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Wells Fargo
WFC
#54
Rank
$273.03 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$86.98
Share price
0.80%
Change (1 day)
9.99%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Wells Fargo
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2020 Q2

Wells Fargo - 10-Q quarterly report FY2020 Q2


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false--12-31Q22020CA0000072971DEWELLS FARGO & COMPANY/MNCommon Stock, par value $1-2/3Dep Shr, 1/1000th int. per shr of 5.85% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. QDep Shr, 1/1000th int. per shr of 6.625% Fix-to-Float Non-Cum. Perpetual Class A Pref. Stock, Ser. R7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series LGuarantee 5.80% Fix-to-Float Normal Wachovia Income Trust Securities of Wachovia Capital Trust IIIGuarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLCDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series NDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series ODep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series PDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series TDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series VDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series WDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series XDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series YDep Shares, 1/1000th int. per share of Non-Cumulative Perpetual Class A Preferred Stock, Series ZThe Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue.11400000000580000000058000000001.66661.666690000000009000000000548181147454818114740.100.100.101000000000000000.01490.003220.003640.01370.003710.004232046-12-312058-12-312029-12-312029-12-312049-12-312047-12-312045-01-012047-01-012020-01-012020-01-012020-01-012022-01-012046-12-312072-12-312029-12-312029-12-312040-12-312047-12-312045-01-012047-01-012020-01-012020-01-012020-01-012034-01-0141936000000273390000000009720000001201000000171000000152000000The SEC order contains a finding, to which the Company consented, that the facts set forth include violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.3000000013000000001660600000018644000000910000000018000000the greater of three-month LIBOR plus 0.93% and 5.56975%three-month LIBOR plus 3.77%the greater of three-month LIBOR plus 0.93% and 5.56975%three-month LIBOR plus 3.77%0.0750.0520.051250.05250.05850.066250.0590.060.058750.060.05700.05500.056250.000000.0750.0520.051250.05250.05850.066250.0590.060.058750.060.05700.05500.056250.04750If issued, preference shares would be limited to one vote per 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020  
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number 001-2979
WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware
 
No.
41-0449260
 
(State of incorporation)
 
(I.R.S. Employer Identification No.)
 
420 Montgomery Street, San Francisco, California 94104
(Address of principal executive offices)  (Zip Code) 
Registrant’s telephone number, including area code:  1-866-249-3302 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1-2/3
WFC
NYSE
7.5% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L
WFC.PRL
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series N
WFC.PRN
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series O
WFC.PRO
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series P
WFC.PRP
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 5.85% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series Q
WFC.PRQ
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of 6.625% Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series R
WFC.PRR
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series T
WFC.PRT
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series V
WFC.PRV
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series W
WFC.PRW
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series X
WFC.PRX
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Y
WFC.PRY
NYSE
Depositary Shares, each representing a 1/1000th interest in a share of Non-Cumulative Perpetual Class A Preferred Stock, Series Z
WFC.PRZ
NYSE
Guarantee of 5.80% Fixed-to-Floating Rate Normal Wachovia Income Trust Securities of Wachovia Capital Trust III
WFC/TP
NYSE
Guarantee of Medium-Term Notes, Series A, due October 30, 2028 of Wells Fargo Finance LLC
WFC/28A
NYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                     Yes þ   No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes þ   No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large accelerated filer   þ                    Accelerated filer ¨
Non-accelerated filer  ¨                     Smaller reporting company  ☐
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.            ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes ☐ No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
 
 
Shares Outstanding
 
 
July 24, 2020
Common stock, $1-2/3 par value
 
4,120,047,105
         



FORM 10-Q
 
CROSS-REFERENCE INDEX
 
PART I
Financial Information
 
Item 1.
Financial Statements
Page
 
Consolidated Statement of Income
63
 
Consolidated Statement of Comprehensive Income
64
 
Consolidated Balance Sheet
65
 
Consolidated Statement of Changes in Equity
66
 
Consolidated Statement of Cash Flows
70
 
Notes to Financial Statements
  
 
1

—
Summary of Significant Accounting Policies  
71
 
2

—
Business Combinations
76
 
3

—
Cash, Loan and Dividend Restrictions
77
 
4

—
Trading Activities
78
 
5

—
Available-for-Sale and Held-to-Maturity Debt Securities
79
 
6

—
Loans and Related Allowance for Credit Losses
86
 
7

—
Leasing Activity
104
 
8

—
Equity Securities
105
 
9

—
Other Assets
107
 
10

—
Securitizations and Variable Interest Entities
108
 
11

—
Mortgage Banking Activities
115
 
12

—
Intangible Assets
117
 
13

—
Guarantees, Pledged Assets and Collateral, and Other Commitments
118
 
14

—
Legal Actions
122
 
15

—
Derivatives
127
 
16

—
Fair Values of Assets and Liabilities
138
 
17

—
Preferred Stock
155
 
18

—
Revenue from Contracts with Customers
158
 
19

—
Employee Benefits and Other Expenses
162
 
20

—
Earnings and Dividends Per Common Share
163
 
21

—
Other Comprehensive Income
164
 
22

—
Operating Segments
166
 
23

—
Regulatory and Agency Capital Requirements
167
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Financial Review)
 
 
Summary Financial Data  
2
 
Overview
3
 
Earnings Performance
6
 
Balance Sheet Analysis
20
 
Off-Balance Sheet Arrangements  
23
 
Risk Management
24
 
Capital Management
48
 
Regulatory Matters
55
 
Critical Accounting Policies  
56
 
Current Accounting Developments
58
 
Forward-Looking Statements  
59
 
Risk Factors 
61
 
Glossary of Acronyms
169
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
41
Item 4.
Controls and Procedures
62
 
 
 
PART II
Other Information
 
Item 1.
Legal Proceedings
170
Item 1A.
Risk Factors
170
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
170
Item 6.
Exhibits
171
 
 
 
 
 
Signature
172

1


PART I - FINANCIAL INFORMATION

FINANCIAL REVIEW
Summary Financial Data
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
 
 
 
 
 
 
 
% Change
 
 
  
 
  
 
  
 
Quarter ended
 
 
Jun 30, 2020 from
 
 
Six months ended
 
 
  

($ in millions, except per share amounts)
Jun 30,
2020

 
Mar 31,
2020

 
Jun 30,
2019

 
Mar 31,
2020

 
Jun 30,
2019

 
Jun 30,
2020


Jun 30,
2019

 
%
Change

For the Period
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Wells Fargo net income (loss)
$
(2,379
)
 
653

 
6,206

 
NM

 
NM

 
$
(1,726
)
 
12,066

 
NM

Wells Fargo net income (loss) applicable to common stock
(2,694
)
 
42

 
5,848

 
NM

 
NM

 
(2,652
)
 
11,355

 
NM

Diluted earnings (loss) per common share
(0.66
)
 
0.01

 
1.30

 
NM

 
NM

 
(0.65
)
 
2.50

 
NM

Profitability ratios (annualized):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Wells Fargo net income (loss) to average assets (ROA)
(0.49
)%
 
0.13

 
1.31

 
NM

 
NM

 
(0.18
)%
 
1.29

 
NM

Wells Fargo net income (loss) applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)
(6.63
)
 
0.10

 
13.26

 
NM

 
NM

 
(3.23
)
 
12.99

 
NM

Return on average tangible common equity (ROTCE) (1)
(8.00
)
 
0.12

 
15.78

 
NM

 
NM

 
(3.89
)
 
15.47

 
NM

Efficiency ratio (2)
81.6

 
73.6

 
62.3

 
11

 
31

 
77.6

 
63.4

 
22

Total revenue
$
17,836

 
17,717

 
21,584

 
1

 
(17
)
 
$
35,553

 
43,193

 
(18
)
Pre-tax pre-provision profit (PTPP) (3)
3,285

 
4,669

 
8,135

 
(30
)
 
(60
)
 
7,954

 
15,828

 
(50
)
Dividends declared per common share
0.51

 
0.51

 
0.45

 
—

 
13

 
1.02

 
0.90

 
13

Average common shares outstanding
4,105.5

 
4,104.8

 
4,469.4

 
—

 
(8
)
 
4,105.2

 
4,510.2

 
(9
)
Diluted average common shares outstanding (4)
4,105.5

 
4,135.3

 
4,495.0

 
(1
)
 
(9
)
 
4,105.2

 
4,540.1

 
(10
)
Average loans
$
971,266

 
965,046

 
947,460

 
1

 
3

 
$
968,156

 
948,728

 
2

Average assets
1,948,939

 
1,950,659

 
1,900,627

 
—

 
3

 
1,949,799

 
1,891,907

 
3

Average total deposits
1,386,656

 
1,337,963

 
1,268,979

 
4

 
9

 
1,362,309

 
1,265,539

 
8

Average consumer and small business banking deposits (5)
857,943

 
779,521

 
742,671

 
10

 
16

 
819,791

 
741,171

 
11

Net interest margin
2.25
 %
 
2.58

 
2.82

 
(13
)
 
(20
)
 
2.42
 %
 
2.86

 
(15
)
At Period End
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Debt securities
$
472,580

 
501,563

 
482,067

 
(6
)
 
(2
)
 
$
472,580

 
482,067

 
(2
)
Loans
935,155

 
1,009,843

 
949,878

 
(7
)
 
(2
)
 
935,155

 
949,878

 
(2
)
Allowance for loan losses
18,926

 
11,263

 
9,692

 
68

 
95

 
18,926

 
9,692

 
95

Goodwill
26,385

 
26,381

 
26,415

 
—

 
—

 
26,385

 
26,415

 
—

Equity securities
52,494

 
54,047

 
61,537

 
(3
)
 
(15
)
 
52,494

 
61,537

 
(15
)
Assets
1,968,766

 
1,981,349

 
1,923,388

 
(1
)
 
2

 
1,968,766

 
1,923,388

 
2

Deposits
1,410,711

 
1,376,532

 
1,288,426

 
2

 
9

 
1,410,711

 
1,288,426

 
9

Common stockholders’ equity
159,322

 
162,654

 
177,235

 
(2
)
 
(10
)
 
159,322

 
177,235

 
(10
)
Wells Fargo stockholders’ equity
179,386

 
182,718

 
199,042

 
(2
)
 
(10
)
 
179,386

 
199,042

 
(10
)
Total equity
180,122

 
183,330

 
200,037

 
(2
)
 
(10
)
 
180,122

 
200,037

 
(10
)
Tangible common equity (1)
131,329

 
134,787

 
148,864

 
(3
)
 
(12
)
 
131,329

 
148,864

 
(12
)
Capital ratios (6):
 
 
 
 
 
 
 
 
 
 
  
 
  
 
  
Total equity to assets
9.15
 %
 
9.25

 
10.40

 
(1
)
 
(12
)
 
9.15
 %
 
10.40

 
(12
)
Risk-based capital:
 
 
 
 
 
 
 
 


 
  
 
  
 


Common Equity Tier 1
10.97

 
10.67

 
11.97

 
3

 
(8
)
 
10.97

 
11.97

 
(8
)
Tier 1 capital
12.60

 
12.22

 
13.69

 
3

 
(8
)
 
12.60

 
13.69

 
(8
)
Total capital
15.29

 
15.21

 
16.75

 
1

 
(9
)
 
15.29

 
16.75

 
(9
)
Tier 1 leverage
7.95

 
8.03

 
9.12

 
(1
)
 
(13
)
 
7.95

 
9.12

 
(13
)
Common shares outstanding
4,119.6

 
4,096.4

 
4,419.6

 
1

 
(7
)
 
4,119.6

 
4,419.6

 
(7
)
Book value per common share (7)
$
38.67

 
39.71

 
40.10

 
(3
)
 
(4
)
 
$
38.67

 
40.10

 
(4
)
Tangible book value per common share (1)(7)
31.88

 
32.90

 
33.68

 
(3
)
 
(5
)
 
31.88

 
33.68

 
(5
)
Team members (active, full-time equivalent)
266,300

 
262,800

 
262,800

 
1

 
1

 
266,300

 
262,800

 
1

(1)
Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than mortgage servicing rights) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company’s use of equity. For additional information, including a corresponding reconciliation to generally accepted accounting principles (GAAP) financial measures, see the “Capital Management – Tangible Common Equity” section in this Report.
(2)
The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(3)
Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(4)
In second quarter 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.
(5)
Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.
(6)
The risk-based capital ratios were calculated under the lower of the Standardized or Advanced Approach determined pursuant to Basel III. Beginning January 1, 2018, the requirements for calculating common equity tier 1 and tier 1 capital, along with risk-weighted assets, became fully phased-in. Accordingly, the information presented reflects fully phased-in common equity tier 1 capital, tier 1 capital and risk-weighted assets, but reflects total capital still in accordance with Transition Requirements. See the “Capital Management” section and Note 23 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report for additional information.
(7)
Book value per common share is common stockholders’ equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

2
Overview (continued)

This Quarterly Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” section, and in the “Risk Factors” and “Regulation and Supervision” sections of our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K).
 
When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the Glossary of Acronyms for definitions of terms used throughout this Report.
 
Financial Review
 


Overview                                                        
Wells Fargo & Company is a diversified, community-based financial services company with $1.97 trillion in assets. Founded in 1852 and headquartered in San Francisco, we provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, digital (online, mobile and social), and contact centers (phone, email and correspondence), and we have offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 active, full-time equivalent team members, we serve one in three households in the United States and ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. We ranked fourth in both assets and in the market value of our common stock among all U.S. banks at June 30, 2020.
Wells Fargo’s top priority remains meeting its regulatory requirements to build the right foundation for all that lies ahead. To do that, the Company is committing the resources necessary to ensure that we operate with the strongest business practices and controls, maintain the highest level of integrity, and have an appropriate culture in place.
In response to the COVID-19 pandemic, we have been working diligently to protect employee safety while continuing to carry out Wells Fargo’s role as a provider of critical and essential services to the public. We have taken comprehensive steps to help customers, employees and communities.
For our customers, we have suspended residential property foreclosure activities, offered fee waivers, and provided payment deferrals, among other actions. We have also rapidly expanded digital access and deployed new tools, including changes to our ATMs and mobile technology for the convenience of our customers.
For our employees, we have enabled approximately 200,000 to work remotely. For jobs that cannot be done from home, we have taken significant actions to help ensure employee safety, including adopting social distancing measures, requiring employees to wear facial coverings, and implementing an enhanced cleaning program.
To support our communities, we are directing $175 million in charitable donations from the Wells Fargo Foundation to help address food, shelter, small business and housing stability, as well as providing help to public health organizations fighting to contain the spread of COVID-19. We have also committed to donating the gross processing fees received from the Paycheck Protection Program to help small businesses impacted by the COVID-19 pandemic and will work with nonprofit organizations to provide capital, technical support, and long-term resiliency programs to small businesses with an emphasis on serving minority-owned businesses.
 
We have strong levels of capital and liquidity, and we remain focused on delivering for our customers and communities to get through these unprecedented times.

Federal Reserve Board Consent Order Regarding Governance Oversight and Compliance and Operational Risk Management
On February 2, 2018, the Company entered into a consent order with the Board of Governors of the Federal Reserve System (FRB). As required by the consent order, the Company’s Board of Directors (Board) submitted to the FRB a plan to further enhance the Board’s governance and oversight of the Company, and the Company submitted to the FRB a plan to further improve the Company’s compliance and operational risk management program. The Company continues to engage with the FRB as the Company works to address the consent order provisions. The consent order also requires the Company, following the FRB’s acceptance and approval of the plans and the Company’s adoption and implementation of the plans, to complete an initial third-party review of the enhancements and improvements provided for in the plans. Until this third-party review is complete and the plans are approved and implemented to the satisfaction of the FRB, the Company’s total consolidated assets as defined under the consent order will be limited to the level as of December 31, 2017. Compliance with this asset cap is measured on a two-quarter daily average basis to allow for management of temporary fluctuations. Due to the COVID-19 pandemic, on April 8, 2020, the FRB amended the consent order to allow the Company to exclude from the asset cap any on-balance sheet exposure resulting from loans made by the Company in connection with the Small Business Administration’s Paycheck Protection Program and the FRB’s Main Street Lending Program. As required under the amendment to the consent order, certain fees and other economic benefits received by the Company from loans made in connection with these programs shall be transferred to the U.S. Treasury or to non-profit organizations approved by the FRB that support small businesses. After removal of the asset cap, a second third-party review must also be conducted to assess the efficacy and sustainability of the enhancements and improvements.

Consent Orders with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency Regarding Compliance Risk Management Program, Automobile Collateral Protection Insurance Policies, and Mortgage Interest Rate Lock Extensions
On April 20, 2018, the Company entered into consent orders with the Consumer Financial Protection Bureau (CFPB) and the Office

3

of the Comptroller of the Currency (OCC) to pay an aggregate of $1 billion in civil money penalties to resolve matters regarding the Company’s compliance risk management program and past practices involving certain automobile collateral protection insurance (CPI) policies and certain mortgage interest rate lock extensions. As required by the consent orders, the Company submitted to the CFPB and OCC an enterprise-wide compliance risk management plan and a plan to enhance the Company’s internal audit program with respect to federal consumer financial law and the terms of the consent orders. In addition, as required by the consent orders, the Company submitted for non-objection plans to remediate customers affected by the automobile collateral protection insurance and mortgage interest rate lock matters, as well as a plan for the management of remediation activities conducted by the Company.

Retail Sales Practices Matters
In September 2016, we announced settlements with the CFPB, the OCC, and the Office of the Los Angeles City Attorney, and entered into related consent orders with the CFPB and the OCC, in connection with allegations that some of our retail customers received products and services they did not request. As a result, it remains a top priority to rebuild trust through a comprehensive action plan that includes making things right for our customers, team members, and other stakeholders, and building a better Company for the future. Our priority of rebuilding trust has included numerous actions focused on identifying potential financial harm to customers resulting from these matters and providing remediation.
For additional information regarding retail sales practices matters, including related legal matters, see the “Risk Factors” section in our 2019 Form 10-K and Note 14 (Legal Actions) to Financial Statements in this Report.

Other Customer Remediation Activities
Our priority of rebuilding trust has also included an effort to identify other areas or instances where customers may have experienced financial harm, provide remediation as appropriate, and implement additional operational and control procedures. We are working with our regulatory agencies in this effort. We have previously disclosed key areas of focus as part of our rebuilding trust efforts and are in the process of providing remediation for those matters. We have accrued for the reasonably estimable remediation costs related to our rebuilding trust efforts, which amounts may change based on additional facts and information, as well as ongoing reviews and communications with our regulators.
As our ongoing reviews continue, it is possible that in the future we may identify additional items or areas of potential concern. To the extent issues are identified, we will continue to assess any customer harm and provide remediation as appropriate. For more information, including related legal and regulatory risk, see the “Risk Factors” section in our 2019 Form 10-K and Note 14 (Legal Actions) to Financial Statements in this Report.

Financial Performance
Wells Fargo had a net loss of $2.4 billion in second quarter 2020 with diluted loss per common share of $0.66, compared with net income of $6.2 billion and diluted income per common share (EPS) of $1.30 a year ago. Financial performance items for second quarter 2020 compared with the same period a year ago included:
•
revenue of $17.8 billion, down $3.7 billion, with net interest income of $9.9 billion, down $2.2 billion, or 18%, and noninterest income of $8.0 billion, down $1.5 billion, or 16%;
 
•
a net interest margin of 2.25%, down 57 basis points;
•
provision for credit losses of $9.5 billion, up $9.0 billion;
•
noninterest expense of $14.6 billion, up $1.1 billion, or 8%;
•
an efficiency ratio of 81.6%, compared with 62.3%;
•
average loans of $971.3 billion, up $23.8 billion;
•
average deposits of $1.39 trillion, up $117.7 billion;
•
net loan charge-off rate of 0.46% (annualized) of average loans, compared with 0.28% (annualized);
•
nonaccrual loans of $7.6 billion, up $1.7 billion, or 28%; and
•
return on assets (ROA) of (0.49)% and return on equity (ROE) of (6.63)%, down from 1.31% and 13.26%, respectively.

Balance Sheet and Liquidity
Our balance sheet remained strong during second quarter 2020 with solid levels of liquidity and capital. Our total assets were $1.97 trillion at June 30, 2020. Cash and other short-term investments increased $98.4 billion from December 31, 2019, reflecting an increase in cash balances, partially offset by lower federal funds sold and securities purchased under resale agreements. Debt securities decreased $24.5 billion from December 31, 2019, predominantly due to a decrease in available-for-sale debt securities, partially offset by an increase in held-to-maturity debt securities. Loans decreased $27.1 billion from December 31, 2019, due to paydowns in real estate 1-4 family mortgage loans, credit card loans, and commercial and industrial loans, as well as the designation in second quarter 2020 of real estate 1-4 family mortgage loans as mortgage loans held for sale (MLHFS). The decrease in loans was partially offset by an increase in commercial real estate loans driven by new originations and draws on construction loans.
Average deposits in second quarter 2020 were $1.39 trillion, up $117.7 billion from second quarter 2019, on growth across the deposit gathering businesses reflecting customers’ preferences for liquidity due to the COVID-19 pandemic.

Credit Quality
Credit quality declined due to the economic impact that the COVID-19 pandemic had on our customer base.
Net loan charge-offs were $1.1 billion, or 0.46% (annualized) of average loans, in second quarter 2020, compared with $653 million a year ago (0.28%)(annualized). Our commercial portfolio net loan charge-offs were $602 million, or 44 basis points (annualized) of average commercial loans, in second quarter 2020, compared with net loan charge-offs of $165 million, or 13 basis points (annualized), a year ago, predominantly driven by increased losses in our commercial and industrial and commercial real estate loan portfolios. The increased losses in our commercial and industrial portfolio were primarily related to higher net loan charge-offs in our oil and gas portfolio. Our consumer portfolio net loan charge-offs were $511 million, or 48 basis points (annualized) of average consumer loans, in second quarter 2020, compared with net loan charge-offs of $488 million, or 45 basis points (annualized), a year ago, predominantly driven by increased losses in our residential real estate and automobile loan portfolios, partially offset by lower losses in our credit card and other revolving credit and installment loan portfolios.
The allowance for credit losses (ACL) for loans of $20.4 billion at June 30, 2020, increased $9.8 billion, compared with a year ago, and increased $10.0 billion from December 31, 2019. We had a $11.4 billion increase in the allowance for credit losses for loans in the first half of 2020, partially offset by a $1.3 billion decrease as a result of our adoption on January 1, 2020, of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial

4
Overview (continued)

Instruments (CECL). The allowance coverage for total loans was 2.19% at June 30, 2020, compared with 1.12% a year ago and 1.09% at December 31, 2019. The allowance covered 4.6 times annualized net loan charge-offs in second quarter 2020, compared with 4.0 times in second quarter 2019. Our provision for credit losses for loans was $9.6 billion in second quarter 2020, up from $503 million a year ago. The increase in the allowance for credit losses for loans and the provision for credit losses reflected current and forecasted economic conditions due to the COVID-19 pandemic.
Nonperforming assets (NPAs) at June 30, 2020, of $7.8 billion, increased $1.4 billion, or 22%, from March 31, 2020, and $2.2 billion, or 38%, from December 31, 2019, and represented 0.83% of total loans at June 30, 2020. Nonaccrual loans increased $1.4 billion from March 31, 2020, due to increases in commercial loans driven by the oil and gas portfolio and increases in real estate mortgage loans, as the economic impact of the COVID-19 pandemic continued to impact our customer base. Foreclosed assets decreased $57 million from March 31, 2020. For information on how we are assisting our customers in response to the COVID-19 pandemic, see the “Risk Management – Credit Risk Management” section in this Report.

Capital
We maintained a solid capital position in the first half of 2020, with total equity of $180.1 billion at June 30, 2020, compared with $188.0 billion at December 31, 2019. We reduced our common shares outstanding by 14.9 million shares from December 31, 2019, through share repurchases, partially offset by issuances and conversions of preferred shares. On March 15, 2020, we, along with the other members of the Financial Services Forum (which consists of the eight largest and most diversified financial institutions headquartered in the U.S.), decided to temporarily suspend share repurchases for the remainder of the first quarter and for second quarter 2020. On June 25, 2020, the FRB announced that it was prohibiting large bank holding companies (BHCs) subject to the FRB’s capital plan rule, including Wells Fargo, from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB authorized certain limited exceptions to this prohibition, which are described in the “Capital Management – Capital Planning and Stress Testing” section in this Report.
 
In first quarter 2020, we issued $2.0 billion of Non-Cumulative Perpetual Class A Preferred Stock, Series Z. Additionally, we redeemed the remaining $1.8 billion of our Fixed-to-Floating Rate Non-Cumulative Perpetual Class A Preferred Stock, Series K. We also redeemed $669 million of our Non-Cumulative Perpetual Class A Preferred Stock, Series T.
On July 28, 2020, the Company reduced its third quarter 2020 common stock dividend to $0.10 per share.
We believe an important measure of our capital strength is the Common Equity Tier 1 (CET1) ratio, which was 10.97% at June 30, 2020, down from 11.14% at December 31, 2019, but still above our internal target of 10% and the regulatory minimum of 9%. As of June 30, 2020, our eligible external total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 25.33%, compared with the required minimum of 22.0%. Likewise, our other regulatory capital ratios remained strong. See the “Capital Management” section in this Report for more information regarding our capital, including the calculation of our regulatory capital amounts.

5

Earnings Performance 
Wells Fargo net loss for second quarter 2020 was $2.4 billion ($0.66 diluted loss per common share), compared with net income of $6.2 billion ($1.30 diluted income per common share) in the same period a year ago. Net income decreased to a net loss in second quarter 2020, compared with the same period a year ago, due to a $2.2 billion decrease in net interest income, a $9.0 billion increase in our provision for credit losses, a $1.5 billion decrease in noninterest income, and a $1.1 billion increase in noninterest expense, partially offset by a $5.2 billion decrease in income tax expense. Net loss for the first half of 2020 was $1.7 billion, compared with net income of $12.1 billion in the same period a year ago. Net income decreased to a net loss in the first half of 2020, compared with the same period a year ago, due to a $3.2 billion decrease in net interest income, a $12.2 billion increase in our provision for credit losses, a $4.4 billion decrease in noninterest income, and a $234 million increase in noninterest expense, partially offset by a $5.9 billion decrease in income tax expense.
 
Revenue, the sum of net interest income and noninterest income, was $17.8 billion in second quarter 2020, compared with $21.6 billion in the same period a year ago. Revenue for the first half of 2020 was $35.6 billion, compared with $43.2 billion in the same period a year ago. Net interest income represented 55% of revenue in second quarter 2020, compared with 56% in the same period a year ago, and 60% of revenue in the first half of 2020, compared with 57% in the same period a year ago. Noninterest income represented 45% of revenue in second quarter 2020, compared with 44% in the same period a year ago, and 40% of revenue in the first half of 2020, compared with 43% in the same period a year ago.


6
Earnings Performance (continued)




Net Interest Income
Net interest income is the interest earned on debt securities, loans (including yield-related loan fees) and other interest-earning assets minus the interest paid on deposits, short-term borrowings and long-term debt. The net interest margin is the average yield on earning assets minus the average interest rate paid for deposits and our other sources of funding. Net interest income and the net interest margin are presented on a taxable-equivalent basis in Table 1 to consistently reflect income from taxable and tax-exempt loans and debt and equity securities based on a 21% federal statutory tax rate for the periods ending June 30, 2020 and 2019.
Net interest income and the net interest margin in any one period can be significantly affected by a variety of factors including the mix of earning assets in our portfolio, the overall size of our earning assets portfolio, and the cost of funding those assets. In addition, variable sources of interest income, such as loan fees, periodic dividends, and collection of interest on nonaccrual loans, can fluctuate from period to period.
Net interest income on a taxable-equivalent basis was $10.0 billion and $21.5 billion in the second quarter and first half of 2020, respectively, compared with $12.3 billion and $24.7 billion for the same periods a year ago. Net interest margin on a taxable-equivalent basis was 2.25% and 2.42% in the second quarter and first half of 2020, respectively, compared with 2.82% and 2.86% for the same periods a year ago. The decrease in net interest income and net interest margin in the second quarter and first half of 2020, compared with the same periods a year ago, was driven by unfavorable impacts of repricing due to lower market rates and changes in mix of earning assets and funding sources, including sales of high yielding Pick-a-Pay loans in 2019.
Average earning assets increased $40.0 billion in second quarter 2020, compared with the same period a year ago. The change was driven by increases in:
•
average interest-earning deposits with banks of $35.3 billion;
•
average loans of $23.8 billion;
•
average mortgage loans held for sale of $7.5 billion; and
•
other earning assets of $3.0 billion;
partially offset by decreases in:
•
average federal funds sold and securities purchased under resale agreements of $21.7 billion; and
•
average equity securities of $7.8 billion.


 
Average earning assets increased $44.9 billion in the first half of 2020, compared with the same period a year ago. The change was driven by increases in:
•
average loans of $19.4 billion;
•
average interest-earning deposits with banks of $12.0 billion;
•
average mortgage loans held for sale of $7.0 billion;
•
average debt securities of $4.2 billion;
•
other earning assets of $3.0 billion; and
•
average federal funds sold and securities purchased under resale agreements of $1.1 billion;
partially offset by decreases in:
•
average equity securities of $1.7 billion.

Deposits are an important low-cost source of funding and affect both net interest income and the net interest margin. Deposits include noninterest-bearing deposits, interest-bearing checking, market rate and other savings, savings certificates, other time deposits, and deposits in non-U.S. offices. Average deposits were $1.39 trillion and $1.36 trillion in the second quarter and first half of 2020, respectively, compared with $1.27 trillion for both the second quarter and first half of 2019, and represented 143% of average loans in second quarter 2020 and 141% in the first half of 2020, compared with 134% in second quarter 2019 and 133% in the first half of 2019. Average deposits were 78% and 76% of average earning assets in the second quarter and first half of 2020, compared with 73% in both periods a year ago. The average deposit cost for second quarter 2020 was 17 basis points, down 53 basis points from a year ago, reflecting the lower interest rate environment.

7

Table 1: Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis) (1)
  
Quarter ended June 30,
 
 
 
 
 
 
2020

 
 
 
 
 
2019

(in millions)
Average
balance

 
Yields/
rates

 
Interest
income/
expense

 
Average
balance

 
Yields/
rates

 
Interest
income/
expense

Earning assets
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks
$
176,327

 
0.12
 %
 
$
51

 
141,045

 
2.33
%
 
$
819

Federal funds sold and securities purchased under resale agreements
76,384

 
0.01

 
2

 
98,130

 
2.44

 
598

Debt securities (2): 
 
 
 
 
 
 
 
 
 
 
 
Trading debt securities
96,049

 
2.76

 
663

 
86,514

 
3.45

 
746

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
9,452

 
0.83

 
19

 
15,402

 
2.21

 
85

Securities of U.S. states and political subdivisions
35,728

 
2.98

 
267

 
45,769

 
4.02

 
460

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
143,600

 
2.33

 
837

 
149,761

 
2.99

 
1,120

Residential and commercial
4,433

 
2.27

 
25

 
5,562

 
4.02

 
56

Total mortgage-backed securities
148,033

 
2.33

 
862

 
155,323

 
3.03

 
1,176

Other debt securities
39,231

 
2.75

 
268

 
45,063

 
4.40

 
494

Total available-for-sale debt securities
232,444

 
2.44

 
1,416

 
261,557

 
3.39

 
2,215

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
48,574

 
2.14

 
258

 
44,762

 
2.19

 
244

Securities of U.S. states and political subdivisions
14,168

 
3.81

 
135

 
6,958

 
4.06

 
71

Federal agency and other mortgage-backed securities
104,047

 
2.21

 
575

 
95,506

 
2.64

 
632

Other debt securities
15

 
2.58

 
—

 
58

 
3.86

 
—

Total held-to-maturity debt securities
166,804

 
2.33

 
968

 
147,284

 
2.57

 
947

Total debt securities
495,297

 
2.46

 
3,047

 
495,355

 
3.16

 
3,908

Mortgage loans held for sale (3)
25,960

 
3.55

 
230

 
18,464

 
4.22

 
195

Loans held for sale (3)
1,650

 
1.87

 
7

 
1,642

 
4.80

 
20

Loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial – U.S.
310,104

 
2.58

 
1,990

 
285,084

 
4.47

 
3,176

Commercial and industrial – Non-U.S.
72,241

 
2.48

 
445

 
62,905

 
3.90

 
611

Real estate mortgage
123,525

 
3.03

 
930

 
121,869

 
4.58

 
1,390

Real estate construction
21,361

 
3.37

 
179

 
21,568

 
5.36

 
288

Lease financing
18,087

 
4.34

 
196

 
19,133

 
4.71

 
226

Total commercial loans
545,318

 
2.76

 
3,740

 
510,559

 
4.47

 
5,691

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
280,878

 
3.44

 
2,414

 
286,169

 
3.88

 
2,776

Real estate 1-4 family junior lien mortgage
27,700

 
4.24

 
292

 
32,609

 
5.75

 
468

Credit card
36,539

 
10.78

 
979

 
38,154

 
12.65

 
1,204

Automobile
48,441

 
4.99

 
601

 
45,179

 
5.23

 
589

Other revolving credit and installment
32,390

 
5.45

 
440

 
34,790

 
7.12

 
617

Total consumer loans
425,948

 
4.45

 
4,726

 
436,901

 
5.18

 
5,654

Total loans (3)
971,266

 
3.50

 
8,466

 
947,460

 
4.80

 
11,345

Equity securities
27,417

 
1.70

 
117

 
35,215

 
2.70

 
237

Other
7,715

 
(0.02
)
 
—

 
4,693

 
1.76

 
20

Total earning assets
$
1,782,016

 
2.68
 %
 
$
11,920

 
1,742,004

 
3.94
%
 
$
17,142

Funding sources
 
 
 
 
 
 
 
 
 
 
 
Deposits:
 
 
 
 
 
 
 
 
 
 
 
Interest-bearing checking
$
53,592

 
0.07
 %
 
$
9

 
57,549

 
1.46
%
 
$
210

Market rate and other savings
799,949

 
0.16

 
311

 
690,677

 
0.59

 
1,009

Savings certificates
27,051

 
1.11

 
75

 
30,620

 
1.62

 
124

Other time deposits
59,920

 
1.01

 
149

 
96,887

 
2.61

 
630

Deposits in non-U.S. offices
37,682

 
0.44

 
41

 
51,875

 
1.86

 
240

Total interest-bearing deposits
978,194

 
0.24

 
585

 
927,608

 
0.96

 
2,213

Short-term borrowings
63,535

 
(0.10
)
 
(17
)
 
114,754

 
2.26

 
646

Long-term debt
232,395

 
2.13

 
1,237

 
236,734

 
3.21

 
1,900

Other liabilities
29,947

 
1.53

 
116

 
24,314

 
2.18

 
132

Total interest-bearing liabilities
1,304,071

 
0.59

 
1,921

 
1,303,410

 
1.50

 
4,891

Portion of noninterest-bearing funding sources
477,945

 
—

 
—

 
438,594

 
—

 
—

Total funding sources
$
1,782,016

 
0.43

 
1,921

 
1,742,004

 
1.12

 
4,891

Net interest margin and net interest income on a taxable-equivalent basis (4)
 
 
2.25
 %
 
$
9,999

 
 
 
2.82
%
 
$
12,251

Noninterest-earning assets
 
 
 
 
 
 
 
 
 
 
 
Cash and due from banks
$
21,227

 
  
 
  
 
19,475

 
  
 
  
Goodwill
26,384

 
  
 
  
 
26,415

 
  
 
  
Other
119,312

 
 
 
 
 
112,733

 
 
 
 
Total noninterest-earning assets
$
166,923

 
 
 
 
 
158,623

 
 
 
 
Noninterest-bearing funding sources
 
 
 
 
 
 
  
 
 
 
 
Deposits
$
408,462

 
 
 
 
 
341,371

 
 
 
 
Other liabilities
52,298

 
 
 
 
 
56,161

 
 
 
 
Total equity
184,108

 
 
 
 
 
199,685

 
 
 
 
Noninterest-bearing funding sources used to fund earning assets
(477,945
)
 
 
 
 
 
(438,594
)
 
 
 
 
Net noninterest-bearing funding sources
$
166,923

 
 
 
 
 
158,623

 
 
 
 
Total assets
$
1,948,939

 
 
 
 
 
1,900,627

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average prime rate
 
 
3.25
 %
 
 
 
 
 
5.50
%
 
 
Average three-month London Interbank Offered Rate (LIBOR)
 
 
0.60

 
 
 
 
 
2.51

 
 
(1)
Yields/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)
Yields/rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.
(3)
Nonaccrual loans and related income are included in their respective loan categories.
(4)
Includes taxable-equivalent adjustments of $119 million and $156 million for the quarters ended June 30, 2020 and 2019, respectively, and $259 million and $318 million for the first half of 2020 and 2019, respectively, predominantly related to tax-exempt income on certain loans and securities.

8



 
Six months ended June 30,
 
 
  
 
  
 
2020

 
  
 
  
 
2019

(in millions)
Average
balance

 
Yields/
rates

 
Interest
income/
expense

 
Average
balance

 
Yields/
rates

 
Interest
income/
expense

Earning assets
 
 
 
 
 
 
 
 
 
 
 
Interest-earning deposits with banks
$
152,924

 
0.57
%
 
$
432

 
140,915

 
2.33
%
 
$
1,629

Federal funds sold and securities purchased under resale agreements
91,969

 
0.84

 
382

 
90,875

 
2.42

 
1,093

Debt securities (2):
 
 
 
 
 
 
 
 
 
 
 
Trading debt securities
98,556

 
2.91

 
1,433

 
87,938

 
3.52

 
1,544

Available-for-sale debt securities: 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
10,116

 
1.14

 
57

 
14,740

 
2.18

 
159

Securities of U.S. states and political subdivisions
37,340

 
3.22

 
601

 
47,049

 
4.02

 
946

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
151,119

 
2.51

 
1,899

 
150,623

 
3.04

 
2,293

Residential and commercial
4,540

 
2.55

 
58

 
5,772

 
4.17

 
120

Total mortgage-backed securities
155,659

 
2.51

 
1,957

 
156,395

 
3.09

 
2,413

Other debt securities
39,386

 
3.11

 
611

 
45,920

 
4.43

 
1,011

Total available-for-sale debt securities
242,501

 
2.66

 
3,226

 
264,104

 
3.44

 
4,529

Held-to-maturity debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
47,255

 
2.17

 
509

 
44,758

 
2.20

 
487

Securities of U.S. states and political subdivisions
13,852

 
3.82

 
265

 
6,560

 
4.05

 
133

Federal agency and other mortgage-backed securities
101,221

 
2.38

 
1,203

 
95,753

 
2.69

 
1,288

Other debt securities
20

 
2.90

 
—

 
60

 
3.91

 
1

Total held-to-maturity debt securities
162,348

 
2.44

 
1,977

 
147,131

 
2.60

 
1,909

Total debt securities
503,405

 
2.64

 
6,636

 
499,173

 
3.20

 
7,982

Mortgage loans held for sale (3)
23,161

 
3.69

 
427

 
16,193

 
4.28

 
347

Loans held for sale (3)
1,567

 
2.49

 
19

 
1,752

 
5.04

 
44

Loans:
 
 
 
 
 
 
 
 
 
 
 
Commercial loans:
  
 
 
 
  
 
  
 
 
 
  
Commercial and industrial – U.S.
299,303

 
3.05

 
4,536

 
285,827

 
4.47

 
6,345

Commercial and industrial – Non U.S.
71,451

 
2.82

 
1,001

 
62,863

 
3.90

 
1,215

Real estate mortgage
122,656

 
3.47

 
2,117

 
121,644

 
4.58

 
2,763

Real estate construction
20,819

 
3.94

 
408

 
21,999

 
5.40

 
589

Lease financing
18,687

 
4.37

 
408

 
19,261

 
4.66

 
450

Total commercial loans
532,916

 
3.19

 
8,470

 
511,594

 
4.48

 
11,362

Consumer loans:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
287,217

 
3.53

 
5,064

 
285,694

 
3.92

 
5,597

Real estate 1-4 family junior lien mortgage
28,303

 
4.70

 
662

 
33,197

 
5.75

 
949

Credit card
38,147

 
11.53

 
2,186

 
38,168

 
12.76

 
2,416

Automobile
48,350

 
4.98

 
1,197

 
45,007

 
5.21

 
1,163

Other revolving credit and installment
33,223

 
5.89

 
974

 
35,068

 
7.13

 
1,240

Total consumer loans
435,240

 
4.65

 
10,083

 
437,134

 
5.22

 
11,365

Total loans (3)
968,156

 
3.85

 
18,553

 
948,728

 
4.82

 
22,727

Equity securities
32,475

 
2.00

 
325

 
34,154

 
2.63

 
448

Other
7,573

 
0.37

 
14

 
4,555

 
1.69

 
38

Total earning assets
$
1,781,230

 
3.02
%
 
$
26,788

 
1,736,345

 
3.97
%
 
$
34,308

Funding sources
 
 
 
 
 
 
 
 
 
 
 
Deposits:
  
 
 
 
  
 
  
 
 
 
  
Interest-bearing checking
$
58,339

 
0.50
%
 
$
144

 
56,905

 
1.44
%
 
$
407

Market rate and other savings
781,044

 
0.33

 
1,289

 
689,628

 
0.54

 
1,856

Savings certificates
28,575

 
1.30

 
185

 
27,940

 
1.46

 
202

Other time deposits
70,949

 
1.43

 
505

 
97,356

 
2.64

 
1,275

Deposits in non-U.S. offices
45,508

 
0.90

 
204

 
53,649

 
1.88

 
499

Total interest-bearing deposits
984,415

 
0.48

 
2,327

 
925,478

 
0.92

 
4,239

Short-term borrowings
83,256

 
0.66

 
275

 
111,719

 
2.24

 
1,243

Long-term debt
230,699

 
2.15

 
2,477

 
234,963

 
3.27

 
3,827

Other liabilities
30,073

 
1.71

 
258

 
24,801

 
2.23

 
275

Total interest-bearing liabilities
1,328,443

 
0.81

 
5,337

 
1,296,961

 
1.49

 
9,584

Portion of noninterest-bearing funding sources
452,787

 
—

 
—

 
439,384

 
—

 
—

Total funding sources
$
1,781,230

 
0.60

 
5,337

 
1,736,345

 
1.11

 
9,584

Net interest margin and net interest income on a taxable-equivalent basis (4)
  
 
2.42
%
 
$
21,451

 
  
 
2.86
%
 
$
24,724

Noninterest-earning assets
  
 
  
 
  
 
  
 
  
 
  
Cash and due from banks
$
20,899

 
 
 
 
 
19,544

 
 
 
 
Goodwill
26,386

 
 
 
 
 
26,417

 
 
 
 
Other
121,284

 
 
 
 
 
109,601

 
 
 
 
Total noninterest-earning assets
$
168,569

 
 
 
 
 
155,562

 
 
 
 
Noninterest-bearing funding sources
  
 
 
 
 
 
  
 
 
 
 
Deposits
$
377,894

 
 
 
 
 
340,061

 
 
 
 
Other liabilities
57,323

 
 
 
 
 
55,864

 
 
 
 
Total equity
186,139

 
 
 
 
 
199,021

 
 
 
 
Noninterest-bearing funding sources used to fund earning assets
(452,787
)
 
 
 
 
 
(439,384
)
 
 
 
 
Net noninterest-bearing funding sources
$
168,569

 
 
 
 
 
155,562

 
 
 
 
Total assets
$
1,949,799

 
 
 
 
 
1,891,907

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average prime rate
 
 
3.82
%
 
 
 
 
 
5.50
%
 
 
Average three-month London Interbank Offered Rate (LIBOR)
 
 
1.07

 
 
 
 
 
2.60

 
 


9

Noninterest Income
Table 2: Noninterest Income
 
Quarter ended June 30,
 
 
%

 
Six months ended June 30,
 
 
%

(in millions)
2020

 
2019

 
Change

 
2020

 
2019

 
Change

Service charges on deposit accounts
$
930

 
1,206

 
(23
)%
 
$
2,139

 
2,300

 
(7
)%
Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
2,117

 
2,318

 
(9
)
 
4,599

 
4,511

 
2

Trust and investment management
687

 
795

 
(14
)
 
1,388

 
1,581

 
(12
)
Investment banking
547

 
455

 
20

 
938

 
849

 
10

Total trust and investment fees
3,351

 
3,568

 
(6
)
 
6,925

 
6,941

 
—

Card fees
797

 
1,025

 
(22
)
 
1,689

 
1,969

 
(14
)
Other fees:
 
 
 
 
 
 
 
 
 
 

Lending related charges and fees
303

 
349

 
(13
)
 
631

 
696

 
(9
)
Cash network fees
88

 
117

 
(25
)
 
194

 
226

 
(14
)
Commercial real estate brokerage commissions
—

 
105

 
(100
)
 
1

 
186

 
(99
)
Wire transfer and other remittance fees
99

 
121

 
(18
)
 
209

 
234

 
(11
)
All other fees
88

 
108

 
(19
)
 
175

 
228

 
(23
)
Total other fees
578

 
800

 
(28
)
 
1,210


1,570

 
(23
)
Mortgage banking:
 
 
 
 
 
 
 
 
 
 

Servicing income, net
(689
)
 
277

 
NM

 
(418
)
 
641

 
NM

Net gains on mortgage loan origination/sales activities
1,006

 
481

 
109

 
1,114

 
825

 
35

Total mortgage banking
317

 
758

 
(58
)
 
696


1,466

 
(53
)
Net gains from trading activities
807

 
229

 
252

 
871

 
586

 
49

Net gains on debt securities
212

 
20

 
960

 
449

 
145

 
210

Net gains (losses) from equity securities
533

 
622

 
(14
)
 
(868
)
 
1,436

 
NM

Lease income
334

 
424

 
(21
)
 
686

 
867

 
(21
)
Life insurance investment income
163

 
167

 
(2
)
 
324

 
326

 
(1
)
All other (1)
(66
)
 
670

 
NM

 
240

 
1,181

 
(80
)
Total
$
7,956

 
9,489

 
(16
)
 
$
14,361


18,787

 
(24
)
NM – Not meaningful
(1)
In second quarter 2020, insurance income was reclassified to all other noninterest income. Prior period balances have been revised to conform with the current period presentation.
Noninterest income decreased $1.5 billion and $4.4 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to overall lower income driven by the economic impact of the COVID-19 pandemic. For more information on the nature of services performed for certain of our revenues discussed below, see Note 18 (Revenue from Contracts with Customers) to Financial Statements in this Report.
Service charges on deposit accounts decreased $276 million and $161 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to lower customer transaction volumes and higher average account balances. We have provided certain fee waivers and reversals to support customers during the COVID-19 pandemic, which also negatively impacted income from service charges on deposit accounts.
Brokerage advisory, commissions and other fees decreased $201 million in second quarter 2020, compared with the same period a year ago, due to lower asset-based fees and lower transactional revenue. Brokerage advisory, commissions and other fees increased $88 million in the first half of 2020, compared with the same period a year ago, due to higher asset-based fees. Asset-based fees include fees from advisory accounts that are based on a percentage of the market value of the assets as of the beginning of the quarter. All retail brokerage services are provided by our Wealth and Investment Management (WIM) operating segment. For additional information on retail
 
brokerage client assets, including asset composition, see the “Operating Segment Results – Wealth and Investment Management – Retail Brokerage Client Assets” section in this Report.
Trust and investment management fees decreased $108 million and $193 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by lower trust fees due to the sale of our Institutional Retirement and Trust (IRT) business in 2019.
Our assets under management (AUM) totaled $766.6 billion at June 30, 2020, compared with $682.0 billion at June 30, 2019. Substantially all of our AUM is managed by our WIM operating segment. Our assets under administration (AUA) totaled $1.7 trillion at June 30, 2020 and $1.8 trillion at June 30, 2019. Management believes that AUM and AUA are useful metrics because they allow investors and others to assess how changes in asset amounts may impact the generation of certain asset-based fees.
Our AUM and AUA included IRT client assets of $21 billion and $730 billion, respectively, at June 30, 2020, which we continue to administer at the direction of the buyer pursuant to a transition services agreement that will terminate no later than July 2021.
Additional information regarding our WIM operating segment AUM is provided in Table 4f and the related discussion in the “Operating Segment Results – Wealth and Investment

10
Earnings Performance (continued)




Management – Trust and Investment Client Assets Under Management” section in this Report.
Card fees decreased $228 million and $280 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in the second quarter and first half of 2020, compared with the same periods a year ago, was due to lower interchange fees driven by decreased purchase volume due to the impact of the COVID-19 pandemic, and higher fee waivers as part of our actions to support customers during the COVID-19 pandemic, partially offset by lower rewards costs.
Other fees decreased $222 million and $360 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by a decline in commission fees as a result of the sale of our commercial real estate brokerage business, Eastdil Secured (Eastdil), in fourth quarter 2019, and lower business payroll income due to the sale of our Business Payroll Services business in first quarter 2019. Additionally, we waived or reversed certain lending related charges or fees as part of our actions to support customers during the COVID-19 pandemic, which also negatively impacted other fees.
Mortgage banking noninterest income, consisting of net servicing income and net gains on mortgage loan origination/ sales activities, decreased $441 million and $770 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. For more information, see Note 11 (Mortgage Banking Activities) to Financial Statements in this Report.
Our portfolio of loans serviced for others was $1.6 trillion at both June 30, 2020, and December 31, 2019. At June 30, 2020, the ratio of combined residential and commercial mortgage servicing rights (MSRs) to related loans serviced for others was 0.52%, compared with 0.79% at December 31, 2019.
Net servicing income decreased $1.0 billion and $1.1 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in net servicing income in the second quarter and first half of 2020, compared with the same periods a year ago, was driven by MSR valuation losses, net of hedge results, reflecting higher expected servicing costs and updates to other valuation model assumptions affecting prepayment estimates that are independent of interest rate changes, such as changes in home prices and in customer credit profiles. The decrease in net servicing income in the second quarter and first half of 2020 also reflected continued prepayments and the impacts of customer accommodations associated with the COVID-19 pandemic. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in this Report for additional information regarding our MSRs risks and hedging approach.
Net gains on mortgage loan origination/sales activities increased $525 million and $289 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to higher residential real estate held for sale origination volumes and margins.
The production margin on residential held for sale mortgage loan originations, which represents net gains on residential mortgage loan origination/sales activities divided by total residential held for sale mortgage loan originations, provides a measure of the profitability of our residential mortgage origination activity. The increase in the production margin in the second quarter and first half of 2020, compared with the same periods a year ago, was due to higher margins in both our retail and correspondent production channels, as well as a shift to more
 
retail origination volume, which has a higher margin. Table 2a presents the information used in determining the production margin.

Table 2a Selected Mortgage Production Data
 
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
 
 
2020

2019

 
2020

2019

Net gains on mortgage loan origination/sales activities (in millions):
 
 
 
 
 
 
Residential
(A)
$
866

322

 
$
1,226

554

Commercial
 
83

83

 
106

130

Residential pipeline and unsold/repurchased loan management (1)
 
57

76

 
(218
)
141

Total
 
$
1,006

481

 
$
1,114

825

Application data (in billions):
 
 
 
 
 
 
Mortgage applications
 
$
84

90

 
192

154

First mortgage unclosed pipeline (2)
 
50

44

 
50

44

Residential real estate originations (in billions):
 
 
 
 
 
 
Held for sale
(B)
$
43

33

 
$
76

55

Held for investment
 
16

20

 
31

31

Total
 
$
59

53

 
$
107

86

Production margin on residential held for sale mortgage loan originations
(A)/(B)
2.04
%
0.98

 
1.61
%
1.01
%
(1)
Predominantly Includes the results of Government National Mortgage Association (GNMA) loss mitigation activities, interest rate management activities and changes in estimate to the liability for mortgage loan repurchase losses.
(2)
Balances presented are as of June 30, 2020 and 2019.
Net gains from trading activities, which reflect unrealized changes in fair value of our trading positions and realized gains and losses, increased $578 million and $285 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The increase in the second quarter and first half of 2020, compared with the same periods a year ago, reflected trading volatility created by the COVID-19 pandemic. The increase in second quarter 2020, compared with the same period a year ago, also reflected higher gains driven by market liquidity and improvements in the energy sector, as well as increased demand for interest rate products due to lower interest rates. The increase in the first half of 2020, compared with the same period a year ago, also reflected higher income driven by demand for interest rate products due to lower interest rates, as well as higher equities and credit trading volume, partially offset by lower income from wider credit spreads and lower trading volumes in asset-backed securities. Net gains from trading activities exclude interest and dividend income and expense on trading securities, which are reported within interest income from debt and equity securities and other interest income. For additional information about trading activities, see the “Risk Management – Asset/Liability Management – Market Risk-Trading Activities” section and Note 4 (Trading Activities) to Financial Statements in this Report.
Net gains from debt securities increased $192 million and $304 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, reflecting higher gains from the sale of agency mortgage-backed securities (MBS).
Net gains from equity securities decreased $89 million and $2.3 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven

11

by changes in the value of deferred compensation plan investments (largely offset in personnel expense) and higher unrealized losses. The decrease in the first half of 2020, compared with the same period a year ago, also included a $1.0 billion impairment on equity securities. Table 3a presents results for our deferred compensation plan and related investments.
Lease income decreased $90 million and $181 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by reductions in the size of the equipment leasing portfolio.
All other income decreased $736 million and $941 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. All other income includes insurance income, income or losses from equity method investments, including low-income housing tax credit
 
investments (excluding related tax credits recorded in income tax expense), foreign currency adjustments and related hedges of foreign currency risks, and certain economic hedges. The decrease in the second quarter and first half of 2020, compared with the same periods a year ago, was driven by higher income in the second quarter and first half of 2019 from gains on the sales of purchased credit-impaired (PCI) loans, as well as lower equity method investments income in the second quarter and first half of 2020, partially offset by gains on the sales of loans reclassified to held for sale in 2019 and sold in the second quarter and first half of 2020. The decrease in the first half of 2020, compared with the same period a year ago, also reflected a pre-tax gain on the sale of our Business Payroll Services business in first quarter 2019, partially offset by transition services fees in the first half of 2020 associated with the sale of our IRT business.
Noninterest Expense
Table 3: Noninterest Expense
 
Quarter ended June 30,
 
 
%

 
Six months ended June 30,
 
 
%

(in millions)
2020

 
2019

 
Change

 
2020

 
2019

 
Change

Personnel (1)
$
8,911

 
8,474

 
5
 %
 
$
17,225

 
17,682

 
(3
)%
Technology and equipment (1)
562

 
641

 
(12
)
 
1,268

 
1,335

 
(5
)
Occupancy (2)
871

 
719

 
21

 
1,586

 
1,436

 
10

Core deposit and other intangibles
22

 
27

 
(19
)
 
45

 
55

 
(18
)
FDIC and other deposit assessments
165

 
144

 
15

 
283

 
303

 
(7
)
Operating losses
1,219

 
247

 
394

 
1,683

 
485

 
247

Outside professional services
758

 
821

 
(8
)
 
1,485

 
1,499

 
(1
)
Contract services (1)
634

 
590

 
7

 
1,219

 
1,120

 
9

Leases (3)
244

 
311

 
(22
)
 
504

 
597

 
(16
)
Advertising and promotion
137

 
329

 
(58
)
 
318

 
566

 
(44
)
Outside data processing
142

 
175

 
(19
)
 
307

 
342

 
(10
)
Travel and entertainment
15

 
163

 
(91
)
 
108

 
310

 
(65
)
Postage, stationery and supplies
108

 
119

 
(9
)
 
237

 
241

 
(2
)
Telecommunications
110

 
93

 
18

 
202

 
184

 
10

Foreclosed assets
23

 
35

 
(34
)
 
52

 
72

 
(28
)
Insurance
25

 
25

 
—

 
50

 
50

 
—

All other
605

 
536

 
13

 
1,027

 
1,088

 
(6
)
Total
$
14,551

 
13,449

 
8

 
$
27,599

 
27,365

 
1

(1)
In second quarter 2020, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were reclassified from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
(2)Represents expenses for both leased and owned properties.
(3)
Represents expenses for assets we lease to customers.
Noninterest expense increased $1.1 billion and $234 million in the second quarter and first half of 2020, compared with the same periods a year ago, predominantly driven by higher operating losses and occupancy expense.
Personnel expense increased $437 million in second quarter 2020, compared with the same period a year ago, and decreased $457 million in the first half of 2020, compared with the same period a year ago. The increase in second quarter 2020, compared with the same period a year ago, was driven by higher deferred compensation expense (offset in net gains from equity securities), and higher salaries expense. The decrease in the first half of 2020, compared with the same period a year ago, was driven by lower deferred compensation expense (offset in net losses from equity securities), partially offset by an increase in salaries and employee benefits expense. The second quarter and first half of 2020 also reflected higher salaries driven by annual salary increases and higher staffing levels, as well as increased employee benefits and incentive compensation expense related to the COVID-19 pandemic, including additional payments for
 
certain customer-facing and support employees and back-up childcare services.
Table 3a presents results for our deferred compensation plan and related hedges. Historically, we used equity securities as economic hedges of our deferred compensation plan liabilities. Changes in the fair value of the equity securities used as economic hedges were recorded in net gains (losses) from equity securities within noninterest income. In second quarter 2020, we entered into arrangements to transition our economic hedges from equity securities to derivative instruments. Changes in fair value of derivatives used as economic hedges are presented within the same financial statement line as the related business activity being hedged. As a result of this transition, we presented the net gains/(losses) on derivatives from economic hedges on the deferred compensation plan liabilities in personnel expense. For additional information on the derivatives used in the economic hedges, see Note 15 (Derivatives) to Financial Statements in this Report.

12
Earnings Performance (continued)




Table 3a: Deferred Compensation and Related Hedges
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Net interest income
$
3

 
18

 
$
15

 
31

Net gains (losses) from equity securities
346

 
87

 
(275
)
 
432

Total revenue (losses) from deferred compensation plan investments
349

 
105

 
(260
)
 
463

Change in deferred compensation plan liabilities
490

 
114

 
(108
)
 
471

Net derivative (gains) losses from economic hedges of deferred compensation
(141
)
 
—

 
(141
)
 
—

Personnel expense
349

 
114

 
(249
)
 
471

Income (loss) before income tax expense
$
—

 
(9
)
 
$
(11
)
 
(8
)
Occupancy expense increased $152 million and $150 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to additional cleaning fees, supplies, and equipment expenses related to the COVID-19 pandemic.
Operating losses increased $1.0 billion and $1.2 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to higher litigation and customer remediation accruals. The increase in customer remediation accruals reflected expansions of the population of affected customers, remediation payments, and/or remediation time frames for a variety of matters.
Outside professional and contract services expense decreased $19 million in second quarter 2020, compared with the same period a year ago, and increased $85 million in the first half of 2020, compared with the same period a year ago. The decrease in second quarter 2020, compared with the same period a year ago, was due to lower legal expenses and reduced project spending. The increase in the first half of 2020, compared with the same period a year ago, was due to an increase in project spending, partially offset by lower legal expenses.
Advertising and promotion expense decreased $192 million and $248 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by decreases in marketing and brand campaign volumes due to the impact of the COVID-19 pandemic.
Travel and entertainment expense decreased $148 million and $202 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by a reduction in business travel and company events due to ongoing expense management initiatives, as well as the impact of the COVID-19 pandemic.
 
All other expense increased $69 million in second quarter 2020, compared with the same period a year ago, and decreased $61 million in the first half of 2020, compared with the same period a year ago. The increase in second quarter 2020, compared with the same period a year ago, was due to higher pension plan settlement expenses and lower gains on the extinguishment of debt, partially offset by a reduction in the insurance claims reserve and lower pension benefit plan expenses. The decrease in the first half of 2020, compared with the same period a year ago, was due to a reduction in the insurance claims reserve and lower pension benefit plan expenses, partially offset by higher pension plan settlement expenses.

Income Tax Expense
Income tax benefit was $3.9 billion and $3.8 billion in the second quarter and first half of 2020, respectively, compared with income tax expense of $1.3 billion and $2.2 billion in the same periods a year ago. The decrease in income tax expense to an income tax benefit in both the second quarter and first half of 2020, compared with the same periods a year ago, was driven by lower income. Our effective income tax rate was 62.2% and 68.5% for the second quarter and first half of 2020, respectively, compared with 17.3% and 15.3% for the same periods a year ago. The higher rate in second quarter 2020, compared with the same period a year ago, reflected the impact of annual income tax benefits, primarily tax credits, driven by the reported pre-tax loss, and included net discrete income tax benefits of $98 million predominantly related to the resolution of prior period U.S. federal income tax matters.

13

Operating Segment Results
As of June 30, 2020, we were organized for management reporting purposes into three operating segments: Community Banking; Wholesale Banking; and Wealth and Investment Management (WIM). These segments are defined by product type and customer segment and their results are based on our management reporting process. The management reporting process is based on U.S. GAAP with specific adjustments, such as for funds transfer pricing for asset/liability management, for shared revenues and expenses, and tax-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources. On February 11, 2020, we announced a new organizational structure with five principal lines of business: Consumer and Small Business Banking; Consumer Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. This new organizational structure is intended to help drive operating, control, and business performance. In July 2020, the Company completed the transition to this new organizational structure, including finalizing leadership for these principal business lines and aligning management reporting and allocation methodologies. These changes will not impact the consolidated financial results of the Company. Accordingly, we will update our operating segment disclosures, including comparative financial results, in third quarter 2020. Table 4 and the following discussion present our results by operating segment. For additional description of our operating segments, including additional financial information and the underlying management reporting process, see Note 22 (Operating Segments) to Financial Statements in this Report.
We perform a goodwill impairment assessment annually in the fourth quarter. However, in second quarter 2020, we performed another interim, quantitative impairment assessment of our goodwill given deteriorated macroeconomic conditions from the impact of the COVID-19 pandemic. These market conditions led to a sharp decline in share prices for Wells Fargo and other companies across many industries. As part of our interim assessment, we updated our assumptions used in both the income and market approaches for estimating fair values of our reporting units. The update to assumptions incorporated current market-based information such as price-earnings information and a regular update to our internal enterprise-wide
 
forecasts, which reflected lower interest rates and higher expected credit losses, as well as a weaker macroeconomic outlook.
Since our annual assessment, we have observed declines in the fair values of our reporting units and the amount of excess fair value over the carrying amount of our reporting units; however, we did not have evidence of goodwill impairment as of June 30, 2020. The fair value of each reporting unit exceeded its corresponding carrying amount by 18% or higher. The estimated fair value of our corporate and investment banking reporting unit, included within the Wholesale Banking operating segment, increased in second quarter 2020 as it reflected recent updates in price-earnings information used in our market approach valuations. The increase in fair value resulted in significant excess fair value over the carrying amount for the reporting unit compared with the prior quarter.
The aggregate fair value of our reporting units exceeded our market capitalization as of June 30, 2020. Our individual reporting unit fair values cannot be directly correlated to the Company’s market capitalization. However, we considered several factors in the comparison of aggregate fair value to market capitalization, including (i) control premiums adjusted for the current market environment, which include synergies that may not be reflected in current market pricing, (ii) degree of complexity and execution risk at the reporting unit level compared with the enterprise level, and (iii) issues or risks related to the Company level that may not be included in the fair value of the individual reporting units. Given the uncertainty of the severity or length of the current economic downturn, we will continue to monitor our performance against our internal forecasts as well as market conditions for circumstances that could have a further negative effect on the estimated fair values of our reporting units.
In connection with the planned change to our operating segment disclosures, we will realign our goodwill to the reporting units that underlie our operating segments, which could impact the results of our goodwill impairment assessment. We will reassess goodwill for impairment at the time of the realignment. For additional information about goodwill, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K.
Table 4: Operating Segment Results – Highlights
(income/expense in millions,
 
Community
Banking 
 
 
Wholesale
Banking
 
 
Wealth and
Investment Management
 
 
Other (1)
 
 
Consolidated
Company
 
balance sheet data in billions)
 
2020

 
2019

 
2020

 
2019

 
2020

 
2019

 
2020

 
2019

 
2020

 
2019

Quarter ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
8,766

 
11,805

 
6,563

 
7,065

 
3,660

 
4,050

 
(1,153
)
 
(1,336
)
 
17,836

 
21,584

Provision (reversal of provision) for credit losses
 
3,378

 
479

 
6,028

 
28

 
257

 
(1
)
 
(129
)
 
(3
)
 
9,534

 
503

Net income (loss)
 
(331
)
 
3,147

 
(2,143
)
 
2,789

 
180

 
602

 
(85
)
 
(332
)
 
(2,379
)
 
6,206

Average loans
 
$
449.3

 
457.7

 
504.3

 
474.0

 
78.7

 
75.0

 
(61.0
)
 
(59.2
)
 
971.3

 
947.5

Average deposits
 
848.5

 
777.6

 
441.2

 
410.4

 
171.8

 
143.5

 
(74.8
)
 
(62.5
)
 
1,386.7

 
1,269.0

Goodwill
 
16.7

 
16.7

 
8.4

 
8.4

 
1.3

 
1.3

 
—

 
—

 
26.4

 
26.4

Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
$
18,262

 
23,555

 
12,380

 
14,176

 
7,375

 
8,129

 
(2,464
)
 
(2,667
)
 
35,553

 
43,193

Provision (reversal of provision) for credit losses
 
5,096

 
1,189

 
8,316

 
162

 
265

 
3

 
(138
)
 
(6
)
 
13,539

 
1,348

Net income (loss)
 
(176
)
 
5,970

 
(1,832
)
 
5,559

 
643

 
1,179

 
(361
)
 
(642
)
 
(1,726
)
 
12,066

Average loans
 
$
456.0

 
457.9

 
494.4

 
475.2

 
78.6

 
74.7

 
(60.8
)
 
(59.1
)
 
968.2

 
948.7

Average deposits
 
823.5

 
771.6

 
448.9

 
410.1

 
161.6

 
148.3

 
(71.7
)
 
(64.5
)
 
1,362.3

 
1,265.5

Goodwill
 
16.7

 
16.7

 
8.4

 
8.4

 
1.3

 
1.3

 
—

 
—

 
26.4

 
26.4

(1)
Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for WIM customers served through Community Banking distribution channels.

14
Earnings Performance (continued)




Community Banking offers a complete line of diversified financial products and services for consumers and small businesses with annual sales generally up to $5 million in which the owner generally is the financial decision maker. These financial products and services include checking and savings accounts, credit and debit cards, automobile, student, mortgage, home equity and small business lending, as well as referrals to Wholesale Banking
 
and WIM business partners. The Community Banking segment also includes the results of our Corporate Treasury activities net of allocations (including funds transfer pricing, capital, liquidity and certain corporate expenses) in support of other segments and results of investments in our affiliated venture capital and private equity partnerships. Table 4a provides additional financial information for Community Banking.
Table 4a: Community Banking
 
Quarter ended June 30,
 
 
 
 
Six months ended June 30,
 
 
 
(in millions, except average balances which are in billions)
2020

 
2019

 
% Change
 
2020

 
2019

 
% Change

Net interest income
$
5,699

 
7,066

 
(19
)%
 
$
12,486

 
14,314

 
(13
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
419

 
704

 
(40
)
 
1,119

 
1,314

 
(15
)
Trust and investment fees:
 
 
 
 
 
 
 
 
 
 

Brokerage advisory, commissions and other fees (1)
433

 
480

 
(10
)
 
951

 
929

 
2

Trust and investment management (1)
174

 
199

 
(13
)
 
368

 
409

 
(10
)
Investment banking (2)
(67
)
 
(18
)
 
NM

 
(166
)
 
(38
)
 
NM

Total trust and investment fees
540

 
661

 
(18
)
 
1,153

 
1,300

 
(11
)
Card fees
732

 
929

 
(21
)
 
1,541

 
1,787

 
(14
)
Other fees
247

 
335

 
(26
)
 
532

 
667

 
(20
)
Mortgage banking
253

 
655

 
(61
)
 
593

 
1,296

 
(54
)
Net gains (losses) from trading activities
6

 
(11
)
 
155

 
35

 
(6
)
 
683

Net gains on debt securities
123

 
15

 
720

 
317

 
52

 
510

Net gains (losses) from equity securities (3)
388

 
471

 
(18
)
 
(640
)
 
1,072

 
NM

Other (4)
359

 
980

 
(63
)
 
1,126

 
1,759

 
(36
)
Total noninterest income
3,067

 
4,739

 
(35
)
 
5,776

 
9,241

 
(37
)
 
 
 
 
 
 
 
 
 
 
 

Total revenue
8,766

 
11,805

 
(26
)
 
18,262

 
23,555

 
(22
)
 
 
 
 
 
 
 
 
 
 
 

Provision for credit losses
3,378

 
479

 
605

 
5,096

 
1,189

 
329

Noninterest expense:
 
 
 
 
 
 
 
 
 
 

Personnel
5,992

 
5,436

 
10

 
11,447

 
11,417

 
—

Technology and equipment (4)
648

 
614

 
6

 
1,335

 
1,283

 
4

Occupancy
685

 
542

 
26

 
1,214

 
1,084

 
12

Core deposit and other intangibles
—

 
—

 
—

 
1

 
1

 
—

FDIC and other deposit assessments
112

 
94

 
19

 
180

 
200

 
(10
)
Outside professional services
460

 
387

 
19

 
902

 
703

 
28

Operating losses
1,037

 
197

 
426

 
1,491

 
416

 
258

Other (4)
(588
)
 
(58
)
 
NM

 
(1,108
)
 
(203
)
 
NM

Total noninterest expense
8,346

 
7,212

 
16

 
15,462

 
14,901

 
4

Income (loss) before income tax expense and noncontrolling interests
(2,958
)
 
4,114

 
NM

 
(2,296
)
 
7,465

 
NM

Income tax expense (benefit)
(2,666
)
 
838

 
NM

 
(2,022
)
 
1,262

 
NM

Less: Net income (loss) from noncontrolling interests (5)
39

 
129

 
(70
)
 
(98
)
 
233

 
NM

Net income (loss)
$
(331
)
 
3,147

 
NM

 
$
(176
)
 
5,970

 
NM

Average loans
$
449.3

 
457.7

 
(2
)
 
$
456.0

 
457.9

 
—

Average deposits
848.5

 
777.6

 
9

 
823.5

 
771.6

 
7

NM – Not meaningful
(1)
Represents income on products and services for WIM customers served through Community Banking distribution channels which is eliminated in consolidation.
(2)
Includes underwriting fees paid to Wells Fargo Securities for services related to the issuance of our corporate securities which are offset in our Wholesale Banking segment and eliminated in consolidation.
(3)
Primarily represents gains resulting from venture capital investments.
(4)
In second quarter 2020, insurance income was reclassified to other noninterest income, and expenses for cloud computing services were reclassified from contract services expense (within other noninterest expense) to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
(5)
Reflects results attributable to noncontrolling interests predominantly associated with the Company’s consolidated venture capital investments.
Community Banking reported a net loss of $331 million in second quarter 2020, compared with net income of $3.1 billion in the same period a year ago, and reported a net loss of $176 million in the first half of 2020, compared with net income of $6.0 billion in the same period a year ago.
Revenue decreased $3.0 billion and $5.3 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in the second quarter and first half of 2020, compared with the same periods a year ago, was driven by lower net interest income reflecting the lower interest rate environment and lower noninterest income reflecting lower fees from reduced consumer spending and transaction activity due to the impact of the COVID-19 pandemic, partially offset by higher net gains on debt securities. The decrease in the first half of 2020, compared with the same period a year ago, also reflected net losses on equity securities (including lower deferred compensation plan investment results,
 
which were largely offset in personnel expense).
The provision for credit losses increased $2.9 billion and $3.9 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to increases in the allowance for credit losses reflecting current and forecasted economic conditions due to the impact of the COVID-19 pandemic.
Noninterest expense increased $1.1 billion and $561 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The increase in the second quarter and first half of 2020, compared with the same periods a year ago, was due to higher operating losses, occupancy expense, outside professional services expense, and technology and equipment expense, partially offset by lower other expenses. The increase in second quarter 2020, compared with the same period a year ago, also reflected higher personnel expense.

15

Average loans decreased $8.4 billion and $1.9 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in second quarter 2020, compared with the same period a year ago, was driven by lower real estate 1-4 family first mortgage loans and lower junior lien mortgage loans, partially offset by higher commercial loans. The decrease in the first half of 2020, compared with the same period a year ago, was due to lower junior lien mortgage loans, partially offset by higher automobile loans.
Average deposits increased $70.9 billion and $51.9 billion, in the second quarter and first half of 2020, respectively, compared
 
with the same periods a year ago, driven by customers’ preferences for liquidity due to the COVID-19 pandemic.

Wholesale Banking provides financial solutions to businesses with annual sales generally in excess of $5 million and to financial institutions globally. Products and businesses include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Credit Investment Portfolio, Treasury Management, and Commercial Capital. Table 4b provides additional financial information for Wholesale Banking.
Table 4b: Wholesale Banking
 
Quarter ended June 30,
 
 
 
 
Six months ended June 30,
 
 
 
(in millions, except average balances which are in billions)
2020

 
2019

 
% Change
 
2020

 
2019

 
% Change

Net interest income
$
3,891

 
4,535

 
(14
)%
 
$
8,027

 
9,069

 
(11
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
511

 
502

 
2

 
1,019

 
985

 
3

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 

Brokerage advisory, commissions and other fees
79

 
74

 
7

 
169

 
152

 
11

Trust and investment management
130

 
117

 
11

 
261

 
231

 
13

Investment banking
614

 
475

 
29

 
1,104

 
887

 
24

Total trust and investment fees
823

 
666

 
24

 
1,534

 
1,270

 
21

Card fees
65

 
95

 
(32
)
 
148

 
181

 
(18
)
Other fees
330

 
464

 
(29
)
 
676

 
901

 
(25
)
Mortgage banking
65

 
104

 
(38
)
 
105

 
172

 
(39
)
Net gains from trading activities
794

 
226

 
251

 
835

 
559

 
49

Net gains on debt securities
89

 
5

 
NM

 
132

 
93

 
42

Net gains (losses) from equity securities
(16
)
 
116

 
NM

 
(111
)
 
193

 
NM

Other (1)
11

 
352

 
(97
)
 
15

 
753

 
(98
)
Total noninterest income
2,672

 
2,530

 
6

 
4,353

 
5,107

 
(15
)
 
 
 
 
 
 
 
 
 
 
 

Total revenue
6,563

 
7,065

 
(7
)
 
12,380

 
14,176

 
(13
)
 
 
 
 
 
 
 
 
 
 
 

Provision for credit losses
6,028

 
28

 
NM

 
8,316

 
162

 
NM

Noninterest expense:
 
 
 
 
 
 
 
 
 
 

Personnel
1,311

 
1,384

 
(5
)
 
2,694

 
2,894

 
(7
)
Technology and equipment (1)
8

 
13

 
(38
)
 
19

 
26

 
(27
)
Occupancy
106

 
96

 
10

 
210

 
191

 
10

Core deposit and other intangibles
19

 
23

 
(17
)
 
38

 
47

 
(19
)
FDIC and other deposit assessments
45

 
44

 
2

 
89

 
89

 
—

Outside professional services
124

 
231

 
(46
)
 
225

 
415

 
(46
)
Operating losses
173

 
10

 
NM

 
177

 
11

 
NM

Other (1)
2,177

 
2,081

 
5

 
4,274

 
4,047

 
6

Total noninterest expense
3,963

 
3,882

 
2

 
7,726

 
7,720

 
—

Income (loss) before income tax expense (benefit) and noncontrolling interests
(3,428
)
 
3,155

 
NM

 
(3,662
)
 
6,294

 
NM

Income tax expense (benefit) (2)
(1,286
)
 
365

 
NM

 
(1,832
)
 
734

 
NM

Less: Net income from noncontrolling interests
1

 
1

 
—

 
2

 
1

 
100

Net income (loss)
$
(2,143
)
 
2,789

 
NM

 
$
(1,832
)
 
5,559

 
NM
Average loans
$
504.3

 
474.0

 
6

 
$
494.4

 
475.2

 
4

Average deposits
441.2

 
410.4

 
8

 
448.9

 
410.1

 
9

NM – Not meaningful
(1)
In second quarter 2020, insurance income was reclassified to other noninterest income, and expenses for cloud computing services were reclassified from contract services expense (within other noninterest expense) to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
(2)
Income tax expense for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $465 million and $956 million for the second quarter and first half of 2020, respectively, and $423 million and $850 million for the second quarter and first half of 2019, respectively.
Wholesale Banking reported a net loss of $2.1 billion in second quarter 2020, compared with net income of $2.8 billion in the same period a year ago, and reported a net loss of $1.8 billion in the first half of 2020, compared with net income of $5.6 billion in the same period a year ago.
Net interest income decreased $644 million and $1.0 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by the impact of the lower interest rate environment, partially offset by higher average deposit balances and higher average loan balances.
Noninterest income increased $142 million in second quarter 2020, compared with the same period a year ago, due to increased market sensitive revenue (represents net gains (losses) from trading activities, debt securities, and equity securities) and
 
investment banking fees, partially offset by lower other noninterest income including lower lease income, and lower commercial real estate brokerage fees within other fees related to our sale of Eastdil in fourth quarter 2019. Noninterest income decreased $754 million in the first half of 2020, compared with the same period a year ago, due to lower other income from higher amortization on renewable energy and community lending investments and lower lease income, lower other fees related to our sale of Eastdil, and lower mortgage banking fees, partially offset by higher investment banking fees.
The provision for credit losses increased $6.0 billion and $8.2 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, due to increases in the allowance for credit losses reflecting current and

16
Earnings Performance (continued)




forecasted economic conditions due to the impact of the COVID-19 pandemic and higher charge-offs in the oil and gas and commercial real estate portfolios.
Noninterest expense increased $81 million and $6 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The increase in second quarter 2020, compared with the same period a year ago, was driven by higher operating losses primarily due to litigation accruals, partially offset by lower personnel expense. The increase in the first half of 2020, compared with the same period a year ago, was due to higher operating losses and increased regulatory and risk related expense within other noninterest expense, partially offset by lower personnel expense, and lower lease and travel expenses within other noninterest expense, as well as the impact of the sale of Eastdil in fourth quarter 2019.
Average loans increased $30.3 billion and $19.2 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, reflecting broad-based growth across the lines of businesses driven by draws of revolving lines due to the economic slowdown associated with the COVID-19 pandemic.
 
