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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investment Securities  
Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the
available-for-sale
debt and other securities and
held-to-maturity
investment securities portfolios as of:
                                                         
 
   
Amortized
   
Unrealized
   
Unrealized
   
   
Fair
   
 
March 31, 2020 ($ in millions)
 
   
Cost
   
Gains
   
Losses
   
   
Value
   
  
  
Available-for-sale
debt and other securities:
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
U.S. Treasury and federal agency securities
 
$
 
  
 
74
 
  
 
4
 
  
 
-
 
  
 
 
  
 
78
 
  
 
 
Obligations of states and political subdivisions securities
 
 
 
  
 
17
 
  
 
-
 
  
 
-
 
  
 
 
  
 
17
 
  
 
 
Mortgage-backed securities:
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Agency residential mortgage-backed securities
 
 
 
  
 
13,350
 
  
 
810
 
  
 
(16
)
 
 
 
  
 
14,144
 
  
 
 
Agency commercial mortgage-backed securities
 
 
 
  
 
16,395
 
  
 
1,408
 
  
 
(5
)
 
 
 
  
 
17,798
 
  
 
 
Non-agency
commercial mortgage-backed securities
  
 
 
  
 
3,229
 
  
 
87
 
  
 
(1
)
 
 
 
  
 
3,315
 
  
 
 
Asset-backed securities and other debt securities
 
 
 
  
 
2,747
 
  
 
18
 
  
 
(88
)
 
 
 
  
 
2,677
 
  
 
 
Other securities
(a)
  
 
 
  
 
616
 
  
 
-
 
  
 
-
 
  
 
 
  
 
616
 
  
 
 
Total
available-for-sale
debt and other securities
  
$
 
  
 
36,428
 
  
 
2,327
 
  
 
(110
)
 
 
 
  
 
38,645
 
  
 
 
Held-to-maturity
securities:
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Obligations of states and political subdivisions securities
 
$
 
  
 
15
 
  
 
-
 
  
 
-
 
  
 
 
  
 
15
 
  
 
 
Asset-backed securities and other debt securities
 
 
 
  
 
2
 
  
 
-
 
  
 
-
 
  
 
 
  
 
2
 
  
 
 
Total
held-to-maturity
securities
  
$
 
  
 
17
 
  
 
-
 
  
 
-
 
  
 
 
  
 
17
 
  
 
 
 
 
 
 
 
(a)
Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $136, $478 and $2, respectively, at March 31, 2020, that are carried at cost.
 
 
 
 
 
                                                         
 
   
Amortized
   
Unrealized
   
Unrealized
   
   
Fair
   
 
December 31, 2019 ($ in millions)
 
   
Cost
   
Gains
   
Losses
   
   
Value
   
 
Available-for-sale
debt and other securities:
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
  
 
U.S. Treasury and federal agency securities
  $
     
74
     
1
     
-
      
     
75
   
 
 
Obligations of states and political subdivisions securities
   
     
18
     
-
      
-
      
     
18
   
 
 
Mortgage-backed securities:
   
     
     
     
     
     
   
 
 
Agency residential mortgage-backed securities
   
     
13,746
     
388
     
(19
 )    
     
14,115
   
 
 
Agency commercial mortgage-backed securities
   
     
15,141
     
564
     
(12
 )    
     
15,693
   
 
 
Non-agency
commercial mortgage-backed securities
    
     
3,242
     
123
     
-
      
     
3,365
   
 
 
Asset-backed securities and other debt securities
   
     
2,189
     
29
     
(12
 )    
     
2,206
   
 
 
Other securities
(a)
    
     
556
     
-
      
-
      
     
556
   
 
 
Total
available-for-sale
debt and other securities
   $
     
34,966
     
1,105
     
(43
 )    
     
36,028
   
 
 
Held-to-maturity
securities:
    
     
     
     
     
     
   
 
 
Obligations of states and political subdivisions securities
  $
     
15
     
-
      
-
      
     
15
   
 
 
Asset-backed securities and other debt securities
   
     
2
     
-
      
-
      
     
2
   
 
 
Total
held-to-maturity
securities
   $
     
17
     
-
      
-
      
     
17
   
 
 
 
 
 
 
 
(a)
Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $76, $478 and $2, respectively, at December 31, 2019, that are carried at cost.
 
