | Commercial and industrial loans    
Loans and leases held for sale:    
Loans and leases held for sale 73 7
Portfolio loans and leases:    
Total portfolio loans and leases 57,232 51,659
Loans and leases related to SBA Paycheck Protection Program of CARES Act 94 1,300
Commercial | Commercial mortgage loans    
Loans and leases held for sale:    
Loans and leases held for sale 0 13
Commercial | Commercial leases    
Loans and leases held for sale:    
Loans and leases held for sale 0 1
Portfolio loans and leases:    
Total portfolio loans and leases 2,704 3,052
Consumer    
Portfolio loans and leases:    
Total portfolio loans and leases $ 45,091 $ 41,782
[1] Includes $600 and $1,023 of residential mortgage loans held for sale measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[3] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Loans and Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Unearned income $ 238 $ 244    
Net premium 146 498    
Accrued interest receivable $ 518 $ 332    
Direct Financing Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Dividend Income, Operating Interest and Dividend Income, Operating Interest and Dividend Income, Operating  
Sales-Type Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Interest and Dividend Income, Operating Interest and Dividend Income, Operating Interest and Dividend Income, Operating  
Direct financing lease - interest income $ 29 $ 42 $ 64  
Sales type lease - interest income 50 42 28  
Allowance for loan and lease losses 2,194 [1] 1,892 [1] $ 2,453 $ 1,202
FHLB advances        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans pledged 15,900 15,300    
FRB Loan        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Loans pledged 57,100 50,900    
Commercial Leases        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Allowance for loan and lease losses $ 15 $ 15    
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Loans and Leases - Total Loans and Leases Managed by the Bancorp and Net Charge-Offs (Recoveries) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value $ 122,487 $ 116,465
Loans and leases held for sale [1] 1,007 4,415
Total portfolio loans and leases [2],[3] 121,480 112,050
90 Days Past Due and Still Accruing 40 117
Net Charge-Offs (Recoveries) 227 174
Residential mortgage loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 18,562 20,791
90 Days Past Due and Still Accruing 7 72
Net Charge-Offs (Recoveries) (2) (4)
Commercial    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Total portfolio loans and leases 76,389 70,268
Commercial | Commercial and industrial loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 57,305 51,666
90 Days Past Due and Still Accruing 11 17
Net Charge-Offs (Recoveries) 96 60
Commercial | Commercial mortgage loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 11,020 10,329
90 Days Past Due and Still Accruing 0 1
Net Charge-Offs (Recoveries) (1) 8
Commercial | Commercial construction loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 5,433 5,241
90 Days Past Due and Still Accruing 0 1
Net Charge-Offs (Recoveries) 2 0
Commercial | Commercial leases    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 2,704 3,053
90 Days Past Due and Still Accruing 2 0
Net Charge-Offs (Recoveries) 4 (1)
Consumer    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Total portfolio loans and leases 45,091 41,782
Consumer | Home equity    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 4,039 4,084
90 Days Past Due and Still Accruing 1 1
Net Charge-Offs (Recoveries) (2) (4)
Consumer | Indirect secured consumer loans    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 16,552 16,783
90 Days Past Due and Still Accruing 0 9
Net Charge-Offs (Recoveries) 36 14
Consumer | Credit card    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 1,874 1,766
90 Days Past Due and Still Accruing 18 15
Net Charge-Offs (Recoveries) 52 70
Consumer | Other consumer loans:    
Assets that Continue to be Recognized, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together    
Carrying Value 4,998 2,752
90 Days Past Due and Still Accruing 1 1
Net Charge-Offs (Recoveries) $ 42 $ 31
[1] Includes $600 and $1,023 of residential mortgage loans held for sale measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[3] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Loans and Leases - Components of Net Investment in Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Net investment in sales-type leases:    
Leveraged leases $ 247 $ 285
Direct Financing Leases    
Net investment in direct financing leases:    
Lease payment receivable (present value) 570 886
Unguaranteed residual assets (present value) 107 147
Net premium on acquired leases 0 1
Sales-Type Leases    
Net investment in sales-type leases:    
Lease payment receivable (present value) 1,704 1,678
Unguaranteed residual assets (present value) $ 76 $ 55
v3.22.4
Loans and Leases - Undiscounted Cash Flows (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Direct Financing Leases  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
2023 $ 188
2024 148
2025 100
2026 83
2027 44
Thereafter 44
Total undiscounted cash flows 607
Less: Difference between undiscounted cash flows and discounted cash flows 37
Present value of lease payments (recognized as lease receivables) 570
Sales-Type Leases  
Accounts, Notes, Loans and Financing Receivable [Line Items]  
2023 502
2024 440
2025 376
2026 211
2027 156
Thereafter 155
Total undiscounted cash flows 1,840
Less: Difference between undiscounted cash flows and discounted cash flows 136
Present value of lease payments (recognized as lease receivables) $ 1,704
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Transactions in the ALLL by Portfolio Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period $ 1,892 [1] $ 2,453 $ 1,202
Losses charged-off (362) (344) (611)
Recoveries of losses previously charged-off 135 170 140
Provision for (benefit from) loan and lease losses 529 (387) 1,079
Balance, end of period 2,194 [1] 1,892 [1] 2,453
Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period     643
Other Consumer Loans, Point of Sale      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Losses charged-off (32) (33) (42)
Recoveries of losses previously charged-off 32 33 42
Commercial      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 1,102 1,456 710
Losses charged-off (131) (119) (282)
Recoveries of losses previously charged-off 30 52 16
Provision for (benefit from) loan and lease losses 126 (287) 852
Balance, end of period 1,127 1,102 1,456
Initial recognition of ALLL on PCD loans     31
Commercial | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period     160
Residential Mortgage      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 235 294 73
Losses charged-off (3) (3) (9)
Recoveries of losses previously charged-off 5 7 7
Provision for (benefit from) loan and lease losses 8 (63) 27
Balance, end of period 245 235 294
Initial recognition of ALLL on PCD loans     2
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period     196
Consumer      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period 555 703 298
Losses charged-off (228) (222) (320)
Recoveries of losses previously charged-off 100 111 117
Provision for (benefit from) loan and lease losses 395 (37) 200
Balance, end of period $ 822 555 703
Initial recognition of ALLL on PCD loans     1
Consumer | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period     408
Unallocated      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period   $ 0 121
Losses charged-off     0
Recoveries of losses previously charged-off     0
Provision for (benefit from) loan and lease losses     0
Balance, end of period     0
Unallocated | Cumulative Effect, Period of Adoption, Adjustment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Balance, beginning of period     $ (121)
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the ALLL and Related Loans and Leases Classified by Portfolio Segment (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated $ 122 $ 164    
Collectively evaluated 2,072 1,728    
Total ALLL 2,194 [1] 1,892 [1] $ 2,453 $ 1,202
Individually evaluated 1,388 1,352    
Collectively evaluated 119,969 110,544    
Total portfolio loans and leases 121,357 111,896    
Leveraged leases 247 285    
Commercial Leveraged Leases        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Total ALLL 2 2    
Leveraged leases 247 285    
Commercial        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 30 77    
Collectively evaluated 1,097 1,025    
Total ALLL 1,127 1,102 1,456 710
Individually evaluated 531 579    
Collectively evaluated 75,858 69,689    
Total portfolio loans and leases 76,389 70,268    
Residential Mortgage        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 47 46    
Collectively evaluated 198 189    
Total ALLL 245 235 294 73
Individually evaluated 560 460    
Collectively evaluated 16,945 15,783    
Total portfolio loans and leases 17,505 16,243    
Loans 123 154    
Consumer        
Financing Receivable, Allowance for Credit Loss [Line Items]        
Individually evaluated 45 41    
Collectively evaluated 777 514    
Total ALLL 822 555 $ 703 $ 298
Individually evaluated 297 313    
Collectively evaluated 27,166 25,072    
Total portfolio loans and leases $ 27,463 $ 25,385    
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Credit Risk Profile of the Bancorp's Commercial Portfolio Segment by Class (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Modifications    
Total [1],[2] $ 121,480 $ 112,050
Commercial    
Financing Receivable, Modifications    
Year One 7,198 7,407
Year Two 5,338 4,612
Year Three 2,734 2,684
Year Four 1,455 1,554
Year Five 900 1,021
Prior 1,876 2,379
Revolving Loans 56,888 50,611
Revolving Loans Converted to Term Loans 0 0
Total 76,389 70,268
Commercial | Pass    
Financing Receivable, Modifications    
Year One 6,795 7,052
Year Two 5,081 4,333
Year Three 2,405 2,559
Year Four 1,299 1,400
Year Five 830 913
Prior 1,625 2,170
Revolving Loans 53,282 47,092
Revolving Loans Converted to Term Loans 0 0
Total 71,317 65,519
Commercial | Special mention    
Financing Receivable, Modifications    
Year One 83 130
Year Two 127 108
Year Three 56 74
Year Four 52 60
Year Five 30 31
Prior 68 62
Revolving Loans 1,658 1,089
Revolving Loans Converted to Term Loans 0 0
Total 2,074 1,554
Commercial | Substandard    
Financing Receivable, Modifications    
Year One 320 225
Year Two 130 171
Year Three 273 51
Year Four 104 94
Year Five 40 77
Prior 183 147
Revolving Loans 1,948 2,430
Revolving Loans Converted to Term Loans 0 0
Total 2,998 3,195
Commercial | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial and industrial loans    
Financing Receivable, Modifications    
Year One 4,040 4,322
Year Two 3,199 2,365
Year Three 1,242 1,246
Year Four 507 650
Year Five 286 430
Prior 619 872
Revolving Loans 47,339 41,774
Revolving Loans Converted to Term Loans 0 0
Total 57,232 51,659
Commercial | Commercial and industrial loans | Pass    
Financing Receivable, Modifications    
Year One 3,825 4,266
Year Two 3,098 2,291
Year Three 994 1,198
Year Four 445 552
Year Five 269 356
Prior 488 752
Revolving Loans 44,521 39,486
Revolving Loans Converted to Term Loans 0 0
Total 53,640 48,901
Commercial | Commercial and industrial loans | Special mention    
Financing Receivable, Modifications    
Year One 65 37
Year Two 24 22
Year Three 15 12
Year Four 36 29
Year Five 10 22
Prior 24 5
Revolving Loans 1,221 665
Revolving Loans Converted to Term Loans 0 0
Total 1,395 792
Commercial | Commercial and industrial loans | Substandard    
Financing Receivable, Modifications    
Year One 150 19
Year Two 77 52
Year Three 233 36
Year Four 26 69
Year Five 7 52
Prior 107 115
Revolving Loans 1,597 1,623
Revolving Loans Converted to Term Loans 0 0
Total 2,197 1,966
Commercial | Commercial and industrial loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Modifications    
Year One 1,245 1,104
Year Two 855 873
Year Three 555 520
Year Four 342 325
Year Five 184 188
Prior 291 398
Revolving Loans 1,786 1,301
Revolving Loans Converted to Term Loans 0 0
Total 5,258 4,709
Commercial | Commercial mortgage owner-occupied loans | Pass    
Financing Receivable, Modifications    
Year One 1,177 1,082
Year Two 826 804
Year Three 522 471
Year Four 257 296
Year Five 160 183
Prior 264 331
Revolving Loans 1,624 1,141
Revolving Loans Converted to Term Loans 0 0
Total 4,830 4,308
Commercial | Commercial mortgage owner-occupied loans | Special mention    
Financing Receivable, Modifications    
Year One 17 0
Year Two 15 31
Year Three 13 46
Year Four 12 17
Year Five 13 2
Prior 2 40
Revolving Loans 56 69
Revolving Loans Converted to Term Loans 0 0
Total 128 205
Commercial | Commercial mortgage owner-occupied loans | Substandard    
Financing Receivable, Modifications    
Year One 51 22
Year Two 14 38
Year Three 20 3
Year Four 73 12
Year Five 11 3
Prior 25 27
Revolving Loans 106 91
Revolving Loans Converted to Term Loans 0 0
Total 300 196
Commercial | Commercial mortgage owner-occupied loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Modifications    
Year One 1,193 884
Year Two 565 823
Year Three 534 610
Year Four 398 292
Year Five 221 157
Prior 210 314
Revolving Loans 2,641 2,527
Revolving Loans Converted to Term Loans 0 0
Total 5,762 5,607
Commercial | Commercial mortgage nonowner-occupied loans | Pass    
Financing Receivable, Modifications    
Year One 1,127 635
Year Two 462 733
Year Three 490 595
Year Four 397 284
Year Five 220 141
Prior 170 302
Revolving Loans 2,453 1,977
Revolving Loans Converted to Term Loans 0 0
Total 5,319 4,667
Commercial | Commercial mortgage nonowner-occupied loans | Special mention    
Financing Receivable, Modifications    
Year One 1 89
Year Two 84 12
Year Three 26 11
Year Four 0 5
Year Five 0 7
Prior 23 9
Revolving Loans 88 162
Revolving Loans Converted to Term Loans 0 0
Total 222 295
Commercial | Commercial mortgage nonowner-occupied loans | Substandard    
Financing Receivable, Modifications    
Year One 65 160
Year Two 19 78
Year Three 18 4
Year Four 1 3
Year Five 1 9
Prior 17 3
Revolving Loans 100 388
Revolving Loans Converted to Term Loans 0 0
Total 221 645
Commercial | Commercial mortgage nonowner-occupied loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial construction loans    
Financing Receivable, Modifications    
Year One 135 67
Year Two 31 108
Year Three 93 11
Year Four 8 37
Year Five 35 0
Prior 9 9
Revolving Loans 5,122 5,009
Revolving Loans Converted to Term Loans 0 0
Total 5,433 5,241
Commercial | Commercial construction loans | Pass    
Financing Receivable, Modifications    
Year One 82 50
Year Two 31 69
Year Three 93 11
Year Four 8 37
Year Five 35 0
Prior 7 9
Revolving Loans 4,684 4,488
Revolving Loans Converted to Term Loans 0 0
Total 4,940 4,664
Commercial | Commercial construction loans | Special mention    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 39
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 293 193
Revolving Loans Converted to Term Loans 0 0
Total 293 232
Commercial | Commercial construction loans | Substandard    
Financing Receivable, Modifications    
Year One 53 17
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 2 0
Revolving Loans 145 328
Revolving Loans Converted to Term Loans 0 0
Total 200 345
Commercial | Commercial construction loans | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 0
Commercial | Commercial leases    
Financing Receivable, Modifications    
Year One 585 1,030
Year Two 688 443
Year Three 310 297
Year Four 200 250
Year Five 174 246
Prior 747 786
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 2,704 3,052
Commercial | Commercial leases | Pass    
Financing Receivable, Modifications    
Year One 584 1,019
Year Two 664 436
Year Three 306 284
Year Four 192 231
Year Five 146 233
Prior 696 776
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 2,588 2,979
Commercial | Commercial leases | Special mention    
Financing Receivable, Modifications    
Year One 0 4
Year Two 4 4
Year Three 2 5
Year Four 4 9
Year Five 7 0
Prior 19 8
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 36 30
Commercial | Commercial leases | Substandard    
Financing Receivable, Modifications    
Year One 1 7
Year Two 20 3
Year Three 2 8
Year Four 4 10
Year Five 21 13
Prior 32 2
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 80 43
Commercial | Commercial leases | Doubtful    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total $ 0 $ 0
[1] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Recorded Investment in Portfolio Loans and Leases by Age and Class (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases [1],[2] $ 121,480 $ 112,050
Commercial    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 76,389 70,268
90 Days Past Due and Still Accruing 13 19
Commercial | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 76,211 70,132
Commercial | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 178 136
Commercial | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 129 81
Commercial | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 49 55
Commercial | Commercial and industrial loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 57,232 51,659
90 Days Past Due and Still Accruing 11 17
Loans and leases related to SBA Paycheck Protection Program of CARES Act 94 1,300
Commercial | Commercial and industrial loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 57,092 51,549
Commercial | Commercial and industrial loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 140 110
Commercial | Commercial and industrial loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 98 61
Loans and leases related to SBA Paycheck Protection Program of CARES Act 0 20
Commercial | Commercial and industrial loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 42 49
Loans and leases related to SBA Paycheck Protection Program of CARES Act 2 6
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,258 4,709
90 Days Past Due and Still Accruing 0 1
Commercial | Commercial mortgage owner-occupied loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,241 4,701
Commercial | Commercial mortgage owner-occupied loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 17 8
Commercial | Commercial mortgage owner-occupied loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 14 4
Commercial | Commercial mortgage owner-occupied loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 3 4
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,762 5,607
90 Days Past Due and Still Accruing 0 0
Commercial | Commercial mortgage nonowner-occupied loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,756 5,606
Commercial | Commercial mortgage nonowner-occupied loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 6 1
Commercial | Commercial mortgage nonowner-occupied loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 6 0
Commercial | Commercial mortgage nonowner-occupied loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 0 1
Commercial | Commercial construction loans    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,433 5,241
90 Days Past Due and Still Accruing 0 1
Commercial | Commercial construction loans | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 5,424 5,241
Commercial | Commercial construction loans | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 9 0
Commercial | Commercial construction loans | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 7 0
Commercial | Commercial construction loans | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 2 0
Commercial | Commercial leases    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 2,704 3,052
90 Days Past Due and Still Accruing 2 0
Commercial | Commercial leases | Current    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 2,698 3,035
Commercial | Commercial leases | Total Past Due      
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 6 17
Commercial | Commercial leases | 30-89 Days    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases 4 16
Commercial | Commercial leases | 90 Days or More    
Financing Receivable, Recorded Investment, Past Due    
Loans and Leases $ 2 $ 1
[1] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Credit Risk Profile of the Bancorp's Residential Mortgage and Consumer Portfolio Segments by Class (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Modifications    
Total [1],[2] $ 121,480 $ 112,050
Residential Mortgage    
Financing Receivable, Modifications    
Loans measured at FV 123 154
Residential Mortgage | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Losses due to claim denials and curtailments 2 2
Residential Mortgage | 30-89 days past due    
Financing Receivable, Modifications    
Loans measured at FV 1 2
