INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
The following table provides the amortized cost and fair value of securities by contractual maturity at December 31, 2018. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
|
|
|
|
|
|
|
|
|
|
2018 |
(dollar amounts in millions) |
Amortized
Cost
|
|
Fair
Value
|
Available-for-sale securities: |
|
|
|
Under 1 year |
$ |
186 |
|
|
$ |
185 |
|
After 1 year through 5 years |
1,057 |
|
|
1,039 |
|
After 5 years through 10 years |
1,838 |
|
|
1,802 |
|
After 10 years |
11,027 |
|
|
10,754 |
|
Total available-for-sale securities |
$ |
14,108 |
|
|
$ |
13,780 |
|
|
|
|
|
Held-to-maturity securities: |
|
|
|
Under 1 year |
$ |
— |
|
|
$ |
— |
|
After 1 year through 5 years |
11 |
|
|
11 |
|
After 5 years through 10 years |
362 |
|
|
356 |
|
After 10 years |
8,192 |
|
|
7,919 |
|
Total held-to-maturity securities |
$ |
8,565 |
|
|
$ |
8,286 |
|
|
| Schedule of Unrealized Loss on Investments [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 at December 31, 2018 and 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 |
December 31, 2018 |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
425 |
|
|
$ |
(3 |
) |
|
$ |
5,943 |
|
|
$ |
(198 |
) |
|
$ |
6,368 |
|
|
$ |
(201 |
) |
Residential MBS |
259 |
|
|
(6 |
) |
|
319 |
|
|
(9 |
) |
|
578 |
|
|
(15 |
) |
Commercial MBS |
10 |
|
|
— |
|
|
1,573 |
|
|
(58 |
) |
|
1,583 |
|
|
(58 |
) |
Other agencies |
— |
|
|
— |
|
|
124 |
|
|
(2 |
) |
|
124 |
|
|
(2 |
) |
Total federal agency and other agency securities |
694 |
|
|
(9 |
) |
|
7,959 |
|
|
(267 |
) |
|
8,653 |
|
|
(276 |
) |
Municipal securities |
1,425 |
|
|
(24 |
) |
|
1,602 |
|
|
(54 |
) |
|
3,027 |
|
|
(78 |
) |
Asset-backed securities |
95 |
|
|
(2 |
) |
|
117 |
|
|
(2 |
) |
|
212 |
|
|
(4 |
) |
Corporate debt |
40 |
|
|
— |
|
|
1 |
|
|
(1 |
) |
|
41 |
|
|
(1 |
) |
Total temporarily impaired securities |
$ |
2,254 |
|
|
$ |
(35 |
) |
|
$ |
9,679 |
|
|
$ |
(324 |
) |
|
$ |
11,933 |
|
|
$ |
(359 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
12 |
|
|
$ |
— |
|
|
$ |
2,004 |
|
|
$ |
(47 |
) |
|
$ |
2,016 |
|
|
$ |
(47 |
) |
Residential MBS |
16 |
|
|
— |
|
|
1,457 |
|
|
(42 |
) |
|
1,473 |
|
|
(42 |
) |
Commercial MBS |
— |
|
|
— |
|
|
4,041 |
|
|
(186 |
) |
|
4,041 |
|
|
(186 |
) |
Other agencies |
113 |
|
|
(2 |
) |
|
205 |
|
|
(4 |
) |
|
318 |
|
|
(6 |
) |
Total federal agency and other agency securities |
141 |
|
|
(2 |
) |
|
7,707 |
|
|
(279 |
) |
|
7,848 |
|
|
(281 |
) |
Municipal securities |
— |
|
|
— |
|
|
4 |
|
|
— |
|
|
4 |
|
|
— |
|
Total temporarily impaired securities |
$ |
141 |
|
|
$ |
(2 |
) |
|
$ |
7,711 |
|
|
$ |
(279 |
) |
|
$ |
7,852 |
|
|
$ |
(281 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity securities: |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Residential CMO |
$ |
2,369 |
|
|
$ |
(26 |
) |
|
$ |
1,019 |
|
|
$ |
(32 |
) |
|
$ |
3,388 |
|
|
$ |
(58 |
) |
Residential MBS |
974 |
|
|
(7 |
) |
|
— |
|
|
— |
|
|
974 |
|
|
(7 |
) |
Commercial MBS |
3,456 |
|
|
(49 |
) |
|
253 |
|
|
(6 |
) |
|
3,709 |
|
|
(55 |
) |
Other agencies |
249 |
|
|
(2 |
) |
|
139 |
|
|
(2 |
) |
|
388 |
|
|
(4 |
) |
Total federal agency and other agency securities |
7,048 |
|
|
(84 |
) |
|
1,411 |
|
|
(40 |
) |
|
8,459 |
|
|
(124 |
) |
Municipal securities |
— |
|
|
— |
|
|
5 |
|
|
— |
|
|
5 |
|
|
— |
|
Total temporarily impaired securities |
$ |
7,048 |
|
|
$ |
(84 |
) |
|
$ |
1,416 |
|
|
$ |
(40 |
) |
|
$ |
8,464 |
|
|
$ |
(124 |
) |
|
| Gain (Loss) on Securities [Table Text Block] |
The following table is a summary of realized securities gains and losses for the years ended December 31, 2018, 2017, and 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(dollar amounts in millions) |
2018 |
|
2017 |
|
2016 |
Gross gains on sales of securities |
$ |