Average deposits increased $30.8 billion and $38.8 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, reflecting customers’ preferences for liquidity due to the COVID-19 pandemic.

Wealth and Investment Management provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S.-based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve clients’ brokerage needs and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds. The sale of our IRT business closed on July 1, 2019. For additional information on the sale of our IRT business, including its impact on our AUM and AUA, see the “Earnings Performance – Noninterest Income” section in this Report.
Table 4c provides additional financial information for WIM.

Table 4c: Wealth and Investment Management
 
Quarter ended June 30,
 
 
 
 
Six months ended June 30,
 
 
 
(in millions, except average balances which are in billions)
2020

 
2019

 
% Change
 
2020

 
2019

 
% Change

Net interest income
$
736

 
1,037

 
(29
)%
 
$
1,603

 
2,138

 
(25
)%
Noninterest income:
 
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
4

 
4

 
—

 
9

 
8

 
13

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
2,039

 
2,248

 
(9
)
 
4,436

 
4,372

 
1

Trust and investment management
568

 
687

 
(17
)
 
1,150

 
1,363

 
(16
)
Investment banking
1

 
(1
)
 
200

 
2

 
4

 
(50
)
Total trust and investment fees
2,608

 
2,934

 
(11
)
 
5,588

 
5,739

 
(3
)
Card fees
1

 
2

 
(50
)
 
2

 
3

 
(33
)
Other fees
4

 
4

 
—

 
8

 
8

 
—

Mortgage banking
(3
)
 
(3
)
 
—

 
(6
)
 
(6
)
 
—

Net gains (losses) from trading activities
6

 
13

 
(54
)
 
(1
)
 
32

 
NM

Net gains on debt securities
—

 
—

 
—

 
—

 
—

 
—

Net gains (losses) from equity securities
161

 
35

 
360

 
(117
)
 
171

 
NM

Other (1)
143

 
24

 
496

 
289

 
36

 
703

Total noninterest income
2,924

 
3,013

 
(3
)
 
5,772

 
5,991

 
(4
)
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
3,660

 
4,050

 
(10
)
 
7,375

 
8,129

 
(9
)
 
 
 
 
 
 
 
 
 
 
 
 
Provision (reversal of provision) for credit losses
257

 
(1
)
 
NM

 
265

 
3

 
NM

Noninterest expense:
 
 
 
 
 
 
 
 
 
 
 
Personnel
2,021

 
2,112

 
(4
)
 
3,971

 
4,309

 
(8
)
Technology and equipment (1)
(94
)
 
15

 
NM

 
(86
)
 
27

 
NM

Occupancy
111

 
112

 
(1
)
 
224

 
224

 
—

Core deposit and other intangibles
3

 
4

 
(25
)
 
6

 
7

 
(14
)
FDIC and other deposit assessments
14

 
12

 
17

 
26

 
26

 
—

Outside professional services
182

 
210

 
(13
)
 
373

 
394

 
(5
)
Operating losses
15

 
43

 
(65
)
 
24

 
64

 
(63
)
Other (1)
901

 
738

 
22

 
1,718

 
1,498

 
15

Total noninterest expense
3,153

 
3,246

 
(3
)
 
6,256

 
6,549

 
(4
)
Income before income tax expense and noncontrolling interests
250

 
805

 
(69
)
 
854

 
1,577

 
(46
)
Income tax expense
63

 
201

 
(69
)
 
216

 
393

 
(45
)
Less: Net income (loss) from noncontrolling interests
7

 
2

 
250

 
(5
)
 
5

 
NM

Net income
$
180

 
602

 
(70
)
 
$
643

 
1,179

 
(45
)
Average loans
$
78.7

 
75.0

 
5

 
$
78.6

 
74.7

 
5

Average deposits
171.8

 
143.5

 
20

 
161.6

 
148.3

 
9

NM – Not meaningful
(1)
In second quarter 2020, insurance income was reclassified to other noninterest income, and expenses for cloud computing services were reclassified from contract services expense (within other noninterest expense) to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
WIM net income decreased $422 million and $536 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago.
Net interest income decreased $301 million and $535 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by lower
 
interest rates, partially offset by higher average deposit balances and higher average loan balances.
Noninterest income decreased $89 million and $219 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in second quarter 2020, compared with the same period a year ago,

17

was driven by lower asset-based fees and lower brokerage transaction revenue, partially offset by net gains from equity securities driven by an increase in deferred compensation plan investment results (largely offset by lower personnel expense). The decrease in the first half of 2020, compared with the same period a year ago, was driven by net losses from equity securities driven by a decline in deferred compensation plan investment results (largely offset by lower personnel expense) and lower trust and investment management income, partially offset by higher retail brokerage advisory fees (priced at the beginning of the quarter).
The provision for credit losses increased $258 million and $262 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by current and forecasted economic conditions due to the impact of the COVID-19 pandemic.
Noninterest expense decreased $93 million and $293 million in the second quarter and first half of 2020, respectively, compared with the same periods a year ago. The decrease in second quarter 2020, compared with the same period a year ago, was driven by lower personnel expense from lower commissions and other incentive compensation, and lower technology and equipment expense related to the reversal of an accrual for software costs, partially offset by higher project spending on regulatory and compliance related initiatives included within other noninterest expense and higher deferred compensation plan expense within personnel expense (largely offset by net gains from equity securities). The decrease in the first half of 2020, compared with the same period a year ago, was due to lower personnel expense driven by lower deferred compensation plan expense (largely offset by net losses from equity securities) and incentive compensation, and lower technology and equipment expense related to the reversal of an accrual for software costs, partially offset by higher project spending on
 
regulatory and compliance related initiatives included within other noninterest expense and higher broker commissions within personnel expense.
Average loans increased $3.7 billion and $3.9 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, driven by growth in real estate 1-4 first mortgage loans.
Average deposits increased $28.3 billion and $13.3 billion in the second quarter and first half of 2020, respectively, compared with the same periods a year ago, primarily due to growth in brokerage clients’ cash balances.
The following discussions provide additional information for client assets we oversee in our retail brokerage advisory and trust and investment management business lines.

Retail Brokerage Client Assets Brokerage advisory, commissions and other fees are received for providing full-service and discount brokerage services predominantly to retail brokerage clients. Offering advisory account relationships to our brokerage clients is an important component of our broader strategy of meeting their financial needs. Although a majority of our retail brokerage client assets are in accounts that earn brokerage commissions, the fees from those accounts generally represent transactional commissions based on the number and size of transactions executed at the client’s direction. Fees from advisory accounts are based on a percentage of the market value of the assets as of the beginning of the quarter, which vary across the account types based on the distinct services provided, and are affected by investment performance as well as asset inflows and outflows. A majority of our brokerage advisory, commissions and other fee income is earned from advisory accounts. Table 4d shows advisory account client assets as a percentage of total retail brokerage client assets at June 30, 2020 and 2019.
Table 4d: Retail Brokerage Client Assets
 
June 30,
 
($ in billions)
2020

 
2019

Retail brokerage client assets
$
1,561.2

 
1,620.5

Advisory account client assets
569.4

 
561.3

Advisory account client assets as a percentage of total client assets
36
%
 
35

Retail Brokerage advisory accounts include assets that are financial advisor-directed and separately managed by third-party managers, as well as certain client-directed brokerage assets where we earn a fee for advisory and other services, but do not have investment discretion. For second quarter 2020 and 2019, the average fee rate by account type ranged from 80 to 120 basis points. Table 4e presents retail brokerage advisory account client assets activity by account type for the second quarter and first half of 2020 and 2019.

18
Earnings Performance (continued)




Table 4e: Retail Brokerage Advisory Account Client Assets
 
Quarter ended
 
 
Six months ended
 
(in billions)
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

 
Balance,
beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance,
end of period

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Client directed (4)
$
142.7

7.3

(7.8
)
20.0

162.2

 
$
169.4

17.4

(17.4
)
(7.2
)
162.2

Financial advisor directed (5)
152.4

8.4

(6.6
)
22.6

176.8

 
176.3

19.1

(15.2
)
(3.4
)
176.8

Separate accounts (6)
134.2

5.0

(5.8
)
18.1

151.5

 
160.1

11.8

(14.3
)
(6.1
)
151.5

Mutual fund advisory (7)
69.5

2.2

(2.7
)
9.9

78.9

 
83.7

5.4

(7.2
)
(3.0
)
78.9

Total advisory client assets
$
498.8

22.9

(22.9
)
70.6

569.4

 
$
589.5

53.7

(54.1
)
(19.7
)
569.4

June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Client directed (4)
$
163.6

8.6

(9.7
)
3.7

166.2

 
$
151.5

16.5

(19.0
)
17.2

166.2

Financial advisor directed (5)
156.9

8.6

(8.7
)
6.4

163.2

 
141.9

16.1

(16.4
)
21.6

163.2

Separate accounts (6)
148.3

6.2

(8.0
)
5.4

151.9

 
136.4

11.8

(14.9
)
18.6

151.9

Mutual fund advisory (7)
77.9

2.9

(3.5
)
2.7

80.0

 
71.3

5.7

(6.7
)
9.7

80.0

Total advisory client assets
$
546.7

26.3

(29.9
)
18.2

561.3

 
$
501.1

50.1

(57.0
)
67.1

561.3

(1)
Inflows include new advisory account assets, contributions, dividends and interest.
(2)
Outflows include closed advisory account assets, withdrawals, and client management fees.
(3)
Market impact reflects gains and losses on portfolio investments.
(4)
Investment advice and other services are provided to client, but decisions are made by the client and the fees earned are based on a percentage of the advisory account assets, not the number and size of transactions executed by the client.
(5)
Professionally managed portfolios with fees earned based on respective strategies and as a percentage of certain client assets.
(6)
Professional advisory portfolios managed by Wells Fargo Asset Management or third-party asset managers. Fees are earned based on a percentage of certain client assets.
(7)
Program with portfolios constructed of load-waived, no-load and institutional share class mutual funds. Fees are earned based on a percentage of certain client assets.
Trust and Investment Client Assets Under Management We earn trust and investment management fees from managing and administering assets, including mutual funds, separate accounts, and personal trust assets, through our asset management and wealth businesses. Prior to the sale of our IRT business, which closed on July 1, 2019, we also earned fees from managing employee benefit trusts through the retirement business. Our asset management business is conducted by Wells Fargo Asset Management (WFAM), which offers Wells Fargo proprietary mutual funds and manages institutional separate accounts, and
 
our wealth business, which manages assets for high net worth clients. Generally, our trust and investment management fee income is earned from AUM where we have discretionary management authority over the investments and generate fees as a percentage of the market value of the AUM. For additional information on the sale of our IRT business, including its impact on our AUM and AUA, see the “Earnings Performance – Noninterest Income” section in this Report. Table 4f presents AUM activity for the second quarter and first half of 2020 and 2019.
Table 4f: WIM Trust and Investment – Assets Under Management
 
Quarter ended
 

Six months ended
 
(in billions)
Balance, beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance, end of period

 
Balance,
beginning of period

Inflows (1)

Outflows (2)

Market impact (3)

Balance,
end of period

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Assets managed by WFAM (4):
 
 
 
 


 
 
 
 
 
 
Money market funds (5)
$
166.2

35.7

—

—

201.9

 
$
130.6

71.3

—

—

201.9

Other assets managed
351.6

26.9

(26.5
)
24.4

376.4

 
378.2

53.1

(55.1
)
0.2

376.4

Assets managed by Wealth and IRT (6)
162.8

8.5

(10.6
)
15.8

176.5

 
187.4

16.3

(21.2
)
(6.0
)
176.5

Total assets under management
$
680.6

71.1

(37.1
)
40.2

754.8

 
$
696.2

140.7

(76.3
)
(5.8
)
754.8

June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Assets managed by WFAM (4):

 

 

 
 
 
 
 
 
Money market funds (5)
$
109.5

10.3

—

—

119.8

 
$
112.4

7.4

—

—

119.8

Other assets managed
367.0

22.2

(23.0
)
9.1

375.3

 
353.5

41.5

(44.9
)
25.2

375.3

Assets managed by Wealth and IRT (6)
181.4

8.2

(11.2
)
3.5

181.9

 
170.7

17.4

(21.6
)
15.4

181.9

Total assets under management
$
657.9

40.7

(34.2
)
12.6

677.0

 
$
636.6

66.3

(66.5
)
40.6

677.0

(1)
Inflows include new managed account assets, contributions, dividends and interest.
(2)
Outflows include closed managed account assets, withdrawals and client management fees.
(3)
Market impact reflects gains and losses on portfolio investments.
(4)
Assets managed by WFAM consist of equity, alternative, balanced, fixed income, money market, and stable value, and include client assets that are managed or sub-advised on behalf of other Wells Fargo lines of business.
(5)
Money Market funds activity is presented on a net inflow or net outflow basis, because the gross flows are not meaningful nor used by management as an indicator of performance.
(6)
Includes $5.0 billion and $4.5 billion as of June 30, 2020 and 2019, respectively, of client assets invested in proprietary funds managed by WFAM.


19

Balance Sheet Analysis 
At June 30, 2020, our assets totaled $1.97 trillion, up $41.2 billion from December 31, 2019. Asset growth reflected an increase in cash, cash equivalents and restricted cash of $121.3 billion, partially offset by declines in debt securities and loans of $24.5 billion and $27.1 billion, respectively, as well as a $22.9 billion decrease in federal funds sold and securities purchased under resale agreements and a $15.7 billion decrease in equity securities.
 
The following discussion provides additional information about the major components of our balance sheet. Information regarding our capital and changes in our asset mix is included in the “Earnings Performance – Net Interest Income” and “Capital Management” sections and Note 23 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report.

Available-for-Sale and Held-to-Maturity Debt Securities
Table 5: Available-for-Sale and Held-to-Maturity Debt Securities
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Amortized
cost, net (1)

 
Net
 unrealized
gain (loss)

 
Fair value

 
Amortized cost

 
Net
unrealized
gain (loss)

 
Fair value

Available-for-sale (2)
224,467

 
4,432

 
228,899

 
260,060

 
3,399

 
263,459

Held-to-maturity (3)
169,002

 
7,880

 
176,882

 
153,933

 
2,927

 
156,860

Total
$
393,469

 
12,312

 
405,781

 
413,993

 
6,326

 
420,319

(1)
Represents amortized cost of the securities, net of the allowance for credit losses, of $114 million related to available-for-sale debt securities and $20 million related to held-to-maturity debt securities at June 30, 2020. The allowance for credit losses related to available-for-sale and held-to-maturity debt securities was $0 at December 31, 2019, due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
Available-for-sale debt securities are carried on the balance sheet at fair value, which includes the allowance for credit losses, subsequent to the adoption of CECL on January 1, 2020.
(3)
Held-to-maturity debt securities are carried on the balance sheet at amortized cost, net of allowance for credit losses, subsequent to the adoption of CECL on January 1, 2020.
Table 5 presents a summary of our available-for-sale and held-to-maturity debt securities, which decreased $19.5 billion in balance sheet carrying value from December 31, 2019, as purchases were more than offset by runoff and sales.
The total net unrealized gains on available-for-sale debt securities were $4.4 billion at June 30, 2020, up from net unrealized gains of $3.4 billion at December 31, 2019, driven by lower interest rates, partially offset by wider credit spreads. For a discussion of our investment management objectives and practices, see the “Balance Sheet Analysis” section in our 2019 Form 10-K. Also, see the “Risk Management – Asset/Liability Management” section in this Report for information on our use of investments to manage liquidity and interest rate risk.
After adoption of CECL, we recorded an allowance for credit losses on available-for-sale and held-to-maturity debt securities. Total provision/(reversal of provision) for credit losses on debt securities was $(31) million and $141 million in the second quarter and first half of 2020. For a discussion of our accounting policies relating to the allowance for credit losses on debt securities and underlying considerations and analysis, see Note 1 (Summary of Significant Accounting Policies) and Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report.
At June 30, 2020, debt securities included $47.3 billion of municipal bonds, of which 97.7% were rated “A-” or better based predominantly on external ratings. Additionally, some of the debt securities in our total municipal bond portfolio are guaranteed against loss by bond insurers. These guaranteed bonds are predominantly investment grade and were generally underwritten in accordance with our own investment standards prior to the determination to purchase, without relying on the bond insurer’s guarantee in making the investment decision. The credit quality of our municipal bond holdings are monitored as part of our ongoing evaluation of the appropriateness of the allowance for credit losses on debt securities.
The weighted-average expected maturity of debt securities available-for-sale was 4.3 years at June 30, 2020. The expected
 
remaining maturity is shorter than the remaining contractual maturity for the 65% of this portfolio that is mortgage-backed securities (MBS) because borrowers generally have the right to prepay obligations before the underlying mortgages mature. The estimated effects of a 200 basis point increase or decrease in interest rates on the fair value and the expected remaining maturity of the MBS available-for-sale portfolio are shown in Table 6.
Table 6: Mortgage-Backed Securities Available-for-Sale
(in billions)
Fair value

 
Net unrealized gain (loss)

 
Expected remaining maturity
(in years)
At June 30, 2020
 
 
 
 
 
Actual
$
148.9

 
5.4

 
3.6
Assuming a 200 basis point:
 
 
 
 
 
Increase in interest rates
136.0

 
(7.5
)
 
5.5
Decrease in interest rates
151.5

 
8.0

 
3.2
The weighted-average expected remaining maturity of debt securities held-to-maturity (HTM) was 4.4 years at June 30, 2020. HTM debt securities are measured at amortized cost and, therefore, changes in the fair value of our held-to-maturity MBS resulting from changes in interest rates are not recognized in earnings. See Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report for a summary of debt securities by security type.
Loan Portfolios
Table 7 provides a summary of total outstanding loans by portfolio segment. Total loans decreased $27.1 billion from December 31, 2019, predominantly due to a decrease in consumer loans.
Commercial loans decreased $2.5 billion from December 31, 2019, driven by paydowns of commercial and industrial loans

20
Balance Sheet Analysis (continued)

following increased loan draws in first quarter 2020, partially offset by growth in commercial real estate loans driven by new originations and construction loan fundings.
Consumer loans decreased $24.6 billion from December 31,
 
2019, due to paydowns exceeding originations. Also, in second quarter 2020, we designated $10.4 billion of real estate 1-4 family first lien mortgage loans as MLHFS.
Table 7: Loan Portfolios
(in millions)
June 30, 2020

 
December 31, 2019

Commercial
$
513,187

 
515,719

Consumer
421,968

 
446,546

Total loans
$
935,155

 
962,265

Change from prior year-end
$
(27,110
)
 
9,155


Average loan balances and a comparative detail of average loan balances is included in Table 1 under “Earnings Performance – Net Interest Income” earlier in this Report. Additional information on total loans outstanding by portfolio segment and class of financing receivable is included in the “Risk Management – Credit Risk Management” section in this Report. Period-end balances and other loan related information are in Note 6 (Loans
 
and Related Allowance for Credit Losses) to Financial Statements in this Report. 
See the “Balance Sheet Analysis – Loan Portfolios” section in our 2019 Form 10-K for information regarding contractual loan maturities and the distribution of loans to changes in interest rates.

Deposits
Deposits were $1.4 trillion at June 30, 2020, up $88.1 billion from December 31, 2019, reflecting strong growth across our deposit gathering businesses driven by impacts from the COVID-19 pandemic including customers’ preferences for liquidity, loan payment deferrals, tax payment deferrals, stimulus checks, and lower consumer spending. The increase in deposits was partially offset by actions taken to manage to the asset cap resulting in
 
declines in other time deposits driven by lower brokered certificates of deposit (CDs) and declines in deposits in non-U.S. offices.
Table 8 provides additional information regarding deposits. Information regarding the impact of deposits on net interest income and a comparison of average deposit balances is provided in the “Earnings Performance – Net Interest Income” section and Table 1 earlier in this Report. 
Table 8: Deposits
($ in millions) 
Jun 30,
2020

 
% of
total
deposits

 
Dec 31,
2019

 
% of
total
deposits

 

% Change

Noninterest-bearing
$
432,857

 
31
%
 
$
344,496

 
26
%
 
26

Interest-bearing checking
54,477

 
4

 
62,814

 
5

 
(13
)
Market rate and other savings
809,232

 
57

 
751,080

 
57

 
8

Savings certificates
26,118

 
2

 
31,715

 
2

 
(18
)
Other time deposits
53,203

 
4

 
78,609

 
6

 
(32
)
Deposits in non-U.S. offices (1)
34,824

 
2

 
53,912

 
4

 
(35
)
Total deposits
$
1,410,711

 
100
%
 
$
1,322,626

 
100
%
 
7

(1)
Includes Eurodollar sweep balances of $21.5 billion and $34.2 billion at June 30, 2020, and December 31, 2019, respectively.

21

Fair Value of Financial Instruments
We use fair value measurements to record fair value adjustments to certain financial instruments and to determine fair value disclosures. See the “Critical Accounting Policies” section in our 2019 Form 10-K and Note 16 (Fair Values of Assets and Liabilities) to Financial Statements in this Report for a description of our critical accounting policy related to fair value of financial instruments and a discussion of our fair value measurement techniques.
Table 9 presents the summary of the fair value of financial instruments recorded at fair value on a recurring basis, and the amounts measured using significant Level 3 inputs (before derivative netting adjustments). The fair value of the remaining assets and liabilities were measured using valuation methodologies involving market-based or market-derived information (collectively Level 1 and 2 measurements).
Table 9: Fair Value Level 3 Summary
 
June 30, 2020
 
 
December 31, 2019
 
($ in billions)
Total
balance

 
Level 3 (1)

 
Total
balance

 
Level 3 (1)

Assets carried
at fair value
$
380.5

 
20.4

 
428.6

 
24.3

As a percentage
of total assets
19
%
 
1

 
22

 
1

Liabilities carried
at fair value
$
31.6

 
1.6

 
26.5

 
1.8

As a percentage of
total liabilities
2
%
 
*

 
2

 
*

* Less than 1%.
(1)
Before derivative netting adjustments.

 
See Note 16 (Fair Values of Assets and Liabilities) to Financial Statements in this Report for additional information on fair value measurements and a description of the Level 1, 2 and 3 fair value hierarchy.

Equity
Total equity was $180.1 billion at June 30, 2020, compared with $188.0 billion at December 31, 2019. The decrease was driven by common stock repurchases of $3.4 billion (substantially all of which occurred in first quarter 2020), preferred stock redemptions of $2.5 billion, dividends of $4.8 billion, and a net loss of $1.8 billion, partially offset by the issuance of common and preferred stock of $4.0 billion.

22


Off-Balance Sheet Arrangements
In the ordinary course of business, we engage in financial transactions that are not recorded on the balance sheet, or may be recorded on the balance sheet in amounts that are different from the full contract or notional amount of the transaction. Our off-balance sheet arrangements include commitments to lend and purchase debt and equity securities, transactions with unconsolidated entities, guarantees, derivatives, and other commitments. These transactions are designed to (1) meet the financial needs of customers, (2) manage our credit, market or liquidity risks, and/or (3) diversify our funding sources. For additional information on our contractual obligations that may require future cash payments, see the “Off-Balance Sheet Arrangements – Contractual Cash Obligations” section in our 2019 Form 10-K.
 
Commitments to Lend
We enter into commitments to lend to customers, which are usually at a stated interest rate, if funded, and for specific purposes and time periods. When we enter into commitments, we are exposed to credit risk. The maximum credit risk for these commitments will generally be lower than the contractual amount because a significant portion of these commitments are not funded. For more information, see Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

Commitments to Purchase Debt and Equity Securities
We enter into commitments to purchase securities under resale agreements. We also may enter into commitments to purchase debt and equity securities to provide capital for customers’ funding, liquidity or other future needs. For more information, see Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in this Report.

 
Transactions with Unconsolidated Entities
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with special purpose entities (SPEs), which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. Generally, SPEs are formed in connection with securitization transactions and are considered variable interest entities (VIEs). For more information, see Note 10 (Securitizations and Variable Interest Entities) to Financial Statements in this Report.

Guarantees and Other Arrangements
Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby letters of credit, direct pay letters of credit, written options, recourse obligations, exchange and clearing house guarantees, indemnifications, and other types of similar arrangements. For more information, see Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) to Financial Statements in this Report.

Derivatives
We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. Derivatives are recorded on the balance sheet at fair value, and volume can be measured in terms of the notional amount, which is generally not exchanged, but is used only as the basis on which interest and other payments are determined. The notional amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. For more information, see Note 15 (Derivatives) to Financial Statements in this Report.



23

Risk Management
Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. For more information about how we manage risk, see the “Risk Management” section in our 2019 Form 10-K. The discussion that follows supplements our discussion of the management of certain risks contained in the “Risk Management” section in our 2019 Form 10-K.
Credit Risk Management
We define credit risk as the risk of loss associated with a borrower or counterparty default (failure to meet obligations in accordance with agreed upon terms). Credit risk exists with many of our assets and exposures such as debt security holdings, certain derivatives, and loans.
The Board’s Credit Committee has primary oversight responsibility for credit risk. At the management level, Credit Risk, which is part of the Company’s Independent Risk Management (IRM) organization, has primary oversight responsibility for credit risk. Credit Risk reports to the Chief Risk Officer (CRO) and also provides periodic reports related to credit risk to the Board’s Credit Committee.

Coronavirus Aid, Relief, and Economic Security Act
On March 25, 2020, the U.S. Senate approved the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), a bill designed to provide a wide range of economic relief to consumers and businesses in the U.S.

PAYCHECK PROTECTION PROGRAM The CARES Act created funding for the Small Business Administration’s (SBA) loan program providing forgiveness of up to the full principal amount of qualifying loans guaranteed under a new program called the Paycheck Protection Program (PPP). The intent of the PPP is to provide loans to small businesses in order to keep their employees on the payroll and make certain other eligible payments. Loans granted under the PPP are guaranteed by the SBA and are fully forgivable if used for qualifying expenses such as payroll, mortgage interest, rent and utilities. If the loans are not forgiven, they must be repaid over a term not to exceed five years. Under the PPP, through June 30, 2020, we funded $10.1 billion in loans to more than 179,000 borrowers. As of June 30, 2020, $9.8 billion of principal remained outstanding on these PPP loans. We deferred $397 million of SBA processing fees that will be recognized as interest income over the term of the loans. We have committed to donating the gross processing fees received from funding PPP loans to non-profit organizations that support small businesses as the fees are recognized in earnings. We did not donate any processing fees during second quarter 2020.

PPP LIQUIDITY FACILITY The FRB established the Paycheck Protection Program Liquidity Facility which is intended to provide liquidity to financial institutions participating in PPP lending. Under this program, we act as a correspondent between the Federal Reserve Banks and community development financial institutions (CDFIs) to facilitate cash flows between the two entities. We do not receive any fees for our participation in this program.

SBA SIX MONTH PAYMENT ASSISTANCE Under the CARES Act, the SBA will make principal and interest payments on behalf of
 
certain borrowers for six months. As of June 30, 2020, over 20,000 of our lending customers were eligible for SBA payment assistance, and we had received $193 million in payments from the SBA.

MAIN STREET LENDING PROGRAM The Federal Reserve Board (FRB) established the Main Street Lending Program to provide additional financial support for small and medium sized businesses. Under the terms of the program, eligible lenders will perform underwriting and originate loans to eligible borrowers and subsequently sell 95% of the loan to a special purpose vehicle established by the FRB. We have registered as an eligible lender under the program and anticipate that we will begin funding customer loans in third quarter 2020.

Loan Portfolios
The following discussion focuses on our loan portfolios, which represent the largest component of assets on our balance sheet for which we have credit risk. Table 10 presents our total loans outstanding by portfolio segment and class of financing receivable.
Table 10: Total Loans Outstanding by Portfolio Segment and Class of Financing Receivable
(in millions)
Jun 30, 2020

 
Dec 31, 2019

Commercial:
 
 
 
Commercial and industrial
$
350,116

 
354,125

Real estate mortgage
123,967

 
121,824

Real estate construction
21,694

 
19,939

Lease financing
17,410

 
19,831

Total commercial
513,187

 
515,719

Consumer:
 
 
 
Real estate 1-4 family first mortgage
277,945

 
293,847

Real estate 1-4 family junior lien mortgage
26,839

 
29,509

Credit card
36,018

 
41,013

Automobile
48,808

 
47,873

Other revolving credit and installment
32,358

 
34,304

Total consumer
421,968

 
446,546

Total loans
$
935,155

 
962,265

We manage our credit risk by establishing what we believe are sound credit policies for underwriting new business, while monitoring and reviewing the performance of our existing loan portfolios. We employ various credit risk management and monitoring activities to mitigate risks associated with multiple risk factors affecting loans we hold, could acquire or originate including:
•
Loan concentrations and related credit quality
•
Counterparty credit risk
•
Economic and market conditions
•
Legislative or regulatory mandates
•
Changes in interest rates
•
Merger and acquisition activities
•
Reputation risk

Our credit risk management oversight process is governed centrally, but provides for decentralized management and accountability by our lines of business. Our overall credit process

24
Risk Management - Credit Risk Management (continued)

includes comprehensive credit policies, disciplined credit underwriting, frequent and detailed risk measurement and modeling, extensive credit training programs, and a continual loan review and audit process.
A key to our credit risk management is adherence to a well-controlled underwriting process, which we believe is appropriate for the needs of our customers as well as investors who purchase the loans or securities collateralized by the loans.
Credit Quality Overview  Credit quality in second quarter 2020 continued to decline due to the economic impact that the COVID-19 pandemic had on our customer base. Second quarter 2020 results reflected:
•
Nonaccrual loans were $7.6 billion at June 30, 2020, up from $5.3 billion at December 31, 2019, predominantly due to a $2.0 billion increase in commercial nonaccrual loans driven by increases in the commercial and industrial and commercial real estate portfolios as the economic impact of the COVID-19 pandemic continued to impact our customer base. Commercial nonaccrual loans increased to $4.3 billion at June 30, 2020, compared with $2.3 billion at December 31, 2019, and consumer nonaccrual loans increased to $3.3 billion at June 30, 2020, compared with $3.1 billion at December 31, 2019. Nonaccrual loans represented 0.81% of total loans at June 30, 2020, compared with 0.56% at December 31, 2019.
•
Net loan charge-offs (annualized) as a percentage of our average commercial and consumer loan portfolios were 0.44% and 0.48% in the second quarter and 0.35% and 0.51% in the first half of 2020, respectively, compared with 0.13% and 0.45% in the second quarter and 0.12% and 0.48% in the first half of 2019.
•
Loans that are not government insured/guaranteed and 90 days or more past due and still accruing were $145 million and $672 million in our commercial and consumer portfolios, respectively, at June 30, 2020, compared with $78 million and $855 million at December 31, 2019.
•
Our provision for credit losses for loans was $9.6 billion and $13.4 billion in the second quarter and first half of 2020, respectively, compared with $503 million and $1.3 billion for the same periods a year ago. The increase in provision for credit losses for loans in the second quarter and first half of 2020, compared with the same periods a year ago, reflected an increase in the allowance for credit losses for loans driven by current and forecasted economic conditions due to the COVID-19 pandemic, and higher net loan charge-offs driven by higher losses in our commercial real estate portfolio and continued weakness in our oil and gas portfolio.
•
The allowance for credit losses for loans totaled $20.4 billion, or 2.19% of total loans, at June 30, 2020, up from $10.5 billion, or 1.09%, at December 31, 2019.
Additional information on our loan portfolios and our credit quality trends follows.
TROUBLED DEBT RESTRUCTURING RELIEF The CARES Act provides banks optional, temporary relief from accounting for certain loan modifications as troubled debt restructurings (TDRs). The modifications must be related to the adverse effects of COVID-19, and certain other criteria are required to be met in order to apply the relief. In first quarter 2020, we elected to apply the TDR relief provided by the CARES Act, which expires no later than December 31, 2020.
On April 7, 2020, federal banking regulators issued the Interagency Statement on Loan Modifications and Reporting for
 
Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the Interagency Statement). The Interagency Statement provides additional TDR relief as it clarifies that it is not necessary to consider the impact of COVID-19 on the financial condition of a borrower in connection with short-term (e.g., six months or less) loan modifications related to COVID-19 provided the borrower is current at the date the modification program is implemented. For additional information regarding the TDR relief provided by the CARES Act and the clarifying TDR accounting guidance from the Interagency Statement, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
The TDR relief provided under the CARES Act, as well as from the Interagency Statement, does not change our processes for monitoring the credit quality of our loan portfolios or for updating our measurement of the allowance for credit losses for loans based on expected losses.
Additionally, our election to apply the TDR relief provided by the CARES Act and the Interagency Statement impacts our regulatory capital ratios as these loan modifications related to COVID-19 are not adjusted to a higher risk-weighting normally required with TDR classification.

COVID-Related Lending Accommodations
During second quarter 2020, we continued to provide accommodations to our customers in response to the COVID-19 pandemic, including fee reversals for consumer and small business banking customers, and payment deferrals, fee waivers, covenant waivers, and other expanded assistance for mortgage, credit card, automobile, small business, personal and commercial lending customers. Foreclosure, collection and credit bureau reporting activities have also been suspended. Additionally, we deferred rental payments on certain leased assets for which we are the lessor. Customer payment deferral activities instituted in response to the COVID-19 pandemic could delay the recognition of net charge-offs, delinquencies, and nonaccrual status for those customers who would have otherwise moved into past due or nonaccrual status.
Table 11 and Table 11a summarize the unpaid principal balance (UPB) of commercial and consumer loans at June 30, 2020, that received accommodations under loan modification programs established to assist customers with the economic impact of the COVID-19 pandemic (COVID-related modifications), and exclude accommodations made for customers with loans that we service for others. COVID-related modifications primarily included payment deferrals of principal, interest or both as well as interest and fee waivers. As of June 30, 2020, the unpaid principal balance of loans with COVID-related modifications represented 7% and 13% of our total commercial and consumer loan portfolios, respectively, and included customers that continued to make payments after receiving a modification and those that were no longer in a deferral period.
If the COVID-19 pandemic continues to cause economic uncertainty, customers may request additional or extended accommodations. During second quarter 2020, we provided certain extensions of prior modifications for up to an additional 90 days. As of June 30, 2020, the unpaid principal balance of commercial and consumer loans that received extensions of prior modifications was $9.7 billion and $876 million, respectively.
Of the loans that received COVID-related modifications, $38 billion and $50 billion of unpaid principal balance of commercial and consumer loans, respectively, were not classified as TDRs as of June 30, 2020, of which 5% for both commercial and consumer loans qualified for TDR designation relief under the CARES Act or Interagency Statement. Additionally, the tables

25

include $241 million and $3 billion of unpaid principal balance of commercial and consumer loans, respectively, that were already classified as TDRs when the COVID-related modification was granted.
 
For information related to loans that are classified as TDRs, see Note 6 (Loans and Allowance for Credit Losses) to Financial Statements this Report.
Table 11: Commercial Loan Modifications Related to COVID-19
(in millions)
Unpaid
principal
balance of modified loans (1)

 
% of loan class (2)

 
General program description
Six months ended June 30, 2020
 
 
 
 
 
Commercial:
 
 
 
 
 
Commercial and industrial
$
20,656

 
6
%
 
Initial deferral of scheduled principal and/or interest up to 90 days, with available extensions up to 90 days
Real estate mortgage and construction
16,229

 
11

 
Initial deferral of scheduled principal and/or interest up to 90 days, with available extensions up to 90 days
Lease financing
1,287

 
7

 
Initial deferral of lease payments up to 90 days, with available extensions up to 90 days
Total commercial
$
38,172

 
7
%
 
 
(1)
Includes all COVID-related modifications provided since the inception of the loan modification programs in first quarter 2020. COVID-related modifications are at the loan facility level.
(2)
Based on total loans outstanding at June 30, 2020.
Table 11a: Consumer Loan Modifications Related to COVID-19
(in millions)
Unpaid principal balance of modified loans (1)

 
% of loan class (2)

% current at time of deferral (3)
 
% with payment during deferral (4)

 
Unpaid principal balance of modified loans still in deferral period

% of loan class (2)

 
General program description
Six months ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Consumer:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage (5)
$
38,022

 
14
%
79
 
34

 
$
32,253

12
%
 
Initial deferral up to 90 days of scheduled principal and interest; with available extensions up to 90 days
Real estate 1-4 family junior lien mortgage
3,123

 
12

88
 
62

 
2,812

10

 
Initial deferral up to 90 days of scheduled principal and interest; with available extensions up to 90 days
Credit card
3,173

 
9

91
 
48

 
2,616

7

 
Initial 90 day deferral of minimum payment and waiver of interest and fees; modifications subsequent to June 3, 2020, including extensions, were 60 day deferral of minimum payment only
Automobile
6,560

 
13

87
 
24

 
4,880

10

 
Initial 90 day deferral of scheduled principal and interest, with available extensions of 90 days
Other revolving credit and installment
1,968

 
6

89
 
20

 
1,673

5

 
Revolving lines: Initial 90 day deferral of minimum payment and waiver of interest and fees; with available extensions of 60 days
Installment loans: Initial 90 day deferral of scheduled principal and interest, with available extensions of 90 days
Total consumer
$
52,846

 
13
%
82
 
35

 
$
44,234

10
%
 
 
(1)
Includes all COVID-related modifications provided since the inception of the loan modification programs in first quarter 2020.
(2)
Based on total loans outstanding at June 30, 2020.
(3)
Represents loans that were less than 30 days past due at the date of the initial COVID-related modification, based on the outstanding balance of modified loans at June 30, 2020.
(4)
Represents loans for which at least a partial payment was collected during the deferral period, based on the outstanding balance of modified loans at June 30, 2020.
(5)
Unpaid principal balance includes approximately $7.4 billion of real estate 1-4 family first mortgage loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) that were repurchased from GNMA loan securitization pools. FHA/VA loans are entitled to payment deferrals of scheduled principal and interest up to a total of 12 months. Excluding these loans, the percentage current at time of deferral was 95%.
Significant Loan Portfolio Reviews Measuring and monitoring our credit risk is an ongoing process that tracks delinquencies, collateral values, Fair Isaac Corporation (FICO) scores, economic trends by geographic areas, loan-level risk grading for certain portfolios (typically commercial) and other indications of credit risk. Our credit risk monitoring process is designed to enable early identification of developing risk and to support our determination of an appropriate allowance for credit losses. The following discussion provides additional characteristics and analysis of our significant loan portfolios. See Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for more analysis and credit metric information for each of the following portfolios.

 
COMMERCIAL AND INDUSTRIAL LOANS AND LEASE FINANCING  For purposes of portfolio risk management, we aggregate commercial and industrial loans and lease financing according to market segmentation and standard industry codes. We generally subject commercial and industrial loans and lease financing to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to federal banking regulators’ definitions of pass and criticized categories with the criticized category including special mention, substandard, doubtful, and loss categories.
The commercial and industrial loans and lease financing portfolio totaled $367.5 billion, or 39% of total loans, at June 30, 2020. The net charge-off rate (annualized) of average loans for this portfolio was 0.54% and 0.45% in the second quarter and first

26
Risk Management - Credit Risk Management (continued)

half of 2020, respectively, compared with 0.18% and 0.17% for the same periods a year ago. At June 30, 2020, 0.83% of this portfolio was nonaccruing, compared with 0.44% at December 31, 2019. Nonaccrual loans in this portfolio increased $1.4 billion from December 31, 2019, primarily in the oil, gas and pipelines category due to the economic impact of the COVID-19 pandemic. Also, $27.8 billion of the commercial and industrial loan and lease financing portfolio was internally classified as criticized in accordance with regulatory guidance at June 30, 2020, compared with $16.6 billion at December 31, 2019, reflecting increases primarily in the oil, gas and pipelines, real estate and construction, entertainment and recreation, and retail categories due to the economic impact of the COVID-19 pandemic.
The majority of our commercial and industrial loans and lease financing portfolio is secured by short-term assets, such as accounts receivable, inventory, and debt securities, as well as long-lived assets, such as equipment and other business assets. Generally, the collateral securing this portfolio represents a secondary source of repayment.
Table 12 provides our commercial and industrial loans and lease financing by industry, and includes non-U.S. loans of $68.2 billion and $71.7 billion at June 30, 2020, and December 31, 2019, respectively. Significant industry concentrations of non-U.S. loans included $32.7 billion and $31.2 billion in the financials except banks category, and $15.5 billion and $19.9 billion in the banks category, at June 30, 2020, and December 31, 2019, respectively. The oil, gas and pipelines category included $1.6 billion of non-U.S. loans at both June 30, 2020, and December 31, 2019. The industry categories are based on the North American Industry Classification System.
Loans to financials except banks, our largest industry concentration, were $112.1 billion, or 12% of total outstanding
 
loans, at June 30, 2020, compared with $117.3 billion, or 12% of total outstanding loans, at December 31, 2019. This industry category is comprised of loans to investment firms, financial vehicles, and non-bank creditors, including those that invest in financial assets backed predominantly by commercial or residential real estate or consumer loan assets. We had $72.4 billion and $75.2 billion of loans originated by our Asset Backed Finance (ABF) lines of business at June 30, 2020, and December 31, 2019, respectively. These ABF loans are limited to a percentage of the value of the underlying financial assets considering underlying credit risk, asset duration, and ongoing performance. These ABF loans may also have other features to manage credit risk such as cross-collateralization, credit enhancements, and contractual re-margining of collateral supporting the loans. Loans to financials except banks included collateralized loan obligations (CLOs) in loan form of $7.7 billion and $7.0 billion at June 30, 2020, and December 31, 2019, respectively.
Oil, gas and pipelines loans totaled $12.6 billion, or 1% of total outstanding loans, at June 30, 2020, compared with $13.6 billion, or 1% of total outstanding loans, at December 31, 2019. Oil, gas and pipelines loans included $8.9 billion and $9.2 billion of senior secured loans outstanding at June 30, 2020 and December 31, 2019, respectively. Oil, gas and pipelines nonaccrual loans increased to $1.4 billion at June 30, 2020, compared with $615 million at December 31, 2019, due to new downgrades to nonaccrual status in second quarter 2020.
In addition to the oil, gas and pipelines category, industries with escalated credit monitoring include retail, entertainment and recreation, transportation services, and commercial real estate.
Table 12: Commercial and Industrial Loans and Lease Financing by Industry
 
June 30, 2020
 
 
December 31, 2019
 
($ in millions)
Nonaccrual
loans

 
Loans outstanding

 
% of
total
loans

 
Total commitments (1)

 
Nonaccrual
loans

 
Loans outstanding

 
% of
total
loans

 
Total commitments (1)

Financials except banks
$
219

 
112,130

 
12
%
 
$
197,152

 
$
112

 
117,312

 
12
%
 
$
200,848

Equipment, machinery and parts manufacturing
98

 
21,622

 
2

 
41,771

 
36

 
23,457

 
2

 
42,040

Technology, telecom and media
61

 
24,912

 
3

 
54,894

 
28

 
22,447

 
2

 
53,343

Real estate and construction
290

 
25,245

 
3

 
49,925

 
47

 
22,011

 
2

 
48,217

Banks
—

 
15,548

 
2

 
16,598

 
—

 
20,070

 
2

 
20,728

Retail
216

 
23,149

 
2

 
43,212

 
105

 
19,923

 
2

 
41,938

Materials and commodities
46

 
15,877

 
2

 
37,877

 
33

 
16,375

 
2

 
39,369

Automobile related
24

 
13,103

 
1

 
25,162

 
24

 
15,996

 
2

 
26,310

Food and beverage manufacturing
12

 
13,082

 
1

 
29,284

 
9

 
14,991

 
2

 
29,172

Health care and pharmaceuticals
76

 
17,144

 
2

 
32,481

 
28

 
14,920

 
2

 
30,168

Oil, gas and pipelines
1,414

 
12,598

 
1

 
32,679

 
615

 
13,562

 
1

 
35,445

Entertainment and recreation
62

 
11,820

 
1

 
18,134

 
44

 
13,462

 
1

 
19,854

Transportation services
319

 
10,849

 
1

 
17,040

 
224

 
10,957

 
1

 
17,660

Commercial services
98

 
12,095

 
1

 
24,548

 
50

 
10,455

 
1

 
22,713

Agribusiness
54

 
7,362

 
*

 
12,984

 
35

 
7,539

 
*

 
12,901

Utilities
1

 
6,486

 
*

 
20,615

 
224

 
5,995

 
*

 
19,390

Insurance and fiduciaries
2

 
6,032

 
*

 
17,069

 
1

 
5,525

 
*

 
15,596

Government and education
6

 
5,741

 
*

 
12,128

 
6

 
5,363

 
*

 
12,267

Other (2)
36

 
12,731

 
1

 
32,843

 
19

 
13,596

 
*

 
32,988

Total
$
3,034

 
367,526

 
39
%
 
$
716,396

 
$
1,640

 
373,956

 
39
%
 
$
720,947

*
Less than 1%.
(1)
Total commitments consist of loans outstanding plus unfunded credit commitments, excluding issued letters of credit.
(2)
No other single industry had total loans in excess of $4.4 billion and $4.7 billion at June 30, 2020, and December 31, 2019, respectively.

27

COMMERCIAL REAL ESTATE (CRE) We generally subject CRE loans to individual risk assessment using our internal borrower and collateral quality ratings. Our ratings are aligned to federal banking regulators' definitions of pass and criticized categories with criticized segmented among special mention, substandard, doubtful and loss categories. The CRE portfolio, which included $8.2 billion of non-U.S. CRE loans, totaled $145.7 billion, or 16% of total loans, at June 30, 2020, and consisted of $124.0 billion of mortgage loans and $21.7 billion of construction loans.
Table 13 summarizes CRE loans by state and property type with the related nonaccrual totals at June 30, 2020. The portfolio is diversified both geographically and by property type. The largest geographic concentrations of CRE loans are in California, New York, Florida, and Texas, which combined represented 49% of the total CRE portfolio. By property type, the largest
 
concentrations are office buildings at 26% and apartments at 19% of the portfolio. CRE nonaccrual loans totaled 0.86% of the CRE outstanding balance at June 30, 2020, compared with 0.43% at December 31, 2019. The increase in CRE nonaccrual loans was driven by the hotel/motel, shopping center, and office buildings property types and reflected the economic impact of the COVID-19 pandemic. At June 30, 2020, we had $9.1 billion of criticized CRE mortgage loans, compared with $3.8 billion at December 31, 2019, and $1.3 billion of criticized CRE construction loans, compared with $187 million at December 31, 2019. The increase in criticized CRE mortgage and CRE construction loans was driven by the hotel/motel, shopping center, retail (excluding shopping center), and office building property types and reflected the economic impact of the COVID-19 pandemic.
Table 13: CRE Loans by State and Property Type
 
June 30, 2020
 
 
Real estate mortgage
 
 
 
 
Real estate construction
 
 
 
 
Total
 
 
 
 
% of
total
loans

($ in millions)
Nonaccrual
loans

 
Total
portfolio

 
 
 
Nonaccrual
loans

 
Total
portfolio

 
 
 
Nonaccrual
loans

 
Total
portfolio

 
 
 
By state:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
California
$
149

 
32,164

 
 
 
2

 
4,666

 
 
 
151

 
36,830

 
 
 
4
%
New York
96

 
12,952

 
 
 
2

 
2,059

 
 
 
98

 
15,011

 
 
 
2

Florida
27

 
8,295

 
 
 
1

 
1,446

 
 
 
28

 
9,741

 
 
 
1

Texas
341

 
8,047

 
 
 
—

 
1,226

 
 
 
341

 
9,273

 
 
 
*

Washington
13

 
3,934

 
 
 
—

 
782

 
 
 
13

 
4,716

 
 
 
*

Georgia
15

 
4,043

 
 
 
—

 
448

 
 
 
15

 
4,491

 
 
 
*

North Carolina
12

 
3,737

 
 
 
—

 
648

 
 
 
12

 
4,385

 
 
 
*

Arizona
35

 
3,862

 
 
 
—

 
318

 
 
 
35

 
4,180

 
 
 
*

Colorado
16

 
3,300

 
 
 
—

 
587

 
 
 
16

 
3,887

 
 
 
*

Virginia
4

 
3,036

 
 
 
—

 
664

 
 
 
4

 
3,700

 
 
 
*

Other
509

 
40,597

 
 
 
29

 
8,850

 
 
 
538

 
49,447

 
(1)
 
5

Total
$
1,217

 
123,967

 
 
 
34

 
21,694

 
 
 
1,251

 
145,661

 
 
 
16
%
By property: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office buildings
$
160

 
35,280

 
 
 
1

 
3,209

 
 
 
161

 
38,489

 
 
 
4
%
Apartments
11

 
19,284

 
 
 
—

 
7,694

 
 
 
11

 
26,978

 
 
 
3

Industrial/warehouse
72

 
16,149

 
 
 
1

 
1,674

 
 
 
73

 
17,823

 
 
 
2

Retail (excluding shopping center)
171

 
14,211

 
 
 
2

 
181

 
 
 
173

 
14,392

 
 
 
2

Hotel/motel
170

 
10,637

 
 
 
—

 
1,610

 
 
 
170

 
12,247

 
 
 
1

Shopping center
399

 
10,878

 
 
 
—

 
1,055

 
 
 
399

 
11,933

 
 
 
1

Mixed use properties
90

 
5,641

 
 
 
—

 
640

 
 
 
90

 
6,281

 
 
 
*

Institutional
77

 
3,910

 
 
 
20

 
2,159

 
 
 
97

 
6,069

 
 
 
*

Collateral pool
—

 
2,336

 
 
 
—

 
202

 
 
 
—

 
2,538

 
 
 
*

Agriculture
61

 
2,006

 
 
 
—

 
9

 
 
 
61

 
2,015

 
 
 
*

Other
6

 
3,635

 
 
 
10

 
3,261

 
 
 
16

 
6,896

 
 
 
*

Total
$
1,217

 
123,967

 
 
 
34

 
21,694

 
 
 
1,251

 
145,661

 
 
 
16
%
*
Less than 1%.
(1)Consists of 40 states, none of which had loans in excess of $3.7 billion.


28
Risk Management - Credit Risk Management (continued)

NON-U.S LOANS Our classification of non-U.S. loans is based on whether the borrower’s primary address is outside of the United States. At June 30, 2020, non-U.S. loans totaled $76.6 billion, representing approximately 8% of our total consolidated loans outstanding, compared with $80.5 billion, or approximately 8% of total consolidated loans outstanding, at December 31, 2019. Non-U.S. loans were approximately 4% of our consolidated total assets at both June 30, 2020, and December 31, 2019.

COUNTRY RISK EXPOSURE Our country risk monitoring process incorporates centralized monitoring of economic, political, social, legal, and transfer risks in countries where we do or plan to do business, along with frequent dialogue with our customers, counterparties and regulatory agencies. We establish exposure limits for each country through a centralized oversight process based on customer needs, and through consideration of the relevant and distinct risk of each country. We monitor exposures closely and adjust our country limits in response to changing conditions.
We evaluate our individual country risk exposure based on our assessment of the borrower’s ability to repay, which gives consideration for allowable transfers of risk such as guarantees and collateral and may be different from the reporting based on the borrower’s primary address. Our largest single country exposure outside the U.S. based on our assessment of risk at June 30, 2020, was the United Kingdom, which totaled $36.3 billion, or approximately 2% of our total assets, and included $11.6 billion of sovereign claims. Our United Kingdom sovereign claims arise predominantly from deposits we have placed with the Bank of England pursuant to regulatory requirements in support of our London branch.
The United Kingdom withdrew from the European Union (Brexit) on January 31, 2020, and is currently subject to a
 
transition period during which the terms and conditions of its exit are being negotiated. As the United Kingdom exits from the European Union, our primary goal is to continue to serve our existing clients in the United Kingdom and the European Union as well as to continue to meet the needs of our domestic clients as they do business in those locations. We have an existing authorized bank in Ireland and an asset management entity in Luxembourg. Additionally, we established a broker dealer in France. We are in the process of leveraging these entities to continue to serve clients in the European Union and continue to take actions to update our business operations in the United Kingdom and European Union, including implementing new supplier contracts and staffing arrangements. For additional information on risks associated with Brexit, see the “Risk Factors” section in our 2019 Form 10-K.
Table 14 provides information regarding our top 20 exposures by country (excluding the U.S.), based on our assessment of risk, which gives consideration to the country of any guarantors and/or underlying collateral. With respect to
Table 14:
•
Lending exposure includes outstanding loans, unfunded credit commitments, and deposits with non-U.S. banks. These balances are presented prior to the deduction of allowance for credit losses or collateral received under the terms of the credit agreements, if any.
•
Securities exposure represents debt and equity securities of non-U.S. issuers. Long and short positions are netted, and net short positions are reflected as negative exposure.
•
Derivatives and other exposure represents foreign exchange contracts, derivative contracts, securities resale agreements, and securities lending agreements.
Table 14: Select Country Exposures
 
June 30, 2020
 
 
Lending
 
 
Securities
 
 
Derivatives and other
 
 
Total exposure
 
(in millions)
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign

 
Sovereign

 
Non-
sovereign (1)

 
Total

Top 20 country exposures:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
United Kingdom
$
11,579

 
21,649

 
—

 
1,189

 
—

 
1,894

 
11,579

 
24,732

 
36,311

Canada
4

 
16,575

 
—

 
87

 
—

 
425

 
4

 
17,087

 
17,091

Cayman Islands
—

 
6,398

 
—

 
—

 
—

 
138

 
—

 
6,536

 
6,536

Ireland
1,217

 
4,873

 
—

 
168

 
—

 
117

 
1,217

 
5,158

 
6,375

Japan
19

 
1,049

 
4,535

 
236

 
—

 
28

 
4,554

 
1,313

 
5,867

Luxembourg
—

 
3,745

 
—

 
102

 
—

 
64

 
—

 
3,911

 
3,911

Guernsey
—

 
3,522

 
—

 
3

 
—

 
16

 
—

 
3,541

 
3,541

China
—

 
2,838

 
(14
)
 
327

 
49

 
53

 
35

 
3,218

 
3,253

Bermuda
—

 
3,034

 
—

 
73

 
—

 
56

 
—

 
3,163

 
3,163

Germany
—

 
2,621

 
—

 
179

 
6

 
60

 
6

 
2,860

 
2,866

Netherlands
—

 
2,382

 
—

 
205

 
—

 
272

 
—

 
2,859

 
2,859

South Korea
—

 
2,573

 
(5
)
 
181

 
—

 
16

 
(5
)
 
2,770

 
2,765

Switzerland
—

 
1,924

 
—

 
(79
)
 
—

 
121

 
—

 
1,966

 
1,966

France
—

 
1,729

 
—

 
43

 
20

 
15

 
20

 
1,787

 
1,807

Brazil
—

 
1,626

 
—

 
4

 
5

 
11

 
5

 
1,641

 
1,646

Chile
—

 
1,481

 
—

 
150

 
—

 
2

 
—

 
1,633

 
1,633

Australia
—

 
1,405

 
—

 
66

 
—

 
14

 
—

 
1,485

 
1,485

Singapore
—

 
1,173

 
—

 
72

 
—

 
49

 
—

 
1,294

 
1,294

India
—

 
1,185

 
—

 
94

 
—

 
—

 
—

 
1,279

 
1,279

United Arab Emirates
—

 
1,029

 
—

 
3

 
—

 
2

 
—

 
1,034

 
1,034

Total top 20 country exposures
$
12,819

 
82,811

 
4,516

 
3,103

 
80

 
3,353

 
17,415

 
89,267

 
106,682

(1)
For countries presented in the table, total non-sovereign exposure comprises $45.9 billion exposure to financial institutions and $43.3 billion to non-financial corporations at June 30, 2020.



29

REAL ESTATE 1-4 FAMILY MORTGAGE LOANS  Our real estate 1-4 family mortgage loan portfolio is comprised of both first and junior lien mortgage loans, which are presented in Table 15.
Table 15: Real Estate 1-4 Family Mortgage Loans
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Balance

 
% of
portfolio

 
Balance

 
% of
portfolio

Real estate 1-4 family first mortgage
$
277,945

 
91
%
 
$
293,847

 
91
%
Real estate 1-4 family junior lien mortgage
26,839

 
9

 
29,509

 
9

Total real estate 1-4 family mortgage loans
$
304,784

 
100
%
 
$
323,356

 
100
%

The real estate 1-4 family mortgage loan portfolio includes some loans with an interest-only feature as part of the loan terms and some with adjustable-rate features. Interest-only loans were approximately 3% of total loans at both June 30, 2020, and December 31, 2019. We believe we have manageable adjustable-rate mortgage (ARM) reset risk across our mortgage loan portfolios, including ARM loans that have negative amortizing features that were acquired in prior business combinations. We do not offer option ARM products, nor do we offer variable-rate mortgage products with fixed payment amounts, commonly referred to within the financial services industry as negative amortizing mortgage loans. In connection with our adoption of CECL on January 1, 2020, our real estate 1-4 family mortgage purchased credit-impaired (PCI) loans, which had a carrying value of $568 million, were reclassified as purchased credit-deteriorated (PCD) loans. PCD loans are generally accounted for in the same manner as non-PCD loans. For more information on PCD loans, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
We continue to modify real estate 1-4 family mortgage loans to assist homeowners and other borrowers experiencing financial difficulties. For more information on our modification programs, see the “Risk Management – Credit Risk Management – Real Estate 1-4 Family Mortgage Loans” section in our 2019
Form 10-K. For more information on customer accommodations, including loan modifications, in response to the COVID-19 pandemic, see the “Risk Management – Credit Risk Management – COVID-Related Lending Accommodations” section in this Report.
Part of our credit monitoring includes tracking delinquency, current FICO scores and loan/combined loan to collateral values (LTV/CLTV) on the entire real estate 1-4 family mortgage loan portfolio. These credit risk indicators on the mortgage portfolio exclude government insured/guaranteed loans. Loans 30 days or more delinquent at June 30, 2020, totaled $2.9 billion, or 1% of total mortgages, compared with $3.0 billion, or 1%, at December 31, 2019. Loans with FICO scores lower than 640 totaled $6.8 billion, or 2% of total mortgages at June 30, 2020, compared with $7.6 billion, or 2%, at December 31, 2019. Mortgages with a LTV/CLTV greater than 100% totaled $2.3 billion at June 30, 2020, or 1% of total mortgages, compared with $2.5 billion, or 1%, at December 31, 2019. Information regarding credit quality indicators can be found in Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
 
Real estate 1-4 mortgage loans by state are presented in Table 16. Our real estate 1-4 family mortgage loans to borrowers in California represented 13% of total loans at June 30, 2020, located predominantly within the larger metropolitan areas, with no single California metropolitan area consisting of more than 5% of total loans. We monitor changes in real estate values and underlying economic or market conditions for all geographic areas of our real estate 1-4 family mortgage portfolios as part of our credit risk management process. Our underwriting and periodic review of loans and lines secured by residential real estate collateral includes original appraisals adjusted for the change in Home Price Index (HPI) or estimates from automated valuation models (AVMs) to support property values. Additional information about appraisals and AVMs and our policy for their use can be found in Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report and the “Risk Management – Credit Risk Management – Real Estate 1-4 Family Mortgage Loans” section in our 2019 Form 10-K.
Table 16: Real Estate 1-4 Family Mortgage Loans by State
 
June 30, 2020
 
(in millions)
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Total real
estate 1-4
family
mortgage

 
% of
total
loans

Real estate 1-4 family mortgage loans:
 
 
 
 
 
 
 
California
$
112,828

 
7,291

 
120,119

 
13
%
New York
31,163

 
1,406

 
32,569

 
3

New Jersey
13,159

 
2,539

 
15,698

 
2

Florida
11,172

 
2,393

 
13,565

 
2

Washington
10,302

 
603

 
10,905

 
1

Virginia
7,829

 
1,549

 
9,378

 
1

Texas
8,309

 
546

 
8,855

 
1

North Carolina
5,287

 
1,262

 
6,549

 
1

Colorado
5,929

 
595

 
6,524

 
1

Other (1)
59,505

 
8,655

 
68,160

 
7

Government insured/
guaranteed loans (2)
12,462

 
—

 
12,462

 
1

Total
$
277,945

 
26,839

 
304,784

 
33
%
(1)
Consists of 41 states; none of which had loans in excess of $6.2 billion.
(2)
Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA).


30
Risk Management - Credit Risk Management (continued)

First Lien Mortgage Portfolio  Our total real estate 1-4 family first lien mortgage portfolio (first mortgage) decreased $15.0 billion and $15.9 billion in the second quarter and first half of 2020, respectively. Mortgage loan originations of $16.4 billion and $30.7 billion in the second quarter and first half of 2020, respectively, were more than offset by paydowns. In addition, in second quarter 2020 we designated $10.4 billion of first mortgage loans as MLHFS.
Net loan charge-offs (annualized) as a percentage of average first mortgage loans were 0.00% in both the second quarter and first half of 2020, compared with a net recovery of 0.04% and
 
0.03% for the same periods a year ago. Nonaccrual loans were $2.4 billion at June 30, 2020, up $243 million from December 31, 2019. The increase in nonaccrual loans from December 31, 2019 was driven by the implementation of CECL, which required PCI loans to be classified as nonaccruing based on performance. For additional information, see the “Risk Management – Credit Risk Management – Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)” section in this Report.
Table 17 shows certain delinquency and loss information for the first mortgage portfolio and lists the top five states by outstanding balance.
Table 17: First Mortgage Portfolio Performance
 
Outstanding balance
 
 
% of loans 30 days
or more past due
 
Loss (recovery) rate (annualized) quarter ended
 
(in millions)
Jun 30,
2020

Dec 31,
2019

 
Jun 30,
2020

Dec 31,
2019
 
Jun 30,
2020

Mar 31,
2020

Dec 31,
2019

Sep 30,
2019

Jun 30,
2019

California
$
112,828

118,256

 
0.59
%
0.48
 
(0.01
)
(0.01
)
(0.02
)
(0.01
)
(0.04
)
New York
31,163

31,336

 
0.95

0.83
 
0.02

(0.01
)
0.02

0.01

—

New Jersey
13,159

14,113

 
1.38

1.40
 
0.03

—

0.02

0.02

(0.06
)
Florida
11,172

11,804

 
2.07

1.81
 
(0.01
)
(0.03
)
(0.06
)
(0.07
)
(0.11
)
Washington
10,302

10,863

 
0.37

0.29
 
(0.01
)
(0.02
)
(0.02
)
—

(0.03
)
Other
86,859

95,750

 
1.21

1.20
 
0.01

0.01

(0.02
)
—

(0.06
)
Total
265,483

282,122

 
0.93

0.86
 
—

—

(0.02
)
(0.01
)
(0.04
)
Government insured/guaranteed loans
12,462

11,170

 
 
 
 
 
 
 
 
 
PCI (1)
N/A

555

 
 
 
 
 
 
 
 
 
Total first lien mortgages
$
277,945

293,847

 
 
 
 
 
 
 
 
 
(1)
In connection with our adoption of CECL on January 1, 2020, PCI loans were reclassified as PCD loans and are therefore included with other non-PCD loans in this table. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
Junior Lien Mortgage Portfolio  The junior lien mortgage portfolio consists of residential mortgage lines and loans that are subordinate in rights to an existing lien on the same property. It is not unusual for these lines and loans to have draw periods, interest-only payments, balloon payments, adjustable rates, and similar features. Junior lien loan products are mostly amortizing payment loans with fixed interest rates and repayment periods between five to 30 years.
We continuously monitor the credit performance of our junior lien mortgage portfolio for trends and factors that influence the frequency and severity of loss, such as junior lien mortgage performance when the first mortgage loan is delinquent. Table 18 shows certain delinquency and loss information for the junior lien mortgage portfolio and lists the top five states by outstanding balance. The decrease in outstanding balances since December 31, 2019, predominantly
 
reflected loan paydowns. In second quarter 2020, we suspended the origination of junior lien mortgages. As of June 30, 2020, 4% of the outstanding balance of the junior lien mortgage portfolio was associated with loans that had a combined loan to value (CLTV) ratio in excess of 100%. Of those junior lien mortgages with a CLTV ratio in excess of 100%, 3% were 30 days or more past due. CLTV means the ratio of the total loan balance of first mortgages and junior lien mortgages (including unused line amounts for credit line products) to property collateral value. The unsecured portion (the outstanding amount that was in excess of the most recent property collateral value) of the outstanding balances of these loans totaled 1% of the junior lien mortgage portfolio at June 30, 2020. For additional information on consumer loans by LTV/CLTV, see Table 6.12 in Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
Table 18: Junior Lien Mortgage Portfolio Performance
 
Outstanding balance
 
 
% of loans 30 days
or more past due
 
Loss (recovery) rate (annualized) quarter ended
 
(in millions)
Jun 30,
2020

 
Dec 31,
2019

 
Jun 30,
2020

 
Dec 31,
2019
 
Jun 30,
2020

 
Mar 31,
2020

 
Dec 31,
2019

 
Sep 30,
2019

 
Jun 30,
2019

California
$
7,291

 
8,054

 
1.55
%
 
1.62
 
(0.26
)
 
(0.36
)
 
(0.44
)
 
(0.51
)
 
(0.40
)
New Jersey
2,539

 
2,744

 
2.36

 
2.74
 
(0.12
)
 
0.13

 
0.07

 
0.11

 
(0.07
)
Florida
2,393

 
2,600

 
2.38

 
2.93
 
(0.01
)
 
—

 
(0.09
)
 
(0.11
)
 
(0.11
)
Virginia
1,549

 
1,712

 
1.79

 
1.97
 
(0.05
)
 
0.09

 
(0.02
)
 
(0.23
)
 
(0.17
)
Pennsylvania
1,540

 
1,674

 
1.78

 
2.16
 
0.05

 
0.11

 
(0.10
)
 
(0.05
)
 
(0.19
)
Other
11,527

 
12,712

 
1.77

 
2.05
 
(0.21
)
 
0.01

 
(0.18
)
 
(0.29
)
 
(0.22
)
Total
26,839

 
29,496

 
1.82

 
2.07
 
(0.17
)
 
(0.07
)
 
(0.21
)
 
(0.28
)
 
(0.24
)
PCI (1)
N/A

 
13

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total junior lien mortgages
$
26,839

 
29,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
In connection with our adoption of CECL on January 1, 2020, PCI loans were reclassified as PCD loans and are therefore included with other non-PCD loans in this table. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.

31

Our junior lien, as well as first lien, lines of credit portfolios generally have draw periods of 10, 15 or 20 years with variable interest rate and payment options available during the draw period of (1) interest only or (2) 1.5% of outstanding principal balance plus accrued interest. As of June 30, 2020, lines of credit in a draw period primarily used the interest-only option. During the draw period, the borrower has the option of converting all or a portion of the line from a variable interest rate to a fixed rate with terms including interest-only payments for a fixed period between three to seven years or a fully amortizing payment with a fixed period between five to 30 years. At the end of the draw period, a line of credit generally converts to an amortizing payment schedule with repayment terms of up to 30 years based on the balance at time of conversion. Certain lines and loans have been structured with a balloon payment, which requires full repayment of the outstanding balance at the end of the term period. The conversion of lines or loans to fully amortizing or balloon payoff may result in a significant payment increase, which can affect some borrowers’ ability to repay the outstanding balance.
On a monthly basis, we monitor the payment characteristics of borrowers in our first and junior lien lines of credit portfolios. In June 2020, excluding borrowers with COVID-19 related loan modification payment deferrals, approximately 44% of borrowers paid only the minimum amount due and approximately 52% paid more than the minimum amount due. The rest were either
 
delinquent or paid less than the minimum amount due. For the borrowers with an interest-only payment feature, approximately 28% paid only the minimum amount due and approximately 68% paid more than the minimum amount due.
The lines that enter their amortization period may experience higher delinquencies and higher loss rates than the ones in their draw or term period. We have considered this increased inherent risk in our allowance for credit loss estimate.
In anticipation of our borrowers reaching the end of their contractual commitment, we have created a program to inform, educate and help these borrowers transition from interest-only to fully-amortizing payments or full repayment. We monitor the performance of the borrowers moving through the program in an effort to refine our ongoing program strategy.
Table 19 reflects the outstanding balance of our portfolio of junior lien mortgages, including lines and loans, and first lien lines segregated into scheduled end-of-draw or end-of-term periods and products that are currently amortizing, or in balloon repayment status. At June 30, 2020, $367 million, or 1%, of lines in their draw period were 30 days or more past due, compared with $344 million, or 4%, of amortizing lines of credit. Included in the amortizing amounts in Table 19 is $61 million of end-of-term balloon payments which were past due. The unfunded credit commitments for junior and first lien lines totaled $57.7 billion at June 30, 2020.
Table 19: Junior Lien Mortgage Line and Loan and First Lien Mortgage Line Portfolios Payment Schedule
 
 
 
 
 
Scheduled end of draw / term
 
 
 
(in millions)
Outstanding balance June 30, 2020

 
Remainder of 2020

 
2021

 
2022

 
2023

 
2024

 
2025 and
thereafter (1)

 
Amortizing

Junior lien lines and loans
$
26,839

 
133

 
739

 
2,982

 
2,055

 
1,646

 
11,101

 
8,183

First lien lines
9,806

 
60

 
367

 
1,501

 
1,128

 
879

 
4,247

 
1,624

Total
$
36,645

 
193

 
1,106

 
4,483

 
3,183

 
2,525

 
15,348

 
9,807

% of portfolios
100
%
 
1

 
3

 
12

 
9

 
7

 
42

 
26

(1)
Substantially all lines and loans are scheduled to convert to amortizing loans by the end of 2029, with annual scheduled amounts through 2029 ranging from $1.7 billion to $4.3 billion and averaging $2.9 billion per year.
CREDIT CARDS  Our credit card portfolio totaled $36.0 billion at June 30, 2020, which represented 4% of our total outstanding loans. The net charge-off rate (annualized) for our credit card portfolio was 3.60% for second quarter 2020, compared with 3.68% for second quarter 2019, and 3.71% for the first half of both 2020 and 2019. The decrease in the net charge-off rate in second quarter 2020, compared with the same period a year ago, was driven by payment deferral activities in response to the COVID-19 pandemic.
 
AUTOMOBILE  Our automobile portfolio totaled $48.8 billion at June 30, 2020. The net charge-off rate (annualized) for our automobile portfolio was 0.88% for second quarter 2020, compared with 0.46% for second quarter 2019, and 0.78% and 0.64% for the first half of 2020 and 2019, respectively. The increase in the net charge-off rate in the second quarter and first half of 2020, compared with the same periods in 2019, was driven by lower recoveries due to the temporary suspension of involuntary repossessions in response to the COVID-19 pandemic.
 
OTHER REVOLVING CREDIT AND INSTALLMENT Other revolving credit and installment loans totaled $32.4 billion at June 30, 2020, and largely included student and securities-based loans. Our private student loan portfolio totaled $10.3 billion at June 30, 2020. On July 1, 2020, we announced that only customers with an outstanding private student loan balance will be eligible for new loans for the upcoming academic year. The net charge-off rate (annualized) for other revolving credit and installment loans was 1.09% for second quarter 2020, compared with 1.56% for second quarter 2019, and 1.35% and 1.52% for the first half of 2020 and 2019, respectively. The decrease in the net charge-off rate in the second quarter and first half of 2020, compared with the same periods a year ago, was driven by payment deferral activities in response to the COVID-19 pandemic.

32
Risk Management - Credit Risk Management (continued)

NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS) Table 20 summarizes nonperforming assets (NPAs) for each of the last four quarters. Total NPAs increased $1.4 billion from first quarter 2020 to $7.8 billion. Nonaccrual loans of $7.6 billion increased $1.4 billion from first quarter 2020. The increase in nonaccrual loans was driven by an increase in commercial nonaccrual loans predominantly due to an increase in oil and gas and real estate mortgage nonaccrual loans as the economic impact of the COVID-19 pandemic continued to impact our customer base. Customer payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into nonaccrual status. Prior to January 1, 2020, PCI loans were excluded from nonaccrual loans because they continued to earn interest income from accretable yield, independent of performance in accordance with their contractual terms. However, as a result of our adoption of CECL on January 1,
 
2020, $275 million of real estate 1-4 family mortgage loans were reclassified from PCI to PCD loans, and as a result, were also classified as nonaccrual loans given their contractual delinquency. For more information on PCD loans, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
For information about when we generally place loans on nonaccrual status, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2019 Form 10-K. For more information on customer accommodations, including loan modifications, in response to the COVID-19 pandemic, see the “Risk Management – Credit Risk Management – COVID-Related Lending Accommodations” section in this Report.
Foreclosed assets of $195 million were down $57 million from first quarter 2020.
Table 20: Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)
 
 
June 30, 2020
 
 
March 31, 2020
 
 
December 31, 2019
 
 
September 30, 2019
 
($ in millions)
 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

 
Balance

 
% of
total
loans

Nonaccrual loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
$
2,896

 
0.83
%
 
$
1,779

 
0.44
%
 
$
1,545

 
0.44
%
 
$
1,539

 
0.44
%
Real estate mortgage
 
1,217

 
0.98

 
944

 
0.77

 
573

 
0.47

 
669

 
0.55

Real estate construction
 
34

 
0.16

 
21

 
0.10

 
41

 
0.21

 
32

 
0.16

Lease financing
 
138

 
0.79

 
131

 
0.68

 
95

 
0.48

 
72

 
0.37

Total commercial
 
4,285

 
0.83

 
2,875

 
0.51

 
2,254

 
0.44

 
2,312

 
0.45

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage (1)
 
2,393

 
0.86

 
2,372

 
0.81

 
2,150

 
0.73

 
2,261

 
0.78

Real estate 1-4 family junior lien mortgage (1)
 
753

 
2.81

 
769

 
2.70

 
796

 
2.70

 
819

 
2.66

Automobile
 
129

 
0.26

 
99

 
0.20

 
106

 
0.22

 
110

 
0.24

Other revolving credit and installment
 
45

 
0.14

 
41

 
0.12

 
40

 
0.12

 
43

 
0.12

Total consumer
 
3,320

 
0.79

 
3,281

 
0.74

 
3,092

 
0.69

 
3,233

 
0.73

Total nonaccrual loans
 
7,605

 
0.81

 
6,156

 
0.61

 
5,346

 
0.56

 
5,545

 
0.58

Foreclosed assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Government insured/guaranteed (2)
 
31

 
 
 
43

 
 
 
50

 
 
 
59

 
 
Non-government insured/guaranteed
 
164

 
 
 
209

 
 
 
253

 
 
 
378

 
 
Total foreclosed assets
 
195

 
 
 
252

 
 
 
303

 
 
 
437

 
 
Total nonperforming assets
 
$
7,800

 
0.83
%
 
$
6,408

 
0.63
%
 
$
5,649

 
0.59
%
 
$
5,982

 
0.63
%
Change in NPAs from prior quarter
 
$
1,392

 
 
 
759

 
 
 
(333
)
 
 
 
(317
)
 
 
(1)
Real estate 1-4 family mortgage loans predominantly insured by the FHA or guaranteed by the VA are not placed on nonaccrual status because they are insured or guaranteed.
(2)
Consistent with regulatory reporting requirements, foreclosed real estate resulting from government insured/guaranteed loans are classified as nonperforming. Both principal and interest related to these foreclosed real estate assets are collectible because the loans were predominantly insured by the FHA or guaranteed by the VA. Receivables related to the foreclosure of certain government guaranteed residential real estate mortgage loans are excluded from this table and included in Accounts Receivable in Other Assets. For more information on foreclosed assets, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2019 Form 10-K.

33

Table 21 provides an analysis of the changes in nonaccrual loans.
Table 21: Analysis of Changes in Nonaccrual Loans
 
Quarter ended
 
(in millions)
Jun 30,
2020

 
Mar 31,
2020

 
Dec 31,
2019

 
Sep 30,
2019

 
Jun 30,
2019

Commercial nonaccrual loans
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
2,875

 
2,254

 
2,312

 
2,470

 
2,797

Inflows
2,741

 
1,479

 
652

 
710

 
621

Outflows:
 
 
 
 
 
 
 
 
 
Returned to accruing
(64
)
 
(56
)
 
(124
)
 
(52
)
 
(46
)
Foreclosures
—

 
—

 
—

 
(78
)
 
(2
)
Charge-offs
(560
)
 
(360
)
 
(201
)
 
(194
)
 
(187
)
Payments, sales and other
(707
)
 
(442
)
 
(385
)
 
(544
)
 
(713
)
Total outflows
(1,331
)
 
(858
)
 
(710
)
 
(868
)
 
(948
)
Balance, end of period
4,285


2,875


2,254


2,312


2,470

Consumer nonaccrual loans
 
 
 
 
 
 
 
 
 
Balance, beginning of period
3,281

 
3,092

 
3,233

 
3,452

 
4,108

Inflows (1)
379

 
749

 
473

 
448

 
437

Outflows:
 
 
 
 
 
 
 
 
 
Returned to accruing
(135
)
 
(254
)
 
(227
)
 
(274
)
 
(250
)
Foreclosures
(6
)
 
(21
)
 
(29
)
 
(32
)
 
(34
)
Charge-offs
(39
)
 
(48
)
 
(45
)
 
(44
)
 
(34
)
Payments, sales and other
(160
)
 
(237
)
 
(313
)
 
(317
)
 
(775
)
Total outflows
(340
)
 
(560
)
 
(614
)
 
(667
)
 
(1,093
)
Balance, end of period
3,320


3,281


3,092


3,233


3,452

Total nonaccrual loans
$
7,605

 
6,156

 
5,346

 
5,545

 
5,922

(1)
In connection with our adoption of CECL on January 1, 2020, we classified $275 million of PCD loans as nonaccruing based on performance.
Typically, changes to nonaccrual loans period-over-period represent inflows for loans that are placed on nonaccrual status in accordance with our policy, offset by reductions for loans that are paid down, charged off, sold, foreclosed, or are no longer classified as nonaccrual as a result of continued performance and an improvement in the borrower’s financial condition and loan repayment capabilities.
While nonaccrual loans are not free of loss content, we believe exposure to loss is significantly mitigated by the following factors at June 30, 2020:
•
90% of total commercial nonaccrual loans and 99% of total consumer nonaccrual loans are secured. Of the consumer nonaccrual loans, 95% are secured by real estate and 89% have a combined LTV (CLTV) ratio of 80% or less.
•
losses of $708 million and $990 million have already been recognized on 16% of commercial nonaccrual loans and 34% of consumer nonaccrual loans, respectively, in accordance with our charge-off policies. Once we write down loans to the net realizable value (fair value of collateral less estimated costs to sell), we re-evaluate each loan regularly and record additional write-downs if needed.