Residential Mortgage | 30-89 days past due | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Total 81 49
Residential Mortgage | 90 days or more past due    
Financing Receivable, Modifications    
Loans measured at FV   2
Residential Mortgage | 90 days or more past due | Federal Housing Administration Loan    
Financing Receivable, Modifications    
Total 147 139
Residential Mortgage | Nonperforming    
Financing Receivable, Modifications    
Loans measured at FV 2  
Residential Mortgage | Residential mortgage loans    
Financing Receivable, Modifications    
Year One 3,199 5,887
Year Two 5,447 3,312
Year Three 2,989 1,300
Year Four 1,056 422
Year Five 354 966
Prior 4,460 4,356
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 17,505 16,243
Residential Mortgage | Residential mortgage loans | Performing    
Financing Receivable, Modifications    
Year One 3,199 5,887
Year Two 5,444 3,312
Year Three 2,985 1,299
Year Four 1,052 422
Year Five 347 964
Prior 4,356 4,326
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 17,383 16,210
Residential Mortgage | Residential mortgage loans | Performing | Current    
Financing Receivable, Modifications    
Year One 3,195 5,886
Year Two 5,440 3,309
Year Three 2,981 1,294
Year Four 1,051 418
Year Five 344 954
Prior 4,336 4,261
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 17,347 16,122
Residential Mortgage | Residential mortgage loans | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 4 1
Year Two 4 1
Year Three 3 1
Year Four 1 1
Year Five 2 1
Prior 15 13
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 29 18
Residential Mortgage | Residential mortgage loans | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 2
Year Three 1 4
Year Four 0 3
Year Five 1 9
Prior 5 52
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 7 70
Residential Mortgage | Residential mortgage loans | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 3 0
Year Three 4 1
Year Four 4 0
Year Five 7 2
Prior 104 30
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 122 33
Consumer    
Financing Receivable, Modifications    
Total 45,091 41,782
Consumer | Home equity    
Financing Receivable, Modifications    
Year One 46 2
Year Two 3 6
Year Three 7 13
Year Four 15 18
Year Five 17 2
Prior 105 126
Revolving Loans 3,827 3,904
Revolving Loans Converted to Term Loans 19 13
Total 4,039 4,084
Consumer | Home equity | Performing    
Financing Receivable, Modifications    
Year One 46 2
Year Two 3 6
Year Three 7 13
Year Four 15 18
Year Five 17 2
Prior 97 117
Revolving Loans 3,769 3,837
Revolving Loans Converted to Term Loans 18 12
Total 3,972 4,007
Consumer | Home equity | Performing | Current    
Financing Receivable, Modifications    
Year One 46 2
Year Two 3 6
Year Three 7 13
Year Four 15 18
Year Five 17 2
Prior 94 113
Revolving Loans 3,741 3,815
Revolving Loans Converted to Term Loans 18 12
Total 3,941 3,981
Consumer | Home equity | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 2 3
Revolving Loans 28 22
Revolving Loans Converted to Term Loans 0 0
Total 30 25
Consumer | Home equity | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 1 1
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 1 1
Consumer | Home equity | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 8 9
Revolving Loans 58 67
Revolving Loans Converted to Term Loans 1 1
Total 67 77
Consumer | Indirect secured consumer loans    
Financing Receivable, Modifications    
Year One 6,072 8,760
Year Two 5,923 4,244
Year Three 2,635 2,253
Year Four 1,245 926
Year Five 431 401
Prior 246 199
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,552 16,783
Consumer | Indirect secured consumer loans | Performing    
Financing Receivable, Modifications    
Year One 6,068 8,760
Year Two 5,917 4,232
Year Three 2,628 2,248
Year Four 1,239 921
Year Five 427 398
Prior 244 197
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,523 16,756
Consumer | Indirect secured consumer loans | Performing | Current    
Financing Receivable, Modifications    
Year One 6,034 8,732
Year Two 5,875 4,206
Year Three 2,600 2,221
Year Four 1,217 902
Year Five 416 389
Prior 239 194
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 16,381 16,644
Consumer | Indirect secured consumer loans | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 34 26
Year Two 42 24
Year Three 28 25
Year Four 22 17
Year Five 11 8
Prior 5 3
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 142 103
Consumer | Indirect secured consumer loans | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 2
Year Two 0 2
Year Three 0 2
Year Four 0 2
Year Five 0 1
Prior 0 0
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 0 9
Consumer | Indirect secured consumer loans | Nonperforming    
Financing Receivable, Modifications    
Year One 4 0
Year Two 6 12
Year Three 7 5
Year Four 6 5
Year Five 4 3
Prior 2 2
Revolving Loans 0 0
Revolving Loans Converted to Term Loans 0 0
Total 29 27
Consumer | Credit card    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,874 1,766
Revolving Loans Converted to Term Loans 0 0
Total 1,874 1,766
Consumer | Credit card | Performing    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,847 1,743
Revolving Loans Converted to Term Loans 0 0
Total 1,847 1,743
Consumer | Credit card | Performing | Current    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1,808 1,710
Revolving Loans Converted to Term Loans 0 0
Total 1,808 1,710
Consumer | Credit card | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 21 18
Revolving Loans Converted to Term Loans 0 0
Total 21 18
Consumer | Credit card | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 18 15
Revolving Loans Converted to Term Loans 0 0
Total 18 15
Consumer | Credit card | Nonperforming    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 27 23
Revolving Loans Converted to Term Loans 0 0
Total 27 23
Consumer | Other consumer loans:    
Financing Receivable, Modifications    
Year One 2,720 695
Year Two 547 532
Year Three 358 279
Year Four 171 176
Year Five 114 106
Prior 149 47
Revolving Loans 913 916
Revolving Loans Converted to Term Loans 26 1
Total 4,998 2,752
Consumer | Other consumer loans: | Performing    
Financing Receivable, Modifications    
Year One 2,718 695
Year Two 546 532
Year Three 358 279
Year Four 171 176
Year Five 114 106
Prior 148 47
Revolving Loans 912 915
Revolving Loans Converted to Term Loans 26 1
Total 4,993 2,751
Consumer | Other consumer loans: | Performing | Current    
Financing Receivable, Modifications    
Year One 2,704 692
Year Two 540 530
Year Three 355 275
Year Four 169 174
Year Five 112 105
Prior 146 47
Revolving Loans 908 913
Revolving Loans Converted to Term Loans 26 0
Total 4,960 2,736
Consumer | Other consumer loans: | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 14 3
Year Two 6 2
Year Three 3 3
Year Four 2 2
Year Five 2 1
Prior 2 0
Revolving Loans 3 2
Revolving Loans Converted to Term Loans 0 1
Total 32 14
Consumer | Other consumer loans: | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 0
Year Two 0 0
Year Three 0 1
Year Four 0 0
Year Five 0 0
Prior 0 0
Revolving Loans 1 0
Revolving Loans Converted to Term Loans 0 0
Total 1 1
Consumer | Other consumer loans: | Nonperforming    
Financing Receivable, Modifications    
Year One 2 0
Year Two 1 0
Year Three 0 0
Year Four 0 0
Year Five 0 0
Prior 1 0
Revolving Loans 1 1
Revolving Loans Converted to Term Loans 0 0
Total 5 1
Residential Mortgage and Consumer    
Financing Receivable, Modifications    
Year One 12,037 15,344
Year Two 11,920 8,094
Year Three 5,989 3,845
Year Four 2,487 1,542
Year Five 916 1,475
Prior 4,960 4,728
Revolving Loans 6,614 6,586
Revolving Loans Converted to Term Loans 45 14
Total 44,968 41,628
Residential Mortgage and Consumer | Performing    
Financing Receivable, Modifications    
Year One 12,031 15,344
Year Two 11,910 8,082
Year Three 5,978 3,839
Year Four 2,477 1,537
Year Five 905 1,470
Prior 4,845 4,687
Revolving Loans 6,528 6,495
Revolving Loans Converted to Term Loans 44 13
Total 44,718 41,467
Residential Mortgage and Consumer | Performing | Current    
Financing Receivable, Modifications    
Year One 11,979 15,312
Year Two 11,858 8,051
Year Three 5,943 3,803
Year Four 2,452 1,512
Year Five 889 1,450
Prior 4,815 4,615
Revolving Loans 6,457 6,438
Revolving Loans Converted to Term Loans 44 12
Total 44,437 41,193
Residential Mortgage and Consumer | Performing | 30-89 days past due    
Financing Receivable, Modifications    
Year One 52 30
Year Two 52 27
Year Three 34 29
Year Four 25 20
Year Five 15 10
Prior 24 19
Revolving Loans 52 42
Revolving Loans Converted to Term Loans 0 1
Total 254 178
Residential Mortgage and Consumer | Performing | 90 days or more past due    
Financing Receivable, Modifications    
Year One 0 2
Year Two 0 4
Year Three 1 7
Year Four 0 5
Year Five 1 10
Prior 6 53
Revolving Loans 19 15
Revolving Loans Converted to Term Loans 0 0
Total 27 96
Residential Mortgage and Consumer | Nonperforming    
Financing Receivable, Modifications    
Year One 6 0
Year Two 10 12
Year Three 11 6
Year Four 10 5
Year Five 11 5
Prior 115 41
Revolving Loans 86 91
Revolving Loans Converted to Term Loans 1 1
Total $ 250 $ 161
[1] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Amortized Cost Basis of the Bancorp's Collateral Dependent Loans (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Impaired    
Total portfolio loans and leases $ 640 $ 705
Commercial    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 531 579
Commercial | Commercial and industrial loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 433 467
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 14 22
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 27 31
Commercial | Commercial construction loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 56 56
Commercial | Commercial leases    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 1 3
Residential Mortgage    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 57 60
Consumer    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 52 66
Consumer | Home equity    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis 46 58
Consumer | Indirect secured consumer loans    
Financing Receivable, Impaired    
Loans and leases receivable, allowance for amortized cost basis $ 6 $ 8
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of the Bancorp's Nonaccrual Loans and Leases by Class (Details) - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Modifications    
With an ALLL $ 333,000,000 $ 304,000,000
No Related ALLL 206,000,000 223,000,000
Total 539,000,000 527,000,000
Loans and leases held for sale [1] 1,007,000,000 4,415,000,000
Total portfolio loans and leases [2],[3] 121,480,000,000 112,050,000,000
Nonperforming    
Financing Receivable, Modifications    
Loans and leases held for sale 0 15,000,000
Nonperforming | Government Insured    
Financing Receivable, Modifications    
Total portfolio loans and leases 15,000,000 26,000,000
Restructured nonaccrual loans and leases 11,000,000 11,000,000
Commercial    
Financing Receivable, Modifications    
With an ALLL 149,000,000 192,000,000
No Related ALLL 114,000,000 145,000,000
Total 263,000,000 337,000,000
Total portfolio loans and leases 76,389,000,000 70,268,000,000
Commercial | Commercial and industrial loans    
Financing Receivable, Modifications    
With an ALLL 114,000,000 151,000,000
No Related ALLL 101,000,000 128,000,000
Total 215,000,000 279,000,000
Loans and leases held for sale 73,000,000 7,000,000
Total portfolio loans and leases 57,232,000,000 51,659,000,000
Commercial | Commercial mortgage owner-occupied loans    
Financing Receivable, Modifications    
With an ALLL 9,000,000 10,000,000
No Related ALLL 7,000,000 13,000,000
Total 16,000,000 23,000,000
Total portfolio loans and leases 5,258,000,000 4,709,000,000
Commercial | Commercial mortgage nonowner-occupied loans    
Financing Receivable, Modifications    
With an ALLL 20,000,000 22,000,000
No Related ALLL 4,000,000 3,000,000
Total 24,000,000 25,000,000
Total portfolio loans and leases 5,762,000,000 5,607,000,000
Commercial | Commercial construction loans    
Financing Receivable, Modifications    
With an ALLL 6,000,000 6,000,000
No Related ALLL 2,000,000 0
Total 8,000,000 6,000,000
Total portfolio loans and leases 5,433,000,000 5,241,000,000
Commercial | Commercial leases    
Financing Receivable, Modifications    
With an ALLL 0 3,000,000
No Related ALLL 0 1,000,000
Total 0 4,000,000
Loans and leases held for sale 0 1,000,000
Total portfolio loans and leases 2,704,000,000 3,052,000,000
Residential Mortgage    
Financing Receivable, Modifications    
With an ALLL 81,000,000 14,000,000
No Related ALLL 43,000,000 19,000,000
Total 124,000,000 33,000,000
Consumer    
Financing Receivable, Modifications    
With an ALLL 103,000,000 98,000,000
No Related ALLL 25,000,000 30,000,000
Total 128,000,000 128,000,000
Total portfolio loans and leases 45,091,000,000 41,782,000,000
Consumer | Home equity    
Financing Receivable, Modifications    
With an ALLL 45,000,000 53,000,000
No Related ALLL 22,000,000 24,000,000
Total 67,000,000 77,000,000
Total portfolio loans and leases 4,039,000,000 4,084,000,000
Consumer | Home equity | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 67,000,000 77,000,000
Consumer | Indirect secured consumer loans    
Financing Receivable, Modifications    
With an ALLL 26,000,000 21,000,000
No Related ALLL 3,000,000 6,000,000
Total 29,000,000 27,000,000
Total portfolio loans and leases 16,552,000,000 16,783,000,000
Consumer | Indirect secured consumer loans | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 29,000,000 27,000,000
Consumer | Credit card    
Financing Receivable, Modifications    
With an ALLL 27,000,000 23,000,000
No Related ALLL 0 0
Total 27,000,000 23,000,000
Total portfolio loans and leases 1,874,000,000 1,766,000,000
Consumer | Credit card | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 27,000,000 23,000,000
Consumer | Other consumer loans:    
Financing Receivable, Modifications    
With an ALLL 5,000,000 1,000,000
No Related ALLL 0 0
Total 5,000,000 1,000,000
Total portfolio loans and leases 4,998,000,000 2,752,000,000
Consumer | Other consumer loans: | Nonperforming    
Financing Receivable, Modifications    
Total portfolio loans and leases 5,000,000 1,000,000
Nonaccrual Portfolio Loans and Leases    
Financing Receivable, Modifications    
With an ALLL 333,000,000 304,000,000
No Related ALLL 182,000,000 194,000,000
Total 515,000,000 498,000,000
OREO and Other Repossessed Assets    
Financing Receivable, Modifications    
With an ALLL 0 0
No Related ALLL 24,000,000 29,000,000
Total $ 24,000,000 $ 29,000,000
[1] Includes $600 and $1,023 of residential mortgage loans held for sale measured at fair value at December 31, 2022 and 2021, respectively.
[2] Includes $123 and $154 of residential mortgage loans measured at fair value at December 31, 2022 and 2021, respectively.
[3] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Receivables [Abstract]    
Mortgage loans in process of foreclosure amount $ 154 $ 84
Line of credit commitments for modified troubled debt restructurings 130 121
Letter of credit commitments for modified troubled debt restructurings $ 60 $ 66
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Loans Modified in a TDR (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 10,091 10,882 6,531
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 545 $ 450 $ 525
Increase (Decrease) to ALLL Upon Modification 19 12 22
Charge-offs Recognized Upon   Modification $ 9 $ 1 $ 8
Commercial | Commercial and industrial loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 89 86 124
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 234 $ 150 $ 305
Increase (Decrease) to ALLL Upon Modification 3 1 26
Charge-offs Recognized Upon   Modification $ 9 $ 0 $ 7
Commercial | Commercial mortgage owner-occupied loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 12 10 43
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 7 $ 8 $ 58
Increase (Decrease) to ALLL Upon Modification 0 0 (11)
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Commercial | Commercial mortgage nonowner-occupied loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 7 5 19
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 24 $ 29 $ 44
Increase (Decrease) to ALLL Upon Modification 0 0 (2)
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Commercial | Commercial construction loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 3 1 3
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 10 $ 34 $ 21
Increase (Decrease) to ALLL Upon Modification (2) 0 1
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Residential Mortgage      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 1,073 519 424
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 163 $ 93 $ 58
Increase (Decrease) to ALLL Upon Modification 7 4 1
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Home equity      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 231 206 147
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 16 $ 10 $ 7
Increase (Decrease) to ALLL Upon Modification (3) (3) (4)
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Indirect secured consumer loans      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 3,394 4,567 70
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 63 $ 96 $ 0
Increase (Decrease) to ALLL Upon Modification 2 1 0
Charge-offs Recognized Upon   Modification $ 0 $ 0 $ 0
Consumer | Credit card      
Financing Receivable, Modifications      
Number of Loans Modified in a TDR During the Year | loan 5,282 5,488 5,701
Amortized Cost Basis of Loans Modified in a TDR During the Year $ 28 $ 30 $ 32
Increase (Decrease) to ALLL Upon Modification 12 9 11
Charge-offs Recognized Upon   Modification $ 0 $ 1 $ 1
v3.22.4
Credit Quality and the Allowance for Loan and Lease Losses - Summary of Subsequent Defaults (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
contract
Dec. 31, 2021
USD ($)
contract
Dec. 31, 2020
USD ($)
contract
Financing Receivable, Modifications      
Number of Contracts | contract 796 467 457
Amortized Cost | $ $ 40 $ 41 $ 43
Commercial | Commercial and industrial loans      
Financing Receivable, Modifications      
Number of Contracts | contract 8 7 13
Amortized Cost | $ $ 0 $ 1 $ 5
Commercial | Commercial mortgage owner-occupied loans      
Financing Receivable, Modifications      
Number of Contracts | contract 2 3 8
Amortized Cost | $ $ 0 $ 1 $ 3
Commercial | Commercial mortgage nonowner-occupied loans      
Financing Receivable, Modifications      
Number of Contracts | contract 1 2 3
Amortized Cost | $ $ 0 $ 25 $ 11
Commercial | Commercial construction loans      
Financing Receivable, Modifications      
Number of Contracts | contract 1    
Amortized Cost | $ $ 2    
Residential Mortgage      
Financing Receivable, Modifications      
Number of Contracts | contract 247 82 149
Amortized Cost | $ $ 33 $ 10 $ 23
Consumer | Home equity      
Financing Receivable, Modifications      
Number of Contracts | contract 24 28 6
Amortized Cost | $ $ 1 $ 1 $ 0
Consumer | Indirect secured consumer loans      
Financing Receivable, Modifications      
Number of Contracts | contract 157 130 18
Amortized Cost | $ $ 3 $ 2 $ 0
Consumer | Credit card      
Financing Receivable, Modifications      
Number of Contracts | contract 356 215 260
Amortized Cost | $ $ 1 $ 1 $ 1
v3.22.4
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]    
Accumulated depreciation and amortization $ (3,360) $ (3,210)
Total bank premises and equipment [1] 2,187 2,120
Equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 2,492 2,392
Equipment | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 2 years  
Equipment | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 20 years  
Buildings    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 1,699 1,668
Buildings | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 1 year  
Buildings | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 30 years  
Land and and improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 640 645
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 568 517
Leasehold improvements | Minimum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 1 year  
Leasehold improvements | Maximum    
Property, Plant and Equipment [Line Items]    
Estimated Useful Life 30 years  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 124 84
Land and improvements held for sale    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 17 18
Buildings held for sale    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 7 6
Other property    
Property, Plant and Equipment [Line Items]    
Land improvements $ 27 $ 39
[1] Includes $24 of bank premises and equipment held for sale at both December 31, 2022 and 2021. For further information, refer to Note 7.
