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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2021
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 were as follows:
 
    September 30, 2021      December 31, 2020  
(Dollars in Millions)  
Amortized
Cost
      Unrealized
Gains		      Unrealized
Losses		    
Fair
Value
     
Amortized
Cost
      Unrealized
Gains		      Unrealized
Losses		    
Fair
Value
  
U.S. Treasury and agencies
   $ 18,460      $ 230      $ (199 )    $ 18,491      $ 21,954      $ 462      $ (25 )    $ 22,391  
Mortgage-backed securities
                                
 
                                   
Residential agency
     113,137        996        (1,337 )      112,796        98,031        1,950        (13 )      99,968  
Commercial agency
     7,750        77        (141 )      7,686        5,251        170        (15 )      5,406  
Asset-backed securities
     64        5        –       69        200        5        –       205  
Obligations of state and political subdivisions
     9,820        560        (53 )      10,327        8,166        695        –       8,861  
Other
     7        –        –       7        9        –        –       9  
Total available-for-sale
   $ 149,238      $ 1,868      $ (1,730 )    $ 149,376      $ 133,611      $ 3,282      $ (53 )    $ 136,840  
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:
 
   
Three Months Ended
September 30
     
Nine Months Ended
September 30
  
(Dollars in Millions)           2021              2020          2021          2020  
Taxable
   $ 539      $ 528      $ 1,548      $ 1,741  
Non-taxable
     67        58        193        167  
Total interest income from investment securities
   $ 606      $ 586      $ 1,741      $ 1,908  
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:
 
   
Three Months Ended
September 30
     
Nine Months Ended
September 30
  
(Dollars in Millions)           2021             2020           2021          2020  
Realized gains
   $ 39     $ 12      $ 107     $ 166  
Realized losses
     (19 )      –        (19 )      (23 ) 
Net realized gains
   $ 20     $ 12      $ 88     $ 143  
Income tax on net realized gains
   $ 5     $ 3      $ 22     $ 36  
Gross Unrealized Losses and Fair Value of Company's Investment Securities
    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
 
$
 6,023
 
  
$
 (163
) 
  
$
 980
 
  
        $
 (36
) 
  
$
 7,003
 
  
$
 (199
) 
Residential agency mortgage-backed securities
 
 
 66,781
 
  
 
 (1,328
) 
  
 
 375
 
  
 
 (9
) 
  
 
 67,156
 
  
 
 (1,337
) 
Commercial agency mortgage-backed securities
 
 
 3,947
 
  
 
 (88
) 
  
 
 1,122
 
  
 
 (53
) 
  
 
 5,069
 
  
 
 (141
) 
Asset-backed securities
 
 
–
 
  
 
–
 
  
 
 2
 
  
 
–
 
  
 
 2
 
  
 
–
 
Obligations of state and political subdivisions
 
 
 2,145
 
  
 
 (53
) 
  
 
–
 
  
 
–
 
  
 
 2,145
 
  
 
 (53
) 
Other
 
 
 4
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
 4
 
  
 
–
 
Total investment securities
 
$
 78,900
 
  
$
 (1,632
) 
  
$
 2,479
 
  
        $
 (98
) 
  
$
 81,379
 
  
$
 (1,730
) 
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 September 30, 2021:
 
(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
   $ 2,873      $ 2,894        .5        1.87 % 
Maturing after one year through five years
     6,835        6,977        2.4        1.61  
Maturing after five years through ten years
     7,146        7,041        7.9        1.33  
Maturing after ten years
     1,606        1,579        12.6        1.91  
Total
   $ 18,460      $ 18,491        5.1        1.57 % 
Mortgage-Backed Securities (a)
                                   
Maturing in one year or less
   $ 140      $ 138        .5        1.70 % 
Maturing after one year through five years
     54,361        55,259        3.4        1.57  
Maturing after five years through ten years
     66,370        65,068        6.5        1.53  
Maturing after ten years
     16        17        12.2        1.27  
Total
   $ 120,887      $ 120,482        5.1        1.55 % 
Asset-Backed Securities (a)
                                   
Maturing in one year or less
   $ –      $ –        .6        2.69 % 
Maturing after one year through five years
     63        66        3.8        1.50  
Maturing after five years through ten years
     1        2        6.2        2.58  
Maturing after ten years
     –        1        12.9        2.41  
Total
   $ 64      $ 69        3.8        1.51 % 
Obligations of State and Political Subdivisions (b) (c)
                                   
Maturing in one year or less
   $ 349      $ 355        .6        4.28 % 
Maturing after one year through five years
     2,492        2,663        4.1        4.24  
Maturing after five years through ten years
     5,595        5,964        6.9        3.73  
Maturing after ten years
     1,384        1,345        17.4        2.50  
Total
   $ 9,820      $ 10,327        7.4        3.71 % 
Other
                                   
Maturing in one year or less
   $ –      $ –        –        – % 
Maturing after one year through five years
     7        7        3.7        2.07  
Maturing after five years through ten years
     –        –        –        –  
Maturing after ten years
     –        –        –        –  
Total
   $ 7      $ 7        3.7        2.07 % 
Total investment securities (d)
   $ 149,238      $ 149,376        5.3        1.69 % 
 
(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 3.4 years at December 31, 2020, with a corresponding weighted-average yield of 1.61 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.