 
•
80% of commercial nonaccrual loans were current on interest and 75% of commercial nonaccrual loans were current on both principal and interest, but were on nonaccrual status because the full or timely collection of interest or principal had become uncertain.
•
of the $1.3 billion of consumer loans in bankruptcy or discharged in bankruptcy, and classified as nonaccrual, $866 million were current.
•
the remaining risk of loss of all nonaccrual loans has been considered and we believe is adequately covered by the allowance for loan losses.

We continue to work with our customers experiencing financial difficulty to determine if they can qualify for a loan modification so that they can stay in their homes. Under our proprietary modification programs, customers may be required to provide updated documentation, and some programs require completion of payment during trial periods to demonstrate sustained performance before the loan can be removed from nonaccrual status.

34
Risk Management - Credit Risk Management (continued)

Table 22 provides a summary of foreclosed assets and an analysis of changes in foreclosed assets.

Table 22: Foreclosed Assets
(in millions)
Jun 30,
2020

 
Mar 31,
2020

 
Dec 31,
2019

 
Sep 30,
2019

 
Jun 30,
2019

Summary by loan segment
 
 
 
 
 
 
 
 
 
Government insured/guaranteed
$
31

 
43

 
50

 
59

 
68

Commercial
45

 
49

 
62

 
180

 
101

Consumer
119

 
160

 
191

 
198

 
208

Total foreclosed assets
$
195

 
252

 
303

 
437

 
377

Analysis of changes in foreclosed assets
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
252

 
303

 
437

 
377

 
436

Net change in government insured/guaranteed (1)
(12
)
 
(7
)
 
(9
)
 
(9
)
 
(7
)
Additions to foreclosed assets (2)
51

 
107

 
126

 
235

 
144

Reductions:
 
 
 
 
 
 
 
 
 
Sales
(98
)
 
(154
)
 
(250
)
 
(155
)
 
(199
)
Write-downs and gains (losses) on sales
2

 
3

 
(1
)
 
(11
)
 
3

Total reductions
(96
)
 
(151
)
 
(251
)
 
(166
)
 
(196
)
Balance, end of period
$
195

 
252

 
303

 
437

 
377

(1)
Foreclosed government insured/guaranteed loans are temporarily transferred to and held by us as servicer, until reimbursement is received from FHA or VA.
(2)
Includes loans moved into foreclosed assets from nonaccrual status and repossessed automobiles.
Foreclosed assets at June 30, 2020, included $138 million of foreclosed residential real estate, of which 22% is predominantly FHA insured or VA guaranteed and expected to have minimal or no loss content. The remaining amount of foreclosed assets has been written down to estimated net realizable value. Of the $195 million in foreclosed assets at June 30, 2020, 64% have been in the foreclosed assets portfolio one year or less.
 
As part of our actions to support customers during the COVID-19 pandemic, we have suspended certain mortgage foreclosure activities, which may affect the amount of our foreclosed assets for the remainder of the year. For additional information on loans in process of foreclosure, see Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report. 



35

TROUBLED DEBT RESTRUCTURINGS (TDRs)

Table 23: Troubled Debt Restructurings (TDRs)
(in millions)
Jun 30,
2020


Mar 31,
2020


Dec 31,
2019


Sep 30,
2019


Jun 30,
2019

Commercial:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
1,882

 
1,302

 
1,183

 
1,162

 
1,294

Real estate mortgage
717

 
697

 
669

 
598

 
620

Real estate construction
20

 
33

 
36

 
40

 
43

Lease financing
10

 
10

 
13

 
16

 
31

Total commercial TDRs
2,629

 
2,042

 
1,901

 
1,816

 
1,988

Consumer:
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
7,176

 
7,284

 
7,589

 
7,905

 
8,218

Real estate 1-4 family junior lien mortgage
1,309

 
1,356

 
1,407

 
1,457

 
1,550

Credit Card
510

 
527

 
520

 
504

 
486

Automobile
108

 
76

 
81

 
82

 
85

Other revolving credit and installment
173

 
172

 
170

 
167

 
159

Trial modifications
91

 
108

 
115

 
123

 
127

Total consumer TDRs
9,367

 
9,523

 
9,882

 
10,238

 
10,625

Total TDRs
$
11,996

 
11,565

 
11,783

 
12,054

 
12,613

TDRs on nonaccrual status
$
3,475

 
2,846

 
2,833

 
2,775

 
3,058

TDRs on accrual status:
 
 
 
 
 
 
 
 
 
Government insured/guaranteed
1,277

 
1,157

 
1,190

 
1,199

 
1,209

Non-government insured/guaranteed
7,244

 
7,562

 
7,760

 
8,080

 
8,346

Total TDRs
$
11,996

 
11,565

 
11,783

 
12,054

 
12,613

Table 23 provides information regarding the recorded investment of loans modified in TDRs. The allowance for loan losses for TDRs was $607 million and $1.0 billion at June 30, 2020, and December 31, 2019, respectively. See Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report for additional information regarding TDRs. In those situations where principal is forgiven, the entire amount of such forgiveness is immediately charged off. When we delay the timing on the repayment of a portion of principal (principal forbearance), we charge off the amount of forbearance if that amount is not considered fully collectible. As part of our actions to support customers during the COVID-19 pandemic, we have provided borrowers relief in the form of loan modifications. Under the CARES Act and the Interagency Statement, loan modifications related to the COVID-19 pandemic will not be classified as TDRs if they meet certain eligibility criteria. For more information on the CARES Act and the Interagency Statement, see the “Risk Management – Credit Risk Management – Credit Quality Overview – Troubled Debt Restructuring Relief” section in this Report.
 
For more information on our nonaccrual policies when a restructuring is involved, see the “Risk Management – Credit Risk Management – Troubled Debt Restructurings (TDRs)” section in our 2019 Form 10-K.
Table 24 provides an analysis of the changes in TDRs. Loans modified more than once are reported as TDR inflows only in the period they are first modified. Other than resolutions such as foreclosures, sales and transfers to held for sale, we may remove loans held for investment from TDR classification, but only if they have been refinanced or restructured at market terms and qualify as new loans.

36
Risk Management - Credit Risk Management (continued)

Table 24: Analysis of Changes in TDRs
 
 
 
 
 
Quarter ended
 
(in millions)
Jun 30,
2020

 
Mar 31,
2020

 
Dec 31,
2019

 
Sep 30,
2019

 
Jun 30,
2019

Commercial TDRs
 
 
 
 
 
 
 
 
 
Balance, beginning of quarter
$
2,042

 
1,901

 
1,816

 
1,988

 
2,512

Inflows (1)
971

 
452

 
476

 
293

 
232

Outflows
 
 
 
 
 
 
 
 
 
Charge-offs
(60
)
 
(56
)
 
(48
)
 
(66
)
 
(37
)
Foreclosures
—

 
—

 
(1
)
 
—

 
—

Payments, sales and other (2)
(324
)
 
(255
)
 
(342
)
 
(399
)
 
(719
)
Balance, end of quarter
2,629

 
2,042

 
1,901

 
1,816

 
1,988

Consumer TDRs
 
 
 
 
 
 
 
 
 
Balance, beginning of quarter
9,523

 
9,882

 
10,238

 
10,625

 
12,797

Inflows (1)
425

 
312

 
350

 
360

 
336

Outflows
 
 
 
 
 
 
 
 
 
Charge-offs
(46
)
 
(63
)
 
(57
)
 
(56
)
 
(61
)
Foreclosures
(8
)
 
(57
)
 
(61
)
 
(70
)
 
(74
)
Payments, sales and other (2)
(510
)
 
(544
)
 
(580
)
 
(617
)
 
(2,364
)
Net change in trial modifications (3)
(17
)
 
(7
)
 
(8
)
 
(4
)
 
(9
)
Balance, end of quarter
9,367

 
9,523

 
9,882

 
10,238

 
10,625

Total TDRs
$
11,996

 
11,565

 
11,783

 
12,054

 
12,613

(1)
Inflows include loans that modify, even if they resolve within the period, as well as gross advances on term loans that modified in a prior period and net advances on revolving TDRs that modified in a prior period.
(2)
Other outflows consist of normal amortization/accretion of loan basis adjustments and loans transferred to held for sale. Occasionally, loans that have been refinanced or restructured at market terms qualify as new loans, which are also included as other outflows.
(3)
Net change in trial modifications includes: inflows of new TDRs entering the trial payment period, net of outflows for modifications that either (i) successfully perform and enter into a permanent modification, or (ii) did not successfully perform according to the terms of the trial period plan and are subsequently charged-off, foreclosed upon or otherwise resolved.


37

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING Loans 90 days or more past due are still accruing if they are (1) well-secured and in the process of collection or (2) real estate 1-4 family mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due. Prior to January 1, 2020, PCI loans were excluded from loans 90 days or more past due and still accruing because they continued to earn interest income from accretable yield, independent of performance in accordance with their contractual terms. In connection with our adoption of CECL, PCI loans were reclassified as PCD loans and classified as accruing or nonaccruing based on performance.
Loans 90 days or more past due and still accruing, excluding insured/guaranteed loans, at June 30, 2020, were down $116 million, or 12%, from December 31, 2019 due to payoffs and lower delinquencies in consumer loans as payment deferral activities instituted in response to the COVID-19 pandemic
 
delayed recognition of delinquencies for customers who would have otherwise moved into past due status, partially offset by an increase in commercial loans 90 days or more past due and still accruing driven by credit deterioration due to the economic impact of the COVID-19 pandemic.
Loans 90 days or more past due and still accruing whose repayments are predominantly insured by the FHA or guaranteed by the VA for mortgages were $8.9 billion at June 30, 2020, up from $6.4 billion at December 31, 2019, due to the economic slowdown related to the COVID-19 pandemic affecting our customers.
Table 25 reflects loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed. For additional information on delinquencies by loan class, see Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.
Table 25: Loans 90 Days or More Past Due and Still Accruing
(in millions)
Jun 30, 2020

 
Mar 31, 2020

 
Dec 31, 2019

 
Sep 30, 2019

 
Jun 30, 2019

Total:
$
9,739

 
7,023

 
7,285

 
7,130

 
7,258

Less: FHA insured/VA guaranteed (1)
8,922

 
6,142

 
6,352

 
6,308

 
6,478

Total, not government insured/guaranteed
$
817

 
881

 
933

 
822

 
780

By segment and class, not government insured/guaranteed:
Commercial:
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
101

 
24

 
47

 
6

 
17

Real estate mortgage
44

 
28

 
31

 
28

 
24

Real estate construction
—

 
1

 
—

 
—

 
—

Total commercial
145


53


78


34


41

Consumer:
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
93

 
128

 
112

 
100

 
108

Real estate 1-4 family junior lien mortgage
19

 
25

 
32

 
35

 
27

Credit card
418

 
528

 
546

 
491

 
449

Automobile
54

 
69

 
78

 
75

 
63

Other revolving credit and installment
88

 
78

 
87

 
87

 
92

Total consumer
672

 
828


855


788


739

Total, not government insured/guaranteed
$
817

 
881


933


822


780

(1)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.


38
Risk Management - Credit Risk Management (continued)

NET LOAN CHARGE-OFFS

Table 26: Net Loan Charge-offs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended 
 
 
Jun 30, 2020
 
 
Mar 31, 2020
 
 
Dec 31, 2019
 
 
Sep 30, 2019
 
 
Jun 30, 2019
 
($ in millions)
Net loan
charge-
offs

 
% of 
avg. 
loans(1) 

 
Net loan
charge-
offs

 
% of avg. loans (1)

 
Net loan
charge-
offs

 
% of avg. loans (1)

 
Net loan
charge-offs

 
% of
avg. loans (1)

 
Net loan
charge-offs

 
% of
avg.
loans (1)

Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
521

 
0.55
 %
 
$
333

 
0.37
 %
 
$
168

 
0.19
 %
 
$
147

 
0.17
 %
 
$
159

 
0.18
 %
Real estate mortgage
67

 
0.22

 
(2
)
 
(0.01
)
 
4

 
0.01

 
(8
)
 
(0.02
)
 
4

 
0.01

Real estate construction
(1
)
 
(0.02
)
 
(16
)
 
(0.32
)
 
—

 
—

 
(8
)
 
(0.14
)
 
(2
)
 
(0.04
)
Lease financing
15

 
0.33

 
9

 
0.19

 
31

 
0.63

 
8

 
0.17

 
4

 
0.09

Total commercial
602

 
0.44

 
324

 
0.25

 
203

 
0.16

 
139

 
0.11

 
165

 
0.13

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
2

 
—

 
(3
)
 
—

 
(3
)
 
—

 
(5
)
 
(0.01
)
 
(30
)
 
(0.04
)
Real estate 1-4 family junior lien mortgage
(12
)
 
(0.17
)
 
(5
)
 
(0.07
)
 
(16
)
 
(0.20
)
 
(22
)
 
(0.28
)
 
(19
)
 
(0.24
)
Credit card
327

 
3.60

 
377

 
3.81

 
350

 
3.48

 
319

 
3.22

 
349

 
3.68

Automobile
106

 
0.88

 
82

 
0.68

 
87

 
0.73

 
76

 
0.65

 
52

 
0.46

Other revolving credit and installment
88

 
1.09

 
134

 
1.59

 
148

 
1.71

 
138

 
1.60

 
136

 
1.56

Total consumer
511

 
0.48

 
585

 
0.53

 
566

 
0.51

 
506

 
0.46

 
488

 
0.45

Total
$
1,113

 
0.46
 %
 
$
909

 
0.38
 %
 
$
769

 
0.32
 %
 
$
645

 
0.27
 %
 
$
653

 
0.28
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Quarterly net loan charge-offs (recoveries) as a percentage of average respective loans are annualized.

Table 26 presents net loan charge-offs for second quarter 2020 and the previous four quarters. Net loan charge-offs in second quarter 2020 were $1.1 billion (0.46% of average total loans outstanding), compared with $653 million (0.28%) in second quarter 2019.
The increase in commercial net loan charge-offs in second quarter 2020 from the prior quarter was driven by higher commercial and industrial losses primarily in our oil and gas portfolio, as well as higher commercial real estate mortgage losses. The decrease in consumer net loan charge-offs in second quarter 2020 from the prior quarter was driven by lower losses in credit card, and other revolving credit and installment loans driven by payment deferral activities in response to the COVID-19 pandemic.
The COVID-19 pandemic may continue to impact the credit quality of our loan portfolio. Although the potential impacts were considered in our allowance for credit losses for loans, payment deferral activities instituted in response to the COVID-19 pandemic could delay the recognition of net loan charge-offs. For more information on customer accommodations in response to the COVID-19 pandemic, see the “Risk Management – Credit Risk Management – COVID-Related Lending Accommodations” section in this Report.
ALLOWANCE FOR CREDIT LOSSES We maintain an allowance for credit losses for loans, which is management’s estimate of the expected credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an allowance for credit losses for debt securities classified as either available-for-sale or held-to-maturity, other financial assets measured at amortized cost, net investments in leases, and other off-balance sheet credit exposures.
 
We apply a disciplined process and methodology to establish our allowance for credit losses each quarter. The process for establishing the allowance for credit losses for loans takes into consideration many factors, including historical and forecasted loss trends, loan-level credit quality ratings and loan grade-specific characteristics. The process involves subjective and complex judgments. In addition, we review a variety of credit metrics and trends. These credit metrics and trends, however, do not solely determine the amount of the allowance as we use several analytical tools. For additional information on our allowance for credit losses, see the “Critical Accounting Policies – Allowance for Credit Losses” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report. For additional information on our allowance for credit losses for loans, see Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report, and for additional information on our allowance for credit losses for debt securities, see the “Balance Sheet Analysis – Available-For-Sale and Held-To-Maturity Debt Securities” section and Note 5 (Available-for-Sale and Held-to-Maturity Debt Securities) to Financial Statements in this Report.
Table 27 presents the allocation of the allowance for credit losses for loans by loan segment and class for the most recent quarter end and last four year ends. The detail of the changes in the allowance for credit losses for loans by portfolio segment (including charge-offs and recoveries by loan class) is included in Note 6 (Loans and Related Allowance for Credit Losses) to Financial Statements in this Report.

39

Table 27: Allocation of the Allowance for Credit Losses (ACL) for Loans (1)
 
Jun 30, 2020
 
 
Dec 31, 2019
 
 
Dec 31, 2018
 
 
Dec 31, 2017
 
 
Dec 31, 2016
 
($ in millions)
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

 
ACL

 
Loans
as %
of total
loans

Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
8,109

 
37
%
 
$
3,600

 
37
%
 
$
3,628

 
37
%
 
$
3,752

 
35
%
 
$
4,560

 
34
%
Real estate mortgage
2,395

 
13

 
1,236

 
13

 
1,282

 
13

 
1,374

 
13

 
1,320

 
14

Real estate construction
484

 
2

 
1,079

 
2

 
1,200

 
2

 
1,238

 
3

 
1,294

 
2

Lease financing
681

 
2

 
330

 
2

 
307

 
2

 
268

 
2

 
220

 
2

Total commercial
11,669

 
54

 
6,245

 
54

 
6,417

 
54

 
6,632

 
53

 
7,394

 
52

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
1,541

 
30

 
692

 
30

 
750

 
30

 
1,085

 
30

 
1,270

 
29

Real estate 1-4 family
junior lien mortgage
725

 
3

 
247

 
3

 
431

 
3

 
608

 
4

 
815

 
5

Credit card
3,777

 
4

 
2,252

 
4

 
2,064

 
4

 
1,944

 
4

 
1,605

 
4

Automobile
1,174

 
5

 
459

 
5

 
475

 
5

 
1,039

 
5

 
817

 
6

Other revolving credit and installment
1,550

 
4

 
561

 
4

 
570

 
4

 
652

 
4

 
639

 
4

Total consumer
8,767

 
46

 
4,211

 
46

 
4,290

 
46

 
5,328

 
47

 
5,146

 
48

Total
$
20,436

 
100
%
 
$
10,456

 
100
%
 
$
10,707

 
100
%
 
$
11,960

 
100
%
 
$
12,540

 
100
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jun 30, 2020
 
 
Dec 31, 2019
 
 
Dec 31, 2018
 
 
Dec 31, 2017
 
 
Dec 31, 2016
 
Components:
 
 
 
 
 
 
 
 
 
Allowance for loan losses
$
18,926
 
 
9,551
 
 
9,775
 
 
11,004
 
 
11,419
 
Allowance for unfunded
credit commitments
1,510
 
 
905
 
 
932
 
 
956
 
 
1,121
 
Allowance for credit losses for loans
$
20,436
 
 
10,456
 
 
10,707
 
 
11,960
 
 
12,540
 
Allowance for loan losses as a percentage of total loans
2.02
%
 
0.99
 
 
1.03
 
 
1.15
 
 
1.18
 
Allowance for loan losses as a percentage of total net loan charge-offs (2)
423
 
 
346
 
 
356
 
 
376
 
 
324
 
Allowance for credit losses for loans as a percentage of total loans
2.19
 
 
1.09
 
 
1.12
 
 
1.25
 
 
1.30
 
Allowance for credit losses for loans as a percentage of total nonaccrual loans
269
 
 
196
 
 
165
 
 
156
 
 
126
 
(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
Total net loan charge-offs are annualized for the quarter ended June 30, 2020.
The ratios for the allowance for loan losses and the allowance for credit losses for loans presented in Table 27 may fluctuate from period to period due to such factors as the mix of loan types in the portfolio, borrower credit strength, and the value and marketability of collateral.
The allowance for credit losses for loans increased $10.0 billion, or 95%, from December 31, 2019, driven by a $11.4 billion increase in the allowance for credit losses for loans in the first half of 2020, partially offset by a $1.3 billion decrease as a result of adopting CECL. The increase in the allowance for credit losses for loans reflected current and forecasted economic conditions due to the COVID-19 pandemic. Total provision for credit losses for loans was $9.6 billion in second quarter 2020, compared with $503 million in second quarter 2019. The increase in the provision for credit losses for loans in second quarter 2020, compared with the same period a year ago, reflected an increase in the allowance for credit losses for loans due to the economic impact of the COVID-19 pandemic.
We consider multiple economic scenarios to develop our estimate of the allowance for credit losses for loans. The scenarios include a base case considered to be the most likely economic forecast, along with an optimistic (upside) and a
 
pessimistic (downside) economic forecast. Our estimate of the allowance for credit losses for loans at June 30, 2020, was based on a weighting of the base case and downside economic scenarios of 80% and 20%, respectively, with no weighting applied to the upside scenario. The base case economic forecast assumed near-term economic stress recovering into late 2021. The downside scenario assumed more sustained adverse economic impacts resulting from the COVID-19 pandemic compared with the base case. The downside scenario assumed U.S. real GDP increasing slowly and not fully recovering during the remainder of 2020 and 2021, and a sustained elevation in the U.S. unemployment rate until mid-2022. We considered expectations for the impact of government economic stimulus programs in effect on June 30, 2020; however, we did not consider the impact of future government economic stimulus programs. In addition, we considered expectations for the impact of customer accommodation activity, as well as the estimated impact on certain industries that we consider to be directly and most adversely affected by the COVID-19 pandemic.
In addition to quantitative estimates, we consider qualitative factors that represent risks inherent in our processes and assumptions such as economic environmental factors, modeling

40
Risk Management - Credit Risk Management (continued)

assumptions and performance, and other subjective factors, including industry trends and emerging risk assessments. At June 30, 2020, the qualitative portion of our allowance for credit losses for loans included adjustments for model performance relative to management's loss expectations, including specific incremental risks from the oil and gas, commercial real estate, and home lending portfolios due to the continued economic impact of the COVID-19 pandemic.
The forecasted key economic variables inherent in our estimate of the allowance for credit losses for loans at June 30, 2020, are presented in Table 28.

Table 28: Forecasted Key Economic Variables
 
4Q 2020

 
2Q 2021

 
4Q 2021

Blend of 80% base case and 20% downside scenario (1):
 
 
 
 
 
U.S. unemployment rate (2)
11.0

 
9.2

 
7.5

U.S. real GDP (3)
4.3

 
6.3

 
3.5

Home price index (4)
0.7

 
(3.0
)
 
(0.9
)
Commercial real estate asset prices (4)
(2.5
)
 
(7.6
)
 
(5.1
)
(1)
Represents a weighted average of the forecasted economic variable inputs.
(2)
Quarterly average.
(3)
Seasonally adjusted annualized rate.
(4)
Percentage change year over year of national average; outlook differs by geography and property type.
Future amounts of the allowance for credit losses for loans will be based on a variety of factors, including loan balance changes, portfolio credit quality and mix changes, and changes in general economic conditions and expectations (including for unemployment and GDP), among other factors. Based on economic conditions at the end of second quarter 2020, it was difficult to estimate the length and severity of the economic downturn that may result from the COVID-19 pandemic and the impact of other factors that may influence the level of eventual losses and corresponding requirements for future amounts of the allowance for credit losses, including the impact of economic stimulus programs and customer accommodation activity. The COVID-19 pandemic could continue to result in the recognition of credit losses in our loan portfolios and increases in our allowance for credit losses, particularly if the impact on the economy worsens.
We believe the allowance for credit losses for loans of $20.4 billion at June 30, 2020, was appropriate to cover expected credit losses, including unfunded credit commitments, at that date. The entire allowance is available to absorb expected credit losses from the total loan portfolio. The allowance for credit losses for loans is subject to change and reflects existing factors as of the date of determination, including economic or market conditions and ongoing internal and external examination processes. Due to the sensitivity of the allowance for credit losses for loans to changes in the economic and business environment, it is possible that we will incur incremental credit losses not anticipated as of the balance sheet date.
LIABILITY FOR MORTGAGE LOAN REPURCHASE LOSSES For information on our repurchase liability, see the “Risk Management – Credit Risk Management – Liability For Mortgage Loan Repurchase Losses” section in our 2019 Form 10-K.

RISKS RELATING TO SERVICING ACTIVITIES In addition to servicing loans in our portfolio, we act as servicer and/or master servicer of residential mortgage loans included in GSE-guaranteed mortgage securitizations, GNMA-guaranteed mortgage securitizations of FHA-insured/VA-guaranteed mortgages and private label
 
mortgage securitizations, as well as for unsecuritized loans owned by institutional investors. In connection with our servicing activities, we could become subject to consent orders and settlement agreements with federal and state regulators for alleged servicing issues and practices. In general, these can require us to provide customers with loan modification relief, refinancing relief, and foreclosure prevention and assistance, as well as can impose certain monetary penalties on us.
As a servicer, we are required to advance certain delinquent payments of principal and interest on the mortgage loans we service. The amount and timing of reimbursement of these advances vary by investor and the applicable servicing agreements in place. Due to an increase in customer requests for payment deferrals as a result of the COVID-19 pandemic, the amount of principal and interest advances we were required to make as a servicer increased in second quarter 2020. The amount of these advances may continue to increase if additional payment deferrals are provided. Payment deferrals also delay the collection of contractually specified servicing fees, resulting in lower net servicing income.
In accordance with applicable servicing guidelines, delinquency status continues to advance for loans with COVID-related payment deferrals, which has resulted in an increase in delinquent loans serviced for others and a corresponding increase in loans eligible for repurchase from GNMA loan securitization pools. Our option to repurchase loans from GNMA loan securitization pools becomes exercisable when three scheduled loan payments remain unpaid by the borrower. We generally repurchase these loans for cash and as a result, our total consolidated assets do not change. In July 2020, we repurchased $14.1 billion of these delinquent loans and we expect to repurchase $5.6 billion of these delinquent loans in August 2020.
Loans that regain current status or are otherwise modified in accordance with applicable servicing guidelines may be included in future GNMA loan securitization pools. However, in accordance with guidance issued by GNMA in June 2020, repurchased loans with COVID-related payment deferrals are ineligible for inclusion in future GNMA loan securitization pools until the borrower has timely made six consecutive payments. This requirement may delay our ability to resell loans into the securitization market.
For additional information about the risks related to our servicing activities, see the “Risk Management – Credit Risk Management – Risks Relating to Servicing Activities” section in our 2019 Form 10-K. For additional information on mortgage banking activities, see Note 11 (Mortgage Banking Activities) to Financial Statements in this Report.

Asset/Liability Management
Asset/liability management involves evaluating, monitoring and managing interest rate risk, market risk, liquidity and funding. Primary oversight of interest rate risk and market risk resides with the Finance Committee of our Board, which oversees the administration and effectiveness of financial risk management policies and processes used to assess and manage these risks. Primary oversight of liquidity and funding resides with the Risk Committee of the Board. At the management level we utilize a Corporate Asset/Liability Committee (Corporate ALCO), which consists of management from finance, risk and business groups, to oversee these risks and provide periodic reports to the Board’s Finance Committee and Risk Committee as appropriate. As discussed in more detail for market risk activities below, we employ separate management level oversight specific to market risk.
 

41

INTEREST RATE RISK Interest rate risk, which potentially can have a significant earnings impact, is an integral part of being a financial intermediary. We are subject to interest rate risk because:
•
assets and liabilities may mature or reprice at different times (for example, if assets reprice faster than liabilities and interest rates are generally rising, earnings will initially increase);
•
assets and liabilities may reprice at the same time but by different amounts (for example, when the general level of interest rates is rising, we may increase rates paid on checking and savings deposit accounts by an amount that is less than the general rise in market interest rates);
•
short-term and long-term market interest rates may change by different amounts (for example, the shape of the yield curve may affect new loan yields and funding costs differently);
•
the remaining maturity of various assets or liabilities may shorten or lengthen as interest rates change (for example, if long-term mortgage interest rates increase sharply, MBS held in the debt securities portfolio may pay down slower than anticipated, which could impact portfolio income); or
•
interest rates may also have a direct or indirect effect on loan demand, collateral values, credit losses, mortgage origination volume, the fair value of MSRs and other financial instruments, the value of the pension liability and other items affecting earnings.

We assess interest rate risk by comparing outcomes under various net interest income simulations using many interest rate scenarios that differ in the direction of interest rate changes, the degree of change over time, the speed of change and the projected shape of the yield curve. These simulations require assumptions regarding drivers of earnings and balance sheet composition such as loan originations, prepayment speeds on loans and debt securities, deposit flows and mix, as well as pricing strategies.
Currently, our profile is such that we project net interest income will benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities.
Our most recent simulations estimate net interest income sensitivity over the next two years under a range of both lower and higher interest rates. Measured impacts from standardized ramps (gradual changes) and shocks (instantaneous changes) are summarized in Table 29, indicating net interest income sensitivity relative to the Company’s base net interest income plan. Ramp scenarios assume interest rates move gradually in parallel across the yield curve relative to the base scenario in year one, and the full amount of the ramp is held as a constant differential to the base scenario in year two. The following describes the simulation assumptions for the scenarios presented in Table 29:
•
Simulations are dynamic and reflect anticipated growth across assets and liabilities.
•
Other macroeconomic variables that could be correlated with the changes in interest rates are held constant.
•
Mortgage prepayment and origination assumptions vary across scenarios and reflect only the impact of the higher or lower interest rates.
•
Our base scenario deposit forecast incorporates mix changes consistent with the base interest rate trajectory. Deposit mix is modeled to be the same as in the base scenario across the alternative scenarios. In higher interest rate scenarios,
 
customer activity that shifts balances into higher-yielding products could reduce expected net interest income.
•
We hold the size of the projected debt and equity securities portfolios constant across scenarios.
Table 29: Net Interest Income Sensitivity Over Next Two-Year Horizon Relative to Base Expectation
 
 
 
Lower Rates (1)
 
Higher Rates
($ in billions)
Base
 
100 bps
Ramp
Parallel
 Decrease
 
100 bps Instantaneous
Parallel
Increase
 
200 bps
Ramp
Parallel
Increase
First Year of Forecasting Horizon
 
 
 
 
 
 
 
Net Interest Income Sensitivity to Base Scenario
 
$
(0.9) - (0.4)
 
4.6 - 5.1
 
4.2 - 4.7
Key Rates at Horizon End
 
 
 
 
 
 
 
Fed Funds Target
0.25
%
0.00
 
1.25
 
2.25
10-year CMT (2)
0.76
 
0.00
 
1.76
 
2.76
Second Year of Forecasting Horizon
 
 
 
 
 
 
 
Net Interest Income Sensitivity to Base Scenario
 
$
(2.3) - (1.8)
 
7.2 - 7.7
 
11.2 - 11.7
Key Rates at Horizon End
 
 
 
 
 
 
 
Fed Funds Target
0.25
%
0.00
 
1.25
 
2.25
10-year CMT (2)
0.89
 
0.00
 
1.89
 
2.89
(1)
U.S. interest rates are floored at zero where applicable in this scenario analysis
(2)
U.S. Constant Maturity Treasury Rate

The sensitivity results above do not capture interest rate sensitive noninterest income and expense impacts. Our interest rate sensitive noninterest income and expense are predominantly driven by mortgage banking activities, and may move in the opposite direction of our net interest income. Mortgage originations generally decline in response to higher interest rates and generally increase, particularly refinancing activity, in response to lower interest rates. Mortgage results are also impacted by the valuation of MSRs and related hedge positions. See the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in this Report for more information.
Interest rate sensitive noninterest income also results from changes in earnings credit for noninterest-bearing deposits that reduce treasury management deposit service fees. Additionally, for the trading portfolio, our trading assets are (before the effects of certain economic hedges) generally less sensitive to changes in interest rates than the related funding liabilities. As a result, net interest income from the trading portfolio contracts and expands as interest rates rise and fall, respectively. The impact to net interest income does not include the fair value changes of trading securities and loans, which, along with the effects of related economic hedges, are recorded in noninterest income.
We use the debt securities portfolio and exchange-traded and over-the-counter (OTC) interest rate derivatives to hedge our interest rate exposures. See the “Balance Sheet Analysis – Available-for-Sale and Held-to-Maturity Debt Securities” section in this Report for more information on the use of the available-for-sale and held-to-maturity securities portfolios. The notional or contractual amount, credit risk amount and fair value of the derivatives used to hedge our interest rate risk exposures as of June 30, 2020, and December 31, 2019, are presented in Note 15 (Derivatives) to Financial Statements in this Report. We use derivatives for asset/liability management in two main ways:

42
Asset/Liability Management (continued)

•
to convert the cash flows from selected asset and/or liability instruments/portfolios including investments, commercial loans and long-term debt, from fixed-rate payments to floating-rate payments, or vice versa; and
•
to economically hedge our mortgage origination pipeline, funded mortgage loans and MSRs using interest rate swaps, swaptions, futures, forwards and options.
 
MORTGAGE BANKING INTEREST RATE AND MARKET RISK  We originate, fund and service mortgage loans, which subjects us to various risks, including credit, liquidity and interest rate risks. For more information on mortgage banking interest rate and market risk, see the “Risk Management – Asset/Liability Management – Mortgage Banking Interest Rate and Market Risk” section in our 2019 Form 10-K.
While our hedging activities are designed to balance our mortgage banking interest rate risks, the financial instruments we use may not perfectly correlate with the values and income being hedged. For example, the change in the value of ARM production held for sale from changes in mortgage interest rates may or may not be fully offset by index-based financial instruments used as economic hedges for such ARMs. Hedge results may also be impacted as the overall level of hedges changes as interest rates change, or as there are other changes in the market for mortgage forwards that may affect the implied carry on the MSRs.
The total carrying value of our residential and commercial MSRs was $8.2 billion at June 30, 2020, and $12.9 billion at December 31, 2019. The weighted-average note rate on our portfolio of loans serviced for others was 4.13% at June 30, 2020, and 4.25% at December 31, 2019. The carrying value of our total MSRs represented 0.52% and 0.79% of mortgage loans serviced for others at June 30, 2020 and December 31, 2019, respectively.
MARKET RISK Market risk is the risk of possible economic loss from adverse changes in market risk factors such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices, and the risk of possible loss due to counterparty exposure. This applies to implied volatility risk, basis risk, and market liquidity risk. It also includes price risk in the trading book, mortgage servicing rights and the hedge effectiveness risk associated with the mortgage book, and impairment on private equity investments.
The Board’s Finance Committee has primary oversight responsibility for market risk and oversees the Company’s market risk exposure and market risk management strategies. In addition, the Board’s Risk Committee has certain oversight responsibilities with respect to market risk, including adjusting the Company’s market risk appetite with input from the Finance Committee. The Finance Committee also reports key market risk matters to the Risk Committee.
At the management level, the Market and Counterparty Risk Management function, which is part of IRM, has primary oversight responsibility for market risk. The Market and Counterparty Risk Management function reports into the CRO and also provides periodic reports related to market risk to the Board’s Finance Committee.

 
MARKET RISK – TRADING ACTIVITIES  We engage in trading activities to accommodate the investment and risk management activities of our customers and to execute economic hedging to manage certain balance sheet risks. These trading activities predominantly occur within our Wholesale Banking businesses and to a lesser extent other divisions of the Company. Debt securities held for trading, equity securities held for trading, trading loans and trading derivatives are financial instruments used in our trading activities, and all are carried at fair value. Income earned on the financial instruments used in our trading activities include net interest income, changes in fair value and realized gains and losses. Net interest income earned from our trading activities is reflected in the interest income and interest expense components of our income statement. Changes in fair value of the financial instruments used in our trading activities are reflected in net gains on trading activities, a component of noninterest income in our income statement. For more information on the financial instruments used in our trading activities and the income from these trading activities, see Note 4 (Trading Activities) to Financial Statements in this Report.
Value-at-risk (VaR) is a statistical risk measure used to estimate the potential loss from adverse moves in the financial markets. The Company uses VaR metrics complemented with sensitivity analysis and stress testing in measuring and monitoring market risk. For more information, including information regarding our monitoring activities, sensitivity analysis and stress testing, see the “Risk Management – Asset/Liability Management – Market Risk – Trading Activities” section in our 2019 Form 10-K.
Trading VaR is the measure used to provide insight into the market risk exhibited by the Company’s trading positions. The
Company calculates Trading VaR for risk management purposes to establish line of business and Company-wide risk limits. Trading VaR is calculated based on all trading positions on our balance sheet.
Table 30 shows the Company’s Trading General VaR by risk category. As presented in Table 30, average Company Trading General VaR was $155 million for the quarter ended June 30, 2020, compared with $33 million for the quarter ended March 31, 2020, and $20 million for the quarter ended June 30, 2019. The increase in average as well as period end Company Trading General VaR for the quarter ended June 30, 2020, compared with the quarter ended June 30, 2019, was driven by recent market volatility, in particular changes in interest rate curves and a significant widening of credit spreads entering the 12-month historical lookback window used to calculate VaR.

43

Table 30: Trading 1-Day 99% General VaR by Risk Category
 
 
 
Quarter ended
 
 
June 30, 2020
 
 
March 31, 2020
 
 
June 30, 2019
 
(in millions)
Period
end

 
Average

 
Low

 
High

 
Period
end

 
Average

 
Low

 
High

 
Period
end

 
Average

 
Low

 
High

Company Trading General VaR Risk Categories
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit
$
86

 
82

 
61

 
99

 
62

 
28

 
15

 
75

 
15

 
15

 
11

 
18

Interest rate
155

 
106

 
42

 
161

 
84

 
32

 
5

 
198

 
29

 
37

 
27

 
49

Equity
14

 
10

 
6

 
17

 
6

 
7

 
4

 
10

 
4

 
5

 
4

 
8

Commodity
4

 
4

 
2

 
7

 
2

 
2

 
1

 
6

 
2

 
2

 
1

 
6

Foreign exchange
1

 
2

 
1

 
3

 
2

 
1

 
1

 
6

 
1

 
1

 
1

 
1

Diversification benefit (1)
(51
)
 
(49
)
 


 
 
 
(63
)
 
(37
)
 
 
 
 
 
(32
)
 
(40
)
 
 
 
 
Company Trading General VaR
$
209

 
155

 
 
 
 
 
93

 
33

 
 
 
 
 
19

 
20

 
 
 
 
(1)
The period-end VaR was less than the sum of the VaR components described above, which is due to portfolio diversification. The diversification effect arises because the risks are not perfectly correlated causing a portfolio of positions to usually be less risky than the sum of the risks of the positions alone. The diversification benefit is not meaningful for low and high metrics since they may occur on different days.
MARKET RISK – EQUITY SECURITIES  We are directly and indirectly affected by changes in the equity markets. We make and manage direct investments in start-up businesses, emerging growth companies, management buy-outs, acquisitions and corporate recapitalizations. We also invest in non-affiliated funds that make similar private equity investments. These private equity investments are made within capital allocations approved by management and the Board. The Board’s policy is to review business developments, key risks and historical returns for the private equity investment portfolio at least annually. Management reviews these investments at least quarterly and assesses them for possible other-than-temporary impairment (OTTI) and observable price changes. For nonmarketable equity securities, the analysis is based on facts and circumstances of each individual investment and the expectations for that investment’s cash flows, capital needs, the viability of its business model, our exit strategy, and observable price changes that are similar to the investments held. Investments in nonmarketable equity securities include private equity investments accounted for under the equity method, fair value through net income, and the measurement alternative.
In conjunction with the March 2008 initial public offering (IPO) of Visa, Inc. (Visa), we received approximately 20.7 million shares of Visa Class B common stock, the class which was apportioned to member banks of Visa at the time of the IPO. To manage our exposure to Visa and realize the value of the appreciated Visa shares, we incrementally sold these shares through a series of sales, thereby eliminating this position as of September 30, 2015. As part of these sales, we agreed to compensate the buyer for any additional contributions to a litigation settlement fund for the litigation matters associated with the Class B shares we sold. Our exposure to this retained litigation risk has been updated quarterly and is reflected on our balance sheet. For additional information about the associated litigation matters, see the “Interchange Litigation” section in Note 14 (Legal Actions) to Financial Statements in this Report.
As part of our business to support our customers, we trade public equities, listed/OTC equity derivatives and convertible bonds. We have parameters that govern these activities. We also have marketable equity securities that include investments relating to our venture capital activities. We manage these marketable equity securities within capital risk limits approved by management and the Board and monitored by Corporate ALCO and the Market Risk Committee. The fair value changes in these marketable equity securities are recognized in net income. For
 
more information, see Note 8 (Equity Securities) to Financial Statements in this Report.
Changes in equity market prices may also indirectly affect our net income by (1) the value of third party assets under management and, hence, fee income, (2) borrowers whose ability to repay principal and/or interest may be affected by the stock market, or (3) brokerage activity, related commission income and other business activities. Each business line monitors and manages these indirect risks.
LIQUIDITY AND FUNDING  The objective of effective liquidity management is to ensure that we can meet customer loan requests, customer deposit maturities/withdrawals and other cash commitments efficiently under both normal operating conditions and under periods of Wells Fargo-specific and/or market stress. To achieve this objective, the Board establishes liquidity guidelines that require sufficient asset-based liquidity to cover potential funding requirements and to avoid over-dependence on volatile, less reliable funding markets. These guidelines are monitored on a monthly basis by the Corporate ALCO and on a quarterly basis by the Board. These guidelines are established and monitored for both the consolidated company and for the Parent on a stand-alone basis to ensure that the Parent is a source of strength for its regulated, deposit-taking banking subsidiaries.

Liquidity Standards We are subject to a rule, issued by the FRB, OCC and Federal Deposit Insurance Corporation (FDIC), that includes a quantitative liquidity requirement consistent with the liquidity coverage ratio (LCR) established by the Basel Committee on Banking Supervision (BCBS). The rule requires banking institutions, such as Wells Fargo, to hold high-quality liquid assets (HQLA), such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash, in an amount equal to or greater than its projected net cash outflows during a 30-day stress period. The rule is applicable to the Company on a consolidated basis and to our insured depository institutions (IDIs) with total assets greater than $10 billion. In addition, rules issued by the FRB impose enhanced liquidity management standards on large BHCs such as Wells Fargo.
The FRB, OCC and FDIC have proposed a rule that would implement a stable funding requirement, the net stable funding ratio (NSFR), which would require large banking organizations, such as Wells Fargo, to maintain a sufficient amount of stable

44
Asset/Liability Management (continued)

funding in relation to their assets, derivative exposures and commitments over a one-year horizon period.
Liquidity Coverage Ratio As of June 30, 2020, the consolidated Company, Wells Fargo Bank, N.A. and Wells Fargo National Bank West were above the minimum LCR requirement of 100%, which is calculated as HQLA divided by projected net cash outflows, as each is defined under the LCR rule. Table 31 presents the Company’s quarterly average values for the daily-calculated LCR and its components calculated pursuant to the LCR rule requirements.
Table 31: Liquidity Coverage Ratio
(in millions, except ratio)
Average for Quarter ended June 30, 2020

HQLA (1)(2)
$
409,467

Projected net cash outflows
316,268

LCR
129
%
(1)
Excludes excess HQLA at certain subsidiaries that is not transferable to other Wells Fargo entities.
(2)
Net of applicable haircuts required under the LCR rule.
Liquidity Sources We maintain liquidity in the form of cash, cash equivalents and unencumbered high-quality, liquid debt
 
securities. These assets make up our primary sources of liquidity which are presented in Table 32. Our primary sources of liquidity are substantially the same in composition as HQLA under the LCR rule; however, our primary sources of liquidity will generally exceed HQLA calculated under the LCR rule due to the applicable haircuts to HQLA and the exclusion of excess HQLA at our subsidiary IDIs required under the LCR rule.
Our cash is predominantly on deposit with the Federal Reserve. Debt securities included as part of our primary sources of liquidity are comprised of U.S. Treasury and federal agency debt, and mortgage-backed securities issued by federal agencies within our debt securities portfolio. We believe these debt securities provide quick sources of liquidity through sales or by pledging to obtain financing, regardless of market conditions. Some of these debt securities are within our held-to-maturity portfolio and as such are not intended for sale, but may be pledged to obtain financing. Some of the legal entities within our consolidated group of companies are subject to various regulatory, tax, legal and other restrictions that can limit the transferability of their funds. We believe we maintain adequate liquidity for these entities in consideration of such funds transfer restrictions.
Table 32: Primary Sources of Liquidity
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Total

 
Encumbered

 
Unencumbered

 
Total

 
Encumbered

 
Unencumbered

Interest-earning deposits with banks
$
237,799

 
—

 
237,799

 
119,493

 
—

 
119,493

Debt securities of U.S. Treasury and federal agencies
58,486

 
3,181

 
55,305

 
61,099

 
3,107

 
57,992

Mortgage-backed securities of federal agencies (1)
255,447

 
37,215

 
218,232

 
258,589

 
41,135

 
217,454

Total
$
551,732

 
40,396

 
511,336

 
439,181

 
44,242

 
394,939

(1)
Included in encumbered securities at June 30, 2020, were securities with a fair value of $2.0 billion, which were purchased in June 2020, but settled in July 2020.
In addition to our primary sources of liquidity shown in
Table 32, liquidity is also available through the sale or financing of other debt securities including trading and/or available-for-sale debt securities, as well as through the sale, securitization or financing of loans, to the extent such debt securities and loans are not encumbered. As of June 30, 2020, we also maintained approximately $276.1 billion of available borrowing capacity at various Federal Home Loan Banks and the Federal Reserve Discount Window.
 
Deposits have historically provided a sizable source of relatively low-cost funds. Deposits were 151% of total loans at June 30, 2020, and 137% at December 31, 2019.
Additional funding is provided by long-term debt and short-term borrowings. Table 33 shows selected information for short-term borrowings, which generally mature in less than 30 days.
Table 33: Short-Term Borrowings
 
Quarter ended
 
(in millions)
Jun 30,
2020

 
Mar 31,
2020

 
Dec 31,
2019

 
Sep 30,
2019

 
Jun 30,
2019

Balance, period end
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase
$
49,659

 
79,036

 
92,403

 
110,399

 
102,560

Other short-term borrowings
10,826

 
13,253

 
12,109

 
13,509

 
12,784

Total
$
60,485

 
92,289

 
104,512

 
123,908

 
115,344

Average daily balance for period
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase
$
52,868

 
90,722

 
103,614

 
109,499

 
102,557

Other short-term borrowings
10,667

 
12,255

 
12,335

 
12,343

 
12,197

Total
$
63,535

 
102,977

 
115,949

 
121,842

 
114,754

Maximum month-end balance for period
 
 
 
 
 
 
 
 
 
Federal funds purchased and securities sold under agreements to repurchase (1)
$
50,397

 
91,121

 
111,727

 
110,399

 
105,098

Other short-term borrowings (2)
11,220

 
13,253

 
12,708

 
13,509

 
12,784

(1)
Highest month-end balance in each of the last five quarters was in April and February 2020, and October, September and May 2019.
(2)
Highest month-end balance in each of the last five quarters was in April and March 2020, and October, September and June 2019.

45

Long-Term Debt We access domestic and international capital markets for long-term funding (generally greater than one year) through issuances of registered debt securities, private placements and asset-backed secured funding. We issue long-term debt in a variety of maturities and currencies to achieve cost-efficient funding and to maintain an appropriate maturity profile. Proceeds from securities issued were used for general corporate purposes, and, unless otherwise specified in the applicable prospectus or prospectus supplement, we expect the proceeds from securities issued in the future will be used for the same purposes. Long-term debt of $230.9 billion at June 30,
 
2020, increased $2.7 billion from December 31, 2019. We issued $18.8 billion and $37.7 billion of long-term debt in the second quarter and first half of 2020, respectively, and $187 million in July 2020. Depending on market conditions, we may purchase our outstanding debt securities from time to time in privately negotiated or open market transactions, by tender offer, or otherwise. Table 34 provides the aggregate carrying value of long-term debt maturities (based on contractual payment dates) for the remainder of 2020 and the following years thereafter, as of June 30, 2020.
Table 34: Maturity of Long-Term Debt
 
June 30, 2020
 
(in millions)
Remaining 2020

 
2021

 
2022

 
2023

 
2024

 
Thereafter

 
Total

Wells Fargo & Company (Parent Only)
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
7,665

 
17,999

 
18,411

 
11,573

 
12,346

 
88,248

 
156,242

Subordinated notes
—

 
—

 
—

 
3,789

 
772

 
26,818

 
31,379

Junior subordinated notes
—

 
—

 
—

 
—

 
—

 
1,949

 
1,949

Total long-term debt – Parent
$
7,665

 
17,999

 
18,411

 
15,362

 
13,118

 
117,015

 
189,570

Wells Fargo Bank, N.A. and other bank entities (Bank)
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
2,109

 
15,207

 
4,897

 
2,943

 
6

 
416

 
25,578

Subordinated notes
—

 
—

 
—

 
1,005

 
—

 
4,929

 
5,934

Junior subordinated notes
—

 
—

 
—

 
—

 
—

 
369

 
369

Securitizations and other bank debt
1,683

 
1,296

 
933

 
268

 
139

 
1,472

 
5,791

Total long-term debt – Bank
$
3,792

 
16,503

 
5,830

 
4,216

 
145

 
7,186

 
37,672

Other consolidated subsidiaries
 
 
 
 
 
 
 
 
 
 
 
 
 
Senior notes
$
131

 
1,843

 
206

 
508

 
123

 
836

 
3,647

Securitizations and other bank debt
—

 
—

 
—

 
—

 
—

 
32

 
32

Total long-term debt – Other consolidated subsidiaries
$
131

 
1,843

 
206

 
508

 
123

 
868

 
3,679

Total long-term debt
$
11,588

 
36,345

 
24,447

 
20,086

 
13,386

 
125,069

 
230,921

Credit Ratings Investors in the long-term capital markets, as well as other market participants, generally will consider, among other factors, a company’s debt rating in making investment decisions. Rating agencies base their ratings on many quantitative and qualitative factors, including capital adequacy, liquidity, asset quality, business mix, the level and quality of earnings, and rating agency assumptions regarding the probability and extent of federal financial assistance or support for certain large financial institutions. Adverse changes in these factors could result in a reduction of our credit rating; however, our debt securities do not contain credit rating covenants.
On April 22, 2020, Fitch Ratings, Inc. (Fitch) affirmed the Company’s long-term and short-term issuer default ratings and revised the rating outlook to negative from stable as Fitch expects significant operating environment headwinds from the disruption to economic activity and financial markets as a result of the COVID-19 pandemic. This rating action followed Fitch’s event-driven review of the commercially-oriented U.S. global
 
systemically important banks (G-SIBs). On May 21, 2020, DBRS Morningstar confirmed the Company’s ratings and revised the rating trend to negative from stable, citing the economic disruption caused by the COVID-19 pandemic. On July 22, 2020, Standard & Poor's (S&P) Global Ratings lowered the long-term rating of the Company to BBB+ from A- and revised the rating outlook to stable from negative.
See the “Risk Factors” section in our 2019 Form 10-K for additional information regarding our credit ratings and the potential impact a credit rating downgrade would have on our liquidity and operations, as well as Note 15 (Derivatives) to Financial Statements in this Report for information regarding additional collateral and funding obligations required for certain derivative instruments in the event our credit ratings were to fall below investment grade.
The credit ratings of the Company and Wells Fargo Bank, N.A. as of June 30, 2020, are presented in Table 35.
Table 35: Credit Ratings as of June 30, 2020
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
Senior debt
 
Short-term
borrowings 
 
Long-term
deposits 
 
Short-term
borrowings 
Moody’s
A2
 
P-1
 
Aa1
 
P-1
S&P Global Ratings (1)
A-
 
A-2
 
A+
 
A-1
Fitch Ratings, Inc.
A+
 
F1
 
AA
 
F1+
DBRS Morningstar
AA (low)
 
R-1 (middle)
 
AA
 
R-1 (high)
(1)
On July 22, 2020, S&P Global Ratings lowered the long-term rating of the Company to BBB+ from A- and revised the rating outlook to stable from negative.

46
Asset/Liability Management (continued)

FEDERAL HOME LOAN BANK MEMBERSHIP The Federal Home Loan Banks (the FHLBs) are a group of cooperatives that lending institutions use to finance housing and economic development in local communities. We are a member of the FHLBs based in Dallas, Des Moines and San Francisco. Each member of the FHLBs is required to maintain a minimum investment in capital stock of the applicable FHLB. The board of directors of each FHLB can increase the minimum investment requirements in the event it has concluded that additional capital is required to allow it to meet its own regulatory capital requirements. Any increase in the minimum investment requirements outside of specified ranges requires the approval of the Federal Housing Finance Agency. Because the extent of any obligation to increase our investment in any of the FHLBs depends entirely upon the occurrence of a future event, potential future payments to the FHLBs are not determinable.

LIBOR TRANSITION Due to uncertainty surrounding the suitability and sustainability of the London Interbank Offered Rate (LIBOR), central banks and global regulators have called for financial market participants to prepare for the discontinuation of LIBOR by the end of 2021. LIBOR is a widely-referenced benchmark rate, which is published in five currencies and a range of tenors, and seeks to estimate the cost at which banks can borrow on an unsecured basis from other banks. We have a significant number of assets and liabilities referenced to LIBOR and other interbank offered rates (IBORs), such as commercial loans, adjustable-rate mortgage loans, derivatives, debt securities, and long-term debt.
Accordingly, we established a LIBOR Transition Office (LTO) in February 2018, with senior management and Board oversight. The LTO is responsible for developing a coordinated strategy to transition the IBOR-linked contracts and processes across Wells Fargo to alternative reference rates and serves as the primary conduit between Wells Fargo and relevant industry groups, such as the Alternative Reference Rates Committee (ARRC).
 
In addition, the Company is actively working with regulators, industry working groups (such as the ARRC) and trade associations that are developing guidance to facilitate an orderly transition away from the use of LIBOR. We are closely monitoring and seeking to follow the recommendations and guidance announced by such organizations, including those announced by the ARRC and the Bank of England’s Working Group on Sterling Risk-Free Reference Rates. We continue to assess the risks and related impacts associated with a transition away from IBORs. See the “Risk Factors” section in the 2019 Form 10-K for additional information regarding the potential impact of a benchmark rate, such as LIBOR, or other referenced financial metric being significantly changed, replaced, or discontinued.
On March 12, 2020, the Financial Accounting Standards Board (FASB) issued ASU 2020-04 – Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Update) that provides temporary relief from existing GAAP accounting requirements for entities that perform activities related to reference rate reform. The relief provided by the Update is primarily related to contract modifications and hedge accounting relationships that are impacted by the Company’s reference rate reform activities. For additional information on the Update, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
For additional information on the amount of our IBOR-linked assets and liabilities, as well as the program structure and initiatives created by the LTO, see the “Risk Management – Asset/Liability Management – LIBOR Transition” section in our 2019 Form 10-K.

47

Capital Management
We have an active program for managing capital through a comprehensive process for assessing the Company’s overall capital adequacy. Our objective is to maintain capital at an amount commensurate with our risk profile and risk tolerance objectives, and to meet both regulatory and market expectations. We primarily fund our working capital needs through the retention of earnings net of both dividends and share repurchases, as well as through the issuance of preferred stock and long and short-term debt. Retained earnings decreased $6.7 billion from December 31, 2019, predominantly as a result of common and preferred stock dividends of $4.9 billion and net losses of $1.7 billion. During second quarter 2020, we issued $367 million of common stock, excluding conversions of preferred shares. On March 15, 2020, we suspended our share repurchase activities for the remainder of the first quarter and for second quarter 2020. On June 25, 2020, the FRB announced that it was prohibiting large BHCs subject to the FRB’s capital plan rule, including Wells Fargo, from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB authorized certain limited exceptions to this prohibition, which are described in the “Capital Planning and Stress Testing” section below. For additional information about capital distributions, see the “Capital Planning and Stress Testing” and “Securities Repurchases” sections below.
In January 2020, we issued $2.0 billion of our Preferred Stock, Series Z. In March 2020, we redeemed the remaining $1.8 billion of our Preferred Stock, Series K, and redeemed $669 million of our Preferred Stock, Series T. For more information, see Note 17 (Preferred Stock) to Financial Statements in this Report.
On July 28, 2020, the Company reduced its third quarter 2020 common stock dividend to $0.10 per share.

Regulatory Capital Guidelines
The Company and each of our IDIs are subject to various regulatory capital adequacy requirements administered by the FRB and the OCC. Risk-based capital (RBC) guidelines establish a risk-adjusted ratio relating capital to different categories of assets and off-balance sheet exposures as discussed below.

RISK-BASED CAPITAL AND RISK-WEIGHTED ASSETS The Company is subject to rules issued by federal banking regulators to implement Basel III capital requirements for U.S. banking organizations. The federal banking regulators’ capital rules, among other things, required on a fully phased-in basis as of June 30, 2020:
•
a minimum Common Equity Tier 1 (CET1) ratio of 9.00%, comprised of a 4.50% minimum requirement plus a capital conservation buffer of 2.50% and for us, as a global systemically important bank (G-SIB), a capital surcharge of 2.00%;
•
a minimum tier 1 capital ratio of 10.50%, comprised of a 6.00% minimum requirement plus the capital conservation buffer of 2.50% and the G-SIB capital surcharge of 2.00%;
•
a minimum total capital ratio of 12.50%, comprised of a 8.00% minimum requirement plus the capital conservation buffer of 2.50% and the G-SIB capital surcharge of 2.00%;
 
•
a potential countercyclical buffer of up to 2.50% to be added to the minimum capital ratios, which could be imposed by regulators at their discretion if it is determined that a period of excessive credit growth is contributing to an increase in systemic risk; and
•
a minimum tier 1 leverage ratio of 4.00%.

The Basel III capital requirements for calculating CET1 and tier 1 capital, along with risk-weighted assets (RWAs), are fully phased-in. However, the requirements for determining tier 2 and total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. The Basel III capital rules contain two frameworks for calculating capital requirements, a Standardized Approach and an Advanced Approach applicable to certain institutions, including Wells Fargo. Accordingly, in the assessment of our capital adequacy, we must report the lower of our CET1, tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach. The difference between RWAs under the Standardized and Advanced Approach has narrowed in recent quarters due to economic conditions from the COVID-19 pandemic impacting our calculation of Advanced Approach RWAs. In particular, downgrades of loans in our loan portfolio, which drive negative credit risk migration, increased our Advanced Approach RWAs at June 30, 2020. We expect this trend to continue if the economic impact of the COVID-19 pandemic continues to affect our customer base.
Effective October 1, 2020, a stress capital buffer will be included in the minimum capital ratio requirements. The stress capital buffer is calculated based on the decrease in a BHC’s risk-based capital ratios under the severely adverse scenario in the FRB’s annual supervisory stress test and related Comprehensive Capital Analysis and Review (CCAR), plus four quarters of planned common stock dividends. The stress capital buffer will replace the current 2.50% capital conservation buffer under the Standardized Approach. On June 29, 2020, following the FRB’s release of the results of the 2020 supervisory stress test and related CCAR, the Company announced that it expects its stress capital buffer to be 2.50%, which is the lowest possible under the new framework and would keep the regulatory minimum for the Company’s CET1 ratio at 9.00%. The FRB has indicated that it will publish the final stress capital buffer for each BHC by August 31, 2020. Because the stress capital buffer is calculated annually as part of the FRB’s supervisory stress test and related CCAR and will be based on data that can differ over time, our stress capital buffer, and thus the regulatory minimums for our capital ratios, are subject to change in future years.
As a G-SIB, we are also subject to the FRB’s rule implementing the additional capital surcharge of between 1.00-4.50% on the minimum capital requirements of G-SIBs. Under the rule, we must annually calculate our surcharge under two methods and use the higher of the two surcharges. The first method (method one) considers our size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity, consistent with the methodology developed by the BCBS and the Financial Stability Board (FSB). The second method (method two) uses similar inputs, but replaces substitutability with use of short-term wholesale funding and will generally result in higher surcharges than the BCBS methodology. Because the G-SIB capital surcharge is calculated annually based on data that can differ

48
Capital Management (continued)

over time, the amount of the surcharge is subject to change in future years.
In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits.
The tables that follow provide information about our risk-based capital and related ratios as calculated under Basel III
 
capital guidelines. Although we report certain capital amounts and ratios in accordance with Transition Requirements for banking industry regulatory reporting purposes, we manage our capital based on a fully phased-in basis. For information about our capital requirements calculated in accordance with Transition Requirements, see Note 23 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report.
Table 36 summarizes our CET1, tier 1 capital, total capital, RWAs and capital ratios on a fully phased-in basis at June 30, 2020, and December 31, 2019.

Table 36: Capital Components and Ratios (Fully Phased-In) (1)
 
 
 
 
June 30, 2020
 
 
 
December 31, 2019
 
 
(in millions, except ratios)
 
Required Minimum
Capital Ratios

 
Advanced Approach

 
Standardized Approach

 
 
Advanced Approach

 
Standardized Approach

 
Common Equity Tier 1
(A)
 
 
$
133,055

 
133,055

 
 
138,760

 
138,760

 
Tier 1 Capital
(B)
 
 
152,871

 
152,871

 
 
158,949

 
158,949

 
Total Capital (2)
(C)
 
 
182,698

 
192,486

 
 
187,813

 
195,703

 
Risk-Weighted Assets (3)
(D)
 
 
1,195,423

 
1,213,062

 
 
1,165,079

 
1,245,853

 
Common Equity Tier 1 Capital Ratio (3)
(A)/(D)
9.00
%
 
11.13
%
 
10.97

*
 
11.91

 
11.14

*
Tier 1 Capital Ratio (3)
(B)/(D)
10.50

 
12.79

 
12.60

*
 
13.64

 
12.76

*
Total Capital Ratio (2)(3)
(C)/(D)
12.50

 
15.28

*
15.87


 
16.12

 
15.71

*
*Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches.
(1)
See Table 37 for information regarding the calculation and components of CET1, tier 1 capital, total capital and RWAs.
(2)
Fully phased-in total capital amounts and ratios are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position. See Table 37 for information regarding the calculation and components of our fully phased-in total capital amounts, including a corresponding reconciliation to GAAP financial measures.
(3)
RWAs and capital ratios for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.

49

Table 37 provides information regarding the calculation and composition of our risk-based capital under the Advanced and
 
Standardized Approaches at June 30, 2020, and
December 31, 2019.
Table 37: Risk-Based Capital Calculation and Components

 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
 
Advanced Approach

 
Standardized Approach

 
Advanced Approach

 
Standardized Approach

Total equity
 
$
180,122

 
180,122

 
187,984

 
187,984

Adjustments:
 

 

 
 
 
 
Preferred stock
 
(21,098
)
 
(21,098
)
 
(21,549
)
 
(21,549
)
Additional paid-in capital on preferred stock
 
159

 
159

 
(71
)
 
(71
)
Unearned ESOP shares
 
875

 
875

 
1,143

 
1,143

Noncontrolling interests
 
(736
)
 
(736
)
 
(838
)
 
(838
)
Total common stockholders’ equity

159,322

 
159,322

 
166,669

 
166,669

Adjustments:
 
 
 
 
 
 
 
 
Goodwill
 
(26,385
)
 
(26,385
)
 
(26,390
)
 
(26,390
)
Certain identifiable intangible assets (other than MSRs)
 
(389
)
 
(389
)
 
(437
)
 
(437
)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)
 
(2,050
)
 
(2,050
)
 
(2,146
)
 
(2,146
)
Applicable deferred taxes related to goodwill and other intangible assets (1)
 
831

 
831

 
810

 
810

CECL transition provision (2)
 
1,857

 
1,857

 
—

 
—

Other
 
(131
)
 
(131
)
 
254

 
254

Common Equity Tier 1

133,055

 
133,055

 
138,760

 
138,760

 
 
 
 
 
 
 
 
 
Common Equity Tier 1
 
$
133,055

 
133,055

 
138,760

 
138,760

Preferred stock
 
21,098

 
21,098

 
21,549

 
21,549

Additional paid-in capital on preferred stock
 
(159
)
 
(159
)
 
71

 
71

Unearned ESOP shares
 
(875
)
 
(875
)
 
(1,143
)
 
(1,143
)
Other
 
(248
)
 
(248
)
 
(288
)
 
(288
)
Total Tier 1 capital
(A)
152,871

 
152,871

 
158,949

 
158,949

 
 
 
 
 
 
 
 
 
Long-term debt and other instruments qualifying as Tier 2
 
25,471

 
25,471

 
26,515

 
26,515

Qualifying allowance for credit losses (3)
 
4,591

 
14,379

 
2,566

 
10,456

Other
 
(235
)
 
(235
)
 
(217
)
 
(217
)
Total Tier 2 capital (Fully Phased-In)
(B)
29,827

 
39,615

 
28,864

 
36,754

Effect of Basel III Transition Requirements
 
133

 
133

 
520

 
520

Total Tier 2 capital (Basel III Transition Requirements)
 
$
29,960

 
39,748

 
29,384

 
37,274

 
 
 
 
 
 
 
 
 
Total qualifying capital (Fully Phased-In)
(A)+(B)
$
182,698

 
192,486

 
187,813

 
195,703

Total Effect of Basel IIII Transition Requirements
 
133

 
133

 
520

 
520

Total qualifying capital (Basel III Transition Requirements)
 
$
182,831

 
192,619

 
188,333

 
196,223

 
 
 
 
 
 
 
 
 
Risk-Weighted Assets (RWAs) (4)(5):
 
 
 
 
 
 
 
 
Credit risk (6)
 
$
787,340

 
1,145,141

 
790,784

 
1,210,209

Market risk
 
67,920

 
67,921

 
35,644

 
35,644

Operational risk (7)
 
340,163

 
—

 
338,651

 
—

Total RWAs (7)
 
$
1,195,423

 
1,213,062

 
1,165,079

 
1,245,853

(1)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.
(2)
In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.4 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2020.
(3)
Under the Advanced Approach the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 Capital, to the extent the excess allowance does not exceed 0.60% of Advanced credit RWAs, and under the Standardized Approach, the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of Standardized credit RWAs, in each case with any excess allowance for credit losses being deducted from the respective total RWAs.
(4)
RWAs calculated under the Advanced Approach utilize a risk-sensitive methodology, which relies upon the use of internal credit models based upon our experience with internal rating grades. Advanced Approach also includes an operational risk component, which reflects the risk of operating loss resulting from inadequate or failed internal processes or systems.
(5)
Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWAs.
(6)
Includes an increase of $1.5 billion under both the Advanced Approach and Standardized Approach related to the impact of the CECL transition provision on our excess allowance for credit losses as of June 30, 2020. See footnote (3) to this table.
(7)
Amounts for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.

50
Capital Management (continued)

Table 38 presents the changes in Common Equity Tier 1 under the Advanced Approach for the six months ended June 30, 2020.
 

Table 38: Analysis of Changes in Common Equity Tier 1 (Advanced Approach)
(in millions)
 
 
Common Equity Tier 1 at December 31, 2019
 
$
138,760

Net income applicable to common stock
 
(2,652
)
Common stock dividends
 
(4,189
)
Common stock issued, repurchased, and stock compensation-related items
 
(2,189
)
Changes in cumulative other comprehensive income
 
513

Cumulative effect from change in accounting policies (1)
 
991

Goodwill
 
5

Certain identifiable intangible assets (other than MSRs)
 
48

Goodwill and other intangibles on nonmarketable equity securities (included in other assets)
 
96

Applicable deferred taxes related to goodwill and other intangible assets (2)
 
21

CECL transition provision (3)
 
1,857

Other
 
(206
)
Change in Common Equity Tier 1
 
(5,705
)
Common Equity Tier 1 at June 30, 2020
 
$
133,055

(1)
Effective January 1, 2020, we adopted CECL. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.
(3)
In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on our regulatory capital at June 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.4 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2020.

Table 39 presents net changes in the components of RWAs under the Advanced and Standardized Approaches for the six months ended June 30, 2020.
 


Table 39: Analysis of Changes in RWAs
(in millions)
Advanced Approach

Standardized Approach

RWAs at December 31, 2019 (1)
$
1,165,079

1,245,853

Net change in credit risk RWAs (2)
(3,444
)
(65,068
)
Net change in market risk RWAs
32,276

32,277

Net change in operational risk RWAs
1,512

—

Total change in RWAs
30,344

(32,791
)
RWAs at June 30, 2020
$
1,195,423

1,213,062

(1)
Amount for December 31, 2019, has been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.
(2)
Includes an increase of $1.5 billion under both the Advanced Approach and Standardized Approach related to the impact of the CECL transition provision on our excess allowance for credit losses. See Table 37 for more information.

51

TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, goodwill, certain identifiable intangible assets (other than MSRs) and goodwill and other intangibles on nonmarketable equity securities, net of applicable deferred taxes. These tangible common equity ratios are as follows:
•
Tangible book value per common share, which represents tangible common equity divided by common shares outstanding; and
 
•
Return on average tangible common equity (ROTCE), which represents our annualized earnings contribution as a percentage of tangible common equity.

The methodology of determining tangible common equity may differ among companies. Management believes that tangible book value per common share and return on average tangible common equity, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company’s use of equity.
Table 40 provides a reconciliation of these non-GAAP financial measures to GAAP financial measures.

Table 40: Tangible Common Equity
 
 
 
Balance at period end
 
 
Average balance
 
 
 
 
Quarter ended
 
 
Quarter ended
 
 
Six months ended
 
(in millions, except ratios)
 
 
Jun 30,
2020

Mar 31,
2020

Jun 30,
2019

 
Jun 30,
2020

Mar 31,
2020

Jun 30,
2019

 
Jun 30,
2020

Jun 30,
2019

Total equity
 
 
$
180,122

183,330

200,037

 
184,108

188,170

199,685

 
186,139

199,021

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
(21,098
)
(21,347
)
(23,021
)
 
(21,344
)
(21,794
)
(23,023
)
 
(21,569
)
(23,118
)
Additional paid-in capital on preferred stock
 
 
159

140

(78
)
 
140

135

(78
)
 
138

(87
)
Unearned ESOP shares
 
 
875

1,143

1,292

 
1,140

1,143

1,294

 
1,141

1,397

Noncontrolling interests
 
 
(736
)
(612
)
(995
)
 
(643
)
(785
)
(939
)
 
(714
)
(919
)
Total common stockholders’ equity
(A)
 
159,322

162,654

177,235

 
163,401

166,869

176,939

 
165,135

176,294

Adjustments:
 
 
 
 
 
 

 

 
 
 
Goodwill
 
 
(26,385
)
(26,381
)
(26,415
)
 
(26,384
)
(26,387
)
(26,415
)
 
(26,386
)
(26,417
)
Certain identifiable intangible assets (other than MSRs)
 
 
(389
)
(413
)
(493
)
 
(402
)
(426
)
(505
)
 
(414
)
(524
)
Goodwill and other intangibles on nonmarketable equity securities (included in other assets)
 
 
(2,050
)
(1,894
)
(2,251
)
 
(1,922
)
(2,152
)
(2,155
)
 
(2,037
)
(2,157
)
Applicable deferred taxes related to goodwill and other intangible assets (1)
 
 
831

821

788

 
828

818

780

 
823

782

Tangible common equity
(B)
 
$
131,329

134,787

148,864

 
135,521

138,722

148,644

 
137,121

147,978

Common shares outstanding
(C)
 
4,119.6

4,096.4

4,419.6

 
N/A

N/A

N/A

 
N/A

N/A

Net income applicable to common stock
(D)
 
N/A

N/A

N/A

 
$
(2,694
)
42

5,848

 
(2,652
)
11,355

Book value per common share
(A)/(C)
 
$
38.67

39.71

40.10

 
N/A

N/A

N/A

 
N/A

N/A

Tangible book value per common share
(B)/(C)
 
31.88

32.90

33.68

 
N/A

N/A

N/A

 
N/A

N/A

Return on average common stockholders’ equity (ROE) (annualized)
(D)/(A)
 
N/A

N/A

N/A

 
(6.63
)%
0.10

13.26

 
(3.23
)
12.99

Return on average tangible common equity (ROTCE) (annualized)
(D)/(B)
 
N/A

N/A

N/A

 
(8.00
)
0.12

15.78

 
(3.89
)
15.47

(1)
Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end.

52
Capital Management (continued)

SUPPLEMENTARY LEVERAGE RATIO As a BHC, we are required to maintain a supplementary leverage ratio (SLR) of at least 5.00% (comprised of a 3.00% minimum requirement plus a supplementary leverage buffer of 2.00%) to avoid restrictions on capital distributions and discretionary bonus payments. Our IDIs are required to maintain a SLR of at least 6.00% to be considered well-capitalized under applicable regulatory capital adequacy guidelines. In April 2018, the FRB and OCC proposed rules (Proposed SLR rules) that would replace the 2.00% supplementary leverage buffer with a buffer equal to one-half of our G-SIB capital surcharge. The Proposed SLR rules would similarly tailor the current 6.00% SLR requirement for our IDIs. In April 2020, the FRB issued an interim final rule that temporarily allows a BHC to exclude on-balance sheet amounts of U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of its total leverage exposure in the denominator of the SLR. This interim final rule became effective on April 1, 2020, and expires on March 31, 2021. In May 2020, federal banking regulators issued an interim final rule that permits IDIs to choose to similarly exclude these items from the denominator of their SLRs; however, if an IDI chooses to exclude such amounts from the calculation of its SLR, it will be required to request approval from its primary federal banking regulator before making capital distributions, such as paying dividends, to its parent company. As of June 30, 2020, none of the Company’s IDIs elected to apply this exclusion.
At June 30, 2020, our SLR for the Company was 7.52%, and we also exceeded the applicable SLR requirements for each of our IDIs. See Table 41 for information regarding the calculation and components of the SLR.
Table 41: Supplementary Leverage Ratio
(in millions, except ratio)
 
Quarter ended June 30, 2020

Tier 1 capital
(A)
$
152,871

Total average assets
 
1,950,796

Less: Goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities)
 
28,367

Less: Other SLR exclusions
 
218,984

Total adjusted average assets
 
1,703,445

Plus adjustments for off-balance sheet exposures:
 
 
Derivatives (1)
 
74,435

Repo-style transactions (2)
 
3,604

Other (3)
 
250,765

Total off-balance sheet exposures
 
328,804

Total leverage exposure
(B)
$
2,032,249

Supplementary leverage ratio
(A)/(B)
7.52
%
(1)
Adjustment represents derivatives and collateral netting exposures as defined for supplementary leverage ratio determination purposes.
(2)
Adjustment represents counterparty credit risk for repo-style transactions where Wells Fargo & Company is the principal (i.e., principal counterparty facing the client).
(3)
Adjustment represents credit equivalent amounts of other off-balance sheet exposures not already included as derivatives and repo-style transactions exposures.
TOTAL LOSS ABSORBING CAPACITY As a G-SIB, we are required to have a minimum amount of equity and unsecured long-term debt for purposes of resolvability and resiliency, often referred to as Total Loss Absorbing Capacity (TLAC). U.S. G-SIBs are required to have a minimum TLAC amount (consisting of CET1 capital and additional tier 1 capital issued directly by the top-tier or covered BHC plus eligible external long-term debt) equal to the greater of (i) 18.00% of RWAs and (ii) 7.50% of total leverage exposure (the denominator of the SLR calculation). Additionally, U.S. G-SIBs are required to maintain (i) a TLAC buffer equal to 2.50% of RWAs
 
plus our applicable G-SIB capital surcharge calculated under method one plus any applicable countercyclical buffer to be added to the 18.00% minimum and (ii) an external TLAC leverage buffer equal to 2.00% of total leverage exposure to be added to the 7.50% minimum, in order to avoid restrictions on capital distributions and discretionary bonus payments. U.S. G-SIBs are also required to have a minimum amount of eligible unsecured long-term debt equal to the greater of (i) 6.00% of RWAs plus our applicable G-SIB capital surcharge calculated under method two and (ii) 4.50% of the total leverage exposure. Under the Proposed SLR rules, the 2.00% external TLAC leverage buffer would be replaced with a buffer equal to one-half of our applicable G-SIB capital surcharge, and the leverage component for calculating the minimum amount of eligible unsecured long-term debt would be modified from 4.50% of total leverage exposure to 2.50% of total leverage exposure plus one-half of our applicable G-SIB capital surcharge. As of June 30, 2020, our eligible external TLAC as a percentage of total risk-weighted assets was 25.33% compared with a required minimum of 22.00%. Similar to the risk-based capital requirements, we determine minimum required TLAC based on the greater of RWAs determined under the Standardized and Advanced approaches.
OTHER REGULATORY CAPITAL AND LIQUIDITY MATTERS As discussed in the “Risk Management – Asset/ Liability Management – Liquidity and Funding – Liquidity Standards” section in this Report, federal banking regulators have issued a final rule regarding the U.S. implementation of the Basel III LCR and a proposed rule regarding the NSFR.