v3.22.4
Bank Premises and Equipment - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
branch
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Property, Plant and Equipment [Line Items]      
Depreciation and amortization expense $ 273 $ 270 $ 256
Impairment losses on bank premises $ 9 $ 7 $ 30
Closed In 2021      
Property, Plant and Equipment [Line Items]      
Number of branches held for sale | branch 43    
v3.22.4
Operating Lease Equipment - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Operating lease equipment $ 627 $ 616  
Accumulated depreciation 338 304  
Operating lease income $ 146 $ 152 $ 156
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Leasing business revenue Leasing business revenue Leasing business revenue
Depreciation expense $ 121 $ 124 $ 126
Operating lease payments received 147 155  
Impairment losses of operating lease equipment $ 2 $ 25 $ 7
v3.22.4
Operating Lease Equipment - Future Lease Payments Receivable (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Leases [Abstract]  
2023 $ 139
2024 106
2025 80
2026 51
2027 25
Thereafter 25
Total operating lease payments $ 426
v3.22.4
Lease Obligations - Lessee - Lease Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating lease right-of-use assets $ 508 $ 427
Finance lease right-of-use assets 150 145
Total right-of-use assets 658 572
Operating lease liabilities 599 520
Finance lease liabilities 156 149
Total lease liabilities 755 669
Operating lease right of use asset, accumulated amortization 255 198
Finance lease right of use asset, accumulated amortization $ 66 $ 47
Operating lease right-of-use assets [Extensible List] Other assets Other assets
Finance lease, right-of-use assets [Extensible List] Bank premises and equipment Bank premises and equipment
Operating lease liabilities [Extensible List] Accrued Liabilities [Member] Accrued Liabilities [Member]
Finance lease liabilities [Extensible List] Long-term debt Long-term debt
v3.22.4
Lease Obligations - Lessee - Lease Costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Lease Cost [Line Items]      
Total finance lease costs $ 24 $ 22 $ 14
Total operating lease costs 110 110 137
Total lease costs 134 132 151
Impairment losses and termination charges 2 3 8
Net occupancy and equipment expense      
Lease Cost [Line Items]      
  Amortization of ROU assets 19 18 11
Interest on long-term debt      
Lease Cost [Line Items]      
Interest on lease liabilities 5 4 3
Net occupancy expense      
Lease Cost [Line Items]      
Operating lease cost 84 80 110
Short-term lease cost 1 2 1
Variable lease cost 28 31 29
Sublease income (3) (3) (3)
Impairment losses and termination charges $ 2 $ 3 $ 8
v3.22.4
Lease Obligations - Lessee - Undiscounted Cash Flows (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Operating Leases    
2023 $ 90  
2024 85  
2025 78  
2026 68  
2027 61  
Thereafter 350  
Total undiscounted cash flows 732  
Less: Difference between undiscounted cash flows and discounted cash flows 133  
Present value of lease liabilities 599 $ 520
Finance Leases    
2023 21  
2024 21  
2025 14  
2026 9  
2027 8  
Thereafter 128  
Total undiscounted cash flows 201  
Less: Difference between undiscounted cash flows and discounted cash flows 45  
Present value of lease liabilities 156 $ 149
Total    
2023 111  
2024 106  
2025 92  
2026 77  
2027 69  
Thereafter 478  
Total undiscounted cash flows 933  
Less: Difference between undiscounted cash flows and discounted cash flows 178  
Present value of lease liabilities $ 755  
v3.22.4
Lease Obligations - Lessee - Other Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Operating leases, weighted average remaining lease term 10 years 9 months 18 days 8 years 11 months 1 day  
Finance leases, weighted average remaining lease term 15 years 3 months 21 days 14 years 8 months 12 days  
Operating leases, weighted average discount rate 3.35% 2.88%  
Finance leases, weighted average discount rate 2.94% 2.74%  
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 90 $ 88 $ 91
Operating cash flows from finance leases 5 4 3
Financing cash flows from finance leases 23 16 11
Gains on sale-leaseback transactions $ 4 $ 2 $ 3
v3.22.4
Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Goodwill      
Goodwill     $ 5,223
Accumulated impairment losses     (965)
Goodwill [Roll Forward]      
Net carrying value, beginning of period $ 4,514 $ 4,258  
Acquisition activity 440 256  
Reallocation of goodwill 0    
Sale of business (39)    
Net carrying value, end of period 4,915 4,514  
Corporate, Non-Segment      
Goodwill      
Goodwill     0
Accumulated impairment losses     0
Goodwill [Roll Forward]      
Net carrying value, beginning of period 0 0  
Acquisition activity 0 0  
Reallocation of goodwill 0    
Sale of business 0    
Net carrying value, end of period 0 0  
Commercial Banking | Operating Segments      
Goodwill      
Goodwill     2,730
Accumulated impairment losses     (750)
Goodwill [Roll Forward]      
Net carrying value, beginning of period 1,980 1,980  
Acquisition activity 0 0  
Reallocation of goodwill 378    
Sale of business (34)    
Net carrying value, end of period 2,324 1,980  
Consumer and Small Business Banking | Operating Segments      
Goodwill      
Goodwill     2,262
Accumulated impairment losses     (215)
Goodwill [Roll Forward]      
Net carrying value, beginning of period 2,303 2,047  
Acquisition activity 440 256  
Reallocation of goodwill (378)    
Sale of business 0    
Net carrying value, end of period 2,365 2,303  
Wealth and Asset Management | Operating Segments      
Goodwill      
Goodwill     231
Accumulated impairment losses     $ 0
Goodwill [Roll Forward]      
Net carrying value, beginning of period 231 231  
Acquisition activity 0 0  
Reallocation of goodwill 0    
Sale of business (5)    
Net carrying value, end of period $ 226 $ 231  
v3.22.4
Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets      
Amortization expense $ 48 $ 47 $ 55
Developed technology      
Finite-Lived Intangible Assets      
Intangible assets acquired $ 44    
Estimated remaining useful life 5 years    
Customer Relationships      
Finite-Lived Intangible Assets      
Intangible assets acquired $ 12    
Estimated remaining useful life 12 years    
Trade Names      
Finite-Lived Intangible Assets      
Intangible assets acquired $ 7    
Estimated remaining useful life 5 years    
Backlog      
Finite-Lived Intangible Assets      
Intangible assets acquired $ 3    
Estimated remaining useful life 5 years    
v3.22.4
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets    
Gross Carrying Amount $ 385 $ 331
Accumulated Amortization (216) (175)
Net Carrying Amount 169 156
Core deposit intangibles    
Finite-Lived Intangible Assets    
Gross Carrying Amount 229 229
Accumulated Amortization (182) (153)
Net Carrying Amount 47 76
Developed technology    
Finite-Lived Intangible Assets    
Gross Carrying Amount 106 62
Accumulated Amortization (17) (3)
Net Carrying Amount 89 59
Customer relationships    
Finite-Lived Intangible Assets    
Gross Carrying Amount 30 25
Accumulated Amortization (7) (7)
Net Carrying Amount 23 18
Other    
Finite-Lived Intangible Assets    
Gross Carrying Amount 20 15
Accumulated Amortization (10) (12)
Net Carrying Amount $ 10 $ 3
v3.22.4
Intangible Assets - Estimated Amortization Expense (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
2023 $ 43
2024 35
2025 28
2026 22
2027 $ 14
v3.22.4
Variable Interest Entities - Classifications of Consolidated VIE Assets, Liabilities and Noncontrolling Interest Included in the Bancorp's Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets        
Other short-term investments [1] $ 8,351 $ 34,572    
ALLL (2,194) [1] (1,892) [1] $ (2,453) $ (1,202)
Other assets [1] 13,459 11,444    
Total Assets 207,452 211,116    
Liabilities        
Other liabilities [1] 5,881 4,267    
Long-term debt [1] 13,714 11,821    
Total Liabilities 190,125 188,906    
Variable Interest Entity, Primary Beneficiary | Automobile And Solar Loan        
Assets        
Other short-term investments 17 24    
Indirect secured consumer loans 141 322    
Other consumer loans 44 0    
ALLL (2) (2)    
Other assets 2 2    
Total Assets 202 346    
Liabilities        
Other liabilities 9 1    
Long-term debt 118 263    
Total Liabilities $ 127 $ 264    
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Variable Interest Entities - Assets and Liabilities Related to Non-consolidated VIEs and Maximum Exposure to Losses (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Variable Interest Entity    
Total Assets $ 207,452 $ 211,116
Total Liabilities 190,125 188,906
Variable Interest Entity, Not Primary Beneficiary | CDC investments    
Variable Interest Entity    
Total Assets 1,856 1,705
Total Liabilities 653 580
Maximum Exposure 1,856 1,705
Variable Interest Entity, Not Primary Beneficiary | Private equity investments    
Variable Interest Entity    
Total Assets 186 133
Total Liabilities 0 0
Maximum Exposure 349 257
Variable Interest Entity, Not Primary Beneficiary | Loans provided to VIEs    
Variable Interest Entity    
Total Assets 4,374 3,386
Total Liabilities 0 0
Maximum Exposure 6,438 4,873
Variable Interest Entity, Not Primary Beneficiary | Lease pool entities    
Variable Interest Entity    
Total Assets 61 68
Total Liabilities 0 0
Maximum Exposure 61 $ 68
Variable Interest Entity, Not Primary Beneficiary | Solar loan securitizations    
Variable Interest Entity    
Total Assets 10  
Total Liabilities 0  
Maximum Exposure $ 10  
v3.22.4
Variable Interest Entities - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
investment
Dec. 31, 2021
USD ($)
Variable Interest Entity    
Total Assets $ 207,452 $ 211,116
LLCs designed for the purpose of purchasing pools of residual interests in leases    
Variable Interest Entity    
Number of co-investments | investment 3  
Ownership percentage 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Loans provided to VIEs    
Variable Interest Entity    
Unfunded commitment amounts $ 2,100 1,500
Variable Interest Entity, Not Primary Beneficiary | CDC investments    
Variable Interest Entity    
Total Assets 1,856 1,705
Variable Interest Entity, Not Primary Beneficiary | CDC investments | Qualified Affordable Housing Tax Credits    
Variable Interest Entity    
Total Assets 1,600 1,400
Unfunded commitments in qualifying LIHTC investments $ 643 573
Variable Interest Entity, Not Primary Beneficiary | CDC investments | Qualified Affordable Housing Tax Credits | Minimum    
Variable Interest Entity    
Unfunded commitments, year expected to be funded 2023  
Variable Interest Entity, Not Primary Beneficiary | CDC investments | Qualified Affordable Housing Tax Credits | Maximum    
Variable Interest Entity    
Unfunded commitments, year expected to be funded 2039  
Variable Interest Entity, Not Primary Beneficiary | Private equity investments    
Variable Interest Entity    
Total Assets $ 186 133
Unfunded commitment amounts 163 124
Capital contribution to private equity investments $ 44 $ 17
v3.22.4
Variable Interest Entities - Investments in Qualified Affordable Housing Tax Credits (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Affordable Housing Investments      
Variable Interest Entity [Line Items]      
Impairment losses $ 0 $ 0 $ 0
Applicable income tax expense      
Variable Interest Entity [Line Items]      
Proportional amortization 189,000,000 163,000,000 150,000,000
Tax credits and other benefits $ (219,000,000) $ (193,000,000) $ (175,000,000)
v3.22.4
Sales of Receivables and Servicing Rights - Activity Related to Mortgage Banking Net Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Transfers and Servicing [Abstract]      
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing
Residential mortgage loan sales $ 13,307 $ 16,900 $ 11,827
Origination fees and gains on loan sales 91 285 315
Gross mortgage servicing fees $ 310 $ 247 $ 263
v3.22.4
Sales of Receivables and Servicing Rights - Changes in the Servicing Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Servicing Asset at Fair Value, Amount [Roll Forward]      
Balance, beginning of period $ 1,121 $ 656  
Servicing rights originated 235 223  
Servicing rights purchased 213 381  
Changes in fair value due to changes in inputs or assumptions 355 142 $ (311)
Changes in fair value due to other changes in fair value (178) (281)  
Balance, end of period $ 1,746 $ 1,121 $ 656
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing  
v3.22.4
Sales of Receivables and Servicing Rights - Activity Related to the MSR Portfolio (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Transfers and Servicing [Abstract]      
Securities (losses) gains, net - non-qualifying hedges on mortgage servicing rights $ (2) $ (2) $ 2
Changes in fair value and settlement of free-standing derivatives purchased to economically hedge the MSR portfolio (363) (123) 307
MSR fair value adjustments due to changes in inputs or assumptions $ 355 $ 142 $ (311)
v3.22.4
Sales of Receivables and Servicing Rights - Servicing Rights and Residual Interests Economic Assumptions (Details) - bps
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fixed-rate    
Schedule of Servicing Assets at Amortized Value    
Weighted- Average Life (in years) 7 years 7 months 6 days 6 years 6 months
Prepayment Speed (annual) (as a percent) 9.20% 10.70%
OAS (bps) 753 693
Adjustable-rate    
Schedule of Servicing Assets at Amortized Value    
Weighted- Average Life (in years) 2 years 9 months 18 days 2 years 8 months 12 days
Prepayment Speed (annual) (as a percent) 29.00% 28.80%
OAS (bps) 803 626
v3.22.4
Sales of Receivables and Servicing Rights - Additional Information (Details)
$ in Billions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Transfers and Servicing [Abstract]    
Servicing of residential mortgage loans for other investors $ 103.2 $ 89.2
Weighted-average coupon of the MSR portfolio (as a percent) 0.0359 0.0345
v3.22.4
Sales of Receivables and Servicing Rights - Sensitivity of the Current Fair Value of Residual Cash Flows to Immediate 10%, 20% and 50% Adverse Changes in Assumptions (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
bps
Fixed-rate  
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption  
Fair Value $ 1,741
Weighted- Average Life (in years) 9 years 1 month 6 days
Prepayment Speed Assumption, Rate (as a percent) 5.10%
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 10% $ (37)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 20% (71)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 50% $ (159)
OAS (bps) | bps 734
OAS Spread Assumption, Impact of Adverse Change on Fair Value 10% $ (51)
OAS Spread Assumption, Impact of Adverse Change on Fair Value 20% (100)
Adjustable-rate  
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption  
Fair Value $ 5
Weighted- Average Life (in years) 5 years 2 months 12 days
Prepayment Speed Assumption, Rate (as a percent) 20.30%
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 10% $ (1)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 20% (1)
Prepayment Speed Assumption, Impact of Adverse Change on Fair Value 50% $ (2)
OAS (bps) | bps 1,204
OAS Spread Assumption, Impact of Adverse Change on Fair Value 10% $ 0
OAS Spread Assumption, Impact of Adverse Change on Fair Value 20% $ 0
v3.22.4
Derivative Financial Instruments - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Derivative    
Amount of variation margin payment applied to derivative asset contracts $ 1,000,000,000 $ 771,000,000
Valuation adjustments related to the credit risk associated with counterparties of customer accommodation derivative contracts 9,000,000 20,000,000
Derivative liabilities 2,140,000,000 464,000,000
Amount of variation margin payment applied to derivative liability contracts 1,000,000,000 570,000,000
Gain or losses reclassified from AOCI into earnings associated with the discontinuance of cash flow hedges 0 0
Notional amount of the risk participations agreements $ 3,710,000,000 3,780,000,000
Interest rate contracts    
Derivative    
Maximum length of time of hedging exposure 109 months  
Deferred gains, net of tax, on cash flow hedges recorded in accumulated other comprehensive income $ 498,000,000 353,000,000
Net deferred gains or losses, net of tax, recorded in AOCI are expected to be reclassified into earnings 253,000,000  
Interest rate contracts | Credit Risk    
Derivative    
Fair value of risk participation agreements $ 7,000,000 8,000,000
Weighted-average remaining life 3 years 3 months 18 days  
Total collateral    
Derivative    
Derivative assets $ 1,300,000,000 1,100,000,000
Derivative liabilities $ 913,000,000 $ 1,300,000,000
v3.22.4
Derivative Financial Instruments - Notional Amounts and Fair Values for All Derivative Instruments Included in the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value    
Derivative assets, fair value, gross assets $ 3,171 $ 2,896
Total derivative assets 3,173 2,908
Derivative liabilities, fair value, gross liabilities 3,951 2,013
Total derivative liabilities 3,952 2,013
Amount of variation margin payment applied to derivative asset contracts 1,000 771
Amount of variation margin payment applied to derivative liability contracts 1,000 570
Designated as Hedging Instrument | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 157 522
Derivative liabilities, fair value, gross liabilities 296 3
Designated as Hedging Instrument | Fair Value Hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 126 400
Derivative liabilities, fair value, gross liabilities 195 2
Designated as Hedging Instrument | Fair Value Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Available-for-sale debt and other securities    
Derivatives, Fair Value    
Notional     Amount       445
Derivative assets, fair value, gross assets   7
Derivative liabilities, fair value, gross liabilities   0
Designated as Hedging Instrument | Fair Value Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Long-term debt    
Derivatives, Fair Value    
Notional     Amount     5,955 1,955
Derivative assets, fair value, gross assets 126 393
Derivative liabilities, fair value, gross liabilities 195 2
Designated as Hedging Instrument | Cash Flow Hedging | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 31 122
Derivative liabilities, fair value, gross liabilities 101 1
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial and Industrial    
Derivatives, Fair Value    
Notional     Amount     8,000 8,000
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 76 1
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swaps | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial Mortgage and Commercial Construction    
Derivatives, Fair Value    
Notional     Amount     4,000 4,000
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 25 0
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate floors | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial and Industrial    
Derivatives, Fair Value    
Notional     Amount     3,000 3,000
Derivative assets, fair value, gross assets 4 122
Derivative liabilities, fair value, gross liabilities 0 0
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap - forward starting | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial and Industrial    
Derivatives, Fair Value    
Notional     Amount     11,000  
Derivative assets, fair value, gross assets 22  
Derivative liabilities, fair value, gross liabilities 0  
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate swap - forward starting | Accumulated Net Gain (Loss) from Designated or Qualifying Hedges | Commercial Mortgage and Commercial Construction    
Derivatives, Fair Value    
Notional     Amount     4,000  
Derivative assets, fair value, gross assets 5  
Derivative liabilities, fair value, gross liabilities 0  
Not Designated as Hedging Instrument    
Derivatives, Fair Value    
Total derivative assets 3,016 2,386
Total derivative liabilities 3,656 2,010
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes    
Derivatives, Fair Value    
Derivative assets, fair value, gross assets 85 147
Derivative liabilities, fair value, gross liabilities 220 221
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts related to MSR portfolio    
Derivatives, Fair Value    
Notional     Amount     2,975 6,260
Derivative assets, fair value, gross assets 62 140
Derivative liabilities, fair value, gross liabilities 17 0
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Forward contracts related to residential mortgage loans held for sale | Loans held for sale    
Derivatives, Fair Value    
Notional     Amount     1,869 1,952
Derivative assets, fair value, gross assets 9 2
Derivative liabilities, fair value, gross liabilities 7 2
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Swap    
Derivatives, Fair Value    
Notional     Amount     3,358 3,545
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 195 214
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Foreign exchange contracts    
Derivatives, Fair Value    
Notional     Amount     156 158
Derivative assets, fair value, gross assets 1 0
Derivative liabilities, fair value, gross liabilities 0 1
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest-only strips    
Derivatives, Fair Value    
Notional     Amount     58  
Derivative assets, fair value, gross assets 4  
Derivative liabilities, fair value, gross liabilities 0  
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts for collateral management    
Derivatives, Fair Value    
Notional     Amount     12,000 12,000
Derivative assets, fair value, gross assets 9 5
Derivative liabilities, fair value, gross liabilities 1 4
Not Designated as Hedging Instrument | Risk Management and Other Business Purposes | Interest rate contracts for LIBOR transition    
Derivatives, Fair Value    
Notional     Amount     597 2,372
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities 0 0
Not Designated as Hedging Instrument | Customer Accommodation    
Derivatives, Fair Value    
Total derivative assets 2,931 2,239
Total derivative liabilities 3,436 1,789
Not Designated as Hedging Instrument | Customer Accommodation | Foreign exchange contracts    
Derivatives, Fair Value    
Notional     Amount     25,322 23,148
Derivative assets, fair value, gross assets 453 323
Derivative liabilities, fair value, gross liabilities 422 297
Not Designated as Hedging Instrument | Customer Accommodation | Interest rate contracts    
Derivatives, Fair Value    
Notional     Amount     83,605 76,061
Derivative assets, fair value, gross assets 998 578
Derivative liabilities, fair value, gross liabilities 1,663 232
Amount of variation margin payment applied to derivative asset contracts 694 104
Amount of variation margin payment applied to derivative liability contracts 37 472
Not Designated as Hedging Instrument | Customer Accommodation | Interest rate lock commitments    
Derivatives, Fair Value    
Notional     Amount     216 673
Derivative assets, not subject to master netting arrangement 2 12
Derivative liabilities, not subject to master netting arrangement 1 0
Not Designated as Hedging Instrument | Customer Accommodation | Commodity contracts    
Derivatives, Fair Value    
Notional     Amount     16,122 12,376
Derivative assets, fair value, gross assets 1,478 1,326
Derivative liabilities, fair value, gross liabilities 1,350 1,260
Not Designated as Hedging Instrument | Customer Accommodation | TBA securities    
Derivatives, Fair Value    
Notional     Amount     62 55
Derivative assets, fair value, gross assets 0 0
Derivative liabilities, fair value, gross liabilities $ 0 $ 0
v3.22.4
Derivative Financial Instruments - Change in the Fair Value for Interest Rate Contracts and the Related Hedged Items (Details) - Fair Value Hedging - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Long-term debt      
Derivatives, Fair Value      
Carrying amount of the hedged items $ 5,865 $ 2,339  
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items (64) 396  
Available-for-sale debt and other securities      
Derivatives, Fair Value      
Carrying amount of the hedged items 0 465  
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items 0 (8)  
Cumulative amount of fair value hedging adjustments remaining for hedged items for which hedge accounting has been discontinued (14) 0  
Interest rate contracts | Interest on long-term debt      
Derivatives, Fair Value      
Change in fair value of interest rate swaps hedging long-term debt, available-for-sale debt and other securities (460) (138) $ 134
Change in fair value of hedged long-term debt, available-for-sale debt and other securities attributable to the risk being hedged 460 138 (133)
Interest rate contracts | Interest on securities      
Derivatives, Fair Value      
Change in fair value of interest rate swaps hedging long-term debt, available-for-sale debt and other securities 8 7 0
Change in fair value of hedged long-term debt, available-for-sale debt and other securities attributable to the risk being hedged $ (8) $ (7) $ 0
v3.22.4
Derivative Financial Instruments - Net Gains (Losses) Relating to Derivative Instruments Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Interest Income (Expense) Net - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of pre-tax net (losses) gains recognized in OCI $ (1,006) $ (185) $ 611
Amount of pre-tax net gains reclassified from OCI into net income $ 99 $ 293 $ 237
v3.22.4
Derivative Financial Instruments - Net Gains (Losses) Recorded in the Condensed Consolidated Statements of Income Relating to Free-Standing Derivative Instruments Used for Risk Management and Other Business Purposes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (363) $ (123) $ 307
Forward contracts related to residential mortgage loans held for sale | Mortgage banking net revenue | Residential mortgages held for sale      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 3 15 (12)
Interest rate contracts | Mortgage banking net revenue | MSR portfolio      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings (363) (123) 307
Foreign exchange contracts | Other noninterest income      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 12 (3) (3)
Equity contracts | Other noninterest income | Swap      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (84) $ (86) $ (103)
v3.22.4
Derivative Financial Instruments - Risk Ratings of the Notional Amount of Risk Participation Agreements (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivatives, Fair Value    
Notional amount of the risk participations agreements $ 3,710 $ 3,780
Pass    
Derivatives, Fair Value    
Notional amount of the risk participations agreements 3,597 3,733
Special mention    
Derivatives, Fair Value    
Notional amount of the risk participations agreements 81 13
Substandard    
Derivatives, Fair Value    
Notional amount of the risk participations agreements $ 32 $ 34
v3.22.4
Derivative Financial Instruments - Net Gains (Losses) Recorded in the Consolidated Statements of Income Relating to Free-Standing Derivative Instruments Used For Customer Accommodation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (363) $ (123) $ 307
Interest rate contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 48 38 36
Interest rate contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 10 21 (22)
Interest rate contracts | Interest rate lock commitments | Mortgage banking net revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 16 149 271
Commodity contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 44 23 15
Commodity contracts | Credit losses | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 0 (1) (1)
Commodity contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 0 0 (2)
Foreign exchange contracts | Contract revenue | Commercial banking revenue      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 70 61 55
Foreign exchange contracts | Contract revenue | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings 8 2 (11)
Foreign exchange contracts | Credit portion of fair value adjustment | Other noninterest expense      
Derivative Instruments, Gain (Loss)      
Net gains (losses) recorded in earnings $ (3) $ 0 $ (1)
v3.22.4
Derivative Financial Instruments - Offsetting Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Derivative assets    
Gross Amount Recognized in the Consolidated Balance Sheets $ 3,171 $ 2,896
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Derivatives (1,405) (837)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral (887) (548)
Net Amount 879 1,511
Derivative liabilities    
Gross Amount Recognized in the Condensed Consolidated Balance Sheets 3,951 2,013
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Derivatives (1,405) (837)
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral (406) (712)
Net Amount $ 2,140 $ 464
v3.22.4
Other Assets - Components (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Other Assets [Abstract]    
Derivative instruments $ 3,173 $ 2,908
Accounts receivable and drafts-in-process 2,579 2,560
Partnership investments 2,153 2,022
Bank owned life insurance 2,056 2,041
Deferred tax assets 1,553 6
Accrued interest and fees receivable 703 465
Operating lease right-of-use assets 508 427
Worldpay, Inc. TRA receivable 183 317
Prepaid expenses 145 139
Income tax receivable 74 237
OREO and other repossessed property 24 29
Other 308 293
Total other assets [1] $ 13,459 $ 11,444
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Other Assets - Additional Information (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2012
agreement
Related Party Transactions          
TRA payment $ 46 $ 46 $ 74    
Future payments expected to be received under TRA 33        
Other noninterest income          
Related Party Transactions          
TRA payment 46 46 $ 74    
Worldpay, Inc.          
