HELD-TO-MATURITY SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, 2018 and December 31, 2017.
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June 30, 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 |
37 |
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|
37 |
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— |
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— |
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After 10 years |
2,262 |
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|
2,185 |
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|
3,714 |
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|
3,657 |
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Total Residential CMO |
2,299 |
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|
2,222 |
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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 |
1,677 |
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1,623 |
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1,021 |
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|
1,016 |
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Total Residential MBS |
1,677 |
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|
1,623 |
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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 |
130 |
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127 |
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1 |
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1 |
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After 10 years |
4,196 |
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4,047 |
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3,752 |
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3,698 |
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Total Commercial MBS |
4,326 |
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4,174 |
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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 |
13 |
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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 |
211 |
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206 |
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362 |
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360 |
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After 10 years |
151 |
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148 |
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163 |
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161 |
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Total other agencies |
375 |
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|
367 |
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|
532 |
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|
529 |
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Total Federal agencies and other agencies |
8,677 |
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8,386 |
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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 |
$ |
8,682 |
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$ |
8,391 |
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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 June 30, 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 |
June 30, 2018 |
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Federal agencies: |
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Residential CMO |
$ |
2,299 |
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$ |
— |
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$ |
(77 |
) |
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$ |
2,222 |
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Residential MBS |
1,677 |
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— |
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(54 |
) |
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1,623 |
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Commercial MBS |
4,326 |
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— |
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(152 |
) |
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4,174 |
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Other agencies |
375 |
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— |
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(8 |
) |
|
367 |
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Total Federal agencies and other agencies |
8,677 |
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— |
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(291 |
) |
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8,386 |
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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 |
$ |
8,682 |
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$ |
— |
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$ |
(291 |
) |
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$ |
8,391 |
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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 June 30, 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 |
June 30, 2018 |
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Federal agencies: |
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Residential CMO |
$ |
958 |
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$ |
(29 |
) |
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$ |
1,264 |
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$ |
(48 |
) |
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$ |
2,222 |
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$ |
(77 |
) |
Residential MBS |
1,552 |
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(54 |
) |
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— |
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— |
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1,552 |
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(54 |
) |
Commercial MBS |
3,458 |
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(134 |
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|
716 |
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(18 |
) |
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4,174 |
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(152 |
) |
Other agencies |
281 |
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(6 |
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64 |
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(2 |
) |
|
345 |
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(8 |
) |
Total Federal agencies and other agencies |
6,249 |
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(223 |
) |
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2,044 |
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(68 |
) |
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8,293 |
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(291 |
) |
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 |
$ |
6,249 |
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$ |
(223 |
) |
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$ |
2,049 |
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$ |
(68 |
) |
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$ |
8,298 |
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$ |
(291 |
) |
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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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