Investment Securities (Tables)

9 Months Ended

Sep. 30, 2018

Investments, Debt and Equity Securities [Abstract]

A summary of the Corporation’s investment securities follows:



(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2018
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,731	$	—	$	32	$	2,699
Residential mortgage-backed securities (a)	9,496		6		339		9,163
Total investment securities available-for-sale	$	12,227	$	6	$	371	$	11,862

December 31, 2017
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,743	$	—	$	16	$	2,727
Residential mortgage-backed securities (a)	8,230		22		128		8,124
State and municipal securities	5		—		—		5
Equity and other non-debt securities	83		1		2		82
Total investment securities available-for-sale (b)	$	11,061	$	23	$	146	$	10,938
Investment securities held-to-maturity (c):
Residential mortgage-backed securities (a)	$	1,266	$	—	$	20	$	1,246


(a)	Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.


(b)	Included auction-rate securities at amortized cost and fair value of $51 million and $49 million, respectively, as of December 31, 2017.


(c)	The amortized cost of investment securities held-to-maturity included net unrealized losses of $9 million at December 31, 2017 related to securities transferred from available-for-sale in 2014, which are included in accumulated other comprehensive loss.

Summary Of Investment Securities In Unrealized Loss Positions

A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2018 and December 31, 2017 follows:



	Temporarily Impaired
	Less than 12 Months				12 Months or more					Total
(in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
September 30, 2018
U.S. Treasury and other U.S. government agency securities	$	1,852	$	30	$	182	$	2		$	2,034	$	32
Residential mortgage-backed securities (a)	4,280		106		4,363		233			8,643		339
Total temporarily impaired securities	$	6,132	$	136	$	4,545	$	235		$	10,677	$	371
December 31, 2017
U.S. Treasury and other U.S. government agency securities	$	2,727	$	16	$	—	$	—		$	2,727	$	16
Residential mortgage-backed securities (a)	3,845		32		4,003		125			7,848		157
State and municipal securities (b)	—		—		5		—		(c)	5		—		(c)
Equity and other non-debt securities (b)	—		—		44		2			44		2
Total temporarily impaired securities	$	6,572	$	48	$	4,052	$	127		$	10,624	$	175


(a)	Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.


(b)	Primarily auction-rate securities.


(c)	Unrealized losses less than $0.5 million.

Contractual Maturity Distribution Of Debt Securities

The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



(in millions)
September 30, 2018	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	100	$	100
After one year through five years	2,993		2,958
After five years through ten years	1,634		1,598
After ten years	7,500		7,206
Total investment securities	$	12,227	$	11,862