AVAILABLE-FOR-SALE SECURITIES (Tables)
|
6 Months Ended |
Jun. 30, 2018 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Contractual maturities of investment securities |
ontractual maturities of available-for-sale securities at June 30, 2018 and December 31, 2017 were:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018 |
|
December 31, 2017 |
(dollar amounts in millions) |
Amortized
Cost
|
|
Fair Value |
|
Amortized
Cost
|
|
Fair Value |
U.S. Treasury, Federal agency, and other agency securities: |
|
|
|
|
|
|
|
U.S. Treasury: |
|
|
|
|
|
|
|
1 year or less |
$ |
6 |
|
|
$ |
6 |
|
|
$ |
5 |
|
|
$ |
5 |
|
Total U.S. Treasury |
6 |
|
|
6 |
|
|
5 |
|
|
5 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO: |
|
|
|
|
|
|
|
After 1 year through 5 years |
— |
|
|
— |
|
|
1 |
|
|
1 |
|
After 5 years through 10 years |
44 |
|
|
42 |
|
|
90 |
|
|
89 |
|
After 10 years |
7,510 |
|
|
7,208 |
|
|
6,570 |
|
|
6,394 |
|
Total Residential CMO |
7,554 |
|
|
7,250 |
|
|
6,661 |
|
|
6,484 |
|
Residential MBS: |
|
|
|
|
|
|
|
After 1 year through 5 years |
4 |
|
|
4 |
|
|
6 |
|
|
6 |
|
After 5 years through 10 years |
31 |
|
|
30 |
|
|
7 |
|
|
8 |
|
After 10 years |
643 |
|
|
625 |
|
|
1,358 |
|
|
1,353 |
|
Total Residential MBS |
678 |
|
|
659 |
|
|
1,371 |
|
|
1,367 |
|
Commercial MBS: |
|
|
|
|
|
|
|
After 1 year through 5 years |
69 |
|
|
66 |
|
|
23 |
|
|
22 |
|
After 5 years through 10 years |
9 |
|
|
8 |
|
|
151 |
|
|
148 |
|
After 10 years |
1,737 |
|
|
1,669 |
|
|
2,365 |
|
|
2,317 |
|
Total Commercial MBS |
1,815 |
|
|
1,743 |
|
|
2,539 |
|
|
2,487 |
|
Other agencies: |
|
|
|
|
|
|
|
1 year or less |
1 |
|
|
1 |
|
|
2 |
|
|
2 |
|
After 1 year through 5 years |
8 |
|
|
8 |
|
|
9 |
|
|
9 |
|
After 5 years through 10 years |
179 |
|
|
174 |
|
|
58 |
|
|
59 |
|
Total other agencies |
188 |
|
|
183 |
|
|
69 |
|
|
70 |
|
Total U.S. Treasury, Federal agency, and other agency securities |
10,241 |
|
|
9,841 |
|
|
10,645 |
|
|
10,413 |
|
Municipal securities: |
|
|
|
|
|
|
|
1 year or less |
164 |
|
|
164 |
|
|
103 |
|
|
103 |
|
After 1 year through 5 years |
1,115 |
|
|
1,105 |
|
|
1,140 |
|
|
1,134 |
|
After 5 years through 10 years |
1,702 |
|
|
1,674 |
|
|
1,709 |
|
|
1,704 |
|
After 10 years |
845 |
|
|
822 |
|
|
940 |
|
|
937 |
|
Total municipal securities |
3,826 |
|
|
3,765 |
|
|
3,892 |
|
|
3,878 |
|
Asset-backed securities: |
|
|
|
|
|
|
|
After 1 year through 5 years |
40 |
|
|
39 |
|
|
80 |
|
|
80 |
|
After 5 years through 10 years |
46 |
|
|
46 |
|
|
53 |
|
|
54 |
|
After 10 years |
295 |
|
|
288 |
|
|
349 |
|
|
333 |
|
Total asset-backed securities |
381 |
|
|
373 |
|
|
482 |
|
|
467 |
|
Corporate debt: |
|
|
|
|
|
|
|
1 year or less |
1 |
|
|
1 |
|
|
— |
|
|
— |
|
After 1 year through 5 years |
75 |
|
|
74 |
|
|
73 |
|
|
74 |
|
