Quarterly report pursuant to Section 13 or 15(d)

INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)

v3.20.1
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
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, 2020 and December 31, 2019:
 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
March 31, 2020
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
U.S. Treasury
$
8

 
$
—

 
$
—

 
$
8

Federal agencies:
 
 
 
 
 
 
 
Residential CMO
5,512

 
212

 
(1
)
 
5,723

Residential MBS
4,167

 
137

 
—

 
4,304

Commercial MBS
839

 
10

 
—

 
849

Other agencies
145

 
2

 
—

 
147

Total U.S. Treasury, federal agency and other agency securities
10,671

 
361

 
(1
)
 
11,031

Municipal securities
3,050

 
14

 
(72
)
 
2,992

Private-label CMO
2

 
—

 
—

 
2

Asset-backed securities
574

 
—

 
(27
)
 
547

Corporate debt
48

 
—

 
(1
)
 
47

Other securities/Sovereign debt
3

 
—

 
—

 
3

Total available-for-sale securities
$
14,348

 
$
375

 
$
(101
)
 
$
14,622

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
Residential CMO
$
2,316

 
$
108

 
$
—

 
$
2,424

Residential MBS
3,704

 
121

 
—

 
3,825

Commercial MBS
3,890

 
95

 
(1
)
 
3,984

Other agencies
279

 
7

 
—

 
286

Total federal agency and other agency securities
10,189

 
331

 
(1
)
 
10,519

Municipal securities
4

 
—

 
—

 
4

Total held-to-maturity securities
$
10,193

 
$
331

 
$
(1
)
 
$
10,523

 
 
 
 
 
 
 
 
Other securities, at cost:
 
 
 
 
 
 
 
Non-marketable equity securities:
 
 
 
 
 
 
 
Federal Home Loan Bank stock
$
140

 
$
—

 
$
—

 
$
140

Federal Reserve Bank stock
298

 
—

 
—

 
298

Other securities, at fair value
 
 
 
 
 
 
 
Mutual funds
46

 
—

 
—

 
46

Marketable equity securities
3

 
1

 
—

 
4

Total other securities
$
487

 
$
1

 
$
—

 
$
488


 
 
 
Unrealized
 
 
(dollar amounts in millions)
Amortized
Cost
 
Gross
Gains
 
Gross
Losses
 
Fair Value
December 31, 2019
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
U.S. Treasury
$
10

 
$
—

 
$
—

 
$
10

Federal agencies:
 
 
 
 
 
 
 
Residential CMO
5,055

 
48

 
(18
)
 
5,085

Residential MBS
4,180

 
45

 
(3
)
 
4,222

Commercial MBS
979

 
1

 
(4
)
 
976

Other agencies
165

 
1

 
(1
)
 
165

Total U.S. Treasury, federal agency and other agency securities
10,389

 
95

 
(26
)
 
10,458

Municipal securities
3,044

 
34

 
(23
)
 
3,055

Private-label CMO
2

 
—

 
—

 
2

Asset-backed securities
575

 
6

 
(2
)
 
579

Corporate debt
49

 
2

 
—

 
51

Other securities/Sovereign debt
4

 
—

 
—

 
4

Total available-for-sale securities
$
14,063

 
$
137

 
$
(51
)
 
$
14,149

 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
Residential CMO
$
2,351

 
$
33

 
$
(3
)
 
$
2,381

Residential MBS
2,463

 
50

 
—

 
2,513

Commercial MBS
3,959

 
34

 
—

 
3,993

Other agencies
293

 
2

 
—

 
295

Total federal agency and other agency securities
9,066

 
119

 
(3
)
 
9,182

Municipal securities
4

 
—

 
—

 
4

Total held-to-maturity securities
$
9,070

 
$
119

 
$
(3
)
 
$
9,186

 
 
 
 
 
 
 
 
Other securities, at cost:
 
 
 
 
 
 
 
Non-marketable equity securities:
 
 
 
 
 
 
 
Federal Home Loan Bank stock
$
90

 
$
—

 
$
—

 
$
90

Federal Reserve Bank stock
297

 
—

 
—

 
297

Other securities, at fair value
 
 
 
 
 
 
 
Mutual funds
53

 
—

 
—

 
53

Marketable equity securities
1

 
—

 
—

 
1

Total other securities
$
441

 
$
—

 
$
—

 
$
441


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, 2020 and December 31, 2019. 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, 2020
 
December 31, 2019
(dollar amounts in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available-for-sale securities:
 
 
 
 
 
 
 