Capital Planning and Stress Testing
Our planned long-term capital structure is designed to meet regulatory and market expectations. We believe that our long-term targeted capital structure enables us to invest in and grow our business, satisfy our customers’ financial needs in varying environments, access markets, and maintain flexibility to return capital to our shareholders. Our long-term targeted capital structure also considers capital levels sufficient to exceed capital requirements including the G-SIB capital surcharge. Accordingly, based on the final Basel III capital rules under the lower of the Standardized or Advanced Approaches CET1 capital ratios, we currently target a long-term CET1 capital ratio at or in excess of 10.00%, which includes a 2.00% G-SIB capital surcharge. Our capital targets are subject to change based on various factors, including changes to the regulatory capital framework and expectations for large banks promulgated by bank regulatory agencies, changes to the regulatory minimums for our capital ratios (including changes to our stress capital buffer), planned capital actions, changes in our risk profile and other factors.
Under the FRB’s capital plan rule, large BHCs are required to submit capital plans annually for review to determine if the FRB has any objections before making any capital distributions. The rule requires updates to capital plans in the event of material changes in a BHC’s risk profile, including as a result of any significant acquisitions. The FRB assesses, among other things, the overall financial condition, risk profile, and capital adequacy of BHCs when evaluating capital plans.
Our 2020 capital plan, which was submitted on April 3, 2020, as part of CCAR, included a comprehensive capital outlook supported by an assessment of expected sources and uses of capital over a given planning horizon under a range of expected and stress scenarios. As part of the 2020 CCAR, the FRB also generated a supervisory stress test, which assumed a sharp decline in the economy and significant decline in asset pricing using the information provided by the Company to estimate

53

performance. The FRB reviewed the supervisory stress test results both as required under the Dodd-Frank Act using a common set of capital actions for all large BHCs and by taking into account the Company’s proposed capital actions. The FRB published its supervisory stress test results as required under the Dodd-Frank Act on June 25, 2020.
On June 25, 2020, the FRB also announced that it is requiring large BHCs, including Wells Fargo, to update and resubmit their capital plans within 45 days after the FRB provides updated scenarios. Requiring resubmission will prohibit each BHC from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB is authorizing each BHC to (i) make share repurchases relating to issuances of common stock related to employee stock ownership plans; (ii) provided that the BHC does not increase the amount of its common stock dividends, pay common stock dividends that do not exceed an amount equal to the average of the BHC’s net income for the four preceding calendar quarters, unless otherwise specified by the FRB; and (iii) make scheduled payments on additional tier 1 and tier 2 capital instruments. These provisions may be extended by the FRB quarter-by-quarter.
Concurrently with CCAR, federal banking regulators also require large BHCs and banks to conduct their own stress tests to evaluate whether the institution has sufficient capital to continue to operate during periods of adverse economic and financial conditions. These stress testing requirements set forth the timing and type of stress test activities large BHCs and banks must undertake as well as rules governing stress testing controls, oversight and disclosure requirements. We submitted the results of our stress test to the FRB and disclosed a summary of the results in June 2020.

Securities Repurchases
From time to time the Board authorizes the Company to repurchase shares of our common stock. Although we announce when the Board authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market repurchases, including block transactions, accelerated or delayed block transactions, forward repurchase transactions, and similar transactions. Additionally, we may enter into plans to purchase stock that satisfy the conditions of Rule 10b5-1 of the Securities Exchange Act of 1934. Various factors determine the amount of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations, including the FRB’s response to our capital plan and to changes in our risk profile. Due to the various factors impacting the amount of our share repurchases and the fact that we tend to be in the market regularly to satisfy repurchase considerations under our capital plan, our share repurchases occur at various price levels. We may suspend share repurchase activity at any time. On March 15, 2020, we, along with the other members of the Financial Services Forum, suspended our share repurchase activities for the remainder of the first quarter and for second quarter 2020. On June 25, 2020, the FRB announced that it was prohibiting large BHCs, including Wells Fargo, from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB authorized
 
certain limited exceptions to this prohibition, which are described in the “Capital Planning and Stress Testing” section above.
At June 30, 2020, we had remaining Board authority to repurchase approximately 168 million shares, subject to regulatory and legal conditions. For more information about share repurchases during second quarter 2020, see Part II, Item 2 in this Report.
Historically, our policy has been to repurchase shares under the “safe harbor” conditions of Rule 10b-18 of the Securities Exchange Act of 1934 including a limitation on the daily volume of repurchases. Rule 10b-18 imposes an additional daily volume limitation on share repurchases during a pending merger or acquisition in which shares of our stock will constitute some or all of the consideration. Our management may determine that during a pending stock merger or acquisition when the safe harbor would otherwise be available, it is in our best interest to repurchase shares in excess of this additional daily volume limitation. In such cases, we intend to repurchase shares in compliance with the other conditions of the safe harbor, including the standing daily volume limitation that applies whether or not there is a pending stock merger or acquisition.
For additional information about share repurchases, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.


54
Regulatory Matters (continued)

Regulatory Matters
Since the enactment of the Dodd-Frank Act in 2010, the U.S. financial services industry has been subject to a significant increase in regulation and regulatory oversight initiatives. This increased regulation and oversight has substantially changed how most U.S. financial services companies conduct business and has increased their regulatory compliance costs.
For a discussion of certain consent orders applicable to the Company, see the “Overview” section in this Report. The following supplements our discussion of the other significant regulations and regulatory oversight initiatives that have affected or may affect our business contained in the “Regulatory Matters” and “Risk Factors” sections in our 2019 Form 10-K and in our 2020 First Quarter Report on Form 10-Q.

REGULATORY DEVELOPMENTS RELATED TO COVID-19 In response to the COVID-19 pandemic and related events, federal banking regulators have undertaken a number of measures to help stabilize the banking sector, support the broader economy, and facilitate the ability of banking organizations like Wells Fargo to continue lending to consumers and businesses. For example, in order to facilitate the Coronavirus Aid, Relief and Economic Security Act (CARES Act), federal banking regulators issued interim final rules designed to encourage financial institutions to participate in stimulus measures, such as the Small Business Administration’s Paycheck Protection Program and the FRB’s Main Street Lending Program. Similarly, the FRB launched a number of lending facilities designed to enhance liquidity and the functioning of markets, including facilities covering money market mutual funds and term asset-backed securities loans. Federal banking regulators have also issued several joint interim final rules amending the regulatory capital and TLAC rules and other prudential regulations to ease certain restrictions on banking organizations and encourage the use of certain FRB-established facilities in order to further promote lending to consumers and businesses.
 
In addition, the OCC and the FRB have issued guidelines for banks and BHCs related to working with customers affected by the COVID-19 pandemic, including guidance with respect to waiving fees, offering repayment accommodations, providing payment deferrals, and increasing daily withdrawal limits at automated teller machines. In addition, the federal government has instituted a moratorium on certain mortgage foreclosure activities. Any current or future rules, regulations, and guidance related to the COVID-19 pandemic and its impacts could require us to change certain of our business practices, reduce our revenue and earnings, impose additional costs on us, or otherwise adversely affect our business operations and/or competitive position.


55

Critical Accounting Policies
Our significant accounting policies (see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2019 Form 10-K) are fundamental to understanding our results of operations and financial condition because they require that we use estimates and assumptions that may affect the value of our assets or liabilities and financial results. Five of these policies are critical because they require management to make difficult, subjective and complex judgments about matters that are inherently uncertain and because it is likely that materially different amounts would be reported under different conditions or using different assumptions. These policies govern:
•
the allowance for credit losses;
•
the valuation of residential MSRs;
•
the fair value of financial instruments;
•
income taxes; and
•
liability for contingent litigation losses.

Management and the Board’s Audit Committee have reviewed and approved these critical accounting policies. These policies are described further in the “Financial Review – Critical Accounting Policies” section and Note 1 (Summary of Significant Accounting Policies) to Financial Statements in our 2019 Form 10-K. In connection with our adoption of CECL on January 1, 2020, we have updated our critical accounting policy for the allowance for credit losses.

Allowance for Credit Losses
We maintain an allowance for credit losses (ACL) for loans, which is management’s estimate of the expected credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an allowance for credit losses for debt securities classified as either held-to-maturity (HTM) or available-for-sale (AFS), other financial assets measured at amortized cost, net investments in leases, and other off-balance sheet credit exposures. In connection with our adoption of CECL, we updated our approach for estimating expected credit losses, which includes new areas for management judgment, described more fully below, and updated our accounting policies. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
For loans and HTM debt securities, the ACL is measured based on the remaining contractual term of the financial asset (including off-balance sheet credit exposures) adjusted, as appropriate, for prepayments and permitted extension options using historical experience, current conditions, and forecasted information. For AFS debt securities, the ACL is measured using a discounted cash flow approach and is limited to the difference between the fair value of the security and its amortized cost.
Changes in the ACL and, therefore, in the related provision for credit losses can materially affect net income. In applying the judgment and review required to determine the ACL, management considerations include the evaluation of past events, historical experience, changes in economic forecasts and conditions, customer behavior, collateral values, and the length of the initial loss forecast period, and other influences. From time to time, changes in economic factors or assumptions, business strategy, products or product mix, or debt security investment strategy, may result in a corresponding increase or decrease in our ACL. While our methodology attributes portions of the ACL to specific financial asset classes (loan and debt security portfolios)
 
or loan portfolio segments (commercial and consumer), the entire ACL is available to absorb credit losses of the company.
Judgment is specifically applied in:
•
Economic assumptions and the length of the initial loss forecast period. Forecasted economic variables, such as gross domestic product (GDP), unemployment rate or collateral asset prices, are used to estimate expected credit losses. While many of these economic variables are evaluated at the macro-economy level, some economic variables may be forecasted at more granular levels, for example, using the metro statistical area (MSA) level for unemployment rates, home prices and commercial real estate prices. Quarterly, we assess the length of the initial loss forecast period and have currently set the period to one year. Management exercises judgment when assigning weight to the three economic scenarios that are used to estimate future credit losses. The three scenarios include a most likely expectation of economic variables referred to as the base case scenario, as well as an optimistic (upside) scenario and a pessimistic (downside) scenario.
•
Reversion of losses beyond the initial forecast period. We use a reversion approach to connect the losses estimated for our initial loss forecast period to the period of our historical loss forecast based on economic conditions at the measurement date. Our reversion methodology considers the type of portfolio, point in the credit cycle, expected length of recessions and recoveries, as well as other relevant factors. The length of reversion period varies by asset type – one year for shorter contractual term loans such as commercial loans and two years for longer contractual term loans such as real estate 1-4 family mortgage loans. We assess the reversion approach on a quarterly basis and the length of the reversion period by asset type annually.
•
Historical loss expectations. At the end of the reversion period, we incorporate the changes in economic variables observed during representative historical time periods that include both recessions and expansions. This analysis is used to compute average losses for any given portfolio and its associated credit characteristics. Annually, we assess the historical time periods and ensure the average loss estimates are representative of our historical loss experience.
•
Credit risk ratings applied to individual commercial loans, unfunded credit commitments, and debt securities. Individually assessed credit risk ratings are considered key credit variables in our modeled approaches to help assess probability of default and loss given default. Borrower quality ratings are aligned to the borrower’s financial strength and contribute to forecasted probability of default curves. Collateral quality ratings combined with forecasted collateral prices (as applicable) contribute to the forecasted severity of loss in the event of default. These credit risk ratings are reviewed by experienced senior credit officers and subjected to reviews by an internal team of credit risk specialists.
•
Usage of credit loss estimation models. We use internally developed models that incorporate credit attributes and economic variables to generate estimates of credit losses. Management uses a combination of judgement and quantitative analytics in the determination of segmentation, modeling approach, and variables that are leveraged in the models. These models are validated in accordance with the Company’s policies by an internal model validation group. We routinely assess our model performance and apply

56

adjustments when necessary to improve the accuracy of loss estimation. We also assess our models for limitations against the company-wide risk inventory to help ensure that we appropriately capture known and emerging risks in our estimate of expected credit losses and apply overlays as needed.
•
Valuation of collateral. The current fair value of collateral is utilized to assess the expected credit losses when a financial asset is considered to be collateral dependent. We apply judgment when valuing the collateral either through appraisals, evaluation of the cash flows of the property, or other quantitative techniques. Decreases in collateral valuations support incremental charge-downs and increases in collateral valuation are included in the allowance for credit losses as a negative allowance when the financial asset has been previously written-down below current recovery value.
•
Contractual term considerations. The remaining contractual term of a loan is adjusted for expected prepayments and certain expected extensions, renewals, or modifications. We extend the contractual term when we are not able to unconditionally cancel contractual renewals or extension options. We also incorporate into our allowance for credit losses any scenarios where we reasonably expect to provide an extension through a TDR.
•
Qualitative factors which may not be adequately captured in the loss models. These amounts represent management’s judgment of risks inherent in the processes and assumptions used in establishing the ACL. We also consider economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments.

Sensitivity The ACL for loans is sensitive to changes in key assumptions which requires significant judgment to be used by management. Future amounts of the ACL for loans will be based on a variety of factors, including loan balance changes, portfolio credit quality, and general economic conditions. General economic conditions are forecasted using economic variables, which could have varying impacts on different financial assets or portfolios. Additionally, throughout numerous credit cycles, there are observed changes in economic variables such as the unemployment rate, GDP and real estate prices which may not move in a correlated manner as variables may move in opposite directions or differ across portfolios or geography.
 
In our sensitivity analysis, we applied 50% weight to both the base case scenario and the downside scenario to reflect the potential for further economic deterioration from a COVID-19 resurgence. The outcomes of both scenarios were influenced by the duration, severity, and timing of changes in economic variables within those scenarios. The result of the sensitivity analysis would have increased the ACL for loans by approximately $5.0 billion at June 30, 2020.
This hypothetical increase in our ACL for loans represents changes to our quantitative estimate and does not incorporate the impact of management judgment for qualitative factors applied in the current ACL for loans, which may have a positive or negative effect on the results. Also, if this hypothetical result were to actually materialize, the increase in our ACL for loans may be recognized over time if actual loss expectations exceed our historical loss experience.
This sensitivity analysis does not represent management’s view of expected credit losses at the balance sheet date. The sensitivity analysis excludes the ACL for debt securities given its size relative to the overall ACL. Management believes that the estimate for the ACL for loans was appropriate at the balance sheet date. Because significant judgment is used, it is possible that others performing similar analyses could reach different conclusions.



57

Current Accounting Developments
Table 42 provides the significant accounting updates applicable to us that have been issued by the Financial Accounting Standards Board (FASB) but are not yet effective.

Table 42: Current Accounting Developments – Issued Standards
Description
 
Effective date and financial statement impact
ASU 2018-12 – Financial Services – Insurance (Topic 944):
Targeted Improvements to the Accounting for Long-Duration Contracts and subsequent related updates
The Update requires all features in long-duration insurance contracts that meet the definition of a market risk benefit to be measured at fair value through earnings with changes in fair value attributable to our own credit risk recognized in other comprehensive income. Currently, two measurement models exist for these features, fair value and insurance accrual. The Update requires the use of a standardized discount rate and routine updates for insurance assumptions used in valuing the liability for future policy benefits for traditional long-duration contracts. The Update also simplifies the amortization of deferred acquisition costs.
 
The guidance becomes effective on January 1, 2022. Certain of our variable annuity reinsurance products meet the definition of market risk benefits and will require the associated insurance related reserves for these products to be measured at fair value as of the earliest period presented, with the cumulative effect on fair value for changes attributable to our own credit risk recognized in the beginning balance of accumulated other comprehensive income. The cumulative effect of the difference between fair value and carrying value, excluding the effect of our own credit, will be recognized in the opening balance of retained earnings. As of June 30, 2020, we held $1.1 billion in insurance-related reserves of which $568 million was in scope of the Update. A total of $509 million was associated with products that meet the definition of market risk benefits, and of this amount, $52 million was measured at fair value under current accounting standards. The market risk benefits are largely indexed to U.S. equity and fixed income markets. Upon adoption, we may incur periodic earnings volatility from changes in the fair value of market risk benefits generally due to the long duration of these contracts. We plan to economically hedge this volatility, where feasible. The ultimate impact of these changes will depend on the composition of our market risk benefits portfolio at the date of adoption. Changes in the accounting for the liability of future policy benefits for traditional long-duration contracts and deferred acquisition costs will be applied to all outstanding long-duration contracts on the basis of their existing carrying amounts at the beginning of the earliest period presented, and are not expected to be material.
The following Updates are applicable to us but are not expected to have a material impact on our consolidated financial statements:
•
ASU 2020-01 – Investments – Equity Securities (Topic 321),
Investments – Equity Method and Joint Ventures (Topic
323), and Derivatives and Hedging (Topic 815): Clarifying the
Interactions between Topic 321, Topic 323, and Topic 815 (a
consensus of the FASB Emerging Issues Task Force)
•
ASU 2019-12 – Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes


58
Forward-Looking Statements (continued)

Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our other documents filed or furnished with the Securities and Exchange Commission (SEC), and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures; (viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital; (x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•
current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global economic growth;
•
the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions;
•
our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;
•
financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;
 
•
developments in our mortgage banking business, including the extent of the success of our mortgage loan modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial requirements or guidance impacting our mortgage banking business and any changes in industry standards;
•
our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;
•
the effect of the current interest rate environment or changes in interest rates or in the level or composition of our assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgage loans held for sale;
•
significant turbulence or a disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of impairments of securities held in our debt securities and equity securities portfolios;
•
the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;
•
negative effects from the retail banking sales practices matter and from other instances where customers may have experienced financial harm, including on our legal, operational and compliance costs, our ability to engage in certain business activities or offer certain products or services, our ability to keep and attract customers, our ability to attract and retain qualified team members, and our reputation;
•
resolution of regulatory matters, litigation, or other legal actions, which may result in, among other things, additional costs, fines, penalties, restrictions on our business activities, reputational harm, or other adverse consequences;
•
a failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks;
•
the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•
fiscal and monetary policies of the Federal Reserve Board;
•
changes to U.S. tax guidance and regulations, as well as the effect of discrete items on our effective income tax rate;
•
our ability to develop and execute effective business plans and strategies; and
•
the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by the “Risk Factors” section in this Report.
 
In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital

59

requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.
For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as supplemented by the “Risk Factors” section in this Report, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov1. 
Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.










































1 We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website.
 
Forward-looking Non-GAAP Financial Measures. From time to time management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for return on average tangible common equity. We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results.

60

Risk Factors
An investment in the Company involves risk, including the possibility that the value of the investment could fall substantially and that dividends or other distributions on the investment could be reduced or eliminated. For a discussion of risk factors that could adversely affect our financial results and condition, and the value of, and return on, an investment in the Company, we refer you to the “Risk Factors” section in our 2019 Form 10-K.
The following risk factor supplements the “Risk Factors” section in our 2019 Form 10-K.

The COVID-19 pandemic has adversely impacted our business and financial results, and the ultimate impact will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in response to the pandemic. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels. In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing and sheltering in place requirements in many states and communities. As a result, the demand for our products and services may continue to be significantly impacted, which could adversely affect our revenue. Furthermore, the pandemic could continue to result in the recognition of credit losses in our loan portfolios and increases in our allowance for credit losses, particularly if businesses remain closed, the impact on the global economy worsens, or more customers draw on their lines of credit or seek additional loans to help finance their businesses. Similarly, because of changing economic and market conditions affecting issuers, we may be required to recognize further impairments on the securities we hold, as well as reductions in other comprehensive income. Moreover, the persistence of adverse economic conditions and reduced revenue may adversely affect the fair value of our operating segments and underlying reporting units which may result in goodwill impairment. Our business operations may be further disrupted if significant portions of our workforce are unable to work effectively, including because of illness, quarantines, government actions, or other restrictions in connection with the pandemic, and we have already temporarily closed certain of our branches and offices.
 
Moreover, the pandemic has created additional operational and compliance risks, including the need to quickly implement and execute new programs and procedures for the products and services we offer our customers, provide enhanced safety measures for our employees and customers, comply with rapidly changing regulatory requirements, address any increased risk of fraudulent activity, and protect the integrity and functionality of our systems and networks as a larger number of our employees work remotely. The pandemic could also result in or contribute to additional downgrades to our credit ratings or credit outlook. In response to the pandemic, we have suspended residential property foreclosure sales and evictions, and are offering fee waivers, payment deferrals, and other expanded assistance for credit card, automobile, mortgage, small business, personal and commercial lending customers, and future governmental actions may require these and other types of customer-related responses. In addition, we have reduced our common stock dividend and temporarily suspended share repurchases, and we could take, or be required to take, other capital actions in the future. The extent to which the COVID-19 pandemic impacts our business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.


61

Controls and Procedures
Disclosure Controls and Procedures
The Company’s management evaluated the effectiveness, as of June 30, 2020, of the Company’s disclosure controls and procedures. The Company’s chief executive officer and chief financial officer participated in the evaluation. Based on this evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2020.

Internal Control Over Financial Reporting
Internal control over financial reporting is defined in Rule 13a-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles (GAAP) and includes those policies and procedures that:
•
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the Company;
•
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
•
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No change occurred during second quarter 2020 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

62

Wells Fargo & Company and Subsidiaries
Consolidated Statement of Income (Unaudited)
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions, except per share amounts)
2020

 
2019

 
2020

 
2019

Interest income
 
 
 
 
 
 
 
Debt securities
$
2,946

 
3,781

 
$
6,418

 
7,722

Mortgage loans held for sale
230

 
195

 
427

 
347

Loans held for sale
7

 
20

 
19

 
44

Loans
8,448

 
11,316

 
18,513

 
22,670

Equity securities
116

 
236

 
322

 
446

Other interest income
54

 
1,438

 
829

 
2,760

Total interest income
11,801

 
16,986

 
26,528

 
33,989

Interest expense
 
 
 
 
 
 
 
Deposits
585

 
2,213

 
2,327

 
4,239

Short-term borrowings
(17
)
 
646

 
274

 
1,242

Long-term debt
1,237

 
1,900

 
2,477

 
3,827

Other interest expense
116

 
132

 
258

 
275

Total interest expense
1,921

 
4,891

 
5,336

 
9,583

Net interest income
9,880

 
12,095

 
21,192


24,406

Provision (reversal of provision) for credit losses:
 
 
 
 
 
 
 
Debt securities (1)
(31
)
 
—

 
141

 
—

Loans
9,565

 
503

 
13,398

 
1,348

Net interest income after provision for credit losses
346

 
11,592

 
7,653

 
23,058

Noninterest income
 
 
 
 
 
 
 
Service charges on deposit accounts
930

 
1,206

 
2,139

 
2,300

Trust and investment fees
3,351

 
3,568

 
6,925

 
6,941

Card fees
797

 
1,025

 
1,689

 
1,969

Other fees
578

 
800

 
1,210

 
1,570

Mortgage banking
317

 
758

 
696

 
1,466

Net gains from trading activities
807

 
229

 
871

 
586

Net gains on debt securities
212

 
20

 
449

 
145

Net gains (losses) from equity securities
533

 
622

 
(868
)
 
1,436

Lease income
334

 
424

 
686

 
867

Other (2)
97

 
837

 
564

 
1,507

Total noninterest income
7,956

 
9,489

 
14,361

 
18,787

Noninterest expense
 
 
 
 
 
 
 
Personnel (2)
8,911

 
8,474

 
17,225

 
17,682

Technology and equipment (2)
562

 
641

 
1,268

 
1,335

Occupancy
871

 
719

 
1,586

 
1,436

Core deposit and other intangibles
22

 
27

 
45

 
55

FDIC and other deposit assessments
165

 
144

 
283

 
303

Other (2)
4,020

 
3,444

 
7,192

 
6,554

Total noninterest expense
14,551

 
13,449

 
27,599

 
27,365

Income (loss) before income tax expense (benefit)
(6,249
)
 
7,632

 
(5,585
)

14,480

Income tax expense (benefit)
(3,917
)
 
1,294

 
(3,758
)
 
2,175

Net income (loss) before noncontrolling interests
(2,332
)
 
6,338

 
(1,827
)

12,305

Less: Net income (loss) from noncontrolling interests
47

 
132

 
(101
)
 
239

Wells Fargo net income (loss)
$
(2,379
)
 
6,206

 
$
(1,726
)

12,066

Less: Preferred stock dividends and other
315

 
358

 
926

 
711

Wells Fargo net income (loss) applicable to common stock
$
(2,694
)
 
5,848

 
$
(2,652
)
 
11,355

Per share information
 
 
 
 
 
 
 
Earnings (loss) per common share
$
(0.66
)
 
1.31

 
$
(0.65
)
 
2.52

Diluted earnings (loss) per common share (3)
(0.66
)
 
1.30

 
(0.65
)
 
2.50

Average common shares outstanding
4,105.5

 
4,469.4

 
4,105.2

 
4,510.2

Diluted average common shares outstanding (3)
4,105.5

 
4,495.0

 
4,105.2

 
4,540.1


(1)
Prior to our adoption of Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), on January 1, 2020, provision for credit losses from debt securities was not applicable and is therefore presented as $0 for both the second quarter and first half of 2019. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
In second quarter 2020, insurance income was reclassified to other noninterest income, personnel-related expenses were combined into a single line item, and expenses for cloud computing services were reclassified from contract services expense (within other noninterest expense) to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
(3)
In second quarter 2020, diluted earnings per common share equaled earnings per common share because our securities convertible into common shares had an anti-dilutive effect.

The accompanying notes are an integral part of these statements.

63

Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Income (Unaudited)
 
 
 
 
 
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
 
2020

 
2019

 
2020

 
2019

Wells Fargo net income (loss)
 
$
(2,379
)
 
6,206

 
(1,726
)
 
12,066

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
Debt securities:
 
 
 
 
 
 
 
 
Net unrealized gains arising during the period
 
1,596

 
1,709

 
1,486

 
4,540

Reclassification of net (gains) losses to net income
 
(90
)
 
39

 
(262
)
 
(42
)
Derivative and hedging activities:
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
 
(52
)
 
57

 
72

 
22

Reclassification of net losses to net income
 
55

 
79

 
113

 
158

Defined benefit plans adjustments:
 
 
 
 
 
 
 
 
Net actuarial and prior service losses arising during the period
 
(674
)
 
—

 
(671
)
 
(4
)
Amortization of net actuarial loss, settlements and other to net income
 
101

 
33

 
137

 
68

Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
 
51

 
14

 
(144
)
 
56

Other comprehensive income, before tax
 
987

 
1,931

 
731

 
4,798

Income tax expense related to other comprehensive income
 
(221
)
 
(473
)
 
(219
)
 
(1,167
)
Other comprehensive income, net of tax
 
766

 
1,458

 
512

 
3,631

Less: Other comprehensive loss from noncontrolling interests
 
—

 
—

 
(1
)
 
—

Wells Fargo other comprehensive income, net of tax
 
766

 
1,458

 
513

 
3,631

Wells Fargo comprehensive income (loss)
 
(1,613
)
 
7,664

 
(1,213
)
 
15,697

Comprehensive income (loss) from noncontrolling interests
 
47

 
132

 
(102
)
 
239

Total comprehensive income (loss)
 
$
(1,566
)
 
7,796

 
(1,315
)
 
15,936



The accompanying notes are an integral part of these statements.

64

Wells Fargo & Company and Subsidiaries
 
 
 
Consolidated Balance Sheet
 
 
 
(in millions, except shares)
Jun 30,
2020

 
Dec 31,
2019

Assets
(Unaudited)

 
 
Cash and due from banks
$
24,704

 
21,757

Interest-earning deposits with banks
237,799

 
119,493

Total cash, cash equivalents, and restricted cash
262,503

 
141,250

Federal funds sold and securities purchased under resale agreements
79,289

 
102,140

Debt securities:
 
 
 
Trading, at fair value
74,679

 
79,733

Available-for-sale, at fair value (includes amortized cost of $224,467 and $260,060, net of allowance for credit losses of $114 and $0) (1)
228,899

 
263,459

Held-to-maturity, at amortized cost, net of allowance for credit losses of $20 and $0 (fair value $176,882 and $156,860) (1)
169,002

 
153,933

Mortgage loans held for sale (includes $18,644 and $16,606 carried at fair value) (2)
32,355

 
23,342

Loans held for sale (includes $1,201 and $972 carried at fair value) (2)
1,339

 
977

Loans (includes $152 and $171 carried at fair value) (2)
935,155

 
962,265

Allowance for loan losses 
(18,926
)
 
(9,551
)
Net loans
916,229

 
952,714

Mortgage servicing rights: 
 
 
 
Measured at fair value
6,819

 
11,517

Amortized
1,361

 
1,430

Premises and equipment, net 
9,025

 
9,309

Goodwill
26,385

 
26,390

Derivative assets
22,776

 
14,203

Equity securities (includes $27,339 and $41,936 carried at fair value) (2)
52,494

 
68,241

Other assets
85,611

 
78,917

Total assets (3)
$
1,968,766

 
1,927,555

Liabilities
 
 
 
Noninterest-bearing deposits 
$
432,857

 
344,496

Interest-bearing deposits 
977,854

 
978,130

Total deposits 
1,410,711

 
1,322,626

Short-term borrowings
60,485

 
104,512

Derivative liabilities
11,368

 
9,079

Accrued expenses and other liabilities
75,159

 
75,163

Long-term debt 
230,921

 
228,191

Total liabilities (4)
1,788,644

 
1,739,571

Equity 
 
 
 
Wells Fargo stockholders’ equity: 
 
 
 
Preferred stock 
21,098

 
21,549

Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares 
9,136

 
9,136

Additional paid-in capital 
59,923

 
61,049

Retained earnings 
159,952

 
166,697

 Cumulative other comprehensive income (loss)
(798
)
 
(1,311
)
Treasury stock – 1,362,252,882 shares and 1,347,385,537 shares 
(69,050
)
 
(68,831
)
Unearned ESOP shares 
(875
)
 
(1,143
)
Total Wells Fargo stockholders’ equity 
179,386

 
187,146

Noncontrolling interests 
736

 
838

Total equity
180,122

 
187,984

Total liabilities and equity
$
1,968,766

 
1,927,555

(1)
Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses (ACL) related to available-for-sale (AFS) and held-to-maturity (HTM) debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
Parenthetical amounts represent assets and liabilities that we are required to carry at fair value or for which we have elected the fair value option.
(3)
Our consolidated assets at June 30, 2020, and December 31, 2019, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $26 million and $16 million; Interest-earning deposits with banks, $0 million and $284 million; Debt securities, $555 million and $540 million; Net loans, $11.6 billion and $13.2 billion; Derivative assets, $1 million and $1 million; Equity securities, $71 million and $118 million; Other assets, $215 million and $239 million; and Total assets, $12.4 billion and $14.4 billion, respectively.
(4)
Our consolidated liabilities at June 30, 2020, and December 31, 2019, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $300 million and $401 million; Derivative liabilities, $1 million and $3 million; Accrued expenses and other liabilities, $212 million and $235 million; Long-term debt, $225 million and $587 million; and Total liabilities, $738 million and $1.2 billion, respectively. 

The accompanying notes are an integral part of these statements.

65


Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
Common stock
 
(in millions, except shares)
Shares

 
Amount

 
Shares

 
Amount

Balance March 31, 2020
5,743,949

 
$
21,347

 
4,096,410,304

 
$
9,136

Net income (loss)
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
13,460,720

 
 
Common stock repurchased
 
 
 
 
(45,866
)
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(249,176
)
 
(249
)
 
9,733,434

 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(249,176
)
 
(249
)
 
23,148,288

 
—

Balance June 30, 2020
5,494,773

 
$
21,098

 
4,119,558,592

 
$
9,136

Balance March 31, 2019
9,377,211

 
$
23,214

 
4,511,947,830

 
$
9,136

Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
8,491,923

 
 
Common stock repurchased
 
 
 
 
(104,852,744
)
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(193,042
)
 
(193
)
 
4,004,188

 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(193,042
)
 
(193
)
 
(92,356,633
)
 
—

Balance June 30, 2019
9,184,169

 
$
23,021

 
4,419,591,197

 
$
9,136




66


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarter ended June 30,
 
 
 
 
 
 
 
Wells Fargo stockholders’ equity
 
 
 
 
 
Additional
paid-in
capital

 
Retained
earnings

 
Cumulative
other
comprehensive
income

 
Treasury
stock

 
Unearned
ESOP
shares

 
Total
Wells Fargo
stockholders’
equity

 
Noncontrolling
interests

 
Total
equity

59,849

 
165,308

 
(1,564
)
 
(70,215
)
 
(1,143
)
 
182,718

 
612

 
183,330

 
 
(2,379
)
 
 
 
 
 
 
 
(2,379
)
 
47

 
(2,332
)
 
 
 
 
766

 
 
 
 
 
766

 
—

 
766



 
 
 
 
 
 
 
 
 
—

 
77

 
77

224

 
(549
)
 
 
 
692

 
 
 
367

 
 
 
367



 
 
 
 
 
(2
)
 
 
 
(2
)
 
 
 
(2
)
—

 
—

 
 
 
 
 
 
 
—

 
 
 
—

—

 
 
 
 
 
 
 
—

 
—

 
 
 
—

(19
)
 
 
 
 
 
 
 
268

 
249

 
 
 
249

(243
)
 
 
 
 
 
492

 
 
 
—

 
 
 
—

 
 
 
 
 
 
 
 
 
 
—

 
 
 
—

20

 
(2,113
)
 
 
 
 
 
 
 
(2,093
)
 
 
 
(2,093
)
—

 
(315
)
 
 
 
 
 
 
 
(315
)
 
 
 
(315
)
120

 
 
 
 
 
 
 
 
 
120

 
 
 
120

(28
)
 
 
 
 
 
(17
)
 
 
 
(45
)
 
 
 
(45
)
74

 
(5,356
)
 
766

 
1,165

 
268

 
(3,332
)
 
124

 
(3,208
)
59,923

 
159,952

 
(798
)
 
(69,050
)
 
(875
)
 
179,386

 
736

 
180,122

60,409

 
160,776

 
(3,682
)
 
(50,519
)
 
(1,502
)
 
197,832

 
901

 
198,733

  
 
6,206

 
  

 
  
 
 
 
6,206

 
132

 
6,338

  
 
  
 
1,458

 
  
 
 
 
1,458

 
—

 
1,458



 
  

 
  

 
  

 
 
 
—

 
(38
)
 
(38
)
(2
)
 
(38
)
 
  

 
439

 
 
 
399

 
 
 
399



 
 
 
  

 
(4,898
)
 
 
 
(4,898
)
 
 
 
(4,898
)
 
 
—

 
 
 
 
 
 
 
—

 
 
 
—

—

 
 
 
  

 
 
 
—

 
—

 
 
 
—

(17
)
 
 
 
  

 
 
 
210

 
193

 
 
 
193

(15
)
 
 
 
  

 
208

 
 
 
—

 
 
 
—

—

 
 
 
  

 
  

 
 
 
—

 
 
 
—

20

 
(2,035
)
 
  

 
  

 
 
 
(2,015
)
 
 
 
(2,015
)
 
 
(358
)
 
  

 
  

 
 
 
(358
)
 
 
 
(358
)
247

 
 
 
  

 
 
 
 
 
247

 
 
 
247

(17
)
 
  

 
  

 
(5
)
 
 
 
(22
)
 
 
 
(22
)
216

 
3,775

 
1,458

 
(4,256
)
 
210

 
1,210

 
94

 
1,304

60,625

 
164,551

 
(2,224
)
 
(54,775
)
 
(1,292
)
 
199,042

 
995

 
200,037



67


Wells Fargo & Company and Subsidiaries
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity (Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred stock
 
 
Common stock
 
(in millions, except shares)
Shares

 
Amount

 
Shares

 
Amount

Balance December 31, 2019
7,492,169

 
$
21,549

 
4,134,425,937

 
$
9,136

Cumulative effect from change in accounting policies (1)
 
 
 
 
 
 
 
Balance January 1, 2020
7,492,169

 
$
21,549

 
4,134,425,937

 
$
9,136

Net income (loss)
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
50,812,607

 
 
Common stock repurchased
 
 
 
 
(75,413,386
)
 
 
Preferred stock redeemed
(1,828,720
)
 
(2,215
)
 
 
 
 
Preferred stock released by ESOP
 
 
 
 
 
 
 
Preferred stock converted to common shares
(249,176
)
 
(249
)
 
9,733,434

 
 
Preferred stock issued
80,500

 
2,013

 
 
 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(1,997,396
)
 
(451
)
 
(14,867,345
)
 
—

Balance June 30, 2020
5,494,773

 
$
21,098

 
4,119,558,592

 
$
9,136

Balance December 31, 2018
9,377,216

 
$
23,214

 
4,581,253,608

 
$
9,136

Cumulative effect from change in accounting policies (2)
 
 
 
 
 
 
 
Balance January 1, 2019
9,377,216

 
$
23,214

 
4,581,253,608

 
$
9,136

Net income
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
Noncontrolling interests
 
 
 
 
 
 
 
Common stock issued
 
 
 
 
36,549,824

 
 
Common stock repurchased
 
 
 
 
(202,216,454
)
 
 
Preferred stock redeemed
—

 
—

 
 
 
 
Preferred stock released by ESOP
  

 
 
 
 
 
 
Preferred stock converted to common shares
(193,047
)
 
(193
)
 
4,004,219

 
 
Preferred stock issued
 
 
 
 
  

 
 
Common stock dividends
 
 
 
 
 
 
 
Preferred stock dividends
 
 
 
 
 
 
 
Stock incentive compensation expense
 
 
 
 
 
 
 
Net change in deferred compensation and related plans
 
 
 
 
 
 
 
Net change
(193,047
)
 
(193
)
 
(161,662,411
)
 
—

Balance June 30, 2019
9,184,169

 
$
23,021

 
4,419,591,197

 
$
9,136


(1)
We adopted CECL effective January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies) to Financial Statements in this Report.
(2)
Effective January 1, 2019, we adopted ASU 2016-02 – Leases (Topic 842) and subsequent related Updates, ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.


68


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six months ended June 30,
 
 
 
 
 
 
 
Wells Fargo stockholders’ equity
 
 
 
 
 
Additional
paid-in
capital

 
Retained
earnings

 
Cumulative
other
comprehensive
income

 
Treasury
stock

 
Unearned
ESOP
shares

 
Total
Wells Fargo
stockholders’
equity

 
Noncontrolling
interests

 
Total
equity

61,049

 
166,697

 
(1,311
)
 
(68,831
)
 
(1,143
)
 
187,146

 
838

 
187,984

 
 
991

 
—

 
 
 
 
 
991

 
 
 
991

61,049

 
167,688

 
(1,311
)
 
(68,831
)
 
(1,143
)
 
188,137

 
838

 
188,975

 
 
(1,726
)
 
 
 
 
 
 
 
(1,726
)
 
(101
)
 
(1,827
)
 
 
 
 
513

 
 
 
 
 
513

 
(1
)
 
512



 
 
 
 
 
 
 
 
 
—

 
—

 
—

207

 
(857
)
 
 
 
2,694

 
 
 
2,044

 
 
 
2,044



 
 
 
 
 
(3,409
)
 
 
 
(3,409
)
 
 
 
(3,409
)
17

 
(272
)
 
 
 
 
 
 
 
(2,470
)
 
 
 
(2,470
)
—

 
 
 
 
 
 
 
—

 
—

 
 
 
—

(19
)
 
 
 
 
 
 
 
268

 
249

 
 
 
249

(243
)
 
 
 
 
 
492

 
 
 
—

 
 
 
—

(45
)
 
 
 
 
 
 
 
 
 
1,968

 
 
 
1,968

38

 
(4,227
)
 
 
 
 
 
 
 
(4,189
)
 
 
 
(4,189
)
 
 
(654
)
 
 
 
 
 
 
 
(654
)
 
 
 
(654
)
301

 
 
 
 
 
 
 
 
 
301

 
 
 
301

(1,382
)
 
 
 
 
 
4

 
 
 
(1,378
)
 
 
 
(1,378
)
(1,126
)
 
(7,736
)
 
513

 
(219
)
 
268

 
(8,751
)
 
(102
)
 
(8,853
)
59,923

 
159,952

 
(798
)
 
(69,050
)
 
(875
)
 
179,386

 
736

 
180,122

60,685

 
158,163

 
(6,336
)
 
(47,194
)
 
(1,502
)
 
196,166

 
900

 
197,066

 
 
(492
)
 
481

 
 
 
 
 
(11
)
 
 
 
(11
)
60,685

 
157,671

 
(5,855
)
 
(47,194
)
 
(1,502
)
 
196,155

 
900

 
197,055

  
 
12,066

 
  

 
  
 
 
 
12,066

 
239

 
12,305

  
 
  
 
3,631

 
  
 
 
 
3,631

 
—

 
3,631



 
  

 
  

 
  

 
 
 
—

 
(144
)
 
(144
)
(2
)
 
(367
)
 
  

 
1,907

 
 
 
1,538

 
 
 
1,538



 
 
 
  

 
(9,718
)
 
 
 
(9,718
)
 
 
 
(9,718
)
 
 
—

 
 
 
 
 
 
 
—

 
 
 
—

—

 
 
 
  

 
 
 
—

 
—

 
 
 
—

(17
)
 
 
 
  

 
 
 
210

 
193

 
 
 
193

(15
)
 
 
 
  

 
208

 
 
 
—

 
 
 
—

 
 
 
 
  

 
  

 
 
 
—

 
 
 
—

39

 
(4,108
)
 
  

 
  

 
 
 
(4,069
)
 
 
 
(4,069
)
 
 
(711
)
 
  

 
  

 
 
 
(711
)
 
 
 
(711
)
791

 
 
 
  

 
 
 
 
 
791

 
 
 
791

(856
)
 
  

 
  

 
22

 
 
 
(834
)
 
 
 
(834
)
(60
)
 
6,880

 
3,631

 
(7,581
)
 
210

 
2,887

 
95

 
2,982

60,625

 
164,551

 
(2,224
)
 
(54,775
)
 
(1,292
)
 
199,042

 
995

 
200,037



69


Wells Fargo & Company and Subsidiaries
 
 
 
Consolidated Statement of Cash Flows (Unaudited)
 
 
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

Cash flows from operating activities:
 
 
 
Net income (loss) before noncontrolling interests
$
(1,827
)
 
12,305

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for credit losses
13,539

 
1,348

Changes in fair value of MSRs, MLHFS and LHFS carried at fair value
4,481

 
2,408

Depreciation, amortization and accretion
4,062

 
3,100

Other net (gains) losses
7,146

 
(1,360
)
Stock-based compensation
953

 
1,388

Originations and purchases of mortgage loans held for sale
(82,713
)
 
(63,836
)
Proceeds from sales of and paydowns on mortgage loans held for sale
68,614

 
39,741

Net change in:
 
 
 
Debt and equity securities, held for trading
36,459

 
14,777

Loans held for sale
(242
)
 
619

Deferred income taxes
(1,358
)
 
(821
)
Derivative assets and liabilities
(6,825
)
 
(2,461
)
Other assets
(5,910
)
 
7,194

Other accrued expenses and liabilities
(2,987
)
 
(7,120
)
Net cash provided by operating activities
33,392

 
7,282

Cash flows from investing activities:
 
 
 
Net change in:
 
 
 
Federal funds sold and securities purchased under resale agreements
22,851

 
(31,912
)
Available-for-sale debt securities:
 
 
 
Proceeds from sales
29,524

 
6,682

Prepayments and maturities
35,340

 
17,657

Purchases
(28,310
)
 
(18,306
)
Held-to-maturity debt securities:
 
 
 
Paydowns and maturities
11,566

 
5,145

Purchases
(25,376
)
 
(154
)
Equity securities, not held for trading:
 
 
 
Proceeds from sales and capital returns
5,584

 
2,320

Purchases
(5,587
)
 
(2,426
)
Loans:
 
 
 
Loans originated by banking subsidiaries, net of principal collected
8,871

 
(7,008
)
Proceeds from sales (including participations) of loans held for investment
5,325

 
8,196

Purchases (including participations) of loans
(775
)
 
(1,001
)
Principal collected on nonbank entities’ loans
5,505

 
1,770

Loans originated by nonbank entities
(5,856
)
 
(2,604
)
Proceeds from sales of foreclosed assets and short sales
753

 
1,405

Other, net
(31
)
 
512

Net cash provided (used) by investing activities
59,384

 
(19,724
)
Cash flows from financing activities:
 
 
 
Net change in:
 
 
 
Deposits
88,085

 
1,938

Short-term borrowings
(44,027
)
 
9,557

Long-term debt:
 
 
 
Proceeds from issuance
37,664

 
33,091

Repayment
(44,574
)
 
(26,357
)
Preferred stock:
 
 
 
Proceeds from issuance
1,968

 
—

Redeemed
(2,470
)
 
—

Cash dividends paid
(654
)
 
(711
)
Common stock:
 
 
 
Proceeds from issuance
454

 
242

Stock tendered for payment of withholding taxes
(320
)
 
(272
)
Repurchased
(3,409
)
 
(9,718
)
Cash dividends paid
(4,055
)
 
(3,954
)
Net change in noncontrolling interests
(31
)
 
(124
)
Other, net
(154
)
 
(110
)
Net cash provided by financing activities
28,477

 
3,582

Net change in cash, cash equivalents, and restricted cash
121,253

 
(8,860
)
Cash, cash equivalents, and restricted cash at beginning of period
141,250

 
173,287

Cash, cash equivalents, and restricted cash at end of period
$
262,503

 
164,427

Supplemental cash flow disclosures:
 
 
 
Cash paid for interest
$
5,545

 
9,354

Cash paid for income taxes
2,254

 
2,516


The accompanying notes are an integral part of these statements. See Note 1 (Summary of Significant Accounting Policies) for noncash activities.

70
Note 1: Summary of Significant Accounting Policies (continued)

See the Glossary of Acronyms at the end of this Report for terms used throughout the Financial Statements and related Notes. 
Note 1:  Summary of Significant Accounting Policies
Wells Fargo & Company is a diversified financial services company. We provide banking, trust and investments, mortgage banking, investment banking, retail banking, brokerage, and consumer and commercial finance through banking locations, the internet and other distribution channels to consumers, businesses and institutions in all 50 states, the District of Columbia, and in foreign countries. When we refer to “Wells Fargo,” “the Company,” “we,” “our” or “us,” we mean Wells Fargo & Company and Subsidiaries (consolidated). Wells Fargo & Company (the Parent) is a financial holding company and a bank holding company. We also hold a majority interest in a real estate investment trust, which has publicly traded preferred stock outstanding.
Our accounting and reporting policies conform with U.S. generally accepted accounting principles (GAAP) and practices in the financial services industry. For discussion of our significant accounting policies, see Note 1 (Summary of Significant Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K).
To prepare the financial statements in conformity with GAAP, management must make estimates based on assumptions about future economic and market conditions (for example, unemployment, market liquidity, real estate prices, etc.) that affect the reported amounts of assets and liabilities at the date of the financial statements, income and expenses during the reporting period and the related disclosures. Although our estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect our results of operations and financial condition. Management has made significant estimates in several areas, including:
•
allowance for credit losses (Note 6 (Loans and Related Allowance for Credit Losses);
•
valuations of residential mortgage servicing rights (MSRs) (Note 10 (Securitizations and Variable Interest Entities) and Note 11 (Mortgage Banking Activities));
•
valuations of financial instruments (Note 15 (Derivatives) and Note 16 (Fair Values of Assets and Liabilities));
•
liabilities for contingent litigation losses (Note 14 (Legal Actions)); and
•
income taxes.

Actual results could differ from those estimates.
These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our 2019 Form 10-K.
 
Accounting Standards Adopted in 2020
In 2020, we adopted the following new accounting guidance:
•
Accounting Standards Update (ASU or Update) 2020-04 – Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
 
•
ASU 2019-04 – Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. This Update includes guidance on recoveries of financial assets, which is included in the discussion for ASU 2016-13 below.
•
ASU 2018-17 – Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
•
ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the Financial Accounting Standards Board (FASB) Emerging Issues Task Force)
•
ASU 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.
•
ASU 2017-04 – Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
•
ASU 2016-13 – Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and related subsequent Updates

ASU 2020-04 provides optional, temporary relief to ease the burden of accounting for reference rate reform activities that affect contractual modifications of floating rate financial instruments indexed to interbank offering rates (IBORs) and hedge accounting relationships. Modifications of qualifying contracts are accounted for as the continuation of an existing contract rather than as a new contract. Modifications of qualifying hedging relationships will not require discontinuation of the existing hedge accounting relationships. The application of the relief for qualifying existing hedging relationships may be made on a hedge-by-hedge basis and across multiple reporting periods.
We adopted ASU 2020-04 on April 1, 2020, and the guidance will be followed until the Update terminates on December 31, 2022. This guidance is applied on a prospective basis. The Update did not have a material impact on our consolidated financial statements in second quarter 2020.

ASU 2018-17 updates the guidance used by decision-makers of VIEs. Indirect interests held through related parties in common control arrangements will be considered on a proportional basis for determining whether fees paid to decision-makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. The Update did not have a material impact on our consolidated financial statements.

ASU 2018-15 clarifies the accounting for implementation costs related to a cloud computing arrangement that is a service contract and enhances disclosures around implementation costs for internal-use software and cloud computing arrangements. The guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use

71

software (and hosting arrangements that include an internal-use software license). It also requires the expense related to the capitalized implementation costs be presented in the same line item in the statement of income as the fees associated with the hosting element of the arrangement and capitalized implementation costs be presented in the balance sheet in the same line item that a prepayment for the fees of the associated hosting arrangement are presented. The Update did not have a material impact on our consolidated financial statements.

ASU 2018-13 clarifies, eliminates and adds certain fair value measurement disclosure requirements for assets and liabilities, which affects our disclosures in Note 16 (Fair Values of Assets and Liabilities). Although the ASU became effective on January 1, 2020, it permitted early adoption of individual requirements without causing others to be early adopted and, as such, we partially adopted the Update during third quarter 2018 and the remainder of the requirements in first quarter 2020. The Update did not have a material impact on our consolidated financial statements.

ASU 2017-04 simplifies the goodwill impairment test by eliminating the requirement to assign the fair value of a reporting unit to all of the assets and liabilities of that unit (including any unrecognized intangible assets) as if the reporting unit had been acquired in a business combination. The Update requires that a goodwill impairment loss is recognized if the fair value of the reporting unit is less than the carrying amount, including goodwill. The goodwill impairment loss is limited to the amount of goodwill allocated to the reporting unit. The guidance did not change the qualitative assessment of goodwill. This guidance is applied on a prospective basis, and accordingly, the Update did not have a material impact on our consolidated financial statements.
 
ASU 2016-13 changes the accounting for the measurement of credit losses on loans and debt securities. For loans and held-to-maturity (HTM) debt securities, the Update requires a current expected credit loss (CECL) measurement to estimate the allowance for credit losses (ACL) for the remaining contractual term, adjusted for prepayments, of the financial asset (including off-balance sheet credit exposures) using historical experience, current conditions, and reasonable and supportable forecasts. Also, the Update eliminates the existing guidance for purchased credit-impaired (PCI) loans, but requires an allowance for purchased financial assets with more than an insignificant deterioration of credit since origination. In addition, the Update modifies the other-than-temporary impairment (OTTI) model for available-for-sale (AFS) debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit impairments in future periods based on improvements in credit. Upon adoption, we recognized an overall decrease in our ACL of approximately $1.3 billion (pre-tax) as a cumulative effect adjustment from a change in accounting policies, which increased our retained earnings and regulatory capital amounts and ratios. Loans previously classified as PCI were automatically transitioned to purchased credit-deteriorated (PCD) classification. We recognized an ACL for these new PCD loans and made a corresponding adjustment to the loan balance, with no impact to net income or transition adjustment to retained earnings. For more information on the impact of CECL by type of financial asset, see Table 1.1 below.

Table 1.1: ASU 2016-13 Adoption Impact to Allowance for Credit Losses (1)
 
 
 
Dec 31, 2019

ASU 2016-13 Adoption Impact

 
Jan 1, 2020

(in billions)
Balance Outstanding

ACL Balance

Coverage

ACL Balance

Coverage

Total commercial (2)
$
515.7

6.2

1.2
%
$
(2.9
)
3.4

0.7
%
 
 
 
 
 
 
 
Real estate 1-4 family mortgage (3)
323.4

0.9

0.3

—

0.9

0.3

Credit card (4)
41.0

2.3

5.5

0.7

2.9

7.1

Automobile (4)
47.9

0.5

1.0

0.3

0.7

1.5

Other revolving credit and installment (4)
34.3

0.6

1.6

0.6

1.2

3.5

Total consumer
446.5

4.2

0.9

1.5

5.7

1.3

Total loans
962.3

10.5

1.1

(1.3
)
9.1

0.9

Available-for-sale and held-to-maturity debt securities and other assets (5)
420.0

0.1

NM

—

0.1

NM

Total
$
1,382.3

10.6

NM

$
(1.3
)
9.3

NM

NM – Not meaningful
(1)
Amounts presented in this table may not equal the sum of its components due to rounding.
(2)
Decrease reflecting shorter contractual maturities given limitation to contractual terms.
(3)
Impact reflects an increase due to longer contractual terms, offset by expectation of recoveries in collateral value on mortgage loans previously written down significantly below current recovery value.
(4)
Increase due to longer contractual terms or indeterminate maturities.
(5)
Excludes other financial assets in the scope of CECL that do not have an allowance for credit losses based on the nature of the asset.
The adoption of ASU 2016-13 did not result in a change to accounting policies, except as noted herein. Our accounting policy for the ACL was updated and is now inclusive of loans, debt securities and other financing receivables. Other than the ACL and the elimination of PCI loans, there were no changes to accounting policies for loans as described in the 2019 Form 10-K. For debt securities, other than the policies with respect to the ACL, all of the current accounting policies, including those that changed as a
 
result of CECL adoption, are included below under Debt Securities.

72
Note 1: Summary of Significant Accounting Policies (continued)

Debt Securities
Our investments in debt securities that are not held for trading purposes are classified as either debt securities available-for-sale (AFS) or held-to-maturity (HTM).
Investments in debt securities for which the Company does not have the positive intent and ability to hold to maturity are classified as AFS. AFS debt securities are measured at fair value, with unrealized gains and losses reported in cumulative other comprehensive income (OCI), net of the allowance for credit losses and applicable income taxes. Investments in debt securities for which the Company has the positive intent and ability to hold to maturity are classified as HTM. HTM debt securities are measured at amortized cost, net of allowance for credit losses.

INTEREST INCOME AND GAIN/LOSS RECOGNITION Unamortized premiums and discounts are recognized in interest income over the contractual life of the security using the effective interest method, except for purchased callable debt securities carried at a premium. For purchased callable debt securities carried at a premium, the premium is amortized into interest income to the earliest call date using the effective interest method. As principal repayments are received on securities (e.g., mortgage-backed securities (MBS)), a proportionate amount of the related premium or discount is recognized in income so that the effective interest rate on the remaining portion of the security continues unchanged.
We recognize realized gains and losses on the sale of debt securities in net gains (losses) on debt securities within noninterest income using the specific identification method.
IMPAIRMENT AND CREDIT LOSSES Unrealized losses of AFS debt securities are driven by a number of factors, including changes in interest rates and credit spreads which impact most types of debt securities with additional considerations for certain types of debt securities:
•
Debt securities of U.S. Treasury and federal agencies, including federal agency MBS, are not impacted by credit movements given the explicit or implicit guarantees provided by the U.S. government.
•
Debt securities of U.S. states and political subdivisions are most impacted by changes in the relationship between municipal and term funding credit curves rather than by changes in the credit quality of the underlying securities.
•
Structured securities, such as MBS and collateralized loan obligations (CLO), are also impacted by changes in projected collateral losses of assets underlying the security.

For debt securities where fair value is less than amortized cost basis, we recognize impairment in earnings if we have the intent to sell the security or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. Impairment is recognized equal to the entire difference between the amortized cost basis and the fair value of the security and is classified as net gains (losses) from debt securities within noninterest income. Following the recognition of impairment, the security’s new amortized cost basis is the previous basis less impairment.
For debt securities where fair value is less than amortized cost basis where we did not recognize impairment in earnings, we set up an allowance for credit losses as of the balance sheet date. See “Allowance for Credit Losses” section in this Note.

TRANSFERS BETWEEN CATEGORIES OF DEBT SECURITIES AFS debt securities transferred to the HTM classification are recorded at fair value and the unrealized gains or losses resulting from the transfer of these securities continue to be reported in cumulative
 
OCI. The cumulative OCI balance is amortized into earnings over the same period as the unamortized premiums and discounts using the effective interest method. Any allowance for credit losses previously recorded under the AFS model on securities transferred to HTM is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model.

NONACCRUAL AND PAST DUE, AND CHARGE-OFF POLICIES We generally place debt securities on nonaccrual status using factors similar to those described for loans. When we place a debt security on nonaccrual status, we reverse the accrued unpaid interest receivable against interest income and suspend the amortization of premiums and accretion of discounts. If the ultimate collectability of the principal is in doubt on a nonaccrual debt security, any cash collected is first applied to reduce the security’s amortized cost basis to zero, followed by recovery of amounts previously charged off, and subsequently to interest income. Generally, we return a debt security to accrual status when all delinquent interest and principal become current under the contractual terms of the security and collectability of remaining principal and interest is no longer doubtful.
Our debt securities are considered past due when contractually required principal or interest payments have not been made on the due dates.
Our charge-off policy for debt securities are similar to those described for loans. Subsequent to charge-off, the debt security will be designated as nonaccrual and follow the process described above for any cash received.

Allowance for Credit Losses
The ACL is management’s estimate of the current expected credit losses in the loan portfolio and unfunded credit commitments, at the balance sheet date, excluding loans and unfunded credit commitments carried at fair value or held for sale. Additionally, we maintain an ACL on AFS and HTM debt securities, other financing receivables measured at amortized cost, and other off-balance sheet credit exposures. While we attribute portions of the allowance to specific financial asset classes (loan and debt security portfolios), loan portfolio segments (commercial and consumer) or major security type, the entire ACL is available to absorb credit losses of the Company.
Our ACL process involves procedures to appropriately consider the unique risk characteristics of our financial asset classes, portfolio segments, and major security types. For each loan portfolio segment and each major HTM debt security type, losses are estimated collectively for groups of loans or securities with similar risk characteristics. For loans and securities that do not share similar risk characteristics with other financial assets, the losses are estimated individually, which primarily includes our impaired large commercial loans and non-accruing HTM debt securities. For AFS debt securities, losses are estimated at the tax-lot level.
Our ACL amounts are influenced by a variety of factors, including changes in loan and debt security volumes, portfolio credit quality, and general economic conditions. General economic conditions are forecasted using economic variables which will create volatility as those variables change over time. See Table 1.2 for key economic variables used for our loan portfolios.

73

Table 1.2: Key Economic Variables
Loan Portfolio
 
Key economic variables
Total commercial
 
• Gross domestic product
• Commercial real estate asset prices, where applicable
• Unemployment rate
• Corporate investment-grade bond spreads
Real estate 1-4 family mortgage
 
• Home price index
• Unemployment rate
Other consumer (including credit card, automobile, and other revolving credit and installment)
 
• Unemployment rate


Our approach for estimating expected life-time credit losses for loans and debt securities includes the following key components:
•
An initial loss forecast period of one year for all portfolio segments and classes of financing receivables and off-balance-sheet credit exposures. This period reflects management’s expectation of losses based on forward-looking economic scenarios over that time.
•
A historical loss forecast period covering the remaining contractual term, adjusted for expected prepayments and certain expected extensions, renewals, or modifications, by portfolio segment and class of financing receivables based on the changes in key historical economic variables during representative historical expansionary and recessionary periods.
•
A reversion period of up to two years to connect the losses estimated for our initial loss forecast period to the period of our historical loss forecast based on economic conditions at the measurement date. Our reversion methodology considers the type of portfolio, point in the credit cycle, expected length of recessions and recoveries, as well as other relevant factors.
•
Utilization of discounted cash flow (DCF) methods to measure credit impairment for loans modified in a troubled debt restructuring, unless they are collateral dependent and measured at the fair value of the collateral. The DCF methods obtain estimated life-time credit losses using the initial and historical mean loss forecast periods described above.
•
For AFS debt securities and certain beneficial interests classified as HTM, we utilize the DCF methods to measure the ACL, which incorporate expected credit losses using the conceptual components described above. The ACL on AFS debt securities is subject to a limitation based on the fair value of the debt securities (fair value floor).

The ACL for financial assets held at amortized cost and AFS debt securities will be reversible with immediate recognition of recovery in earnings if credit improves. The ACL for financial assets held at amortized cost is a valuation account that is deducted from, or added to, the amortized cost basis of the financial assets to present the net amount expected to be collected, which can include a negative allowance limited to the cumulative amounts previously charged off. For financial assets with an ACL estimated using DCF methods, changes in the ACL due to the passage of time are recorded in interest income. The ACL for AFS debt securities reflects the amount of unrealized loss related to expected credit losses, limited by the amount that fair value is less than the amortized cost basis, and cannot have an associated negative allowance.
For certain financial assets, such as residential real estate loans guaranteed by the Government National Mortgage Association (GNMA), an agency of the federal government, U. S. Treasury and Agency mortgage backed debt securities, as well as certain sovereign debt securities, the Company has not
 
recognized an ACL as our expectation of nonpayment of the amortized cost basis, based on historical losses, adjusted for current conditions and reasonable and supportable forecasts, is zero.
A financial asset is collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When a collateral-dependent financial asset is probable of foreclosure, we will measure the ACL based on the fair value of the collateral. If we intend to sell the underlying collateral, we will measure the ACL based on the collateral’s net realizable value (fair value of collateral, less estimated costs to sell). In most situations, based on our charge-off policies, we will immediately write-down the financial asset to the fair value of the collateral or net realizable value. For consumer loans, collateral-dependent financial assets may have collateral in the form of residential real estate, automobiles or other personal assets. For commercial loans, collateral-dependent financial assets may have collateral in the form of commercial real estate or other business assets.
We do not generally record an ACL for accrued interest receivables because uncollectible accrued interest is reversed through interest income in a timely manner in line with our non-accrual and past due policies for loans and debt securities. For consumer credit card and certain consumer lines of credit, we include an ACL for accrued interest and fees since these loans are not placed on nonaccrual status and written off until the loan is 180 days past due. Accrued interest receivables are included in other assets, except for certain revolving loans, such as credit card loans.

COMMERCIAL LOAN PORTFOLIO SEGMENT ACL METHODOLOGY Generally, commercial loans, which include net investments in lease financing, are assessed for estimated losses by grading each loan using various risk factors as identified through periodic reviews. Our estimation approach for the commercial portfolio reflects the estimated probability of default in accordance with the borrower’s financial strength and the severity of loss in the event of default, considering the quality of any underlying collateral. Probability of default and severity at the time of default are statistically derived through historical observations of default and losses after default within each credit risk rating. These estimates are adjusted as appropriate based on additional analysis of long-term average loss experience compared with previously forecasted losses, external loss data or other risks identified from current economic conditions and credit quality trends. The estimated probability of default and severity at the time of default are applied to loan equivalent exposures to estimate losses for unfunded credit commitments.

CONSUMER LOAN PORTFOLIO SEGMENT ACL METHODOLOGY For consumer loans, we determine the allowance at the individual loan level. When developing historical loss experience, we pool loans, generally by product types with similar risk characteristics, such as residential real estate mortgages and credit cards. As

74
Note 1: Summary of Significant Accounting Policies (continued)

appropriate and to achieve greater accuracy, we may further stratify selected portfolios by sub-product, origination channel, vintage, loss type, geographic location and other predictive characteristics. We use pooled loan data such as historic delinquency and default and loss severity in the development of our consumer loan models, in addition to home price trends, unemployment trends, and other economic variables that may influence the frequency and severity of losses in the consumer portfolio.

AFS PORTFOLIO ACL METHODOLOGY We develop our ACL estimate for AFS debt securities by utilizing a security-level multi-scenario, probability-weighted discounted cash flow model based on a combination of past events, current conditions, as well as reasonable and supportable forecasts. The projected cash flows are discounted at the security’s effective interest rate, except for certain variable rate securities which are discounted using projections of future changes in interest rates, prepayable securities which are adjusted for estimated prepayments, and securities part of a fair value hedge which use hedge-adjusted assumptions. The ACL on an AFS debt security is limited to the difference between its amortized cost basis and fair value (fair value floor) and reversals of the allowance are permitted up to the amount previously recorded.
HTM PORTFOLIO ACL METHODOLOGY For most HTM debt securities, the ACL is measured using an expected loss model, similar to the methodology used for loans. Unlike AFS debt securities, the ACL on an HTM debt security is not limited to the fair value floor.
Certain beneficial interests categorized as HTM debt securities utilize a similar discounted cash flow model as described for AFS debt securities, without the limitation of the fair value floor.

OTHER QUALITATIVE FACTORS  The ACL includes amounts for qualitative factors which may not be adequately reflected in our loss models. These amounts represent management’s judgment of risks in the processes and assumptions used in establishing the ACL. Generally, these amounts are established at a granular level below our loan portfolio segments. We also consider economic environmental factors, modeling assumptions and performance, process risk, and other subjective factors, including industry trends and emerging risk assessments.

OFF-BALANCE SHEET CREDIT EXPOSURES Our off-balance sheet credit exposures include unfunded loan commitments (generally in the form of revolving lines of credit), financial guarantees not accounted for as insurance contracts or derivatives, including standby letters of credit, and other similar instruments. For off-balance sheet credit exposures, we recognize an ACL associated with the unfunded amounts. We do not recognize an ACL for commitments that are unconditionally cancelable at our discretion. Additionally, we recognize an ACL for financial guarantees that create off-balance sheet credit exposure, such as loans sold with credit recourse and factoring guarantees. ACL for off-balance sheet credit exposures are reported as a liability in accrued expenses and other liabilities on our consolidated balance sheet.

OTHER FINANCIAL ASSETS Other financial assets are evaluated for expected credit losses. These other financial assets include accounts receivable for fees, receivables from government-sponsored entities, such as Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage
 
Corporation (FHLMC), and GNMA, and other accounts receivable from high-credit quality counterparties, such as central clearing counterparties. Many of these financial assets are generally not expected to have an ACL as there is a zero loss expectation (for example, government guarantee) or no historical credit losses. Some financial assets, such as loans to employees, maintain an ACL that is presented on a net basis with the related amortized cost amounts in other assets on our consolidated balance sheet. Given the nature of these financial assets, provision for credit losses is not recognized separately from the regular income or expense associated with these financial assets.
Securities purchased under resale agreements are generally over-collateralized by securities or cash and are generally short-term in nature. We have elected the practical expedient for these financial assets given collateral maintenance provisions. These provisions require that we monitor the collateral value and customers are required to replenish collateral, if needed. Accordingly, we generally do not maintain an ACL for these financial assets.

PURCHASED CREDIT DETERIORATED FINANCIAL ASSETS Financial assets acquired that are of poor credit quality and with more than an insignificant evidence of credit deterioration since their origination or issuance are PCD assets. PCD assets are recorded at their purchase price plus an ACL estimated at the time of acquisition. Under this approach, there is no provision for credit losses recognized at acquisition; rather, there is a gross-up of the purchase price of the financial asset for the estimate of expected credit losses and a corresponding ACL recorded. Changes in estimates of expected credit losses after acquisition are recognized as provision for credit losses (or reversal of provision for credit losses) in subsequent periods. In general, interest income recognition for PCD financial assets is consistent with interest income recognition for the similar non-PCD financial asset.

Troubled Debt Restructuring and Other Relief Related to COVID-19
On March 25, 2020, the U.S. Senate approved the Coronavirus, Aid, Relief, and Economic Security Act (the CARES Act) providing optional, temporary relief from accounting for certain loan modifications as troubled debt restructurings (TDRs). Under the CARES Act, TDR relief is available to banks for loan modifications related to the adverse effects of Coronavirus Disease 2019 (COVID-19) (COVID-related modifications) granted to borrowers that are current as of December 31, 2019. TDR relief applies to COVID-related modifications made from March 1, 2020, until the earlier of December 31, 2020, or 60 days following the termination of the national emergency declared by the President of the United States. In first quarter 2020, we elected to apply the TDR relief provided by the CARES Act.
On April 7, 2020, federal banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised) (the Interagency Statement). The guidance in the Interagency Statement provides additional TDR relief as it clarifies that it is not necessary to consider the impact of the COVID-19 pandemic on the financial condition of a borrower in connection with a short-term (e.g., six months or less) COVID-related modification provided the borrower is current at the date the modification program is implemented.
For COVID-related modifications in the form of payment deferrals, delinquency status will not advance and loans that were accruing at the time the relief is provided will generally not be placed on nonaccrual status during the deferral period. COVID-

75

related modifications that do not meet the provisions of the CARES Act or the Interagency Statement will be assessed for TDR classification.
On April 10, 2020, the FASB Staff issued Accounting for Lease Concessions Related to the Effects of the COVID-19 Pandemic, a question and answer guide. The guide provided an election for leases accounted for under Accounting Standards Codification (ASC) 842, Leases, that were modified due to COVID-19 and met certain criteria in order to not require a new lease classification test upon modification. In second quarter 2020, we elected to apply the lease modification relief provided by the guide.

Share Repurchases
During the first quarter of 2020 and 2019, we repurchased shares of our common stock under Rule 10b5-1 repurchase plans. On March 15, 2020, we, along with the other members of the Financial Services Forum, suspended our share repurchase activities for the remainder of the first quarter and for second quarter 2020. On June 25, 2020, the Board of Governors of the Federal Reserve System (FRB) announced that it was prohibiting large bank holding companies (BHCs) subject to the FRB’s capital
 
plan rule, including Wells Fargo, from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB is authorizing each BHC to (i) make share repurchases relating to issuances of common stock related to employee stock ownership plans; (ii) provided that the BHC does not increase the amount of its common stock dividends, pay common stock dividends that do not exceed an amount equal to the average of the BHC’s net income for the four preceding calendar quarters, unless otherwise specified by the FRB; and (iii) make scheduled payments on additional tier 1 and tier 2 capital instruments. These provisions may be extended by the FRB quarter-by-quarter. For more information about share repurchases, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K.

Supplemental Cash Flow Information
Significant noncash activities are presented in Table 1.3.


Table 1.3: Supplemental Cash Flow Information
 
Six months ended June 30,
 
(in millions)
2020

 
2019

Trading debt securities retained from securitization of mortgage loans held for sale (MLHFS)
$
16,953

 
19,131

Transfers from loans to MLHFS
12,430

 
4,419

Transfers from available-for-sale debt securities to held-to-maturity debt securities
—

 
6,071

Operating lease ROU assets acquired with operating lease liabilities (1)
345

 
5,302

(1)
Includes amounts attributable to new leases and changes from modified leases. The six months ended June 30, 2019, balance also includes $4.9 billion from adoption of ASU 2016-02 – Leases (Topic 842).

Subsequent Events
We have evaluated the effects of events that have occurred subsequent to June 30, 2020, and there have been no material
 
events that would require recognition in our second quarter 2020 consolidated financial statements or disclosure in the Notes to the consolidated financial statements.
Note 2:  Business Combinations
There were no acquisitions during the first half of 2020. As of June 30, 2020, we had no pending acquisitions.


76


Note 3:  Cash, Loan and Dividend Restrictions
Cash and cash equivalents may be restricted as to usage or withdrawal. Federal Reserve Board (FRB) regulations require that each of our subsidiary banks maintain reserve balances on deposit with the Federal Reserve Banks. Table 3.1 provides a summary of restrictions on cash equivalents in addition to the FRB reserve cash balance requirements.
Table 3.1: Nature of Restrictions on Cash Equivalents
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Required reserve balance for the FRB (1)
$
—

 
11,374

Reserve balance for non-U.S. central banks
200

 
460

Segregated for benefit of brokerage customers under federal and other brokerage regulations
703

 
733

Related to consolidated variable interest entities (VIEs) that can only be used to settle liabilities of VIEs
26

 
300

(1)
Effective March 26, 2020, the FRB reduced reserve requirement ratios to 0%. The amount for December 31, 2019 represents an average for the year ended December 31, 2019.

Federal laws and regulations limit the dividends that a national bank may pay. Our national bank subsidiaries could have declared additional dividends of $1.0 billion at June 30, 2020, without obtaining prior regulatory approval. We have elected to retain higher capital at our national bank subsidiaries in order to meet internal capital policy minimums and regulatory requirements. Our 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. In addition, under a Support Agreement dated June 28, 2017, as amended and restated on June 26, 2019, among Wells Fargo & Company, the parent holding company (the “Parent”), WFC Holdings, LLC, an intermediate holding company and subsidiary of the Parent (the “IHC”), Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, Wells Fargo Clearing Services, LLC, and certain other direct and indirect subsidiaries of the Parent designated as material entities for resolution planning purposes or identified as related support entities in our resolution plan, the IHC may be restricted from making dividend payments to the Parent if certain liquidity and/or capital metrics fall below defined triggers or if the Parent’s board of directors authorizes it to file a case under the U.S. Bankruptcy Code. Based on retained earnings at June 30, 2020, our nonbank subsidiaries could have declared additional dividends of $26.5 billion at June 30, 2020, without obtaining prior regulatory approval. For additional information see Note 3 (Cash, Loan and Dividend Restrictions) in our 2019 Form 10-K.
 
The FRB’s Capital Plan Rule (codified at 12 CFR 225.8 of Regulation Y) establishes capital planning and other requirements that govern capital distributions including dividends by certain large bank holding companies. The FRB has also published guidance regarding its supervisory expectations for capital planning, including capital policies regarding the process relating to common stock dividend and repurchase decisions in the FRB’s SR Letter 15-18. The Parent’s ability to make certain capital distributions is subject to review by the FRB as part of the Parent’s capital plan in connection with the FRB’s annual Comprehensive Capital Analysis and Review (CCAR). Once the FRB’s stress capital buffer requirement becomes effective on October 1, 2020, the Parent’s ability to take certain capital actions will be subject to the Parent meeting or exceeding certain regulatory capital minimums, which include the stress capital buffer established by the FRB as part of the FRB’s annual supervisory stress test and related CCAR.
On July 28, 2020, the Company reduced its third quarter 2020 common stock dividend to $0.10 per share.
On June 25, 2020, the FRB announced that it is requiring large BHCs, including Wells Fargo, to update and resubmit their capital plans within 45 days after the FRB provides updated scenarios. Requiring resubmission will prohibit each BHC from making any capital distribution (excluding any capital distribution arising from the issuance of a capital instrument eligible for inclusion in the numerator of a regulatory capital ratio), unless otherwise approved by the FRB. Through the end of third quarter 2020, the FRB is authorizing each BHC to (i) make share repurchases relating to issuances of common stock related to employee stock ownership plans; (ii) provided that the BHC does not increase the amount of its common stock dividends, pay common stock dividends that do not exceed an amount equal to the average of the BHC’s net income for the four preceding calendar quarters, unless otherwise specified by the FRB; and (iii) make scheduled payments on additional tier 1 and tier 2 capital instruments. These provisions may be extended by the FRB quarter-by-quarter.

77


Note 4:  Trading Activities
Table 4.1 presents a summary of our trading assets and liabilities measured at fair value through earnings.
Table 4.1: Trading Assets and Liabilities
 
Jun 30,

 
Dec 31,

(in millions)
2020

 
2019

Trading assets:
 
 
 
Debt securities
$
74,679

 
79,733

Equity securities
12,591

 
27,440

Loans held for sale
1,201

 
972

Gross trading derivative assets
60,644

 
34,825

Netting (1)
(39,885
)
 
(21,463
)
Total trading derivative assets
20,759

 
13,362

Total trading assets
109,230

 
121,507

Trading liabilities:
 
 
 
Short sale
20,213

 
17,430

Gross trading derivative liabilities
54,985

 
33,861

Netting (1)
(44,901
)
 
(26,074
)
Total trading derivative liabilities
10,084

 
7,787

Total trading liabilities
$
30,297

 
25,217

(1)
Represents balance sheet netting for trading derivative asset and liability balances, and trading portfolio level counterparty valuation adjustments.
Table 4.2 provides a summary of the net interest income earned from trading securities, and net gains and losses due to the realized and unrealized gains and losses from trading activities.
 
Net interest income also includes dividend income on trading securities and dividend expense on trading securities we have sold, but not yet purchased.

Table 4.2: Net Interest Income and Net Gains (Losses) on Trading Activities
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Interest income:
 
 
 
 
 
 
 
Debt securities
$
659

 
740

 
$
1,425

 
1,533

Equity securities
68

 
143

 
205

 
258

Loans held for sale
6

 
20

 
18

 
43

Total interest income
733

 
903

 
1,648

 
1,834

Less: Interest expense
116

 
127

 
257

 
263

Net interest income
617

 
776

 
1,391

 
1,571

Net gains (losses) from trading activities (1):
 
 
 
 
 
 
 
Debt securities
329

 
401

 
2,684

 
1,089

Equity securities
2,329

 
1,236

 
(2,072
)
 
3,303

Loans held for sale
24

 
(4
)
 
12

 
10

Derivatives (2)
(1,875
)
 
(1,404
)
 
247

 
(3,816
)
Total net gains from trading activities
807

 
229

 
871

 
586

Total trading-related net interest and noninterest income
$
1,424

 
1,005

 
$
2,262

 
2,157

(1)
Represents realized gains (losses) from our trading activities and unrealized gains (losses) due to changes in fair value of our trading positions.
(2)
Excludes economic hedging of mortgage banking and asset/liability management activities, for which hedge results (realized and unrealized) are reported with the respective hedged activities.

78
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Note 5:  Available-for-Sale and Held-to-Maturity Debt Securities
Table 5.1 provides the amortized cost, net of the allowance for credit losses, and fair value by major categories of available-for-sale debt securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost, net of allowance for credit losses. The net unrealized gains (losses) for available-for-sale debt securities are reported as a component of cumulative OCI, net of the allowance for credit losses and applicable income taxes. Information on debt securities held for trading is included in Note 4 (Trading Activities).
 