7 |
|
|
$ |
10 |
|
|
$ |
23 |
|
Gross (losses) on sales of securities |
(28 |
) |
|
(10 |
) |
|
(21 |
) |
Net gain (loss) on sales of securities |
$ |
(21 |
) |
|
$ |
— |
|
|
$ |
2 |
|
OTTI recognized in earnings |
— |
|
|
(4 |
) |
|
(2 |
) |
Net securities (losses) |
$ |
(21 |
) |
|
$ |
(4 |
) |
|
$ |
— |
|
|
| Unrealized Gain (Loss) on Investments [Table Text Block] |
The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at December 31, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
December 31, 2018 |
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
U.S. Treasury |
$ |
5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5 |
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
7,185 |
|
|
15 |
|
|
(201 |
) |
|
6,999 |
|
Residential MBS |
1,261 |
|
|
9 |
|
|
(15 |
) |
|
1,255 |
|
Commercial MBS |
1,641 |
|
|
— |
|
|
(58 |
) |
|
1,583 |
|
Other agencies |
128 |
|
|
— |
|
|
(2 |
) |
|
126 |
|
Total U.S. Treasury, federal agency and other agency securities |
10,220 |
|
|
24 |
|
|
(276 |
) |
|
9,968 |
|
Municipal securities |
3,512 |
|
|
6 |
|
|
(78 |
) |
|
3,440 |
|
Asset-backed securities |
318 |
|
|
1 |
|
|
(4 |
) |
|
315 |
|
Corporate debt |
54 |
|
|
— |
|
|
(1 |
) |
|
53 |
|
Other securities/Sovereign debt |
4 |
|
|
— |
|
|
— |
|
|
4 |
|
Total available-for-sale securities |
$ |
14,108 |
|
|
$ |
31 |
|
|
$ |
(359 |
) |
|
$ |
13,780 |
|
|
|
|
|
|
|
|
|
Held-to-maturity securities: |
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
$ |
2,124 |
|
|
$ |
— |
|
|
$ |
(47 |
) |
|
$ |
2,077 |
|
Residential MBS |
1,851 |
|
|
2 |
|
|
(42 |
) |
|
1,811 |
|
Commercial MBS |
4,235 |
|
|
— |
|
|
(186 |
) |
|
4,049 |
|
Other agencies |
350 |
|
|
— |
|
|
(6 |
) |
|
344 |
|
Total federal agency and other agency securities |
8,560 |
|
|
2 |
|
|
(281 |
) |
|
8,281 |
|
Municipal securities |
5 |
|
|
— |
|
|
— |
|
|
5 |
|
Total held-to-maturity securities |
$ |
8,565 |
|
|
$ |
2 |
|
|
$ |
(281 |
) |
|
$ |
8,286 |
|
|
|
|
|
|
|
|
|
Other securities, at cost: |
|
|
|
|
|
|
|
Non-marketable equity securities: |
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
$ |
248 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
248 |
|
Federal Reserve Bank stock |
295 |
|
|
— |
|
|
— |
|
|
295 |
|
Other securities, at fair value |
|
|
|
|
|
|
|
Mutual funds |
20 |
|
|
— |
|
|
— |
|
|
20 |
|
Marketable equity securities |
1 |
|
|
1 |
|
|
— |
|
|
2 |
|
Total other securities |
$ |
564 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in millions) |
Amortized
Cost |
|
Gross
Gains |
|
Gross
Losses |
|
Fair Value |
December 31, 2017 |
|
|
|
|
|
|
|
Available-for-sale securities: |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
Held-to-maturity securities: |
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
Residential CMO |
$ |
3,714 |
|
|
$ |
1 |
|
|
$ |
(58 |
) |
|
$ |
3,657 |
|
Residential MBS |
1,049 |
|
|
2 |
|
|
(7 |
) |
|
1,044 |
|
Commercial MBS |
3,791 |
|
|
— |
|
|
(55 |
) |
|
3,736 |
|
Other agencies |
532 |
|
|
1 |
|
|
(4 |
) |
|
529 |
|
Total federal agency and other agency securities |
9,086 |
|
|
4 |
|
|
(124 |
) |
|
8,966 |
|
Municipal securities |
5 |
|
|
— |
|
|
— |
|
|
5 |
|
Total held-to-maturity securities |
$ |
9,091 |
|
|
$ |
4 |
|
|
$ |
(124 |
) |
|
$ |
8,971 |
|
|
|
|
|
|
|
|
|
Other securities, at cost: |
|
|
|
|
|
|
|
Non-marketable equity securities: |
|
|
|
|
|
|
|
Federal Home Loan Bank stock |
$ |
287 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
287 |
|
Federal Reserve Bank stock |
294 |
|
|
— |
|
|
— |
|
|
294 |
|
Other securities, at fair value |
|
|
|
|
|
|
|
Mutual funds |
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Marketable equity securities |
1 |
|
|
— |
|
|
— |
|
|
1 |
|
Total other securities |
$ |
600 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
600 |
|
|