Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)

v3.19.1
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Gain (Loss) on Securities [Table Text Block]
.
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 March 31, 2019 and December 31, 2018:
 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
March 31, 2019
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
U.S. Treasury
$
5

 
$
—

 
$
—

 
$
5

Federal agencies:
 
 
 
 
 
 
 
Residential CMO
7,093

 
25

 
(108
)
 
7,010

Residential MBS
1,359

 
19

 
(5
)
 
1,373

Commercial MBS
1,606

 
—

 
(53
)
 
1,553

Other agencies
119

 
—

 
(1
)
 
118

Total U.S. Treasury, federal agency and other agency securities
10,182

 
44

 
(167
)
 
10,059

Municipal securities
3,539

 
17

 
(38
)
 
3,518

Asset-backed securities
350

 
2

 
(3
)
 
349

Corporate debt
51

 
1

 
—

 
52

Other securities/Sovereign debt
4

 
—

 
—

 
4

Total available-for-sale securities
$
14,126

 
$
64

 
$
(208
)
 
$
13,982

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
Residential CMO
$
2,125

 
$
4

 
$
(23
)
 
$
2,106

Residential MBS
2,093

 
11

 
(15
)
 
2,089

Commercial MBS
4,187

 
1

 
(130
)
 
4,058

Other agencies
338

 
—

 
(4
)
 
334

Total federal agency and other agency securities
8,743

 
16

 
(172
)
 
8,587

Municipal securities
4

 
—

 
—

 
4

Total held-to-maturity securities
$
8,747

 
$
16

 
$
(172
)
 
$
8,591

 
 
 
 
 
 
 
 
Other securities, at cost:
 
 
 
 
 
 
 
Non-marketable equity securities:
 
 
 
 
 
 
 
Federal Home Loan Bank stock
$
167

 
$
—

 
$
—

 
$
167

Federal Reserve Bank stock
296

 
—

 
—

 
296

Other securities, at fair value
 
 
 
 
 
 
 
Mutual funds
21

 
—

 
—

 
21

Marketable equity securities
1

 
1

 
—

 
2

Total other securities
$
485

 
$
1

 
$
—

 
$
486

 
 
 
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

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 March 31, 2019 and 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.
 
March 31, 2019
 
December 31, 2018
(dollar amounts in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available-for-sale securities:
 
 
 
 
 
 
 
Under 1 year
$
258

 
$
254

 
$
186

 
$
185

After 1 year through 5 years
1,028

 
1,018

 
1,057

 
1,039

After 5 years through 10 years
1,879

 
1,869

 
1,838

 
1,802

After 10 years
10,961

 
10,841

 
11,027

 
10,754

Total available-for-sale securities
$
14,126

 
$
13,982

 
$
14,108

 
$
13,780

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
Under 1 year
$
—

 
$
—

 
$
—

 
$
—

After 1 year through 5 years
20

 
20

 
11

 
11

After 5 years through 10 years
344

 
341

 
362

 
356

After 10 years
8,383

 
8,230

 
8,192

 
7,919

Total held-to-maturity securities
$
8,747

 
$
8,591

 
$
8,565

 
$
8,286

Schedule of Unrealized Loss on Investments [Table Text Block]
 
March 31, 2019
 
December 31, 2018
(dollar amounts in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available-for-sale securities:
 
 
 
 
 
 
 
Under 1 year
$
258

 
$
254

 
$
186

 
$
185

After 1 year through 5 years
1,028

 
1,018

 
1,057

 
1,039

After 5 years through 10 years
1,879

 
1,869

 
1,838

 
1,802

After 10 years
10,961

 
10,841

 
11,027

 
10,754

Total available-for-sale securities
$
14,126

 
$
13,982

 
$
14,108

 
$
13,780

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
Under 1 year
$
—

 
$
—

 
$
—

 
$
—

After 1 year through 5 years
20

 
20

 
11

 
11

After 5 years through 10 years
344

 
341

 
362

 
356

After 10 years
8,383

 
8,230

 
8,192

 
7,919

Total held-to-maturity securities
$
8,747

 
$
8,591

 
$
8,565

 
$
8,286


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 March 31, 2019 and December 31, 2018:
 
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
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
27

 
$
—

 
$
5,287

 
$
(108
)
 
$
5,314

 
$
(108
)
Residential MBS
—

 
—

 
537

 
(5
)
 
537

 
(5
)
Commercial MBS
—

 
—

 
1,553

 
(53
)
 
1,553

 
(53
)
Other agencies
—

 
—

 
116

 
(1
)
 
116

 
(1
)
Total federal agency and other agency securities
27

 
—

 
7,493

 
(167
)
 
7,520

 
(167
)
Municipal securities
593

 
(7
)
 
1,867

 
(31
)
 
2,460

 
(38
)
Asset-backed securities
56

 
(1
)
 
153

 
(2
)
 
209

 
(3
)
Total temporarily impaired securities
$
676

 
$
(8
)
 
$
9,513

 
$
(200
)
 
$
10,189

 
$
(208
)
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
—

 
$
—

 
$
1,283

 
$
(23
)
 
$
1,283

 
$
(23
)
Residential MBS
—

 
—

 
1,464

 
(15
)
 
1,464

 
(15
)
Commercial MBS
—

 
—

 
4,049

 
(130
)
 
4,049

 
(130
)
Other agencies
6

 
—

 
279

 
(4
)
 
285

 
(4
)
Total federal agency and other agency securities
6

 
—

 
7,075

 
(172
)
 
7,081

 
(172
)
Municipal securities
—

 
—

 
4

 
—

 
4

 
—

Total temporarily impaired securities
$
6

 
$
—

 
$
7,079

 
$
(172
)
 
$
7,085

 
$
(172
)
 
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
)