Outstanding balances exclude accrued interest receivable on available-for-sale and held-to-maturity debt securities which are included in other assets. During the first half of 2020, we reversed accrued interest receivable on our available-for-sale and held-to-maturity debt securities by reversing interest income of $6 million. See Note 9 (Other Assets) for additional information on accrued interest receivable.
Table 5.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding
(in millions)
 Amortized cost, net (1)

 
Gross
unrealized gains 

 
Gross
unrealized losses

 
Fair value

June 30, 2020
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
7,923

 
69

 
(9
)
 
7,983

Securities of U.S. states and political subdivisions (2)
33,259

 
200

 
(448
)
 
33,011

Mortgage-backed securities:

 

 

 
 
Federal agencies
139,326

 
5,533

 
(24
)
 
144,835

Residential
542

 
2

 
(3
)
 
541

Commercial
3,663

 
9

 
(113
)
 
3,559

Total mortgage-backed securities
143,531

 
5,544

 
(140
)
 
148,935

Corporate debt securities
4,972

 
95

 
(92
)
 
4,975

Collateralized loan obligations
25,727

 
1

 
(729
)
 
24,999

Other
9,055

 
69

 
(128
)
 
8,996

Total available-for-sale debt securities
224,467

 
5,978

 
(1,546
)
 
228,899

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
48,578

 
1,972

 
(47
)
 
50,503

Securities of U.S. states and political subdivisions
14,277

 
622

 
(7
)
 
14,892

Federal agency and other mortgage-backed securities (3)
106,133

 
5,350

 
(10
)
 
111,473

Other debt securities
14

 
—

 
—

 
14

Total held-to-maturity debt securities
169,002

 
7,944

 
(64
)
 
176,882

Total (4)
$
393,469

 
13,922

 
(1,610
)
 
405,781

December 31, 2019
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
14,948

 
13

 
(1
)
 
14,960

Securities of U.S. states and political subdivisions (2)
39,381

 
992

 
(36
)
 
40,337

Mortgage-backed securities:
 
 
 
 
 
 
 
Federal agencies
160,318

 
2,299

 
(164
)
 
162,453

Residential
814

 
14

 
(1
)
 
827

Commercial
3,899

 
41

 
(6
)
 
3,934

Total mortgage-backed securities
165,031

 
2,354

 
(171
)
 
167,214

Corporate debt securities
6,343

 
252

 
(32
)
 
6,563

Collateralized loan obligations
29,153

 
25

 
(123
)
 
29,055

Other
5,204

 
150

 
(24
)
 
5,330

Total available-for-sale debt securities
260,060

 
3,786

 
(387
)
 
263,459

Held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
45,541

 
617

 
(19
)
 
46,139

Securities of U.S. states and political subdivisions
13,486

 
286

 
(13
)
 
13,759

Federal agency and other mortgage-backed securities (3)
94,869

 
2,093

 
(37
)
 
96,925

Other debt securities
37

 
—

 
—

 
37

Total held-to-maturity debt securities
153,933

 
2,996

 
(69
)
 
156,860

Total (4)
$
413,993

 
6,782

 
(456
)
 
420,319

(1)
Represents amortized cost of the securities, net of the allowance for credit losses of $114 million related to available-for-sale debt securities and $20 million related to held-to-maturity debt securities at June 30, 2020. Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost net of allowance for credit losses and fair value of these types of securities was $5.8 billion at both June 30, 2020, and December 31, 2019.
(3)
Predominantly consists of federal agency mortgage-backed securities at both June 30, 2020 and December 31, 2019.
(4)
We held available-for-sale and held-to-maturity debt securities from Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) that each exceeded 10% of stockholders’ equity, with an amortized cost of $93.6 billion and $80.1 billion and a fair value of $98.1 billion and $83.8 billion at June 30, 2020 and an amortized cost of $98.5 billion and $84.1 billion and a fair value of $100.3 billion and $85.5 billion at December 31, 2019, respectively.

79

Table 5.2 details the breakout of purchases of and transfers to held-to-maturity debt securities by major category of security.
 

Table 5.2: Held-to-Maturity Debt Securities Purchases and Transfers
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Purchases of held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
—

 
—

 
$
3,016

 
—

Securities of U.S. states and political subdivisions
15

 
243

 
881

 
243

Federal agency and other mortgage-backed securities
6,970

 
37

 
22,895

 
53

Total purchases of held-to-maturity debt securities
6,985

 
280

 
26,792

 
296

Transfers from available-for-sale debt securities to held-to-maturity debt securities:
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
—

 
1,558

 
—

 
1,558

Federal agency and other mortgage-backed securities
—

 
2,106

 
—

 
4,513

Total transfers from available-for-sale debt securities to held-to-maturity debt securities
$
—

 
3,664

 
$
—

 
6,071


Table 5.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses
from sales and impairment write-downs included in earnings related to available-for-sale and held-to-maturity debt securities (pre-tax).
 



Table 5.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Interest income:
 
 
 
 
 
 
 
Available-for-sale
$
1,349

 
2,110

 
$
3,075

 
4,311

Held-to-maturity
938

 
931

 
1,918

 
1,878

Total interest income (1)
2,287

 
3,041

 
4,993

 
6,189

Provision (reversal of provision) for credit losses (2):
 
 
 
 
 
 
 
Available-for-sale
(40
)
 
—

 
128

 
—

Held-to-maturity
9

 
—

 
13

 
—

Total provision (reversal of provision) for credit losses
(31
)
 
—

 
141

 
—

Realized gains and losses (3):
 
 
 
 
 
 
 
Gross realized gains
248

 
29

 
504

 
202

Gross realized losses
(36
)
 
(2
)
 
(40
)
 
(5
)
Impairment write-downs included in earnings:
 
 
 
 
 
 
 
Credit-related (4)
—

 
(7
)
 
—

 
(23
)
Intent-to-sell
—

 
—

 
(15
)
 
(29
)
Total impairment write-downs included in earnings
—

 
(7
)
 
(15
)
 
(52
)
Net realized gains
$
212

 
20

 
$
449

 
145

(1)
Total interest income from debt securities excludes interest income from trading debt securities, which is disclosed in Note 4 (Trading Activities).
(2)
Prior to our adoption of CECL on January 1, 2020, the provision for credit losses from debt securities was not applicable and is therefore presented as $0 for the prior period. For more information, see Note 1 (Summary of Significant Accounting Policies).
(3)
Realized gains and losses relate to available-for-sale debt securities. There were no realized gains or losses from held-to-maturity debt securities in all periods presented.
(4)
For the second quarter and first half of 2020, credit-related impairment recognized in earnings is classified as provision for credit losses due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
Credit Quality
We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date.

CREDIT RATINGS Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSRO). Debt securities rated investment grade, that is those with ratings
 
similar to BBB-/Baa3 or above, as defined by NRSRO, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, debt securities rated
below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities.
For debt securities not rated by the NRSRO, we determine an internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit ratings assigned by major credit agencies. The fair value of available-for-sale debt securities categorized as investment grade based on internal credit grades was $1.3 billion at June 30, 2020, and $2.2 billion at December 31, 2019. Held-to-maturity debt securities

80
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

categorized as investment grade based on internal credit grades are not significant. If an internal credit grade was not assigned, we categorized the debt security as non-investment grade.
Table 5.4 shows the percentage of fair value of available-for-sale debt securities and amortized cost of held-to-maturity debt
 
securities determined by those rated investment grade, inclusive of those based on internal credit grades.
Table 5.4: Investment Grade Debt Securities
 
Available-for-Sale
 
 
Held-to-Maturity
 
($ in millions)
Fair value

 % investment grade

 
Amortized cost

% investment grade

June 30, 2020
 
 
 
 
 
Total portfolio
$
228,899

99
%
 
169,022

99
%
 
 
 
 
 
 
Breakdown by category:
 
 
 
 
 
Securities of U.S. Treasury and federal agencies (1)
$
152,818

100
%
 
153,863

100
%
Securities of U.S. states and political subdivisions
33,011

99

 
14,286

100

Collateralized loan obligations
24,999

100

 
N/A

N/A

All other debt securities (2)
18,071

87

 
873

6

December 31, 2019
 
 
 
 
 
Total portfolio
$
263,459

99
%
 
153,933

99
%
 
 
 
 
 
 
Breakdown by category:
 
 
 
 
 
Securities of U.S. Treasury and federal agencies (1)
$
177,413

100
%
 
139,619

100
%
Securities of U.S. states and political subdivisions
40,337

99

 
13,486

100

Collateralized loan obligations
29,055

100

 
N/A

N/A

All other debt securities (2)
16,654

82

 
828

4

(1)
Includes federal agency mortgage-backed securities.
(2)
Includes non-agency mortgage-backed, corporate, and all other debt securities.
DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status.
We had no debt securities that were past due and still accruing at June 30, 2020 or December 31, 2019. The fair value of available-for-sale debt securities in nonaccrual status was $153 million and $110 million as of June 30, 2020, and
 
December 31, 2019, respectively. There were no held-to-maturity debt securities in nonaccrual status as of June 30, 2020, or December 31, 2019. Purchased debt securities with credit deterioration (PCD) are not considered to be in nonaccrual status, as payments from issuers of these securities remain current.
Table 5.5 presents detail of available-for-sale debt securities purchased with credit deterioration during the period. There were no available-for-sale debt securities purchased with credit deterioration during second quarter 2020. There were no held-to-maturity debt securities purchased with credit deterioration during the second quarter and first half of 2020. The amounts presented are as of the date of the PCD assets were purchased.

Table 5.5: Debt Securities Purchased with Credit Deterioration
(in millions)
Six months ended June 30, 2020

Available-for-sale debt securities purchased with credit deterioration (PCD):
 
Par value
$
164

Allowance for credit losses at acquisition
(11
)
Discount (or premiums) attributable to other factors
3

Purchase price of available-for-sale debt securities purchased with credit deterioration
$
156



81

Unrealized Losses of Available-for-Sale Debt Securities
Table 5.6 shows the gross unrealized losses and fair value of available-for-sale debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recorded credit impairment are categorized as being “less than 12 months” or
 
“12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the (1) for the current period presented, amortized cost basis net of allowance for credit losses, or the (2) for the prior period presented, amortized cost basis.
Table 5.6: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities
 
Less than 12 months 
 
 
12 months or more 
 
 
Total 
 
(in millions)
Gross unrealized losses 

 
Fair value 

 
Gross unrealized losses 

 
Fair value 

 
Gross unrealized losses 

 
Fair value 

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
(9
)
 
608

 
—

 
—

 
(9
)
 
608

Securities of U.S. states and political subdivisions
(372
)
 
17,219

 
(76
)
 
2,539

 
(448
)
 
19,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 


 


Federal agencies
(22
)
 
4,129

 
(2
)
 
512

 
(24
)
 
4,641

Residential
(2
)
 
302

 
(1
)
 
58

 
(3
)
 
360

Commercial
(84
)
 
2,895

 
(29
)
 
343

 
(113
)
 
3,238

Total mortgage-backed securities
(108
)
 
7,326

 
(32
)
 
913

 
(140
)
 
8,239

Corporate debt securities
(79
)
 
1,308

 
(13
)
 
93

 
(92
)
 
1,401

Collateralized loan obligations
(478
)
 
18,215

 
(251
)
 
6,640

 
(729
)
 
24,855

Other
(82
)
 
4,185

 
(46
)
 
905

 
(128
)
 
5,090

Total available-for-sale debt securities
$
(1,128
)
 
48,861

 
(418
)
 
11,090

 
(1,546
)
 
59,951

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
—

 
—

 
(1
)
 
2,423

 
(1
)
 
2,423

Securities of U.S. states and political subdivisions
(10
)
 
2,776

 
(26
)
 
2,418

 
(36
)
 
5,194

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies
(50
)
 
16,807

 
(114
)
 
10,641

 
(164
)
 
27,448

Residential
(1
)
 
149

 
—

 
—

 
(1
)
 
149

Commercial
(3
)
 
998

 
(3
)
 
244

 
(6
)
 
1,242

Total mortgage-backed securities
(54
)
 
17,954

 
(117
)
 
10,885

 
(171
)
 
28,839

Corporate debt securities
(9
)
 
303

 
(23
)
 
216

 
(32
)
 
519

Collateralized loan obligations
(13
)
 
5,001

 
(110
)
 
16,789

 
(123
)
 
21,790

Other
(12
)
 
1,656

 
(12
)
 
492

 
(24
)
 
2,148

Total available-for-sale debt securities
$
(98
)
 
27,690

 
(289
)
 
33,223

 
(387
)
 
60,913


We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. In prior periods, credit impairment was recorded as a write-down to the amortized cost basis of the security. In the current period, credit impairment is recorded as an allowance for credit losses.
For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies).

82
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Allowance for Credit Losses for Debt Securities
Table 5.7 presents the allowance for credit losses on available-for-sale and held-to-maturity debt securities.
Table 5.7: Allowance for Credit Losses for Debt Securities
 
Quarter ended June 30, 2020
 
 
Six months ended June 30, 2020
 
(in millions)
Available-for-Sale

Held-to-Maturity

 
Available-for-Sale

Held-to-Maturity

Balance, beginning of period (1)
$
161

11

 
$
—

—

Cumulative effect from change in accounting policies (2)
—

—

 
24

7

Balance, beginning of period, adjusted
161

11

 
24

7

Provision (reversal of provision) for credit losses
(40
)
9

 
128

13

Securities purchased with credit deterioration
—

—

 
11

—

Reduction due to sales
(8
)
—

 
(8
)
—

Reduction due to intent to sell
—

—

 
(11
)
—

Charge-offs
(1
)
—

 
(33
)
—

Interest income (3)
2

—

 
3

—

Balance, end of period (4)
$
114

20

 
$
114

20

(1)
Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Represents the impact of adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
(3)
Certain debt securities with an allowance for credit losses calculated by discounting expected cash flows using the securities’ effective interest rate over its remaining life, recognize changes in the allowance for credit losses attributable to the passage of time as interest income.
(4)
The allowance for credit losses for debt securities largely relates to corporate debt securities as of June 30, 2020.


83

Contractual Maturities
Table 5.8 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value and weighted-average effective yields of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
 



 


Table 5.8: Contractual Maturities – Available-for-Sale Debt Securities
By remaining contractual maturity ($ in millions)
Total

 
Within one year

 
After one year
through five years

 
After five years
through ten years

 
After ten years

June 30, 2020
 
 
 
 
 
 
 
 
 
Available-for-sale debt securities (1): 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
 
 
 
 
 
 
 
 
Amortized cost, net
$
7,923

 
3,671

 
1,280

 
10

 
2,962

Fair value
7,983

 
3,672

 
1,283

 
11

 
3,017

Weighted average yield
1.84
%
 
2.66

 
0.27

 
2.34

 
1.49

Securities of U.S. states and political subdivisions
 
 
 
 
 
 
 
 
 
Amortized cost, net
33,259

 
2,687

 
3,094

 
3,990

 
23,488

Fair value
33,011

 
2,687

 
3,134

 
3,996

 
23,194

Weighted average yield
2.37

 
1.17

 
2.00

 
1.51

 
2.70

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
Federal agencies
 
 
 
 
 
 
 
 
 
Amortized cost, net
139,326

 
2

 
119

 
2,418

 
136,787

Fair value
144,835

 
2

 
125

 
2,505

 
142,203

Weighted average yield
3.18

 
2.09

 
3.18

 
2.38

 
3.20

Residential
 
 
 
 
 
 
 
 
 
Amortized cost, net
542

 
—

 
—

 
—

 
542

Fair value
541

 
—

 
—

 
—

 
541

Weighted average yield
2.26

 
—

 
—

 
—

 
2.26

Commercial
 
 
 
 
 
 
 
 
 
Amortized cost, net
3,663

 
—

 
33

 
194

 
3,436

Fair value
3,559

 
—

 
30

 
193

 
3,336

Weighted average yield
2.20

 
—

 
2.49

 
2.50

 
2.18

Total mortgage-backed securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
143,531

 
2

 
152

 
2,612

 
140,765

Fair value
148,935

 
2

 
155

 
2,698

 
146,080

Weighted average yield
3.16

 
2.09

 
3.03

 
2.39

 
3.17

Corporate debt securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
4,972

 
260

 
1,579

 
2,332

 
801

Fair value
4,975

 
262

 
1,585

 
2,360

 
768

Weighted average yield
4.86

 
6.17

 
4.79

 
4.92

 
4.40

Collateralized loan obligations
 
 
 
 
 
 
 
 
 
Amortized cost, net
25,727

 
—

 
193

 
11,565

 
13,969

Fair value
24,999

 
—

 
191

 
11,291

 
13,517

Weighted average yield
2.44

 
—

 
2.85

 
2.56

 
2.34

Other
 
 
 
 
 
 
 
 
 
Amortized cost, net
9,055

 
4,690

 
476

 
1,116

 
2,773

Fair value
8,996

 
4,682

 
462

 
1,098

 
2,754

Weighted average yield
0.89

 
(0.14
)
 
2.51

 
1.34

 
2.18

Total available-for-sale debt securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
$
224,467

 
11,310

 
6,774

 
21,625

 
184,758

Fair value
228,899

 
11,305

 
6,810

 
21,454

 
189,330

Weighted average yield
2.86
%
 
1.23

 
2.43

 
2.54

 
3.01

(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost without effect for any related hedging derivatives and are shown pre-tax.


84
Note 5: Available-for-Sale and Held-to-Maturity Debt Securities (continued)

Table 5.9 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value, and weighted-average effective yields of held-to-maturity debt securities.
 

Table 5.9: Contractual Maturities – Held-to-Maturity Debt Securities
By remaining contractual maturity ($ in millions)
Total

 
Within one year

 
After one year
through five years

 
After five years
through ten years

 
After ten years

June 30, 2020
 
 
 
 
 
 
 
 
 
Held-to-maturity debt securities (1): 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
 
 
 
 
 
 
 
 
Amortized cost, net
$
48,578

 
21,011

 
23,787

 
—

 
3,780

Fair value
50,503

 
21,349

 
25,164

 
—

 
3,990

Weighted average yield
2.14
%
 
2.21

 
2.18

 
—

 
1.56

Securities of U.S. states and political subdivisions
 
 
 
 
 
 
 
 
 
Amortized cost, net
14,277

 
143

 
640

 
1,864

 
11,630

Fair value
14,892

 
145

 
669

 
1,960

 
12,118

Weighted average yield
2.71

 
1.61

 
2.43

 
2.88

 
2.72

Federal agency and other mortgage-backed securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
106,133

 
—

 
15

 
703

 
105,415

Fair value
111,473

 
—

 
13

 
755

 
110,705

Weighted average yield
2.90

 
—

 
1.52

 
1.41

 
2.91

Other debt securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
14

 
—

 
—

 
14

 
—

Fair value
14

 
—

 
—

 
14

 
—

Weighted average yield
2.40

 
—

 
—

 
2.40

 
—

Total held-to-maturity debt securities
 
 
 
 
 
 
 
 
 
Amortized cost, net
$
169,002

 
21,154

 
24,442

 
2,581

 
120,825

Fair value
176,882

 
21,494

 
25,846

 
2,729

 
126,813

Weighted average yield
2.66
%
 
2.20

 
2.19

 
2.47

 
2.85

(1)
Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax.


85

Note 6: Loans and Related Allowance for Credit Losses 
Table 6.1 presents total loans outstanding by portfolio segment and class of financing receivable. Outstanding balances include unearned income, net deferred loan fees or costs, and unamortized discounts and premiums. These amounts were less than 1% of our total loans outstanding at June 30, 2020, and December 31, 2019.
Outstanding balances exclude accrued interest receivable on loans, except for certain revolving loans, such as credit card loans.
 
During the first half of 2020, we reversed accrued interest receivable by reversing interest income of $21 million for our commercial portfolio segment and $114 million for our consumer portfolio segment. See Note 9 (Other Assets) for additional information on accrued interest receivable.
Table 6.1: Loans Outstanding
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Commercial:
 
 
 
Commercial and industrial
$
350,116

 
354,125

Real estate mortgage
123,967

 
121,824

Real estate construction
21,694

 
19,939

Lease financing
17,410

 
19,831

Total commercial
513,187

 
515,719

Consumer:
 
 
 
Real estate 1-4 family first mortgage
277,945

 
293,847

Real estate 1-4 family junior lien mortgage
26,839

 
29,509

Credit card
36,018

 
41,013

Automobile
48,808

 
47,873

Other revolving credit and installment
32,358

 
34,304

Total consumer
421,968

 
446,546

Total loans
$
935,155

 
962,265

Our non-U.S. loans are reported by respective class of financing receivable in the table above. Substantially all of our non-U.S. loan portfolio is commercial loans. Table 6.2 presents total non-U.S. commercial loans outstanding by class of financing receivable.
 


Table 6.2: Non-U.S. Commercial Loans Outstanding
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Non-U.S. Commercial Loans
 
 
 
Commercial and industrial
$
67,015

 
70,494

Real estate mortgage
6,460

 
7,004

Real estate construction
1,697

 
1,434

Lease financing
1,146

 
1,220

Total non-U.S. commercial loans
$
76,318

 
80,152




86
Note 6: Loans and Related Allowance for Credit Losses (continued)


Loan Purchases, Sales, and Transfers
Table 6.3 summarizes the proceeds paid or received for purchases and sales of loans and transfers from loans held for investment to mortgages/loans held for sale. The table excludes loans for which we have elected the fair value option and government insured/guaranteed real estate 1-4 family first mortgage loans because
 
their loan activity normally does not impact the ACL. In the first half of 2020, we sold $1.2 billion of 1-4 family first mortgage loans for a gain of $724 million, which is included in other noninterest income on our consolidated income statement. These whole loans were designated as MLHFS in 2019.
Table 6.3: Loan Purchases, Sales, and Transfers
 
2020
 
 
2019
 
(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

Quarter ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Purchases
$
332

 
2

 
334

 
670

 
5

 
675

Sales
(1,957
)
 
(1
)
 
(1,958
)
 
(535
)
 
(153
)
 
(688
)
Transfers (to) from MLHFS/LHFS
(8
)
 
(10,379
)
 
(10,387
)
 
(89
)
 
(1,852
)
 
(1,941
)
Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Purchases
$
673

 
3

 
676

 
999

 
8

 
1,007

Sales
(2,770
)
 
(27
)
 
(2,797
)
 
(956
)
 
(332
)
 
(1,288
)
Transfers (to) from MLHFS/LHFS
69

 
(10,377
)
 
(10,308
)
 
(92
)
 
(1,852
)
 
(1,944
)


Commitments to Lend
A commitment to lend is a legally binding agreement to lend funds to a customer, usually at a stated interest rate, if funded, and for specific purposes and time periods. We generally require a fee to extend such commitments. Certain commitments are subject to loan agreements with covenants regarding the financial performance of the customer or borrowing base formulas on an ongoing basis that must be met before we are required to fund the commitment. We may reduce or cancel consumer commitments, including home equity lines and credit card lines, in accordance with the contracts and applicable law.
We may, as a representative for other lenders, advance funds or provide for the issuance of letters of credit under syndicated loan or letter of credit agreements. Any advances are generally repaid in less than a week and would normally require default of both the customer and another lender to expose us to loss. The unfunded amount of these temporary advance arrangements totaled approximately $77.8 billion at June 30, 2020.
We issue commercial letters of credit to assist customers in purchasing goods or services, typically for international trade. At June 30, 2020, and December 31, 2019, we had $922.6 million and $862 million, respectively, of outstanding issued commercial letters of credit. We also originate multipurpose lending commitments under which borrowers have the option to draw on the facility for different purposes in one of several forms, including a standby letter of credit. See Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments) for additional information on standby letters of credit. 
When we make commitments, we are exposed to credit risk. The maximum credit risk for these commitments will generally be lower than the contractual amount because a significant portion of these commitments are not funded. We manage the potential risk in commitments to lend by limiting the total amount of commitments, both by individual customer and in total, by monitoring the size and maturity structure of these commitments and by applying the same credit standards for these commitments as for all of our credit activities.
 
For loans and commitments to lend, we generally require collateral or a guarantee. We may require various types of collateral, including commercial and consumer real estate, automobiles, other short-term liquid assets such as accounts receivable or inventory and long-lived assets, such as equipment and other business assets. Collateral requirements for each loan or commitment may vary based on the loan product and our assessment of a customer’s credit risk according to the specific credit underwriting, including credit terms and structure.
The contractual amount of our unfunded credit commitments, including unissued standby and commercial letters of credit, is summarized by portfolio segment and class of financing receivable in Table 6.4. The table excludes the issued standby and commercial letters of credit and temporary advance arrangements described above.
Table 6.4: Unfunded Credit Commitments
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Commercial:
 
 
 
Commercial and industrial
$
348,870

 
346,991

Real estate mortgage
8,394

 
8,206

Real estate construction
17,316

 
17,729

Total commercial
374,580

 
372,926

Consumer:
 
 
 
Real estate 1-4 family first mortgage
32,845

 
34,391

Real estate 1-4 family junior lien mortgage
35,932

 
36,916

Credit card
121,237

 
114,933

Other revolving credit and installment
23,357

 
25,898

Total consumer
213,371

 
212,138

Total unfunded credit commitments
$
587,951

 
585,064



87

Allowance for Credit Losses for Loans
Table 6.5 presents the allowance for credit losses for loans, which consists of the allowance for loan losses and the allowance for unfunded credit commitments. On January 1, 2020, we adopted CECL. Additional information on our adoption of CECL is included in Note 1 (Summary of Significant Accounting Policies). In second quarter 2020, ACL for loans increased $8.4 billion driven by
 
current and forecasted economic conditions due to the COVID-19 pandemic. These expected impacts were most significantly affected by anticipated changes to economic variables, as well as higher expected losses in the commercial real estate and consumer real estate mortgage loan portfolios and expected impacts of lower oil prices and deteriorating credit trends on the oil and gas portfolio.
Table 6.5: Allowance for Credit Losses for Loans
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Balance, beginning of period
$
12,022

 
10,821

 
10,456

 
10,707

Cumulative effect from change in accounting policies (1)
—

 
—

 
(1,337
)
 
—

Allowance for purchased credit-deteriorated (PCD) loans (2)
—

 
—

 
8

 
—

Balance, beginning of period, adjusted
12,022

 
10,821

 
9,127

 
10,707

Provision for credit losses
9,565

 
503

 
13,398

 
1,348

Interest income on certain loans (3)
(38
)
 
(39
)
 
(76
)
 
(78
)
Loan charge-offs:
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
(556
)
 
(205
)
 
(933
)
 
(381
)
Real estate mortgage
(72
)
 
(14
)
 
(75
)
 
(26
)
Real estate construction
—

 
—

 
—

 
(1
)
Lease financing
(19
)
 
(12
)
 
(32
)
 
(23
)
Total commercial
(647
)
 
(231
)
 
(1,040
)
 
(431
)
Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
(20
)
 
(27
)
 
(43
)
 
(70
)
Real estate 1-4 family junior lien mortgage
(18
)
 
(29
)
 
(48
)
 
(63
)
Credit card
(415
)
 
(437
)
 
(886
)
 
(874
)
Automobile
(158
)
 
(142
)
 
(314
)
 
(329
)
Other revolving credit and installment
(113
)
 
(167
)
 
(278
)
 
(329
)
Total consumer
(724
)
 
(802
)
 
(1,569
)
 
(1,665
)
Total loan charge-offs
(1,371
)
 
(1,033
)
 
(2,609
)
 
(2,096
)
Loan recoveries:
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
35

 
46

 
79

 
89

Real estate mortgage
5

 
10

 
10

 
16

Real estate construction
1

 
2

 
17

 
5

Lease financing
4

 
8

 
8

 
11

Total commercial
45

 
66

 
114

 
121

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
18

 
57

 
44

 
112

Real estate 1-4 family junior lien mortgage
30

 
48

 
65

 
91

Credit card
88

 
88

 
182

 
173

Automobile
52

 
90

 
126

 
186

Other revolving credit and installment
25

 
31

 
56

 
65

Total consumer
213

 
314

 
473

 
627

Total loan recoveries
258

 
380

 
587

 
748

Net loan charge-offs
(1,113
)
 
(653
)
 
(2,022
)
 
(1,348
)
Other
—

 
(29
)
 
9

 
(26
)
Balance, end of period
$
20,436

 
10,603

 
20,436

 
10,603

Components:
 
 
 
 
 
 
 
Allowance for loan losses
$
18,926

 
9,692

 
18,926

 
9,692

Allowance for unfunded credit commitments
1,510

 
911

 
1,510

 
911

Allowance for credit losses for loans
$
20,436

 
10,603

 
20,436

 
10,603

Net loan charge-offs (annualized) as a percentage of average total loans
0.46
%
 
0.28

 
0.42

 
0.29

Allowance for loan losses as a percentage of total loans
2.02

 
1.02

 
2.02

 
1.02

Allowance for credit losses for loans as a percentage of total loans
2.19

 
1.12

 
2.19

 
1.12

(1)
Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020.
(2)
Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For more information, see Note 1 (Summary of Significant Accounting Policies).
(3)
Loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in allowance attributable to the passage of time as interest income.

88
Note 6: Loans and Related Allowance for Credit Losses (continued)


Table 6.6 summarizes the activity in the allowance for credit losses for loans by our commercial and consumer portfolio segments.
Table 6.6: Allowance for Credit Losses for Loans Activity by Portfolio Segment
 
 
 
 
 
2020

 
 
 
 
 
2019

(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

Quarter ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
5,279

 
6,743

 
12,022

 
6,428

 
4,393

 
10,821

Provision for credit losses
6,999

 
2,566

 
9,565

 
46

 
457

 
503

Interest income on certain loans (1)
(12
)
 
(26
)
 
(38
)
 
(14
)
 
(25
)
 
(39
)
Loan charge-offs
(647
)
 
(724
)
 
(1,371
)
 
(231
)
 
(802
)
 
(1,033
)
Loan recoveries
45

 
213

 
258

 
66

 
314

 
380

Net loan charge-offs
(602
)
 
(511
)
 
(1,113
)
 
(165
)
 
(488
)
 
(653
)
Other
5

 
(5
)
 
—

 
3

 
(32
)
 
(29
)
Balance, end of period
$
11,669

 
8,767

 
20,436

 
6,298

 
4,305

 
10,603

Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
6,245

 
4,211

 
10,456

 
6,417

 
4,290

 
10,707

Cumulative effect from change in accounting policies (1)
(2,861
)
 
1,524

 
(1,337
)
 
—

 
—

 
—

Allowance for purchased credit-deteriorated (PCD) loans (2)
—

 
8

 
8

 
—

 
—

 
—

Balance, beginning of period, adjusted
3,384

 
5,743

 
9,127

 
6,417

 
4,290

 
10,707

Provision for credit losses
9,239

 
4,159

 
13,398

 
210

 
1,138

 
1,348

Interest income on certain loans (3)
(26
)
 
(50
)
 
(76
)
 
(25
)
 
(53
)
 
(78
)
Loan charge-offs
(1,040
)
 
(1,569
)
 
(2,609
)
 
(431
)
 
(1,665
)
 
(2,096
)
Loan recoveries
114

 
473

 
587

 
121

 
627

 
748

Net loan charge-offs
(926
)
 
(1,096
)
 
(2,022
)
 
(310
)
 
(1,038
)
 
(1,348
)
Other
(2
)
 
11

 
9

 
6

 
(32
)
 
(26
)
Balance, end of period
$
11,669

 
8,767

 
20,436

 
6,298

 
4,305

 
10,603


(1)
Represents the overall decrease in our allowance for credit losses for loans as a result of our adoption of CECL on January 1, 2020.
(2)
Represents the allowance estimated for PCI loans that automatically became PCD loans with the adoption of CECL. For more information, see Note 1 (Summary of Significant Accounting Policies).
(3)
Loans with an allowance measured by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize changes in allowance attributable to the passage of time as interest income.
Table 6.7 disaggregates our allowance for credit losses for loans and recorded investment in loans by impairment methodology. This information is no longer relevant after
 
December 31, 2019, given our adoption of CECL on January 1, 2020, which has a single impairment methodology.
Table 6.7: Allowance for Credit Losses for Loans by Impairment Methodology
 
Allowance for credit losses for loans
 
 
Recorded investment in loans
 
(in millions)
Commercial

 
Consumer

 
Total

 
Commercial

 
Consumer

 
Total

December 31, 2019
 
Collectively evaluated (1)
$
5,778

 
3,364

 
9,142

 
512,586

 
436,081

 
948,667

Individually evaluated (2)
467

 
847

 
1,314

 
3,133

 
9,897

 
13,030

PCI (3)
—

 
—

 
—

 
—

 
568

 
568

Total
$
6,245

 
4,211

 
10,456

 
515,719

 
446,546

 
962,265

(1)
Represents non-impaired loans evaluated collectively for impairment.
(2)
Represents impaired loans evaluated individually for impairment.
(3)
Represents the allowance for loan losses and related loan carrying value for PCI loans.


89

Credit Quality
We monitor credit quality by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. The following sections provide the credit quality indicators we most closely monitor. The credit quality indicators are generally based on information as of our financial statement date, with the exception of updated Fair Isaac Corporation (FICO) scores and updated loan-to-value (LTV)/combined LTV (CLTV). We obtain FICO scores at loan origination and the scores are generally updated at least quarterly, except in limited circumstances, including compliance with the Fair Credit Reporting Act (FCRA). Generally, the LTV and CLTV indicators are updated in the second month of each quarter, with updates no older than March 31, 2020. Amounts disclosed in the credit quality tables that follow are not comparative between reported periods due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
 
COMMERCIAL CREDIT QUALITY INDICATORS  We manage a consistent process for assessing commercial loan credit quality. Generally, commercial loans are subject to individual risk assessment using our internal borrower and collateral quality ratings, which is our primary credit quality indicator. Our ratings are aligned to federal banking regulators’ definitions of pass and criticized categories with the criticized category including special mention, substandard, doubtful, and loss categories.
Table 6.8 provides a breakdown of outstanding commercial loans by risk category. In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. At June 30, 2020, we had $475.0 billion and $38.2 billion of pass and criticized loans respectively.

Table 6.8: Commercial Loans Categories by Risk Categories and Vintage (1)
 
Term loans by origination year
 
Revolving loans

 
Revolving loans converted to term loans

 
Total

(in millions)
2020

 
2019

 
2018

 
2017

 
2016

 
Prior

 
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
$
46,042

 
46,198

 
20,195

 
10,082

 
6,048

 
6,347

 
189,019

 
215

 
324,146

Criticized
1,461

 
1,886

 
2,170

 
1,367

 
592

 
510

 
17,863

 
121

 
25,970

Total commercial and industrial
47,503

 
48,084

 
22,365

 
11,449

 
6,640

 
6,857

 
206,882

 
336

 
350,116

Real estate mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
12,781

 
29,006

 
21,842

 
13,270

 
13,973

 
18,728

 
5,134

 
104

 
114,838

Criticized
789

 
1,609

 
1,440

 
1,306

 
1,217

 
2,358

 
410

 
—

 
9,129

Total real estate mortgage
13,570

 
30,615

 
23,282

 
14,576

 
15,190

 
21,086

 
5,544

 
104

 
123,967

Real estate construction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
2,970

 
6,823

 
5,319

 
2,432

 
879

 
396

 
1,592

 
8

 
20,419

Criticized
26

 
329

 
500

 
144

 
265

 
10

 
1

 
—

 
1,275

Total real estate construction
2,996

 
7,152

 
5,819

 
2,576

 
1,144

 
406

 
1,593

 
8

 
21,694

Lease financing
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
2,068

 
4,626

 
2,786

 
2,063

 
1,595

 
2,480

 
—

 
—

 
15,618

Criticized
178

 
562

 
485

 
264

 
174

 
129

 
—

 
—

 
1,792

Total lease financing
2,246

 
5,188

 
3,271

 
2,327

 
1,769

 
2,609

 
—

 
—

 
17,410

Total commercial loans
$
66,315

 
91,039

 
54,737

 
30,928

 
24,743

 
30,958

 
214,019

 
448

 
513,187

 
 
 
 
 
 
 
 
 
Commercial
and
industrial

 
Real
estate
mortgage

 
Real
estate
construction

 
Lease
financing

 
Total

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By risk category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pass
 
 
 
 
 
 
 
 
$
338,740

 
118,054

 
19,752

 
18,655

 
495,201

Criticized
 
 
 
 
 
 
 
 
15,385

 
3,770

 
187

 
1,176

 
20,518

Total commercial loans
 
 
 
 
 
 
 
 
$
354,125

 
121,824

 
19,939

 
19,831

 
515,719


(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).


90
Note 6: Loans and Related Allowance for Credit Losses (continued)


Table 6.9 provides past due information for commercial loans, which we monitor as part of our credit risk management practices; however, delinquency is not a primary credit quality indicator for commercial loans. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status.
Table 6.9: Commercial Loan Categories by Delinquency Status
(in millions)
Commercial
and
industrial

 
Real
estate
mortgage

 
Real
estate
construction

 
Lease
financing

 
Total

June 30, 2020
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
Current-29 days past due (DPD) and still accruing
$
346,680

 
122,136

 
21,580

 
17,045

 
507,441

30-89 DPD and still accruing
439

 
570

 
80

 
227

 
1,316

90+ DPD and still accruing
101

 
44

 
—

 
—

 
145

Nonaccrual loans
2,896

 
1,217

 
34

 
138

 
4,285

Total commercial loans
$
350,116

 
123,967

 
21,694

 
17,410

 
513,187

December 31, 2019
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
Current-29 DPD and still accruing
$
352,110

 
120,967

 
19,845

 
19,484

 
512,406

30-89 DPD and still accruing
423

 
253

 
53

 
252

 
981

90+ DPD and still accruing
47

 
31

 
—

 
—

 
78

Nonaccrual loans
1,545

 
573

 
41

 
95

 
2,254

Total commercial loans
$
354,125

 
121,824

 
19,939

 
19,831

 
515,719



CONSUMER CREDIT QUALITY INDICATORS  We have various classes of consumer loans that present unique credit risks. Loan delinquency, FICO credit scores and LTV for 1-4 family mortgage loans are the primary credit quality indicators that we monitor and utilize in our evaluation of the appropriateness of the allowance for credit losses for the consumer portfolio segment.
Many of our loss estimation techniques used for the allowance for credit losses rely on delinquency-based models; therefore, delinquency is an important indicator of credit quality and the establishment of our allowance for credit losses.
Table 6.10 provides the outstanding balances of our consumer portfolio by delinquency status. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into past due status.
 
In connection with our adoption of CECL, credit quality information is provided with the year of origination for term loans. Revolving loans may convert to term loans as a result of a contractual provision in the original loan agreement or if modified in a TDR. The revolving loans converted to term loans in the credit card loan category represent credit card loans with modified terms that require payment over a specific term.



91

Table 6.10: Consumer Loan Categories by Delinquency Status and Vintage (1)
 
Term loans by origination year
 
Revolving loans

 
Revolving loans converted to term loans

 
 
(in millions)
2020

 
2019

 
2018

 
2017

 
2016

 
Prior

 
 
 
Total

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
$
30,155

 
54,199

 
21,265

 
32,823

 
38,466

 
76,491

 
7,644

 
1,994

 
263,037

30-59 DPD
25

 
37

 
30

 
26

 
60

 
771

 
23

 
39

 
1,011

60-89 DPD
1

 
2

 
6

 
8

 
14

 
370

 
14

 
25

 
440

90-119 DPD
—

 
—

 
1

 
4

 
6

 
166

 
8

 
15

 
200

120-179 DPD
—

 
—

 
—

 
2

 
3

 
127

 
9

 
20

 
161

180+ DPD
—

 
—

 
3

 
6

 
9

 
482

 
9

 
125

 
634

Government insured/guaranteed loans (2)
5

 
73

 
206

 
334

 
669

 
11,175

 
—

 
—

 
12,462

Total real estate 1-4 family first mortgage
30,186

 
54,311

 
21,511

 
33,203

 
39,227

 
89,582

 
7,707

 
2,218

 
277,945

Real estate 1-4 family junior mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
12

 
39

 
47

 
42

 
36

 
1,382

 
18,052

 
6,730

 
26,340

30-59 DPD
1

 
1

 
—

 
—

 
—

 
26

 
47

 
79

 
154

60-89 DPD
—

 
2

 
2

 
4

 
2

 
13

 
23

 
49

 
95

90-119 DPD
—

 
—

 
—

 
—

 
—

 
8

 
12

 
30

 
50

120-179 DPD
—

 
—

 
—

 
—

 
—

 
4

 
10

 
34

 
48

180+ DPD
1

 
—

 
—

 
1

 
1

 
14

 
13

 
122

 
152

Total real estate 1-4 family junior mortgage
14

 
42

 
49

 
47

 
39

 
1,447

 
18,157

 
7,044

 
26,839

Credit cards
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
—

 
—

 
—

 
—

 
—

 
—

 
35,008

 
253

 
35,261

30-59 DPD
—

 
—

 
—

 
—

 
—

 
—

 
180

 
11

 
191

60-89 DPD
—

 
—

 
—

 
—

 
—

 
—

 
137

 
10

 
147

90-119 DPD
—

 
—

 
—

 
—

 
—

 
—

 
127

 
10

 
137

120-179 DPD
—

 
—

 
—

 
—

 
—

 
—

 
267

 
8

 
275

180+ DPD
—

 
—

 
—

 
—

 
—

 
—

 
6

 
1

 
7

Total credit cards
—

 
—

 
—

 
—

 
—

 
—

 
35,725

 
293

 
36,018

Automobile
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
11,407

 
17,980

 
8,151

 
4,802

 
4,051

 
1,538

 
—

 
—

 
47,929

30-59 DPD
30

 
171

 
122

 
92

 
136

 
76

 
—

 
—

 
627

60-89 DPD
8

 
46

 
37

 
28

 
43

 
25

 
—

 
—

 
187

90-119 DPD
3

 
19

 
12

 
10

 
13

 
8

 
—

 
—

 
65

120-179 DPD
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

180+ DPD
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total automobile
11,448

 
18,216

 
8,322

 
4,932

 
4,243

 
1,647

 
—

 
—

 
48,808

Other revolving credit and installment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
1,386

 
3,262

 
1,980

 
1,343

 
1,195

 
5,383

 
17,293

 
179

 
32,021

30-59 DPD
2

 
8

 
11

 
13

 
11

 
60

 
16

 
4

 
125

60-89 DPD
1

 
6

 
7

 
8

 
9

 
60

 
9

 
6

 
106

90-119 DPD
—

 
4

 
5

 
4

 
5

 
31

 
8

 
2

 
59

120-179 DPD
—

 
1

 
1

 
2

 
3

 
12

 
13

 
3

 
35

180+ DPD
—

 
—

 
—

 
—

 
—

 
1

 
2

 
9

 
12

Total other revolving credit and installment
1,389

 
3,281

 
2,004

 
1,370

 
1,223

 
5,547

 
17,341

 
203

 
32,358

Total consumer loans
$
43,037

 
75,850

 
31,886

 
39,552

 
44,732

 
98,223

 
78,930

 
9,758

 
421,968


(continued on following page)


92
Note 6: Loans and Related Allowance for Credit Losses (continued)


(continued from previous page)

 
 
 
 
 
 
 
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Credit
card

 
Automobile

 
Other
revolving
credit and
installment

 
Total

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By delinquency status:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current-29 DPD
 
 
 
 
 
 
$
279,722

 
28,870

 
39,935

 
46,650

 
33,981

 
429,158

30-59 DPD
 
 
 
 
 
 
1,136

 
216

 
311

 
882

 
140

 
2,685

60-89 DPD
 
 
 
 
 
 
404

 
115

 
221

 
263

 
81

 
1,084

90-119 DPD
 
 
 
 
 
 
197

 
69

 
202

 
77

 
74

 
619

120-179 DPD
 
 
 
 
 
 
160

 
71

 
343

 
1

 
18

 
593

180+ DPD
 
 
 
 
 
 
503

 
155

 
1

 
—

 
10

 
669

Government insured/guaranteed loans (2)
 
 
 
 
 
 
11,170

 
—

 
—

 
—

 
—

 
11,170

Total consumer loans (excluding PCI)
 
 
 
 
 
 
293,292

 
29,496

 
41,013

 
47,873

 
34,304

 
445,978

Total consumer PCI loans (carrying value) (3)
 
 
 
 
 
 
555

 
13

 
—

 
—

 
—

 
568

Total consumer loans
 
 
 
 
 
 
$
293,847

 
29,509

 
41,013

 
47,873

 
34,304

 
446,546

(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Represents loans whose repayments are predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Loans insured/guaranteed by the FHA/VA and 90+ DPD totaled $8.9 billion at June 30, 2020, compared with $6.4 billion at December 31, 2019.
(3)
26% of the adjusted unpaid principal balance for consumer PCI loans was 30+ DPD at December 31, 2019.
Of the $1.8 billion of consumer loans not government insured/guaranteed that are 90 days or more past due at June 30, 2020, $672 million was accruing, compared with $1.9 billion past due and $855 million accruing at December 31, 2019.
Table 6.11 provides a breakdown of our consumer portfolio by FICO. Substantially all of the scored consumer portfolio has an updated FICO of 680 and above, reflecting a strong current borrower credit profile. FICO is not available for certain loan types, or may not be required if we deem it unnecessary due to strong collateral and other borrower attributes. Loans not requiring a FICO score totaled $9.5 billion and $9.1 billion at June 30, 2020, and December 31, 2019, respectively. Substantially all loans not requiring a FICO score are securities-based loans originated through retail brokerage.

93

Table 6.11: Consumer Loan Categories by FICO and Vintage (1)
 
Term loans by origination year
 
Revolving loans

 
Revolving loans converted to term loans

 
 
(in millions)
2020

 
2019

 
2018

 
2017

 
2016

 
Prior

 
 
 
Total

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By FICO:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
$
15,684

 
35,804

 
14,694

 
24,108

 
28,853

 
46,203

 
3,855

 
531

 
169,732

760-799
10,373

 
12,379

 
3,925

 
5,095

 
5,444

 
11,147

 
1,424

 
280

 
50,067

720-759
3,008

 
4,014

 
1,587

 
2,231

 
2,550

 
7,491

 
944

 
272

 
22,097

680-719
827

 
1,312

 
667

 
884

 
1,025

 
4,888

 
602

 
249

 
10,454

640-679
163

 
350

 
236

 
298

 
325

 
2,655

 
270

 
176

 
4,473

600-639
40

 
77

 
47

 
64

 
99

 
1,555

 
144

 
103

 
2,129

< 600
9

 
33

 
50

 
62

 
88

 
2,315

 
200

 
215

 
2,972

No FICO available
77

 
269

 
99

 
127

 
174

 
2,153

 
268

 
392

 
3,559

Government insured/guaranteed loans (2)
5

 
73

 
206

 
334

 
669

 
11,175

 
—

 
—

 
12,462

Total real estate 1-4 family first mortgage
30,186

 
54,311

 
21,511

 
33,203

 
39,227

 
89,582

 
7,707

 
2,218

 
277,945

Real estate 1-4 family junior lien mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
—

 
—

 
—

 
—

 
—

 
350

 
9,233

 
1,984

 
11,567

760-799
—

 
—

 
—

 
—

 
—

 
206

 
3,308

 
1,117

 
4,631

720-759
—

 
—

 
—

 
—

 
—

 
251

 
2,407

 
1,182

 
3,840

680-719
—

 
—

 
—

 
—

 
—

 
226

 
1,485

 
1,016

 
2,727

640-679
—

 
—

 
—

 
—

 
—

 
125

 
620

 
568

 
1,313

600-639
—

 
—

 
—

 
—

 
—

 
76

 
289

 
342

 
707

< 600
—

 
—

 
—

 
—

 
—

 
111

 
336

 
538

 
985

No FICO available
14

 
42

 
49

 
47

 
39

 
102

 
479

 
297

 
1,069

Total real estate 1-4 family junior lien mortgage
14

 
42

 
49

 
47

 
39

 
1,447

 
18,157

 
7,044

 
26,839

Credit card
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
—

 
—

 
—

 
—

 
—

 
—

 
3,778

 
1

 
3,779

760-799
—

 
—

 
—

 
—

 
—

 
—

 
5,103

 
7

 
5,110

720-759
—

 
—

 
—

 
—

 
—

 
—

 
7,650

 
25

 
7,675

680-719
—

 
—

 
—

 
—

 
—

 
—

 
8,786

 
54

 
8,840

640-679
—

 
—

 
—

 
—

 
—

 
—

 
5,588

 
60

 
5,648

600-639
—

 
—

 
—

 
—

 
—

 
—

 
2,281

 
48

 
2,329

< 600
—

 
—

 
—

 
—

 
—

 
—

 
2,533

 
97

 
2,630

No FICO available
—

 
—

 
—

 
—

 
—

 
—

 
6

 
1

 
7

Total credit card
—

 
—

 
—

 
—

 
—

 
—

 
35,725

 
293

 
36,018

Automobile
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
1,639

 
3,112

 
1,547

 
1,002

 
716

 
256

 
—

 
—

 
8,272

760-799
1,697

 
3,185

 
1,414

 
787

 
550

 
191

 
—

 
—

 
7,824

720-759
1,890

 
3,086

 
1,403

 
801

 
613

 
224

 
—

 
—

 
8,017

680-719
2,150

 
3,133

 
1,388

 
762

 
622

 
230

 
—

 
—

 
8,285

640-679
2,032

 
2,502

 
1,005

 
549

 
498

 
194

 
—

 
—

 
6,780

600-639
1,269

 
1,521

 
612

 
361

 
389

 
161

 
—

 
—

 
4,313

< 600
770

 
1,647

 
946

 
655

 
830

 
373

 
—

 
—

 
5,221

No FICO available
1

 
30

 
7

 
15

 
25

 
18

 
—

 
—

 
96

Total automobile
11,448

 
18,216

 
8,322

 
4,932

 
4,243

 
1,647

 
—

 
—

 
48,808

Other revolving credit and installment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
464

 
1,027

 
612

 
452

 
456

 
2,129

 
2,723

 
30

 
7,893

760-799
365

 
752

 
400

 
260

 
242

 
1,094

 
1,212

 
18

 
4,343

720-759
257

 
592

 
346

 
217

 
199

 
888

 
1,001

 
27

 
3,527

680-719
144

 
407

 
265

 
166

 
149

 
650

 
877

 
30

 
2,688

640-679
52

 
186

 
136

 
89

 
82

 
362

 
445

 
22

 
1,374

600-639
14

 
56

 
49

 
35

 
36

 
172

 
178

 
15

 
555

< 600
7

 
48

 
56

 
42

 
42

 
182

 
190

 
25

 
592

No FICO available
86

 
213

 
140

 
109

 
17

 
70

 
1,205

 
36

 
1,876

FICO not required
—

 
—

 
—

 
—

 
—

 
—

 
9,510

 
—

 
9,510

Total other revolving credit and installment
1,389

 
3,281

 
2,004

 
1,370

 
1,223

 
5,547

 
17,341

 
203

 
32,358

Total consumer loans
$
43,037

 
75,850

 
31,886

 
39,552

 
44,732

 
98,223

 
78,930

 
9,758

 
421,968


(continued on next page)

94
Note 6: Loans and Related Allowance for Credit Losses (continued)


(continued from prior page)

 
 
 
 
 
 
 
Real estate
1-4 family
first
mortgage

 
Real estate
1-4 family
junior lien
mortgage

 
Credit
card

 
Automobile

 
Other
revolving
credit and
installment

 
Total

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By FICO:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800+
 
 
 
 
 
 
$
165,460

 
11,851

 
4,037

 
7,900

 
7,585

 
196,833

760-799
 
 
 
 
 
 
61,559

 
5,483

 
5,648

 
7,624

 
4,915

 
85,229

720-759
 
 
 
 
 
 
27,879

 
4,407

 
8,376

 
7,839

 
4,097

 
52,598

680-719
 
 
 
 
 
 
12,844

 
3,192

 
9,732

 
7,871

 
3,212

 
36,851

640-679
 
 
 
 
 
 
5,068

 
1,499

 
6,626

 
6,324

 
1,730

 
21,247

600-639
 
 
 
 
 
 
2,392

 
782

 
2,853

 
4,230

 
670

 
10,927

< 600
 
 
 
 
 
 
3,264

 
1,164

 
3,373

 
6,041

 
704

 
14,546

No FICO available
 
 
 
 
 
 
3,656

 
1,118

 
368

 
44

 
2,316

 
7,502

FICO not required
 
 
 
 
 
 
—

 
—

 
—

 
—

 
9,075

 
9,075

Government insured/guaranteed loans (2)
 
 
 
 
 
 
11,170

 
—

 
—

 
—

 
—

 
11,170

Total consumer loans (excluding PCI)
 
 
 
 
 
 
293,292

 
29,496

 
41,013

 
47,873

 
34,304

 
445,978

Total consumer PCI loans (carrying value) (3)
 
 
 
 
 
 
555

 
13

 
—

 
—

 
—

 
568

Total consumer loans
 
 
 
 
 
 
$
293,847

 
29,509

 
41,013

 
47,873

 
34,304

 
446,546

(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(3)
41% of the adjusted unpaid principal balance for consumer PCI loans had FICO scores less than 680 and 19% where no FICO was available to us at December 31, 2019.
 
LTV refers to the ratio comparing the loan’s unpaid principal balance to the property’s collateral value. CLTV refers to the combination of first mortgage and junior lien mortgage (including unused line amounts for credit line products) ratios. LTVs and CLTVs are updated quarterly using a cascade approach which first uses values provided by automated valuation models (AVMs) for the property. If an AVM is not available, then the value is estimated using the original appraised value adjusted by the change in Home Price Index (HPI) for the property location. If an HPI is not available, the original appraised value is used. The HPI value is normally the only method considered for high value properties, generally with an original value of $1 million or more, as the AVM values have proven less accurate for these properties.
 
Table 6.12 shows the most updated LTV and CLTV distribution of the real estate 1-4 family first and junior lien mortgage loan portfolios. We consider the trends in residential real estate markets as we monitor credit risk and establish our allowance for credit losses. In the event of a default, any loss should be limited to the portion of the loan amount in excess of the net realizable value of the underlying real estate collateral value. Certain loans do not have an LTV or CLTV due to industry data availability and portfolios acquired from or serviced by other institutions.

95

Table 6.12: Consumer Loan Categories by LTV/CLTV and Vintage (1)
 
Term loans by origination year
 
Revolving loans

 
Revolving loans converted to term loans

 
 
(in millions)
2020

 
2019

 
2018

 
2017

 
2016

 
Prior

 
 
Total

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By LTV/CLTV:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0-60%
$
9,292

 
16,664

 
7,380

 
14,769

 
22,978

 
62,108

 
5,289

 
1,632

 
140,112

60.01-80%
19,968

 
31,417

 
11,884

 
16,671

 
14,609

 
14,001

 
1,587

 
382

 
110,519

80.01-100%
851

 
5,908

 
1,861

 
1,245

 
787

 
1,605

 
544

 
141

 
12,942

100.01-120% (2)
2

 
98

 
83

 
75

 
57

 
281

 
165

 
36

 
797

> 120% (2)
—

 
55

 
25

 
28

 
31

 
124

 
66

 
13

 
342

No LTV/CLTV available
68

 
96

 
72

 
81

 
96

 
288

 
56

 
14

 
771

Government insured/guaranteed loans (3)
5

 
73

 
206

 
334

 
669

 
11,175

 
—

 
—

 
12,462

Total real estate 1-4 family first mortgage
30,186

 
54,311

 
21,511

 
33,203

 
39,227

 
89,582

 
7,707

 
2,218

 
277,945

Real estate 1-4 family junior lien mortgage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
By LTV/CLTV:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0-60%
—

 
—

 
—

 
—

 
—

 
603

 
9,127

 
3,921

 
13,651

60.01-80%
—

 
—

 
—

 
—

 
—

 
409

 
6,279

 
1,887

 
8,575

80.01-100%
—

 
—

 
—

 
—

 
—

 
260

 
1,996

 
878

 
3,134

100.01-120% (2)
—

 
—

 
—

 
—

 
—

 
90

 
525

 
240

 
855

> 120% (2)
—

 
—

 
—

 
—

 
—

 
29

 
205

 
74

 
308

No LTV/CLTV available
14

 
42

 
49

 
47

 
39

 
56

 
25

 
44

 
316

Total real estate 1-4 family junior lien mortgage
14

 
42

 
49

 
47

 
39

 
1,447

 
18,157

 
7,044

 
26,839

Total
$
30,200

 
54,353

 
21,560

 
33,250

 
39,266

 
91,029

 
25,864

 
9,262

 
304,784

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Real estate
1-4 family
first
mortgage
by LTV

 
Real estate
1-4 family
junior lien
mortgage
by CLTV

 
Total

By LTV/CLTV:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0-60%
 
 
 
 
 
 
 
 
 
 
 
 
$
151,478

 
14,603

 
166,081

60.01-80%
 
 
 
 
 
 
 
 
 
 
 
 
114,795

 
9,663

 
124,458

80.01-100%
 
 
 
 
 
 
 
 
 
 
 
 
13,867

 
3,574

 
17,441

100.01-120% (2)
 
 
 
 
 
 
 
 
 
 
 
 
860

 
978

 
1,838

> 120% (2)
 
 
 
 
 
 
 
 
 
 
 
 
338

 
336

 
674

No LTV/CLTV available
 
 
 
 
 
 
 
 
 
 
 
 
784

 
342

 
1,126

Government insured/guaranteed loans (3)
 
 
 
 
 
 
 
 
 
 
 
 
11,170

 
—

 
11,170

Total consumer loans (excluding PCI)
 
 
 
 
 
 
 
 
 
 
 
 
293,292

 
29,496

 
322,788

Total consumer PCI loans (carrying value) (4)
 
 
 
 
 
 
 
 
 
 
 
 
555

 
13

 
568

Total consumer loans
 
 
 
 
 
 
 
 
 
 
 
 
$
293,847

 
29,509

 
323,356

(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Reflects total loan balances with LTV/CLTV amounts in excess of 100%. In the event of default, the loss content would generally be limited to only the amount in excess of 100% LTV/CLTV.
(3)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.
(4)
9% of the adjusted unpaid principal balance for consumer PCI loans have LTV/CLTV amounts greater than 80% at December 31, 2019.
 

96
Note 6: Loans and Related Allowance for Credit Losses (continued)


NONACCRUAL LOANS  Table 6.13 provides loans on nonaccrual status. In connection with our adoption of CECL, nonaccrual loans may have an allowance for credit losses or a negative allowance for credit losses from expected recoveries of amounts previously
 
written off. Payment deferral activities instituted in response to the COVID-19 pandemic may delay recognition of delinquencies for customers who otherwise would have moved into nonaccrual status.
Table 6.13: Nonaccrual Loans (1)
 
Amortized cost
 
Six months ended June 30, 2020

(in millions)
Nonaccrual loans

 
Nonaccrual loans without related allowance for credit losses (2)

 
Recognized interest income

June 30, 2020
 
 
 
 
 
Commercial:
 
 
 
 
 
Commercial and industrial
$
2,896

 
661

 
30

Real estate mortgage
1,217

 
71

 
17

Real estate construction
34

 
2

 
5

Lease financing
138

 
8

 
—

Total commercial
4,285

 
742

 
52

Consumer:
 
 
 
 
 
Real estate 1-4 family first mortgage
2,393

 
1,330

 
81

Real estate 1-4 family junior lien mortgage
753

 
424

 
28

Automobile
129

 
—

 
7

Other revolving credit and installment
45

 
—

 
1

Total consumer
3,320

 
1,754

 
117

Total nonaccrual loans
$
7,605

 
2,496

 
169

December 31, 2019
 
 
 
 
 
Commercial:
 
 
 
 
 
Commercial and industrial
$
1,545

 
 
 
 
Real estate mortgage
573

 
 
 
 
Real estate construction
41

 
 
 
 
Lease financing
95

 
 
 
 
Total commercial
2,254

 
 
 


Consumer:
 
 
 
 
 
Real estate 1-4 family first mortgage
2,150

 
 
 
 
Real estate 1-4 family junior lien mortgage
796

 
 
 
 
Automobile
106

 
 
 
 
Other revolving credit and installment
40

 
 
 
 
Total consumer
3,092

 
 
 


Total nonaccrual loans (excluding PCI)
$
5,346

 
 
 


(1)
Disclosure is not comparative due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies).
(2)
Nonaccrual loans may not have an allowance for credit losses if the loss expectations are zero given solid collateral value.
LOANS IN PROCESS OF FORECLOSURE  Our recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure was $2.5 billion and $3.5 billion at June 30, 2020, and December 31, 2019, respectively, which included $2.0 billion and $2.8 billion, respectively, of loans that are government insured/guaranteed. Under the Consumer Financial Protection Bureau guidelines, we do not commence the foreclosure process on real estate 1-4 family mortgage loans until after the loan is 120 days delinquent. Foreclosure procedures and timelines vary depending on whether the property address resides in a judicial or non-judicial state. Judicial states require the foreclosure to be processed through the state’s courts while non-judicial states are processed without court intervention. Foreclosure timelines vary according to state law. In connection with our actions to support customers during the COVID-19 pandemic, we have suspended certain mortgage foreclosure activities.
 


97

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING  Certain loans 90 days or more past due are still accruing, because they are (1) well-secured and in the process of collection or (2) real estate 1-4 family mortgage loans or consumer loans exempt under regulatory rules from being classified as nonaccrual until later delinquency, usually 120 days past due.
Table 6.14 shows loans 90 days or more past due and still accruing by class for loans not government insured/guaranteed.
Table 6.14: Loans 90 Days or More Past Due and Still Accruing
(in millions)
Jun 30, 2020

 
Dec 31, 2019

Total:
$
9,739

 
7,285

Less: FHA insured/VA guaranteed (1)
8,922

 
6,352

Total, not government insured/guaranteed
$
817

 
933

By segment and class, not government insured/guaranteed:
 
 
 
Commercial:
 
 
 
Commercial and industrial
$
101

 
47

Real estate mortgage
44

 
31

Total commercial
145

 
78

 Consumer:
 
 
 
Real estate 1-4 family first mortgage
93

 
112

Real estate 1-4 family junior lien mortgage
19

 
32

Credit card
418

 
546

Automobile
54

 
78

Other revolving credit and installment
88

 
87

Total consumer
672

 
855

Total, not government insured/guaranteed
$
817

 
933

(1)
Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.



98
Note 6: Loans and Related Allowance for Credit Losses (continued)


IMPAIRED LOANS In connection with our adoption of CECL, we no longer provide information on impaired loans. We have retained impaired loans information for the period ended December 31, 2019. Table 6.15 summarizes key information for impaired loans. Our impaired loans at December 31, 2019, predominantly included loans on nonaccrual status in the commercial portfolio segment and loans modified in a TDR, whether on accrual or nonaccrual status. Impaired loans generally had estimated losses which are included in the allowance for credit losses. We did have impaired loans with no allowance for credit losses when the loss
 
content has been previously recognized through charge-offs, such as collateral dependent loans, or when loans are currently performing in accordance with their terms and no loss has been estimated. Impaired loans excluded PCI loans and loans that had been fully charged off or otherwise had zero recorded investment.
Table 6.15 included trial modifications that totaled $115 million at December 31, 2019.
For additional information on our legacy impaired loans and allowance for credit losses, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K.
Table 6.15: Impaired Loans Summary
 
 
 
Recorded investment 
 
 
 
(in millions)
Unpaid principal balance

 
Impaired loans

 
Impaired loans with related allowance for credit losses 

 
Related allowance for credit losses 

December 31, 2019
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
Commercial and industrial
$
2,792

 
2,003

 
1,903

 
311

Real estate mortgage
1,137

 
974

 
803

 
110

Real estate construction
81

 
51

 
41

 
11

Lease financing
131

 
105

 
105

 
35

Total commercial
4,141

 
3,133

 
2,852

 
467

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
8,107

 
7,674

 
4,433

 
437

Real estate 1-4 family junior lien mortgage
1,586

 
1,451

 
925

 
144

Credit card
520

 
520

 
520

 
209

Automobile
138

 
81

 
42

 
8

Other revolving credit and installment
178

 
171

 
155

 
49

Total consumer (1)
10,529

 
9,897

 
6,075

 
847

Total impaired loans (excluding PCI)
$
14,670

 
13,030

 
8,927

 
1,314

(1)
Included the recorded investment of $1.2 billion at December 31, 2019 of government insured/guaranteed loans that are predominantly insured by the FHA or guaranteed by the VA and generally do not have an ACL. Impaired loans may also have limited, if any, ACL when the recorded investment of the loan approximates estimated net realizable value as a result of charge-offs prior to a TDR modification.

99

Table 6.16 provides the average recorded investment in impaired loans and the amount of interest income recognized on impaired loans by portfolio segment and class.
 


Table 6.16: Average Recorded Investment in Impaired Loans
 
Year ended December 31, 2019 
 
(in millions)
Average recorded investment 

 
Recognized interest income 

Commercial:
 
 
 
Commercial and industrial
$
2,150

 
129

Real estate mortgage
1,067

 
59

Real estate construction
52

 
6

Lease financing
93

 
1

Total commercial
3,362

 
195

Consumer:
 
 
 
 Real estate 1-4 family first mortgage
9,031

 
506

Real estate 1-4 family junior lien mortgage
1,586

 
99

Credit card
488

 
64

Automobile
84

 
12

Other revolving credit and installment
162

 
13

Total consumer
11,351

 
694

Total impaired loans (excluding PCI)
$
14,713

 
889

Interest income:
 
Cash basis of accounting
$
241

Other (1)
648

Total interest income
$
889

(1)
Included interest recognized on accruing TDRs, interest recognized related to certain impaired loans which have an allowance calculated using discounting, and amortization of purchase accounting adjustments related to certain impaired loans.
TROUBLED DEBT RESTRUCTURINGS (TDRs)  When, for economic or legal reasons related to a borrower’s financial difficulties, we grant a concession for other than an insignificant period of time to a borrower that we would not otherwise consider, the related loan is classified as a TDR, the balance of which totaled $12.0 billion and $11.8 billion at June 30, 2020, and December 31, 2019, respectively. We do not consider loan resolutions such as foreclosure or short sale to be a TDR. In addition, COVID-related modifications are generally not classified as TDRs due to the relief under the CARES Act and the Interagency Statement. For more information on the TDR relief, see Note 1 (Summary of Significant Accounting Policies).
We may require some consumer borrowers experiencing financial difficulty to make trial payments generally for a period of three to four months, according to the terms of a planned permanent modification, to determine if they can perform according to those terms. These arrangements represent trial modifications, which we classify and account for as TDRs. While loans are in trial payment programs, their original terms are not considered modified and they continue to advance through delinquency status and accrue interest according to their original terms.
Commitments to lend additional funds on loans whose terms have been modified in a TDR amounted to $442 million and $500 million at June 30, 2020, and December 31, 2019, respectively.


100
Note 6: Loans and Related Allowance for Credit Losses (continued)


Table 6.17 summarizes our TDR modifications for the periods presented by primary modification type and includes the financial effects of these modifications. For those loans that modify more than once, the table reflects each modification that
 
occurred during the period. Loans that both modify and pay off within the period, as well as changes in recorded investment during the period for loans modified in prior periods, are not included in the table.
Table 6.17: TDR Modifications
 
Primary modification type (1)
 
 
Financial effects of modifications
 
(in millions)
Principal (2)

 
Interest
rate
reduction

 
Other
concessions (3)

 
Total

 
Charge-
offs (4)

 
Weighted
average
interest
rate
reduction

 
Recorded
investment
related to
interest rate
reduction (5)

Quarter ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
—

 
17

 
948

 
965

 
38

 
0.79
%
 
$
17

Real estate mortgage
—

 
5

 
98

 
103

 
—

 
1.75

 
5

Real estate construction
—

 
—

 
—

 
—

 
—

 
—

 
—

Lease financing
—

 
—

 
1

 
1

 
—

 
—

 
—

Total commercial
—

 
22

 
1,047

 
1,069

 
38

 
1.00

 
22

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
20

 
3

 
279

 
302

 
1

 
1.84

 
14

Real estate 1-4 family junior lien mortgage
3

 
2

 
22

 
27

 
—

 
2.39

 
3

Credit card
—

 
62

 
—

 
62

 
—

 
12.79

 
62

Automobile
1

 
2

 
44

 
47

 
28

 
4.42

 
2

Other revolving credit and installment
—

 
3

 
6

 
9

 
—

 
5.90

 
3

Trial modifications (6)
—

 
—

 
(13
)
 
(13
)
 
—

 
—

 
—

Total consumer
24

 
72

 
338

 
434

 
29

 
10.09

 
84

Total
$
24

 
94

 
1,385

 
1,503

 
67

 
8.17
%
 
$
106

Quarter ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
—

 
34

 
180

 
214

 
26

 
0.34
%
 
$
34

Real estate mortgage
—

 
24

 
95

 
119

 
—

 
0.49

 
24

Real estate construction
13

 
—

 
13

 
26

 
—

 
—

 
—

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

Total commercial
13

 
58

 
288

 
359

 
26

 
0.40

 
58

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
28

 
2

 
181

 
211

 
—

 
1.83

 
19

Real estate 1-4 family junior lien mortgage
1

 
11

 
21

 
33

 
1

 
2.39

 
11

Credit card
—

 
89

 
—

 
89

 
—

 
13.35

 
89

Automobile
2

 
3

 
14

 
19

 
8

 
4.13

 
3

Other revolving credit and installment
—

 
12

 
1

 
13

 
—

 
7.67

 
12

Trial modifications (6)
—

 
—

 
5

 
5

 
—

 
—

 
—

Total consumer
31

 
117

 
222

 
370

 
9

 
10.06

 
134

Total
$
44

 
175

 
510

 
729

 
35

 
7.17
%
 
$
192


(continued on following page)

101

(continued from previous page)

 
Primary modification type (1)
 
 
Financial effects of modifications
 
($ in millions)
Principal (2)

 
Interest
rate
reduction

 
Other
concessions (3)

 
Total

 
Charge-
offs (4)

 
Weighted
average
interest
rate
reduction

 
Recorded
investment
related to
interest rate
reduction (5)

Six months ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
18

 
32

 
1,262

 
1,312

 
82

 
0.73
%
 
$
32

Real estate mortgage
—

 
18

 
250

 
268

 
—

 
1.17

 
18

Real estate construction
—

 
—

 
6

 
6

 
—

 
2.49

 
—

Lease financing
—

 
—

 
1

 
1

 
—

 
—

 
—

Total commercial
18

 
50

 
1,519

 
1,587

 
82

 
0.90

 
50

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
41

 
6

 
445

 
492

 
1

 
1.73

 
31

Real estate 1-4 family junior lien mortgage
4

 
8

 
36

 
48

 
—

 
2.38

 
9

Credit card
—

 
157

 
—

 
157

 
—

 
12.51

 
157

Automobile
3

 
4

 
54

 
61

 
34

 
4.56

 
4

Other revolving credit and installment
—

 
15

 
8

 
23

 
—

 
7.71

 
15

Trial modifications (6)
—

 
—

 
(11
)
 
(11
)
 
—

 
—

 
—

Total consumer
48

 
190

 
532

 
770

 
35

 
10.04

 
216

Total
$
66

 
240

 
2,051

 
2,357

 
117

 
8.30
%
 
$
266

Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial:
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and industrial
$
—

 
45

 
734

 
779

 
39

 
0.42
%
 
$
45

Real estate mortgage
—

 
26

 
168

 
194

 
—

 
0.54

 
26

Real estate construction
13

 
—

 
16

 
29

 
—

 
—

 
—

Lease financing
—

 
—

 
—

 
—

 
—

 
—

 
—

Total commercial
13

 
71

 
918

 
1,002

 
39

 
0.47

 
71

Consumer:
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
63

 
5

 
475

 
543

 
1

 
1.89

 
38

Real estate 1-4 family junior lien mortgage
3

 
22

 
46

 
71

 
2

 
2.34

 
23

Credit card
—

 
186

 
—

 
186

 
—

 
13.27

 
186

Automobile
4

 
4

 
26

 
34

 
14

 
4.55

 
4

Other revolving credit and installment
—

 
23

 
4

 
27

 
—

 
7.63

 
23

Trial modifications (6)
—

 
—

 
5

 
5

 
—

 
—

 
—

Total consumer
70

 
240

 
556

 
866

 
17

 
10.17

 
274

Total
$
83

 
311

 
1,474

 
1,868

 
56

 
8.18
%
 
$
345

(1)
Amounts represent the recorded investment in loans after recognizing the effects of the TDR, if any. TDRs may have multiple types of concessions, but are presented only once in the first modification type based on the order presented in the table above. The reported amounts include loans remodified of $221 million and $323 million for the quarters ended June 30, 2020 and 2019, respectively, and $484 million and $683 million for the first half of 2020 and 2019, respectively.
(2)
Principal modifications include principal forgiveness at the time of the modification, contingent principal forgiveness granted over the life of the loan based on borrower performance, and principal that has been legally separated and deferred to the end of the loan, with a zero percent contractual interest rate.
(3)
Other concessions include loans discharged in bankruptcy, loan renewals, term extensions and other interest and noninterest adjustments, but exclude modifications that also forgive principal and/or reduce the contractual interest rate.
(4)
Charge-offs include write-downs of the investment in the loan in the period it is contractually modified. The amount of charge-off will differ from the modification terms if the loan has been charged down prior to the modification based on our policies. In addition, there may be cases where we have a charge-off/down with no legal principal modification. Modifications resulted in deferring or legally forgiving principal (actual or contingent) of $3 million and $3 million for the quarters ended June 30, 2020 and 2019, respectively, and $32 million and $6 million for the first half of 2020 and 2019, respectively.
(5)
Reflects the effect of reduced interest rates on loans with an interest rate concession as one of its concession types, which includes loans reported as a principal primary modification type that also have an interest rate concession.
(6)
Trial modifications are granted a delay in payments due under the original terms during the trial payment period. However, these loans continue to advance through delinquency status and accrue interest according to their original terms. Any subsequent permanent modification generally includes interest rate related concessions; however, the exact concession type and resulting financial effect are usually not known until the loan is permanently modified. Trial modifications for the period are presented net of previously reported trial modifications that became permanent in the current period.

102
Note 6: Loans and Related Allowance for Credit Losses (continued)


Table 6.18 summarizes permanent modification TDRs that have defaulted in the current period within 12 months of their permanent modification date. We are reporting these defaulted TDRs based on a payment default definition of 90 days past due for the commercial portfolio segment and 60 days past due for the consumer portfolio segment.
 



Table 6.18: Defaulted TDRs
 
Recorded investment of defaults
 
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Commercial:
 
 
 
 
 
 
 
Commercial and industrial
$
37

 
25

 
222

 
48

Real estate mortgage
81

 
5

 
102

 
33

Real estate construction
—

 
—

 
—

 
3

Total commercial
118

 
30

 
324

 
84

Consumer:
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
8

 
13

 
18

 
24

Real estate 1-4 family junior lien mortgage
6

 
4

 
8

 
9

Credit card
19

 
21

 
45

 
42

Automobile
1

 
4

 
3

 
7

Other revolving credit and installment
2

 
1

 
3

 
3

Total consumer
36

 
43

 
77

 
85

Total
$
154

 
73

 
401

 
169




103

Note 7:  Leasing Activity
The information below provides a summary of our leasing activities as a lessor and lessee. See Note 7 (Leasing Activity) in our 2019 Form 10-K for additional information about our leasing activities.

As a Lessor
Table 7.1 presents the composition of our leasing revenue.

Table 7.1: Leasing Revenue
 
Quarter ended June 30,
 

Six months ended June 30,
 
(in millions)
2020


2019


2020


2019

Interest income on lease financing
$
196

 
224

 
$
407

 
447

Other lease revenues:
 
 
 
 
 
 
 
Variable revenues on lease financing
26

 
26

 
53

 
50

Fixed revenues on operating leases
294

 
357

 
608

 
730

Variable revenues on operating leases
11

 
14

 
24

 
32

Other lease-related revenues (1)
3

 
27

 
1

 
55

Lease income
334

 
424

 
686

 
867

Total leasing revenue
$
530

 
648

 
$
1,093

 
1,314

(1)
Predominantly includes net gains (losses) on disposition of assets leased under operating leases or lease financings.

 
As a Lessee
Substantially all of our leases are operating leases. Table 7.2 presents balances for our operating leases.

Table 7.2: Operating Lease Right of Use (ROU) Assets and Lease Liabilities
(in millions)
Jun 30, 2020

Dec 31, 2019

ROU assets
$
4,548

4,724

Lease liabilities
5,125

5,297



Table 7.3 provides the composition of our lease costs, which are predominantly included in occupancy expense.

Table 7.3: Lease Costs
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Fixed lease expense – operating leases
$
292

 
291

 
$
583

 
588

Variable lease expense
80

 
80

 
146

 
153

Other (1)
(42
)
 
(9
)
 
(56
)
 
(17
)
Total lease costs
$
330

 
362

 
$
673

 
724

(1)
Predominantly includes gains recognized from sale leaseback transactions and sublease rental income.





104
Note 8: Equity Securities (continued)

Note 8:  Equity Securities
Table 8.1 provides a summary of our equity securities by business purpose and accounting method, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable).
Table 8.1: Equity Securities
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Held for trading at fair value:
 
 
 
Marketable equity securities
$
12,591

 
27,440

Not held for trading:
 
 
 
Fair value:
 
 
 
Marketable equity securities (1)
6,426

 
6,481

Nonmarketable equity securities
8,322

 
8,015

Total equity securities at fair value
14,748

 
14,496

Equity method:
 
 
 
Low-income housing tax credit investments
11,294

 
11,343

Private equity
3,351

 
3,459

Tax-advantaged renewable energy
3,940

 
3,811

New market tax credit and other
377

 
387

Total equity method
18,962


19,000

Other:
 
 
 
Federal Reserve Bank stock and other at cost (2)
3,794

 
4,790

Private equity (3)
2,399

 
2,515

Total equity securities not held for trading
39,903

 
40,801

Total equity securities
$
52,494

 
68,241

(1)
Includes $191 million and $3.8 billion at June 30, 2020, and December 31, 2019, respectively, related to securities held as economic hedges of our deferred compensation plan liabilities. In second quarter 2020, we entered into arrangements to transition our economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments.
(2)
Includes $3.8 billion and $4.8 billion at June 30, 2020, and December 31, 2019, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock.
(3)
Represents nonmarketable equity securities accounted for under the measurement alternative.

Equity Securities Held for Trading
Equity securities held for trading purposes are marketable equity securities traded on organized exchanges. These securities are held as part of our customer accommodation trading activities. For more information on these activities, see Note 4 (Trading Activities).

 
Equity Securities Not Held for Trading
We also hold equity securities unrelated to trading activities. These securities include private equity and tax credit investments, securities held as economic hedges or to meet regulatory requirements (for example, Federal Reserve Bank and Federal Home Loan Bank stock).