After 5 years through 10 years |
11 |
|
|
12 |
|
|
20 |
|
|
21 |
|
After 10 years |
— |
|
|
— |
|
|
13 |
|
|
14 |
|
Total corporate debt |
87 |
|
|
87 |
|
|
106 |
|
|
109 |
|
Other securities/Sovereign debt: |
|
|
|
|
|
|
|
1 year or less |
— |
|
|
— |
|
|
1 |
|
|
1 |
|
After 1 year through 5 years |
4 |
|
|
4 |
|
|
1 |
|
|
1 |
|
Total other securities/Sovereign debt |
4 |
|
|
4 |
|
|
2 |
|
|
2 |
|
Total available-for-sale securities |
$ |
14,539 |
|
|
$ |
14,070 |
|
|
$ |
15,127 |
|
|
$ |
14,869 |
|
|
| Amortized cost, fair value, and gross unrealized gains and losses recognized in accumulated other comprehensive income |
The following tables provide amortized cost, fair value, and gross unrealized gains and losses recognized in OCI by investment category at June 30, 2018 and December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
June 30, 2018 |
|
|
|
|
|
|
|
U.S. Treasury |
$ |
6 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
7,554 |
|
|
— |
|
|
(304 |
) |
|
7,250 |
|
Residential MBS |
678 |
|
|
— |
|
|
(19 |
) |
|
659 |
|
Commercial MBS |
1,815 |
|
|
— |
|
|
(72 |
) |
|
1,743 |
|
Other agencies |
188 |
|
|
— |
|
|
(5 |
) |
|
183 |
|
Total U.S. Treasury, Federal agency and other agency securities |
10,241 |
|
|
— |
|
|
(400 |
) |
|
9,841 |
|
Municipal securities |
3,826 |
|
|
12 |
|
|
(73 |
) |
|
3,765 |
|
Asset-backed securities |
381 |
|
|
— |
|
|
(8 |
) |
|
373 |
|
Corporate debt |
87 |
|
|
1 |
|
|
(1 |
) |
|
87 |
|
Other securities/Sovereign debt |
4 |
|
|
— |
|
|
— |
|
|
4 |
|
Total available-for-sale securities |
$ |
14,539 |
|
|
$ |
13 |
|
|
$ |
(482 |
) |
|
$ |
14,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
December 31, 2017 |
|
|
|
|
|
|
|
U.S. Treasury |
$ |
5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
6,661 |
|
|
1 |
|
|
(178 |
) |
|
6,484 |
|
Residential MBS |
1,371 |
|
|
1 |
|
|
(5 |
) |
|
1,367 |
|
Commercial MBS |
2,539 |
|
|
— |
|
|
(52 |
) |
|
2,487 |
|
Other agencies |
69 |
|
|
1 |
|
|
— |
|
|
70 |
|
Total U.S. Treasury, Federal agency and other agency securities |
10,645 |
|
|
3 |
|
|
(235 |
) |
|
10,413 |
|
Municipal securities |
3,892 |
|
|
21 |
|
|
(35 |
) |
|
3,878 |
|
Asset-backed securities |
482 |
|
|
1 |
|
|
(16 |
) |
|
467 |
|
Corporate debt |
106 |
|
|
3 |
|
|
— |
|
|
109 |
|
Other securities/Sovereign debt |
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Total available-for-sale securities |
$ |
15,127 |
|
|
$ |
28 |
|
|
$ |
(286 |
) |
|
$ |
14,869 |
|
|
| Available for sale securities in an unrealized loss position table text block |
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position as of June 30, 2018 and December 31, 2017.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in millions) |
Fair Value |
|
Gross Unrealized
Losses
|
|
Fair Value |
|
Gross Unrealized