Related Party Transactions          
TRA receivable $ 183 $ 317      
Affiliated Entity | Worldpay, Inc.          
Related Party Transactions          
Number of TRAs entered into | agreement         2
Percentage of cash savings activity         85.00%
Fidelity National Information Services, Inc. and Worldpay, Inc          
Related Party Transactions          
Payment to terminate and settle certain remaining TRA cash flows       $ 366  
Potential termination and settlement of TRA cash flows       720  
Fidelity National Information Services, Inc. and Worldpay, Inc | Other noninterest income          
Related Party Transactions          
Gain from exercise of options       $ 345  
v3.22.4
Short-Term Borrowings - Summary of Short-Term Borrowings and Weighted-Average Rates (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Short-term Debt [Line Items]    
Federal funds purchased $ 180 $ 281
Other short-term borrowings 4,838 980
Federal Funds Purchased    
Short-term Debt [Line Items]    
Short-term borrowings, average 381 333
Short-term borrowings, maximum month-end balance $ 1,312 $ 365
Short-term borrowings, rate 4.22% 0.13%
Short-term borrowings, average rate 1.69% 0.12%
Other Short Term Borrowings    
Short-term Debt [Line Items]    
Short-term borrowings, average $ 4,544 $ 1,107
Short-term borrowings, maximum month-end balance $ 8,606 $ 1,353
Short-term borrowings, rate 3.75% 0.04%
Short-term borrowings, average rate 2.39% 0.15%
v3.22.4
Short-Term Borrowings - Components of Other Short-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Short-Term Debt [Abstract]    
FHLB advances $ 4,300 $ 0
Securities sold under repurchase agreements 388 544
Derivative collateral 124 436
Other borrowed money 26 0
Other short-term borrowings $ 4,838 $ 980
v3.22.4
Long-Term Debt - Summary of the Bancorp's Long-Term Borrowings (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
May 05, 2020
Jan. 31, 2020
Oct. 28, 2019
Mar. 31, 2019
Jul. 26, 2018
Mar. 14, 2018
Mar. 15, 2016
Nov. 20, 2013
Debt Instrument                    
Long-term debt [1] $ 13,714 $ 11,821                
Amount Qualifying as Tier Two Capital for Regulatory Capital Purposes                    
Debt Instrument                    
Long-term debt 1,900 2,500                
Parent Company                    
Debt Instrument                    
Long-term debt $ 9,331 7,927                
Parent Company | Senior Notes | Fixed Rate 2.60% Notes Due 2022                    
Debt Instrument                    
Interest rate (as a percent) 2.60%                  
Long-term debt $ 0 700                
Parent Company | Senior Notes | Fixed Rate 3.50% Due 2022                    
Debt Instrument                    
Interest rate (as a percent) 3.50%                  
Long-term debt $ 0 500                
Parent Company | Senior Notes | Fixed Rate 1.625% Notes Due 2023                    
Debt Instrument                    
Interest rate (as a percent) 1.625%   1.625%              
Long-term debt $ 500 499                
Parent Company | Senior Notes | Fixed Rate 3.65% Notes Due 2024                    
Debt Instrument                    
Interest rate (as a percent) 3.65%                  
Long-term debt $ 1,498 1,496                
Parent Company | Senior Notes | Fixed Rate 2.375% Notes Due 2025                    
Debt Instrument                    
Interest rate (as a percent) 2.375%       2.375%          
Long-term debt $ 748 748                
Parent Company | Senior Notes | Fixed Rate 2.55% Notes Due 2027                    
Debt Instrument                    
Interest rate (as a percent) 2.55%   2.55%              
Long-term debt $ 747 746                
Parent Company | Senior Notes | Fixed Rate/Floating Rate Notes Due 2027                    
Debt Instrument                    
Interest rate (as a percent) 1.707%                  
Long-term debt $ 448 496                
Parent Company | Senior Notes | Fixed Rate 3.95% Notes Due 2028                    
Debt Instrument                    
Interest rate (as a percent) 3.95%             3.95%    
Long-term debt $ 648 647                
Parent Company | Senior Notes | Fixed Rate/Floating Rate 4.055 Percent Notes Due 2028                    
Debt Instrument                    
Interest rate (as a percent) 4.055%                  
Long-term debt $ 381 0                
Parent Company | Senior Notes | Fixed Rate/Floating Rate 6.361 Percent Notes Due 202                    
Debt Instrument                    
Interest rate (as a percent) 6.361%                  
Long-term debt $ 1,012 0                
Parent Company | Senior Notes | Fixed Rate/Floating Rate 4.772 Percent Notes Due 2030                    
Debt Instrument                    
Interest rate (as a percent) 4.772%                  
Long-term debt $ 936 0                
Parent Company | Senior Notes | Fixed Rate/Floating Rate 4.337 Percent Notes Due 2033                    
Debt Instrument                    
Interest rate (as a percent) 4.337%                  
Long-term debt $ 556 0                
Parent Company | Subordinated Debt | Fixed Rate 4.30% Notes Due 2024                    
Debt Instrument                    
Interest rate (as a percent) 4.30%                 4.30%
Long-term debt $ 749 749                
Parent Company | Subordinated Debt | Fixed Rate 8.25% Notes Due 2038                    
Debt Instrument                    
Interest rate (as a percent) 8.25%                  
Long-term debt $ 1,108 1,346                
Subsidiaries                    
Debt Instrument                    
Long-term debt 4,383                  
Subsidiaries | FHLB Advances Due 2021 to 2047                    
Debt Instrument                    
Long-term debt $ 21 44                
Subsidiaries | FHLB Advances Due 2021 to 2047 | Weighted-Average                    
Debt Instrument                    
Interest rate (as a percent) 3.81%                  
Subsidiaries | Other Debt Due 2021 to 2041                    
Debt Instrument                    
Long-term debt $ 302 284                
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans                    
Debt Instrument                    
Long-term debt $ 75 250                
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans | Minimum                    
Debt Instrument                    
Interest rate (as a percent) 2.64%                  
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Automobile Loans | Maximum                    
Debt Instrument                    
Interest rate (as a percent) 2.69%                  
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Solar loan securitizations                    
Debt Instrument                    
Long-term debt $ 39 0                
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Solar loan securitizations | Minimum                    
Debt Instrument                    
Interest rate (as a percent) 4.05%                  
Subsidiaries | Variable Interest Entity, Primary Beneficiary | Fixed-Rate Notes Due 2022 to 2026 | Solar loan securitizations | Maximum                    
Debt Instrument                    
Interest rate (as a percent) 7.00%                  
Subsidiaries | Senior Notes | Floating Rate 0.772% Notes Due 2022                    
Debt Instrument                    
Interest rate (as a percent) 0.772%                  
Long-term debt $ 0 300                
Subsidiaries | Senior Notes | Fixed Rate 1.80% Senior Notes Due 2023                    
Debt Instrument                    
Interest rate (as a percent) 1.80%     1.80%            
Long-term debt $ 650 649                
Subsidiaries | Senior Notes | Fixed Rate 3.95% Notes Due 2025                    
Debt Instrument                    
Interest rate (as a percent) 3.95%           3.95%      
Long-term debt $ 723 795                
Subsidiaries | Senior Notes | Fixed Rate/Floating Rate 5.852 Percent Notes Due 2025                    
Debt Instrument                    
Interest rate (as a percent) 5.852%                  
Long-term debt $ 999 0                
Subsidiaries | Senior Notes | Fixed Rate 2.25% Notes Due 2027                    
Debt Instrument                    
Interest rate (as a percent) 2.25%     2.25%            
Long-term debt $ 599 598                
Subsidiaries | Subordinated Debt | Fixed Rate 3.85% Notes Due 2026                    
Debt Instrument                    
Interest rate (as a percent) 3.85%               3.85%  
Long-term debt $ 749 748                
Subsidiaries | Subordinated Debt | Fixed Rate 4.00% Notes Due 2027                    
Debt Instrument                    
Interest rate (as a percent) 4.00%         4.00%        
Long-term debt $ 173 172                
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035                    
Debt Instrument                    
Long-term debt $ 53 $ 54                
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035 | Minimum                    
Debt Instrument                    
Interest rate (as a percent) 6.189%                  
Subsidiaries | Junior Subordinated Debt | Floating-Rate Debentures Due 2035 | Maximum                    
Debt Instrument                    
Interest rate (as a percent) 6.459%                  
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Long-Term Debt - Schedule of Aggregate Maturities of Long-Term Debt Obligations (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument    
2023 $ 1,169  
2024 2,259  
2025 2,520  
2026 843  
2027 1,984  
Thereafter 4,939  
Total [1] 13,714 $ 11,821
Parent Company    
Debt Instrument    
2023 500  
2024 2,247  
2025 748  
2026 0  
2027 1,195  
Thereafter 4,641  
Total 9,331 $ 7,927
Subsidiaries    
Debt Instrument    
2023 669  
2024 12  
2025 1,772  
2026 843  
2027 789  
Thereafter 298  
Total $ 4,383  
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Long-Term Debt - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Debt, outstanding note $ 13,800 $ 11,500
Debt, discounts and premiums 19 16
Unamortized debt issuance costs 32 24
Additions (reductions) for mark-to-market adjustments on hedged debt $ (64) $ 396
v3.22.4
Long-Term Debt - Senior Notes (Details) - Parent Company - Senior Notes - USD ($)
Oct. 27, 2022
Jul. 28, 2022
Apr. 25, 2022
Nov. 01, 2021
May 05, 2020
Oct. 28, 2019
Jan. 25, 2019
Mar. 14, 2018
Dec. 31, 2022
Fixed Rate 3.50% Due 2022                  
Debt Instrument                  
Interest rate (as a percent)                 3.50%
Fixed Rate 2.60% Notes Due 2022                  
Debt Instrument                  
Interest rate (as a percent)                 2.60%
Fixed Rate 3.95% Notes Due 2028                  
Debt Instrument                  
Principal amount               $ 650,000,000  
Interest rate (as a percent)               3.95% 3.95%
Redemption period prior to maturity date               30 days  
Redemption price (as a percent)               100.00%  
Fixed Rate 3.65% Notes Due 2024                  
Debt Instrument                  
Principal amount             $ 1,500,000,000    
Interest rate (as a percent)             3.65%    
Redemption period prior to maturity date             30 days    
Redemption price (as a percent)             100.00%    
Fixed Rate 2.375% Notes Due 2025                  
Debt Instrument                  
Principal amount           $ 750,000,000      
Interest rate (as a percent)           2.375%     2.375%
Redemption period prior to maturity date           30 days      
Redemption price (as a percent)           100.00%      
Fixed Rate 2.375% Notes Due 2025 | U.S. Treasury Rate                  
Debt Instrument                  
Basis spread on variable rate (as a percent)           0.15%      
Fixed Rate 1.625% and 2.55% Notes                  
Debt Instrument                  
Principal amount         $ 1,250,000,000        
Fixed Rate 1.625% Notes Due 2023                  
Debt Instrument                  
Principal amount         $ 500,000,000        
Interest rate (as a percent)         1.625%       1.625%
Redemption price (as a percent)         100.00%        
Debt term         3 years        
Fixed Rate 1.625% Notes Due 2023 | U.S. Treasury Rate                  
Debt Instrument                  
Basis spread on variable rate (as a percent)         0.25%        
Fixed Rate 2.55% Notes Due 2027                  
Debt Instrument                  
Principal amount         $ 750,000,000        
Interest rate (as a percent)         2.55%       2.55%
Redemption price (as a percent)         100.00%        
Debt term         7 years        
Fixed Rate 2.55% Notes Due 2027 | U.S. Treasury Rate                  
Debt Instrument                  
Basis spread on variable rate (as a percent)         0.35%        
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027                  
Debt Instrument                  
Principal amount       $ 500,000,000          
Redemption period prior to maturity date       30 days          
Interest rate paid (as a percent)       4.69%          
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027 | Debt Instrument, Redemption, Period One                  
Debt Instrument                  
Redemption price (as a percent)       100.00%          
Debt instrument, redemption period     1 year            
Fixed Rate/Floating Rate Senior Notes Due November 1, 2027 | Debt Instrument, Redemption, Period Two                  
Debt Instrument                  
Redemption price (as a percent)       100.00%          
Fixed Rate 1.707% Senior Notes                  
Debt Instrument                  
Interest rate (as a percent)       1.707%          
Senior Notes with Compounded SOFR Interest Rate | SOFR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)       0.685%          
Senior Notes with Floating Interest Rate | LIBOR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)       0.57%          
Fixed Rate/Floating Rate Senior Notes Due April 2028 And 2033                  
Debt Instrument                  
Principal amount     $ 1,000,000,000            
Fixed Rate/Floating Rate Senior Notes Due April 2028 And 2033 | Debt Instrument, Redemption, Period One                  
Debt Instrument                  
Debt instrument, redemption period     1 year            
Fixed Rate/Floating Rate 4.055 Percent Senior Notes Due April 2028                  
Debt Instrument                  
Principal amount     $ 400,000,000            
Interest rate (as a percent)     4.055%            
Interest rate paid (as a percent)                 5.63%
Fixed Rate/Floating Rate 4.055 Percent Senior Notes Due April 2028 | Debt Instrument, Redemption, Period Two                  
Debt Instrument                  
Debt instrument, redemption period     30 days            
Fixed Rate/Floating Rate 4.055 Percent Senior Notes Due April 2028 | SOFR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)     1.355%            
Fixed Rate/Floating Rate 4.055 Percent Senior Notes Due April 2028 | LIBOR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)     1.239%            
Fixed Rate/Floating Rate 4.337 Percent Senior Notes Due April 2033                  
Debt Instrument                  
Principal amount     $ 600,000,000            
Interest rate (as a percent)     4.337%            
Interest rate paid (as a percent)                 5.93%
Fixed Rate/Floating Rate 4.337 Percent Senior Notes Due April 2033 | Debt Instrument, Redemption, Period Three                  
Debt Instrument                  
Debt instrument, redemption period     90 days            
Fixed Rate/Floating Rate 4.337 Percent Senior Notes Due April 2033 | SOFR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)     1.66%            
Fixed Rate/Floating Rate 4.337 Percent Senior Notes Due April 2033 | LIBOR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)     1.543%            
Fixed Rate/Floating Rate Senior Notes Due July 2030                  
Debt Instrument                  
Principal amount   $ 1,000,000,000              
Interest rate (as a percent)                 6.43%
Fixed Rate/Floating Rate Senior Notes Due July 2030 | Debt Instrument, Redemption, Period One                  
Debt Instrument                  
Debt instrument, redemption period   1 year              
Fixed Rate/Floating Rate Senior Notes Due July 2030 | Debt Instrument, Redemption, Period Four                  
Debt Instrument                  
Debt instrument, redemption period   60 days              
Fixed Rate/Floating Rate Senior Notes Due July 2030 | SOFR                  
Debt Instrument                  
Basis spread on variable rate (as a percent)   2.127%              
Fixed Rate/Floating Rate Senior Notes Due July 2030 | SOFR | Interest rate swaps                  
Debt Instrument                  
Basis spread on variable rate (as a percent)   2.132%              
Fixed Rate 4.772 Percent Senior Notes Due July 2030                  
Debt Instrument                  
Interest rate (as a percent)   4.772%              
Fixed Rate/Floating Rate Senior Notes Due October 2028                  
Debt Instrument                  
Principal amount $ 1,000,000,000                
Redemption period prior to maturity date 180 days                
Interest rate paid (as a percent)                 6.49%
Fixed Rate/Floating Rate Senior Notes Due October 2028 | Debt Instrument, Redemption, Period Four                  
Debt Instrument                  
Debt instrument, redemption period 30 days   1 year            
Fixed Rate/Floating Rate Senior Notes Due October 2028 | SOFR                  
Debt Instrument                  
Basis spread on variable rate (as a percent) 2.192%                
Fixed Rate/Floating Rate Senior Notes Due October 2028 | SOFR | Interest rate swaps                  
Debt Instrument                  
Basis spread on variable rate (as a percent) 2.193%                
Fixed Rate 6.361 Percent Senior Notes Due October 2028                  
Debt Instrument                  
Interest rate (as a percent) 6.361%                
v3.22.4
Long-Term Debt - Subordinated Debt (Details) - Parent Company - Subordinated Debt - USD ($)
Apr. 25, 2022
Nov. 20, 2013
Dec. 31, 2022
Fixed Rate 8.25% Notes Due 2038      
Debt Instrument      
Issue of senior notes to third party investors     $ 1,000,000,000
Interest rate (as a percent)     8.25%
Amount of debt converted to floating rate     $ 705,000,000
Interest rate paid (as a percent)     7.81%
Fixed Rate 8.25% Notes Due 2038 | LIBOR      
Debt Instrument      
Basis spread on variable rate (as a percent) 3.05%    
Fixed Rate 4.30% Notes Due 2024      
Debt Instrument      
Interest rate (as a percent)   4.30% 4.30%
Principal amount   $ 750,000,000  
Redemption period prior to maturity date   30 days  
Redemption price (as a percent)   100.00%  
v3.22.4
Long-Term Debt - Senior and Subordinated Debt (Details) - USD ($)
 1 Months Ended 12 Months Ended
Oct. 27, 2022
Jan. 31, 2020
Jul. 26, 2018
Mar. 15, 2016
Mar. 31, 2019
Dec. 31, 2022
Subsidiaries            
Debt Instrument            
Global Bank note program           $ 25,000,000,000
Debt, available for future issuance           $ 20,300,000,000
Subsidiaries | Medium-Term Senior Notes and Subordinated Bank Notes | Minimum            
Debt Instrument            
Debt term           1 year
Subsidiaries | Medium-Term Senior Notes and Subordinated Bank Notes | Maximum            
Debt Instrument            
Debt term           30 years
Subsidiaries | Subordinated Debt | Fixed Rate 3.85% Notes Due 2026            
Debt Instrument            
Principal amount       $ 750,000,000    
Interest rate (as a percent)       3.85%   3.85%
Redemption period prior to maturity date       30 days    
Redemption price (as a percent)       100.00%    
Subsidiaries | Subordinated Debt | Fixed Rate 4.00% Notes Due 2027            
Debt Instrument            
Interest rate (as a percent)         4.00% 4.00%
Redemption price (as a percent)         100.00%  
Issue of senior notes to third party investors         $ 175,000,000  
Subsidiaries | Senior Notes            
Debt Instrument            
Principal amount   $ 1,250,000,000        
Subsidiaries | Senior Notes | Fixed Rate 3.95% Notes Due 2025            
Debt Instrument            
Principal amount     $ 750,000,000      
Interest rate (as a percent)     3.95%     3.95%
Redemption period prior to maturity date     30 days      
Redemption price (as a percent)     100.00%      
Interest rate paid (as a percent)     5.43%      
Subsidiaries | Senior Notes | Fixed Rate 3.95% Notes Due 2025 | LIBOR            
Debt Instrument            
Basis spread on variable rate (as a percent)     1.04%      
Subsidiaries | Senior Notes | Fixed Rate 1.80% Senior Notes Due 2023            
Debt Instrument            
Debt term   3 years        
Principal amount   $ 650,000,000        
Interest rate (as a percent)   1.80%       1.80%
Redemption period prior to maturity date   30 days        
Redemption price (as a percent)   100.00%        
Subsidiaries | Senior Notes | Fixed Rate 2.25% Notes Due 2027            
Debt Instrument            
Debt term   7 years        
Principal amount   $ 600,000,000        
Interest rate (as a percent)   2.25%       2.25%
Redemption price (as a percent)   100.00%        
Parent Company | Senior Notes | Fixed Rate/Floating Rate Senior Notes Due October 2025            
Debt Instrument            
Principal amount $ 1,000,000,000          
Interest rate (as a percent) 5.852%          
Interest rate paid (as a percent)           5.52%
Parent Company | Senior Notes | Fixed Rate/Floating Rate Senior Notes Due October 2025 | Debt Instrument, Redemption, Period One            
Debt Instrument            
Debt instrument, redemption period 1 year          
Parent Company | Senior Notes | Fixed Rate/Floating Rate Senior Notes Due October 2025 | Debt Instrument, Redemption, Period Four            
Debt Instrument            
Debt instrument, redemption period 30 days          
Parent Company | Senior Notes | Fixed Rate/Floating Rate Senior Notes Due October 2025 | SOFR            
Debt Instrument            
Basis spread on variable rate (as a percent) 1.23%          
Parent Company | Senior Notes | Fixed Rate/Floating Rate Senior Notes Due October 2025 | SOFR | Interest rate swaps            
Debt Instrument            
Basis spread on variable rate (as a percent) 1.218%          
v3.22.4
Long-Term Debt - Junior Subordinated Debt (Details) - Subsidiaries - Junior Subordinated Debt - Floating-Rate Debentures Due 2035 - Trust Preferred Securities - LIBOR
 12 Months Ended
Dec. 31, 2022
First Charter Capital Trust I  
Debt Instrument  
Basis spread on variable rate (as a percent) 1.69%
First Charter Capital Trust II  
Debt Instrument  
Basis spread on variable rate (as a percent) 1.42%
v3.22.4
Long-Term Debt - FHLB Advances (Details) - Subsidiaries - FHLB Advances Due 2021 to 2047
Dec. 31, 2022
USD ($)
Debt Instrument  
Loans and securities serving as FHLB collateral $ 18,600,000,000
FHLB advances 21,000,000
FHLB maturing in 2023 9,000,000
FHLB maturing in 2024 0
FHLB maturing in 2025 5,000,000
FHLB maturing in 2026 0
FHLB maturing in 2027 0
FHLB maturing thereafter $ 7,000,000
Weighted-Average  
Debt Instrument  
Interest rate (as a percent) 3.81%
v3.22.4
Long-Term Debt - Notes Associated with Consolidated VIEs (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument    
Long-term debt [1] $ 13,714 $ 11,821
Variable Interest Entity, Primary Beneficiary | Automobile And Solar Loan | Consolidation, Eliminations    
Debt Instrument    
Long-term debt $ 114  
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Summary of Significant Commitments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Commitments to extend credit    
Long-term Purchase Commitment    
Commitments $ 83,437 $ 80,641
Letters of credit    
Long-term Purchase Commitment    
Commitments 2,009 1,953
Forward contracts related to residential mortgage loans held for sale    
Long-term Purchase Commitment    
Commitments 1,869 1,952
Capital commitments for private equity investments    
Long-term Purchase Commitment    
Commitments 163 124
Purchase obligations    
Long-term Purchase Commitment    
Commitments 113 160
Capital expenditures    
Long-term Purchase Commitment    
Commitments $ 94 $ 78
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Jun. 30, 2022
Sep. 30, 2019
Jun. 30, 2018
Sep. 30, 2014
Sep. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Dec. 31, 2010