Under 1 year
$
257

 
$
255

 
$
231

 
$
229

After 1 year through 5 years
1,338

 
1,308

 
1,196

 
1,189

After 5 years through 10 years
1,402

 
1,375

 
1,594

 
1,606

After 10 years
11,351

 
11,684

 
11,042

 
11,125

Total available-for-sale securities
$
14,348

 
$
14,622

 
$
14,063

 
$
14,149

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

 
$
—

 
$
—

 
$
—

After 1 year through 5 years
157

 
164

 
17

 
17

After 5 years through 10 years
149

 
154

 
300

 
305

After 10 years
9,887

 
10,205

 
8,753

 
8,864

Total held-to-maturity securities
$
10,193

 
$
10,523

 
$
9,070

 
$
9,186


Schedule of Unrealized Loss on Investments [Table Text Block]
 
March 31, 2020
 
December 31, 2019
(dollar amounts in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Available-for-sale securities:
 
 
 
 
 
 
 
Under 1 year
$
257

 
$
255

 
$
231

 
$
229

After 1 year through 5 years
1,338

 
1,308

 
1,196

 
1,189

After 5 years through 10 years
1,402

 
1,375

 
1,594

 
1,606

After 10 years
11,351

 
11,684

 
11,042

 
11,125

Total available-for-sale securities
$
14,348

 
$
14,622

 
$
14,063

 
$
14,149

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

 
$
—

 
$
—

 
$
—

After 1 year through 5 years
157

 
164

 
17

 
17

After 5 years through 10 years
149

 
154

 
300

 
305

After 10 years
9,887

 
10,205

 
8,753

 
8,864

Total held-to-maturity securities
$
10,193

 
$
10,523

 
$
9,070

 
$
9,186


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, 2020 and December 31, 2019:
 
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, 2020
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
94

 
$
(1
)
 
$
—

 
$
—

 
$
94

 
$
(1
)
Residential MBS
—

 
—

 
7

 
—

 
7

 
—

Commercial MBS
—

 
—

 
4

 
—

 
4

 
—

Other agencies
50

 
—

 
—

 
—

 
50

 
—

Total federal agency and other agency securities
144

 
(1
)
 
11

 
—

 
155

 
(1
)
Municipal securities
1,102

 
(27
)
 
1,178

 
(45
)
 
2,280

 
(72
)
Asset-backed securities
439

 
(24
)
 
34

 
(3
)
 
473

 
(27
)
Corporate debt
36

 
(1
)
 
—

 
—

 
36

 
(1
)
Total temporarily impaired securities
$
1,721

 
$
(53
)
 
$
1,223

 
$
(48
)
 
$
2,944

 
$
(101
)
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Residential MBS
78

 
—

 
—

 
—

 
78

 
—

Commercial MBS
72

 
(1
)
 
4

 
—

 
76

 
(1
)
Other agencies
—

 
—

 
—

 
—

 
—

 
—

Total federal agency and other agency securities
150

 
(1
)
 
4

 
—

 
154

 
(1
)
Municipal securities
—

 
—

 
—

 
—

 
—

 
—

Total temporarily impaired securities
$
150

 
$
(1
)
 
$
4

 
$
—

 
$
154

 
$
(1
)
 
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, 2019
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
1,206

 
$
(10
)
 
$
519

 
$
(8
)
 
$
1,725

 
$
(18
)
Residential MBS
1,169

 
(3
)
 
9

 
—

 
1,178

 
(3
)
Commercial MBS
472

 
(2
)
 
272

 
(2
)
 
744

 
(4
)
Other agencies
86

 
(1
)
 
—

 
—

 
86

 
(1
)
Total federal agency and other agency securities
2,933

 
(16
)
 
800

 
(10
)
 
3,733

 
(26
)
Municipal securities
273

 
(4
)
 
1,204

 
(19
)
 
1,477

 
(23
)
Asset-backed securities
116

 
(1
)
 
37

 
(1
)
 
153

 
(2
)
Corporate debt
1

 
—

 
—

 
—

 
1

 
—

Total temporarily impaired securities
$
3,323

 
$
(21
)
 
$
2,041

 
$
(30
)
 
$
5,364

 
$
(51
)
 
 
 
 
 
 
 
 
 
 
 
 
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agencies:
 
 
 
 
 
 
 
 
 
 
 
Residential CMO
$
218

 
$
(1
)
 
$
112

 
$
(2
)
 
$
330

 
$
(3
)
Residential MBS
317

 
—

 
—

 
—

 
317

 
—

Commercial MBS
81

 
—

 
—

 
—

 
81

 
—

Other agencies
58

 
—

 
—

 
—

 
58

 
—

Total federal agency and other agency securities
674

 
(1
)
 
112

 
(2
)
 
786

 
(3
)
Municipal securities
4

 
—

 
—

 
—

 
4

 
—

Total temporarily impaired securities
$
678

 
$
(1
)
 
$
112

 
$
(2
)
 
$
790

 
$
(3
)