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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale and Held-to-Maturity
                                                                                 
    2019     2018  
                Unrealized Losses                     Unrealized Losses        
(Dollars in Millions)   Amortized
Cost		     Unrealized
Gains		    
Other-than-

Temporary
(a)
     Other
(b)
     Fair Value     Amortized
Cost		     Unrealized
Gains		  
 
 
Other-than-

Temporary
(a)
       Other
(b)
    
Fair
Value
  
Held-to-maturity
                                      
 
                                        
U.S. Treasury and agencies
   $ –    
$
 –     $ –     $ –     $ –     $ 5,102     $ 2   $
–
       $ (143 )    $ 4,961  
Residential agency mortgage-backed securities
     –       –       –       –       –       40,920       45    
–
         (994 )      39,971  
Asset-backed securities
                                      
 
                                        
Collateralized debt obligations/Collateralized loan obligations
     –       –       –       –       –      
–
 
     1    
–
 
      
–
       1  
Other
     –       –       –       –       –       5       2    
–
        
–
       7  
Obligations of state and political subdivisions
     –       –       –       –       –       6       1    
–
        
–
       7  
Obligations of foreign governments
     –       –       –       –       –       9      
–
    
–
        
–
       9  
Other
     –       –       –       –       –       8      
–
    
–
        
–
       8  
Total
held-to-maturity
   $ –     $ –     $ –     $ –     $ –     $ 46,050     $ 51   $
–
       $ (1,137 )    $ 44,964  
Available-for-sale
                                      
 
                                        
U.S. Treasury and agencies
   $ 19,845     $ 61     $ –     $ (67 )    $ 19,839     $ 19,604     $ 11   $
–
       $ (358 )    $ 19,257  
Mortgage-backed securities
                                      
 
                                        
Residential agency
     93,903       557       –       (349 )      94,111       40,542       120    
–
         (910 )      39,752  
Commercial agency
     1,482       –       –       (29 )      1,453       2      
–
    
–
        
–
       2  
Asset-backed securities
                                                                                
Colla
teralized
 de
b
t obli
g
ations/Collateralized
loan obli
g
ations
 
 
–
      
1
        
–
        
–
        
1
        
–
        
–
      
–
          
–
        
–
 
Other
 
 
  
375
        
7
        
–
        
–
      
382
        
397
        
6
      
–
          
–
        
403
 
Obligations of state and political subdivisions
     6,499       318       –       (3 )      6,814       6,836       37    
–
         (172 )      6,701  
Obligations of foreign governments
     9       –       –       –       9      
–
      
–
    
–
        
–
      
–
  
Corporate debt securities
 
 
 
4
 
 
 
 
–
 
 
 
 
–
 
 
 
 
–
 
 
 
 
4
 
 
 
 
–
  
 
 
 
–
 
 
 
–
  
 
 
 
 
–
 
 
 
 
–
 
Total
available-for-sale
   $ 122,117     $ 944     $ –     $ (448 )    $ 122,613     $ 67,381     $ 174   $ –       $ (1,440 )    $ 66,115  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
 
 
 
 
 
 
 
 
 
Amount of Interest Income from Taxable and Non-Taxable Investment Securities
 
The following table provides information about the amount of interest income from taxable and
non-taxable
investment securities:
 
                         
Year Ended December 31 (Dollars in Millions)   2019        2018        2017  
Taxable
   $ 2,680        $ 2,396        $ 2,043  
Non-taxable
     213          220          189  
Total interest income from investment securities
   $ 2,893        $ 2,616        $ 2,232  
 
 
 
 
 
 
 
 
 
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of
available-for-sale
investment securities:
 
 
                         
Year Ended December 31 (Dollars in Millions)   2019        2018        2017  
Realized gains
   $ 99        $ 30        $ 75  
Realized losses
     (26 )         –          (18 ) 
Net realized gains (losses)
   $ 73        $ 30        $ 57  
Income tax (benefit) on net realized gains (losses)
   $ 18        $ 7        $ 22  
 