 
 
 
 
The following table provides the fair value of trading debt securities and equity securities as of:
                                 
 
 
  
March 31,            
 
  
December 31,
   
  
 
($ in millions)
 
 
  
2020            
 
  
2019
   
 
Trading debt securities
 
$
 
  
 
433            
 
    
297
     
 
Equity securities
 
 
 
  
 
459            
 
    
564
     
 
 
 
 
 
Realized Gains and Losses Recognized in Income from Investment Securities
The following table presents securities (losses) gains recognized in the Condensed Consolidated Statements of Income:
                         
 
   
    For the three months ended    
  
 
 
  
March 31,
 
($ in millions)
 
 
  
2020
 
  
2019
 
Available-for-sale
debt and other securities:
  
 
 
  
 
 
    
 
Realized gains
 
$
 
  
 
1
 
    
13
 
Realized losses
 
 
 
  
 
(1
)
   
(14
 )
Net realized losses on
available-for
sale debt and other securities
  
$
 
  
 
-
 
    
(1
 )
Total trading debt securities gains
 
$
 
  
 
3
 
    
3
 
Total equity securities (losses) gains
(a)
 
$
 
  
 
(24
)
   
17
 
Total (losses) gains recognized in income from
available-for-sale
debt and other securities, trading debt securities and equity securities
(b)
  
$
 
  
 
(21
)
   
19
     
 
 
 
 
 
(a)
Includes net unrealized losses of $23 and net unrealized gains of $19 for the three months ended March 31, 2020 and 2019, respectively.
 
 
 
 
 
(b)
Excludes $2 of net securities losses for the three months ended March 31, 2020 and $3 of securities gains for the three months ended March 31, 2019 included in commercial banking revenue
and wealth and asset management revenue in the Condensed Consolidated Statements of Income related to securities held by FTS to facilitate the timely execution of customer transactions.
 
 
 
 
Amortized Cost and Fair Value of Available-for-Sale Debt and Other and Held-to-Maturity Securities
The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s
available-for-sale
debt and other securities and
held-to-maturity
investment securities as of March 31, 2020 are shown in the following table:
                                                 
 
 
  
Available-for-Sale
 Debt and Other
    
Held-to-Maturity
   
 
($ in millions)
 
 
  
Amortized Cost
   
Fair Value
   
Amortized Cost
   
Fair Value
   
 
Debt securities:
(a)
    
     
     
     
     
     
 
Less than 1 year
  $
     
36
     
37
     
15
     
15
     
 
1-5
years
    
     
13,751
     
14,523
     
-
     
-
     
 
5-10
years
    
     
15,746
     
16,868
     
-
     
-
     
 
Over 10 years
   
     
6,279
     
6,601
     
2
     
2
     
 
Other securities
   
     
616
     
616
     
-
     
-
     
 
Total
  $
     
36,428
     
38,645
     
17
     
17
     
 
 
 
 
 
 
(a)
Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
 
 
 
 
Fair Value and Gross Unrealized Loss of Securities Available for Sale
The following table provides the fair value and gross unrealized losses on
available-for-sale
debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:
                                                                 
 
 
  
Less than 12 months
   
12 months or more
   
Total
 
 
 
  
   
Unrealized
   
   
Unrealized
   
   
Unrealized
   
 
($ in millions)
 
 
  
Fair Value
   
Losses
   
Fair Value
   
Losses
   
Fair Value
   
Losses
   
 
March 31, 2020
   
     
     
     
     
     
     
     
 
Agency residential mortgage-backed securities
 
$
 
  
 
581
 
  
 
(16
)
 
 
2
 
  
 
-
 
  
 
583
 
  
 
(16
)
 
 
 
Agency commercial mortgage-backed securities
 
 
 
  
 
319
 
  
 
(5
)
 
 
-
 
  
 
-
 
  
 
319
 
  
 
(5
)
 
 
 
Non-agency
commercial mortgage-backed securities
  
 
 
  
 
109
 
  
 
(1
)
 
 
-
 
  
 
-
 
  
 
109
 
  
 
(1
)
 
 
 
Asset-backed securities and other debt securities
 
 
 
  
 
1,466
 
  
 
(73
)
 
 
373
 
  
 
(15
)
 
 
1,839
 
  
 
(88
)
 
 
 
Total
 
$
 
  
 
2,475
 
  
 
(95
)
 
 
375
 
  
 
(15
)
 
 
2,850
 
  
 
(110
)
 
 
 
December 31, 2019
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Agency residential mortgage-backed securities
  $
     
2,159
     
(19
 )    
4
     
-
     
2,163
     
(19
 )    
 
Agency commercial mortgage-backed securities
   
     
1,602
     
(12
 )    
-
     
-
     
1,602
     
(12
 )    
 
Asset-backed securities and other debt securities
   
     
367
     
(3
 )    
379
     
(9
 )    
746
     
(12
 )    
 
Total
  $
     
4,128
     
(34
 )    
383
     
(9
 )    
4,511
     
(43
 )