Jun. 30, 2010
Dec. 31, 2008
Loss Contingencies                        
Margin account balance held by the brokerage clearing agent $ 14 $ 20                    
Visa                        
Loss Contingencies                        
Fair value of mortgage representation and warranty provisions 195 214                    
Visa IPO, shares of Visa's Class B common stock received (in shares)                       10.1
Visa Class B shares carryover basis                       $ 0
Escrow deposit 350 250 $ 600 $ 300 $ 600 $ 450 $ 150 $ 1,565 $ 400 $ 800 $ 500 $ 3,000
Residential mortgage loans                        
Loss Contingencies                        
Outstanding balances on residential mortgage loans sold with representation and warranty provisions 9 9                    
Fair value of mortgage representation and warranty provisions 11                      
Make-Whole Payments 0 0                    
Repurchased outstanding principal 63 42                    
Repurchase demand request 104 64                    
Outstanding repurchase demand inventory 25 18                    
Secured Debt                        
Loss Contingencies                        
Fully and unconditionally guaranteed certain long-term borrowing obligations issued by wholly-owned issuing trust entities 62 62                    
Standby Letters of Credit                        
Loss Contingencies                        
Reserve for unfunded commitments $ 22 $ 24                    
Standby letters of credit as a percentage of total letters of credit 99.00% 99.00%                    
Standby Letters of Credit | Secured Debt                        
Loss Contingencies                        
Standby letters of credit as a percentage of total letters of credit 67.00% 71.00%                    
Variable Rate Demand Note                        
Loss Contingencies                        
Total variable rate demand notes $ 423 $ 464                    
Letters of credit issued related to variable rate demand notes 102 118                    
Variable Rate Demand Note | Trading Securities                        
Loss Contingencies                        
Total variable rate demand notes 3 1                    
Other Liabilities                        
Loss Contingencies                        
Reserve for unfunded commitments $ 216 $ 182                    
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Risk Rating Under the Risk Rating System (Details) - Commitments to Extend Credit - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Line of Credit Facility    
Commitments $ 83,437 $ 80,641
Pass    
Line of Credit Facility    
Commitments 81,345 78,298
Special mention    
Line of Credit Facility    
Commitments 976 1,058
Substandard    
Line of Credit Facility    
Commitments $ 1,116 $ 1,285
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Standby and Commercial Letters of Credit, Conditional Commitments Issued to Guarantee the Performance of a Customer to a Third Party (Details) - Letters of credit
$ in Millions
Dec. 31, 2022
USD ($)
Line of Credit Facility  
Commitments $ 2,009
Less than 1 year  
Line of Credit Facility  
Commitments 951
Less than 1 year | Commercial  
Line of Credit Facility  
Commitments 1
1 - 5 years  
Line of Credit Facility  
Commitments 1,052
1 - 5 years | Commercial  
Line of Credit Facility  
Commitments 2
Over 5 years  
Line of Credit Facility  
Commitments $ 6
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Letters of Credit (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit $ 2,009 $ 1,953
Pass    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit 1,827 1,778
Special mention    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit 47 40
Substandard    
Fair Value, Off-balance Sheet Risks, Disclosure Information    
Letters of credit $ 135 $ 135
v3.22.4
Commitments, Contingent Liabilities and Guarantees - Visa Funding and Bancorp Cash Payments (Details) - USD ($)
$ in Millions
 3 Months Ended
Jan. 13, 2023
Jun. 30, 2022
Dec. 31, 2021
Sep. 30, 2019
Jun. 30, 2018
Sep. 30, 2014
Sep. 30, 2012
Mar. 31, 2012
Jun. 30, 2011
Dec. 31, 2010
Jun. 30, 2010
Dec. 31, 2022
Dec. 31, 2008
Visa Funding Amount                          
Loss Contingencies                          
Escrow Deposit   $ 600 $ 250 $ 300 $ 600 $ 450 $ 150 $ 1,565 $ 400 $ 800 $ 500 $ 350 $ 3,000
Bancorp Cash Payment Amount                          
Loss Contingencies                          
Cash Payment Amount   $ 25 $ 11 $ 12 $ 26 $ 18 $ 6 $ 75 $ 19 $ 35 $ 20    
Bancorp Cash Payment Amount | Subsequent Event                          
Loss Contingencies                          
Cash Payment Amount $ 15                        
v3.22.4
Legal and Regulatory Proceedings (Details)
$ in Millions
 1 Months Ended 12 Months Ended
May 28, 2019
USD ($)
Sep. 17, 2018
USD ($)
Oct. 31, 2012
merchant
Dec. 31, 2013
lawsuit
Dec. 31, 2022
USD ($)
Dec. 31, 2020
lawsuit
Aug. 03, 2012
Loss Contingencies              
Apr percentage allegedly misleading             120.00%
Number of putative class actions filed | lawsuit       4      
Damages sought $ 440            
Amount in excess of amounts reserved         $ 150    
Shareholder Derivative Lawsuit              
Loss Contingencies              
Number of claims | lawsuit           5  
Federal Lawsuits              
Loss Contingencies              
Number of merchants requesting exclusion | merchant     500        
Class Action Settlement              
Loss Contingencies              
Total payment by all defendants   $ 6,240          
Amount awarded to other party, escrow   5,340          
Amount awarded to other party, additional   900          
Escrow funds returned to defendants   $ 700          
v3.22.4
Related Party Transactions - Summary of the Bancorp's Activities with its Principal Shareholders, Directors and Executives (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Related Party Transactions    
Outstanding balance on loans, net of participations and undrawn commitments $ 85 $ 115
Commitments to Extend Credit    
Related Party Transactions    
Commitments 83,437 80,641
Commitments to Extend Credit | Due to related party    
Related Party Transactions    
Commitments 188 164
Commitments to Extend Credit | Due to related party | Directors and their affiliated companies    
Related Party Transactions    
Commitments 183 157
Commitments to Extend Credit | Due to related party | Executive officers    
Related Party Transactions    
Commitments $ 5 $ 7
v3.22.4
Related Party Transactions - Coforge Business Process Solutions Private Limited and CDC Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Related Party Transactions        
Loans to related parties   $ 85 $ 115  
Fifth Third Mauritius Holdings Limited        
Related Party Transactions        
Ownership percentage by parent   100.00%    
Affiliated Entity | Fifth Third Mauritius Holdings Limited | Coforge Business Process Solutions Private Limited        
Related Party Transactions        
Ownership percentage   40.00%    
Affiliated Entity | Coforge Business Process Solutions Private Limited        
Related Party Transactions        
Percentage of interests sold 9.00%      
Gain from sale of stock in equity method investment $ 12      
Dividend on equity method investment   $ 9 5 $ 1
Investment   17 19  
Service fee paid   26 21 27
Affiliated Entity | Coforge Business Process Solutions Private Limited | Other noninterest income        
Related Party Transactions        
Revenue from related parties   7 3 $ 5
CDC        
Related Party Transactions        
Loans to related parties   10 22  
Related party, deposit liabilities   73 51  
CDC | Unfunded Commitment        
Related Party Transactions        
Unfunded commitments in qualifying LIHTC investments   $ 16 $ 36  
v3.22.4
Income Taxes - Applicable Income Taxes Included in the Consolidated Statements of Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current income tax expense:      
U.S. Federal income taxes $ 570 $ 657 $ 463
State and local income taxes 126 102 69
Foreign income taxes 11 2 0
Total current income tax expense 707 761 532
Deferred income tax (benefit) expense:      
U.S. Federal income taxes (31) (21) (140)
State and local income taxes (29) 8 (23)
Foreign income taxes 0 (1) 1
Total deferred income tax benefit (60) (14) (162)
Applicable income tax expense $ 647 $ 747 $ 370
v3.22.4
Income Taxes - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Amortization for qualifying LIHTC investments $ 189,000,000 $ 163,000,000 $ 150,000,000
Deferred tax assets related to state net operating loss carryforwards 14,000,000 3,000,000  
State net operating loss carryforwards specific valuation allowances 5,000,000 4,000,000  
Interest expense recognized in connection with income taxes 1,000,000 1,000,000 $ 3,000,000
Accrued interest liabilities, net of the related tax benefits 8,000,000 7,000,000  
Liabilities for penalties related to income taxes 0 0  
Allocation of earnings for bad debt deductions of former thrift subsidiaries included in retained earnings $ 157,000,000 $ 157,000,000  
v3.22.4
Income Taxes - Reconciliation Between the Federal Statutory Corporate Tax Rate and the Bancorp's Effective Tax Rate (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Statutory tax rate 21.00% 21.00% 21.00%
Increase (decrease) resulting from:      
State taxes, net of federal benefit 2.50% 2.50% 2.00%
Tax-exempt income (0.80%) (0.60%) (1.50%)
LIHTC investment and other tax benefits (7.10%) (5.50%) (9.70%)
LIHTC investment proportional amortization 6.10% 4.60% 8.30%
Other tax credits (0.40%) (0.20%) (0.40%)
Other, net (0.30%) (0.60%) 0.90%
Effective tax rate 21.00% 21.20% 20.60%
v3.22.4
Income Taxes - Reconciliation of the Beginning and Ending Amounts of the Bancorp's Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits at January 1 $ 102 $ 100 $ 65
Gross increases for tax positions taken during prior period 3 10 29
Gross decreases for tax positions taken during prior period (5) (4) (3)
Gross increases for tax positions taken during current period 11 11 12
Settlements with taxing authorities 0 0 (1)
Lapse of applicable statute of limitations (17) (15) (2)
Unrecognized tax benefits at December 31 $ 94 $ 102 100
Unrecognized tax benefits that would impact effective tax rate     $ 6
v3.22.4
Income Taxes - Deferred Income Taxes Included in Other Assets in the Consolidated Balance Sheets (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Other comprehensive income $ 1,595 $ 0
Allowance for loan and lease losses 461 397
Deferred compensation 105 106
Reserves for unfunded commitments 45 38
Reserves 34 30
Federal net operating loss carryforwards 31 15
State deferred taxes 20 0
State net operating loss carryforwards 14 3
Other 231 187
Total deferred tax assets 2,536 776
Deferred tax liabilities:    
Lease financing 561 553
MSRs and related economic hedges 120 116
Goodwill and intangible assets 78 68
Bank premises and equipment 66 65
Investments in joint ventures and partnership interests 61 61
Other comprehensive income 0 367
State deferred taxes 0 6
Other 101 51
Total deferred tax liabilities 987 1,287
Total net deferred tax asset (liability) $ 1,549  
Total net deferred tax asset (liability)   $ (511)
v3.22.4
Retirement and Benefit Plans - Defined Benefit Retirement Plans with Overfunded and Underfunded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at January 1 $ 152    
Fair value of plan assets at December 31 109 $ 152  
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Interest cost 5 4 $ 6
Underfunded defined benefit pension plans      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at January 1 152 173  
Actual return on assets (27) (3)  
Contributions 2 1  
Settlement (11) (12)  
Benefits paid (7) (7)  
Fair value of plan assets at December 31 109 152 173
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Projected benefit obligation at January 1 176 203  
Interest cost 5 4  
Settlement (11) (12)  
Actuarial gain (43) (12)  
Benefits paid (7) (7)  
Projected benefit obligation at December 31 120 176 $ 203
Underfunded projected benefit obligation at December 31 (11) (24)  
Accumulated benefit obligation at December 31 $ 120 $ 176  
v3.22.4
Retirement and Benefit Plans - Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Components of net periodic benefit cost:      
Interest cost $ 5 $ 4 $ 6
Expected return on assets (4) (4) (4)
Amortization of net actuarial loss 3 6 6
Settlement 3 3 3
Net periodic benefit cost 7 9 11
Other changes in plan assets and benefit obligations recognized in other comprehensive income:      
Net actuarial (gain) loss (11) (5) 12
Amortization of net actuarial loss (3) (6) (6)
Settlement (3) (3) (3)
Total recognized in other comprehensive income (17) (14) 3
Total recognized in net periodic benefit cost and other comprehensive income $ (10) $ (5) $ 14
v3.22.4
Retirement and Benefit Plans - Plan Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure    
Plan assets $ 109 $ 152
Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 8 5
Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets   51
Total debt securities    
Defined Benefit Plan Disclosure    
Plan assets 101 96
U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 57 59
Non-agency commercial mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets   1
Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 44 36
Level 1    
Defined Benefit Plan Disclosure    
Plan assets 62 110
Level 1 | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 8 5
Level 1 | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets   51
Level 1 | Total debt securities    
Defined Benefit Plan Disclosure    
Plan assets 54 54
Level 1 | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 54 54
Level 1 | Non-agency commercial mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets   0
Level 1 | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 2    
Defined Benefit Plan Disclosure    
Plan assets 47 42
Level 2 | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 2 | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets   0
Level 2 | Total debt securities    
Defined Benefit Plan Disclosure    
Plan assets 47 42
Level 2 | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 3 5
Level 2 | Non-agency commercial mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets   1
Level 2 | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets 44 36
Level 3        
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3     | Cash equivalents    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3     | Mutual and exchange-traded funds    
Defined Benefit Plan Disclosure    
Plan assets   0
Level 3     | Total debt securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3     | U.S. Treasury and federal agencies securities    
Defined Benefit Plan Disclosure    
Plan assets 0 0
Level 3     | Non-agency commercial mortgage-backed securities | Commercial mortgage-backed securities    
Defined Benefit Plan Disclosure    
Plan assets   0
Level 3     | Asset-backed securities and other debt securities    
Defined Benefit Plan Disclosure    
Plan assets $ 0 $ 0
v3.22.4
Retirement and Benefit Plans - Plan Assumptions (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
For measuring benefit obligations at year end:      
Discount rate 5.37% 2.85% 2.26%
For measuring net periodic benefit cost:      
Discount rate 3.69% 2.26% 3.05%
Expected return on plan assets 3.91% 2.43% 2.64%
v3.22.4
Retirement and Benefit Plans - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure      
Increase in pension expense by lowering both the expected rate of return on the plan and the discount rate by 0.25% $ 1,000,000    
Estimated future defined benefit plan contributions 2,000,000    
Estimated pension benefit payments for 2023 14,000,000    
Estimated pension benefit payments for 2024 13,000,000    
Estimated pension benefit payments for 2025 13,000,000    
Estimated pension benefit payments for 2026 12,000,000    
Estimated pension benefit payments for 2027 12,000,000    
Estimated pension benefit payments for 2028 through 2032 47,000,000    
Trustee fees 0 $ 0 $ 0
Qualified defined contribution plan      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan 111,000,000 108,000,000 105,000,000
Non-qualified defined contribution plan      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan 7,000,000 5,000,000 5,000,000
Deferred profit sharing      
Defined Benefit Plan Disclosure      
Expenses recognized for the Bancorp's defined contribution plan $ 0 $ 0 $ 0
v3.22.4
Retirement and Benefit Plans - Targeted and Actual Weighted Average Asset Allocations by Plan Asset Category (Details)
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 100.00% 100.00%
Equity securities    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 0.00% 0.00%
Equity securities | Minimum    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Equity securities | Maximum    
Defined Benefit Plan Disclosure    
Target allocation percentage 55.00%  
Fixed-income securities    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 92.00% 96.00%
Fixed-income securities | Minimum    
Defined Benefit Plan Disclosure    
Target allocation percentage 50.00%  
Fixed-income securities | Maximum    
Defined Benefit Plan Disclosure    
Target allocation percentage 100.00%  
Alternative strategies    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 0.00% 0.00%
Alternative strategies | Minimum    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Alternative strategies | Maximum    
Defined Benefit Plan Disclosure    
Target allocation percentage 5.00%  
Cash or cash equivalents    
Defined Benefit Plan Disclosure    
Actual weighted-average asset allocation percentage 8.00% 4.00%
Cash or cash equivalents | Minimum    
Defined Benefit Plan Disclosure    
Target allocation percentage 0.00%  
Cash or cash equivalents | Maximum    
Defined Benefit Plan Disclosure    
Target allocation percentage 100.00%  
v3.22.4
Accumulated Other Comprehensive Income - Activity in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss), pre-tax activity $ (8,284) $ (1,826) $ 1,836
Other comprehensive income (loss), tax effect 1,967 432 (427)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 22,210 23,111 21,203
Other comprehensive (loss) income, net of tax (6,317) (1,394) 1,409
Ending balance 17,327 22,210 23,111
Net unrealized gains on available-for-sale debt securities      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity (7,194) (1,366) 1,514
Other comprehensive income (loss), before reclassifications, tax effect 1,716 323 (361)
Other comprehensive income (loss), before reclassifications, net activity (5,478) (1,043) 1,153
Reclassification adjustment, pre-tax activity (2) 4 (45)
Reclassification adjustment, tax effect 0 (1) 11
Reclassification adjustment, net activity (2) 3 (34)
Other comprehensive income (loss), pre-tax activity (7,196) (1,362) 1,469
Other comprehensive income (loss), tax effect 1,716 322 (350)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 891 1,931 812
Other comprehensive (loss) income, net of tax (5,480) (1,040) 1,119
Ending balance (4,589) 891 1,931
Net unrealized gains on cash flow hedge derivatives      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity (1,006) (185) 611
Other comprehensive income (loss), before reclassifications, tax effect 232 43 (128)
Other comprehensive income (loss), before reclassifications, net activity (774) (142) 483
Reclassification adjustment, pre-tax activity (99) (293) (237)
Reclassification adjustment, tax effect 22 70 50
Reclassification adjustment, net activity (77) (223) (187)
Other comprehensive income (loss), pre-tax activity (1,105) (478) 374
Other comprehensive income (loss), tax effect 254 113 (78)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 353 718 422
Other comprehensive (loss) income, net of tax (851) (365) 296
Ending balance (498) 353 718
Defined benefit pension plans, net      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss) before reclassifications, pre-tax activity 11 5 (12)
Other comprehensive income (loss), before reclassifications, tax effect (2) (1) 3
Other comprehensive income (loss), before reclassifications, net activity 9 4 (9)
Reclassification adjustment, pre-tax activity 6 9 9
Reclassification adjustment, tax effect (1) (2) (2)
Reclassification adjustment, net activity 5 7 7
Other comprehensive income (loss), pre-tax activity 17 14 (3)
Other comprehensive income (loss), tax effect (3) (3) 1
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (33) (44) (42)
Other comprehensive (loss) income, net of tax 14 11 (2)
Ending balance (19) (33) (44)
Other      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other comprehensive income (loss), pre-tax activity 0 0 (4)
Other comprehensive income (loss), tax effect 0 0 0
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance (4) (4) 0
Other comprehensive (loss) income, net of tax 0 0 (4)
Ending balance (4) (4) (4)
AOCI      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning balance 1,207 2,601 1,192
Ending balance $ (5,110) $ 1,207 $ 2,601
v3.22.4
Accumulated Other Comprehensive Income - Reclassification Out of AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Securities losses, net $ (82) $ (7) $ 62
Interest and fees on loans and leases 4,954 4,079 4,424
Compensation and benefits (2,554) (2,626) (2,590)
Applicable income tax expense 647 747 370
Net Income 2,446 2,770 1,427
Reclassification out of AOCI      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Net Income 74 213 214
Reclassification out of AOCI | Net unrealized gains on available-for-sale debt securities      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Securities losses, net 2 (4) 45
Income before income taxes 2 (4) 45
Applicable income tax expense 0 1 (11)
Net Income 2 (3) 34
Reclassification out of AOCI | Net unrealized gains on cash flow hedge      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Interest and fees on loans and leases 99 293 237
Income before income taxes 99 293 237
Applicable income tax expense (22) (70) (50)
Net Income 77 223 187
Reclassification out of AOCI | Net periodic benefit costs      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Income before income taxes (6) (9) (9)
Applicable income tax expense 1 2 2
Net Income (5) (7) (7)
Reclassification out of AOCI | Amortization of net actuarial loss      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Compensation and benefits (3) (6) (6)
Reclassification out of AOCI | Settlements      
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]      
Compensation and benefits $ (3) $ (3) $ (3)
v3.22.4
Common, Preferred and Treasury Stock - Share Activity within Common, Preferred and Treasury Stock (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Value      
Beginning balance $ 22,210 $ 23,111 $ 21,203
Shares acquired for treasury (100) (1,393)  
Other   (1) 0
Ending balance 17,327 22,210 23,111
Common Stock      
Value      
Beginning balance 2,051 2,051 2,051
Ending balance $ 2,051 $ 2,051 $ 2,051
Shares      
Beginning balance (in shares) 923,892,581 923,892,581 923,892,581
Ending balance (in shares) 923,892,581 923,892,581 923,892,581
Preferred Stock      
Value      
Beginning balance $ 2,116 $ 2,116 $ 1,770
Issuance of preferred shares     346
Ending balance $ 2,116 $ 2,116 $ 2,116
Shares      
Beginning balance (in shares) 278,000 278,000 264,000
Issuance of preferred shares (in shares)     14,000
Ending balance (in shares) 278,000 278,000 278,000
Treasury Stock      
Value      
Beginning balance $ (7,024) $ (5,676) $ (5,724)
Shares acquired for treasury (100) (1,393)  
Impact of stock transactions under stock compensation plans, net 21 44 46
Other 0 1 2
Ending balance $ (7,103) $ (7,024) $ (5,676)
Shares      
Beginning balance (in shares) 241,114,917 211,132,256 214,976,952
Shares acquired for treasury (in shares) 3,079,462 35,652,079  
Impact of stock transactions under stock compensation plans, net (in shares) (3,687,834) (5,621,878) (3,818,518)
Other (in shares) 156 (47,540) (26,178)
Ending balance (in shares) 240,506,701 241,114,917 211,132,256
v3.22.4
Common, Preferred and Treasury Stock - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
Jul. 30, 2020
Sep. 17, 2019
Aug. 26, 2019
Jun. 05, 2014
Dec. 09, 2013
May 16, 2013
Dec. 31, 2022
Dec. 31, 2021
Jun. 30, 2019
Jun. 18, 2019
Class of Stock [Line Items]                    