FAIR VALUE Marketable equity securities held for purposes other than trading consist of exchange-traded equity funds held to economically hedge obligations related to our deferred compensation plans, as well as other holdings of publicly traded equity securities held for investment purposes. We account for certain nonmarketable equity securities under the fair value method, and substantially all of these securities are economically hedged with equity derivatives.

EQUITY METHOD Our equity method investments consist of tax credit and private equity investments, the majority of which are our low-income housing tax credit (LIHTC) investments.
We invest in affordable housing projects that qualify for the LIHTC, which are designed to promote private development of low-income housing. These investments generate a return mostly through realization of federal tax credit and other tax benefits. In the second quarter and first half of 2020, we recognized pre-tax losses of $340 million and $679 million, respectively, related to our LIHTC investments, compared with $298 million and $571 million, respectively, for the same periods a year ago. These losses were recognized in other noninterest income. We also recognized total tax benefits of $401 million and $799 million in the second quarter and first half of 2020, respectively, which included tax credits recorded to income taxes of $317 million and $631 million for the same periods, respectively. In the second quarter and first half of 2019, total tax benefits were $376 million and $746 million, respectively, which included tax credits of $303 million and $605 million for the same periods, respectively. We are periodically required to provide additional financial support during the investment period. A liability is recognized for unfunded commitments that are both legally binding and probable of funding. These commitments are predominantly funded within three years of initial investment. Our liability for these unfunded commitments was $4.2 billion at June 30, 2020, and $4.3 billion at December 31, 2019. This liability for unfunded commitments is included in long-term debt.

OTHER The remaining portion of our nonmarketable equity securities portfolio consists of securities accounted for using the cost or measurement alternative.

105

Realized Gains and Losses Not Held for Trading
Table 8.2 provides a summary of the net gains and losses from equity securities not held for trading. Gains and losses for securities held for trading are reported in net gains from trading activities.
 


Table 8.2: Net Gains (Losses) from Equity Securities Not Held for Trading
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Net gains (losses) from equity securities carried at fair value:
 
 
 
 
 
 
 
Marketable equity securities
$
394

 
264

 
$
(409
)
 
641

Nonmarketable equity securities
1,424

 
732

 
320

 
1,668

Total equity securities carried at fair value
1,818

 
996

 
(89
)
 
2,309

Net gains (losses) from nonmarketable equity securities not carried at fair value:
 
 
 
 
 
 
 
Impairment write-downs
(106
)
 
(31
)
 
(1,041
)
 
(67
)
Net unrealized gains related to measurement alternative observable transactions
24

 
146

 
246

 
331

Net realized gains on sale
199

 
169

 
199

 
406

Total nonmarketable equity securities not carried at fair value
117

 
284

 
(596
)
 
670

Net gains (losses) from economic hedge derivatives (1)
(1,402
)
 
(658
)
 
(183
)
 
(1,543
)
Total net gains (losses) from equity securities not held for trading
$
533

 
622

 
$
(868
)
 
1,436

(1)
Includes net gains (losses) on derivatives not designated as hedging instruments.
Measurement Alternative
Table 8.3 provides additional information about the impairment write-downs and observable price adjustments related to
 
nonmarketable equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 8.2.
Table 8.3: Net Gains (Losses) from Measurement Alternative Equity Securities
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Net gains (losses) recognized in earnings during the period:
 
 
 
 
 
 
 
Gross unrealized gains due to observable price changes
$
24

 
157

 
$
246

 
342

Gross unrealized losses due to observable price changes
—

 
(11
)
 
—

 
(11
)
Impairment write-downs
(58
)
 
(11
)
 
(412
)
 
(33
)
Realized net gains from sale
11

 
102

 
13

 
125

Total net gains (losses) recognized during the period
$
(23
)
 
237

 
$
(153
)
 
423

Table 8.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held at the end of each reporting period presented.
 

Table 8.4: Measurement Alternative Cumulative Gains (Losses)
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Cumulative gains (losses):
 
 
 
Gross unrealized gains due to observable price changes
$
1,109

 
973

Gross unrealized losses due to observable price changes
(43
)
 
(42
)
Impairment write-downs
(522
)
 
(134
)



106

Note 9:  Other Assets
Table 9.1 presents the components of other assets.
Table 9.1: Other Assets
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Corporate/bank-owned life insurance
$
20,227

 
20,070

Accounts receivable (1)
31,794

 
29,137

Interest receivable:
 
 
 
AFS and HTM debt securities
1,506

 
1,729

Loans
3,046

 
3,099

Trading and other
492

 
758

Customer relationship and other amortized intangibles
375

 
423

Foreclosed assets:
 
 
 
Residential real estate:
 
 
 
Government insured/guaranteed (1)
31

 
50

Non-government insured/guaranteed
107

 
172

Other
57

 
81

Operating lease assets (lessor)
7,930

 
8,221

Operating lease ROU assets (lessee)
4,548

 
4,724

Due from customers on acceptances
173

 
253

Other
15,325

 
10,200

Total other assets
$
85,611

 
78,917

(1)
Certain government-guaranteed residential real estate mortgage loans upon foreclosure are included in Accounts receivable. For more information, see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K.



107

Note 10: Securitizations and Variable Interest Entities
Involvement with Special Purpose Entities (SPEs)
In the normal course of business, we enter into various types of on- and off-balance sheet transactions with SPEs, which are corporations, trusts, limited liability companies or partnerships that are established for a limited purpose. For further description
 
of our involvement with SPEs, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K.
Table 10.1 provides the classifications of assets and liabilities in our balance sheet for our transactions with VIEs.
Table 10.1: Balance Sheet Transactions with VIEs
(in millions)
VIEs that we
do not
consolidate

 
VIEs
that we
consolidate

Transfers that
we account
for as secured
borrowings
 
 
Total

June 30, 2020
 
 
 
 
 
Cash and due from banks
$
—

 
26

 
—

 
26

Interest-earning deposits with banks
—

 
—

 
—

 
—

Debt securities (1):
 
 
 
 
 
 
 
Trading debt securities
1,670

 
257

 
—

 
1,927

Available-for-sale debt securities
1,554

 
298

 
—

 
1,852

Held-to-maturity debt securities
1,156

 
—

 
—

 
1,156

Loans
1,890

 
11,579

 
74

 
13,543

Mortgage servicing rights
7,499

 
—

 
—

 
7,499

Derivative assets
269

 
1

 
—

 
270

Equity securities
11,351

 
71

 
—

 
11,422

Other assets
974

 
215

 
—

 
1,189

Total assets
26,363

 
12,447

 
74

 
38,884

Short-term borrowings
—

 
501

 
—

 
501

Derivative liabilities
2

 
1

 
—

 
3

Accrued expenses and other liabilities  
239

 
212

 
—

 
451

Long-term debt  
4,201

 
225

 
73

 
4,499

Total liabilities
4,442

 
939

 
73

 
5,454

Noncontrolling interests
—

 
36

 
—

 
36

Net assets
$
21,921

 
11,472

 
1

 
33,394

December 31, 2019
 
 
 
 
 
 
 
Cash and due from banks
$
—

 
16

 
—

 
16

Interest-earning deposits with banks
—

 
284

 
—

 
284

Debt securities (1):
 
 
 
 
 
 
 
Trading debt securities
792

 
339

 
—

 
1,131

Available-for-sale debt securities
1,696

 
201

 
—

 
1,897

Held-to-maturity debt securities
791

 
—

 
—

 
791

Loans
2,127

 
13,170

 
80

 
15,377

Mortgage servicing rights
11,884

 
—

 
—

 
11,884

Derivative assets
142

 
1

 
—

 
143

Equity securities
11,401

 
118

 
—

 
11,519

Other assets
1,268

 
239

 
—

 
1,507

Total assets
30,101

 
14,368

 
80

 
44,549

Short-term borrowings
—

 
401

 
—

 
401

Derivative liabilities
1

 
3

 
—

 
4

Accrued expenses and other liabilities
189

 
235

 
—

 
424

Long-term debt
4,817

 
587

 
79

 
5,483

Total liabilities
5,007

 
1,226

 
79

 
6,312

Noncontrolling interests
—

 
43

 
—

 
43

Net assets
$
25,094

 
13,099

 
1

 
38,194

(1)
Excludes certain debt securities related to loans serviced for the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA).
Transactions with Unconsolidated VIEs
Our transactions with unconsolidated VIEs include predominantly securitizations of residential and commercial mortgage loans, and investments in tax credit structures. We have various forms of involvement with VIEs, including servicing, holding senior or
 
subordinated interests, and entering into liquidity arrangements and derivative contracts. Involvements with these unconsolidated VIEs are recorded on our balance sheet in debt and equity securities, loans, MSRs, derivative assets and liabilities, other assets, other liabilities, and long-term debt, as appropriate.

108
Note 10: Securitizations and Variable Interest Entities (continued)

Table 10.2 provides a summary of our exposure to unconsolidated VIEs with which we have significant continuing involvement but for which we are not the primary beneficiary.
We include transactions where we were the sponsor or servicer and also have other significant forms of continuing involvement. Sponsorship includes transactions where we solely or materially participated in the initial design or structuring of the VIE or marketed the transaction to investors. We consider investments in securities, loans, guarantees, liquidity agreements, commitments and certain derivatives to be other forms of
 
continuing involvement that may be significant. We also include transactions where we transferred assets to a VIE, account for the transfer as a sale, and service the VIE collateral or have other forms of continuing involvement that may be significant (as described above). We exclude certain transactions with unconsolidated VIEs when our continuing involvement is temporary in nature or insignificant in size. We also exclude secured borrowing transactions with unconsolidated VIEs (for information on these transactions, see the Transactions with Consolidated VIEs and Secured Borrowings section in this Note).
Table 10.2: Unconsolidated VIEs
 
 
 
Carrying value – asset (liability)
 
(in millions)
Total
VIE
assets

 
Debt and
equity
interests (1)

 
Servicing
assets and advances

 
Derivatives

 
Debt, guarantees, and other
commitments

 
Net
assets

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
$
1,042,774

 
1,884

 
7,291

 
—

 
(248
)
 
8,927

Other/nonconforming
5,184

 
1

 
34

 
—

 
—

 
35

Commercial mortgage loan securitizations (2)
175,912

 
2,484

 
1,148

 
195

 
(33
)
 
3,794

Tax credit structures
38,839

 
13,037

 
—

 
—

 
(4,159
)
 
8,878

Other asset-based finance structures
1,277

 
167

 
—

 
72

 
—

 
239

Other
1,146

 
48

 
—

 
—

 
—

 
48

Total
$
1,265,132

 
17,621

 
8,473

 
267

 
(4,440
)
 
21,921

 
 
 
Maximum exposure to loss
 
 
 
 
Debt and
equity
interests (1)

 
Servicing
assets and advances

 
Derivatives

 
Debt, guarantees, and other
commitments

 
Total
exposure

Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
 
 
$
1,853

 
7,291

 
—

 
1,335

 
10,479

Other/nonconforming
 
 
1

 
34

 
—

 
—

 
35

Commercial mortgage loan securitizations (2)
 
 
2,473

 
1,148

 
195

 
12,108

 
15,924

Tax credit structures
 
 
13,037

 
—

 
—

 
1,327

 
14,364

Other asset-based finance structures
 
 
167

 
—

 
76

 
71

 
314

Other
 
 
48

 
—

 
—

 
157

 
205

Total
 
 
$
17,579

 
8,473

 
271

 
14,998

 
41,321

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying value – asset (liability)
 
(in millions)
Total
VIE
assets

 
Debt and
equity
interests (1)

 
Servicing
assets and advances

 
Derivatives

 
Debt, guarantees,
and other
commitments

 
Net
assets

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
$
1,098,103

 
1,528

 
11,931

 
—

 
(683
)
 
12,776

Other/nonconforming
5,178

 
6

 
152

 
—

 
—

 
158

Commercial mortgage loan securitizations (2)
169,736

 
2,239

 
1,069

 
80

 
(43
)
 
3,345

Tax credit structures
39,091

 
12,826

 
—

 
—

 
(4,260
)
 
8,566

Other asset-based finance structures
1,355

 
157

 
—

 
61

 
(20
)
 
198

Other
1,167

 
51

 
—

 
—

 
—

 
51

Total
$
1,314,630

 
16,807

 
13,152

 
141

 
(5,006
)
 
25,094

 
 
 
Maximum exposure to loss
 
 
 
 
Debt and
equity
interests (1)

 
Servicing
assets and advances

 
Derivatives

 
Debt, guarantees,
 and other
commitments

 
Total
exposure

Residential mortgage loan securitizations:
 
 
 
 
 
 
 
 
 
 
 
Conforming (2)
 
 
$
972

 
11,931

 
—

 
937

 
13,840

Other/nonconforming
 
 
6

 
152

 
—

 
—

 
158

Commercial mortgage loan securitizations (2)
 
 
2,239

 
1,069

 
80

 
11,667

 
15,055

Tax credit structures
 
 
12,826

 
—

 
—

 
1,701

 
14,527

Other asset-based finance structures
 
 
157

 
—

 
63

 
91

 
311

Other
 
 
51

 
—

 
—

 
157

 
208

Total
 
 
$
16,251

 
13,152

 
143

 
14,553

 
44,099

(1)
Includes total equity interests of $11.4 billion at both June 30, 2020, and December 31, 2019. Also includes debt interests in the form of both loans and securities. Excludes certain debt securities held related to loans serviced for FNMA, FHLMC and GNMA.
(2)
Carrying values include assets and related liabilities of $42 million and $556 million at June 30, 2020, and December 31, 2019, respectively, related to certain unexercised unconditional repurchase options. These amounts represent the carrying value of the loans and associated debt that would be payable if the option was exercised to repurchase eligible loans from GNMA residential and multifamily loan securitizations. These amounts are excluded from maximum exposure to loss as we are not obligated to exercise the options.
In Table 10.2, “Total VIE assets” represents the remaining principal balance of assets held by unconsolidated VIEs using the most current information available. For VIEs that obtain exposure to assets synthetically through derivative instruments, the notional amount of the derivative is included in the asset balance.
 
“Carrying value” is the amount in our consolidated balance sheet related to our involvement with the unconsolidated VIEs. “Maximum exposure to loss” is determined as the carrying value of our investment in the VIEs excluding the unconditional repurchase options that have not been exercised, plus the

109

remaining undrawn liquidity and lending commitments, the notional amount of net written derivative contracts, and generally the notional amount of, or stressed loss estimate for, other commitments and guarantees. It represents estimated loss that would be incurred under severe, hypothetical circumstances, for which we believe the possibility is extremely remote, such as where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. Accordingly, this disclosure is not an indication of expected loss.
For complete descriptions of our transactions with unconsolidated VIEs with which we have a significant continuing involvement, but we are not the primary beneficiary, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K.

Loan Sales and Securitization Activity
We periodically transfer consumer and commercial loans and other types of financial assets in securitization and whole loan sale transactions. We typically retain the servicing rights from these sales and may continue to hold other beneficial interests in
 
the transferred financial assets. We may also provide liquidity to investors in the beneficial interests and credit enhancements. Through these transfers we may be exposed to liability under limited amounts of recourse as well as standard representations and warranties we make to purchasers and issuers.
Table 10.3 presents information about transfers of assets during the period to unconsolidated VIEs or third-party investors for which we recorded the transfers as sales and have continuing involvement with the transferred assets. In connection with these transfers, we recorded servicing assets, securities, and a liability for repurchase losses which reflects management’s estimate of probable losses related to various representations and warranties for the loans transferred. Each of these interests are initially measured at fair value. Servicing rights are classified as Level 3 measurements, and generally securities are initially classified as Level 2.
Sales with continuing involvement include securitizations of conforming residential mortgages that are sold to the government-sponsored entities (GSEs) or GNMA. Substantially all transfers to these entities resulted in no gain or loss because the loans were already measured at fair value on a recurring basis.
Table 10.3: Transfers With Continuing Involvement
(in millions)
 
 
2020

 
 
 
2019

Quarter ended June 30,
Residential mortgages

 
Commercial mortgages

 
Residential mortgages

 
Commercial mortgages

Net gains (losses) on sale
$
—

 
64

 
46

 
74

Asset balances sold
63,584

 
2,505

 
36,672

 
3,358

Servicing rights recognized
443

 
48

 
387

 
33

Securities recognized (1)
(263
)
 
12

 
2,482

 
—

Liability for repurchase losses recognized
4

 
—

 
5

 
—

Six months ended June 30,
 
 
 
 
 
 
 
Net gains (losses) on sale
$
52

 
133

 
60

 
121

Asset balances sold
111,441

 
5,233

 
70,775

 
6,060

Servicing rights recognized
889

 
82

 
707

 
59

Securities recognized (1)
2,050

 
74

 
3,394

 
—

Liability for repurchase losses recognized
7

 
—

 
8

 
—

(1)
Includes securities retained upon initial transfer and subsequent sales during the periods presented, which may result in a net reduction of securities recognized.
Table 10.4 presents the key weighted-average assumptions we used to measure residential MSRs at the date of securitization.
Table 10.4: Residential Mortgage Servicing Rights
 
Residential mortgage
servicing rights
 
 
2020

 
2019

Quarter ended June 30,
 
 
 
Prepayment speed (1)
15.0
%
 
13.5

Discount rate
7.0

 
7.5

Cost to service ($ per loan) (2)
$
97

 
121

Six months ended June 30,
 
 
 
Prepayment speed (1)
14.0
%
 
13.5

Discount rate
6.8

 
7.7

Cost to service ($ per loan) (2)
$
94

 
109

(1)
The prepayment speed assumption for residential MSRs includes a blend of prepayment speeds and default rates. Prepayment speed assumptions are influenced by mortgage interest rate inputs as well as our estimation of drivers of borrower behavior.
(2)
Includes costs to service and unreimbursed foreclosure costs, which can vary period to period due to changes in model assumptions and the mix of modified government-guaranteed loans sold to GNMA.
 
Table 10.5 presents the proceeds related to transfers accounted for as sales in which we have continuing involvement with the transferred financial assets, as well as current period cash flows from continuing involvement with previous transfers accounted for as sales. Cash flows from other interests held predominantly include principal and interest payments received on retained bonds. Repurchases of assets represents cash paid to repurchase loans from investors under representation and warranty obligations or in connection with the exercise of cleanup calls on securitizations. Loss reimbursements is cash paid to reimburse investors for losses on individual loans that are already liquidated. Government insured loans are delinquent loans that we service and have exercised our option to purchase out of GNMA pools. These loans are insured by the FHA or guaranteed by the VA.

110
Note 10: Securitizations and Variable Interest Entities (continued)

Table 10.5: Cash Inflows (Outflows) From Sales and Securitization Activity
 
Mortgage loans
 
(in millions)
2020

 
2019

Quarter ended June 30,
 
 
 
Proceeds from securitizations and whole loan sales
$
65,009

 
39,697

Fees from servicing rights retained
663

 
786

Cash flows from other interests held
192

 
133

Repurchases of assets/loss reimbursements:
 
 
 
Non-agency securitizations and whole loan transactions
(1
)
 
(1
)
Government insured loans
(3,594
)
 
(1,246
)
Agency securitizations
(35
)
 
(27
)
Servicing advances, net of recoveries (1)
(93
)
 
54

Six months ended June 30,
 
 
 
Proceeds from securitizations and whole loan sales
$
115,238

 
76,204

Fees from servicing rights retained
1,419

 
1,566

Cash flows from other interests held
359

 
244

Repurchases of assets/loss reimbursements:
 
 
 
Non-agency securitizations and whole loan transactions
(1
)
 
(1
)
Government insured loans
(5,034
)
 
(3,188
)
Agency securitizations
(61
)
 
(44
)
Servicing advances, net of recoveries (1)
(60
)
 
93

(1)
Cash flows from servicing advances includes principal and interest payments to investors required by servicing agreements.

111

Retained Interests from Unconsolidated VIEs
Table 10.6 provides key economic assumptions and the sensitivity of the current fair value of residential MSRs and other interests held related to unconsolidated VIEs to immediate adverse changes in those assumptions. Amounts for residential MSRs include purchased servicing rights as well as servicing rights resulting from the transfer of loans. See Note 16 (Fair Values of Assets and Liabilities) for additional information on key economic assumptions for residential MSRs. “Other interests held” were obtained when we securitized residential and commercial mortgage loans. Residential mortgage-backed securities retained in securitizations issued through GSEs or GNMA, are excluded
 
from the table because these securities have a remote risk of credit loss due to the GSE or government guarantee. These securities also have economic characteristics similar to GSE or GNMA mortgage-backed securities that we purchase, which are not included in the table. Subordinated interests include only those bonds whose credit rating was below AAA by a major rating agency at issuance. Senior interests include only those bonds whose credit rating was AAA by a major rating agency at issuance. The information presented excludes trading positions held in inventory.
Table 10.6: Retained Interests from Unconsolidated VIEs
 
 
 
Other interests held
 
 
Residential
mortgage
servicing rights

 
Commercial
 
($ in millions, except cost to service amounts)
 
Subordinated
bonds

 
Senior
bonds

Fair value of interests held at June 30, 2020
$
6,819

 
982

 
273

Expected weighted-average life (in years)
3.9

 
7.0

 
6.6

Key economic assumptions:
 
 
 
 
 
Prepayment speed assumption
18.5
%
 
 
 
 
Decrease in fair value from:
 
 
 
 
 
10% adverse change
$
470

 
 
 
 
25% adverse change
1,089

 
 
 
 
Discount rate assumption
6.8
%
 
5.4

 
1.8

Decrease in fair value from:
 
 
 
 
 
100 basis point increase
$
255

 
57

 
15

200 basis point increase
490

 
109

 
30

Cost to service assumption ($ per loan)
152

 
 
 
 
Decrease in fair value from:
 
 
 
 
 
10% adverse change
234

 
 
 
 
25% adverse change
583

 
 
 
 
Credit loss assumption
 
 
4.5
%
 
—

Decrease in fair value from:
 
 
 
 
 
10% higher losses
 
 
$
36

 
—

25% higher losses
 
 
40

 
—

Fair value of interests held at December 31, 2019
$
11,517

 
909

 
352

Expected weighted-average life (in years)
5.3

 
7.3

 
5.5

Key economic assumptions:
 
 
 
 
 
Prepayment speed assumption
11.9
%
 
 
 
 
Decrease in fair value from:
 
 
 
 
 
10% adverse change
$
537

 
 
 
 
25% adverse change
1,261

 
 
 
 
Discount rate assumption
7.2
%
 
4.0

 
2.9

Decrease in fair value from:
 
 
 
 
 
100 basis point increase
$
464

 
53

 
16

200 basis point increase
889

 
103

 
32

Cost to service assumption ($ per loan)
102

 
 
 
 
Decrease in fair value from:
 
 
 
 
 
10% adverse change
253

 
 
 
 
25% adverse change
632

 
 
 
 
Credit loss assumption
 
 
3.1
%
 
—

Decrease in fair value from:
 
 
 
 
 
10% higher losses
 
 
$
1

 
—

25% higher losses
 
 
4

 
—


In addition to residential MSRs included in the previous table, we have a small portfolio of commercial MSRs, which are carried at the lower of cost or fair value (LOCOM), with a fair value of
 
$1.4 billion and $1.9 billion at June 30, 2020, and December 31, 2019, respectively. Prepayment assumptions do not significantly impact values of commercial MSRs and commercial mortgage

112
Note 10: Securitizations and Variable Interest Entities (continued)

bonds as commercial loans generally include contractual restrictions on prepayment. Servicing costs are not a driver of our MSR value as we are typically primary or master servicer; the higher costs of servicing delinquent and foreclosed loans is generally borne by the special servicer. The primary economic driver impacting the fair value of our commercial MSRs is forward interest rates, which are derived from market observable yield curves used to price capital markets instruments. Market interest rates significantly affect interest earned on custodial deposit balances. The sensitivity of the current fair value of our commercial MSRs to a hypothetical immediate adverse 25% change in the assumption about interest earned on deposit balances at June 30, 2020, and December 31, 2019, would result in a decrease in fair value of $94 million and $205 million, respectively. See Note 11 (Mortgage Banking Activities) for further information on our commercial MSRs.
The sensitivities in the preceding paragraph and table are hypothetical and caution should be exercised when relying on this data. Changes in value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in the assumption to the change in value may not be linear. Also, the effect of a variation in a particular assumption on the value of the other interests held is calculated independently
 
without changing any other assumptions. In reality, changes in one factor may result in changes in others (for example, changes in prepayment speed estimates could result in changes in the credit losses), which might magnify or counteract the sensitivities.
Off-Balance Sheet Loans
Table 10.7 presents information about the principal balances of off-balance sheet loans that were sold or securitized, including residential mortgage loans sold to FNMA, FHLMC, GNMA and other investors, for which we have some form of continuing involvement (including servicer). Delinquent loans include loans 90 days or more past due and loans in bankruptcy, regardless of delinquency status. In accordance with applicable servicing guidelines, delinquency status continues to advance for loans with COVID-related payment deferrals. For loans sold or securitized where servicing is our only form of continuing involvement, we would only experience a loss if we were required to repurchase a delinquent loan or foreclosed asset due to a breach in representations and warranties associated with our loan sale or servicing contracts.
Table 10.7: Off-Balance Sheet Loans Sold or Securitized
 
 
 
 
 
 
 
 
 
Net charge-offs (2)
 
 
Total loans
 
 
Delinquent loans
and foreclosed assets (1)
 
 
Six months ended Jun 30,
 
(in millions)
Jun 30, 2020

 
Dec 31, 2019

 
Jun 30, 2020

 
Dec 31, 2019

 
2020

 
2019

Commercial:
 
 
 
 
 
 
 
 
 
 
 
Real estate mortgage
$
114,057

 
112,507

 
791

 
776

 
83

 
89

Total commercial
114,057

 
112,507

 
791

 
776

 
83

 
89

Consumer:
 
 
 
 
 
 
 
 
 
 
 
Real estate 1-4 family first mortgage
942,481

 
1,008,446

 
53,282

 
6,664

 
59

 
110

Real estate 1-4 family junior lien mortgage
11

 
13

 
2

 
2

 
—

 
—

Total consumer
942,492

 
1,008,459

 
53,284

 
6,666

 
59

 
110

Total off-balance sheet sold or securitized loans (3)
$
1,056,549

 
1,120,966

 
54,075

 
7,442

 
142

 
199

(1)
Includes $319 million and $492 million of commercial foreclosed assets and $294 million and $356 million of consumer foreclosed assets at June 30, 2020, and December 31, 2019, respectively.
(2)
Net charge-offs exclude loans sold to FNMA, FHLMC and GNMA as we do not service or manage the underlying real estate upon foreclosure and, as such, do not have access to net charge-off information.
(3)
At June 30, 2020, and December 31, 2019, the table includes total loans of $1.0 trillion at both dates, delinquent loans of $51.3 billion and $5.2 billion, respectively, and foreclosed assets of $224 million and $251 million, respectively, for FNMA, FHLMC and GNMA.

113

Transactions with Consolidated VIEs and Secured Borrowings
Table 10.8 presents a summary of financial assets and liabilities for asset transfers accounted for as secured borrowings and involvements with consolidated VIEs. Carrying values of “Assets” are presented using GAAP measurement methods, which may include fair value, credit impairment or other adjustments, and
 
therefore in some instances will differ from “Total VIE assets.” For VIEs that obtain exposure synthetically through derivative instruments, the notional amount of the derivative is included in “Total VIE assets.” On the consolidated balance sheet, we separately disclose the consolidated assets of certain VIEs that can only be used to settle the liabilities of those VIEs.
Table 10.8: Transactions with Consolidated VIEs and Secured Borrowings
 
 
 
Carrying value
 
(in millions)
Total
VIE assets

 
Assets

 
Liabilities

 
Noncontrolling
interests

 
Net assets

June 30, 2020
 
 
 
 
 
 
 
 
 
Secured borrowings:
 
 
 
 
 
 
 
 
 
Residential mortgage securitizations
$
74

 
74

 
(73
)
 
—

 
1

Total secured borrowings
74

 
74

 
(73
)
 
—

 
1

Consolidated VIEs:
 
 
 
 
 
 
 
 
 
Commercial and industrial loans and leases
6,970

 
5,838

 
(210
)
 
(12
)
 
5,616

Nonconforming residential mortgage loan securitizations
652

 
565

 
(225
)
 
—

 
340

Commercial real estate loans
5,387

 
5,387

 
—

 
—

 
5,387

Municipal tender option bond securitizations
501

 
500

 
(500
)
 
—

 
—

Other
157

 
157

 
(4
)
 
(24
)
 
129

Total consolidated VIEs
13,667

 
12,447

 
(939
)
 
(36
)
 
11,472

Total secured borrowings and consolidated VIEs
$
13,741

 
12,521

 
(1,012
)
 
(36
)
 
11,473

December 31, 2019
 
 
 
 
 
 
 
 
 
Secured borrowings:
 
 
 
 
 
 
 
 
 
Residential mortgage securitizations
$
81

 
80

 
(79
)
 
—

 
1

Total secured borrowings
81

 
80

 
(79
)
 
—

 
1

Consolidated VIEs:
 
 
 
 
 
 
 
 
 
Commercial and industrial loans and leases
8,054

 
8,042

 
(529
)
 
(16
)
 
7,497

Nonconforming residential mortgage loan securitizations
935

 
809

 
(290
)
 
—

 
519

Commercial real estate loans
4,836

 
4,836

 
—

 
—

 
4,836

Municipal tender option bond securitizations
401

 
402

 
(401
)
 
—

 
1

Other
279

 
279

 
(6
)
 
(27
)
 
246

Total consolidated VIEs
14,505

 
14,368

 
(1,226
)
 
(43
)
 
13,099

Total secured borrowings and consolidated VIEs
$
14,586

 
14,448

 
(1,305
)
 
(43
)
 
13,100


We have raised financing through the securitization of certain financial assets in transactions with VIEs accounted for as secured borrowings. We also consolidate VIEs where we are the primary beneficiary. In certain transactions, we provide contractual support in the form of limited recourse and liquidity to facilitate the remarketing of short-term securities issued to third-party investors. Other than this limited contractual support, the assets of the VIEs are the sole source of repayment of the securities held by third parties.
For complete descriptions of our accounting for transfers accounted for as secured borrowings and involvement with consolidated VIEs, see Note 10 (Securitizations and Variable Interest Entities) in our 2019 Form 10-K.

Other Transactions
In addition to the transactions included in the previous tables, we have used wholly-owned trust preferred security VIEs to issue debt securities or preferred equity exclusively to third-party investors. As the sole assets of the VIEs are receivables from us, we do not consolidate the VIEs even though we own all of the voting equity shares of the VIEs, have fully guaranteed the obligations of the VIEs, and may have the right to redeem the third-party securities under certain circumstances. In our
 
consolidated balance sheet we reported the debt securities issued to the VIEs as long-term junior subordinated debt with a carrying value of $692 million and $2.1 billion at June 30, 2020, and December 31, 2019, respectively. During first quarter 2020, we liquidated certain of our trust preferred security VIEs. As part of these liquidations, the preferred securities issued by the trusts were canceled and junior subordinated debentures with a total carrying value of $1.4 billion were distributed to the preferred security holders. Prior to the liquidations, we held $10 million of these preferred securities, which were exchanged for junior subordinated debentures upon liquidation and subsequently retired with no impact to earnings. See Note 17 (Preferred Stock) for additional information about trust preferred securities.
Certain money market funds are also excluded from the previous tables because they are exempt from the consolidation analysis. We voluntarily waived a portion of our management fees for these money market funds to maintain a minimum level of daily net investment income. The amount of fees waived was $22 million and $33 million in the second quarter and first half of 2020, respectively, compared with $10 million and $20 million for the same periods a year ago.
 

114
Note 11: Mortgage Banking Activities (continued)

Note 11: Mortgage Banking Activities
Mortgage banking activities consist of residential and commercial mortgage originations, sales and servicing.
We apply the amortization method to commercial MSRs and the fair value method to residential MSRs. Table 11.1 presents the changes in MSRs measured using the fair value method.
Table 11.1: Analysis of Changes in Fair Value MSRs
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Fair value, beginning of period
$
8,126

 
13,336

 
$
11,517

 
14,649

Servicing from securitizations or asset transfers (1)
462

 
400

 
923

 
741

Sales and other (2)
(1
)
 
(1
)
 
(32
)
 
(282
)
Net additions
461

 
399

 
891

 
459

Changes in fair value:
 
 
 
 
 
 
 
Due to valuation inputs or assumptions:
 
 
 
 
 
 
 
Mortgage interest rates (3)
(600
)
 
(1,153
)
 
(3,622
)
 
(2,093
)
Servicing and foreclosure costs (4)
(349
)
 
(22
)
 
(422
)
 
(10
)
Discount rates
—

 
(109
)
 
27

 
(9
)
Prepayment estimates and other (5)
(182
)
 
206

 
(371
)
 
143

Net changes in valuation inputs or assumptions
(1,131
)
 
(1,078
)
 
(4,388
)
 
(1,969
)
Changes due to collection/realization of expected cash flows (6)
(637
)
 
(561
)
 
(1,201
)
 
(1,043
)
Total changes in fair value
(1,768
)
 
(1,639
)
 
(5,589
)
 
(3,012
)
Fair value, end of period
$
6,819

 
12,096

 
$
6,819

 
12,096

(1)
Includes impacts associated with exercising cleanup calls on securitizations and our right to repurchase delinquent loans from GNMA loan securitization pools. MSRs may increase upon repurchase due to servicing liabilities associated with these delinquent GNMA loans.
(2)
Includes sales and transfers of MSRs, which can result in an increase in MSRs if related to portfolios with servicing liabilities.
(3)
Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates.
(4)
Includes costs to service and unreimbursed foreclosure costs.
(5)
Represents other changes in valuation model inputs or assumptions including prepayment speed estimation changes that are independent of mortgage interest rate changes.
(6)
Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.
 
Table 11.2 presents the changes in amortized MSRs.
Table 11.2: Analysis of Changes in Amortized MSRs
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Balance, beginning of period
$
1,406

 
1,427

 
$
1,430

 
1,443

Purchases
7

 
16

 
15

 
40

Servicing from securitizations or asset transfers
48

 
33

 
82

 
59

Amortization (1)
(100
)
 
(69
)
 
(166
)
 
(135
)
Balance, end of period
$
1,361

 
1,407

 
$
1,361

 
1,407

Fair value of amortized MSRs:
 
 
 
 
 
 
 
Beginning of period
$
1,490

 
2,149

 
$
1,490

 
2,288

End of period
1,401

 
1,897

 
1,401

 
1,897

(1)
Commercial amortized MSRs are evaluated for impairment purposes by the following risk strata: agency (GSEs) for multi-family properties and non-agency. There was a $30 million impairment and associated valuation allowance recorded in the second quarter and first half of 2020 on the commercial amortized MSRs.


115

We present the components of our managed servicing portfolio in Table 11.3 at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.
 
 
Table 11.3: Managed Servicing Portfolio
(in billions)
Jun 30, 2020

 
Dec 31, 2019

Residential mortgage servicing:
 
 
 
Serviced and subserviced for others
$
992

 
1,065

Owned loans serviced
335

 
343

Total residential servicing
1,327

 
1,408

Commercial mortgage servicing:
 
 
 
Serviced and subserviced for others
578

 
575

Owned loans serviced
125

 
124

Total commercial servicing
703

 
699

Total managed servicing portfolio
$
2,030

 
2,107

Total serviced for others, excluding subserviced for others
$
1,558

 
1,629

Ratio of MSRs to related loans serviced for others
0.52
%
 
0.79


At June 30, 2020, and December 31, 2019, we had servicer advances, net of an allowance for uncollectible amounts, of $2.1 billion and $2.0 billion, respectively. As the servicer of loans for others, we advance certain payments of principal, interest, taxes, insurance, and default-related expenses which are generally reimbursed within a short timeframe from cash flows from the trust, GSEs, insurer or borrower. The credit risk related to these advances is limited since the reimbursement is generally senior to cash payments to investors. We also advance payments of taxes
 
and insurance for our owned loans which are collectible from the borrower. We maintain an allowance for uncollectible amounts for advances on loans serviced for others that may not be reimbursed if the payments were not made in accordance with applicable servicing agreements or if the insurance or servicing agreements contain limitations on reimbursements. Servicing advances on owned loans are charged-off when deemed uncollectible.
Table 11.4 presents the components of mortgage banking noninterest income. 

Table 11.4: Mortgage Banking Noninterest Income

 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
 
2020

 
2019

 
2020

 
2019

Servicing fees:
 
 
 
 
 
 
 
 
Contractually specified servicing fees, late charges and ancillary fees
 
$
749

 
914

 
$
1,614

 
1,825

Unreimbursed direct servicing costs (1)
 
(105
)
 
(84
)
 
(212
)
 
(154
)
Servicing fees
 
644

 
830

 
1,402

 
1,671

Amortization (2)
 
(100
)
 
(69
)
 
(166
)
 
(135
)
Changes due to collection/realization of expected cash flows (3)
(A)
(637
)
 
(561
)
 
(1,201
)
 
(1,043
)
Net servicing fees
 
(93
)
 
200

 
35

 
493

Changes in fair value of MSRs due to valuation inputs or assumptions (4)
(B)
(1,131
)
 
(1,078
)
 
(4,388
)
 
(1,969
)
Net derivative gains from economic hedges (5)
 
535

 
1,155

 
3,935

 
2,117

Market-related valuation changes to MSRs, net of hedge results
 
(596
)
 
77

 
(453
)
 
148

Total servicing income (loss), net
 
(689
)
 
277

 
(418
)
 
641

Net gains on mortgage loan origination/sales activities (6)
 
1,006

 
481

 
1,114

 
825

Total mortgage banking noninterest income
 
$
317

 
758

 
696

 
1,466

Total changes in fair value of MSRs carried at fair value
(A)+(B)
$
(1,768
)
 
(1,639
)
 
(5,589
)
 
(3,012
)
(1)
Includes costs associated with foreclosures, unreimbursed interest advances to investors, and other interest costs.
(2)
Includes a $30 million impairment and associated valuation allowance recorded in the second quarter and first half of 2020 on the commercial amortized MSRs.
(3)
Represents the reduction in the MSR fair value for the cash flows expected to be collected during the period, net of income accreted due to the passage of time.
(4)
Refer to the analysis of changes in fair value MSRs presented in Table 11.1 in this Note for more detail.
(5)
See Note 15 (Derivatives) for additional discussion and detail on economic hedges.
(6)
Includes net losses of $393 million and $1.3 billion in the second quarter and first half of 2020, respectively, and $283 million and $434 million in the second quarter and first half of 2019, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments.



116
Note 12: Intangible Assets (continued)

Note 12: Intangible Assets
Table 12.1 presents the gross carrying value of intangible assets and accumulated amortization.
Table 12.1: Intangible Assets
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Gross
carrying
value

 
Accumulated
amortization

 
Net
carrying
value

 
Gross
carrying
value

 
Accumulated
amortization

 
Net
carrying
value

Amortized intangible assets (1):
 
 
 
 
 
 
 
 
 
 
 
MSRs (2)
$
4,519

 
(3,158
)
 
1,361

 
4,422

 
(2,992
)
 
1,430

Customer relationship and other intangibles
879

 
(504
)
 
375

 
947

 
(524
)
 
423

Total amortized intangible assets
$
5,398

 
(3,662
)
 
1,736

 
5,369

 
(3,516
)
 
1,853

Unamortized intangible assets:
 
 
 
 
 
 
 
 
 
 
 
MSRs (carried at fair value) (2)
$
6,819

 
 
 
 
 
11,517

 
 
 
 
Goodwill
26,385

 
 
 
 
 
26,390

 
 
 
 
Trademark
14

 
 
 
 
 
14

 
 
 
 
(1)
Balances are excluded commencing in the period following full amortization.
(2)
Includes a $30 million impairment and associated valuation allowance recorded in the second quarter and first half of 2020 on the commercial amortized MSRs. See Note 11 (Mortgage Banking Activities) for additional information on MSRs.

Table 12.2 provides the current year and estimated future amortization expense for amortized intangible assets. We based our projections of amortization expense shown below on existing
 
asset balances at June 30, 2020. Future amortization expense may vary from these projections.
Table 12.2: Amortization Expense for Intangible Assets
(in millions)
 
Amortized MSRs

 
Customer
relationship
and other
intangibles

 
Total

Six months ended June 30, 2020 (actual)
 
$
166

 
48

 
214

Estimate for the remainder of 2020
 
$
130

 
47

 
177

Estimate for year ended December 31,
 
 
 
 
 
 
2021
 
235

 
81

 
316

2022
 
210

 
68

 
278

2023
 
182

 
59

 
241

2024
 
157

 
48

 
205

2025
 
132

 
39

 
171


Table 12.3 shows the allocation of goodwill to our reportable operating segments. We assess goodwill for impairment at a
 
reporting unit level, which is generally one level below the operating segments.
Table 12.3: Goodwill
(in millions)
Community
Banking

 
Wholesale
Banking

 
Wealth and Investment Management

 
Consolidated
Company

December 31, 2018
$
16,685

 
8,450

 
1,283


26,418

Reclassification of goodwill held for sale to other assets
—

 
—

 
(7
)
 
(7
)
Foreign currency translation
—

 
4

 
—

 
4

June 30, 2019
$
16,685

 
8,454

 
1,276

 
26,415

December 31, 2019
$
16,685

 
8,429

 
1,276

 
26,390

Foreign currency translation
—

 
(5
)
 
—

 
(5
)
June 30, 2020
$
16,685

 
8,424

 
1,276

 
26,385


117

Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments
Guarantees are contracts that contingently require us to make payments to a guaranteed party based on an event or a change in an underlying asset, liability, rate or index. Guarantees are generally in the form of standby and direct pay letters of credit, written options, recourse obligations, and other types of similar
 
arrangements. For complete descriptions of our guarantees, see Note 16 (Guarantees, Pledged Assets and Collateral, and Other Commitments) in our 2019 Form 10-K. Table 13.1 shows carrying value, maximum exposure to loss on our guarantees and the related non-investment grade amounts.
Table 13.1: Guarantees – Carrying Value and Maximum Exposure to Loss
 
 
 
Maximum exposure to loss
 
(in millions)
Carrying
value of obligation (asset)

 
Expires in
one year
or less

 
Expires after
one year
through
three years

 
Expires after
three years
through
five years

 
Expires
after five
years

 
Total

 
Non-
investment
grade

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
Standby letters of credit
$
178

 
12,171

 
4,447

 
2,051

 
426

 
19,095

 
7,689

Direct pay letters of credit
72

 
1,846

 
3,475

 
971

 
39

 
6,331

 
1,224

Written options (1)
(49
)
 
15,916

 
10,481

 
2,495

 
357

 
29,249

 
19,223

Loans and MLHFS sold with recourse (2)
31

 
122

 
722

 
1,714

 
9,957

 
12,515

 
10,363

Exchange and clearing house guarantees
—

 
—

 
—

 
—

 
5,296

 
5,296

 
—

Other guarantees and indemnifications (3)
1

 
444

 
1

 
1

 
1,389

 
1,835

 
426

Total guarantees
$
233

 
30,499

 
19,126

 
7,232

 
17,464

 
74,321

 
38,925

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Standby letters of credit
$
36

 
11,569

 
4,460

 
2,812

 
467

 
19,308

 
7,104

Direct pay letters of credit
—

 
1,861

 
3,815

 
824

 
105

 
6,605

 
1,184

Written options (1)
(345
)
 
17,088

 
10,869

 
2,341

 
273

 
30,571

 
18,113

Loans and MLHFS sold with recourse (2)
52

 
114

 
576

 
1,356

 
10,050

 
12,096

 
9,835

Exchange and clearing house guarantees
—

 
—

 
—

 
—

 
4,817

 
4,817

 
—

Other guarantees and indemnifications (3)
1

 
785

 
1

 
3

 
809

 
1,598

 
698

Total guarantees
$
(256
)
 
31,417

 
19,721

 
7,336

 
16,521

 
74,995

 
36,934

(1)
Written options, which are in the form of derivatives, are also included in the derivative disclosures in Note 15 (Derivatives). Carrying value net asset position is a result of certain deferred premium option trades.
(2)
Represent recourse provided, predominantly to the GSEs, on loans sold under various programs and arrangements.
(3)
Includes indemnifications provided to certain third-party clearing agents. Outstanding customer obligations under these arrangements were $77 million and $80 million with related collateral of $1.3 billion and $696 million at June 30, 2020, and December 31, 2019, respectively.

“Maximum exposure to loss” and “Non-investment grade” are required disclosures under GAAP. Maximum exposure to loss represents the estimated loss that would be incurred under an assumed hypothetical circumstance, despite what we believe is a remote possibility, where the value of our interests and any associated collateral declines to zero. Maximum exposure to loss estimates in Table 13.1 do not reflect economic hedges or collateral we could use to offset or recover losses we may incur under our guarantee agreements. Accordingly, this required disclosure is not an indication of expected loss. We believe the carrying value is more representative of our exposure to loss than maximum exposure to loss. The carrying value represents the fair value of the guarantee, if any, and also includes an ACL for guarantees, if applicable.
Non-investment grade represents those guarantees on which we have a higher risk of performance under the terms of the guarantee. If the underlying assets under the guarantee are non-investment grade (that is, an external rating that is below investment grade or an internal credit default grade that is equivalent to a below investment grade external rating), we consider the risk of performance to be high. Internal credit default grades are determined based upon the same credit policies that we use to evaluate the risk of payment or performance when making loans and other extensions of credit. Credit quality indicators we usually consider in evaluating risk of
 
payments or performance are described in Note 6 (Loans and Related Allowance for Credit Losses).
We provide debit and credit card transaction processing services through the payment networks directly for merchants and as a sponsor for merchant processing servicers, including our joint venture with a third party that is accounted for as an equity method investment. In our role as the merchant acquiring bank, we have a potential obligation for payment and delivery disputes between the merchant and the cardholder that are resolved in favor of the cardholder. If we are unable to collect the amounts from the merchant, we incur a loss for the refund to the cardholder. We are secondarily obligated to make a refund for transactions involving the sponsored merchant processing servicers. We have a low likelihood of loss since most products and services are delivered when purchased and amounts are refunded when items are returned to the merchant. In addition, we may reduce our risk by withholding future payments and requiring cash or other collateral. For the first half of 2020, we processed card transaction volume of $608.3 billion as a merchant acquiring bank, and related losses, including those from our joint venture entity, were immaterial.
The Parent fully and unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on securities that its 100% owned finance subsidiary, Wells Fargo Finance LLC, may issue. These guaranteed liabilities were $2.4 billion and $1.6 billion at June 30, 2020 and December 31,

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Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments (continued)

2019, respectively. These guarantees rank on parity with all of the Parent’s other unsecured and unsubordinated indebtedness.

Pledged Assets
Table 13.2 provides the carrying amount of on-balance sheet pledged assets and the fair value of other pledged collateral. Other pledged collateral is collateral we have received from third parties, have the right to repledge and is not recognized on our balance sheet.

TRADING RELATED ACTIVITY Our trading businesses may pledge debt and equity securities in connection with securities sold under agreements to repurchase (repurchase agreements) and securities lending arrangements. The collateral that we pledge related to our trading activities may include our own collateral as well as collateral that we have received from third parties and have the right to repledge. All of the trading activity pledged collateral is eligible to be repledged or sold by the secured party.
 
NON-TRADING RELATED ACTIVITY As part of our liquidity management strategy, we may pledge loans, debt securities, and other assets to secure trust and public deposits, borrowings and letters of credit from the Federal Home Loan Bank (FHLB) and FRB and for other purposes as required or permitted by law or insurance statutory requirements. Substantially all of the non-trading activity pledged collateral is not eligible to be repledged or sold by the secured party.

VIE RELATED We pledge assets in connection with various types of transactions entered into with VIEs. These pledged assets can only be used to settle the liabilities of those entities. We also have loans recorded on our balance sheet which represent certain delinquent loans that are eligible for repurchase from GNMA loan securitizations. See Note 10 (Securitizations and Variable Interest Entities) for additional information on consolidated VIE assets and VIEs accounted for as secured borrowings.
Table 13.2: Pledged Assets
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Related to trading activities:
 
 
 
Repledged third-party owned debt and equity securities
$
41,952

 
60,083

Trading debt securities and other
22,847

 
51,083

Equity securities
971

 
1,379

Total pledged assets related to trading activities
65,770

 
112,545

Related to non-trading activities:
 
 
 
Loans
406,496

 
406,106

Debt securities:
 
 
 
Available-for-sale
54,455

 
61,126

Held-to-maturity
2,826

 
3,685

Mortgage loans held for sale
181

 
2,266

Total pledged assets related to non-trading activities
463,958

 
473,183

Related to VIEs:
 
 
 
Consolidated VIE assets
12,447

 
14,368

VIEs accounted for as secured borrowings
74

 
80

Loans eligible for repurchase from GNMA securitizations
54

 
568

   Total pledged assets related to VIEs
12,575

 
15,016

Total pledged assets
$
542,303

 
600,744



Securities Financing Activities
We enter into resale and repurchase agreements and securities borrowing and lending agreements (collectively, “securities financing activities”) typically to finance trading positions (including securities and derivatives), acquire securities to cover short trading positions, accommodate customers’ financing needs, and settle other securities obligations. These activities are conducted through our broker-dealer subsidiaries and to a lesser extent through other bank entities. Our securities financing activities primarily involve high quality, liquid securities such as U.S. Treasury securities and government agency securities, and to a lesser extent, less liquid securities, including equity securities, corporate bonds and asset-backed securities. We account for these transactions as collateralized financings in which we typically receive or pledge securities as collateral. We believe these financing transactions generally do not have material credit risk given the collateral provided and the related monitoring processes.

 
OFFSETTING OF SECURITIES FINANCING ACTIVITIES Table 13.3 presents resale and repurchase agreements subject to master repurchase agreements (MRA) and securities borrowing and lending agreements subject to master securities lending agreements (MSLA). Collateralized financings with a single counterparty are presented net on our balance sheet, provided certain criteria are met that permit balance sheet netting. Most transactions subject to these agreements do not meet those criteria and thus are not eligible for balance sheet netting.
Collateral we pledged consists of non-cash instruments, such as securities or loans, and is not netted on the balance sheet against the related liability. Collateral we received includes securities or loans and is not recognized on our balance sheet. Collateral pledged or received may be increased or decreased over time to maintain certain contractual thresholds, as the assets underlying each arrangement fluctuate in value. Generally, these agreements require collateral to exceed the asset or liability recognized on the balance sheet. The following table includes the amount of collateral pledged or received related to exposures subject to enforceable MRAs or MSLAs. While these agreements

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are typically over-collateralized, U.S. GAAP requires disclosure in this table to limit the reported amount of such collateral to the amount of the related recognized asset or liability for each counterparty.
 
In addition to the amounts included in Table 13.3, we also have balance sheet netting related to derivatives that is disclosed in Note 15 (Derivatives).
Table 13.3: Offsetting – Securities Financing Activities
(in millions)
Jun 30,
2020

 
Dec 31,
2019

Assets:
 
 
 
Resale and securities borrowing agreements
 
 
 
Gross amounts recognized
$
110,900

 
140,773

Gross amounts offset in consolidated balance sheet (1)
(13,640
)
 
(19,180
)
Net amounts in consolidated balance sheet (2)
97,260

 
121,593

Collateral not recognized in consolidated balance sheet (3)
(96,541
)
 
(120,786
)
Net amount (4)
$
719

 
807

Liabilities:
 
 
 
Repurchase and securities lending agreements
 
 
 
Gross amounts recognized
$
63,028

 
111,038

Gross amounts offset in consolidated balance sheet (1)
(13,640
)
 
(19,180
)
Net amounts in consolidated balance sheet (5)
49,388

 
91,858

Collateral pledged but not netted in consolidated balance sheet (6)
(49,147
)
 
(91,709
)
Net amount (4)
$
241

 
149

(1)
Represents recognized amount of resale and repurchase agreements with counterparties subject to enforceable MRAs that have been offset in the consolidated balance sheet.
(2)
Includes $79.3 billion and $102.1 billion classified on our consolidated balance sheet in federal funds sold and securities purchased under resale agreements at June 30, 2020, and December 31, 2019, respectively. Also includes securities purchased under long-term resale agreements (generally one year or more) classified in loans, which totaled $18.0 billion and $19.5 billion, at June 30, 2020, and December 31, 2019, respectively.
(3)
Represents the fair value of collateral we have received under enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized asset due from each counterparty. At June 30, 2020, and December 31, 2019, we have received total collateral with a fair value of $122.5 billion and $150.9 billion, respectively, all of which we have the right to sell or repledge. These amounts include securities we have sold or repledged to others with a fair value of $41.1 billion at June 30, 2020, and $59.1 billion at December 31, 2019.
(4)
Represents the amount of our exposure (assets) or obligation (liabilities) that is not collateralized and/or is not subject to an enforceable MRA or MSLA.
(5)
Amount is classified in short-term borrowings on our consolidated balance sheet.
(6)
Represents the fair value of collateral we have pledged, related to enforceable MRAs or MSLAs, limited in the table above to the amount of the recognized liability owed to each counterparty. At June 30, 2020, and December 31, 2019, we have pledged total collateral with a fair value of $64.3 billion and $113.3 billion, respectively, substantially all of which may be sold or repledged by the counterparty.
REPURCHASE AND SECURITIES LENDING AGREEMENTS Securities sold under repurchase agreements and securities lending arrangements are effectively short-term collateralized borrowings. In these transactions, we receive cash in exchange for transferring securities as collateral and recognize an obligation to reacquire the securities for cash at the transaction’s maturity. These types of transactions create risks, including (1) the counterparty may fail to return the securities at maturity, (2) the fair value of the securities transferred may decline below the amount of our obligation to reacquire the securities, and therefore create an obligation for us to pledge additional amounts, and (3) the counterparty may accelerate the maturity on demand, requiring us to reacquire the security prior to contractual maturity. We attempt to mitigate these risks in various ways. Our collateral primarily consists of highly liquid securities. In addition, we underwrite and monitor the financial strength of our counterparties, monitor the fair value of collateral pledged relative to contractually required repurchase amounts, and monitor that our collateral is properly returned through the clearing and settlement process in advance of our cash repayment. Table 13.4 provides the gross amounts recognized on the balance sheet (before the effects of offsetting) of our liabilities for repurchase and securities lending agreements disaggregated by underlying collateral type.

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Note 13: Guarantees, Pledged Assets and Collateral, and Other Commitments (continued)

Table 13.4: Gross Obligations by Underlying Collateral Type
(in millions)
 
Jun 30,
2020

 
Dec 31,
2019

Repurchase agreements:
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
$
33,757

 
48,161

Securities of U.S. States and political subdivisions
 
54

 
104

Federal agency mortgage-backed securities
 
9,751

 
44,737

Non-agency mortgage-backed securities
 
1,103

 
1,818

Corporate debt securities
 
9,273

 
7,126

Asset-backed securities
 
1,008

 
1,844

Equity securities
 
1,399

 
1,674

Other
 
363

 
705

Total repurchases
 
56,708

 
106,169

Securities lending arrangements:
 
 
 
 
Securities of U.S. Treasury and federal agencies
 
38

 
163

Federal agency mortgage-backed securities
 
18

 
—

Corporate debt securities
 
97

 
223

Equity securities (1)
 
6,164

 
4,481

Other
 
3

 
2

Total securities lending
 
6,320

 
4,869

Total repurchases and securities lending
 
$
63,028

 
111,038

(1)
Equity securities are generally exchange traded and represent collateral received from third parties that has been repledged. We received the collateral through either margin lending agreements or contemporaneous securities borrowing transactions with other counterparties.
Table 13.5 provides the contractual maturities of our gross obligations under repurchase and securities lending agreements.
Table 13.5: Contractual Maturities of Gross Obligations
(in millions)
Overnight/continuous

 
Up to 30 days

 
30-90 days

 
>90 days

 
Total gross obligation

June 30, 2020
 
 
 
 
 
 
 
 
 
Repurchase agreements
$
44,823

 
3,430

 
4,970

 
3,485

 
56,708

Securities lending arrangements
5,771

 
—

 
549

 
—

 
6,320

Total repurchases and securities lending (1)
$
50,594

 
3,430

 
5,519

 
3,485

 
63,028

December 31, 2019
 
Repurchase agreements
$
79,793

 
17,681

 
4,825

 
3,870

 
106,169

Securities lending arrangements
4,724

 
—

 
145

 
—

 
4,869

Total repurchases and securities lending (1)
$
84,517

 
17,681

 
4,970

 
3,870

 
111,038

(1)
Securities lending is executed under agreements that allow either party to terminate the transaction without notice, while repurchase agreements have a term structure to them that technically matures at a point in time. The overnight/continuous repurchase agreements require election of both parties to roll the trade rather than the election to terminate the arrangement as in securities lending.
OTHER COMMITMENTS To meet the financing needs of our customers, we may enter into commitments to purchase debt and equity securities to provide capital for their funding, liquidity or other future needs. As of June 30, 2020, and December 31, 2019, we had commitments to purchase debt securities of $18 million in both periods and commitments to purchase equity securities of $3.3 billion and $2.7 billion, respectively.
As part of maintaining our memberships in certain clearing organizations, we are required to stand ready to provide liquidity to sustain market clearing activity in the event unforeseen events occur or are deemed likely to occur. Certain of these obligations are guarantees of other members’ performance and accordingly are included in Other guarantees and indemnifications in
Table 13.1.
 
Also, we have commitments to purchase loans and securities under resale agreements from certain counterparties, including central clearing organizations. The amount of our unfunded contractual commitments was $14.1 billion and $7.5 billion as of June 30, 2020, and December 31, 2019, respectively.
Given the nature of these commitments, they are excluded from Table 6.4 (Unfunded Credit Commitments) in Note 6 (Loans and Related Allowance for Credit Losses).


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Note 14: Legal Actions
Wells Fargo and certain of our subsidiaries are involved in a number of judicial, regulatory, governmental, arbitration, and other proceedings or investigations concerning matters arising from the conduct of our business activities, and many of those proceedings and investigations expose Wells Fargo to potential financial loss. These proceedings and investigations include actions brought against Wells Fargo and/or our subsidiaries with respect to corporate-related matters and transactions in which Wells Fargo and/or our subsidiaries were involved. In addition, Wells Fargo and our subsidiaries may be requested to provide information or otherwise cooperate with government authorities in the conduct of investigations of other persons or industry groups.
Although there can be no assurance as to the ultimate outcome, Wells Fargo and/or our subsidiaries have generally denied, or believe we have a meritorious defense and will deny, liability in all significant legal actions pending against us, including the matters described below, and we intend to defend vigorously each case, other than matters we describe as having settled. We establish accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. For such accruals, we record the amount we consider to be the best estimate within a range of potential losses that are both probable and estimable; however, if we cannot determine a best estimate, then we record the low end of the range of those potential losses. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.
ATM ACCESS FEE LITIGATION In October 2011, plaintiffs filed a putative class action, Mackmin, et al. v. Visa, Inc. et al., against Wells Fargo & Company, Wells Fargo Bank, N.A., Visa, MasterCard, and several other banks in the United States District Court for the District of Columbia. Plaintiffs allege that the Visa and MasterCard requirement that if an ATM operator charges an access fee on Visa and MasterCard transactions, then that fee cannot be greater than the access fee charged for transactions on other networks, violates antitrust rules. Plaintiffs seek treble damages, restitution, injunctive relief, and attorneys’ fees where available under federal and state law. Two other antitrust cases that make similar allegations were filed in the same court, but these cases did not name Wells Fargo as a defendant. On February 13, 2013, the district court granted defendants’ motions to dismiss the three actions. Plaintiffs appealed the dismissals and, on August 4, 2015, the United States Court of Appeals for the District of Columbia Circuit vacated the district court’s decisions and remanded the three cases to the district court for further proceedings. On June 28, 2016, the United States Supreme Court granted defendants’ petitions for writ of certiorari to review the decisions of the United States Court of Appeals for the District of Columbia. On November 17, 2016, the United States Supreme Court dismissed the petitions as improvidently granted, and the three cases returned to the district court for further proceedings. On March 18, 2020, the Company reached a settlement in principle pursuant to which the Company will pay $20.8 million to resolve the cases, subject to final documentation of the settlement agreement.
AUTOMOBILE LENDING MATTERS On April 20, 2018, the Company entered into consent orders with the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) to resolve, among other things, investigations by
 
the agencies into the Company’s compliance risk management program and its past practices involving certain automobile collateral protection insurance (CPI) policies and certain mortgage interest rate lock extensions. The consent orders require remediation to customers and the payment of a total of $1.0 billion in civil money penalties to the agencies. In July 2017, the Company announced a plan to remediate customers who may have been financially harmed due to issues related to automobile CPI policies purchased through a third-party vendor on their behalf. Multiple putative class action cases alleging, among other things, unfair and deceptive practices relating to these CPI policies, have been filed against the Company and consolidated into one multi-district litigation in the United States District Court for the Central District of California. The Company has reached an agreement to resolve the multi-district litigation pursuant to which the Company has agreed to pay, consistent with its remediation obligations under the consent orders, approximately $609 million in remediation to customers with CPI policies placed between October 15, 2005, and September 30, 2016. The settlement amount is not incremental to the Company’s remediation obligations under the consent orders, but instead encompasses those obligations, including remediation payments to date. The settlement amount is subject to change as the Company finalizes its remediation activity under the consent orders. In addition, the Company has agreed to contribute $1 million to a common fund for the class. The district court granted final approval of the settlement on November 21, 2019. A putative class of shareholders also filed a securities fraud class action against the Company and its executive officers alleging material misstatements and omissions of CPI-related information in the Company’s public disclosures. In January 2020, the court dismissed this action as to all defendants except the Company and a former executive officer and limited the action to two alleged misstatements. In addition, the Company is subject to a class action lawsuit in the United States District Court for the Central District of California alleging that customers are entitled to refunds related to the unused portion of guaranteed automobile protection (GAP) waiver or insurance agreements between the customer and dealer and, by assignment, the lender. Allegations related to the CPI and GAP programs are among the subjects of shareholder derivative lawsuits pending in federal and state court in California. The court dismissed the state court action in September 2018, but plaintiffs filed an amended complaint in November 2018. The parties to the state court action have entered into an agreement to resolve the action pursuant to which the Company will pay plaintiffs’ attorneys’ fees and undertake certain business and governance practices. The state court granted final approval of the settlement on January 15, 2020, and a notice of appeal has been filed. These and other issues related to the origination, servicing, and collection of consumer automobile loans, including related insurance products, have also subjected the Company to formal or informal inquiries, investigations, or examinations from federal and state government agencies. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million.
CONSENT ORDER DISCLOSURE LITIGATION Wells Fargo shareholders have brought securities fraud class actions in the

122
Note 14: Legal Actions (continued)

United States District Courts for the Northern District of California and the Southern District of New York alleging that the Company made false or misleading statements regarding its efforts to comply with the February 2018 consent order with the FRB and the April 2018 consent orders with the CFPB and OCC.
CONSUMER DEPOSIT ACCOUNT RELATED REGULATORY INVESTIGATION The CFPB is conducting an investigation into whether customers were unduly harmed by the Company’s historical practices associated with the freezing (and, in many cases, closing) of consumer deposit accounts after the Company detected suspected fraudulent activity (by third parties or account holders) that affected those accounts.
CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT/PAYCHECK PROTECTION PROGRAM Plaintiffs have filed putative class actions in various federal courts against the Company. The actions seek damages and injunctive relief related to the Company’s offering of Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security Act, as well as claims for fees by purported agents who allegedly assisted customers with preparing PPP loan applications submitted to the Company. The Company has also received formal and informal inquiries from federal and state governmental agencies regarding its offering of PPP loans.
FIDUCIARY AND CUSTODY ACCOUNT FEE CALCULATIONS Federal government agencies are conducting formal or informal inquiries, investigations, or examinations regarding fee calculations within certain fiduciary and custody accounts in the Company’s investment and fiduciary services business, which is part of the wealth management business within the Wealth and Investment Management (WIM) operating segment. The Company has determined that there have been instances of incorrect fees being applied to certain assets and accounts, resulting in both overcharges and undercharges to customers.
FOREIGN EXCHANGE BUSINESS The United States Department of Justice (Department of Justice) is investigating certain activities in the Company’s foreign exchange business, including whether customers may have received pricing inconsistent with commitments made to those customers. Previous investigations by other federal government agencies have been resolved.
INTERCHANGE LITIGATION Plaintiffs representing a putative class of merchants have filed putative class actions, and individual merchants have filed individual actions, against Wells Fargo Bank, N.A., Wells Fargo & Company, Wachovia Bank, N.A., and Wachovia Corporation regarding the interchange fees associated with Visa and MasterCard payment card transactions. Visa, MasterCard, and several other banks and bank holding companies are also named as defendants in these actions. These actions have been consolidated in the United States District Court for the Eastern District of New York. The amended and consolidated complaint asserts claims against defendants based on alleged violations of federal and state antitrust laws and seeks damages, as well as injunctive relief. Plaintiff merchants allege that Visa, MasterCard, and payment card issuing banks unlawfully colluded to set interchange rates. Plaintiffs also allege that enforcement of certain Visa and MasterCard rules and alleged tying and bundling of services offered to merchants are anticompetitive. Wells Fargo and Wachovia, along with other defendants and entities, are parties to Loss and Judgment Sharing Agreements, which provide that they, along with other entities, will share, based on a formula, in any losses from the Interchange Litigation. On July 13, 2012,
 
Visa, MasterCard, and the financial institution defendants, including Wells Fargo, signed a memorandum of understanding with plaintiff merchants to resolve the consolidated class action and reached a separate settlement in principle of the consolidated individual actions. The settlement payments to be made by all defendants in the consolidated class and individual actions totaled approximately $6.6 billion before reductions applicable to certain merchants opting out of the settlement. The class settlement also provided for the distribution to class merchants of 10 basis points of default interchange across all credit rate categories for a period of eight consecutive months. The district court granted final approval of the settlement, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. Other merchants opted out of the settlement and are pursuing several individual actions. On June 30, 2016, the Second Circuit vacated the settlement agreement and reversed and remanded the consolidated action to the United States District Court for the Eastern District of New York for further proceedings. On November 23, 2016, prior class counsel filed a petition to the United States Supreme Court, seeking review of the reversal of the settlement by the Second Circuit, and the Supreme Court denied the petition on March 27, 2017. On November 30, 2016, the district court appointed lead class counsel for a damages class and an equitable relief class. The parties have entered into a settlement agreement to resolve the money damages class claims pursuant to which defendants will pay a total of approximately $6.2 billion, which includes approximately $5.3 billion of funds remaining from the 2012 settlement and $900 million in additional funding. The Company’s allocated responsibility for the additional funding is approximately $94.5 million. The court granted final approval of the settlement on December 13, 2019, which was appealed to the United States Court of Appeals for the Second Circuit by settlement objector merchants. Several of the opt-out and direct action litigations have been settled while others remain pending. Discovery is proceeding in the opt-out litigations and the equitable relief class case.
LOW INCOME HOUSING TAX CREDITS Federal government agencies have undertaken formal or informal inquiries or investigations regarding the manner in which the Company purchased, and negotiated the purchase of, certain federal low income housing tax credits in connection with the financing of low income housing developments.
MOBILE DEPOSIT PATENT LITIGATION  The Company is a defendant in two separate cases brought by United Services Automobile Association (USAA) in the United States District Court for the Eastern District of Texas alleging claims of patent infringement regarding mobile deposit capture technology patents held by USAA. Trial in the first case commenced on October 30, 2019, and resulted in a $200 million verdict against the Company. Trial in the second case commenced on January 6, 2020, and resulted in a $102.7 million verdict against the Company. The Company has filed post-trial motions to, among other things, vacate the verdicts, and USAA has filed post-trial motions seeking future royalty payments and damages for willful infringement.
MORTGAGE LOAN MODIFICATION LITIGATION Plaintiffs representing a putative class of mortgage borrowers have filed separate putative class actions, Hernandez v. Wells Fargo, et al., Coordes v. Wells Fargo, et al., Ryder v. Wells Fargo, Liguori v. Wells Fargo, and Dore v. Wells Fargo, against Wells Fargo Bank, N.A., in the United States District Court for the Northern District

123

of California, the United States District Court for the District of Washington, the United States District Court for the Southern District of Ohio, the United States District Court for the Southern District of New York, and the United States District Court for the Western District of Pennsylvania, respectively. Plaintiffs allege that Wells Fargo improperly denied mortgage loan modifications or repayment plans to customers in the foreclosure process due to the overstatement of foreclosure attorneys’ fees that were included for purposes of determining whether a customer in the foreclosure process qualified for a mortgage loan modification or repayment plan. The district court in the Hernandez case certified a nationwide breach of contract class for foreclosed borrowers and denied certification on claims pertaining to other impacted borrowers. In March 2020, the Company entered into an agreement pursuant to which the Company will pay $18.5 million to resolve the claims of the certified class in the Hernandez case.
MORTGAGE-RELATED REGULATORY INVESTIGATIONS Federal and state government agencies, including the Department of Justice, have been investigating or examining certain mortgage related activities of Wells Fargo and predecessor institutions. Wells Fargo, for itself and for predecessor institutions, has responded, or continues to respond, to requests from these agencies seeking information regarding the origination, underwriting, and securitization of residential mortgages, including sub-prime mortgages. These agencies have advanced theories of purported liability with respect to certain of these activities. An agreement, pursuant to which the Company paid $2.09 billion, was reached in August 2018 to resolve the Department of Justice investigation, which related to certain 2005-2007 residential mortgage-backed securities activities. In addition, the Company reached an agreement with the Attorney General of the State of Illinois in November 2018 pursuant to which the Company paid $17 million in restitution to certain Illinois state pension funds and reached an agreement with the Attorney General of the State of Maryland in June 2020 pursuant to which the Company agreed to pay $20 million in restitution, in each case to resolve claims relating to certain residential mortgage-backed securities activities. Other financial institutions have entered into similar settlements with these agencies, the nature of which related to the specific activities of those financial institutions, including the imposition of significant financial penalties and remedial actions.
NOMURA/NATIXIS MORTGAGE-RELATED LITIGATION In August 2014 and August 2015, Nomura Credit & Capital Inc. (Nomura) and Natixis Real Estate Holdings, LLC (Natixis) filed a total of seven third-party complaints against Wells Fargo Bank, N.A., in New York state court. In the underlying first-party actions, Nomura and Natixis have been sued for alleged breaches of representations and warranties made in connection with residential mortgage-backed securities sponsored by them. In the third-party actions, Nomura and Natixis allege that Wells Fargo, as master servicer, primary servicer or securities administrator, failed to notify Nomura and Natixis of their own breaches, failed to properly oversee the primary servicers, and failed to adhere to accepted servicing practices. Natixis additionally alleges that Wells Fargo failed to perform default oversight duties. Wells Fargo has asserted counterclaims alleging that Nomura and Natixis failed to provide Wells Fargo notice of their representation and warranty breaches.
OFAC RELATED INVESTIGATION The Company has self-identified an issue whereby certain foreign banks utilized a Wells Fargo software-based solution to conduct import/export trade-related financing transactions with countries and entities prohibited by
 
the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury. We do not believe any funds related to these transactions flowed through accounts at Wells Fargo as a result of the aforementioned conduct. The Company has made voluntary self-disclosures to OFAC and is cooperating with an inquiry from the Department of Justice.
ORDER OF POSTING LITIGATION  Plaintiffs filed a series of putative class actions against Wachovia Bank, N.A., and Wells Fargo Bank, N.A., as well as many other banks, challenging the “high to low” order in which the banks post debit card transactions to consumer deposit accounts. Most of these actions were consolidated in multi-district litigation proceedings (MDL proceedings) in the United States District Court for the Southern District of Florida. The court in the MDL proceedings has certified a class of putative plaintiffs, and Wells Fargo moved to compel arbitration of the claims of unnamed class members. The court denied the motions to compel arbitration in October 2016, and Wells Fargo appealed this decision to the United States Court of Appeals for the Eleventh Circuit. In May 2018, the Eleventh Circuit ruled in Wells Fargo’s favor and found that Wells Fargo had not waived its arbitration rights and remanded the case to the district court for further proceedings. On September 26, 2019, the district court entered an order granting Wells Fargo’s motion and dismissed the claims of unnamed class members in favor of arbitration. Plaintiffs appealed this decision to the United States Court of Appeals for the Eleventh Circuit.
RETAIL SALES PRACTICES MATTERS A number of bodies or entities, including (a) federal, state, and local government agencies, including the Department of Justice, the United States Securities and Exchange Commission (SEC), and the United States Department of Labor, (b) state attorneys general, including the New York Attorney General, and (c) Congressional committees, have undertaken formal or informal inquiries, investigations, or examinations arising out of certain retail sales practices of the Company that were the subject of settlements with the CFPB, the OCC, and the Office of the Los Angeles City Attorney announced by the Company on September 8, 2016. These matters are at varying stages. The Company has responded, and continues to respond, to requests from certain of the foregoing. In October 2018, the Company entered into an agreement to resolve the New York Attorney General’s investigation pursuant to which the Company paid $65 million to the State of New York. In December 2018, the Company entered into an agreement with all 50 state Attorneys General and the District of Columbia to resolve an investigation into the Company’s retail sales practices, CPI and GAP, and mortgage interest rate lock matters, pursuant to which the Company paid $575 million. On February 21, 2020, the Company entered into an agreement with the Department of Justice to resolve the Department of Justice’s criminal investigation into the Company’s retail sales practices, as well as a separate agreement to resolve the Department of Justice’s civil investigation. As part of the Department of Justice criminal settlement, no charges will be filed against the Company provided the Company abides by all the terms of the agreement. The Department of Justice criminal settlement also includes the Company’s agreement that the facts set forth in the settlement document constitute sufficient facts for the finding of criminal violations of statutes regarding bank records and personal information. On February 21, 2020, the Company also entered into an order to resolve the SEC’s investigation arising out of the Company’s retail sales practices. The SEC order contains a finding, to which

124
Note 14: Legal Actions (continued)

the Company consented, that the facts set forth include violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. As part of the resolution of the Department of Justice and SEC investigations, the Company has agreed to make payments totaling $3.0 billion. In addition, as part of the settlements and included in the $3.0 billion amount, the Company has agreed to the creation of a $500 million Fair Fund for the benefit of investors who were harmed by the conduct covered in the SEC settlement.
In addition, a number of lawsuits have been filed by non-governmental parties seeking damages or other remedies related to these retail sales practices. First, various class plaintiffs, purporting to represent consumers who allege that they received products or services without their authorization or consent, have brought separate putative class actions against the Company in the United States District Court for the Northern District of California and various other jurisdictions. On June 14, 2018, the district court granted final approval of a settlement entered into by the Company in the first-filed action, Jabbari v. Wells Fargo Bank, N.A., pursuant to which the Company will pay $142 million to resolve claims regarding certain products or services provided without authorization or consent for the time period May 1, 2002 to April 20, 2017. On July 20, 2020, the United States Court of Appeals for the Ninth Circuit affirmed the district court's order granting final approval of the settlement. Second, the Company was subject to a consolidated securities fraud class action alleging certain misstatements and omissions in the Company’s disclosures related to sales practices matters. The Company entered into a settlement agreement to resolve this matter pursuant to which the Company paid $480 million. Third, Wells Fargo shareholders have brought numerous shareholder derivative lawsuits asserting breach of fiduciary duty claims against, among others, current and former directors and officers for their alleged involvement with and failure to detect and prevent sales practices issues. These actions are currently pending in the United States District Court for the Northern District of California and California state court as consolidated or coordinated proceedings. The parties have entered into settlement agreements to resolve the shareholder derivative lawsuits pursuant to which insurance carriers will pay the Company approximately $240 million for alleged damage to the Company, and the Company will pay plaintiffs’ attorneys’ fees. The federal court granted final approval of the settlement for its action on April 7, 2020. The state court granted final approval of the settlement for its action on January 15, 2020. Fourth, a purported Employee Retirement Income Security Act (ERISA) class action was filed in the United States District Court for the District of Minnesota on behalf of 401(k) plan participants. The district court dismissed the action, and on July 27, 2020, the United States Court of Appeals for the Eighth Circuit affirmed the dismissal.
RMBS TRUSTEE LITIGATION In November 2014, a group of institutional investors (Institutional Investor Plaintiffs), including funds affiliated with BlackRock, Inc., filed a putative class action in the United States District Court for the Southern District of New York against Wells Fargo Bank, N.A., alleging claims against the Company in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts (Federal Court Complaint). Similar complaints have been filed against other trustees in various courts, including in the Southern District of New York, in New York state court, and in other states, by RMBS investors. The Federal Court Complaint alleged that Wells Fargo Bank, N.A., as trustee, caused losses to investors and asserted causes of action based upon, among other things, the trustee’s
 
alleged failure to notify and enforce repurchase obligations of mortgage loan sellers for purported breaches of representations and warranties, notify investors of alleged events of default, and abide by appropriate standards of care following alleged events of default. Plaintiffs sought money damages in an unspecified amount, reimbursement of expenses, and equitable relief. In December 2014 and December 2015, certain other investors filed additional complaints alleging similar claims against Wells Fargo Bank, N.A., in the Southern District of New York (Related Federal Cases). In January 2016, the Southern District of New York entered an order in connection with the Federal Court Complaint dismissing claims related to certain of the trusts at issue (Dismissed Trusts). The Company’s subsequent motion to dismiss the Federal Court Complaint and the complaints for the Related Federal Cases was granted in part and denied in part in March 2017. In May 2017, the Company filed third-party complaints against certain investment advisors affiliated with the Institutional Investor Plaintiffs seeking contribution with respect to claims alleged in the Federal Court Complaint (Third-Party Claims).
In December 2016, the Institutional Investor Plaintiffs filed a new putative class action complaint in New York state court in respect of 261 RMBS trusts, including the Dismissed Trusts, for which Wells Fargo Bank, N.A., serves or served as trustee (State Court Action). A complaint raising similar allegations to those in the Federal Court Complaint was filed in May 2016 in New York state court by IKB International and IKB Deutsche Industriebank (IKB Action).
In July 2017, certain of the plaintiffs from the State Court Action filed a civil complaint relating to Wells Fargo Bank, N.A.’s setting aside reserves for legal fees and expenses in connection with the liquidation of eleven RMBS trusts at issue in the State Court Action (Declaratory Judgment Action). The complaint sought, among other relief, declarations that the Company is not entitled to indemnification, the advancement of funds, or the taking of reserves from trust funds for legal fees and expenses it incurs in defending the claims in the State Court Action.
In May 2019, the New York state court approved a settlement agreement among the Institutional Investor Plaintiffs and the Company pursuant to which, among other terms, the Company paid $43 million to resolve the Federal Court Complaint and the State Court Action. The settlement also resolved the Third Party Claims and the Declaratory Judgment Action. The settlement did not affect the Related Federal Cases or the IKB Action, which remain pending.
SEMINOLE TRIBE TRUSTEE LITIGATION The Seminole Tribe of Florida filed a complaint in Florida state court alleging that Wells Fargo, as trustee, charged excess fees in connection with the administration of a minor’s trust and failed to invest the assets of the trust prudently. The complaint was later amended to include three individual current and former beneficiaries as plaintiffs and to remove the Tribe as a party to the case. In December 2016, the Company filed a motion to dismiss the amended complaint on the grounds that the Tribe is a necessary party and that the individual beneficiaries lack standing to bring claims. The motion was denied in June 2018. The case is pending trial.
WHOLESALE BANKING CONSENT ORDER INVESTIGATION On November 19, 2015, the Company entered into a consent order with the OCC, pursuant to which the Wholesale Banking group was required to implement customer due diligence standards that include collection of current beneficial ownership information for certain business customers. The Company is responding to

125

inquiries from various federal government agencies regarding potentially inappropriate conduct in connection with the collection of beneficial ownership information.
OUTLOOK  As described above, the Company establishes accruals for legal actions when potential losses associated with the actions become probable and the costs can be reasonably estimated. The high end of the range of reasonably possible potential losses in excess of the Company’s accrual for probable and estimable losses was approximately $2.3 billion as of June 30, 2020. The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established accrual or the range of reasonably possible loss. Wells Fargo is unable to determine whether the ultimate resolution of the retail sales practices matters will have a material adverse effect on its consolidated financial condition. Based on information currently available, advice of counsel, available insurance coverage, and established reserves, Wells Fargo believes that the eventual outcome of other actions against Wells Fargo and/or its subsidiaries will not, individually or in the aggregate, have a material adverse effect on Wells Fargo’s consolidated financial condition. However, it is possible that the ultimate resolution of a matter, if unfavorable, may be material to Wells Fargo’s results of operations for any particular period.


