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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale and Held-to-Maturity The amortized cost, gross unrealized holding gains and losses, and fair value of
held-to-maturity
and
available-for-sale
investment securities at December 31 were as follows:
 
    2021     2020  
(Dollars in Millions)   Amortized
Cost		     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		     Amortized
Cost		     Unrealized
Gains		     Unrealized
Losses		     Fair
Value		  
Held-to-maturity
                              
 
                                
Residential agency mortgage-backed securities
   $ 41,858     $ 2     $ (48 )    $ 41,812     $ –     $ –     $ –     $ –  
Total
held-to-maturity
   $ 41,858     $ 2     $ (48 )    $ 41,812     $ –     $ –     $ –     $ –  
Available-for-sale
                              
 
                                
U.S. Treasury and agencies
   $ 36,648     $ 205     $ (244 )    $ 36,609     $ 21,954     $ 462     $ (25 )    $ 22,391  
Mortgage-backed securities
                              
 
                                
Residential agency
     76,761       665       (347 )      77,079       98,031       1,950       (13 )      99,968  
Commercial agency
     8,633       53       (201 )      8,485       5,251       170       (15 )      5,406  
Asset-backed securities
     62       4       –       66       200       5       –       205  
Obligations of state and political subdivisions
     10,130       607       (20 )      10,717       8,166       695       –       8,861  
Other
     7       –       –       7       9       –       –       9  
Total
available-for-sale
   $ 132,241     $ 1,534     $ (812 )    $ 132,963     $ 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:
 
Year Ended December 31 (Dollars in Millions)   2021        2020        2019  
Taxable
   $ 2,103        $ 2,201        $ 2,680  
Non-taxable
     262          227          213  
Total interest income from investment securities
   $ 2,365        $ 2,428        $ 2,893  
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)   2021        2020        2019  
Realized gains
   $ 122        $ 200        $ 99  
Realized losses
     (19 )         (23 )         (26 ) 
Net realized gains
   $ 103        $ 177        $ 73  
Income tax on net realized gains
   $ 26        $ 45        $ 18  
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, 2021:
    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
   $ 11,445        $ (100 )       $ 2,879        $ (144 )       $ 14,324        $ (244 ) 
Residential agency mortgage-backed securities
     39,720          (342 )         263          (5 )         39,983          (347 ) 
Commercial agency mortgage-backed securities
     4,463          (104 )         1,764          (97 )         6,227          (201 ) 
Asset-backed securities
     –          –          2          –          2          –  
Obligations of state and political subdivisions
     1,500          (20 )         –          –          1,500          (20 ) 
Other
     6          –          –          –          6          –  
Total investment securities
   $ 57,134        $ (566 )       $ 4,908        $ (246 )       $ 62,042        $ (812 ) 
Investment Securities
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at December 31, 2021:
 
(Dollars in Millions)   Amortized
Cost		        Fair Value        Weighted-
Average
Maturity in
Years		        Weighted-
Average
Yield
(e)
  
         
Held-to-maturity
                                         
Mortgage-Backed Securities
(a)
                                         
Maturing in one year or less
   $ –        $ –          –          – % 
Maturing after one year through five years
     2          2          4.8          1.69  
Maturing after five years through ten years
     41,856          41,810          7.4          1.45  
Maturing after ten years
     –          –          –          –  
   
 
 
  
Total
   $ 41,858        $ 41,812          7.4          1.45 % 
   
 
 
  
Total
held-to-maturity
   $ 41,858        $ 41,812          7.4          1.45 % 
   
 
 
  
         
Available-for-sale
                                         
U.S. Treasury and Agencies
                                         
Maturing in one year or less
   $ 2,724        $ 2,744          .6          1.91 % 
Maturing after one year through five years
     8,400          8,483          2.9          1.52  
Maturing after five years through ten years
     22,469          22,378          8.1          1.44  
Maturing after ten years
     3,055          3,004          12.0          1.99  
   
 
 
  
Total
   $ 36,648        $ 36,609          6.7          1.54 % 
   
 
 
  
Mortgage-Backed Securities
(a)
                                         
Maturing in one year or less
   $ 104        $ 104          .7          2.02 % 
Maturing after one year through five years
     42,711          43,267          3.6          1.47  
Maturing after five years through ten years
     42,560          42,174          6.3          1.70  
Maturing after ten years
     19          19          12.4          1.24  
   
 
 
  
Total
   $ 85,394        $ 85,564          4.9          1.58 % 
   
 
 
  
Asset-Backed Securities
(a)
                                         
Maturing in one year or less
   $ –        $ –          .5          2.69 % 
Maturing after one year through five years
     3          4          2.6          1.62  
Maturing after five years through ten years
     59          61          5.3          1.52  
Maturing after ten years
     –          1          12.9          2.41  
   
 
 
  
Total
   $ 62        $ 66          5.2          1.53 % 
   
 
 
  
Obligations of State and Political Subdivisions
(b) (c)
                                         
Maturing in one year or less
   $ 393        $ 398          .5          4.30 % 
Maturing after one year through five years
     2,954          3,178          4.1          4.25  
Maturing after five years through ten years
     6,217          6,579          7.2          3.45  
Maturing after ten years
     566          562          17.7          2.58  
   
 
 
  
Total
   $ 10,130        $ 10,717          6.6          3.67 % 
   
 
 
  
Other
                                         
Maturing in one year or less
   $ –        $ –          –          – % 
Maturing after one year through five years
     7          7          3.4          2.07  
Maturing after five years through ten years
     –          –          –          –  
Maturing after ten years
     –          –          –          –  
   
 
 
  
Total
   $ 7        $ 7          3.4          2.07 % 
   
 
 
  
Total
available-for-sale
(d)
   $ 132,241        $ 132,963          5.5          1.73 % 
(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, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from
available-for-sale
to
held-to-maturity.