Preferred stock, liquidation preference per share (in dollars per share)             $ 25,000 $ 25,000    
Number of shares authorized to be repurchased (in shares)                 100,000,000 100,000,000
Preferred stock, Series L                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares) 350,000                  
Preferred stock, issued (in shares) 14,000                  
Preferred stock, dividend rate (as a percent) 4.50%                  
Issuance of preferred shares $ 346                  
Preferred stock, liquidation preference per share (in dollars per share) $ 25,000                  
Preferred stock, redemption percentage 100.00%                  
Preferred stock, Series L | U.S. Treasury Rate                    
Class of Stock [Line Items]                    
Preferred stock, basis spread on variable rate (as a percent) 4.215%                  
Preferred Stock Series K                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares)   10,000,000                
Preferred stock, issued (in shares)   10,000                
Preferred stock, dividend rate (as a percent)   4.95%                
Issuance of preferred shares   $ 242                
Preferred stock, liquidation preference per share (in dollars per share)   $ 25,000                
Preferred Stock Class B, Series A                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares)     200,000              
Preferred stock, dividend rate (as a percent)     6.00%              
Preferred stock, liquidation preference per share (in dollars per share)     $ 1,000       $ 1,000 $ 1,000    
Preferred stock, Series J                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares)       300,000            
Preferred stock, issued (in shares)       12,000            
Preferred stock, dividend rate (as a percent)       4.90%            
Issuance of preferred shares       $ 297            
Preferred stock, liquidation preference per share (in dollars per share)       $ 25,000            
Preferred stock, Series J | LIBOR                    
Class of Stock [Line Items]                    
Preferred stock, basis spread on variable rate (as a percent)       3.129%            
Preferred stock, Series I                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares)         18,000,000          
Preferred stock, issued (in shares)         18,000          
Preferred stock, dividend rate (as a percent)         6.625%          
Issuance of preferred shares         $ 441          
Preferred stock, liquidation preference per share (in dollars per share)         $ 25,000          
Preferred stock, Series I | LIBOR                    
Class of Stock [Line Items]                    
Preferred stock, basis spread on variable rate (as a percent)         3.71%          
Preferred stock, Series H                    
Class of Stock [Line Items]                    
Issuance of preferred shares (in shares)           600,000        
Preferred stock, issued (in shares)           24,000        
Preferred stock, dividend rate (as a percent)           5.10%        
Issuance of preferred shares           $ 593        
Preferred stock, liquidation preference per share (in dollars per share)           $ 25,000        
Preferred stock, Series H | LIBOR                    
Class of Stock [Line Items]                    
Preferred stock, basis spread on variable rate (as a percent)           3.033%        
v3.22.4
Common, Preferred and Treasury Stock - Treasury Stock (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Accelerated Share Repurchases [Line Items]    
Amount $ 100 $ 1,393
January 26, 2021 ASR    
Accelerated Share Repurchases [Line Items]    
Amount   $ 180
Shares Repurchased on Repurchase Date (in shares)   4,951,456
Shares Received from Forward Contract Settlement (in shares)   366,939
Total Shares Repurchased (in shares)   5,318,395
April 23, 2021 ASR    
Accelerated Share Repurchases [Line Items]    
Amount   $ 347
Shares Repurchased on Repurchase Date (in shares)   7,894,807
Shares Received from Forward Contract Settlement (in shares)   675,295
Total Shares Repurchased (in shares)   8,570,102
July 27, 2021 ASR    
Accelerated Share Repurchases [Line Items]    
Amount   $ 550
Shares Repurchased on Repurchase Date (in shares)   13,065,958
Shares Received from Forward Contract Settlement (in shares)   1,413,211
Total Shares Repurchased (in shares)   14,479,169
Notional amount   $ 275
October 29, 2021 ASR    
Accelerated Share Repurchases [Line Items]    
Amount   $ 316
Shares Repurchased on Repurchase Date (in shares)   6,211,841
Shares Received from Forward Contract Settlement (in shares)   1,072,572
Total Shares Repurchased (in shares)   7,284,413
December 8, 2022 ASR    
Accelerated Share Repurchases [Line Items]    
Amount $ 100  
Shares Repurchased on Repurchase Date (in shares) 2,636,476  
Shares Received from Forward Contract Settlement (in shares) 442,986  
Total Shares Repurchased (in shares) 3,079,462  
v3.22.4
Stock-Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Apr. 21, 2009
Mar. 28, 2007
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Apr. 13, 2021
Dec. 31, 2019
Employee Stock Ownership Plan (ESOP) Disclosures              
Share available for future issuance (in shares)     36,800,000        
The Bancorp's total overhang (potential dilution from share-based compensation) (as a percent)     8.00%        
SARs, RSAs, RSUs, stock options and PSAs outstanding as a percentage of issued shares     3.00%        
Annual return on tangible common equity performance hurdle (as a percent)     2.00%        
Stock-based compensation expense     $ 165 $ 120 $ 123    
Income tax benefit related to stock-based compensation expense     $ 34 $ 25 $ 26    
Options granted (in shares)     0 0 0    
Expected dividend yield     3.40% 3.20% 3.20%    
Expected life (in years)     7 years 7 years 7 years    
Intrinsic value of stock options exercised     $ 2 $ 7 $ 3    
Cash received from stock options exercised     1 6 5    
Tax benefit from exercised stock options     0 $ 1 $ 1    
Aggregate intrinsic value of exercisable options     $ 3        
1993 Stock Purchase Plan              
Employee Stock Ownership Plan (ESOP) Disclosures              
Available for future issuance (in shares)     2,700,000        
Additional share issued (in shares) 12,000,000 1,500,000          
2021 Incentive Compensation Plan              
Employee Stock Ownership Plan (ESOP) Disclosures              
Stock authorized for issuance (in shares)           50,000,000  
SARs              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award term     10 years        
Award vesting period     3 years        
Award performance period     3 years        
Stock-based compensation expense     $ 2        
Weighted-average grant-date fair value per share (in dollars per share)     $ 12.76 $ 7.84 $ 6.82    
Total grant-date fair value     $ 2 $ 8 $ 15    
Shares granted (in shares)     304,000 322,000 365,000    
Number of shares/units outstanding (in shares)     9,112,000 11,185,000 19,258,000   21,449,000
Weighted-average period over which expense is expected to be recognized     1 year 9 months 18 days        
Exercisable, weighted- average remaining contractual life (in years)     2 years 9 months 18 days        
SARs | Range 4 [Member]              
Employee Stock Ownership Plan (ESOP) Disclosures              
Number of shares/units outstanding (in shares)     250,000        
Exercisable, weighted- average remaining contractual life (in years)     0 years        
RSAs and RSUs | Tranche One              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award vesting period     3 years        
Award performance period     3 years        
RSAs and RSUs | Tranche Two              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award vesting period     4 years        
Award performance period     4 years        
Stock options              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award term     10 years        
Stock options | Tranche One              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award vesting period     3 years        
Stock options | Tranche Two              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award vesting period     4 years        
Performance shares              
Employee Stock Ownership Plan (ESOP) Disclosures              
Award vesting period     3 years        
Award performance period     3 years        
Percentage of shares that will be forfeited     33.33%        
Weighted-average grant-date fair value per share (in dollars per share)     $ 47.03 $ 33.53 $ 29.64    
Shares granted (in shares)     288,000 251,000 280,000    
Performance shares | Minimum              
Employee Stock Ownership Plan (ESOP) Disclosures              
Stock award granted (in shares)     0        
Performance shares | Maximum              
Employee Stock Ownership Plan (ESOP) Disclosures              
Stock award granted (in shares)     1,200,000        
Restricted Stock Units (RSUs)              
Employee Stock Ownership Plan (ESOP) Disclosures              
Stock-based compensation expense     $ 183        
Total grant-date fair value     $ 110 $ 99 $ 107    
Shares granted (in shares)     4,682,000 4,186,000 4,177,000    
Number of shares/units outstanding (in shares)     9,906,000 9,487,000 9,466,000   10,006,000
Weighted-average period over which expense is expected to be recognized     2 years 4 months 24 days        
Employee Stock              
Employee Stock Ownership Plan (ESOP) Disclosures              
Stock-based compensation expense     $ 2 $ 2 $ 2    
Match on qualifying employees purchase of shares of the Bancorp's common stock (as a percent)     15.00%        
Stock purchased by plan participants (in shares)     520,000 470,000 884,000    
v3.22.4
Stock-Based Compensation - Schedule of Share-based Payment, Award, Stock Appreciation Rights, Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Expected life (in years) 7 years 7 years 7 years
Expected volatility 31.00% 29.00% 24.00%
Expected dividend yield 3.40% 3.20% 3.20%
Risk-free interest rate 2.70% 0.90% 1.50%
v3.22.4
Stock-Based Compensation - Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity (Details) - SARs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Number of Non-Option Awards      
Outstanding at beginning of period (in shares) 11,185 19,258 21,449
Granted (in shares) 304 322 365
Exercised (in shares) (2,358) (8,367) (2,420)
Forfeited or expired (in shares) (19) (28) (136)
Outstanding at end of period (in shares) 9,112 11,185 19,258
Exercisable at end of period (in shares) 8,487 10,515 17,979
Weighted- Average Grant Price Per Share      
Outstanding at beginning of period (in dollars per share) $ 20.47 $ 18.83 $ 18.38
Granted (in dollars per share) 46.96 33.53 29.64
Exercised (in dollars per share) 17.05 17.20 16.10
Forfeited or expired (in dollars per share) 30.43 23.01 25.50
Outstanding at end of period (in dollars per share) 22.22 20.47 18.83
Exercisable (in dollars per share) $ 20.97 $ 19.80 $ 18.19
v3.22.4
Stock-Based Compensation - Outstanding and Exercisable SARs by Grant Price (Details) - SARs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award        
Number of shares/units outstanding (in shares) 9,112 11,185 19,258 21,449
Outstanding, weighted-average grant price per share (in dollars per share) $ 22.22 $ 20.47 $ 18.83 $ 18.38
Outstanding, weighted- average remaining contractual life (in years) 3 years 2 months 12 days      
Exercisable, number (in shares) 8,487      
Exercisable, weighted-average grant price per share (in dollars per share) $ 20.97 $ 19.80 $ 18.19  
Exercisable, weighted- average remaining contractual life (in years) 2 years 9 months 18 days      
$10.01-$20.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant price range, lower limit (in usd per share) $ 10.01      
Grant price range, lower limit (in usd per share) $ 20.00      
Number of shares/units outstanding (in shares) 4,845      
Outstanding, weighted-average grant price per share (in dollars per share) $ 17.56      
Outstanding, weighted- average remaining contractual life (in years) 2 years 2 months 12 days      
Exercisable, number (in shares) 4,845      
Exercisable, weighted-average grant price per share (in dollars per share) $ 17.56      
Exercisable, weighted- average remaining contractual life (in years) 2 years 2 months 12 days      
$20.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant price range, lower limit (in usd per share) $ 20.01      
Grant price range, lower limit (in usd per share) $ 30.00      
Number of shares/units outstanding (in shares) 3,449      
Outstanding, weighted-average grant price per share (in dollars per share) $ 24.95      
Outstanding, weighted- average remaining contractual life (in years) 3 years 6 months      
Exercisable, number (in shares) 3,335      
Exercisable, weighted-average grant price per share (in dollars per share) $ 24.78      
Exercisable, weighted- average remaining contractual life (in years) 3 years 3 months 18 days      
$30.01-$40.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant price range, lower limit (in usd per share) $ 30.01      
Grant price range, lower limit (in usd per share) $ 40.00      
Number of shares/units outstanding (in shares) 568      
Outstanding, weighted-average grant price per share (in dollars per share) $ 33.41      
Outstanding, weighted- average remaining contractual life (in years) 7 years 2 months 12 days      
Exercisable, number (in shares) 307      
Exercisable, weighted-average grant price per share (in dollars per share) $ 33.28      
Exercisable, weighted- average remaining contractual life (in years) 6 years 1 month 6 days      
Over $40.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant price range, lower limit (in usd per share) $ 40.00      
Number of shares/units outstanding (in shares) 250      
Outstanding, weighted-average grant price per share (in dollars per share) $ 49.51      
Outstanding, weighted- average remaining contractual life (in years) 9 years 1 month 6 days      
Exercisable, number (in shares) 0      
Exercisable, weighted-average grant price per share (in dollars per share) $ 0      
Exercisable, weighted- average remaining contractual life (in years) 0 years      
v3.22.4
Stock-Based Compensation - Schedule of Share-based Compensation, Restricted Stock Units Activity (Details) - RSUs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Number of Non-Option Awards      
Outstanding at beginning of period (in shares) 9,487 9,466 10,006
Granted (in shares) 4,682 4,186 4,177
Released (in shares) (3,608) (3,432) (4,076)
Forfeited (in shares) (655) (733) (641)
Outstanding at end of period (in shares) 9,906 9,487 9,466
Weighted- Average Grant Price Per Share      
Outstanding at beginning of period (in dollars per share) $ 30.67 $ 28.38 $ 27.30
Granted (in dollars per share) 47.11 34.25 28.75
Released (in dollars per share) 30.54 28.87 26.19
Forfeited (in dollars per share) 37.12 29.80 27.70
Outstanding at end of period (in dollars per share) $ 38.04 $ 30.67 $ 28.38
v3.22.4
Stock-Based Compensation - Outstanding RSUs by Grant-Date Fair Value (Details) - RSUs - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award        
Number of shares/units outstanding (in shares) 9,906 9,487 9,466 10,006
  Weighted-Average Remaining Contractual Life (in years) 1 year 1 month 6 days      
Under $25.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, upper limit (in usd per share) $ 25.00      
Number of shares/units outstanding (in shares) 431      
  Weighted-Average Remaining Contractual Life (in years) 2 months 12 days      
$25.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, lower limit (in usd per share) $ 25.01      
Grant-date fair value range, upper limit (in usd per share) $ 30.00      
Number of shares/units outstanding (in shares) 2,249      
  Weighted-Average Remaining Contractual Life (in years) 4 months 24 days      
$30.01-$35.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, lower limit (in usd per share) $ 30.01      
Grant-date fair value range, upper limit (in usd per share) $ 35.00      
Number of shares/units outstanding (in shares) 2,471      
  Weighted-Average Remaining Contractual Life (in years) 1 year 2 months 12 days      
$35.01-$40.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, lower limit (in usd per share) $ 35.01      
Grant-date fair value range, upper limit (in usd per share) $ 40.00      
Number of shares/units outstanding (in shares) 1,021      
  Weighted-Average Remaining Contractual Life (in years) 1 year 3 months 18 days      
$40.01-$45.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, lower limit (in usd per share) $ 40.01      
Grant-date fair value range, upper limit (in usd per share) $ 45.00      
Number of shares/units outstanding (in shares) 165      
  Weighted-Average Remaining Contractual Life (in years) 1 year 10 months 24 days      
$45.01 and over        
Share-based Compensation Arrangement by Share-based Payment Award        
Grant-date fair value range, lower limit (in usd per share) $ 45.01      
Number of shares/units outstanding (in shares) 3,569      
  Weighted-Average Remaining Contractual Life (in years) 1 year 7 months 6 days      
v3.22.4
Stock-Based Compensation - Schedule of Share-based Compensation, Stock Options, Activity (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
  Number of Options      
Outstanding at beginning of period (in shares) 409 793 1,381
Exercised (in shares) (97) (384) (440)
Forfeited or expired (in shares) 0 0 (148)
Outstanding at end of period (in shares) 312 409 793
Exercisable at end of period (in shares) 312 386 725
Weighted-Average Exercise Price Per Share      
Outstanding at beginning of period (in dollars per share) $ 21.51 $ 20.81 $ 20.15
Exercised (in dollars per share) 21.06 20.06 17.48
Forfeited or expired (in dollars per share) 0 0 23.99
Outstanding at end of period (in dollars per share) 21.65 21.51 20.81
Exercisable at end of period (in dollars per share) $ 21.65 $ 21.31 $ 20.34
v3.22.4
Stock-Based Compensation - Schedule of Outstanding And Exercisable Stock Options Exercise Price (Details) - $ / shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award        
Outstanding stock options, number of options (in shares) 312 409 793 1,381
Outstanding stock options, weighted - exercise price per share (in dollars per share) $ 21.65 $ 21.51 $ 20.81 $ 20.15
Outstanding stock options, weighted- average remaining contractual life 2 years 7 months 6 days      
Exercisable stock options, number of options (in shares) 312      
Exercisable stock options, weighted - exercise price per share (in usd per share) $ 21.65      
Exercisable stock options, weighted - average remaining contractual life 2 years 7 months 6 days      
Under $10.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise price range, upper limit (in usd per share) $ 10.00      
Outstanding stock options, number of options (in shares) 2      
Outstanding stock options, weighted - exercise price per share (in dollars per share) $ 8.98      
Outstanding stock options, weighted- average remaining contractual life 3 years 7 months 6 days      
Exercisable stock options, number of options (in shares) 2      
Exercisable stock options, weighted - exercise price per share (in usd per share) $ 8.98      
Exercisable stock options, weighted - average remaining contractual life 3 years 7 months 6 days      
$20.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise price range, lower limit (in usd per share) $ 10.01      
Exercise price range, upper limit (in usd per share) $ 20.00      
Outstanding stock options, number of options (in shares) 172      
Outstanding stock options, weighted - exercise price per share (in dollars per share) $ 18.40      
Outstanding stock options, weighted- average remaining contractual life 2 years 2 months 12 days      
Exercisable stock options, number of options (in shares) 172      
Exercisable stock options, weighted - exercise price per share (in usd per share) $ 18.40      
Exercisable stock options, weighted - average remaining contractual life 2 years 2 months 12 days      
$20.01-$30.00        
Share-based Compensation Arrangement by Share-based Payment Award        
Exercise price range, lower limit (in usd per share) $ 20.01      
Exercise price range, upper limit (in usd per share) $ 30.00      
Outstanding stock options, number of options (in shares) 138      
Outstanding stock options, weighted - exercise price per share (in dollars per share) $ 25.86      
Outstanding stock options, weighted- average remaining contractual life 3 years      
Exercisable stock options, number of options (in shares) 138      
Exercisable stock options, weighted - exercise price per share (in usd per share) $ 25.86      
Exercisable stock options, weighted - average remaining contractual life 3 years      
v3.22.4
Other Noninterest Income and Other Noninterest Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Other noninterest income:      
Private equity investment income $ 70 $ 81 $ 75
BOLI income 64 61 63
Cardholder fees 54 50 44
Income from the TRA associated with Worldpay, Inc. 46 46 74
Banking center income 24 23 20
Equity method investment income 22 30 12
Consumer loan fees 19 17 20
Gains on contract sales 3 62 2
Loss on swap associated with the sale of Visa, Inc. Class B Shares (84) (86) (103)
Other, net 47 48 4
Total other noninterest income 265 332 211
Other noninterest expense:      
Loan and lease 167 217 162
FDIC insurance and other taxes 132 114 118
Losses and adjustments 91 69 100
Data processing 82 79 75
Travel 60 34 27
Professional service fees 54 63 49
Intangible amortization 47 44 48
Postal and courier 40 37 36
Other, net 295 294 306
Total other noninterest expense $ 968 $ 951 $ 921
v3.22.4
Earnings Per Share - Calculation of Earnings Per Share and the Reconciliation of Earnings Per Share to Earnings Per Diluted Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share:      
Net income available to common shareholders $ 2,330 $ 2,659 $ 1,323
Less: Income allocated to participating securities 2 7 6
Net income allocated to common shareholders $ 2,328 $ 2,652 $ 1,317
Average shares (in shares) 688,633,659 702,188,552 714,729,585
Earnings per share (in dollars per share) $ 3.38 $ 3.78 $ 1.84
Earnings Per Diluted Share:      
Net income available to common shareholders $ 2,330 $ 2,659 $ 1,323
Stock-based awards 0 0 0
Less: Income allocated to participating securities 2 7 6
Net income allocated to common shareholders $ 2,328 $ 2,652 $ 1,317
Average shares, stock based awards (in shares) 6,000,000 9,000,000 5,000,000
Average shares (in shares) 694,952,038 711,197,805 719,735,415
Earnings per diluted share (in dollars per share) $ 3.35 $ 3.73 $ 1.83
v3.22.4
Earnings Per Share - Additional Information (Details) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share [Abstract]      
Anti-dilutive securities (in shares) 3 0 7
v3.22.4
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Assets:      
Equity securities $ 317 $ 376  
Derivative assets 3,173 2,908  
Liabilities:      
Total derivative liabilities $ 3,952 $ 2,013  
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities Other liabilities
Residential mortgage      
Assets:      
Residential mortgage loans $ 123 $ 154  
Other securities      
Liabilities:      
FHLB, restricted stock holdings 381 30  
FRB, restricted stock holdings 491 486  
DTCC, restricted stock holdings 2 3  
Level 3     | Interest rate contracts      
Assets:      
Derivative assets 7 12 $ 61
Liabilities:      
Total derivative liabilities 8 8 $ 8
Recurring      
Assets:      
Available-for-sale debt and other securities 50,629 37,591  
Trading debt securities 414 512  
Equity securities 317 376  
Residential mortgage loans held for sale 600 1,023  
Derivative assets 3,173 2,908  
Total assets 57,002 43,685  
Liabilities:      
Total derivative liabilities 3,952 2,013  
Short positions 178 297  
Total liabilities 4,130 2,310  
Recurring | Interest rate contracts      
Assets:      
Derivative assets 1,241 1,259  
Liabilities:      
Total derivative liabilities 1,985 241  
Recurring | Foreign exchange contracts      
Assets:      
Derivative assets 454 323  
Liabilities:      
Total derivative liabilities 422 298  
Recurring | Equity contracts      
Liabilities:      
Total derivative liabilities 195 214  