126
Note 15: Derivatives (continued)

Note 15: Derivatives
We use derivatives to manage exposure to market risk, including interest rate risk, credit risk and foreign currency risk, and to assist customers with their risk management objectives. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships (fair value or cash flow hedges). Our remaining derivatives consist of economic hedges that do not qualify for hedge accounting, and derivatives held for customer accommodation trading or other purposes. For more information on our derivative activities, see Note 18 (Derivatives) in our 2019 Form 10-K.
 
Table 15.1 presents the total notional or contractual amounts and fair values for our derivatives. Derivative transactions can be measured in terms of the notional amount, but this amount is not recorded on the balance sheet and is not, when viewed in isolation, a meaningful measure of the risk profile of the instruments. The notional amount is generally not exchanged but is used only as the basis on which interest and other payments are determined.
Table 15.1: Notional or Contractual Amounts and Fair Values of Derivatives
 
June 30, 2020
 
 
December 31, 2019
 
 
Notional or
contractual
amount

 
 
 
Fair value

 
Notional or
contractual
amount

 
 
 
Fair value

(in millions)
 
Derivative
assets

 
Derivative
liabilities

 
 
Derivative
assets

 
Derivative
liabilities

Derivatives designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
192,835

 
3,701

 
2,035

 
182,789

 
2,595

 
1,237

Foreign exchange contracts
34,459

 
281

 
1,220

 
32,386

 
341

 
1,170

Total derivatives designated as qualifying hedging instruments
 
 
3,982

 
3,255

 
 
 
2,936

 
2,407

Derivatives not designated as hedging instruments
 
 
 
 
 
 
 
 
 
 
 
Economic hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
313,604

 
556

 
374

 
235,810

 
207

 
160

Equity contracts
22,616

 
1,294

 
100

 
19,263

 
1,126

 
224

Foreign exchange contracts
52,349

 
1,062

 
196

 
26,595

 
118

 
286

Credit contracts – protection purchased
99

 
35

 
—

 
1,400

 
27

 
—

Subtotal
 
 
2,947

 
670

 
 
 
1,478

 
670

Customer accommodation trading and other derivatives:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
11,254,860

 
44,355

 
34,055

 
11,117,542

 
21,245

 
17,969

Commodity contracts
77,608

 
2,039

 
3,741

 
79,737

 
1,421

 
1,770

Equity contracts
303,271

 
9,375

 
11,986

 
272,145

 
7,410

 
10,240

Foreign exchange contracts
302,847

 
5,088

 
6,043

 
364,469

 
4,755

 
4,791

Credit contracts – protection sold
15,513

 
10

 
58

 
12,215

 
12

 
65

Credit contracts – protection purchased
25,695

 
85

 
15

 
24,030

 
69

 
18

Subtotal
 
 
60,952

 
55,898

 
 
 
34,912

 
34,853

Total derivatives not designated as hedging instruments
 
 
63,899

 
56,568

 
 
 
36,390

 
35,523

Total derivatives before netting
 
 
67,881

 
59,823

 
 
 
39,326

 
37,930

Netting
 
 
(45,105
)
 
(48,455
)
 
 
 
(25,123
)
 
(28,851
)
Total
 
 
$
22,776

 
11,368

 
 
 
14,203

 
9,079




127

Table 15.2 provides information on the gross fair values of derivative assets and liabilities, the balance sheet netting adjustments and the resulting net fair value amount recorded on our balance sheet, as well as the non-cash collateral associated with such arrangements. We execute substantially all of our derivative transactions under master netting arrangements and reflect all derivative balances and related cash collateral subject to enforceable master netting arrangements on a net basis within the balance sheet. The “Gross amounts recognized” column in the following table includes $59.6 billion and $54.7 billion of gross derivative assets and liabilities, respectively, at June 30, 2020, and $33.7 billion and $33.5 billion, respectively, at December 31, 2019, with counterparties subject to enforceable master netting arrangements that are eligible for balance sheet netting adjustments. The majority of these amounts are interest rate contracts executed in over-the-counter (OTC) markets. The remaining gross derivative assets and liabilities of $8.3 billion and $5.1 billion, respectively, at June 30, 2020, and $5.6 billion and $4.4 billion, respectively, at December 31, 2019, include those with counterparties subject to master netting arrangements for which we have not assessed the enforceability because they are with counterparties where we do not currently have positions to offset, those subject to master netting arrangements where we have not been able to confirm the enforceability and those not subject to master netting arrangements. As such, we do not net derivative balances or collateral within the balance sheet for these counterparties. Cash collateral receivables and payables that have not been offset against our derivatives were $1.2 billion and $1.4 billion, respectively, at June 30, 2020, and $6.3 billion and $1.4 billion, respectively, at December 31, 2019.
We determine the balance sheet netting adjustments based on the terms specified within each master netting arrangement. We disclose the balance sheet netting amounts within the column titled “Gross amounts offset in consolidated balance sheet.” Balance sheet netting adjustments are determined at the counterparty level for which there may be multiple contract types. For disclosure purposes, we allocate these netting adjustments to the contract type for each counterparty proportionally based upon the “Gross amounts recognized” by counterparty. As a result, the net amounts disclosed by contract type may not represent the actual exposure upon settlement of the contracts.
 
We do not net non-cash collateral that we receive and pledge on the balance sheet. For disclosure purposes, we present the fair value of this non-cash collateral in the column titled “Gross amounts not offset in consolidated balance sheet (Disclosure-only netting)” within the table. We determine and allocate the Disclosure-only netting amounts in the same manner as balance sheet netting amounts.
The “Net amounts” column within Table 15.2 represents the aggregate of our net exposure to each counterparty after considering the balance sheet and Disclosure-only netting adjustments. We manage derivative exposure by monitoring the credit risk associated with each counterparty using counterparty specific credit risk limits, using master netting arrangements and obtaining collateral. Derivative contracts executed in OTC markets include bilateral contractual arrangements that are not cleared through a central clearing organization but are typically subject to master netting arrangements. Other derivative contracts that are settled through a central clearing organization whether OTC or exchange-traded, are excluded from that percentage. In addition to the netting amounts included in the table, we also have balance sheet netting related to resale and repurchase agreements that are disclosed within Note 13 (Guarantees, Pledged Assets and Collateral, and Other Commitments).

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Note 15: Derivatives (continued)

Table 15.2: Gross Fair Values of Derivative Assets and Liabilities
(in millions)
Gross
amounts
recognized

 
Gross amounts
offset in
consolidated
balance
sheet (1)

 
Net amounts in
consolidated
balance
sheet

 
Gross amounts
not offset in
consolidated
balance sheet
(Disclosure-only
netting)

 
Net
amounts

 
Percent
exchanged in
over-the-counter
market

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
48,612

 
(31,539
)
 
17,073

 
(1,318
)
 
15,755

 
97
%
Commodity contracts
2,039

 
(1,495
)
 
544

 
(3
)
 
541

 
73

Equity contracts
10,669

 
(7,076
)
 
3,593

 
(650
)
 
2,943

 
67

Foreign exchange contracts
6,431

 
(4,920
)
 
1,511

 
(4
)
 
1,507

 
100

Credit contracts – protection sold
10

 
(8
)
 
2

 
—

 
2

 
68

Credit contracts – protection purchased
120

 
(67
)
 
53

 
(2
)
 
51

 
89

Total derivative assets
$
67,881

 
(45,105
)
 
22,776

 
(1,977
)
 
20,799

 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
36,464

 
(33,777
)
 
2,687

 
(637
)
 
2,050

 
96
%
Commodity contracts
3,741

 
(1,404
)
 
2,337

 
(2
)
 
2,335

 
86

Equity contracts
12,086

 
(7,361
)
 
4,725

 
(242
)
 
4,483

 
73

Foreign exchange contracts
7,459

 
(5,855
)
 
1,604

 
(59
)
 
1,545

 
100

Credit contracts – protection sold
58

 
(54
)
 
4

 
—

 
4

 
95

Credit contracts – protection purchased
15

 
(4
)
 
11

 
—

 
11

 
84

Total derivative liabilities
$
59,823

 
(48,455
)
 
11,368

 
(940
)
 
10,428

 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Derivative assets
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
24,047

 
(14,878
)
 
9,169

 
(445
)
 
8,724

 
95
%
Commodity contracts
1,421

 
(888
)
 
533

 
(2
)
 
531

 
80

Equity contracts
8,536

 
(5,570
)
 
2,966

 
(69
)
 
2,897

 
65

Foreign exchange contracts
5,214

 
(3,722
)
 
1,492

 
(22
)
 
1,470

 
100

Credit contracts – protection sold
12

 
(9
)
 
3

 
—

 
3

 
84

Credit contracts – protection purchased
96

 
(56
)
 
40

 
(1
)
 
39

 
97

Total derivative assets
$
39,326

 
(25,123
)
 
14,203

 
(539
)
 
13,664

 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
19,366

 
(16,595
)
 
2,771

 
(545
)
 
2,226

 
94
%
Commodity contracts
1,770

 
(677
)
 
1,093

 
(2
)
 
1,091

 
82

Equity contracts
10,464

 
(6,647
)
 
3,817

 
(319
)
 
3,498

 
81

Foreign exchange contracts
6,247

 
(4,866
)
 
1,381

 
(169
)
 
1,212

 
100

Credit contracts – protection sold
65

 
(60
)
 
5

 
(3
)
 
2

 
98

Credit contracts – protection purchased
18

 
(6
)
 
12

 
—

 
12

 
93

Total derivative liabilities
$
37,930

 
(28,851
)
 
9,079

 
(1,038
)
 
8,041

 
 
(1)
Represents amounts with counterparties subject to enforceable master netting arrangements that have been offset in the consolidated balance sheet, including related cash collateral and portfolio level counterparty valuation adjustments. Counterparty valuation adjustments related to derivative assets were $600 million and $231 million and debit valuation adjustments related to derivative liabilities were $229 million and $100 million at June 30, 2020, and December 31, 2019, respectively. Cash collateral totaled $7.3 billion and $11.0 billion, netted against derivative assets and liabilities, respectively, at June 30, 2020, and $2.9 billion and $6.8 billion, respectively, at December 31, 2019.

Fair Value and Cash Flow Hedges
For fair value hedges, we use interest rate swaps to convert certain of our fixed-rate long-term debt and time certificates of deposit to floating rates to hedge our exposure to interest rate risk. We also enter into cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge our exposure to foreign currency risk and interest rate risk associated with the issuance of non-U.S. dollar denominated long-term debt. In addition, we use interest rate swaps, cross-currency swaps, cross-currency interest rate swaps and forward contracts to hedge against changes in fair value of certain investments in available-for-sale debt securities due to changes in interest rates, foreign currency rates, or both. We also use interest rate swaps to hedge against changes in fair value for certain mortgage loans held for sale. For certain fair value hedges of foreign currency risk, changes in fair value of cross-currency swaps attributable to
 
changes in cross-currency basis spreads are excluded from the assessment of hedge effectiveness and recorded in other comprehensive income. See Note 26 (Other Comprehensive Income) for the amounts recognized in other comprehensive income.
For cash flow hedges, we use interest rate swaps to hedge the variability in interest payments received on certain floating-rate commercial loans and paid on certain floating-rate debt due to changes in the contractually specified interest rate. We also use cross-currency swaps to hedge variability in interest payments on fixed-rate foreign currency-denominated long-term debt due to changes in foreign exchange rates.
We estimate $203 million pre-tax of deferred net losses related to cash flow hedges in OCI at June 30, 2020, will be reclassified into net interest income during the next twelve months. The deferred losses expected to be reclassified into net

129

interest income are predominantly related to discontinued hedges of floating rate loans. For cash flow hedges as of June 30, 2020, we are hedging our foreign currency exposure to the variability of future cash flows for all forecasted transactions for a maximum of 10 years. For more information on our accounting
 
hedges, see Note 1 (Summary of Significant Accounting Policies) and Note 18 (Derivatives) in our 2019 Form 10-K.
Table 15.3 and Table 15.4 show the net gains (losses) by income statement line item impacted, related to derivatives in fair value and cash flow hedging relationships, respectively.
Table 15.3: Gains (Losses) Recognized on Fair Value Hedging Relationships
 
Net interest income
 
 
Noninterest income

Total recorded in net income

Total recorded in OCI

(in millions)
Debt securities

Mortgage loans held for sale

Deposits

Long-term debt

 
Other

Derivative gains (losses)

Derivative gains (losses)

Quarter ended June 30, 2020
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
2,946

230

(585
)
(1,237
)
 
97

N/A

3

 
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
(93
)
—

152

428

 
—

487

 
Recognized on derivatives
(21
)
(3
)
(86
)
549

 
—

439

—

Recognized on hedged items
63

4

77

(618
)
 
—

(474
)
 
Total gains (losses) (pre-tax) on interest rate contracts
(51
)
1

143

359

 
—

452

—

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
11

—

—

(46
)
 
—

(35
)
 
Recognized on derivatives
(1
)
—

—

117

 
709

825

(57
)
Recognized on hedged items
1

—

—

(70
)
 
(684
)
(753
)
 
Total gains (losses) (pre-tax) on foreign exchange contracts
11

—

—

1

 
25

37

(57
)
Total gains (losses) (pre-tax) recognized on fair value hedges
$
(40
)
$
1

$
143

$
360

 
25

489

(57
)
Six months ended June 30, 2020
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
6,418

427

(2,327
)
(2,477
)
 
564

N/A

185

 
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
(139
)
—

222

602

 
—

685

 
Recognized on derivatives
(1,892
)
(53
)
444

10,324

 
—

8,823

—

Recognized on hedged items
1,919

54

(434
)
(10,044
)
 
—

(8,505
)
 
Total gains (losses) (pre-tax) on interest rate contracts
(112
)
1

232

882

 
—

1,003

—

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
17

—

—

(131
)
 
—

(114
)
 
Recognized on derivatives
(2
)
—

—

224

 
(76
)
146

87

Recognized on hedged items
3

—

—

(244
)
 
80

(161
)
 
Total gains (losses) (pre-tax) on foreign exchange contracts
18

—

—

(151
)
 
4

(129
)
87

Total gains (losses) (pre-tax) recognized on fair value hedges
$
(94
)
1

232

731

 
4

874

87


(continued on following page)


130
Note 15: Derivatives (continued)

(continued from previous page)
 
Net interest income
 
 
Noninterest income

Total recorded in net income

Total recorded in OCI

(in millions)
Debt securities

Mortgage loans held for sale

Deposits

Long-term debt

 
Other

Derivative gains (losses)

Derivative gains (losses)

Quarter ended June 30, 2019
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
3,781

195

(2,213
)
(1,900
)
 
837

N/A

136

 
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
14

—

(7
)
7

 
—

14

 
Recognized on derivatives
(1,089
)
(25
)
351

2,947

 
—

2,184

—

Recognized on hedged items
1,096

24

(343
)
(2,890
)
 
—

(2,113
)
 
Total gains (losses) (pre-tax) on interest rate contracts
21

(1
)
1

64

 
—

85

—

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
10

—

—

(128
)
 
—

(118
)
 
Recognized on derivatives
(5
)
—

—

205

 
326

526

56

Recognized on hedged items
4

—

—

(186
)
 
(315
)
(497
)
 
Total gains (losses) (pre-tax) on foreign exchange contracts
9

—

—

(109
)
 
11

(89
)
56

Total gains (losses) (pre-tax) recognized on fair value hedges
$
30

(1
)
1

(45
)
 
11

(4
)
56

Six months ended June 30, 2019
 
 
 
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
7,722

347

(4,239
)
(3,827
)
 
1,507

N/A

180

 
 
 
 
 
 
 
 
 
Interest contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
30

—

(30
)
—

 
—

—

 
Recognized on derivatives
(1,903
)
(33
)
558

4,933

 
—

3,555

—

Recognized on hedged items
1,913

31

(533
)
(4,837
)
 
—

(3,426
)
 
Total gains (losses) (pre-tax) on interest rate contracts
40

(2
)
(5
)
96

 
—

129

—

Foreign exchange contracts:
 
 
 
 
 
 
 
 
Amounts related to interest settlements on derivatives
20

—

—

(270
)
 
—

(250
)
 
Recognized on derivatives
(9
)
—

—

497

 
(76
)
412

30

Recognized on hedged items
9

—

—

(452
)
 
76

(367
)
 
Total gains (losses) (pre-tax) on foreign exchange contracts
20

—

—

(225
)
 
—

(205
)
30

Total gains (losses) (pre-tax) recognized on fair value hedges
$
60

(2
)
(5
)
(129
)
 
—

(76
)
30



131


Table 15.4: Gains (Losses) Recognized on Cash Flow Hedging Relationships
 
Net interest Income
 
 
Total recorded in net income

Total recorded in OCI

(in millions)
Loans

Long-term debt

 
Derivative gains (losses)

Derivative gains (losses)

Quarter ended June 30, 2020
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
8,448

(1,237
)
 
N/A

3

Interest rate contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
(53
)
1

 
(52
)
52

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

—

Total gains (losses) (pre-tax) on interest rate contracts
(53
)
1

 
(52
)
52

Foreign exchange contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
—

(3
)
 
(3
)
3

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

5

Total gains (losses) (pre-tax) on foreign exchange contracts
—

(3
)
 
(3
)
8

Total gains (losses) (pre-tax) recognized on cash flow hedges
$
(53
)
$
(2
)
 
(55
)
60

Six months ended June 30, 2020
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
18,513

(2,477
)
 
N/A

185

Interest rate contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
(109
)
1

 
(108
)
108

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

—

Total gains (losses) (pre-tax) on interest rate contracts
(109
)
1

 
(108
)
108

Foreign exchange contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
—

(5
)
 
(5
)
5

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

(15
)
Total gains (losses) (pre-tax) on foreign exchange contracts
—

(5
)
 
(5
)
(10
)
Total gains (losses) (pre-tax) recognized on cash flow hedges
$
(109
)
(4
)
 
(113
)
98

Quarter ended June 30, 2019
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
11,316

(1,900
)
 
N/A

136

Interest rate contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
(77
)
1

 
(76
)
76

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

—

Total gains (losses) (pre-tax) on interest rate contracts
(77
)
1

 
(76
)
76

Foreign exchange contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
—

(3
)
 
(3
)
3

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

1

Total gains (losses) (pre-tax) on foreign exchange contracts
—

(3
)
 
(3
)
4

Total gains (losses) (pre-tax) recognized on cash flow hedges
$
(77
)
(2
)
 
(79
)
80

Six months ended June 30, 2019
 
 
 
 
 
Total amounts presented in the consolidated statement of income and other comprehensive income
$
22,670

(3,827
)
 
N/A

180

Interest rate contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
(155
)
1

 
(154
)
154

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

—

Total gains (losses) (pre-tax) on interest rate contracts
(155
)
1

 
(154
)
154

Foreign exchange contracts:
 
 
 
 
 
Realized gains (losses) (pre-tax) reclassified from OCI into net income
—

(4
)
 
(4
)
4

Net unrealized gains (losses) (pre-tax) recognized in OCI
N/A

N/A

 
N/A

(8
)
Total gains (losses) (pre-tax) on foreign exchange contracts
—

(4
)
 
(4
)
(4
)
Total gains (losses) (pre-tax) recognized on cash flow hedges
$
(155
)
(3
)
 
(158
)
150



132
Note 15: Derivatives (continued)


Table 15.5 shows the carrying amount and associated cumulative basis adjustment related to the application of hedge
accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships.
 



Table 15.5: Hedged Items in Fair Value Hedging Relationship
 
Hedged Items Currently Designated
 
 
Hedged Items No Longer Designated (1)
 
(in millions)
Carrying Amount of Assets/(Liabilities) (2)(4)

Hedge Accounting
Basis Adjustment
Assets/(Liabilities) (3)

 
Carrying Amount of Assets/(Liabilities) (4)

Hedge Accounting
Basis Adjustment
Assets/(Liabilities)

June 30, 2020
 
 
 
 
 
Available-for-sale debt securities (5)
$
29,585

2,560

 
8,952

269

Mortgage loans held for sale
233

10

 
—

—

Deposits
(35,247
)
(761
)
 
—

—

Long-term debt
(166,000
)
(16,022
)
 
(21,254
)
92

December 31, 2019
 
 
 
 
 
Available-for-sale debt securities (5)
$
36,896

1,110

 
9,486

278

Mortgage loans held for sale
961

(12
)
 
—

—

Deposits
(43,716
)
(324
)
 
—

—

Long-term debt
(127,423
)
(5,827
)
 
(25,750
)
173

(1)
Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date.
(2)
Does not include the carrying amount of hedged items where only foreign currency risk is the designated hedged risk. The carrying amount excluded $5.2 billion for debt securities and $(4.3) billion for long-term debt as of June 30, 2020, and $1.2 billion for debt securities and $(5.2) billion for long-term debt as of December 31, 2019.
(3)
The balance includes $548 million and $143 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of June 30, 2020, and $790 million and $109 million of debt securities and long-term debt cumulative basis adjustments, respectively, as of December 31, 2019, on terminated hedges whereby the hedged items have subsequently been re-designated into existing hedges.
(4)
Represents the full carrying amount of the hedged asset or liability item as of the balance sheet date, except for circumstances in which only a portion of the asset or liability was designated as the hedged item in which case only the portion designated is presented.
(5)
Carrying amount represents the amortized cost.

133

Derivatives Not Designated as Hedging Instruments
Derivatives not designated as hedging instruments include economic hedges and derivatives entered into for customer accommodation trading purposes.
We use economic hedge derivatives to manage our exposure to interest rate risk, equity price risk, foreign currency risk, and credit risk. We also use economic hedge derivatives to mitigate the periodic earnings volatility caused by mismatches between the changes in fair value of the hedged item and hedging instrument recognized on our fair value accounting hedges. In second quarter 2020, we entered into arrangements to transition
 
the economic hedges of our deferred compensation plan liabilities from equity securities to derivative instruments. Changes in the fair values of derivatives used to economically hedge the deferred compensation plan are reported in personnel expense.
For more information on economic hedges and other derivatives, see Note 18 (Derivatives) to Financial Statements in our 2019 Form 10-K.
Table 15.6 shows the net gains (losses) recognized by income statement lines, related to derivatives not designated as hedging instruments.
Table 15.6: Gains (Losses) on Derivatives Not Designated as Hedging Instruments
 
Noninterest income
 
 
Noninterest Expense

(in millions)
Mortgage banking

Net gains (losses) from equity securities

Net gains (losses) from trading activities

Other

Total

 
Personnel expense

Quarter ended June 30, 2020
 
 
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
 
 
Interest contracts (1)
$
142

—

—

(74
)
68

 
—

Equity contracts
—

(1,402
)
—

(6
)
(1,408
)
 
(141
)
Foreign exchange contracts
—

—

—

(55
)
(55
)
 
—

Credit contracts
—

—

—

1

1

 
—

Subtotal
142

(1,402
)
—

(134
)
(1,394
)
 
(141
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
 
 
Interest contracts
546

—

676

—

1,222

 
—

Commodity contracts
—

—

(224
)
—

(224
)
 
—

Equity contracts
—

—

(2,348
)
(145
)
(2,493
)
 
—

Foreign exchange contracts
—

—

155

—

155

 
—

Credit contracts
—

—

(134
)
—

(134
)
 
—

Subtotal
546

—

(1,875
)
(145
)
(1,474
)
 
—

Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
688

(1,402
)
(1,875
)
(279
)
(2,868
)
 
(141
)
Six months ended June 30, 2020
 
 
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
 
 
Interest contracts (1)
$
2,613

—

—

(45
)
2,568

 
—

Equity contracts
—

(183
)
—

(34
)
(217
)
 
(141
)
Foreign exchange contracts
—

—

—

572

572

 
—

Credit contracts
—

—

—

17

17

 
—

Subtotal
2,613

(183
)
—

510

2,940

 
(141
)
Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
 
 
Interest contracts
1,099

—

(1,787
)
—

(688
)
 
—

Commodity contracts
—

—

(112
)
—

(112
)
 
—

Equity contracts
—

—

2,401

(72
)
2,329

 
—

Foreign exchange contracts
—

—

(402
)
—

(402
)
 
—

Credit contracts
—

—

147

—

147

 
—

Subtotal
1,099

—

247

(72
)
1,274

 
—

Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
3,712

(183
)
247

438

4,214

 
(141
)

(continued on following page)

134
Note 15: Derivatives (continued)

(continued from previous page)
 
 
 
Noninterest income
 
(in millions)
Mortgage banking

Net gains (losses) from equity securities

Net gains (losses) from trading activities

Other

Total

Quarter ended June 30, 2019
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
872

—

—

2

874

Equity contracts
—

(658
)
—

(7
)
(665
)
Foreign exchange contracts
—

—

—

164

164

Credit contracts
—

—

—

(5
)
(5
)
Subtotal
872

(658
)
—

154

368

Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts
179

—

(222
)
—

(43
)
Commodity contracts
—

—

27

—

27

Equity contracts
—

—

(1,110
)
(133
)
(1,243
)
Foreign exchange contracts
—

—

(83
)
—

(83
)
Credit contracts
—

—

(16
)
—

(16
)
Subtotal
179

—

(1,404
)
(133
)
(1,358
)
Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
1,051

(658
)
(1,404
)
21

(990
)
Six months ended June 30, 2019
 
 
 
 
 
Net gains (losses) recognized on economic hedges derivatives:
 
 
 
 
 
Interest contracts (1)
$
1,683

—

—

7

1,690

Equity contracts
—

(1,543
)
—

—

(1,543
)
Foreign exchange contracts
—

—

—

140

140

Credit contracts
—

—

—

10

10

Subtotal
1,683

(1,543
)
—

157

297

Net gains (losses) recognized on customer accommodation trading and other derivatives:
 
 
 
 
 
Interest contracts
297

—

(506
)
—

(209
)
Commodity contracts
—

—

78

—

78

Equity contracts
—

—

(3,259
)
(406
)
(3,665
)
Foreign exchange contracts
—

—

(69
)
—

(69
)
Credit contracts
—

—

(60
)
—

(60
)
Subtotal
297

—

(3,816
)
(406
)
(3,925
)
Net gains (losses) recognized related to derivatives not designated as hedging instruments
$
1,980

(1,543
)
(3,816
)
(249
)
(3,628
)
(1)
Mortgage banking amounts for the second quarter and first half of 2020 are comprised of gains of $535 million and $3.9 billion, respectively, related to derivatives used as economic hedges of MSRs measured at fair value offset by gains (losses) of $(393) million and $(1.3) billion, respectively, related to derivatives used as economic hedges of mortgage loans held for sale and derivative loan commitments. The corresponding amounts for the second quarter and first half of 2019 are comprised of gains of $1.2 billion and $2.1 billion offset by gains (losses) of $(283) million and $(434) million, respectively.



135

Credit Derivatives
Credit derivative contracts are arrangements whose value is derived from the transfer of credit risk of a reference asset or entity from one party (the purchaser of credit protection) to another party (the seller of credit protection). We use credit derivatives to assist customers with their risk management objectives. We may also use credit derivatives in structured product transactions or liquidity agreements written to special purpose vehicles. The maximum exposure of sold credit derivatives is managed through posted collateral, purchased credit derivatives and similar products in order to achieve our desired credit risk profile. This credit risk management provides
 
an ability to recover a significant portion of any amounts that would be paid under the sold credit derivatives. We would be
required to perform under sold credit derivatives in the event of default by the referenced obligors. Events of default include events such as bankruptcy, capital restructuring or lack of principal and/or interest payment. In certain cases, other triggers may exist, such as the credit downgrade of the referenced obligors or the inability of the special purpose vehicle for which we have provided liquidity to obtain funding.
Table 15.7 provides details of sold and purchased credit derivatives.
Table 15.7: Sold and Purchased Credit Derivatives
 
 
 
 
Notional amount
 
 
 
(in millions)
Fair value asset

Fair value
liability

 
Protection
sold (A)

 
Protection
sold –
non-
investment
grade

 
Protection
purchased
with
identical
underlyings (B)

 
Net
protection
sold
(A) - (B)

 
Other
protection
purchased

 
Range of
maturities
June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
7

2

 
3,433

 
827

 
2,508

 
925

 
2,971

 
2020 - 2029
Structured products
—

9

 
30

 
31

 
29

 
1

 
110

 
2034 - 2047
Credit protection on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Default swap index
1

1

 
5,084

 
1,759

 
2,610

 
2,474

 
3,874

 
2020 - 2029
Commercial mortgage-backed securities index
2

27

 
317

 
59

 
292

 
25

 
75

 
2047 - 2072
Asset-backed securities index
—

8

 
40

 
41

 
41

 
(1
)
 
1

 
2045 - 2046
Other
—

11

 
6,609

 
6,441

 
—

 
6,609

 
13,283

 
2020 - 2040
Total credit derivatives
$
10

58

 
15,513

 
9,158

 
5,480

 
10,033

 
20,314

 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit default swaps on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate bonds
$
8

1

 
2,855

 
707

 
1,885

 
970

 
2,447

 
2020 - 2029
Structured products
—

25

 
74

 
69

 
63

 
11

 
111

 
2022 - 2047
Credit protection on:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Default swap index
1

—

 
2,542

 
120

 
550

 
1,992

 
8,105

 
2020 - 2029
Commercial mortgage-backed securities index
3

26

 
322

 
67

 
296

 
26

 
50

 
2047 - 2058
Asset-backed securities index
—

8

 
41

 
41

 
41

 
—

 
1

 
2045 - 2046
Other
—

5

 
6,381

 
5,738

 
—

 
6,381

 
11,881

 
2020 - 2049
Total credit derivatives
$
12

65

 
12,215

 
6,742

 
2,835

 
9,380

 
22,595

 
 

Protection sold represents the estimated maximum exposure to loss that would be incurred under an assumed hypothetical circumstance, where the value of our interests and any associated collateral declines to zero, without any consideration of recovery or offset from any economic hedges. We believe this hypothetical circumstance to be an extremely remote possibility and accordingly, this required disclosure is not an indication of expected loss. The amounts under non-investment grade represent the notional amounts of those credit derivatives on which we have a higher risk of being required to perform under the terms of the credit derivative and are a function of the underlying assets.
 
We consider the risk of performance to be high if the underlying assets under the credit derivative have an external rating that is below investment grade or an internal credit default grade that is equivalent thereto. We believe the net protection sold, which is representative of the net notional amount of protection sold and purchased with identical underlyings, in combination with other protection purchased, is more representative of our exposure to loss than either non-investment grade or protection sold. Other protection purchased represents additional protection, which may offset the exposure to loss for protection sold, that was not purchased with an identical underlying of the protection sold.


136
Note 15: Derivatives (continued)

Credit-Risk Contingent Features
Certain of our derivative contracts contain provisions whereby if the credit rating of our debt were to be downgraded by certain major credit rating agencies, the counterparty could demand additional collateral or require termination or replacement of derivative instruments in a net liability position. Table 15.8 illustrates our exposure to such derivatives with credit-risk contingent features, collateral we have posted, and the additional collateral we would be required to post if the credit rating of our debt was downgraded below investment grade.

Table 15.8: Credit-Risk Contingent Features
(in billions)
Jun 30,
2020

Dec 31,
2019

Net derivative liabilities with credit-risk contingent features
$
15.2

10.4

Collateral posted
13.4

9.1

Additional collateral to be posted upon a below investment grade credit rating (1)
1.8

1.3

(1)
Any credit rating below investment grade requires us to post the maximum amount of collateral.


137

Note 16: Fair Values of Assets and Liabilities

We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Assets and liabilities recorded at fair value on a recurring basis are presented in Table 16.2 in this Note. From time to time, we may be required to record fair value adjustments on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of LOCOM accounting, write-downs of individual assets or application of the measurement alternative for nonmarketable equity securities. Assets recorded on a nonrecurring basis are presented in Table 16.13 in this Note.
Table 16.19 includes estimates of fair value for financial instruments that are not recorded at fair value.
See Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K for discussion of how we determine fair value. For descriptions of the valuation methodologies we use for assets and liabilities recorded at fair value on a recurring or nonrecurring basis and for estimating fair value for financial instruments that are not recorded at fair value, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K.

FAIR VALUE HIERARCHY  We classify our assets and liabilities measured at fair value as either Level 1, Level 2 or Level 3 in the fair value hierarchy. The highest priority (Level 1) is assigned to valuations based on unadjusted quoted prices in active markets and the lowest priority (Level 3) is assigned to valuations based on significant unobservable inputs. See Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K for a detailed description of the fair value hierarchy.
In the determination of the classification of financial instruments in Level 2 or Level 3 of the fair value hierarchy, we consider all available information, including observable market data, indications of market liquidity and orderliness, and our understanding of the valuation techniques and significant inputs used. For securities in inactive markets, we use a predetermined percentage to evaluate the impact of fair value adjustments
 
derived from weighting both external and internal indications of value to determine if the instrument is classified as Level 2 or Level 3. Otherwise, the classification of Level 2 or Level 3 is based upon the specific facts and circumstances of each instrument or instrument category and judgments are made regarding the significance of the Level 3 inputs to the instruments’ fair value measurement in its entirety. If Level 3 inputs are considered significant, the instrument is classified as Level 3.
We do not classify equity securities in the fair value hierarchy if we use the non-published net asset value (NAV) per share (or its equivalent) that has been communicated to us as an investor as a practical expedient to measure fair value. We generally use NAV per share as the fair value measurement for certain nonmarketable equity fund investments. Marketable equity securities with published NAVs are classified in the fair value hierarchy.
Fair Value Measurements from Vendors
For certain assets and liabilities, we obtain fair value measurements from vendors and we record the fair value in our financial statements. For additional information, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K.
Table 16.1 presents fair value measurements obtained from third-party pricing services classified within the fair value hierarchy. Fair value measurements obtained from brokers and fair value measurements obtained from third-party pricing services that we have adjusted using internal models or non-vendor data to determine the fair value are excluded from
Table 16.1.
The unadjusted fair value measurements obtained from brokers for available-for-sale debt securities were $19 million in Level 2 assets and $123 million in Level 3 assets at June 30, 2020, and $45 million and $126 million at December 31, 2019, respectively.

Table 16.1: Fair Value Measurements obtained from Third-Party Pricing Services
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Level 1

 
Level 2

 
Level 3

 
Level 1

 
Level 2

 
Level 3

Trading debt securities
1,113

 
291

 
—

 
634

 
329

 
—

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
7,983

 
—

 
—

 
13,460

 
1,500

 
—

Securities of U.S. states and political subdivisions
—

 
32,660

 
72

 
—

 
39,868

 
34

Mortgage-backed securities
—

 
148,611

 
61

 
—

 
167,172

 
42

Other debt securities (1)
—

 
36,610

 
571

 
—

 
38,067

 
650

Total available-for-sale debt securities
7,983

 
217,881

 
704

 
13,460

 
246,607

 
726

Marketable equity securities
—

 
99

 
—

 
—

 
110

 
—

Derivative assets
17

 
1

 
—

 
12

 
1

 
—

Derivative liabilities
(19
)
 
(1
)
 
—

 
(11
)
 
(3
)
 
—

(1)
Includes corporate debt securities, collateralized loan obligations, and other debt securities.


138
Note 16: Fair Values of Assets and Liabilities (continued)


Assets and Liabilities Recorded at Fair Value on a Recurring Basis
 
Table 16.2 presents the balances of assets and liabilities recorded at fair value on a recurring basis.

Table 16.2: Fair Value on a Recurring Basis
(in millions)
Level 1

 
Level 2

 
Level 3

 
Netting (1)

Total

June 30, 2020
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
30,741

 
4,114

 
—

 
—

34,855

Securities of U.S. states and political subdivisions
—

 
1,868

 
—

 
—

1,868

Collateralized loan obligations
—

 
606

 
128

 
—

734

Corporate debt securities
—

 
12,609

 
23

 
—

12,632

Mortgage-backed securities
—

 
23,777

 
49

 
—

23,826

Other
—

 
741

 
23

 
—

764

Total trading debt securities
30,741

 
43,715

 
223

 
—

74,679

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
7,983

 
—

 
—

 
—

7,983

Securities of U.S. states and political subdivisions
—

 
32,660

 
351

 
—

33,011

Mortgage-backed securities:
 
 
 
 
 
 
 
 
Federal agencies
—

 
144,835

 
—

 
—

144,835

Residential
—

 
541

 
—

 
—

541

Commercial
—

 
3,498

 
61

 
—

3,559

Total mortgage-backed securities
—

 
148,874

 
61

 
—

148,935

Corporate debt securities
35

 
3,889

 
1,051

 
—

4,975

Collateralized loan obligations
—

 
24,990

 
9

 
—

24,999

Other
—

 
8,370

 
626

 
—

8,996

Total available-for-sale debt securities
8,018

 
218,783

 
2,098

(2)
—

228,899

Mortgage loans held for sale
—

 
17,893

 
751

 
—

18,644

Loans held for sale
—

 
1,194

 
7

 
—

1,201

Loans
—

 
—

 
152

 
—

152

Mortgage servicing rights (residential)
—

 
—

 
6,819

 
—

6,819

Derivative assets:
 
 
 
 
 
 
 
 
Interest rate contracts
37

 
47,985

 
590

 
—

48,612

Commodity contracts
—

 
2,002

 
37

 
—

2,039

Equity contracts
3,527

 
5,692

 
1,450

 
—

10,669

Foreign exchange contracts
17

 
6,404

 
10

 
—

6,431

Credit contracts
—

 
60

 
70

 
—

130

Netting
—

 
—

 
—

 
(45,105
)
(45,105
)
Total derivative assets
3,581

 
62,143

 
2,157

 
(45,105
)
22,776

Equity securities – excluding securities at NAV:
 
 
 
 
 
 
 
 
Marketable
18,822

 
195

 
—

 
—

19,017

Nonmarketable
—

 
18

 
8,165

 
—

8,183

Total equity securities
18,822

 
213

 
8,165

 
—

27,200

Total assets included in the fair value hierarchy
$
61,162


343,941


20,372


(45,105
)
380,370

Equity securities at NAV (3)
 
 
 
 
 
 
 
139

Total assets recorded at fair value
 
 
 
 
 
 
 
380,509

Derivative liabilities:
 
 
 
 
 
 
 
 
Interest rate contracts
$
(44
)
 
(36,353
)
 
(67
)
 
—

(36,464
)
Commodity contracts
—

 
(3,705
)
 
(36
)
 
—

(3,741
)
Equity contracts
(3,288
)
 
(7,368
)
 
(1,430
)
 
—

(12,086
)
Foreign exchange contracts
(19
)
 
(7,414
)
 
(26
)
 
—

(7,459
)
Credit contracts
—

 
(53
)
 
(20
)
 
—

(73
)
Netting
—

 
—

 
—

 
48,455

48,455

Total derivative liabilities
(3,351
)
 
(54,893
)
 
(1,579
)
 
48,455

(11,368
)
Short sale liabilities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
(11,080
)
 
(207
)
 
—

 
—

(11,287
)
Mortgage-backed securities
—

 
(1,286
)
 
—

 
—

(1,286
)
Corporate debt securities
—

 
(5,104
)
 
—

 
—

(5,104
)
Equity securities
(2,531
)
 
—

 
—

 
—

(2,531
)
Other securities
—

 
(2
)
 
(3
)
 
—

(5
)
Total short sale liabilities
(13,611
)
 
(6,599
)
 
(3
)
 
—

(20,213
)
Other liabilities
—

 
—

 
(2
)
 
—

(2
)
Total liabilities recorded at fair value
$
(16,962
)
 
(61,492
)
 
(1,584
)
 
48,455

(31,583
)
(1)
Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information.
(2)
Largely consists of securities that are investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity.
(3)
Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

(continued on following page)

139

(continued from previous page)
(in millions)  
Level 1

 
Level 2

 
Level 3

 
Netting (1)

Total

December 31, 2019
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
$
32,335

 
4,382

 
—

 
—

36,717

Securities of U.S. states and political subdivisions
—

 
2,434

 
—

 
—

2,434

Collateralized loan obligations
—

 
555

 
183

 
—

738

Corporate debt securities
—

 
11,006

 
38

 
—

11,044

Mortgage-backed securities
—

 
27,712

 
—

 
—

27,712

Other
—

 
1,086

 
2

 
—

1,088

Total trading debt securities
32,335

 
47,175

 
223

 
—

79,733

Available-for-sale debt securities:
 
 
 
 
 
 
 
 
Securities of U.S. Treasury and federal agencies
13,460

 
1,500

 
—

 
—

14,960

Securities of U.S. states and political subdivisions
—

 
39,924

 
413

 
—

40,337

Mortgage-backed securities:
 
 
 
 
 
 
 

Federal agencies
—

 
162,453

 
—

 
—

162,453

Residential
—

 
827

 
—

 
—

827

Commercial
—

 
3,892

 
42

 
—

3,934

Total mortgage-backed securities
—

 
167,172

 
42

 
—

167,214

Corporate debt securities
37

 
6,159

 
367

 
—

6,563

Collateralized loan obligations
—

 
29,055

 
—

 
—

29,055

Other
—

 
4,587

 
743

 
—

5,330

Total available-for-sale debt securities
13,497

 
248,397

 
1,565

(2)
—

263,459

Mortgage loans held for sale
—

 
15,408

 
1,198

 
—

16,606

Loans held for sale
—

 
956

 
16

 
—

972

Loans
—

 
—

 
171

 
—

171

Mortgage servicing rights (residential)
—

 
—

 
11,517

 
—

11,517

Derivative assets:
 
 
 
 
 
 
 

Interest rate contracts
26

 
23,792

 
229

 
—

24,047

Commodity contracts
—

 
1,413

 
8

 
—

1,421

Equity contracts
2,946

 
4,135

 
1,455

 
—

8,536

Foreign exchange contracts
12

 
5,197

 
5

 
—

5,214

Credit contracts
—

 
49

 
59

 
—

108

Netting
—

 
—

 
—

 
(25,123
)
(25,123
)
Total derivative assets
2,984

 
34,586

 
1,756

 
(25,123
)
14,203

Equity securities – excluding securities at NAV:
 
 
 
 
 
 
 
 
Marketable
33,702

 
216

 
3

 
—

33,921

Nonmarketable
—

 
22

 
7,847

 
—

7,869

Total equity securities
33,702

 
238

 
7,850

 
—

41,790

Total assets included in the fair value hierarchy
$
82,518

 
346,760

 
24,296

 
(25,123
)
428,451

Equity securities at NAV (3)
 
 
 
 
 
 
 
146

Total assets recorded at fair value


 


 


 


428,597

Derivative liabilities:
 
 
 
 
 
 
 

Interest rate contracts
$
(23
)
 
(19,328
)
 
(15
)
 
—

(19,366
)
Commodity contracts
—

 
(1,746
)
 
(24
)
 
—

(1,770
)
Equity contracts
(2,011
)
 
(6,729
)
 
(1,724
)
 
—

(10,464
)
Foreign exchange contracts
(11
)
 
(6,213
)
 
(23
)
 
—

(6,247
)
Credit contracts
—

 
(53
)
 
(30
)
 
—

(83
)
Netting
—

 
—

 
—

 
28,851

28,851

Total derivative liabilities
(2,045
)
 
(34,069
)
 
(1,816
)
 
28,851

(9,079
)
Short sale liabilities:
 
 
 
 
 
 
 


Securities of U.S. Treasury and federal agencies
(9,035
)
 
(31
)
 
—

 
—

(9,066
)
Mortgage-backed securities
—

 
(2
)
 
—

 
—

(2
)
Corporate debt securities
—

 
(5,915
)
 
—

 
—

(5,915
)
Equity securities
(2,447
)
 
—

 
—

 
—

(2,447
)
Other securities
—

 
—

 
—

 
—

—

Total short sale liabilities
(11,482
)
 
(5,948
)
 
—

 
—

(17,430
)
Other liabilities
—

 
—

 
(2
)
 
—

(2
)
Total liabilities recorded at fair value
$
(13,527
)
 
(40,017
)
 
(1,818
)
 
28,851

(26,511
)
(1)
Represents balance sheet netting of derivative asset and liability balances, related cash collateral and portfolio level counterparty valuation adjustments. See Note 15 (Derivatives) for additional information.
(2)
A significant portion of the balance consists of securities that are investment grade based on ratings received from the ratings agencies or internal credit grades categorized as investment grade if external ratings are not available. The securities are classified as Level 3 due to limited market activity.
(3)
Consists of certain nonmarketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.


140
Note 16: Fair Values of Assets and Liabilities (continued)


Changes in Fair Value Levels
We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in
 
changing the valuation technique used, are generally the cause of transfers between Level 1, Level 2, and Level 3. The amounts reported as transfers represent the fair value as of the beginning of the quarter in which the transfer occurred.
The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended June 30, 2020, are presented in Table 16.3.

Table 16.3: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended June 30, 2020
 
  

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized gains (losses) related to assets and liabilities held at period end included in
 
(in millions)
Balance,
beginning
of period

 
Net
income

 
Other
compre-
hensive
income

 
 
Transfers into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
Net income
(4)
Other compre-hensive income
Quarter ended June 30, 2020
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
 
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
 
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
—

Collateralized loan obligations
154

 
—

 
—

 
4

 
(5
)
 
(25
)
 
128

 
(2
)
  
—

Corporate debt securities
34

 
(7
)
 
—

 
1

 
—

 
(5
)
 
23

 
1

  
—

Mortgage-backed securities
177

 
35

 
—

 
(148
)
 
4

 
(19
)
 
49

 
12

  
—

Other
24

 
5

 
—

 
(22
)
 
16

 
—

 
23

 
3

 
—

Total trading debt securities
389

 
33

 
—

 
(165
)
 
15

 
(49
)
 
223

 
14

(5)
—

Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
Securities of U.S. states and political subdivisions
351

 
1

 
2

 
(23
)
 
35

 
(15
)
 
351

 
—

  
—

Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
 
Residential
31

 
5

 
—

 
(25
)
 
—

 
(11
)
 
—

 
—

  
—

Commercial
154

 
(2
)
 
(1
)
 
(1
)
 
31

 
(120
)
 
61

 
(2
)
  
(1
)
Total mortgage-backed securities
185

 
3

 
(1
)
 
(26
)
 
31

 
(131
)
 
61

 
(2
)
 
(1
)
Corporate debt securities
1,130

 
(2
)
 
43

 
(46
)
 
—

 
(74
)
 
1,051

 
(2
)
  
42

Collateralized loan obligations
50

 
—

 
(1
)
 
—

 
10

 
(50
)
 
9

 
—

  
—

Other
696

 
3

 
(27
)
 
(28
)
 
9

 
(27
)
 
626

 
(1
)
  
(28
)
Total available-for-sale debt securities
2,412

 
5

 
16

 
(123
)
 
85

 
(297
)
 
2,098

 
(5
)
(6)
13

Mortgage loans held for sale
3,157

 
(37
)
 
—

 
(251
)
 
80

 
(2,198
)
 
751

 
(27
)
(7)
—

Loans held for sale
19

 
(4
)
 
—

 
(7
)
 
—

 
(1
)
 
7

 
(5
)
(5)
—

Loans
160

 
(2
)
 
—

 
(6
)
 
—

 
—

 
152

 
(4
)
(7)
—

Mortgage servicing rights (residential)(8)
8,126

 
(1,768
)
 
—

 
461

 
—

 
—

 
6,819

 
(1,131
)
(7)
—

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
 
Interest rate contracts
685

 
460

 
—

 
(622
)
 
—

 
—

 
523

 
291

  
—

Commodity contracts
(44
)
 
15

 
—

 
12

 
18

 
—

 
1

 
45

  
—

Equity contracts
217

 
(277
)
 
—

 
79

 
—

 
1

 
20

 
(387
)
  
—

Foreign exchange contracts
(6
)
 
(12
)
 
—

 
2

 
—

 
—

 
(16
)
 
2

  
—

Credit contracts
47

 
4

 
—

 
(1
)
 
—

 
—

 
50

 
—

  
—

Total derivative contracts
899

 
190

 
—

 
(530
)
 
18

 
1

 
578

 
(49
)
(9)
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketable
3

 
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
—

Nonmarketable
6,751

 
1,414

 
—

 
—

 
—

 
—

 
8,165

 
1,414

 
—

Total equity securities
6,754

 
1,414

 
—

 
—

 
—

 
(3
)
 
8,165

 
1,414

(10)
—

Short sale liabilities
—

 
—

 
—

 
(3
)
 
—

 
—

 
(3
)
 
—

(5)
—

Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
—

(1)
See Table 16.4 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains from trading activities in the income statement.
(6)
Included in net gains from debt securities and provision (reversal of provision) for credit losses - debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)


141

(continued from previous page)
 
Table 16.4 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended June 30, 2020.
 

Table 16.4: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended June 30, 2020
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Quarter ended June 30, 2020
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
86

 
(82
)
 
—

 
—

 
4

Corporate debt securities
22

 
(21
)
 
—

 
—

 
1

Mortgage-backed securities
72

 
(216
)
 
—

 
(4
)
 
(148
)
Other
6

 
(27
)
 
—

 
(1
)
 
(22
)
Total trading debt securities
186

 
(346
)
 
—

 
(5
)
 
(165
)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
—

 
—

 
(23
)
 
(23
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
Residential
(1
)
 
(23
)
 
—

 
(1
)
 
(25
)
Commercial
—

 
—

 
—

 
(1
)
 
(1
)
Total mortgage-backed securities
(1
)
 
(23
)
 
—

 
(2
)
 
(26
)
Corporate debt securities
6

 
—

 
—

 
(52
)
 
(46
)
Collateralized loan obligations
—

 
—

 
—

 
—

 
—

Other
—

 
(5
)
 
—

 
(23
)
 
(28
)
Total available-for-sale debt securities
5

 
(28
)
 
—

 
(100
)
 
(123
)
Mortgage loans held for sale
32

 
(281
)
 
62

 
(64
)
 
(251
)
Loans held for sale
—

 
(7
)
 
—

 
—

 
(7
)
Loans
—

 
—

 
2

 
(8
)
 
(6
)
Mortgage servicing rights (residential) (1)
—

 
(1
)
 
462

 
—

 
461

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
Interest rate contracts
—

 
—

 
—

 
(622
)
 
(622
)
Commodity contracts
—

 
—

 
—

 
12

 
12

Equity contracts
—

 
—

 
—

 
79

 
79

Foreign exchange contracts
—

 
—

 
—

 
2

 
2

Credit contracts
2

 
(1
)
 
—

 
(2
)
 
(1
)
Total derivative contracts
2

 
(1
)
 
—

 
(531
)
 
(530
)
Equity securities:
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

Nonmarketable
—

 
—

 
—

 
—

 
—

Total equity securities
—

 
—

 
—

 
—

 
—

Short sale liabilities
—

 
(3
)
 
—

 
—

 
(3
)
Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


142
Note 16: Fair Values of Assets and Liabilities (continued)


Table 16.5 presents the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended June 30, 2019.
Table 16.5: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Quarter ended June 30, 2019
  
Balance,
beginning
of period

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized gains (losses)included in income related to assets and liabilities held at period end

 
(in millions)
 
Net
income 

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
(4)
Quarter ended June 30, 2019
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Collateralized loan obligations
275

 
(2
)
 
—

 
(24
)
 
—

 
—

 
249

 
(6
)
  
Corporate debt securities
41

 
1

 
—

 
3

 
—

 
(1
)
 
44

 
1

  
Mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Other
15

 
(1
)
 
—

 
—

 
—

 
—

 
14

 
—

  
Total trading debt securities
331

 
(2
)
 
—

 
(21
)
 
—

 
(1
)
 
307

 
(5
)
(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
470

 
1

 
2

 
(33
)
 
—

 
(49
)
 
391

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
 
 
  
 
  
 
 
 
  
  
Residential
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Commercial
41

 
—

 
—

 
—

 
—

 
—

 
41

 
—

  
Total mortgage-backed securities
41

 
—

 
—

 
—

 
—

 
—

 
41

 
—

  
Corporate debt securities
377

 
—

 
(1
)
 
7

 
—

 
—

 
383

 
—

  
Other
1,117

 
7

 
(6
)
 
(128
)
 
—

 
—

 
990

 
—

  
Total available-for-sale debt securities
2,005

 
8

 
(5
)
 
(154
)
 
—

 
(49
)
 
1,805

 
—

(6)
Mortgage loans held for sale
998

 
37

 
—

 
(22
)
 
104

 
(2
)
 
1,115

 
39

(7)
Loans held for sale
71

 
—

 
—

 
(3
)
 
—

 
(56
)
 
12

 
—

(5)
Loans
225

 
1

 
—

 
(24
)
 
—

 
—

 
202

 
(2
)
(7)
Mortgage servicing rights (residential) (8)
13,336

 
(1,639
)
 
—

 
399

 
—

 
—

 
12,096

 
(1,078
)
(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
 
 
  
 
  
 
 
 
  
  
Interest rate contracts
101

 
237

 
—

 
(133
)
 
—

 
—

 
205

 
141

  
Commodity contracts
(18
)
 
(75
)
 
—

 
64

 
—

 
—

 
(29
)
 
(10
)
  
Equity contracts
(162
)
 
15

 
—

 
(66
)
 
(2
)
 
(13
)
 
(228
)
 
(29
)
  
Foreign exchange contracts
(16
)
 
3

 
—

 
3

 
—

 
—

 
(10
)
 
7

  
Credit contracts
49

 
(3
)
 
—

 
(1
)
 
—

 
—

 
45

 
(3
)
  
Total derivative contracts
(46
)
 
177

 
—

 
(133
)
 
(2
)
 
(13
)
 
(17
)
 
106

(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Nonmarketable
6,381

 
724

 
—

 
—

 
5

 
—

 
7,110

 
724

 
Total equity securities
6,381

 
724

 
—

 
—

 
5

 
—

 
7,110

 
724

(10)
Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.6 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains from trading activities in the income statement.
(6)
Included in net gains from debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)


143

(continued from previous page)
 
Table 16.6 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the quarter ended June 30, 2019.
 

Table 16.6: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Quarter ended June 30, 2019
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Quarter ended June 30, 2019
 
 
 
 
 
 
 
 
 
Trading debt securities:
 
 
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
44

 
(65
)
 
—

 
(3
)
 
(24
)
Corporate debt securities
6

 
(3
)
 
—

 
—

 
3

Mortgage-backed securities
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
—

Total trading debt securities
50

 
(68
)
 
—

 
(3
)
 
(21
)
Available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
Securities of U.S. states and political subdivisions
—

 
—

 
6

 
(39
)
 
(33
)
Mortgage-backed securities:
 
 
 
 
 
 
 
 

Residential
—

 
—

 
—

 
—

 
—

Commercial
—

 
—

 
—

 
—

 
—

Total mortgage-backed securities
—

 
—

 
—

 
—

 
—

Corporate debt securities
8

 
—

 
—

 
(1
)
 
7

Other
—

 
(2
)
 
57

 
(183
)
 
(128
)
Total available-for-sale debt securities
8

 
(2
)
 
63

 
(223
)
 
(154
)
Mortgage loans held for sale
30

 
(47
)
 
54

 
(59
)
 
(22
)
Loans held for sale
—

 
(1
)
 
—

 
(2
)
 
(3
)
Loans
—

 
—

 
2

 
(26
)
 
(24
)
Mortgage servicing rights (residential) (1)
—

 
(1
)
 
400

 
—

 
399

Net derivative assets and liabilities:
 
 
 
 
 
 
 
 
 
Interest rate contracts
—

 
—

 
—

 
(133
)
 
(133
)
Commodity contracts
—

 
—

 
—

 
64

 
64

Equity contracts
—

 
—

 
—

 
(66
)
 
(66
)
Foreign exchange contracts
—

 
—

 
—

 
3

 
3

Credit contracts
2

 
(3
)
 
—

 
—

 
(1
)
Total derivative contracts
2

 
(3
)
 
—

 
(132
)
 
(133
)
Equity securities:
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

Nonmarketable
—

 
—

 
—

 
—

 
—

Total equity securities
—

 
—

 
—

 
—

 
—

Other liabilities
—

 
—

 
—

 
—

 
—


(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


144
Note 16: Fair Values of Assets and Liabilities (continued)


The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the six months ended June 30, 2020, are presented in Table 16.7.
Table 16.7: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Six months ended June 30, 2020
 
  

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized gains (losses)
related to assets and liabilities held at period end included in
 
(in millions)
Balance,
beginning
of period

 
Net
income

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
Net income

(4)

Other
compre-
hensive
income

Six months ended June 30, 2020
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
 
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
 
  
 
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
—

Collateralized loan obligations
183

 
(69
)
 
—

 
23

 
16

 
(25
)
 
128

 
(62
)
  
—

Corporate debt securities
38

 
(11
)
 
—

 
4

 
—

 
(8
)
 
23

 
—

  
—

Mortgage-backed securities
—

 
(7
)
 
—

 
23

 
52

 
(19
)
 
49

 
(5
)
  
—

Other
2

 
2

 
—

 
(28
)
 
47

 
—

 
23

 
(2
)
 
—

Total trading debt securities
223

 
(85
)
 
—

 
22

 
115

 
(52
)
 
223

 
(69
)
(5)

—

Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
 
Securities of U.S. states and political subdivisions
413

 
1

 
—

 
(44
)
 
67

 
(86
)
 
351

 
—

  

—

Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
 
Residential
—

 
—

 
(3
)
 
1

 
13

 
(11
)
 
—

 
—

  

—

Commercial
42

 
1

 
(14
)
 
(3
)
 
155

 
(120
)
 
61

 
(2
)
  

(2
)
Total mortgage-backed securities
42

 
1

 
(17
)
 
(2
)
 
168

 
(131
)
 
61

 
(2
)
 
(2
)
Corporate debt securities
367

 
(54
)
 
27

 
(46
)
 
831

 
(74
)
 
1,051

 
(56
)
  

36

Collateralized loan obligations
—

 
—

 
(9
)
 
—

 
68

 
(50
)
 
9

 
—

  

—

Other
743

 
6

 
(76
)
 
(58
)
 
38

 
(27
)
 
626

 
(1
)
  

(74
)
Total available-for-sale debt securities
1,565

 
(46
)
 
(75
)
 
(150
)
 
1,172

 
(368
)
 
2,098

 
(59
)
(6
)
(40
)
Mortgage loans held for sale
1,198

 
(98
)
 
—

 
449

 
1,402

 
(2,200
)
 
751

 
(30
)
(7
)
—

Loans held for sale
16

 
(6
)
 
—

 
(9
)
 
7

 
(1
)
 
7

 
(4
)
(5
)
—

Loans
171

 
(2
)
 
—

 
(17
)
 
—

 
—

 
152

 
(6
)
(7
)
—

Mortgage servicing rights (residential) (8)
11,517

 
(5,589
)
 
—

 
891

 
—

 
—

 
6,819

 
(4,388
)
(7
)
—

Net derivative assets and liabilities:
  
 
  
 
  
 
 
 
  
 
  
 
 
 
  
  
 
Interest rate contracts
214

 
1,204

 
—

 
(895
)
 
—

 
—

 
523

 
374

  

—

Commodity contracts
(16
)
 
(65
)
 
—

 
70

 
12

 
—

 
1

 
18

  

—

Equity contracts
(269
)
 
153

 
—

 
152

 
(10
)
 
(6
)
 
20

 
48

  

—

Foreign exchange contracts
(18
)
 
(2
)
 
—

 
4

 
—

 
—

 
(16
)
 
(6
)
  

—

Credit contracts
29

 
19

 
—

 
2

 
—

 
—

 
50

 
21

  

—

Total derivative contracts
(60
)
 
1,309

 
—

 
(667
)
 
2

 
(6
)
 
578

 
455

(9
)
—

Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketable
3

 
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
—

Nonmarketable
7,847

 
313

 
—

 
—

 
7

 
(2
)
 
8,165

 
310

 
—

Total equity securities
7,850

 
313

 
—

 
—

 
7

 
(5
)
 
8,165

 
310

(10
)
—

Short sale liabilities
—

 
—

 
—

 
(3
)
 
—

 
—

 
(3
)
 
—

(5
)
—

Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7
)
—

(1)
See Table 16.8 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains from trading activities in the income statement.
(6)
Included in net gains from debt securities and provision (reversal of provision) for credit losses - debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
(continued on following page)

145

(continued from previous page)
Table 16.8 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for six months ended June 30, 2020.
 


Table 16.8: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Six months ended June 30, 2020
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Six months ended June 30, 2020
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
—

 
—

Collateralized loan obligations
171

 
(138
)
 
—

 
(10
)
 
23

Corporate debt securities
32

 
(28
)
 
—

 
—

 
4

Mortgage-backed securities
267

 
(240
)
 
—

 
(4
)
 
23

Other
6

 
(33
)
 
—

 
(1
)
 
(28
)
Total trading debt securities
476

 
(439
)
 
—

 
(15
)
 
22

Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
—

 
—

 
(44
)
 
(44
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
Residential
25

 
(23
)
 
—

 
(1
)
 
1

Commercial
—

 
—

 
—

 
(3
)
 
(3
)
Total mortgage-backed securities
25

 
(23
)
 
—

 
(4
)
 
(2
)
Corporate debt securities
6

 
—

 
—

 
(52
)
 
(46
)
Collateralized loan obligations
—

 
—

 
—

 
—

 
—

Other
—

 
(10
)
 
—

 
(48
)
 
(58
)
Total available-for-sale debt securities
31

 
(33
)
 
—

 
(148
)
 
(150
)
Mortgage loans held for sale
55

 
(350
)
 
905

 
(161
)
 
449

Loans held for sale
—

 
(8
)
 
—

 
(1
)
 
(9
)
Loans
1

 
—

 
4

 
(22
)
 
(17
)
Mortgage servicing rights (residential) (1)
—

 
(33
)
 
923

 
1

 
891

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
Interest rate contracts
—

 
—

 
—

 
(895
)
 
(895
)
Commodity contracts
—

 
—

 
—

 
70

 
70

Equity contracts
—

 
—

 
—

 
152

 
152

Foreign exchange contracts
—

 
—

 
—

 
4

 
4

Credit contracts
8

 
(4
)
 
—

 
(2
)
 
2

Total derivative contracts
8

 
(4
)
 
—

 
(671
)
 
(667
)
Equity securities:
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

Nonmarketable
—

 
—

 
—

 
—

 
—

Total equity securities
—

 
—

 
—

 
—

 
—

Short sale liabilities
—

 
(3
)
 
—

 
—

 
(3
)
Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).


146
Note 16: Fair Values of Assets and Liabilities (continued)


The changes in Level 3 assets and liabilities measured at fair value on a recurring basis for six months ended June 30, 2019, are presented in Table 16.9.

Table 16.9: Changes in Level 3 Fair Value Assets and Liabilities on a Recurring Basis – Six months ended June 30, 2019
  
Balance,
beginning
of period

 
Total net gains
(losses) included in
 
 
Purchases,
sales,
issuances
and
settlements,
net (1)

 
  

 
  

 
  

 
Net unrealized
gains (losses)
included in
income related
to assets and
liabilities held
at period end

  
(in millions)
 
Net
income 

 
Other
compre-
hensive
income

 
 
Transfers
into
Level 3 (2)

 
Transfers
out of
Level 3 (3)

 
Balance,
end of
period

 
(4)
Six months ended June 30, 2019
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
$
3

 
—

 
—

 
(2
)
 
—

 
(1
)
 
—

 
—

  
Collateralized loan obligations
237

 
(5
)
 
—

 
17

 
—

 
—

 
249

 
(4
)
  
Corporate debt securities
34

 
3

 
—

 
7

 
1

 
(1
)
 
44

 
3

  
Mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Other
16

 
(2
)
 
—

 
—

 
—

 
—

 
14

 
—

 
Total trading debt securities
290

 
(4
)
 
—

 
22

 
1

 
(2
)
 
307

 
(1
)
(5)
Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
  
Securities of U.S. states and political subdivisions
444

 
1

 
5

 
(10
)
 
—

 
(49
)
 
391

 
—

  
Mortgage-backed securities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Residential
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

  
Commercial
41

 
—

 
—

 
—

 
—

 
—

 
41

 
—

  
Total mortgage-backed securities
41

 
—

 
—

 
—

 
—

 
—

 
41

 
—

 
Corporate debt securities
370

 
1

 
3

 
9

 
—

 
—

 
383

 
—

  
Other
1,189

 
13

 
(11
)
 
(201
)
 
—

 
—

 
990

 
—

  
Total available-for-sale debt securities
2,044

 
15

 
(3
)
 
(202
)
 
—

 
(49
)
 
1,805

 
—

(6)
Mortgage loans held for sale
997

 
52

 
—

 
(88
)
 
160

 
(6
)
 
1,115

 
54

(7)
Loans held for sale
60

 
—

 
—

 
8

 
37

 
(93
)
 
12

 
—

(5)
Loans
244

 
1

 
—

 
(43
)
 
—

 
—

 
202

 
(4
)
(7)
Mortgage servicing rights (residential) (8)
14,649

 
(3,012
)
 
—

 
459

 
—

 
—

 
12,096

 
(1,969
)
(7)
Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
  
 
  
 
 
 
  
  
Interest rate contracts
25

 
424

 
—

 
(244
)
 
—

 
—

 
205

 
220

  
Commodity contracts
4

 
(126
)
 
—

 
91

 
2

 
—

 
(29
)
 
(26
)
  
Equity contracts
(17
)
 
(104
)
 
—

 
(69
)
 
7

 
(45
)
 
(228
)
 
(175
)
  
Foreign exchange contracts
(26
)
 
10

 
—

 
6

 
—

 
—

 
(10
)
 
17

  
Credit contracts
35

 
5

 
—

 
5

 
—

 
—

 
45

 
10

  
Total derivative contracts
21

 
209

 
—

 
(211
)
 
9

 
(45
)
 
(17
)
 
46

(9)
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
Nonmarketable
5,468

 
1,650

 
—

 
(1
)
 
5

 
(12
)
 
7,110

 
1,650

 
Total equity securities
5,468

 
1,650

 
—

 
(1
)
 
5

 
(12
)
 
7,110

 
1,650

(10)
Other liabilities
(2
)
 
—

 
—

 
—

 
—

 
—

 
(2
)
 
—

(7)
(1)
See Table 16.10 for detail.
(2)
All assets and liabilities transferred into level 3 were previously classified within level 2.
(3)
All assets and liabilities transferred out of level 3 are classified as level 2.
(4)
Represents only net gains (losses) that are due to changes in economic conditions and management’s estimates of fair value and excludes changes due to the collection/realization of cash flows over time.
(5)
Included in net gains from trading activities in the income statement.
(6)
Included in net gains from debt securities in the income statement.
(7)
Included in mortgage banking and other noninterest income in the income statement.
(8)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).
(9)
Included in mortgage banking income, net gains from trading activities, net gains (losses) from equity securities and other noninterest income in the income statement.
(10)
Included in net gains (losses) from equity securities in the income statement.
 
(continued on following page)

147

(continued from previous page)

Table 16.10 presents gross purchases, sales, issuances and settlements related to the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for six months ended June 30, 2019.
 
 
Table 16.10: Gross Purchases, Sales, Issuances and Settlements – Level 3 – Six months ended June 30, 2019
(in millions)
Purchases

 
Sales

 
Issuances

 
Settlements

 
Net

Six months ended June 30, 2019
  
 
  
 
  
 
  
 
  
Trading debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
$
—

 
—

 
—

 
(2
)
 
(2
)
Collateralized loan obligations
174

 
(152
)
 
—

 
(5
)
 
17

Corporate debt securities
11

 
(4
)
 
—

 
—

 
7

Mortgage-backed securities
—

 
—

 
—

 
—

 
—

Other
—

 
—

 
—

 
—

 
—

Total trading debt securities
185

 
(156
)
 
—

 
(7
)
 
22

Available-for-sale debt securities:
  
 
  
 
  
 
  
 
  
Securities of U.S. states and political subdivisions
—

 
—

 
55

 
(65
)
 
(10
)
Mortgage-backed securities:
  
 
  
 
  
 
  
 
 
Residential
—

 
—

 
—

 
—

 
—

Commercial
—

 
—

 
—

 
—

 
—

Total mortgage-backed securities
—

 
—

 
—

 
—

 
—

Corporate debt securities
11

 
—

 
—

 
(2
)
 
9

Other
—

 
(5
)
 
123

 
(319
)
 
(201
)
Total available-for-sale debt securities
11

 
(5
)
 
178

 
(386
)
 
(202
)
Mortgage loans held for sale
46

 
(140
)
 
100

 
(94
)
 
(88
)
Loans held for sale
12

 
(2
)
 
—

 
(2
)
 
8

Loans
2

 
—

 
5

 
(50
)
 
(43
)
Mortgage servicing rights (residential) (1)
—

 
(282
)
 
741

 
—

 
459

Net derivative assets and liabilities:
  
 
  
 
  
 
  
 
 
Interest rate contracts
—

 
—

 
—

 
(244
)
 
(244
)
Commodity contracts
—

 
—

 
—

 
91

 
91

Equity contracts
—

 
—

 
—

 
(69
)
 
(69
)
Foreign exchange contracts
—

 
—

 
—

 
6

 
6

Credit contracts
8

 
(3
)
 
—

 
—

 
5

Total derivative contracts
8

 
(3
)
 
—

 
(216
)
 
(211
)
Equity securities:
 
 
 
 
 
 
 
 
 
Marketable
—

 
—

 
—

 
—

 
—

Nonmarketable
—

 
(1
)
 
—

 
—

 
(1
)
Total equity securities
—

 
(1
)
 
—

 
—

 
(1
)
Other liabilities
—

 
—

 
—

 
—

 
—

(1)
For more information on the changes in mortgage servicing rights, see Note 11 (Mortgage Banking Activities).

Table 16.11 and Table 16.12 provide quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of substantially all of our Level 3 assets and liabilities measured at fair value on a recurring basis for which we use an internal model.
The significant unobservable inputs for Level 3 assets and liabilities inherent in the fair values obtained from third-party vendors are not included in the table, as the specific inputs applied are not provided by the vendor.
In addition, the table excludes the valuation techniques and significant unobservable inputs for certain classes of Level 3 assets and liabilities measured using internal models that we consider, both individually and in the aggregate, insignificant relative to our overall Level 3 assets and liabilities. We made this determination based upon an evaluation of each class, which considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs.
 
Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans and securities, and notional amounts for derivative instruments.
For information on how changes in significant unobservable inputs affect the fair values of Level 3 assets and liabilities, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K. 

148
Note 16: Fair Values of Assets and Liabilities (continued)


Table 16.11: Valuation Techniques – Recurring Basis – June 30, 2020
($ in millions, except cost to service amounts)
Fair Value Level 3

 
Valuation Technique(s)
 
Significant
Unobservable Inputs
 
Range of Inputs 
Positive (Negative)
 
 
 
Weighted
Average

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
 
Trading and available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. states and
political subdivisions
$
279

 
Discounted cash flow
 
Discount rate
 
0.6

-
4.8

%
 
1.4

 
72

 
Vendor priced
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
127

 
Market comparable pricing
 
Comparability adjustment
 
(31.6
)
-
31.0

 
 
(12.3
)
 
10

 
Vendor priced
 
 
 
 
 
 
 
 
 
Corporate debt securities
852

 
Discounted cash flow
 
Discount rate
 
3.6

-
14.8

 
 
4.2

 
100

 
Market comparable pricing
 
Comparability adjustment
 
(29.4
)
-
8.8

 
 
(22.1
)
 
122

 
Vendor priced
 
 
 
 
 
 
 
 
 
Mortgage-backed securities
49

 
Market comparable pricing
 
Comparability adjustment
 
(29.2
)
-
(4.7
)
 
 
(12.9
)
 
61

 
Vendor priced
 
 
 
 
 
 
 
 
 
Other debt securities
64

 
Discounted cash flow
 
Discount rate
 
1.4

-
3.4

 
 
2.6

 
23

 
Market comparable pricing
 
Comparability adjustment
 
(5.4
)
-
9.2

 
 
(3.0
)
 
562

 
Vendor priced
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale (residential)
735

 
Discounted cash flow
 
Default rate
 
0.0

-
27.8

 
 
1.4

 
 
 
 
 
Discount rate
 
2.5

-
6.0

 
 
5.2

 
 
 
 
 
Loss severity
 
0.0

-
32.0

 
 
21.5

 
 
 
 
 
Prepayment rate
 
7.6

-
22.1

 
 
14.8

 
16

 
Market comparable pricing
 
Comparability adjustment
 
(50.0
)
-
(14.3
)
 
 
(38.1
)
Loans (1)
152

 
Discounted cash flow
 
Discount rate
 
3.9

-
5.6

 
 
4.3

 
 
 
 
 
Default rate
 
0.0

 
29.6

 
 
0.6

 
 
 
 
 
Prepayment rate
 
8.1

-
100.0

 
 
85.3

 
 
 
 
 
Loss severity
 
0.0

-
41.9

 
 
14.9

Mortgage servicing rights (residential)
6,819

 
Discounted cash flow
 
Cost to service per loan (2)
 
$
65

-
1,138

 
 
152

 
 
 
 
 
Discount rate
 
6.1

-
9.1

%
 
6.8

 
 
 
 
 
Prepayment rate (3)
 
12.7

-
26.4

 
 
18.5

Net derivative assets and (liabilities):
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
215

 
Discounted cash flow
 
Default rate
 
0.0

-
6.0

 
 
1.6

 
 
 
 
 
Loss severity
 
50.0

-
50.0

 
 
50.0

 
 
 
 
 
Prepayment rate
 
2.8

-
22.0

 
 
14.7

 
13

 
Market comparable pricing
 
Comparability adjustment
 
(23.7
)
 
(21.2
)
 
 
(22.2
)
Interest rate contracts: derivative loan
commitments
295

 
Discounted cash flow
 
Fall-out factor
 
1.0

-
99.0

 
 
20.5

 
 
 
 
 
Initial-value servicing
 
(37.1
)
-
137.0

bps
 
42.3

Equity contracts
171

 
Discounted cash flow
 
Conversion factor
 
(8.8
)
-
0.0

%
 
(7.7
)
 
 
 
 
 
Weighted average life
 
0.5

-
2.5

yrs
 
1.1

 
(151
)
 
Option model
 
Correlation factor
 
(77.0
)
-
99.0

%
 
37.7

 
 
 
 
 
Volatility factor
 
6.5

-
83.4

 
 
27.0

Credit contracts
38

 
Market comparable pricing
 
Comparability adjustment
 
(96.8
)
-
477.6

 
 
14.8

 
12

 
Option model
 
Credit spread
 
0.0

-
86.2

 
 
2.5

 
 
 
 
 
Loss severity
 
12.0

-
60.0

 
 
45.4

Nonmarketable equity securities
8,165

 
Market comparable pricing
 
Comparability adjustment
 
4.2

-
22.0

 
 
13.6

 
 
 
 
 
 
 
 
 
 
 
 
 
Insignificant Level 3 assets, net of liabilities
(13
)
 
 
 
 
 
 
 
 
 
 
 
Total level 3 assets, net of liabilities
$
18,788

(4)
 
 
 
 
 
 
 
 
 
 
(1)
Consists of reverse mortgage loans.
(2)
The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $65 to $273 per loan.
(3)
Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.
(4)
Consists of total Level 3 assets of $20.4 billion and total Level 3 liabilities of $1.6 billion, before netting of derivative balances.


