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Debt Securities (Tables)
3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation Our debt securities consist of the following:
 
March 31, 2020
 
December 31, 2019
 
 
 
Gross

 
Gross

 
 
 
 
 
Gross

 
Gross

 
 
 
Amortized

 
unrealized

 
unrealized

 
Estimated

 
Amortized

 
unrealized

 
unrealized

 
Estimated

 ($ in millions)
cost

 
gains

 
losses

 
fair value

 
cost

 
gains

 
losses

 
fair value

U.S. government and federal agency
$
2,678

 
$
6

 
$

 
$
2,684

 
$
2,468

 
$
1

 
$

 
$
2,469

State and municipal
44

 

 
(1
)
 
43

 
46

 
1

 
(2
)
 
45

Residential mortgage-backed(a)
966

 
18

 

 
984

 
1,029

 
6

 
(9
)
 
1,026

Asset-backed(b)
2,437

 
4

 
(6
)
 
2,435

 
2,368

 
3

 

 
2,371

Total
$
6,125

 
$
28

 
$
(7
)
 
$
6,146

 
$
5,911

 
$
11

 
$
(11
)
 
$
5,911

_______________________
(a)
All of our residential mortgage-backed securities have been issued by government-sponsored entities and are collateralized by U.S. mortgages. At March 31, 2020 and December 31, 2019, $338 million and $351 million of residential mortgage-backed securities, respectively, are pledged by the Bank as collateral to the Federal Reserve to secure Federal Reserve Discount Window advances.
(b)
All of our asset-backed securities are collateralized by credit card loans.
Available-for-sale Securities, Continuous Loss Position, Fair Value
The following table presents the estimated fair values and gross unrealized losses of our available-for-sale debt securities:
 
In loss position for
 
Less than 12 months
 
12 months or more
 
 
 
Gross

 
 
 
Gross

 
Estimated

 
unrealized

 
Estimated

 
unrealized

 ($ in millions)
fair value

 
losses

 
fair value

 
losses

At March 31, 2020
 
 
 
 
 
 
 
U.S. government and federal agency
$

 
$

 
$

 
$

State and municipal
4

 

 
23

 
(1
)
Residential mortgage-backed

 

 
55

 

Asset-backed
1,399

 
(6
)
 
10

 

Total
$
1,403

 
$
(6
)
 
$
88

 
$
(1
)
 
 
 
 
 
 
 
 
At December 31, 2019
 
 
 
 
 
 
 
U.S. government and federal agency
$

 
$

 
$

 
$

State and municipal

 

 
24

 
(2
)
Residential mortgage-backed
76

 

 
618

 
(9
)
Asset-backed
202

 

 

 

Total
$
278

 
$

 
$
642

 
$
(11
)

Investments Classified by Contractual Maturity Date
Contractual Maturities of Investments in Available-for-Sale Debt Securities
 
Amortized

 
Estimated

 
Weighted

At March 31, 2020 ($ in millions)
cost

 
fair value

 
Average yield (a)

 
 
 
 
 
 
Due
 
 
 
 
 
Within one year
$
4,354

 
$
4,362

 
1.6
%
After one year through five years
$
762

 
$
758

 
1.3
%
After five years through ten years
$
133

 
$
138

 
3.2
%
After ten years
$
876

 
$
888

 
2.9
%
_____________________
(a)
Weighted average yield is calculated based on the amortized cost of each security. In calculating yield, no adjustment has been made with respect to any tax-exempt obligations.