Quarterly report pursuant to Section 13 or 15(d)

AVAILABLE-FOR-SALE SECURITIES (Tables)

v3.10.0.1
AVAILABLE-FOR-SALE SECURITIES (Tables)
9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Contractual maturities of investment securities
ontractual maturities of available-for-sale securities at September 30, 2018 and December 31, 2017 were:
 
September 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
$
5

 
$
5

 
$
5

 
$
5

Total U.S. Treasury
5

 
5

 
5

 
5

Federal agencies:
 
 
 
 
 
 
 
Residential CMO:
 
 
 
 
 
 
 
After 1 year through 5 years

 

 
1

 
1

After 5 years through 10 years
41

 
40

 
90

 
89

After 10 years
7,266

 
6,900

 
6,570

 
6,394

Total Residential CMO
7,307

 
6,940

 
6,661

 
6,484

Residential MBS:
 
 
 
 
 
 
 
After 1 year through 5 years
3

 
3

 
6

 
6

After 5 years through 10 years
30

 
29

 
7

 
8

After 10 years
613

 
588

 
1,358

 
1,353

Total Residential MBS
646

 
620

 
1,371

 
1,367

Commercial MBS:
 
 
 
 
 
 
 
After 1 year through 5 years
68

 
65

 
23

 
22

After 5 years through 10 years
8

 
8

 
151

 
148

After 10 years
1,707

 
1,630

 
2,365

 
2,317

Total Commercial MBS
1,783

 
1,703

 
2,539

 
2,487

Other agencies:
 
 
 
 
 
 
 
1 year or less
1

 
1

 
2

 
2

After 1 year through 5 years
10

 
10

 
9

 
9

After 5 years through 10 years
151

 
146

 
58

 
59

Total other agencies
162

 
157

 
69

 
70

Total U.S. Treasury, Federal agency, and other agency securities
9,903

 
9,425

 
10,645

 
10,413

Municipal securities:
 
 
 
 
 
 
 
1 year or less
211

 
208

 
103

 
103

After 1 year through 5 years
1,156

 
1,143

 
1,140

 
1,134

After 5 years through 10 years
1,714

 
1,686

 
1,709

 
1,704

After 10 years
833

 
811

 
940

 
937

Total municipal securities
3,914

 
3,848

 
3,892

 
3,878

Asset-backed securities:
 
 
 
 
 
 
 
After 1 year through 5 years
40

 
39

 
80

 
80

After 5 years through 10 years
41

 
41

 
53

 
54

After 10 years
291

 
283

 
349

 
333

Total asset-backed securities
372

 
363

 
482

 
467

Corporate debt:
 
 
 
 
 
 
 
1 year or less
1

 
1

 

 

After 1 year through 5 years
74

 
74

 
73

 
74

After 5 years through 10 years
11

 
12

 
20

 
21

After 10 years

 

 
13

 
14

Total corporate debt
86

 
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
$
14,279


$
13,727


$
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 September 30, 2018 and December 31, 2017:
 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
September 30, 2018
 
 
 
 
 
 
 
U.S. Treasury
$
5

 
$

 
$

 
$
5

Federal agencies:
 
 
 
 
 
 
 
Residential CMO
7,307

 

 
(367
)
 
6,940

Residential MBS
646

 

 
(26
)
 
620

Commercial MBS
1,783

 

 
(80
)
 
1,703

Other agencies
162

 

 
(5
)
 
157

Total U.S. Treasury, Federal agency and other agency securities
9,903

 

 
(478
)
 
9,425

Municipal securities
3,914

 
11

 
(77
)
 
3,848

Asset-backed securities
372

 

 
(9
)
 
363

Corporate debt
86

 
1

 

 
87

Other securities/Sovereign debt
4

 

 

 
4

Total available-for-sale securities
$
14,279

 
$
12

 
$
(564
)
 
$
13,727

 
 
 
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 September 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
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
2,286

 
$
(77
)
 
$
4,632

 
$
(290
)
 
$
6,918

 
$
(367
)
Residential MBS
542

 
(23
)
 
70

 
(3
)
 
612

 
(26
)
Commercial MBS
109

 
(4
)
 
1,594

 
(76
)
 
1,703

 
(80
)
Other agencies
80

 
(2
)
 
72

 
(3
)
 
152

 
(5
)
Total Federal Agency and other agency securities
3,017

 
(106
)
 
6,368

 
(372
)
 
9,385

 
(478
)
Municipal securities
1,846

 
(39
)
 
1,278

 
(38
)
 
3,124

 
(77
)
Asset-backed securities
157

 
(3
)
 
146

 
(6
)
 
303

 
(9
)
Corporate debt
65

 

 

 

 
65

 

Other securities/Sovereign debt

 

 

 

 

 

Total temporarily impaired securities
$
5,085

 
$
(148
)
 
$
7,792

 
$
(416
)
 
$
12,877

 
$
(564
)
 
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 nine-month periods ended September 30, 2018 and 2017, respectively.
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollar amounts in millions)
2018
 
2017
 
2018
 
2017
Gross gains on sales of securities
$

 
$
4

 
$
6

 
$
8

Gross losses on sales of securities
(2
)
 
(4
)
 
(8
)
 
(4
)
Net (loss) gain on sales of securities
$
(2
)
 
$

 
$
(2
)
 
$
4

OTTI recognized in earnings

 

 

 
(4
)
Net securities losses
$
(2
)
 
$

 
$
(2
)
 
$