Losses
|
|
Fair Value |
|
Gross Unrealized
Losses
|
June 30, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
3,217 |
|
|
$ |
(86 |
) |
|
$ |
3,988 |
|
|
$ |
(218 |
) |
|
$ |
7,205 |
|
|
$ |
(304 |
) |
Residential MBS |
638 |
|
|
(19 |
) |
|
12 |
|
|
— |
|
|
650 |
|
|
(19 |
) |
Commercial MBS |
285 |
|
|
(9 |
) |
|
1,458 |
|
|
(63 |
) |
|
1,743 |
|
|
(72 |
) |
Other agencies |
88 |
|
|
(2 |
) |
|
85 |
|
|
(3 |
) |
|
173 |
|
|
(5 |
) |
Total Federal Agency and other agency securities |
4,228 |
|
|
(116 |
) |
|
5,543 |
|
|
(284 |
) |
|
9,771 |
|
|
(400 |
) |
Municipal securities |
2,306 |
|
|
(49 |
) |
|
723 |
|
|
(24 |
) |
|
3,029 |
|
|
(73 |
) |
Asset-backed securities |
210 |
|
|
(4 |
) |
|
102 |
|
|
(4 |
) |
|
312 |
|
|
(8 |
) |
Corporate debt |
61 |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
61 |
|
|
(1 |
) |
Other securities/Sovereign debt |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total temporarily impaired securities |
$ |
6,805 |
|
|
$ |
(170 |
) |
|
$ |
6,368 |
|
|
$ |
(312 |
) |
|
$ |
13,173 |
|
|
$ |
(482 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in millions) |
Fair Value |
|
Gross Unrealized
Losses
|
|
Fair Value |
|
Gross Unrealized
Losses
|
|
Fair Value |
|
Gross Unrealized
Losses
|
December 31, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
1,660 |
|
|
$ |
(19 |
) |
|
$ |
4,520 |
|
|
$ |
(159 |
) |
|
$ |
6,180 |
|
|
$ |
(178 |
) |
Residential MBS |
1,078 |
|
|
(5 |
) |
|
11 |
|
|
— |
|
|
1,089 |
|
|
(5 |
) |
Commercial MBS |
960 |
|
|
(15 |
) |
|
1,527 |
|
|
(37 |
) |
|
2,487 |
|
|
(52 |
) |
Other agencies |
39 |
|
|
— |
|
|
— |
|
|
— |
|
|
39 |
|
|
— |
|
Total Federal Agency and other agency securities |
3,737 |
|
|
(39 |
) |
|
6,058 |
|
|
(196 |
) |
|
9,795 |
|
|
(235 |
) |
Municipal securities |
1,681 |
|
|
(21 |
) |
|
497 |
|
|
(14 |
) |
|
2,178 |
|
|
(35 |
) |
Asset-backed securities |
127 |
|
|
(1 |
) |
|
173 |
|
|
(15 |
) |
|
300 |
|
|
(16 |
) |
Total temporarily impaired securities |
$ |
5,545 |
|
|
$ |
(61 |
) |
|
$ |
6,728 |
|
|
$ |
(225 |
) |
|
$ |
12,273 |
|
|
$ |
(286 |
) |
|
| Realized securities gains and losses |
The following table is a summary of realized securities gains and losses for the three-month and six-month periods ended June 30, 2018 and 2017, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
(dollar amounts in millions) |
2018 |
|
2017 |
|
2018 |
|
2017 |
Gross gains on sales of securities |
$ |
1 |
|
|
$ |
4 |
|
|
$ |
6 |
|
|
$ |
5 |
|
Gross (losses) on sales of securities |
(1 |
) |
|
— |
|
|
(6 |
) |
|
(1 |
) |
Net gain on sales of securities |
$ |
— |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
4 |
|
OTTI recognized in earnings |
— |
|
|
(4 |
) |
|
— |
|
|
(4 |
) |
Net securities gains (losses) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|