Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities

he amortized cost, gross unrealized gains, gross unrealized losses and fair values of securities available for sale for December 31, 2019 and 2018 are presented below.

	December 31, 2019								December 31, 2018
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	5,485	$	6	$	53	$	5,438	$	3,572	$	1	$	144	$	3,429
Mortgage-backed:
U.S. agencies	5,491		13		36		5,468		8,168		7		168		8,007
Residential - non-agency	759		5		2		762		887		—		23		864
Commercial - non-agency	3,461		56		28		3,489		1,198		3		21		1,180
Collateralized loan obligations	1,499		—		8		1,491		1,492		—		18		1,474
Direct bank purchase bonds	911		43		18		936		1,190		30		30		1,190
Other	202		3		—		205		173		—		3		170
Total securities available for sale	$	17,808	$	126	$	145	$	17,789	$	16,680	$	41	$	407	$	16,314

Securities in Unrealized Loss Position

The Company's securities available for sale with a continuous unrealized loss position at December 31, 2019 and 2018 are shown below, identified for periods less than 12 months and 12 months or more.

	December 31, 2019
	Less Than 12 Months				12 Months or More				Total
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury and government agencies	$	4,407	$	48	$	543	$	5	$	4,950	$	53
Mortgage-backed:
U.S. agencies	914		4		2,769		32		3,683		36
Residential - non-agency	127		—		155		2		282		2
Commercial - non-agency	1,669		28		12		—		1,681		28
Collateralized loan obligations	597		2		790		6		1,387		8
Direct bank purchase bonds	118		1		294		17		412		18
Other	25		—		—		—		25		—
Total securities available for sale	$	7,857	$	83	$	4,563	$	62	$	12,420	$	145

	December 31, 2018
	Less Than 12 Months				12 Months or More				Total
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury and government agencies	$	147	$	1	$	3,182	$	143	$	3,329	$	144
Mortgage-backed:
U.S. agencies	1,941		8		4,797		160		6,738		168
Residential - non-agency	398		7		383		16		781		23
Commercial - non-agency	380		6		515		15		895		21
Collateralized loan obligations	1,428		18		—		—		1,428		18
Direct bank purchase bonds	221		6		417		24		638		30
Other	162		3		1		—		163		3
Total securities available for sale	$	4,677	$	49	$	9,295	$	358	$	13,972	$	407

The Company's securities held to maturity with a continuous unrealized loss position at December 31, 2019 and 2018 are shown below, separately for periods less than 12 months and 12 months or more.

	December 31, 2019
	Less Than 12 months						12 Months or More						Total
			Unrealized Losses						Unrealized Losses						Unrealized Losses
(Dollars in millions)	Fair Value		Recognized in OCI		Not Recognized in OCI		Fair Value		Recognized in OCI		Not Recognized in OCI		Fair Value		Recognized in OCI		Not Recognized in OCI
U.S. Treasury and government agencies	$	509	$	—	$	6	$	—	$	—	$	—	$	509	$	—	$	6
Mortgage-backed:
U.S. agencies	1,084		—		9		4,515		104		21		5,599		104		30
Total securities held to maturity	$	1,593	$	—	$	15	$	4,515	$	104	$	21	$	6,108	$	104	$	36

	December 31, 2018
	Less Than 12 Months						12 Months or More						Total
			Unrealized Losses						Unrealized Losses						Unrealized Losses
(Dollars in millions)	Fair Value		Recognized in OCI		Not Recognized in OCI		Fair Value		Recognized in OCI		Not Recognized in OCI		Fair Value		Recognized in OCI		Not Recognized in OCI
U.S. Treasury and government agencies	$	—	$	—	$	—	$	496	$	—	$	2	$	496	$	—	$	2
Mortgage-backed:
U.S. agencies	697		—		11		8,587		138		198		9,284		138		209
Total securities held to maturity	$	697	$	—	$	11	$	9,083	$	138	$	200	$	9,780	$	138	$	211

Debt Securities by Contractual Maturity

The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

	December 31, 2019
	Within One Year				Over One Year Through Five Years				Over Five Years Through Ten Years				Over Ten Years				Total
(Dollars in millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
U.S. Treasury and government agencies	$	9	$	9	$	—	$	—	$	1,350	$	1,344	$	—	$	—	$	1,359	$	1,353
Mortgage-backed:
U.S. agencies	—		—		704		724		885		890		6,473		6,541		8,062		8,155
Total securities held to maturity	$	9	$	9	$	704	$	724	$	2,235	$	2,234	$	6,473	$	6,541	$	9,421	$	9,508

The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.

	December 31, 2019
(Dollars in millions)	One Year or Less		Over One Year Through Five Years		Over Five Years Through Ten Years		Over Ten Years		Total Fair Value
U.S. Treasury and government agencies	$	—	$	1,237	$	4,167	$	34	$	5,438
Mortgage-backed:
U.S. agencies	—		167		1,021		4,280		5,468
Residential - non-agency	—		—		—		762		762
Commercial - non-agency	32		—		1,356		2,101		3,489
Collateralized loan obligations	—		—		430		1,061		1,491
Direct bank purchase bonds	67		303		466		100		936
Other	—		205		—		—		205
Total securities available for sale	$	99	$	1,912	$	7,440	$	8,338	$	17,789

Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses

The gross realized gains and losses from sales of available for sale securities for the years ended December 31, 2019, 2018 and 2017 are shown below. The specific identification method is used to calculate realized gains and losses on sales.

	For the Year Ended December 31,
(Dollars in millions)	2019		2018		2017
Gross realized gains	$	39	$	8	$	17
Gross realized losses	—		—		—

Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values

At December 31, 2019 and 2018, the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity.

	December 31, 2019
			Recognized in OCI						Not Recognized in OCI
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	1,359	$	—	$	—	$	1,359	$	—	$	6	$	1,353
Mortgage-backed:
U.S. agencies	8,166		—		104		8,062		123		30		8,155
Total securities held to maturity	$	9,525	$	—	$	104	$	9,421	$	123	$	36	$	9,508

	December 31, 2018
			Recognized in OCI						Not Recognized in OCI
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	1,250	$	—	$	—	$	1,250	$	2	$	2	$	1,250
Mortgage-backed:
U.S. agencies	9,788		1		138		9,651		28		209		9,470
Total securities held to maturity	$	11,038	$	1	$	138	$	10,901	$	30	$	211	$	10,720

At December 31, 2019 and 2018, the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair values of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity.

	December 31, 2019
			Recognized in OCI						Not Recognized in OCI
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	1,359	$	—	$	—	$	1,359	$	—	$	6	$	1,353
Mortgage-backed:
U.S. agencies	8,166		—		104		8,062		123		30		8,155
Total securities held to maturity	$	9,525	$	—	$	104	$	9,421	$	123	$	36	$	9,508

	December 31, 2018
			Recognized in OCI						Not Recognized in OCI
(Dollars in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Amount		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury and government agencies	$	1,250	$	—	$	—	$	1,250	$	2	$	2	$	1,250
Mortgage-backed:
U.S. agencies	9,788		1		138		9,651		28		209		9,470
Total securities held to maturity	$	11,038	$	1	$	138	$	10,901	$	30	$	211	$	10,720