Recurring | Commodity contracts      
Assets:      
Derivative assets 1,478 1,326  
Liabilities:      
Total derivative liabilities 1,350 1,260  
Recurring | Servicing rights      
Assets:      
Servicing rights 1,746 1,121  
Recurring | Residential mortgage      
Assets:      
Residential mortgage loans 123 154  
Recurring | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 2,495 86  
Trading debt securities 45 84  
Liabilities:      
Short positions 66 96  
Recurring | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 18 18  
Trading debt securities 14 32  
Recurring | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 11,237 8,782  
Trading debt securities 8 105  
Recurring | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 26,322 18,951  
Recurring | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 4,715 4,479  
Recurring | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 5,842 5,275  
Trading debt securities 347 291  
Liabilities:      
Short positions 112 201  
Recurring | Level 1      
Assets:      
Available-for-sale debt and other securities 2,495 86  
Trading debt securities 23 72  
Equity securities 306 365  
Residential mortgage loans held for sale 0 0  
Derivative assets 68 28  
Total assets 2,892 551  
Liabilities:      
Total derivative liabilities 99 287  
Short positions 66 96  
Total liabilities 165 383  
Recurring | Level 1 | Interest rate contracts      
Assets:      
Derivative assets 12 2  
Liabilities:      
Total derivative liabilities 7 2  
Recurring | Level 1 | Foreign exchange contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Total derivative liabilities 0 0  
Recurring | Level 1 | Equity contracts      
Liabilities:      
Total derivative liabilities 0 0  
Recurring | Level 1 | Commodity contracts      
Assets:      
Derivative assets 56 26  
Liabilities:      
Total derivative liabilities 92 285  
Recurring | Level 1 | Servicing rights      
Assets:      
Servicing rights 0 0  
Recurring | Level 1 | Residential mortgage      
Assets:      
Residential mortgage loans 0 0  
Recurring | Level 1 | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 2,495 86  
Trading debt securities 23 72  
Liabilities:      
Short positions 66 96  
Recurring | Level 1 | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 1 | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 1 | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 1 | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 1 | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions 0 0  
Recurring | Level 2      
Assets:      
Available-for-sale debt and other securities 48,134 37,505  
Trading debt securities 391 440  
Equity securities 11 11  
Residential mortgage loans held for sale 600 1,023  
Derivative assets 3,098 2,868  
Total assets 52,234 41,847  
Liabilities:      
Total derivative liabilities 3,650 1,504  
Short positions 112 201  
Total liabilities 3,762 1,705  
Recurring | Level 2 | Interest rate contracts      
Assets:      
Derivative assets 1,222 1,245  
Liabilities:      
Total derivative liabilities 1,970 231  
Recurring | Level 2 | Foreign exchange contracts      
Assets:      
Derivative assets 454 323  
Liabilities:      
Total derivative liabilities 422 298  
Recurring | Level 2 | Equity contracts      
Liabilities:      
Total derivative liabilities 0 0  
Recurring | Level 2 | Commodity contracts      
Assets:      
Derivative assets 1,422 1,300  
Liabilities:      
Total derivative liabilities 1,258 975  
Recurring | Level 2 | Servicing rights      
Assets:      
Servicing rights 0 0  
Recurring | Level 2 | Residential mortgage      
Assets:      
Residential mortgage loans 0 0  
Recurring | Level 2 | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 22 12  
Liabilities:      
Short positions 0 0  
Recurring | Level 2 | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 18 18  
Trading debt securities 14 32  
Recurring | Level 2 | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 11,237 8,782  
Trading debt securities 8 105  
Recurring | Level 2 | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 26,322 18,951  
Recurring | Level 2 | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 4,715 4,479  
Recurring | Level 2 | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 5,842 5,275  
Trading debt securities 347 291  
Liabilities:      
Short positions 112 201  
Recurring | Level 3          
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Equity securities 0 0  
Residential mortgage loans held for sale 0 0  
Derivative assets 7 12  
Total assets 1,876 1,287  
Liabilities:      
Total derivative liabilities 203 222  
Short positions 0 0  
Total liabilities 203 222  
Recurring | Level 3     | Interest rate contracts      
Assets:      
Derivative assets 7 12  
Liabilities:      
Total derivative liabilities 8 8  
Recurring | Level 3     | Foreign exchange contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Total derivative liabilities 0 0  
Recurring | Level 3     | Equity contracts      
Liabilities:      
Total derivative liabilities 195 214  
Recurring | Level 3     | Commodity contracts      
Assets:      
Derivative assets 0 0  
Liabilities:      
Total derivative liabilities 0 0  
Recurring | Level 3     | Servicing rights      
Assets:      
Servicing rights 1,746 1,121  
Recurring | Level 3     | Residential mortgage      
Assets:      
Residential mortgage loans 123 154  
Recurring | Level 3     | U.S. Treasury and federal agencies securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions 0 0  
Recurring | Level 3     | Obligations of states and political subdivisions securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 3     | Agency mortgage-backed securities | Residential mortgage      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Recurring | Level 3     | Agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 3     | Non-agency mortgage-backed securities | Commercial      
Assets:      
Available-for-sale debt and other securities 0 0  
Recurring | Level 3     | Asset-backed securities and other debt securities      
Assets:      
Available-for-sale debt and other securities 0 0  
Trading debt securities 0 0  
Liabilities:      
Short positions $ 0 $ 0  
v3.22.4
Fair Value Measurements - Additional Information (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Net fair value of the interest rate lock commitments $ 1,000,000  
Change in the fair value of the interest rate lock commitments, due to decrease in current interest rates of 25 bps 2,000,000  
Change in the fair value of the interest rate lock commitments, due to decrease in current interest rates of 50 bps 3,000,000  
Change in the fair value of the interest rate lock commitments, due to increase in current interest rates of 25 bps 2,000,000  
Change in the fair value of the interest rate lock commitments, due to increase in current interest rates of 50 bps 4,000,000  
Change in fair value of interest rate lock commitments, due to 10% favorable changes in the assumed loan closing rates 0  
Change in fair value of interest rate lock commitments, due to 20% favorable changes in the assumed loan closing rates 0  
Private equity, observable price change adjustment 4,000,000 $ 41,000,000
Private equity, cumulative observable price change 40,000,000  
Private equity, impairment 12,000,000 3,000,000
Private equity, cumulative impairment 34,000,000  
Fair value of embedded derivatives 0 89,000,000
Gain on embedded derivatives 11,000,000  
Loss on embedded derivatives   3,000,000
Other Real Estate Owned    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value adjustment 0 (1,000,000)
Other Real Estate Owned | Transfer    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value gains (losses) 0 (5,000,000)
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value adjustment (1,000,000) 1,000,000
Fair value gains (losses) 0 1,000,000
Residential Mortgage    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Fair value changes included in earnings for instruments for which the fair value option was elected (10,000,000) 28,000,000
FVO valuation adjustments related to instrument-specific credit risk $ 1,000,000 $ 0
v3.22.4
Fair Value Measurements - Reconciliation of Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period $ 1,065,000,000 $ 669,000,000 $ 1,023,000,000
Included in earnings 97,000,000 (74,000,000) (393,000,000)
Purchases/originations 449,000,000 601,000,000 232,000,000
Settlements 52,000,000 (180,000,000) (242,000,000)
Transfers into Level 3 10,000,000 49,000,000 49,000,000
Balance, end of period 1,673,000,000 1,065,000,000 669,000,000
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 215,000,000 5,000,000 (269,000,000)
Derivative assets 3,173,000,000 2,908,000,000  
Derivative liabilities 3,952,000,000 2,013,000,000  
Unrealized gains or losses included in other comprehensive income for instruments still held 0 0 0
Interest Rate Contract | Level 3          
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Derivative assets 7,000,000 12,000,000 61,000,000
Derivative liabilities 8,000,000 8,000,000 8,000,000
Residential Mortgage Loans      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 154,000,000 161,000,000 183,000,000
Included in earnings (18,000,000) (2,000,000) 3,000,000
Purchases/originations 0 0 0
Settlements (23,000,000) (54,000,000) (74,000,000)
Transfers into Level 3 10,000,000 49,000,000 49,000,000
Balance, end of period 123,000,000 154,000,000 161,000,000
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held (18,000,000) (2,000,000) 3,000,000
Servicing Rights      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 1,121,000,000 656,000,000 993,000,000
Included in earnings 177,000,000 (139,000,000) (565,000,000)
Purchases/originations 448,000,000 604,000,000 228,000,000
Settlements 0 0 0
Transfers into Level 3 0 0 0
Balance, end of period 1,746,000,000 1,121,000,000 656,000,000
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 311,000,000 78,000,000 (227,000,000)
Interest Rate Contract      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period 4,000,000 53,000,000 10,000,000
Included in earnings 22,000,000 153,000,000 272,000,000
Purchases/originations 1,000,000 (3,000,000) 4,000,000
Settlements (28,000,000) (199,000,000) (233,000,000)
Transfers into Level 3 0 0 0
Balance, end of period (1,000,000) 4,000,000 53,000,000
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held 6,000,000 15,000,000 58,000,000
Equity Derivatives      
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation      
Balance, beginning of period (214,000,000) (201,000,000) (163,000,000)
Included in earnings (84,000,000) (86,000,000) (103,000,000)
Purchases/originations 0 0 0
Settlements 103,000,000 73,000,000 65,000,000
Transfers into Level 3 0 0 0
Balance, end of period (195,000,000) (214,000,000) (201,000,000)
The amount of total (losses) gains for the period included in earnings attributable to the change in unrealized gains or losses relating to instruments still held $ (84,000,000) $ (86,000,000) $ (103,000,000)
v3.22.4
Fair Value Measurements - Total Gains and Losses Included in Earnings for Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Mortgage banking net revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing
Commercial banking revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial banking revenue Commercial banking revenue Commercial banking revenue
Other noninterest income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Noninterest Income, Other Operating Income Noninterest Income, Other Operating Income Noninterest Income, Other Operating Income
Level 3          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings $ 97 $ (74) $ (393)
Level 3     | Mortgage banking net revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings 177 9 (291)
Level 3     | Commercial banking revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings 4 3 2
Level 3     | Other noninterest income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gains and losses included in earnings $ (84) $ (86) $ (104)
v3.22.4
Fair Value Measurements - Total Gains and Losses Included in Earning Attributable to Changes in Unrealized Gains and Losses Related to Level 3 Assets and Liabilities Still Held at Year End (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Gain and losses included in earnings $ 215 $ 5 $ (269)
Mortgage banking net revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing Fees and Commissions, Mortgage Banking and Servicing
Gain and losses included in earnings $ 295 $ 88 $ (167)
Commercial banking revenue      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Commercial banking revenue Commercial banking revenue Commercial banking revenue
Gain and losses included in earnings $ 4 $ 3 $ 2
Other noninterest income      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis      
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Noninterest Income, Other Operating Income Noninterest Income, Other Operating Income Noninterest Income, Other Operating Income
Gain and losses included in earnings $ (84) $ (86) $ (104)
v3.22.4
Fair Value Measurements - Fair Values of Assets and Liabilities (Significant Unobservable Level 3 Inputs Recurring Basis) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 3,173 $ 2,908
Derivative liabilities (3,952) (2,013)
Residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Residential mortgage loans $ 123 $ 154
Residential mortgage loans | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor (24.10%) (8.50%)
Credit risk factor 0.00% 0.00%
Residential mortgage loans | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor 2.40% 8.80%
Credit risk factor 22.90% 28.50%
Residential mortgage loans | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Interest rate risk factor (12.30%) 0.40%
Credit risk factor 0.50% 0.30%
Servicing rights    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Servicing rights $ 1,746 $ 1,121
Servicing rights | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 0.00% 0.00%
OAS (bps) 542 479
Servicing rights | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 100.00% 100.00%
OAS (bps) 1,513 1,587
Servicing rights | Fixed | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 5.10% 10.70%
OAS (bps) 734 686
Servicing rights | Adjustable | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Prepayment speed 20.30% 20.60%
OAS (bps) 1,204 1,087
IRLCs, net    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative assets $ 1 $ 12
IRLCs, net | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 34.70% 8.90%
IRLCs, net | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 97.50% 97.20%
IRLCs, net | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Loan closing rates 86.60% 80.90%
Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Derivative liabilities $ (195) $ (214)
Swap | Minimum          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Mar. 31, 2024 Mar. 31, 2023
Swap | Maximum    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Mar. 31, 2027 Jun. 30, 2025
Swap | Weighted-Average    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Timing of the resolution of the Covered Litigation Jun. 30, 2025 Mar. 31, 2024
v3.22.4
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - Nonrecurring - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 344 $ 409
Total (Losses) Gains (102) (23)
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 9 1
Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 335 408
OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 3 7
Total (Losses) Gains 0 (6)
OREO | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
OREO | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
OREO | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 3 7
Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 19 11
Total (Losses) Gains (9) (6)
Bank premises and equipment | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Bank premises and equipment | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Bank premises and equipment | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 19 11
Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 13
Total (Losses) Gains (2) (21)
Operating lease equipment | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Operating lease equipment | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Operating lease equipment | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 13
Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 10 15
Total (Losses) Gains (8) 38
Private equity investments | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Private equity investments | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 9 1
Private equity investments | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 14
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 40 2
Total (Losses) Gains (1) 2
Commercial | Commercial loans held for sale | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans held for sale | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans held for sale | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 40 2
Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 162 236
Total (Losses) Gains (83) (29)
Commercial | Commercial loans and leases | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans and leases | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Commercial | Commercial loans and leases | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 162 236
Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 109 125
Total (Losses) Gains 1 (1)
Consumer | Consumer and residential mortgage loans | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Consumer | Consumer and residential mortgage loans | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 0 0
Consumer | Consumer and residential mortgage loans | Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 109 $ 125
v3.22.4
Fair Value Measurements - Fair Values of Assets and Liabilities (Significant Unobservable Level 3 Inputs Nonrecurring Basis) (Details) - Nonrecurring - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 344 $ 409
OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 3 7
Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 19 11
Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 13
Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 10 15
Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 40 2
Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 162 236
Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 109 125
Level 3        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 335 408
Level 3     | OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 3 7
Level 3     | Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 19 11
Level 3     | Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 13
Level 3     | Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 14
Level 3     | Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 40 2
Level 3     | Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 162 236
Level 3     | Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 109 125
Level 3     | Comparable company analysis | Private equity investments    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 14
Level 3     | Comparable company analysis | Commercial | Commercial loans held for sale    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 40 2
Level 3     | Appraised value | OREO    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 3 7
Level 3     | Appraised value | Bank premises and equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 19 11
Level 3     | Appraised value | Operating lease equipment    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 1 13
Level 3     | Appraised value | Commercial | Commercial loans and leases    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value 162 236
Level 3     | Appraised value | Consumer | Consumer and residential mortgage loans    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis    
Assets, fair value $ 109 $ 125
v3.22.4
Fair Value Measurements - Difference Between the Aggregate Fair Value and the Aggregate Unpaid Principal Balance for Residential Mortgage Loans Measured at Fair Value (Details) - Residential mortgage loans - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Aggregate  Fair Value    
Loans measured at fair value $ 723 $ 1,177
Past due loans of 30-89 days 1  
Past due loans of 90 days or more   3
Nonaccrual loans 2  
Aggregate Unpaid Principal Balance    
Loans measured at fair value 733 1,149
Past due loans of 30-89 days 1  
Past due loans of 90 days or more   3
Nonaccrual loans 2  
Difference    
Loans measured at fair value (10) 28
Past due loans of 30-89 days 0  
Past due loans of 90 days or more   $ 0
Nonaccrual loans $ 0  
v3.22.4
Fair Value Measurements - Carrying Amounts and Estimated Fair Values for Certain Financial Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Financial assets:    
Other short-term investments [1] $ 8,351 $ 34,572
Held-to-maturity securities [2] 5 8
Loans and leases held for sale [3] 1,007 4,415
Total portfolio loans and leases, net 119,286 110,158
Financial liabilities:    
Deposits 163,690 169,324
Federal funds purchased 180 281
Other short-term borrowings 4,838 980
Long-term debt [1] 13,714 11,821
Net Carrying Amount    
Financial assets:    
Cash 3,466 2,994
Other short-term investments 8,351 34,572
Other securities 874 519
Held-to-maturity securities 5 8
Loans and leases held for sale 407 3,392
Total portfolio loans and leases, net 119,163 110,004
Financial liabilities:    
Deposits 163,690 169,324
Federal funds purchased 180 281
Other short-term borrowings 4,838 980
Long-term debt 13,778 11,425
Net Carrying Amount | Commercial    
Financial assets:    
Total portfolio loans and leases, net 75,262 69,166
Net Carrying Amount | Consumer    
Financial assets:    
Total portfolio loans and leases, net 43,901 40,838
Total Fair Value    
Financial assets:    
Cash 3,466 2,994
Other short-term investments 8,351 34,572
Other securities 874 519
Held-to-maturity securities 5 8
Loans and leases held for sale 414 3,405
Total portfolio loans and leases, net 117,297 111,556
Financial liabilities:    
Deposits 163,634 169,316
Federal funds purchased 180 281
Other short-term borrowings 4,829 980
Long-term debt 13,629 12,478
Total Fair Value | Commercial    
Financial assets:    
Total portfolio loans and leases, net 75,104 69,924
Total Fair Value | Consumer    
Financial assets:    
Total portfolio loans and leases, net 42,193 41,632
Total Fair Value | Level 1    
Financial assets:    
Cash 3,466 2,994
Other short-term investments 8,351 34,572
Other securities 0 0
Held-to-maturity securities 0 0
Loans and leases held for sale 0 0
Total portfolio loans and leases, net 0 0
Financial liabilities:    
Deposits 0 0
Federal funds purchased 180 281
Other short-term borrowings 0 0
Long-term debt 13,218 12,091
Total Fair Value | Level 1 | Commercial    
Financial assets:    
Total portfolio loans and leases, net 0 0
Total Fair Value | Level 1 | Consumer    
Financial assets:    
Total portfolio loans and leases, net 0 0
Total Fair Value | Level 2    
Financial assets:    
Cash 0 0
Other short-term investments 0 0
Other securities 874 519
Held-to-maturity securities 0 0
Loans and leases held for sale 0 0
Total portfolio loans and leases, net 0 0
Financial liabilities:    
Deposits 163,634 169,316
Federal funds purchased 0 0
Other short-term borrowings 4,829 980
Long-term debt 411 387
Total Fair Value | Level 2 | Commercial    
Financial assets:    
Total portfolio loans and leases, net 0 0
Total Fair Value | Level 2 | Consumer    
Financial assets:    
Total portfolio loans and leases, net 0 0
Total Fair Value | Level 3        
Financial assets:    
Cash 0 0
Other short-term investments 0 0
Other securities 0 0
Held-to-maturity securities 5 8
Loans and leases held for sale 414 3,405
Total portfolio loans and leases, net 117,297 111,556
Financial liabilities:    
Deposits 0 0
Federal funds purchased 0 0
Other short-term borrowings 0 0
Long-term debt 0 0
Total Fair Value | Level 3     | Commercial    
Financial assets:    
Total portfolio loans and leases, net 75,104 69,924
Total Fair Value | Level 3     | Consumer    
Financial assets:    
Total portfolio loans and leases, net $ 42,193 $ 41,632
[1] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
[2] Fair value of $5 and $8 at December 31, 2022 and 2021, respectively.
