HELD-TO-MATURITY SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2018 |
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| Schedule of Held-to-maturity Securities [Line Items] |
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| Contractual maturities of held-to-maturity securities |
Listed below are the contractual maturities of held-to-maturity securities at March 31, 2018 and December 31, 2017.
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March 31, 2018 |
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December 31, 2017 |
(dollar amounts in millions) |
Amortized
Cost
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Fair
Value
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Amortized
Cost
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Fair
Value
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Federal agencies: |
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Residential CMO: |
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After 5 years through 10 years |
39 |
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38 |
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— |
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— |
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After 10 years |
2,354 |
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2,291 |
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3,714 |
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|
3,657 |
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Total Residential CMO |
2,393 |
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2,329 |
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3,714 |
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3,657 |
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Residential MBS: |
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After 5 years through 10 years |
— |
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— |
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28 |
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28 |
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After 10 years |
1,651 |
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1,606 |
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|
1,021 |
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|
1,016 |
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Total Residential MBS |
1,651 |
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1,606 |
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|
1,049 |
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|
1,044 |
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Commercial MBS: |
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After 1 year through 5 years |
— |
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— |
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38 |
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37 |
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After 5 years through 10 years |
131 |
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128 |
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1 |
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1 |
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After 10 years |
4,223 |
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4,101 |
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3,752 |
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3,698 |
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Total Commercial MBS |
4,354 |
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4,229 |
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3,791 |
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3,736 |
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Other agencies: |
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After 1 year through 5 years |
14 |
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13 |
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7 |
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8 |
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After 5 years through 10 years |
215 |
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213 |
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362 |
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360 |
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After 10 years |
157 |
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154 |
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163 |
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161 |
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Total other agencies |
386 |
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|
380 |
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532 |
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|
529 |
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Total Federal agencies and other agencies |
8,784 |
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8,544 |
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9,086 |
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8,966 |
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Municipal securities: |
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After 10 years |
5 |
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5 |
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5 |
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5 |
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Total municipal securities |
5 |
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5 |
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5 |
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5 |
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Total held-to-maturity securities |
$ |
8,789 |
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$ |
8,549 |
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$ |
9,091 |
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$ |
8,971 |
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| Amortized cost, gross unrealized gains and losses, and fair value by investment category |
The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at March 31, 2018 and December 31, 2017.
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Unrealized |
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(dollar amounts in millions) |
Amortized
Cost
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Gross
Gains
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Gross
Losses
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Fair Value |
March 31, 2018 |
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Federal agencies: |
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Residential CMO |
$ |
2,393 |
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$ |
— |
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$ |
(63 |
) |
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$ |
2,329 |
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Residential MBS |
1,651 |
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— |
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(45 |
) |
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1,606 |
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Commercial MBS |
4,354 |
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— |
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(125 |
) |
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4,229 |
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Other agencies |
386 |
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— |
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(6 |
) |
|
380 |
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Total Federal agencies and other agencies |
8,784 |
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— |
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(239 |
) |
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8,544 |
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Municipal securities |
5 |
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— |
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— |
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5 |
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Total held-to-maturity securities |
$ |
8,789 |
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$ |
— |
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$ |
(239 |
) |
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$ |
8,549 |
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Unrealized |
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(dollar amounts in millions) |
Amortized
Cost
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Gross
Gains
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Gross
Losses
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Fair Value |
December 31, 2017 |
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Federal agencies: |
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Residential CMO |
$ |
3,714 |
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$ |
1 |
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$ |
(58 |
) |
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$ |
3,657 |
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Residential MBS |
1,049 |
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2 |
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(7 |
) |
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1,044 |
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Commercial MBS |
3,791 |
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— |
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(55 |
) |
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3,736 |
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Other agencies |
532 |
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1 |
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(4 |
) |
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529 |
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Total Federal agencies and other agencies |
9,086 |
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4 |
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(124 |
) |
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8,966 |
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Municipal securities |
5 |
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— |
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— |
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5 |
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Total held-to-maturity securities |
$ |
9,091 |
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$ |
4 |
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$ |
(124 |
) |
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$ |
8,971 |
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| Investment securities in an unrealized loss position |
The following tables provide detail on HTM securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at March 31, 2018 and December 31, 2017.
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Less than 12 Months |
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Over 12 Months |
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Total |
(dollar amounts in millions) |
Fair
Value |
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Gross Unrealized
Losses |
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Fair
Value |
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Gross Unrealized
Losses |
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Fair
Value |
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Gross Unrealized
Losses |
March 31, 2018 |
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Federal agencies: |
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Residential CMO |
$ |
947 |
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$ |
(23 |
) |
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$ |
1,313 |
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$ |
(40 |
) |
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$ |
2,260 |
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$ |
(63 |
) |
Residential MBS |
1,606 |
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(45 |
) |
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— |
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— |
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1,606 |
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(45 |
) |
Commercial MBS |
3,495 |
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(109 |
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|
726 |
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(16 |
) |
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4,221 |
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(125 |
) |
Other agencies |
297 |
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(4 |
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62 |
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(2 |
) |
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359 |
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(6 |
) |
Total Federal agencies and other agencies |
6,345 |
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(181 |
) |
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2,101 |
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(58 |
) |
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8,446 |
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(239 |
) |
Municipal securities |
— |
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— |
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5 |
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— |
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5 |
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— |
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Total temporarily impaired securities |
$ |
6,345 |
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$ |
(181 |
) |
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$ |
2,106 |
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$ |
(58 |
) |
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$ |
8,451 |
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$ |
(239 |
) |
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Less than 12 Months |
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Over 12 Months |
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Total |
(dollar amounts in millions) |
Fair
Value
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Gross Unrealized
Losses
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Fair
Value
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Gross Unrealized
Losses
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Fair
Value
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Gross Unrealized
Losses
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December 31, 2017 |
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Federal agencies: |
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Residential CMO |
$ |
2,369 |
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$ |
(26 |
) |
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$ |
1,019 |
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$ |
(32 |
) |
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$ |
3,388 |
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$ |
(58 |
) |
Residential MBS |
974 |
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(7 |
) |
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— |
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— |
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|
974 |
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(7 |
) |
Commercial MBS |
3,456 |
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(49 |
) |
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253 |
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(6 |
) |
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3,709 |
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(55 |
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Other agencies |
249 |
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(2 |
) |
|
139 |
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(2 |
) |
|
388 |
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(4 |
) |
Total Federal agencies and other agencies |
7,048 |
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(84 |
) |
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1,411 |
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(40 |
) |
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8,459 |
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(124 |
) |
Municipal securities |
— |
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— |
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5 |
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— |
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5 |
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|
— |
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Total temporarily impaired securities |
$ |
7,048 |
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$ |
(84 |
) |
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$ |
1,416 |
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$ |
(40 |
) |
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$ |
8,464 |
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$ |
(124 |
) |
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