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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale
The amortized cost, gross unrealized holding gains and losses, and fair value of
available-for-sale
investment securities at December 31 were as follows:
 
    2020     2019  
(Dollars in Millions)   Amortized
Cost		     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		     Amortized
Cost		     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		  
U.S. Treasury and agencies
   $ 21,954     $ 462     $ (25 )    $ 22,391     $ 19,845     $ 61     $ (67 )    $ 19,839  
Mortgage-backed securities
                              
 
                                
Residential agency
     98,031       1,950       (13 )      99,968       93,903       557       (349 )      94,111  
Commercial agency
     5,251       170       (15 )      5,406       1,482       –       (29 )      1,453  
Asset-backed securities
     200       5       –       205       375       8       –       383  
Obligations of state and political subdivisions
     8,166       695       –       8,861       6,499       318       (3 )      6,814  
Other
     9       –       –       9       13       –       –       13  
Total
available-for-sale
   $ 133,611     $ 3,282     $ (53 )    $ 136,840     $ 122,117     $ 944     $ (448 )    $ 122,613  
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)   2020        2019        2018  
Taxable
   $ 2,201        $ 2,680        $ 2,396  
Non-taxable
     227          213          220  
Total interest income from investment securities
   $ 2,428        $ 2,893        $ 2,616  
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)   2020        2019        2018  
Realized gains
   $ 200        $ 99        $ 30  
Realized losses
     (23 )         (26 )         –  
Net realized gains (losses)
   $ 177        $ 73        $ 30  
Income tax (benefit) on net realized gains (losses)
   $ 45        $ 18        $ 7  
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, 2020:
    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
   $ 3,144        $ (25 )       $ –        $ –        $ 3,144        $ (25 ) 
Residential agency mortgage-backed securities
     2,748          (11 )         1,028          (2 )         3,776          (13 ) 
Commercial agency mortgage-backed securities
     1,847          (15 )         –          –          1,847          (15 ) 
Asset-backed securities
     –          –          2          –          2          –  
Obligations of state and political subdivisions
     2          –          –          –          2          –  
Other
     6          –          –          –          6          –  
Total investment securities
   $ 7,747        $ (51 )       $ 1,030        $ (2 )       $ 8,777        $ (53 ) 
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, 2020:
 
(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
   $ 5,069        $ 5,101          .5          1.53 % 
Maturing after one year through five years
     10,491          10,740          2.5          1.29  
Maturing after five years through ten years
     5,874          6,034          8.2          1.39  
Maturing after ten years
     520          516          12.5          1.52  
   
 
 
  
Total
   $ 21,954        $ 22,391          3.8          1.37 % 
   
 
 
  
         
Mortgage-Backed Securities
(a)
                                         
Maturing in one year or less
   $ 682        $ 688          .6          1.54 % 
Maturing after one year through five years
     90,156          92,059          2.5          1.48  
Maturing after five years through ten years
     12,425          12,607          6.9          1.44  
Maturing after ten years
     19          20          12.2          1.31  
   
 
 
  
Total
   $ 103,282        $ 105,374          3.0          1.47 % 
   
 
 
  
         
Asset-Backed Securities
(a)
                                         
Maturing in one year or less
   $ –        $ –          –          .52 % 
Maturing after one year through five years
     3          4          3.0          1.91  
Maturing after five years through ten years
     197          200          6.2          1.46  
Maturing after ten years
     –          1          14.2          2.41  
   
 
 
  
Total
   $ 200        $ 205          6.2          1.47 % 
   
 
 
  
         
Obligations of State and Political Subdivisions
(b) (c)
                                         
Maturing in one year or less
   $ 115        $ 117          .5          4.44 % 
Maturing after one year through five years
     1,245          1,327          3.2          4.43  
Maturing after five years through ten years
     6,779          7,386          7.0          3.90  
Maturing after ten years
     27          31          10.9          3.88  
   
 
 
  
Total
   $ 8,166        $ 8,861          6.3          3.99 % 
   
 
 
  
         
Other
                                         
Maturing in one year or less
   $ 9        $ 9          .1          1.81 % 
Maturing after one year through five years
     –          –          –          –  
Maturing after five years through ten years
     –          –          –          –  
Maturing after ten years
     –          –          –          –  
   
 
 
  
Total
   $ 9        $ 9          .1          1.81 % 
   
 
 
  
Total investment securities
(d)
   $ 133,611        $ 136,840          3.4          1.61 % 
(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
investment securities was 4.2
 
years at December 31, 2019, with a corresponding weighted-average yield of 2.38 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.