149

Table 16.12: Valuation Techniques – Recurring Basis – December 31, 2019
($ in millions, except cost to service amounts)
Fair Value Level 3

 
Valuation Technique(s)
 
Significant
Unobservable Inputs
 
Range of Inputs
Positive (Negative) 
 
 
 
Weighted
Average

December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
Trading and available-for-sale debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Securities of U.S. states and
political subdivisions
$
379

 
Discounted cash flow
 
Discount rate
 
1.3

-
5.4

%
 
2.4

 
34

 
Vendor priced
 
 
 
 
 
 
 
 
 
Collateralized loan obligations
183

 
Market comparable pricing
 
Comparability adjustment
 
(15.0
)
-
19.2

 
 
1.3

Corporate debt securities
220

 
Discounted cash flow
 
Discount rate
 
3.2

 
14.9

 
 
9.2

 
60

 
Market comparable pricing
 
Comparability adjustment
 
(19.7
)
 
14.0

 
 
(4.4
)
 
125

 
Vendor priced
 
 
 
 
 
 
 
 
 
Other debt securities
92

 
Discounted cash flow
 
Discount rate
 
2.3

-
3.1

 
 
2.8

 
651

 
Vendor priced
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale (residential)
1,183

 
Discounted cash flow
 
Default rate
 
0.0

-
15.5

 
 
0.7

 
 
 
 
 
Discount rate
 
3.0

-
5.6

 
 
4.5

 
 
 
 
 
Loss severity
 
0.0

-
43.5

 
 
21.7

 
 
 
 
 
Prepayment rate
 
5.7

-
15.4

 
 
7.8

 
15

 
Market comparable pricing
 
Comparability adjustment
 
(56.3
)
-
(6.3
)
 
 
(40.3
)
Loans (1)
171

 
Discounted cash flow
 
Discount rate
 
3.9

-
4.3

 
 
4.1

 
 
 
 
 
Prepayment rate
 
6.0

-
100.0

 
 
85.6

 
 
 
 
 
Loss severity
 
0.0

-
36.5

 
 
14.1

Mortgage servicing rights (residential)
11,517

 
Discounted cash flow
 
Cost to service per loan (2)
 
$
61

-
495

 
 
102

 
 
 
 
 
Discount rate
 
6.0

-
13.6

%
 
7.2

 
 
 
 
 
Prepayment rate (3)
 
9.6

-
24.4

 
 
11.9

Net derivative assets and (liabilities):
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
146

 
Discounted cash flow
 
Default rate
 
0.0

-
5.0

 
 
1.7

 
 
 
 
 
Loss severity
 
50.0

-
50.0

 
 
50.0

 
 
 
 
 
Prepayment rate
 
2.8

-
25.0

 
 
15.0

Interest rate contracts: derivative loan
commitments
68

 
Discounted cash flow
 
Fall-out factor
 
1.0

-
99.0

 
 
16.7

 
 
 
 
 
Initial-value servicing
 
(32.2
)
-
149.0

bps
 
36.4

Equity contracts
147

 
Discounted cash flow
 
Conversion factor
 
(8.8
)
-
0.0

%
 
(7.7
)
 
 
 
 
 
Weighted average life
 
0.5

-
3.0

yrs
 
1.5

 
(416
)
 
Option model
 
Correlation factor
 
(77.0
)
-
99.0

%
 
23.8

 
 
 
 
 
Volatility factor
 
6.8

-
100.0

 
 
18.7

Credit contracts
2

 
Market comparable pricing
 
Comparability adjustment
 
(56.1
)
-
10.8

 
 
(16.0
)
 
27

 
Option model
 
Credit spread
 
0.0

-
17.8

 
 
0.8

 
 
 
 
 
Loss severity
 
12.0

-
60.0

 
 
45.6

Nonmarketable equity securities
7,847

 
Market comparable pricing
 
Comparability adjustment
 
(20.2
)
-
(4.2
)
 
 
(14.6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Insignificant Level 3 assets, net of liabilities
27

 
 
 
 
 
 
 
 
 
 
 
Total level 3 assets, net of liabilities
$
22,478

(4)
 
 
 
 
 
 
 
 
 
 
(1)
Consists of reverse mortgage loans.
(2)
The high end of the range of inputs is for servicing modified loans. For non-modified loans the range is $61 to $231 per loan.
(3)
Includes a blend of prepayment speeds and expected defaults. Prepayment speeds are influenced by mortgage interest rates as well as our estimation of drivers of borrower behavior.
(4)
Consists of total Level 3 assets of $24.3 billion and total Level 3 liabilities of $1.8 billion, before netting of derivative balances.
For information on the valuation techniques and significant unobservable inputs used for our Level 3 assets and liabilities, see Note 19 (Fair Value of Assets and Liabilities) in our 2019 Form 10-K.



150
Note 16: Fair Values of Assets and Liabilities (continued)


Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis
We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from application of LOCOM accounting, write-downs of individual assets or use of the measurement alternative for nonmarketable equity securities.
Table 16.13 provides the fair value hierarchy and fair value at the date of the nonrecurring fair value adjustment for all assets
 
that were still held as of June 30, 2020, and December 31, 2019, and for which a nonrecurring fair value adjustment was recorded during the six months ended June 30, 2020, and year ended December 31, 2019.
Table 16.14 presents the increase (decrease) in value of certain assets held at the end of the respective reporting periods presented for which a nonrecurring fair value adjustment was recognized during the periods presented.
Table 16.13: Fair Value on a Nonrecurring Basis
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Level 1

 
Level 2

 
Level 3

 
Total

 
Level 1

 
Level 2

 
Level 3

 
Total

Mortgage loans held for sale (1)
$
—

 
981

 
1,791

 
2,772

 
—

 
2,034

 
3,803

 
5,837

Loans held for sale
—

 
29

 
—

 
29

 
—

 
5

 
—

 
5

Loans:
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
Commercial
—

 
957

 
—

 
957

 
—

 
280

 
—

 
280

Consumer
—

 
161

 
—

 
161

 
—

 
213

 
1

 
214

Total loans
—

 
1,118

 
—

 
1,118

 
—

 
493

 
1

 
494

Mortgage servicing rights (commercial)
—

 
—

 
568

 
568

 
—

 
—

 
—

 
—

Nonmarketable equity securities
—

 
726

 
788

 
1,514

 
—

 
1,308

 
173

 
1,481

Other assets
—

 
532

 
439

 
971

 
—

 
359

 
27

 
386

Total assets at fair value on a nonrecurring basis
$
—

 
3,386

 
3,586

 
6,972

 
—

 
4,199

 
4,004

 
8,203

(1)
Consists of commercial mortgages and residential real estate 1-4 family first mortgage loans.

Nonmarketable equity securities includes impairment on private equity and venture capital investments and gains or losses under the measurement alternative. Other assets includes impairments of operating lease ROU assets, valuation losses on foreclosed real estate and other collateral owned, and impairment on private equity and venture capital investments in consolidated portfolio companies.
Table 16.14: Change in Value of Assets with Nonrecurring Fair Value Adjustment
 
Six months ended June 30,
 
(in millions)
2020

 
2019

Mortgage loans held for sale
$
(61
)
 
18

Loans held for sale
(16
)
 
(2
)
Loans:
 
 
  
Commercial
(392
)
 
(106
)
Consumer
(128
)
 
(121
)
Total loans
(520
)
 
(227
)
Mortgage servicing rights (commercial)
(30
)
 
—

Nonmarketable equity securities
(410
)
 
264

Other assets
(394
)
 
(29
)
Total
$
(1,431
)
 
24




151

Table 16.15 provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of our Level 3 assets that are measured at fair value on a nonrecurring basis primarily using an internal model. The table is limited to financial instruments that had nonrecurring fair value adjustments during the periods presented. Weighted averages of inputs are calculated using outstanding unpaid principal balance for cash instruments, such as loans, and carrying value prior to the nonrecurring fair value measurement for nonmarketable equity securities.
 
We have excluded from the table valuation techniques and significant unobservable inputs for certain classes of Level 3
assets we consider both individually and in the aggregate, insignificant relative to our overall Level 3 nonrecurring measurements. We made this determination based upon an evaluation of each class that considered the magnitude of the positions, nature of the unobservable inputs and potential for significant changes in fair value due to changes in those inputs.
 
Table 16.15: Valuation Techniques – Nonrecurring Basis
($ in millions)
Fair Value
Level 3

 
Valuation
Technique(s) (1)
 
Significant
Unobservable Inputs (1)
 
Range of Inputs
Positive (Negative)
 
Weighted
Average 

June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
$
1,791

(2)
Discounted cash flow
 
Default rate
(3)
0.6

—
65.0
 %
 
26.4

 
 
 
 
 
Discount rate
 
0.7

—
8.5

 
4.3

 
 
 
 
 
Loss severity
 
1.0

—
83.9

 
8.7

 
 
 
 
 
Prepayment rate
(4)
3.4

—
100.0

 
42.5

Mortgage servicing rights (commercial)
568

 
Discounted cash flow
 
Cost to service per loan
 
$
150

—
3,369

 
2,771

 
 
 
 
 
Discount rate
 
3.0

—
3.0
 %
 
3.0

 
 
 
 
 
Prepayment rate
 
5.0

—
20.0

 
6.4

Nonmarketable equity securities (5)
674

 
Market comparable pricing
 
Multiples
 
0.1x

—
11.6x

 
5.1x

 
353

 
Market comparable pricing
 
Comparability adjustment
 
(100.0
)
—
(6.0
)%
 
(44.3
)
 
110

 
Other
 
Company risk factor
 
(100.0
)
—
(20.0
)
 
(43.4
)
 
87

 
Discounted cash flow
 
Discount rate
 
10.0

—
20.0

 
11.3

 
 
 
 
 
Company risk factor
 
(64.5
)
—
0.0

 
(26.6
)
 
 
 
 
 
Crude oil prices ($/barrel)
 
$
48

—
48

 
48

 
 
 
 
 
Natural gas prices ($/MMBtu)
 
2

—
2

 
2

Insignificant level 3 assets
3

 
 
 
 
 
 
 
 
 
 
Total
$
3,586

 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage loans held for sale
$
3,803

(2)
Discounted cash flow
 
Default rate
(3)
0.3

—
48.3
 %
 
4.6

 
 
 
 
 
Discount rate
 
1.5

—
9.4

 
4.3

 
 
 
 
 
Loss severity
 
0.4

—
100.0

 
23.4

 
 
 
 
 
Prepayment rate
(4)
4.8

—
100.0

 
23.2

Insignificant level 3 assets
201

 
 
 
 
 
 
 
 
 
 
Total
$
4,004

 
 
 
 
 
 
 
 
 
 
(1)
Refer to Note 19 (Fair Value of Assets and Liabilities) in our 2019 Form 10-K for a definition of the valuation technique(s) and significant unobservable inputs used in the valuation of residential mortgage loans held for sale, mortgage servicing rights, and certain nonmarketable equity securities.
(2)
Consists of approximately $1.3 billion of government insured/guaranteed loans purchased from GNMA-guaranteed mortgage securitizations at both June 30, 2020 and December 31, 2019, and approximately $500 million and $2.5 billion, respectively, of other mortgage loans that are not government insured/guaranteed.
(3)
Applies only to non-government insured/guaranteed loans.
(4)
Includes the impact on prepayment rate of expected defaults for government insured/guaranteed loans, which impact the frequency and timing of early resolution of loans.
(5)
Includes $439 million of private equity and venture capital investments in consolidated portfolio companies classified in other assets on the balance sheet.
We typically use a market approach to estimate the fair value of our nonmarketable private equity and venture capital investments in portfolio companies. The market approach bases the fair value measurement on market data (for example, use of market comparable pricing techniques) that are used to derive the enterprise value of the portfolio company. Market comparable pricing techniques include utilization of financial metrics of comparable public companies (multiples), such as ratios of enterprise value or market value of equity to revenue, EBITDA, net income or book value. Comparable company valuation multiples are evaluated and adjusted as necessary to reflect the comparative operational, financial or marketability differences between the public company and subject portfolio company in estimating its fair value. Market comparable pricing
 
techniques also use recent or anticipated transactions (for example, a financing round, merger, acquisition or bankruptcy) involving the subject portfolio company, or participants in its industry or related industries. Based upon these recent or anticipated transactions, current market conditions and other factors specific to the issuer, we make adjustments to estimate the enterprise value of the portfolio company. As a result of the recent market environment, we also utilized other valuation techniques. These techniques included the use of company risk factors in the estimation of the fair value of certain nonmarketable equity securities. The company risk factors are based upon entity-specific considerations including the debt and liquidity profile, projected cash flow or funding issues as well as other factors that may affect the company’s outlook.


152
Note 16: Fair Values of Assets and Liabilities (continued)


Fair Value Option
The fair value option is an irrevocable election, generally only permitted upon initial recognition of financial assets or liabilities, to measure eligible financial instruments at fair value with changes in fair value reflected in earnings. We may elect the fair value option to align the measurement model with how the financial assets or liabilities are managed or to reduce complexity
 
or accounting asymmetry. For more information, including the basis for our fair value option elections, see Note 19 (Fair Values of Assets and Liabilities) in our 2019 Form 10-K.
Table 16.16 reflects differences between the fair value carrying amount of the assets for which we have elected the fair value option and the contractual aggregate unpaid principal amount at maturity. 
Table 16.16: Fair Value Option
 
June 30, 2020
 
 
December 31, 2019
 
(in millions)
Fair value
carrying
amount

 
Aggregate
unpaid
principal

 
Fair value carrying amount less aggregate unpaid principal

 
Fair value
carrying
amount

 
Aggregate
unpaid
principal

 
Fair value
carrying amount less aggregate unpaid principal

Mortgage loans held for sale:
 
 
 
 
 
 
 
 
 
 
 
Total loans
$
18,644

 
17,923

 
721

 
16,606

 
16,279

 
327

Nonaccrual loans
134

 
165

 
(31
)
 
133

 
157

 
(24
)
Loans 90 days or more past due and still accruing
140

 
152

 
(12
)
 
8

 
10

 
(2
)
Loans held for sale:
 
 
 
 
 
 
 
 
 
 
 
Total loans
1,201

 
1,329

 
(128
)
 
972

 
1,020

 
(48
)
Nonaccrual loans
15

 
49

 
(34
)
 
21

 
29

 
(8
)
Loans:
 
 
 
 
 
 
 
 
 
 
 
Total loans
152

 
183

 
(31
)
 
171

 
201

 
(30
)
Nonaccrual loans
118

 
149

 
(31
)
 
129

 
159

 
(30
)

The changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value are shown in Table 16.17 by income
 
statement line item. Amounts recorded as interest income are excluded from Table 16.17.
Table 16.17: Fair Value Option – Changes in Fair Value Included in Earnings
 
2020
 
 
2019
 
(in millions)
Mortgage banking noninterest income

 
Net gains
(losses)
from
trading
activities

 
Other
noninterest
income

 
Mortgage
banking
noninterest
income

 
Net gains (losses)
from
trading
activities

 
Other
noninterest
income

Quarter ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
$
749

 
—

 
—

 
379

 
—

 
—

Loans held for sale
—

 
24

 
—

 
—

 
(4
)
 
—

Loans
—

 
—

 
(2
)
 
—

 
—

 
1

Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans held for sale
$
1,097

 
—

 
—

 
593

 
—

 
—

Loans held for sale
—

 
11

 
—

 
—

 
10

 
1

Loans
—

 
—

 
(2
)
 
—

 
—

 
1


For performing loans, instrument-specific credit risk gains or losses were derived principally by determining the change in fair value of the loans due to changes in the observable or implied credit spread. Credit spread is the market yield on the loans less the relevant risk-free benchmark interest rate. For
 
nonperforming loans, we attribute all changes in fair value to instrument-specific credit risk. Table 16.18 shows the estimated gains and losses from earnings attributable to instrument-specific credit risk related to assets accounted for under the fair value option.
Table 16.18: Fair Value Option – Gains/Losses Attributable to Instrument-Specific Credit Risk
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Gains (losses) attributable to instrument-specific credit risk:
  

 
  

 
 
 
 
Mortgage loans held for sale
$
(35
)
 
16

 
$
(217
)
 
12

Loans held for sale
26

 
(3
)
 
14

 
11

Total
$
(9
)
 
13

 
$
(203
)
 
23




153

Disclosures about Fair Value of Financial Instruments
Table 16.19 presents a summary of fair value estimates for financial instruments that are not carried at fair value on a recurring basis. Some financial instruments are excluded from scope of this table, such as certain insurance contracts and leases. This table also excludes assets and liabilities that are not financial instruments such as the value of the long-term relationships with our deposit, credit card and trust customers, MSRs, premises and equipment, goodwill and deferred taxes.
 
Loan commitments, standby letters of credit and commercial and similar letters of credit are not included in Table 16.19. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the allowance for unfunded credit commitments, which totaled $1.7 billion and $1.0 billion at June 30, 2020 and December 31, 2019, respectively.
The total of the fair value calculations presented does not represent, and should not be construed to represent, the underlying value of the Company.

Table 16.19: Fair Value Estimates for Financial Instruments
 
 
 
Estimated fair value
 
(in millions)
Carrying amount

 
Level 1

 
Level 2

 
Level 3

 
Total

June 30, 2020
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Cash and due from banks (1)
$
24,704

 
24,704

 
—

 
—

 
24,704

Interest-earning deposits with banks (1)
237,799

 
237,583

 
216

 
—

 
237,799

Federal funds sold and securities purchased under resale agreements (1)
79,289

 
—

 
79,289

 
—

 
79,289

Held-to-maturity debt securities, net
169,002

 
50,504

 
125,483

 
895

 
176,882

Mortgage loans held for sale
13,711

 
—

 
11,987

 
2,321

 
14,308

Loans held for sale
138

 
—

 
139

 
—

 
139

Loans, net (2)
899,347

 
—

 
55,225

 
854,436

 
909,661

Nonmarketable equity securities (cost method)
3,794

 
—

 
—

 
3,838

 
3,838

Total financial assets
$
1,427,784

 
312,791

 
272,339

 
861,490

 
1,446,620

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposits (3)
$
83,654

 
—

 
58,313

 
26,287

 
84,600

Short-term borrowings
60,485

 
—

 
60,486

 
—

 
60,486

Long-term debt (4)
230,891

 
—

 
230,563

 
1,395

 
231,958

Total financial liabilities
$
375,030

 
—

 
349,362

 
27,682

 
377,044

December 31, 2019
 
 
 
 
 
 
 
 
 
Financial assets
 
 
 
 
 
 
 
 
 
Cash and due from banks (1)
$
21,757

 
21,757

 
—

 
—

 
21,757

Interest-earning deposits with banks (1)
119,493

 
119,257

 
236

 
—

 
119,493

Federal funds sold and securities purchased under resale agreements (1)
102,140

 
—

 
102,140

 
—

 
102,140

Held-to-maturity debt securities
153,933

 
46,138

 
109,933

 
789

 
156,860

Mortgage loans held for sale
6,736

 
—

 
2,939

 
4,721

 
7,660

Loans held for sale
5

 
—

 
5

 
—

 
5

Loans, net (2)
933,042

 
—

 
54,125

 
891,714

 
945,839

Nonmarketable equity securities (cost method)
4,790

 
—

 
—

 
4,823

 
4,823

Total financial assets
$
1,341,896

 
187,152

 
269,378

 
902,047

 
1,358,577

Financial liabilities
 
 
 
 
 
 
 
 
 
Deposits (3)
$
118,849

 
—

 
87,279

 
31,858

 
119,137

Short-term borrowings
104,512

 
—

 
104,513

 
—

 
104,513

Long-term debt (4)
228,159

 
—

 
231,332

 
1,720

 
233,052

Total financial liabilities
$
451,520

 
—

 
423,124

 
33,578

 
456,702

(1)
Amounts consist of financial instruments for which carrying value approximates fair value.
(2)
Excludes lease financing with a carrying amount of $16.7 billion and $19.5 billion at June 30, 2020 and December 31, 2019, respectively.
(3)
Excludes deposit liabilities with no defined or contractual maturity of $1.3 trillion and $1.2 trillion at June 30, 2020 and December 31, 2019, respectively.
(4)
Excludes capital lease obligations under capital leases of $30 million and $32 million at June 30, 2020 and December 31, 2019, respectively.



154
Note 17: Preferred Stock (continued)

Note 17: Preferred Stock
We are authorized to issue 20 million shares of preferred stock and 4 million shares of preference stock, both without par value. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but have no general voting rights. We have not issued any preference shares under this authorization. If issued, preference shares would be limited to
 
one vote per share. Our total authorized, issued and outstanding preferred stock is presented in the following two tables along with the Employee Stock Ownership Plan (ESOP) Cumulative Convertible Preferred Stock. All classes of preferred stock, except the Dividend Equalization Preferred Shares and the ESOP Cumulative Convertible Preferred Stock, qualify as Tier 1 capital.

Table 17.1: Preferred Stock Shares
 
June 30, 2020
 
 
December 31, 2019
 
 
Liquidation
preference
per share

 
Shares
authorized
and designated

 
Liquidation
preference
per share

 
Shares
authorized
and designated

DEP Shares
 
 
 
 
 
 
 
Dividend Equalization Preferred Shares (DEP)
$
10

 
97,000

 
$
10

 
97,000

Series I
 
 
 
 
 
 
 
Floating Class A Preferred Stock (1)
100,000

 
25,010

 
100,000

 
25,010

Series K
 
 
 
 
 
 
 
Floating Non-Cumulative Perpetual Class A Preferred Stock (2)
—

 
—

 
1,000

 
3,500,000

Series L
 
 
 
 
 
 
 
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock (3)
1,000

 
4,025,000

 
1,000

 
4,025,000

Series N
 
 
 
 
 
 
 
5.20% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
30,000

 
25,000

 
30,000

Series O
 
 
 
 
 
 
 
5.125% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
27,600

 
25,000

 
27,600

Series P
 
 
 
 
 
 
 
5.25% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
26,400

 
25,000

 
26,400

Series Q
 
 
 
 
 
 
 
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
69,000

 
25,000

 
69,000

Series R
 
 
 
 
 
 
 
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
34,500

 
25,000

 
34,500

Series S
 
 
 
 
 
 
 
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
80,000

 
25,000

 
80,000

Series T
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock (4)
25,000

 
32,200

 
25,000

 
32,200

Series U
 
 
 
 
 
 
 
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
80,000

 
25,000

 
80,000

Series V
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
40,000

 
25,000

 
40,000

Series W
 
 
 
 
 
 
 
5.70% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
40,000

 
25,000

 
40,000

Series X
 
 
 
 
 
 
 
5.50% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
46,000

 
25,000

 
46,000

Series Y
 
 
 
 
 
 
 
5.625% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
27,600

 
25,000

 
27,600

Series Z
 
 
 
 
 
 
 
4.750% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
80,500

 
—

 
—

ESOP
 
 
 
 
 
 
 
Cumulative Convertible Preferred Stock (5)
—

 
822,242

 
—

 
1,071,418

Total
 
 
5,583,052

 
 
 
9,251,728

(1)
Preferred Stock, Series I, relates to trust preferred securities. See Note 10 (Securitizations and Variable Interest Entities) for additional information. This issuance has a floating interest rate that is the greater of three-month London Interbank Offered Rate (LIBOR) plus 0.93% and 5.56975%.
(2)
Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed.
(3)
Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments.
(4)
In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed.
(5)
See the ESOP Cumulative Convertible Preferred Stock section in this Note for additional information about the liquidation preference.

155

Table 17.2: Preferred Stock – Shares Issued and Carrying Value
 
June 30, 2020
 
 
December 31, 2019
 
(in millions, except shares)
Shares
issued and
outstanding

 
Liquidation preference
value

 
Carrying
value

 
Discount

 
Shares
issued and
outstanding

 
Liquidation preference
value

 
Carrying
value

 
Discount

DEP Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividend Equalization Preferred Shares (DEP)
96,546

 
$
—

 
—

 
—

 
96,546

 
$
—

 
—

 
—

Series I (1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Class A Preferred Stock
25,010

 
2,501

 
2,501

 
—

 
25,010

 
2,501

 
2,501

 
—

Series K (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Floating Non-Cumulative Perpetual Class A Preferred Stock
—

 
—

 
—

 
—

 
1,802,000

 
1,802

 
1,546

 
256

Series L (3)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock
3,967,995

 
3,968

 
3,200

 
768

 
3,967,995

 
3,968

 
3,200

 
768

Series N
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.20% Non-Cumulative Perpetual Class A Preferred Stock
30,000

 
750

 
750

 
—

 
30,000

 
750

 
750

 
—

Series O
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.125% Non-Cumulative Perpetual Class A Preferred Stock
26,000

 
650

 
650

 
—

 
26,000

 
650

 
650

 
—

Series P
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.25% Non-Cumulative Perpetual Class A Preferred Stock
25,000

 
625

 
625

 
—

 
25,000

 
625

 
625

 
—

Series Q
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.85% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
69,000

 
1,725

 
1,725

 
—

 
69,000

 
1,725

 
1,725

 
—

Series R
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.625% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
33,600

 
840

 
840

 
—

 
33,600

 
840

 
840

 
—

Series S
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.90% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
80,000

 
2,000

 
2,000

 
—

 
80,000

 
2,000

 
2,000

 
—

Series T (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
5,280

 
131

 
131

 
—

 
32,000

 
800

 
800

 
—

Series U
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.875% Fixed-to-Floating Non-Cumulative Perpetual Class A Preferred Stock
80,000

 
2,000

 
2,000

 
—

 
80,000

 
2,000

 
2,000

 
—

Series V
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.00% Non-Cumulative Perpetual Class A Preferred Stock
40,000

 
1,000

 
1,000

 
—

 
40,000

 
1,000

 
1,000

 
—

Series W
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.70% Non-Cumulative Perpetual Class A Preferred Stock
40,000

 
1,000

 
1,000

 
—

 
40,000

 
1,000

 
1,000

 
—

Series X
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.50% Non-Cumulative Perpetual Class A Preferred Stock
46,000

 
1,150

 
1,150

 
—

 
46,000

 
1,150

 
1,150

 
—

Series Y
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.625% Non-Cumulative Perpetual Class A Preferred Stock
27,600

 
690

 
690

 
—

 
27,600

 
690

 
690

 
—

Series Z
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4.750% Non-Cumulative Perpetual Class A Preferred Stock
80,500

 
2,013

 
2,013

 
—

 
—

 
—

 
—

 
—

ESOP
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cumulative Convertible Preferred Stock
822,242

 
823

 
823

 
—

 
1,071,418

 
1,072

 
1,072

 
—

Total
5,494,773

 
$
21,866

 
21,098

 
768

 
7,492,169

 
$
22,573

 
21,549

 
1,024

(1)
Floating rate for Preferred Stock, Series I, is the greater of three-month LIBOR plus 0.93% and 5.56975%.
(2)
Floating rate for Preferred Stock, Series K, is three-month LIBOR plus 3.77%. In first quarter 2020, the remaining $1.8 billion of Preferred Stock, Series K, was redeemed.
(3)
Preferred Stock, Series L, may be converted at any time, at the option of the holder, into 6.3814 shares of our common stock, plus cash in lieu of fractional shares, subject to anti-dilution adjustments.
(4)
In first quarter 2020, $669 million of Preferred Stock, Series T, was redeemed.

156
Note 17: Preferred Stock (continued)

ESOP CUMULATIVE CONVERTIBLE PREFERRED STOCK  All shares of our ESOP Cumulative Convertible Preferred Stock (ESOP Preferred Stock) were issued to a trustee acting on behalf of the Wells Fargo & Company 401(k) Plan (the 401(k) Plan). Dividends on the ESOP Preferred Stock are cumulative from the date of initial issuance and are payable quarterly at annual rates based upon the year of issuance. Each share of ESOP Preferred Stock released from the unallocated reserve of the 401(k) Plan is converted into shares of our common stock based on the stated
 
value of the ESOP Preferred Stock and the then current market price of our common stock. The ESOP Preferred Stock is also convertible at the option of the holder at any time, unless previously redeemed. We have the option to redeem the ESOP Preferred Stock at any time, in whole or in part, at a redemption price per share equal to the higher of (a) $1,000 per share plus accrued and unpaid dividends or (b) the fair market value, as defined in the Certificates of Designation for the ESOP Preferred Stock.
Table 17.3: ESOP Preferred Stock
 
Shares issued and outstanding
 
 
Carrying value
 
 
Adjustable dividend rate
 
(in millions, except shares)
Jun 30,
2020

 
Dec 31,
2019

 
Jun 30,
2020

 
Dec 31,
2019

 
Minimum

 
Maximum

ESOP Preferred Stock
 
 
 
 
 
 
 
 
 
 
 
$1,000 liquidation preference per share
 
 
 
 
 
 
 
 
 
 
 
2018
221,945

 
254,945

 
222

 
255

 
7.00
%
 
8.00
%
2017
163,210

 
192,210

 
163

 
192

 
7.00

 
8.00

2016
162,450

 
197,450

 
163

 
198

 
9.30

 
10.30

2015
92,904

 
116,784

 
93

 
117

 
8.90

 
9.90

2014
99,151

 
136,151

 
99

 
136

 
8.70

 
9.70

2013
61,948

 
97,948

 
62

 
98

 
8.50

 
9.50

2012
20,634

 
49,134

 
21

 
49

 
10.00

 
11.00

2011
—

 
26,796

 
—

 
27

 
9.00

 
10.00

Total ESOP Preferred Stock (1)
822,242

 
1,071,418

 
$
823

 
1,072

 
 
 
 
Unearned ESOP shares (2)
 
 
 
 
$
(875
)
 
(1,143
)
 
 
 
 
(1)
At June 30, 2020, and December 31, 2019, additional paid-in capital included $52 million and $71 million, respectively, related to ESOP preferred stock.
(2)
We recorded a corresponding charge to unearned ESOP shares in connection with the issuance of the ESOP Preferred Stock. The unearned ESOP shares are reduced as shares of the ESOP Preferred Stock are committed to be released.



157

Note 18: Revenue from Contracts with Customers 

Our revenue includes net interest income on financial instruments and noninterest income. Table 18.1 presents our revenue by operating segment. The “Other” segment for each of the tables below includes the elimination of certain items that are included in more than one business segment, most of which represents
 
products and services for WIM customers served through Community Banking distribution channels. For additional description of our operating segments, including additional financial information and the underlying management reporting process, see Note 22 (Operating Segments).
Table 18.1: Revenue by Operating Segment
 
Quarter ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Net interest income (1)
$
5,699

7,066

3,891

4,535

736

1,037

(446
)
(543
)
9,880

12,095

Noninterest income:
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
419

704

511

502

4

4

(4
)
(4
)
930

1,206

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
433

480

79

74

2,039

2,248

(434
)
(484
)
2,117

2,318

Trust and investment management
174

199

130

117

568

687

(185
)
(208
)
687

795

Investment banking
(67
)
(18
)
614

475

1

(1
)
(1
)
(1
)
547

455

Total trust and investment fees
540

661

823

666

2,608

2,934

(620
)
(693
)
3,351

3,568

Card fees
732

929

65

95

1

2

(1
)
(1
)
797

1,025

Other fees:
 
 
 
 
 
 
 
 
 
 
Lending related charges and fees (1)
36

65

267

284

2

2

(2
)
(2
)
303

349

Cash network fees
88

117

—

—

—

—

—

—

88

117

Commercial real estate brokerage commissions
—

—

—

105

—

—

—

—

—

105

Wire transfer and other remittance fees
60

71

38

49

2

2

(1
)
(1
)
99

121

All other fees (1)
63

82

25

26

—

—

—

—

88

108

Total other fees
247

335

330

464

4

4

(3
)
(3
)
578

800

Mortgage banking (1)
253

655

65

104

(3
)
(3
)
2

2

317

758

Net gains (losses) from trading activities (1)
6

(11
)
794

226

6

13

1

1

807

229

Net gains (losses) on debt securities (1)
123

15

89

5

—

—

—

—

212

20

Net gains (losses) from equity securities (1)
388

471

(16
)
116

161

35

—

—

533

622

Lease income (1)
—

—

334

424

—

—

—

—

334

424

Other (1)(2)
359

980

(323
)
(72
)
143

24

(82
)
(95
)
97

837

Total noninterest income
3,067

4,739

2,672

2,530

2,924

3,013

(707
)
(793
)
7,956

9,489

Revenue
$
8,766

11,805

6,563

7,065

3,660

4,050

(1,153
)
(1,336
)
17,836

21,584

 
Six months ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Net interest income (1)
$
12,486

14,314

8,027

9,069

1,603

2,138

(924
)
(1,115
)
21,192

24,406

Noninterest income:
 
 
 
 
 
 
 
 
 
 
Service charges on deposit accounts
1,119

1,314

1,019

985

9

8

(8
)
(7
)
2,139

2,300

Trust and investment fees:
 
 
 
 
 
 
 
 
 
 
Brokerage advisory, commissions and other fees
951

929

169

152

4,436

4,372

(957
)
(942
)
4,599

4,511

Trust and investment management
368

409

261

231

1,150

1,363

(391
)
(422
)
1,388

1,581

Investment banking
(166
)
(38
)
1,104

887

2

4

(2
)
(4
)
938

849

Total trust and investment fees
1,153

1,300

1,534

1,270

5,588

5,739

(1,350
)
(1,368
)
6,925

6,941

Card fees
1,541

1,787

148

181

2

3

(2
)
(2
)
1,689

1,969

Other fees:
 
 
 
 
 
 
 
 
 
 
Lending related charges and fees (1)
86

130

545

566

4

4

(4
)
(4
)
631

696

Cash network fees
194

226

—

—

—

—

—

—

194

226

Commercial real estate brokerage commissions
—

—

1

186

—

—

—

—

1

186

Wire transfer and other remittance fees
126

135

81

97

4

4

(2
)
(2
)
209

234

All other fees (1)
126

176

49

52

—

—

—

—

175

228

Total other fees
532

667

676

901

8

8

(6
)
(6
)
1,210

1,570

Mortgage banking (1)
593

1,296

105

172

(6
)
(6
)
4

4

696

1,466

Net gains (losses) from trading activities (1)
35

(6
)
835

559

(1
)
32

2

1

871

586

Net gains (losses) on debt securities (1)
317

52

132

93

—

—

—

—

449

145

Net gains (losses) from equity securities (1)
(640
)
1,072

(111
)
193

(117
)
171

—

—

(868
)
1,436

Lease income (1)
—

—

686

867

—

—

—

—

686

867

Other (1)(2)
1,126

1,759

(671
)
(114
)
289

36

(180
)
(174
)
564

1,507

Total noninterest income
5,776

9,241

4,353

5,107

5,772

5,991

(1,540
)
(1,552
)
14,361

18,787

Revenue
$
18,262

23,555

12,380

14,176

7,375

8,129

(2,464
)
(2,667
)
35,553

43,193

(1)
These revenues are related to financial assets and liabilities, including loans, leases, securities and derivatives, with additional details included in other footnotes to our financial statements.
(2)
In second quarter 2020, insurance income was reclassified to other noninterest income. Prior period balances have been revised to conform with the current period presentation.


158
Note 18: Revenue from Contracts with Customers (continued)


We provide services to customers which have related performance obligations that we complete to recognize revenue. Our revenues are generally recognized either immediately upon the completion of our service or over time as we perform services. Any services performed over time generally require that we render services each period and therefore we measure our progress in completing these services based upon the passage of time.

SERVICE CHARGES ON DEPOSIT ACCOUNTS are earned on depository accounts for commercial and consumer customers
 
and include fees for account and overdraft services. Account charges include fees for periodic account maintenance activities and event-driven services such as stop payment fees. Our obligation for event-driven services is satisfied at the time of the event when the service is delivered, while our obligation for maintenance services is satisfied over the course of each month. Our obligation for overdraft services is satisfied at the time of the overdraft.
Table 18.2 presents our service charges on deposit accounts by operating segment.
Table 18.2: Service Charges on Deposit Accounts by Operating Segment
 
Quarter ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Overdraft fees
$
243

496

1

1

—

1

—

—

244

498

Account charges
176

208

510

501

4

3

(4
)
(4
)
686

708

Service charges on deposit accounts
$
419

704

511

502

4

4

(4
)
(4
)
930

1,206

 
Six months ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and
Investment
Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Overdraft fees
$
727

913

2

2

—

1

—

—

729

916

Account charges
392

401

1,017

983

9

7

(8
)
(7
)
1,410

1,384

Service charges on deposit accounts
$
1,119

1,314

1,019

985

9

8

(8
)
(7
)
2,139

2,300


BROKERAGE ADVISORY, COMMISSIONS AND OTHER FEES are earned for providing full-service and discount brokerage services predominantly to retail brokerage clients. These revenues include fees earned on asset-based and transactional accounts and other brokerage advisory services.
Asset-based revenues are charged based on the market value of the client’s assets. The services and related obligations associated with certain of these revenues, which include investment advice, active management of client assets, or assistance with selecting and engaging a third-party advisory manager, are generally satisfied over a month or quarter. The remaining revenues include trailing commissions which are earned for selling shares to investors. Our obligation associated with earning trailing commissions is satisfied at the time shares are sold. However, these fees are received and recognized over time during the period the customer owns the shares and we remain the broker of record. The amount of trailing commissions is variable based on the length of time the customer holds the shares and on changes in the value of the underlying assets.
 
Transactional revenues are earned for executing transactions at the client’s direction. Our obligation is generally satisfied upon the execution of the transaction and the fees are based on the size and number of transactions executed.
Other revenues earned from other brokerage advisory services include omnibus and networking fees received from mutual fund companies in return for providing record keeping and other administrative services, and annual account maintenance fees charged to customers.
Table 18.3 presents our brokerage advisory, commissions and other fees by operating segment.


159

Table 18.3: Brokerage Advisory, Commissions and Other Fees by Operating Segment
 
Quarter ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Asset-based revenue (1)
$
342

369

—

—

1,568

1,698

(343
)
(369
)
1,567

1,698

Transactional revenue
78

94

2

10

343

390

(79
)
(98
)
344

396

Other revenue
13

17

77

64

128

160

(12
)
(17
)
206

224

Brokerage advisory, commissions and other fees
$
433

480

79

74

2,039

2,248

(434
)
(484
)
2,117

2,318

 
Six months ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Asset-based revenue (1)
$
740

712

—

—

3,373

3,278

(741
)
(712
)
3,372

3,278

Transactional revenue
180

183

5

26

775

777

(186
)
(196
)
774

790

Other revenue
31

34

164

126

288

317

(30
)
(34
)
453

443

Brokerage advisory, commissions and other fees
$
951

929

169

152

4,436

4,372

(957
)
(942
)
4,599

4,511

(1)
We earned trailing commissions of $257 million and $532 million for the second quarter and first half of 2020, respectively, and $289 million and $569 million for the second quarter and first half of 2019, respectively.
TRUST AND INVESTMENT MANAGEMENT FEES are earned for providing trust, investment management and other related services.
Investment management services include managing and administering assets, including mutual funds, and institutional separate accounts. Fees for these services are generally determined based on a tiered scale relative to the market value of assets under management (AUM). In addition to AUM, we have client assets under administration (AUA) that earn various administrative fees which are generally based on the extent of the services provided to administer the account. Services with AUM and AUA-based fees are generally performed over time.
 
Trust services include acting as a trustee or agent for corporate trust, personal trust, and agency assets. Obligations for trust services are generally satisfied over time, while obligations for activities that are transactional in nature are satisfied at the time of the transaction.
Other related services include the custody and safekeeping of accounts. Our obligation for these services is generally satisfied over time.
Table 18.4 presents our trust and investment management fees by operating segment.
Table 18.4: Trust and Investment Management Fees by Operating Segment
 
Quarter ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Investment management fees
$
—

(1
)
—

—

474

501

—

—

474

500

Trust fees
175

200

81

83

101

175

(185
)
(208
)
172

250

Other revenue
(1
)
—

49

34

(7
)
11

—

—

41

45

Trust and investment management fees
$
174

199

130

117

568

687

(185
)
(208
)
687

795

 
Six months ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Investment management fees
$
—

—

—

—

963

978

—

—

963

978

Trust fees
369

409

170

165

203

343

(391
)
(422
)
351

495

Other revenue
(1
)
—

91

66

(16
)
42

—

—

74

108

Trust and investment management fees
$
368

409

261

231

1,150

1,363

(391
)
(422
)
1,388

1,581


INVESTMENT BANKING FEES are earned for underwriting debt and equity securities, arranging loan syndications and performing other advisory services. Our obligation for these services is generally satisfied at closing of the transaction. Substantially all of these fees are in the Wholesale Banking operating segment.
 
CARD FEES include credit and debit card interchange and network revenues and various card-related fees. Credit and debit card interchange and network revenues are earned on credit and debit card transactions conducted through payment networks such as Visa, MasterCard, and American Express. Our obligation is satisfied concurrently with the delivery of services on a daily basis.

160
Note 18: Revenue from Contracts with Customers (continued)


Table 18.5 presents our card fees by operating segment.

Table 18.5: Card Fees by Operating Segment
 
Quarter ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Credit card interchange and network revenues (1)
$
154

209

65

95

1

2

(1
)
(1
)
219

305

Debit card interchange and network revenues
479

546

—

—

—

—

—

—

479

546

Late fees, cash advance fees, balance transfer fees, and annual fees
99

174

—

—

—

—

—

—

99

174

Card fees
$
732

929

65

95

1

2

(1
)
(1
)
797

1,025

 
Six months ended June 30,
 
 
Community
Banking
 
Wholesale
Banking
 
Wealth and Investment Management
 
Other
 
Consolidated
Company
 
(in millions)
2020

2019

2020

2019

2020

2019

2020

2019

2020

2019

Credit card interchange and network revenues (1)
$
288

398

148

181

2

3

(2
)
(2
)
436

580

Debit card interchange and network revenues
992

1,053

—

—

—

—

—

—

992

1,053

Late fees, cash advance fees, balance transfer fees, and annual fees
261

336

—

—

—

—

—

—

261

336

Card fees
$
1,541

1,787

148

181

2

3

(2
)
(2
)
1,689

1,969

(1)
The cost of credit card rewards and rebates of $266 million and $651 million for the second quarter and first half of 2020, respectively, and $375 million and $729 million for the second quarter and first half of 2019, respectively, are presented net against the related revenues.
CASH NETWORK FEES are earned for processing ATM transactions. Our obligation is completed daily upon settlement of ATM transactions. All of these fees are included in the Community Banking operating segment.

COMMERCIAL REAL ESTATE BROKERAGE COMMISSIONS are earned for assisting customers in the sale of real estate property. Our obligation is satisfied upon the successful brokering of a transaction. Fees are based on a fixed percentage of the sales price. All of these fees are included in the Wholesale Banking operating segment. In October 2019, we sold our commercial real estate brokerage business (Eastdil).
 
WIRE TRANSFER AND OTHER REMITTANCE FEES consist of fees earned for funds transfer services and issuing cashier’s checks and money orders. Our obligation is satisfied at the time of the funds transfer services or upon issuance of the cashier’s check or money order. Substantially all of these fees are included in in the Community Banking and Wholesale Banking operating segments.

ALL OTHER FEES include various types of fees for products or services such as merchant payment services, safe deposit boxes, and loan syndication agency services. These fees are generally recognized over time as we perform the services. Most of these fees are included in the Community Banking operating segment.


161


Note 19: Employee Benefits and Other Expenses
We sponsor a frozen noncontributory qualified defined benefit retirement plan, the Wells Fargo & Company Cash Balance Plan (Cash Balance Plan), which covers eligible employees of Wells Fargo. The Cash Balance Plan was frozen on July 1, 2009, and no new benefits have accrued after that date. For additional information on our pension and postretirement plans, including plan assumptions, investment strategy and asset allocation, projected benefit payments, and valuation methodologies used for assets measured at fair value, see Note 23 (Employee Benefits and Other Expenses) in our 2019 Form 10-K.
We recognize settlement losses for our Cash Balance Plan based on an assessment of whether lump sum benefit payments will, in aggregate for the year, exceed the sum of its annual service and interest cost. Settlement losses of $70 million were recognized during second quarter 2020 representing the pro rata portion of the net loss in cumulative other comprehensive income
 
based on the percentage reduction in the Cash Balance Plan’s projected benefit obligation attributable to lump sum benefit payments during the first half of 2020. As a result of the settlement losses, we re-measured the Cash Balance Plan obligation and plan assets as of June 30, 2020, and used a discount rate of 2.75% based on our consistent methodology of determining our discount rate using a yield curve with maturity dates that closely match the estimated timing of the expected benefit payments. The result of the settlement losses and re-measurement increased the Cash Balance Plan liability by $674 million and decreased other comprehensive income by $604 million (pre tax) in second quarter 2020.
Table 19.1 presents the components of net periodic benefit cost. Service cost is reported in personnel expense and all other components of net periodic benefit cost are reported in other noninterest expense on the consolidated statement of income.
Table 19.1: Net Periodic Benefit Cost
 
2020
 
 
2019
 
 
Pension benefits
 
 
 
 
Pension benefits
 
 
 
(in millions)
Qualified

 
Non-qualified

 
Other
benefits

 
Qualified

 
Non-qualified

 
Other
benefits

Quarter ended June 30,
  
 
 
  
 
Service cost
$
4

 
—

 
—

 
3

 
—

 
—

Interest cost
86

 
4

 
4

 
104

 
5

 
6

Expected return on plan assets
(149
)
 
—

 
(5
)
 
(142
)
 
—

 
(7
)
Amortization of net actuarial loss (gain)
35

 
3

 
(4
)
 
37

 
3

 
(4
)
Amortization of prior service credit
—

 
—

 
(3
)
 
—

 
—

 
(3
)
Settlement loss
70

 
—

 
—

 
—

 
—

 
—

Net periodic benefit cost
$
46

 
7

 
(8
)
 
2

 
8

 
(8
)
Six months ended June 30,
 
 
 
Service cost
$
7

 
—

 
—

 
6

 
—

 
—

Interest cost
172

 
8

 
8

 
209

 
11

 
11

Expected return on plan assets
(297
)
 
—

 
(11
)
 
(284
)
 
—

 
(14
)
Amortization of net actuarial loss (gain)
71

 
7

 
(9
)
 
74

 
5

 
(8
)
Amortization of prior service credit
—

 
—

 
(5
)
 
—

 
—

 
(5
)
Settlement loss
70

 
3

 
—

 
—

 
2

 
—

Net periodic benefit cost
$
23

 
18

 
(17
)
 
5

 
18

 
(16
)

Other Expenses
Table 19.2 separately presents other expenses exceeding 1% of the sum of net interest income and total noninterest income in any of the periods presented.
 

 
Table 19.2: Other Expenses
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Operating losses
$
1,219

 
247

 
$
1,683

 
485

Outside professional services
758

 
821

 
1,485

 
1,499

Contract services (1)
634

 
590

 
1,219

 
1,120

Leases (2)
244

 
311

 
504

 
597

Advertising and promotion
137

 
329

 
318

 
566

Other
1,028

 
1,146

 
1,983

 
2,287

Total other noninterest expense
$
4,020

 
3,444

 
$
7,192

 
6,554

(1)
In second quarter 2020, expenses for cloud computing services were reclassified from contract services expense to technology and equipment expense. Prior period balances have been revised to conform with the current period presentation.
(2)
Represents expenses for assets we lease to customers.

162


Note 20:  Earnings and Dividends Per Common Share
Table 20.1 shows earnings per common share and diluted earnings per common share and reconciles the numerator and denominator of both earnings per common share calculations.
 
See Note 1 (Summary of Significant Accounting Policies) for discussion on share repurchases.
Table 20.1: Earnings Per Common Share Calculations
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions, except per share amounts)
2020

 
2019

 
2020

 
2019

Wells Fargo net income (loss)
$
(2,379
)
 
6,206

 
$
(1,726
)
 
12,066

Less: Preferred stock dividends and other (1)
315

 
358

 
926

 
711

Wells Fargo net income (loss) applicable to common stock (numerator)
$
(2,694
)
 
5,848

 
$
(2,652
)
 
11,355

Earnings (loss) per common share
 
 
 
 
 
 
 
Average common shares outstanding (denominator)
4,105.5

 
4,469.4

 
4,105.2

 
4,510.2

Per share
$
(0.66
)
 
1.31

 
$
(0.65
)
 
2.52

Diluted earnings (loss) per common share
 
 
 
 
 
 
 
Average common shares outstanding
4,105.5

 
4,469.4

 
4,105.2

 
4,510.2

Add:  Stock options (2)
—

 
0.1

 
—

 
1.4

Restricted share rights (2)
—

 
25.5

 
—

 
28.5

Diluted average common shares outstanding (denominator)
4,105.5

 
4,495.0

 
4,105.2

 
4,540.1

Per share
$
(0.66
)
 
1.30

 
$
(0.65
)
 
2.50


(1)
The six months ended June 30, 2020, balance includes $272 million from the elimination of discounts or issuance costs associated with redemptions of preferred stock.
(2)
Calculated using the treasury stock method. In the second quarter and first half of 2020, diluted average common shares outstanding equaled average common shares outstanding because our securities convertible into common shares had an anti-dilutive effect.
Table 20.2 presents the outstanding securities that were anti-dilutive and therefore not included in the calculation of diluted earnings per common share.
 

 
Table 20.2: Outstanding Anti-Dilutive Securities
 
Weighted-average shares
 
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
(in millions)
2020

 
2019

 
2020

 
2019

Convertible Preferred Stock, Series L (1)
25.3

 
25.3

 
25.3

 
25.3

Restricted share rights (2)
35.9

 
—

 
0.9

 
—

(1)
Calculated using the if-converted method.
(2)
Calculated using the treasury stock method. Since we had net losses attributable to common shareholders for the second quarter and first half of 2020, all RSRs outstanding were anti-dilutive. Weighted average RSRs outstanding were 50.7 million and 54.7 million for the second quarter and first half of 2020, respectively.

Table 20.3 presents dividends declared per common share.
Table 20.3: Dividends Declared Per Common Share
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
 
2020

 
2019

 
2020

 
2019

Per common share
$
0.51

 
0.45

 
$
1.02

 
0.90



163

Note 21: Other Comprehensive Income
Table 21.1 provides the components of OCI, reclassifications to net income by income statement line item, and the related tax effects.
 


Table 21.1: Summary of Other Comprehensive Income
 
Quarter ended June 30,
 
 
Six months ended June 30,
 
 
2020
 
 
2019
 
 
2020
 
 
2019
 
(in millions)
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

 
Before
tax

 
Tax
effect

 
Net of
tax

Debt securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains arising during the period
$
1,596

 
(395
)
 
1,201

 
1,709

 
(422
)
 
1,287

 
1,486

 
(373
)
 
1,113

 
4,540

 
(1,117
)
 
3,423

Reclassification of net (gains) losses to net income:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on debt securities (1)
123

 
(31
)
 
92

 
61

 
(15
)
 
46

 
189

 
(47
)
 
142

 
106

 
(26
)
 
80

Net gains on debt securities
(212
)
 
63

 
(149
)
 
(20
)
 
5

 
(15
)
 
(449
)
 
111

 
(338
)
 
(145
)
 
36

 
(109
)
Other noninterest income
(1
)
 
—

 
(1
)
 
(2
)
 
1

 
(1
)
 
(2
)
 
—

 
(2
)
 
(3
)
 
1

 
(2
)
Subtotal reclassifications to net income
(90
)

32


(58
)
 
39

 
(9
)
 
30

 
(262
)
 
64

 
(198
)
 
(42
)
 
11

 
(31
)
Net change
1,506


(363
)

1,143

 
1,748

 
(431
)
 
1,317

 
1,224

 
(309
)
 
915

 
4,498

 
(1,106
)
 
3,392

Derivative and hedging activities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of excluded components on fair value hedges (2)
(57
)
 
13

 
(44
)
 
56

 
(14
)
 
42

 
87

 
(22
)
 
65

 
30

 
(7
)
 
23

Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period on cash flow hedges
5

 
(1
)
 
4

 
1

 
—

 
1

 
(15
)
 
4

 
(11
)
 
(8
)
 
2

 
(6
)
Reclassification of net losses to net income on cash flow hedges:
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
Interest income on loans
53

 
(12
)
 
41

 
77

 
(19
)
 
58

 
109

 
(26
)
 
83

 
155

 
(38
)
 
117

Interest expense on long-term debt
2

 
—

 
2

 
2

 
(1
)
 
1

 
4

 
(1
)
 
3

 
3

 
(1
)
 
2

Subtotal reclassifications to net income
55


(12
)

43


79


(20
)

59


113


(27
)

86


158


(39
)

119

Net change
3


—


3

 
136

 
(34
)
 
102

 
185


(45
)

140

 
180


(44
)

136

Defined benefit plans adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net actuarial and prior service losses arising during the period
(674
)
 
167

 
(507
)
 
—

 
—

 
—

 
(671
)
 
166

 
(505
)
 
(4
)
 
1

 
(3
)
Reclassification of amounts to non interest expense (3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization of net actuarial loss
34

 
(9
)
 
25

 
36

 
(9
)
 
27

 
69

 
(17
)
 
52

 
71

 
(17
)
 
54

Settlements and other
67

 
(16
)
 
51

 
(3
)
 
2

 
(1
)
 
68

 
(16
)
 
52

 
(3
)
 
2

 
(1
)
Subtotal reclassifications to non interest expense
101


(25
)

76

 
33

 
(7
)
 
26

 
137

 
(33
)
 
104

 
68

 
(15
)
 
53

Net change
(573
)

142


(431
)
 
33

 
(7
)
 
26

 
(534
)
 
133

 
(401
)
 
64

 
(14
)
 
50

Foreign currency translation adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) arising during the period
51

 
—

 
51

 
14

 
(1
)
 
13

 
(144
)
 
2

 
(142
)
 
56

 
(3
)
 
53

Net change
51


—


51

 
14

 
(1
)
 
13

 
(144
)
 
2

 
(142
)
 
56

 
(3
)
 
53

Other comprehensive income
$
987


(221
)
 
766

 
1,931


(473
)

1,458

 
731

 
(219
)
 
512

 
4,798

 
(1,167
)
 
3,631

Less: Other comprehensive loss from noncontrolling interests, net of tax
 
 
 
 
—

 
 
 
 
 
—

 
 
 
 
 
(1
)
 
 
 
 
 
—

Wells Fargo other comprehensive income, net of tax
 
 
 
 
$
766

 
 
 
 
 
1,458

 
 
 
 
 
513

 
 
 
 
 
3,631

(1)
Represents net unrealized gains and losses amortized over the remaining lives of securities that were transferred from the available-for-sale portfolio to the held-to-maturity portfolio.
(2)
Represents changes in fair value of cross-currency swaps attributable to changes in cross-currency basis spreads, which are excluded from the assessment of effectiveness recorded in other comprehensive income.
(3)
These items are included in the computation of net periodic benefit cost (see Note 19 (Employee Benefits) for more information).



164
Note 21: Other Comprehensive Income (continued)


Table 21.2: Cumulative OCI Balances
(in millions)
Debt
securities

 
Fair value hedges (1)

 
Cash flow hedges (2)

 
Defined
benefit
plans
adjustments

 
Foreign
currency
translation
adjustments

 
Cumulative
other
comprehensive
income

Quarter ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
1,324

 
(71
)
 
(270
)
 
(2,193
)
 
(354
)
 
(1,564
)
Net unrealized gains (losses) arising during the period
1,201

 
(44
)
 
4

 
(507
)
 
51

 
705

Amounts reclassified from accumulated other comprehensive income
(58
)
 
—

 
43

 
76

 
—

 
61

Net change
1,143

 
(44
)
 
47

 
(431
)
 
51

 
766

Less: Other comprehensive loss from noncontrolling interests
—

 
—

 
—

 
—

 
—

 
—

Balance, end of period
$
2,467

 
(115
)
 
(223
)
 
(2,624
)
 
(303
)
 
(798
)
Quarter ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
(566
)
 
(197
)
 
(454
)
 
(2,272
)
 
(193
)
 
(3,682
)
Net unrealized gains arising during the period
1,287

 
42

 
1

 
—

 
13

 
1,343

Amounts reclassified from accumulated other comprehensive income
30

 
—

 
59

 
26

 
—

 
115

Net change
1,317

 
42

 
60

 
26

 
13

 
1,458

Balance, end of period
$
751

 
(155
)
 
(394
)
 
(2,246
)
 
(180
)
 
(2,224
)
Six months ended June 30, 2020
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
1,552

 
(180
)
 
(298
)
 
(2,223
)
 
(162
)
 
(1,311
)
Net unrealized gains (losses) arising during the period
1,113

 
65

 
(11
)
 
(505
)
 
(142
)
 
520

Amounts reclassified from accumulated other comprehensive income
(198
)
 
—

 
86

 
104

 
—

 
(8
)
Net change
915

 
65

 
75

 
(401
)
 
(142
)
 
512

Less: Other comprehensive loss from noncontrolling interests
—

 
—

 
—

 
—

 
(1
)
 
(1
)
Balance, end of period
$
2,467

 
(115
)
 
(223
)
 
(2,624
)
 
(303
)
 
(798
)
Six months ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
Balance, beginning of period
$
(3,122
)
 
(178
)
 
(507
)
 
(2,296
)
 
(233
)
 
(6,336
)
Transition adjustment (3)
481

 
—

 
—

 
—

 
—

 
481

Balance, January 1, 2019
(2,641
)
 
(178
)
 
(507
)
 
(2,296
)
 
(233
)
 
(5,855
)
Net unrealized gains (losses) arising during the period
3,423

 
23

 
(6
)
 
(3
)
 
53

 
3,490

Amounts reclassified from accumulated other comprehensive income
(31
)
 
—

 
119

 
53

 
—

 
141

Net change
3,392

 
23

 
113

 
50

 
53

 
3,631

Balance, end of period
$
751

 
(155
)
 
(394
)
 
(2,246
)
 
(180
)
 
(2,224
)

(1)
Substantially all of the beginning and end of period amounts for fair value hedges are foreign exchange contracts.
(2)
Substantially all of the beginning and end of period amounts for cash flow hedges are interest rate contracts.
(3)
The transition adjustment relates to the adoption of ASU 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. For more information see Note 1 (Summary of Significant Accounting Policies) in our 2019 Form 10-K.


165


Note 22: Operating Segments
As of June 30, 2020, we were organized for management reporting purposes into three operating segments: Community Banking; Wholesale Banking; and Wealth and Investment Management (WIM). These segments are defined by product type and customer segment and their results are based on our management reporting process. The management reporting process is based on U.S. GAAP with specific adjustments, such as for funds transfer pricing for asset/liability management, for shared revenues and expenses, and tax-equivalent adjustments to consistently reflect income from taxable and tax-exempt sources. On February 11, 2020, we announced a new organizational structure with five principal lines of business: Consumer and Small Business Banking; Consumer Lending; Commercial Banking;
 
Corporate and Investment Banking; and Wealth and Investment Management. This new organizational structure is intended to help drive operating, control, and business performance. In July 2020, the Company completed the transition to this new organizational structure, including finalizing leadership for these principal business lines and aligning management reporting and allocation methodologies. These changes will not impact the consolidated financial results of the Company. Accordingly, we will update our operating segment disclosures, including comparative financial results, in third quarter 2020. For a description of our operating segments, see Note 27 (Operating Segments) in our 2019 Form 10-K. Table 22.1 presents our results by operating segment.
Table 22.1: Operating Segments
 
Community
Banking 
 
 
Wholesale
Banking
 
 
Wealth and
Investment
Management
 
 
Other (1)
 
 
Consolidated
Company
 
(income/expense in millions, average balances in billions)
2020

 
2019

 
2020

 
2019

 
2020

 
2019

 
2020

 
2019

 
2020

 
2019

Quarter ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income (2)
$
5,699

 
7,066

 
3,891

 
4,535

 
736

 
1,037

 
(446
)
 
(543
)
 
9,880

 
12,095

Provision (reversal of provision) for credit losses
3,378

 
479

 
6,028

 
28

 
257

 
(1
)
 
(129
)
 
(3
)
 
9,534

 
503

Noninterest income
3,067

 
4,739

 
2,672

 
2,530

 
2,924

 
3,013

 
(707
)
 
(793
)
 
7,956

 
9,489

Noninterest expense
8,346

 
7,212

 
3,963

 
3,882

 
3,153

 
3,246

 
(911
)
 
(891
)
 
14,551

 
13,449

Income (loss) before income tax expense (benefit)
(2,958
)
 
4,114

 
(3,428
)
 
3,155

 
250

 
805

 
(113
)
 
(442
)
 
(6,249
)
 
7,632

Income tax expense (benefit) (3)
(2,666
)
 
838

 
(1,286
)
 
365

 
63

 
201

 
(28
)
 
(110
)
 
(3,917
)
 
1,294

Net income (loss) before noncontrolling interests
(292
)
 
3,276

 
(2,142
)
 
2,790

 
187

 
604

 
(85
)
 
(332
)
 
(2,332
)
 
6,338

Less: Net income (loss) from noncontrolling interests
39

 
129

 
1

 
1

 
7

 
2

 
—

 
—

 
47

 
132

Net income (loss)
$
(331
)
 
3,147

 
(2,143
)
 
2,789

 
180

 
602

 
(85
)
 
(332
)
 
(2,379
)
 
6,206

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average loans
$
449.3

 
457.7

 
504.3

 
474.0

 
78.7

 
75.0

 
(61.0
)
 
(59.2
)
 
971.3

 
947.5

Average assets
1,059.8

 
1,024.8

 
863.2

 
852.2

 
87.7

 
83.8

 
(61.8
)
 
(60.2
)
 
1,948.9

 
1,900.6

Average deposits
848.5

 
777.6

 
441.2

 
410.4

 
171.8

 
143.5

 
(74.8
)
 
(62.5
)
 
1,386.7

 
1,269.0

Six months ended June 30,
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net interest income (2)
$
12,486

 
14,314

 
8,027

 
9,069

 
1,603

 
2,138

 
(924
)
 
(1,115
)
 
21,192

 
24,406

Provision (reversal of provision) for credit losses
5,096

 
1,189

 
8,316

 
162

 
265

 
3

 
(138
)
 
(6
)
 
13,539

 
1,348

Noninterest income
5,776

 
9,241

 
4,353

 
5,107

 
5,772

 
5,991

 
(1,540
)
 
(1,552
)
 
14,361

 
18,787

Noninterest expense
15,462

 
14,901

 
7,726

 
7,720

 
6,256

 
6,549

 
(1,845
)
 
(1,805
)
 
27,599

 
27,365

Income (loss) before income tax expense (benefit)
(2,296
)
 
7,465

 
(3,662
)
 
6,294

 
854

 
1,577

 
(481
)
 
(856
)
 
(5,585
)
 
14,480

Income tax expense (benefit) (3)
(2,022
)
 
1,262

 
(1,832
)
 
734

 
216

 
393

 
(120
)
 
(214
)
 
(3,758
)
 
2,175

Net income (loss) before noncontrolling interests
(274
)
 
6,203

 
(1,830
)
 
5,560

 
638

 
1,184

 
(361
)
 
(642
)
 
(1,827
)
 
12,305

Less: Net income (loss) from noncontrolling interests
(98
)
 
233

 
2

 
1

 
(5
)
 
5

 
—

 
—

 
(101
)
 
239

Net income (loss)
$
(176
)
 
5,970

 
(1,832
)
 
5,559

 
643

 
1,179

 
(361
)
 
(642
)
 
(1,726
)
 
12,066

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Average loans
$
456.0

 
457.9

 
494.4

 
475.2

 
78.6

 
74.7

 
(60.8
)
 
(59.1
)
 
968.2

 
948.7

Average assets
1,049.5

 
1,020.1

 
874.1

 
848.4

 
87.9

 
83.5

 
(61.7
)
 
(60.1
)
 
1,949.8

 
1,891.9

Average deposits
823.5

 
771.6

 
448.9

 
410.1

 
161.6

 
148.3

 
(71.7
)
 
(64.5
)
 
1,362.3

 
1,265.5

(1)
Includes the elimination of certain items that are included in more than one business segment, most of which represents products and services for WIM customers served through Community Banking distribution channels. 
(2)
Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets as well as interest credits for any funding of a segment available to be provided to other segments. The cost of liabilities includes actual interest expense on segment liabilities as well as funding charges for any funding provided from other segments.
(3)
Income tax expense (benefit) for our Wholesale Banking operating segment included income tax credits related to low-income housing and renewable energy investments of $465 million and $956 million for the second quarter and first half of 2020, respectively, and $423 million and $850 million for the second quarter and first half of 2019, respectively.

166


Note 23: Regulatory and Agency Capital Requirements
The Company and each of its subsidiary banks are subject to regulatory capital adequacy requirements promulgated by federal banking regulators. The Federal Reserve establishes capital requirements for the consolidated financial holding company, and the OCC has similar requirements for the Company’s national banks, including Wells Fargo Bank, N.A. (the Bank).
Table 23.1 presents regulatory capital information for Wells Fargo & Company and the Bank in accordance with Basel III capital requirements. We must report the lower of our Common Equity Tier 1 (CET1), tier 1 and total capital ratios calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. The Standardized Approach applies assigned risk weights to broad risk categories, while the calculation of risk-weighted assets (RWAs) under the Advanced Approach differs by requiring applicable banks to utilize a risk-sensitive methodology, which relies upon the use of internal credit models, and includes an operational risk component. The
 
Basel III capital requirements for calculating CET1 and tier 1 capital, along with RWAs, are fully phased-in. However, the requirements for determining tier 2 and total capital are still in accordance with Transition Requirements and are scheduled to be fully phased-in by the end of 2021. Accordingly, the information presented below reflects fully phased-in CET1 capital, tier 1 capital, and RWAs, but reflects total capital still in accordance with Transition Requirements.
At June 30, 2020, the Bank and our other insured depository institutions were considered well-capitalized under the requirements of the Federal Deposit Insurance Act.
The Bank is an approved seller/servicer of mortgage loans and is required to maintain minimum levels of shareholders’ equity, as specified by various agencies, including the United States Department of Housing and Urban Development, GNMA, FHLMC and FNMA. At June 30, 2020, the Bank met these requirements.
Table 23.1: Regulatory Capital Information (1)
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
June 30, 2020
 
 
 
December 31, 2019
 
 
 
June 30, 2020
 
 
 
December 31, 2019
(in millions, except ratios)
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
 
Advanced Approach

 
Standardized
Approach

 
Regulatory capital:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common equity tier 1
$
133,055

 
133,055

 
 
138,760

 
138,760

 
 
147,774

 
147,774

 
 
145,149

 
145,149

 
Tier 1
152,871

 
152,871

 
 
158,949

 
158,949

 
 
147,774

 
147,774

 
 
145,149

 
145,149

 
Total
182,831

 
192,619

 
 
188,333

 
196,223

 
 
162,657

 
172,031

 
 
158,615

 
166,056

 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-weighted assets (2)
$
1,195,423

 
1,213,062

 
 
1,165,079

 
1,245,853

 
 
1,050,496

 
1,106,875

 
 
1,047,054

 
1,152,791

 
Adjusted average assets (3)
1,922,429

 
1,922,429

 
 
1,913,297

 
1,913,297

 
 
1,750,476

 
1,750,476

 
 
1,695,807

 
1,695,807

 
Regulatory capital ratios:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common equity tier 1 capital (2)
11.13
%
 
10.97

*
 
11.91

 
11.14

*
 
14.07

 
13.35

*
 
13.86

 
12.59

*
Tier 1 capital (2)
12.79

 
12.60

*
 
13.64

 
12.76

*
 
14.07

 
13.35

*
 
13.86

 
12.59

*
Total capital (2)
15.29

*
15.88

 
 
16.16

 
15.75

*
 
15.48

*
15.54

 
 
15.15

 
14.40

*
Tier 1 leverage (3)
7.95

 
7.95

 
 
8.31

 
8.31

 
 
8.44

 
8.44

 
 
8.56

 
8.56

 
 
Wells Fargo & Company
 
 
 
Wells Fargo Bank, N.A.
 
 
 
June 30, 2020
 
 
 
December 31, 2019
 
 
 
June 30, 2020
 
 
 
December 31, 2019
 
 
Supplementary leverage (4):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total leverage exposure
$
2,032,249
 
 
 
2,247,729
 
 
 
2,057,422
 
 
 
2,006,180
 
 
Supplementary leverage ratio
7.52
%
 
 
7.07
 
 
 
7.18
 
 
 
7.24
 
 
*Denotes the lowest capital ratio as determined under the Advanced and Standardized Approaches.
(1)
In second quarter 2020, the Company elected to apply a modified transition provision issued by federal banking regulators in March 2020 related to the impact of CECL on regulatory capital. The rule permits certain banking organizations to exclude from regulatory capital the initial adoption impact of CECL, plus 25% of the cumulative changes in the ACL under CECL for each period until December 31, 2021, followed by a three-year phase-out of the benefits. The impact of the CECL transition provision on the regulatory capital of the Company at June 30, 2020, was an increase in capital of $1.9 billion, reflecting a $991 million (post-tax) increase in capital recognized upon our initial adoption of CECL, offset by 25% of the $11.4 billion increase in our ACL under CECL from January 1, 2020, through June 30, 2020. The impact of the CECL transition provision on the regulatory capital of the Bank at June 30, 2020, was an increase in capital of $1.8 billion.
(2)
RWAs and capital ratios for December 31, 2019, have been revised as a result of a decrease in RWAs under the Advanced Approach due to the correction of duplicated operational loss amounts.
RWAs for the Company and the Bank include an increase of $1.5 billion under both the Advanced Approach and Standardized Approach related to the impact of the CECL transition provision on the excess allowance for credit losses as of June 30, 2020.
(3)
The leverage ratio consists of Tier 1 capital divided by total average assets, excluding goodwill and certain other items.
(4)
The supplementary leverage ratio (SLR) consists of Tier 1 capital divided by total leverage exposure. Total leverage exposure consists of total average assets, less goodwill and other permitted Tier 1 capital deductions (net of deferred tax liabilities), plus certain off-balance sheet exposures.

167


Table 23.2 presents the minimum required regulatory capital ratios under Transition Requirements to which the Company and
the Bank were subject as of June 30, 2020, and
December 31, 2019.
 



Table 23.2: Minimum Required Regulatory Capital Ratios – Transition Requirements (1)
 
Wells Fargo & Company
 
Wells Fargo Bank, N.A.
 
June 30, 2020

 
December 31, 2019
 
June 30, 2020
 
December 31, 2019
Regulatory capital ratios:
 
 
 
 
 
 
 
Common equity tier 1 capital
9.000
%
 
9.000
 
7.000
 
7.000
Tier 1 capital
10.500

 
10.500
 
8.500
 
8.500
Total capital
12.500

 
12.500
 
10.500
 
10.500
Tier 1 leverage
4.000

 
4.000
 
4.000
 
4.000
Supplementary leverage (2)
5.000

 
5.000
 
6.000
 
6.000
(1)
At June 30, 2020, under transition requirements, the CET1, tier 1 and total capital minimum ratio requirements for the Company include a capital conservation buffer of 2.500% and a global systemically important bank (G-SIB) surcharge of 2.000%. Only the 2.500% capital conservation buffer applies to the Bank at June 30, 2020. Effective October 1, 2020, the 2.500% capital conservation buffer will be replaced under the Standardized Approach by a stress capital buffer that is calculated annually as part of the FRB's supervisory stress test and related Comprehensive Capital Analysis and Review (CCAR).
(2)
The Company is required to maintain a SLR of at least 5.000% (comprised of a 3.000% minimum requirement plus a supplementary leverage buffer of 2.000%) to avoid restrictions on capital distributions and discretionary bonus payments. The Bank is required to maintain a SLR of at least 6.000% to be considered well-capitalized under applicable regulatory capital adequacy guidelines.

168


Glossary of Acronyms
 
 
 
 
ACL
Allowance for credit losses
LCR
Liquidity coverage ratio
AFS
Available-for-sale
LHFS
Loans held for sale
ALCO
Asset/Liability Management Committee
LIBOR
London Interbank Offered Rate
ARM 
Adjustable-rate mortgage
LIHTC
Low income housing tax credit
ASC
Accounting Standards Codification
LOCOM
Lower of cost or fair value
ASU
Accounting Standards Update
LTV
Loan-to-value
AUA
Assets under administration
MBS
Mortgage-backed security
AUM
Assets under management
MLHFS
Mortgage loans held for sale
AVM
Automated valuation model
MSR
Mortgage servicing right
BCBS
Basel Committee on Bank Supervision
NAV
Net asset value
BHC
Bank holding company
NPA
Nonperforming asset
CCAR
Comprehensive Capital Analysis and Review
NSFR
Net stable funding ratio
CD
Certificate of deposit
OCC
Office of the Comptroller of the Currency
CDS
Credit default swaps
OCI
Other comprehensive income
CECL
Current expected credit loss
OTC
Over-the-counter
CET1
Common Equity Tier 1
OTTI
Other-than-temporary impairment
CFPB
Consumer Financial Protection Bureau
PCD
Purchased credit-deteriorated
CLO
Collateralized loan obligation
PCI
Purchased credit-impaired
CLTV
Combined loan-to-value
PTPP
Pre-tax pre-provision profit
CPI
Collateral protection insurance
RBC
Risk-based capital
CRE
Commercial real estate
RMBS
Residential mortgage-backed securities
DPD
Days past due
ROA
Wells Fargo net income to average total assets
ESOP
Employee Stock Ownership Plan
ROE
Wells Fargo net income applicable to common stock
FASB
Financial Accounting Standards Board
 
to average Wells Fargo common stockholders’ equity
FDIC
Federal Deposit Insurance Corporation
ROTCE
Return on average tangible common equity
FHA
Federal Housing Administration
RWAs
Risk-weighted assets
FHLB
Federal Home Loan Bank
SEC
Securities and Exchange Commission
FHLMC
Federal Home Loan Mortgage Corporation
S&P
Standard & Poor’s Global Ratings
FICO
Fair Isaac Corporation (credit rating)
SLR
Supplementary leverage ratio
FNMA
Federal National Mortgage Association
SOFR
Secured Overnight Financing Rate
FRB
Board of Governors of the Federal Reserve System
SPE
Special purpose entity
GAAP
Generally accepted accounting principles
TDR
Troubled debt restructuring
GNMA
Government National Mortgage Association
TLAC
Total Loss Absorbing Capacity
GSE
Government-sponsored entity
VA
Department of Veterans Affairs
G-SIB
Global systemically important bank
VaR
Value-at-Risk
HQLA
High-quality liquid assets
VIE
Variable interest entity
HTM
Held-to-maturity
WIM
Wealth and Investment Management

169


PART II – OTHER INFORMATION

Item 1.            Legal Proceedings
 
Information in response to this item can be found in Note 14 (Legal Actions) to Financial Statements in this Report which information is incorporated by reference into this item.

Item 1A.         Risk Factors
 
Information in response to this item can be found under the “Financial Review – Risk Factors” section in this Report which information is incorporated by reference into this item. 

Item 2.           Unregistered Sales of Equity Securities and Use of Proceeds
 
The following table shows Company repurchases of its common stock for each calendar month in the quarter ended June 30, 2020. In second quarter 2020, share repurchases were limited to repurchases in connection with the Wells Fargo & Company Stock Purchase Plan and Wells Fargo's deferred compensation plans.
Calendar month
Total number
of shares
repurchased (1)

 
Weighted-average
price paid per share

 
Maximum number of
shares that may yet
be repurchased under
the authorization

April
9,065

 
$
29.00

 
167,539,651

May
12,280

 
25.50

 
167,527,371

June
24,521

 
28.46

 
167,502,850

Total
45,866

 
 
 
 
 
 
 
 
 
 
(1)
All shares were repurchased under an authorization covering up to 350 million shares of common stock approved by the Board of Directors and publicly announced by the Company on July 23, 2019. Unless modified or revoked by the Board, this authorization does not expire.


170


Item 6.
Exhibits
 
A list of exhibits to this Form 10-Q is set forth below.
 
The Company’s SEC file number is 001-2979. On and before November 2, 1998, the Company filed documents with the SEC under the name Norwest Corporation. The former Wells Fargo & Company filed documents under SEC file number 001-6214.

Exhibit
Number
 
Description 
 
Location 
3(a)
 
Restated Certificate of Incorporation, as amended and in effect on the date hereof.
 
Filed herewith.
3(b)
 
By-Laws.
 
Incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed March 1, 2018.
4(a)
 
See Exhibits 3(a) and 3(b).
 
 
4(b)
 
The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company.
 
 
10(a)
 
Amendment to Wachovia Corporation Savings Restoration Plan, effective January 1, 2020.
 
Filed herewith.
10(b)
 
Amendment to Supplemental 401(k) Plan, effective January 1, 2020.
 
Filed herewith.
10(c)
 
Amendment to Supplemental Cash Balance Plan, effective January 1, 2020.
 
Filed herewith.
31(a)
 
Certification of principal executive officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
Filed herewith.
31(b)
 
Certification of principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
 
Filed herewith.
32(a)
 
Certification of Periodic Financial Report by Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.
 
Furnished herewith.
32(b)
 
Certification of Periodic Financial Report by Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 18 U.S.C. § 1350.
 
Furnished herewith.
101.INS
 
Inline XBRL Instance Document
 
The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH
 
Inline XBRL Taxonomy Extension Schema Document
 
Filed herewith.
101.CAL
 
Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
Filed herewith.
101.DEF
 
Inline XBRL Taxonomy Extension Definitions Linkbase Document
 
Filed herewith.
101.LAB
 
Inline XBRL Taxonomy Extension Label Linkbase Document
 
Filed herewith.
101.PRE
 
Inline XBRL Taxonomy Extension Presentation Linkbase Document
 
Filed herewith.
104
 
Cover Page Interactive Data File
 
Formatted as Inline XBRL and contained in Exhibit 101.

171


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Dated: August 4, 2020                                                             WELLS FARGO & COMPANY
 
 
  
By:
/s/ Muneera S. Carr
 
Muneera S. Carr
 
Executive Vice President,
     Chief Accounting Officer and Controller
 
(Principal Accounting Officer)


172

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