[3] Includes $600 and $1,023 of residential mortgage loans held for sale measured at fair value at December 31, 2022 and 2021, respectively.
v3.22.4
Regulatory Capital Requirements and Capital Ratios (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Risk Based Ratios    
Banking regulation, capital conservation buffer, capital conserved, minimum 0.025  
Fifth Third Bancorp    
Risk Based Ratios    
CET1 capital (as a percent) 0.0928 0.0954
Tier I risk-based capital (as a percent) 0.1053 0.1091
Total risk-based capital (as a percent) 0.1279 0.1342
Tier I leverage (as a percent) 0.0856 0.0827
Risk Based Capital    
CET1 capital $ 15,670 $ 14,781
Tier I risk-based capital 17,786 16,897
Total risk-based capital 21,606 20,789
Tier I leverage $ 17,786 $ 16,897
Fifth Third Bancorp | Well-Capitalized    
Risk Based Ratios    
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.1000  
Fifth Third Bancorp | Minimum          
Risk Based Ratios    
CET1 capital (as a percent) 0.0450  
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.0800  
Tier I leverage (as a percent) 0.0400  
Fifth Third Bank, National Association    
Risk Based Ratios    
CET1 capital (as a percent) 0.1131 0.1090
Tier I risk-based capital (as a percent) 0.1131 0.1090
Total risk-based capital (as a percent) 0.1281 0.1233
Tier I leverage (as a percent) 0.0923 0.0829
Risk Based Capital    
CET1 capital $ 18,952 $ 16,723
Tier I risk-based capital 18,952 16,723
Total risk-based capital 21,463 18,917
Tier I leverage $ 18,952 $ 16,723
Fifth Third Bank, National Association | Well-Capitalized    
Risk Based Ratios    
CET1 capital (as a percent) 0.0650  
Tier I risk-based capital (as a percent) 0.0800  
Total risk-based capital (as a percent) 0.1000  
Tier I leverage (as a percent) 0.0500  
Fifth Third Bank, National Association | Minimum          
Risk Based Ratios    
CET1 capital (as a percent) 0.0450  
Tier I risk-based capital (as a percent) 0.0600  
Total risk-based capital (as a percent) 0.0800  
Tier I leverage (as a percent) 0.0400  
v3.22.4
Parent Company Financial Statements - Condensed Statements of Income - Parent Company Only (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income      
Dividends from consolidated nonbank subsidiaries $ 0 $ 3,000,000,000  
Securities losses, net (82,000,000) (7,000,000) $ 62,000,000
Total interest income 6,587,000,000 5,211,000,000 5,572,000,000
Expenses      
Interest 978,000,000 441,000,000 790,000,000
Other 295,000,000 294,000,000 306,000,000
Applicable income tax expense 647,000,000 747,000,000 370,000,000
Net Income 2,446,000,000 2,770,000,000 1,427,000,000
Other Comprehensive Income (6,317,000,000) (1,394,000,000) 1,409,000,000
Parent Company      
Income      
Dividends from consolidated nonbank subsidiaries 165,000,000 3,040,000,000 1,285,000,000
Securities losses, net (9,000,000) 1,000,000 1,000,000
Interest 11,000,000 11,000,000 17,000,000
Total interest income 167,000,000 3,052,000,000 1,303,000,000
Expenses      
Interest 311,000,000 250,000,000 266,000,000
Other 19,000,000 30,000,000 26,000,000
Total expenses 330,000,000 280,000,000 292,000,000
(Loss) Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiaries (163,000,000) 2,772,000,000 1,011,000,000
Applicable income tax expense (76,000,000) (62,000,000) (65,000,000)
(Loss) Income Before Equity in Undistributed Earnings of Subsidiaries (87,000,000) 2,834,000,000 1,076,000,000
Equity in undistributed earnings 2,533,000,000 (64,000,000) 351,000,000
Net Income 2,446,000,000 2,770,000,000 1,427,000,000
Other Comprehensive Income 0 0 0
Comprehensive Income Attributable to Bancorp 2,446,000,000 2,770,000,000 1,427,000,000
Dividends from Bancorp's banking subsidiary to the Bancorp's non-bank subsidiary $ 0 $ 3,000,000,000 $ 1,300,000,000
v3.22.4
Parent Company Financial Statements - Condensed Balance Sheet - Parent Company Only (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Assets        
Available-for-sale debt and other securities [1] $ 51,503 $ 38,110    
Equity securities 317 376    
Goodwill 4,915 4,514 $ 4,258  
Other assets [2] 13,459 11,444    
Total Assets 207,452 211,116    
Liabilities        
Other short-term borrowings 4,838 980    
Accrued expenses and other liabilities [2] 5,881 4,267    
Long-term debt (external) [2] 13,714 11,821    
Total Liabilities 190,125 188,906    
Equity        
Common stock [3] 2,051 2,051    
Preferred stock [4] 2,116 2,116    
Capital surplus 3,684 3,624    
Retained earnings 21,689 20,236    
Accumulated other comprehensive (loss) income (5,110) 1,207    
Treasury stock [3] (7,103) (7,024)    
Total Equity 17,327 22,210 23,111 $ 21,203
Total Liabilities and Equity 207,452 211,116    
Parent Company        
Assets        
Cash 120 122 $ 120 $ 118
Other short-term investments 5,667 6,234    
Available-for-sale debt and other securities 1,000 0    
Equity securities 34 49    
Loans to nonbank subsidiaries 60 192    
Investment in nonbank subsidiaries 20,256 23,877    
Goodwill 80 80    
Other assets 326 431    
Total Assets 27,543 30,985    
Liabilities        
Other short-term borrowings 121 361    
Accrued expenses and other liabilities 764 487    
Long-term debt (external) 9,331 7,927    
Total Liabilities 10,216 8,775    
Equity        
Common stock 2,051 2,051    
Preferred stock 2,116 2,116    
Capital surplus 3,684 3,624    
Retained earnings 21,689 20,236    
Accumulated other comprehensive (loss) income (5,110) 1,207    
Treasury stock (7,103) (7,024)    
Total Equity 17,327 22,210    
Total Liabilities and Equity $ 27,543 $ 30,985    
[1] Amortized cost of $57,530 and $36,941 at December 31, 2022 and 2021, respectively.
[2] Includes $17 and $24 of other short-term investments, $185 and $322 of portfolio loans and leases, $(2) and $(2) of ALLL, $2 and $2 of other assets, $9 and $1 of other liabilities and $118 and $263 of long-term debt from consolidated VIEs that are included in their respective captions above at December 31, 2022 and 2021, respectively. For further information, refer to Note 12.
[3] Common shares: Stated value $2.22 per share; authorized 2,000,000,000; outstanding at December 31, 2022 – 683,385,880 (excludes 240,506,701 treasury shares), 2021 – 682,777,664 (excludes 241,114,917 treasury shares).
[4] 500,000 shares of no par value preferred stock were authorized at both December 31, 2022 and 2021. There were 422,000 unissued shares of undesignated no par value preferred stock at both December 31, 2022 and 2021. Each issued share of no par value preferred stock has a liquidation preference of $25,000. 500,000 shares of no par value Class B preferred stock were authorized at both December 31, 2022 and 2021. There were 300,000 unissued shares of undesignated no par value Class B preferred stock at both December 31, 2022 and 2021. Each issued share of no par value Class B preferred stock has a liquidation preference of $1,000.
v3.22.4
Parent Company Financial Statements - Condensed Statement of Cash Flow - Parent Company Only (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net Income $ 2,446 $ 2,770 $ 1,427
Adjustments to reconcile net income to net cash provided by operating activities:      
(Benefit from) provision for deferred income taxes (60) (14) (162)
Equity in undistributed earnings (22) (30) (12)
Net change in:      
Equity securities 70 15 12
Other assets 646 (37) (855)
Net Cash Provided by Operating Activities 6,428 2,704 371
Investing Activities      
AFS securities and other investments (29,714) (11,713) (5,266)
Other short-term investments 26,224 (1,172) (31,446)
Net Cash Used in Investing Activities (4,871) (7,968) (31,902)
Financing Activities      
Proceeds from issuance of long-term debt 4,026 562 2,557
Repayment of long-term debt (1,762) (3,603) (2,799)
Dividends paid on common and preferred stock (927) (897) (858)
Repurchase of treasury stock and related forward contract (100) (1,393) 0
Issuance of preferred stock 0 0 346
Other, net (85) (99) (47)
Net Cash (Used in) Provided by Financing Activities (1,085) 5,111 31,400
Increase (Decrease) in Cash and Due from Banks 472 (153) (131)
Parent Company      
Operating Activities      
Net Income 2,446 2,770 1,427
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization and accretion 7 7 7
(Benefit from) provision for deferred income taxes (3) (1) 0
Securities losses (gains), net 9 (1) (1)
Equity in undistributed earnings (2,533) 64 (351)
Net change in:      
Equity securities 6 1 0
Other assets (115) (40) (1)
Accrued expenses and other liabilities 45 (80) 0
Net Cash Provided by Operating Activities (138) 2,720 1,081
Investing Activities      
AFS securities and other investments (1,000) 0 0
Other short-term investments 567 (656) (855)
Loans to nonbank subsidiaries 132 158 94
Net Cash Used in Investing Activities (301) (498) (761)
Financing Activities      
Net change in other short-term borrowings (240) (89) 91
Proceeds from issuance of long-term debt 2,986 498 1,243
Repayment of long-term debt (1,200) (250) (1,100)
Dividends paid on common and preferred stock (927) (897) (858)
Repurchase of treasury stock and related forward contract (100) (1,393) 0
Issuance of preferred stock 0 0 346
Other, net (82) (89) (40)
Net Cash (Used in) Provided by Financing Activities 437 (2,220) (318)
Increase (Decrease) in Cash and Due from Banks (2) 2 2
Cash and Due from Banks at Beginning of Period 122 120 118
Cash and Due from Banks at End of Period $ 120 $ 122 $ 120
v3.22.4
Business Segments - Additional Information (Details)
 12 Months Ended
Dec. 31, 2022
business
segment
Segment Reporting Information  
Number of business segments | segment 3
Wealth and Asset Management  
Segment Reporting Information  
Number of main businesses | business 3
v3.22.4
Business Segments - Results of Operations and Average Assets by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information      
Net interest income $ 5,609 $ 4,770 $ 4,782
Provision for (benefit from) credit losses 563 (377) 1,097
Net Interest Income After Provision for (Benefit from) Credit Losses 5,046 5,147 3,685
Noninterest income:      
Service charges on deposits 589 600 559
Wealth and asset management revenue 570 586 520
Commercial banking revenue 565 637 528
Card and processing revenue 409 402 352
Leasing business revenue 237 300 276
Mortgage banking net revenue 215 270 320
Other noninterest income 265 332 211
Securities losses, net (82) (7) 62
Securities losses, net -non-qualifying hedges on MSRs (2) (2) 2
Total noninterest income 2,766 3,118 2,830
Noninterest expense:      
Compensation and benefits 2,554 2,626 2,590
Technology and communications 416 388 362
Net occupancy expense 307 312 350
Equipment expense 145 138 130
Leasing business expense 131 137 140
Marketing expense 118 107 104
Card and processing expense 80 89 121
Other noninterest expense 968 951 921
Total noninterest expense 4,719 4,748 4,718
Income (loss) before income taxes 3,093 3,517 1,797
Applicable income tax expense (benefit) 647 747 370
Net Income 2,446 2,770 1,427
Total goodwill 4,915 4,514 4,258
Total assets 207,452 211,116 204,680
Impairment losses on bank premises 9 7 30
Impairment losses and termination charges 2 3 8
Bank premises and equipment held for sale 24 24  
Operating Segments | Commercial Banking      
Segment Reporting Information      
Net interest income 2,542 1,596 2,009
Provision for (benefit from) credit losses 33 (597) 1,086
Net Interest Income After Provision for (Benefit from) Credit Losses 2,509 2,193 923
Noninterest income:      
Service charges on deposits 372 385 358
Wealth and asset management revenue 3 2 3
Commercial banking revenue 563 633 527
Card and processing revenue 87 78 68
Leasing business revenue 237 300 276
Mortgage banking net revenue 0 0 0
Other noninterest income 111 91 101
Securities losses, net (33) 8 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 1,340 1,497 1,333
Noninterest expense:      
Compensation and benefits 639 644 606
Technology and communications 11 17 13
Net occupancy expense 40 37 32
Equipment expense 27 26 27
Leasing business expense 131 137 140
Marketing expense 5 7 9
Card and processing expense 11 7 7
Other noninterest expense 959 898 975
Total noninterest expense 1,823 1,773 1,809
Income (loss) before income taxes 2,026 1,917 447
Applicable income tax expense (benefit) 377 363 49
Net Income 1,649 1,554 398
Total goodwill 2,324 1,980 1,980
Total assets 83,535 75,387 71,801
Impairment losses of operating lease equipment 2 25 7
Operating Segments | Consumer and Small Business Banking      
Segment Reporting Information      
Net interest income 3,131 1,685 1,942
Provision for (benefit from) credit losses 139 120 229
Net Interest Income After Provision for (Benefit from) Credit Losses 2,992 1,565 1,713
Noninterest income:      
Service charges on deposits 216 214 200
Wealth and asset management revenue 204 206 172
Commercial banking revenue 3 2 2
Card and processing revenue 308 312 269
Leasing business revenue 0 0 0
Mortgage banking net revenue 214 267 315
Other noninterest income 110 108 78
Securities losses, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs (2) (2) 2
Total noninterest income 1,053 1,107 1,038
Noninterest expense:      
Compensation and benefits 828 833 821
Technology and communications 22 16 12
Net occupancy expense 196 197 185
Equipment expense 38 38 41
Leasing business expense 0 0 0
Marketing expense 58 41 34
Card and processing expense 72 85 116
Other noninterest expense 1,175 1,185 1,090
Total noninterest expense 2,389 2,395 2,299
Income (loss) before income taxes 1,656 277 452
Applicable income tax expense (benefit) 347 57 95
Net Income 1,309 220 357
Total goodwill 2,365 2,303 2,047
Total assets 83,697 85,455 77,169
Impairment losses on bank premises 6 6 15
Operating Segments | Wealth and Asset Management      
Segment Reporting Information      
Net interest income 262 88 139
Provision for (benefit from) credit losses 0 (1) 3
Net Interest Income After Provision for (Benefit from) Credit Losses 262 89 136
Noninterest income:      
Service charges on deposits 1 1 1
Wealth and asset management revenue 540 558 498
Commercial banking revenue 1 2 2
Card and processing revenue 2 2 2
Leasing business revenue 0 0 0
Mortgage banking net revenue 1 3 5
Other noninterest income 0 4 18
Securities losses, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 545 570 526
Noninterest expense:      
Compensation and benefits 218 205 218
Technology and communications 1 1 1
Net occupancy expense 13 15 12
Equipment expense 0 0 1
Leasing business expense 0 0 0
Marketing expense 1 2 2
Card and processing expense 1 1 1
Other noninterest expense 322 316 298
Total noninterest expense 556 540 533
Income (loss) before income taxes 251 119 129
Applicable income tax expense (benefit) 53 25 27
Net Income 198 94 102
Total goodwill 226 231 231
Total assets 14,253 13,836 12,466
General Corporate and Other      
Segment Reporting Information      
Net interest income (326) 1,401 692
Provision for (benefit from) credit losses 391 101 (221)
Net Interest Income After Provision for (Benefit from) Credit Losses (717) 1,300 913
Noninterest income:      
Service charges on deposits 0 0 0
Wealth and asset management revenue 0 0 0
Commercial banking revenue (2) 0 (3)
Card and processing revenue 12 10 13
Leasing business revenue 0 0 0
Mortgage banking net revenue 0 0 0
Other noninterest income 44 129 14
Securities losses, net (49) (15) 62
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income 5 124 86
Noninterest expense:      
Compensation and benefits 869 944 945
Technology and communications 382 354 336
Net occupancy expense 58 63 121
Equipment expense 80 74 61
Leasing business expense 0 0 0
Marketing expense 54 57 59
Card and processing expense (4) (4) (3)
Other noninterest expense (1,311) (1,268) (1,289)
Total noninterest expense 128 220 230
Income (loss) before income taxes (840) 1,204 769
Applicable income tax expense (benefit) (130) 302 199
Net Income (710) 902 570
Total goodwill 0 0 0
Total assets 25,967 36,438 43,244
Impairment losses on bank premises 3 1 15
Bank premises and equipment held for sale 24 24 35
Eliminations      
Segment Reporting Information      
Net interest income 0 0 0
Provision for (benefit from) credit losses 0 0 0
Net Interest Income After Provision for (Benefit from) Credit Losses 0 0 0
Noninterest income:      
Service charges on deposits 0 0 0
Wealth and asset management revenue (177) (180) (153)
Commercial banking revenue 0 0 0
Card and processing revenue 0 0 0
Leasing business revenue 0 0 0
Mortgage banking net revenue 0 0 0
Other noninterest income 0 0 0
Securities losses, net 0 0 0
Securities losses, net -non-qualifying hedges on MSRs 0 0 0
Total noninterest income (177) (180) (153)
Noninterest expense:      
Compensation and benefits 0 0 0
Technology and communications 0 0 0
Net occupancy expense 0 0 0
Equipment expense 0 0 0
Leasing business expense 0 0 0
Marketing expense 0 0 0
Card and processing expense 0 0 0
Other noninterest expense (177) (180) (153)
Total noninterest expense (177) (180) (153)
Income (loss) before income taxes 0 0 0
Applicable income tax expense (benefit) 0 0 0
Net Income 0 0 0
Total goodwill 0 0 0
Total assets $ 0 $ 0 $ 0
v3.22.4
Subsequent Events (Details) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Jan. 24, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Jun. 30, 2019
Jun. 18, 2019
Subsequent Event [Line Items]            
Payment to repurchase shares of common stock   $ 100 $ 1,393 $ 0    
Number of shares authorized to be repurchased (in shares)         100 100
Subsequent Event            
Subsequent Event [Line Items]            
Payment to repurchase shares of common stock $ 200