 
 
 
 
 
 
 
 
Gross Unrealized Losses and Fair Value of Company's Investment Securities The following table shows the gross unrealized losses and fair value of the Company’s
available
-for-sale
investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at December 31, 2019:
 
                                                 
    Less Than 12 Months        12 Months or Greater        Total  
(Dollars in Millions)   Fair
Value		        Unrealized
Losses		        Fair
Value		        Unrealized
Losses		        Fair
Value		        Unrealized
Losses		  
U.S. Treasury and agencies
   $ 3,869        $ (40 )       $ 6,265        $ (27 )       $ 10,134        $ (67 ) 
Residential agency mortgage-backed securities
     16,292          (46 )         24,346          (303 )         40,638          (349 ) 
Commercial agency mortgage-backed securities
     1,453          (29 )         –          –          1,453          (29 ) 
Other asset-backed securities
     –          –          2          –          2          –  
Obligations of state and political subdivisions
     365          (3 )         –          –          365          (3 ) 
Corporate debt securities
 
 
 
 
4
 
 
 
 
–
 
 
 
 
–
 
 
 
 
–
 
 
 
 
4
 
 
 
 
–
 
Total investment securities
   $ 21,983        $ (118 )       $ 30,613        $ (330 )       $ 52,596        $ (448 ) 
 
 
 
 
 
 
 
 
 
Amortized cost, fair value and yield by maturity date of held-to-maturity and available-for-sale investment securities
The following table provides information about the amortized cost, fair value and yield by maturity date of
the
 
available-for-sale
investment securities outstanding at December 31, 2019:
 
                                 
(Dollars in Millions)   Amortized
Cost		      Fair
 
Value		     
Weighted-
Average
Maturity
in
Years
      Weighted-
Average
Yield
(e)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and Agencies
                                 
 
Maturing in one year or less
   $ 4,243      $ 4,242        .6        1.61 % 
Maturing after one year through five years
     12,881        12,901        2.4        1.65  
Maturing after five years through ten years
     2,721        2,696        7.5        1.95  
Maturing after ten years
     –        –        –        –  
Total
   $ 19,845      $ 19,839        2.7        1.68 % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities
(a)
                                 
 
Maturing in one year or less
   $ 197      $ 197        .7        2.28 % 
Maturing after one year through five years
     66,940        67,102        3.6        2.30  
Maturing after five years through ten years
     27,339        27,349        6.0        2.58  
Maturing after ten years
     909        916        11.4        2.76  
Total
   $ 95,385      $ 95,564        4.4        2.39 % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset-Backed Securities
(a)
                                 
 
Maturing in one year or less
   $ –      $ –        –        — % 
Maturing after one year through five years
     374        381        3.1        3.09  
Maturing after five years through ten years
     1        1        6.1        2.56  
Maturing after ten years
     –        1        15.3        2.41  
Total
   $ 375      $ 383        3.1        3.09 % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of State and Political Subdivisions
(b)(c)
                                 
 
Maturing in one year or less
   $ 66      $ 66        .1        5.81 % 
Maturing after one year through five years
     695        722        3.0        4.50  
Maturing after five years through ten years
     5,720        6,004        7.1        4.24  
Maturing after ten years
     18        22        14.0        6.15  
Total
   $ 6,499      $ 6,814        6.6        4.29 % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other
                                 
 
Maturing in one year or less
   $ 13      $ 13        .3        2.66 % 
Maturing after one year through five years
     –        –        –        –  
Maturing after five years through ten years
     –        –        –        –  
Maturing after ten years
     –        –        –        –  
Total
   $ 13      $ 13        .3        2.66 % 
Total investment securities
(d)
   $ 122,117      $ 122,613        4.2        2.38 % 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(c)
Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(d)
The weighted-average maturity of total available-for-sale and held-to-maturity investment securities was 5.3 years at December 31, 2018, with a corresponding weighted-average yield of 2.52 percent.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(e)
Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.