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SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost and fair value of debt securities are as follows:
TABLE 3.1
 
(in millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value
Debt Securities Available for Sale:
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
U.S. government agencies
$
172

 
$
—

 
$
—

 
$
172

U.S. government-sponsored entities
301

 
1

 
(1
)
 
301

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,318

 
3

 
(6
)
 
1,315

Agency collateralized mortgage obligations
1,233

 
14

 
(5
)
 
1,242

Commercial mortgage-backed securities
227

 
5

 
—

 
232

States of the U.S. and political subdivisions
15

 
—

 
—

 
15

Other debt securities
2

 
—

 
—

 
2

Total debt securities available for sale
$
3,268

 
$
23

 
$
(12
)
 
$
3,279

December 31, 2018
 
 
 
 
 
 
 
U.S. government agencies
$
188

 
$
—

 
$
(1
)
 
$
187

U.S. government-sponsored entities
317

 
—

 
(4
)
 
313

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,465

 
—

 
(36
)
 
1,429

Agency collateralized mortgage obligations
1,179

 
5

 
(23
)
 
1,161

Commercial mortgage-backed securities
229

 
—

 
(1
)
 
228

States of the U.S. and political subdivisions
21

 
—

 
—

 
21

Other debt securities
2

 
—

 
—

 
2

Total debt securities available for sale
$
3,401

 
$
5

 
$
(65
)
 
$
3,341
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity
(in millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value
Debt Securities Held to Maturity:
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
U.S. Treasury
$
1

 
$
—

 
$
—

 
$
1

U.S. government agencies
2

 
—

 
—

 
2

U.S. government-sponsored entities
190

 
—

 
(1
)
 
189

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
952

 
4

 
(4
)
 
952

Agency collateralized mortgage obligations
728

 
6

 
(8
)
 
726

Commercial mortgage-backed securities
100

 
4

 
—

 
104

States of the U.S. and political subdivisions
1,106

 
18

 
(5
)
 
1,119

Total debt securities held to maturity
$
3,079

 
$
32

 
$
(18
)
 
$
3,093

December 31, 2018
 
 
 
 
 
 
 
U.S. Treasury
$
1

 
$
—

 
$
—

 
$
1

U.S. government agencies
2

 
—

 
—

 
2

U.S. government-sponsored entities
215

 
—

 
(4
)
 
211

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,036

 
—

 
(26
)
 
1,010

Agency collateralized mortgage obligations
794

 
1

 
(24
)
 
771

Commercial mortgage-backed securities
126

 
1

 
(1
)
 
126

States of the U.S. and political subdivisions
1,080

 
3

 
(49
)
 
1,034

Total debt securities held to maturity
$
3,254

 
$
5

 
$
(104
)
 
$
3,155
Amortized Cost and Fair Value of Securities, by Contractual Maturities
As of June 30, 2019, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:
TABLE 3.2
 
Available for Sale
 
Held to Maturity
(in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
123

 
$
123

 
$
33

 
$
33

Due after one year but within five years
194

 
195

 
181

 
179

Due after five years but within ten years
73

 
72

 
97

 
99

Due after ten years
100

 
100

 
988

 
1,000

 
490

 
490

 
1,299

 
1,311

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,318

 
1,315

 
952

 
952

Agency collateralized mortgage obligations
1,233

 
1,242

 
728

 
726

Commercial mortgage-backed securities
227

 
232

 
100

 
104

Total debt securities
$
3,268

 
$
3,279

 
$
3,079

 
$
3,093
Schedule of Securities Pledged as Collateral
Following is information relating to securities pledged:
TABLE 3.3
(dollars in millions)
June 30,
2019
 
December 31,
2018
Securities pledged (carrying value):
 
 
 
To secure public deposits, trust deposits and for other purposes as required by law
$
3,640

 
$
3,874

As collateral for short-term borrowings
246

 
279

Securities pledged as a percent of total securities
61.1
%
 
63.0
%
Summaries of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment
Following are summaries of the fair values and unrealized losses of temporarily-impaired debt securities, segregated by length of impairment.

TABLE 3.4
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in millions)
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
Debt Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
5

 
$
19

 
$
—

 
12

 
$
74

 
$
—

 
17

 
$
93

 
$
—

U.S. government-sponsored entities
—

 
—

 
—

 
9

 
205

 
(1
)
 
9

 
205

 
(1
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
—

 
—

 
—

 
53

 
849

 
(6
)
 
53

 
849

 
(6
)
Agency collateralized mortgage obligations
—

 
—

 
—

 
38

 
370

 
(5
)
 
38

 
370

 
(5
)
States of the U.S. and political subdivisions
—

 
—

 
—

 
3

 
5

 
—

 
3

 
5

 
—

Other debt securities
—

 
—

 
—

 
1

 
2

 
—

 
1

 
2

 
—

Total temporarily impaired debt securities AFS
5

 
$
19

 
$
—

 
116

 
$
1,505

 
$
(12
)
 
121

 
$
1,524

 
$
(12
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
20

 
$
145

 
$
(1
)
 
—

 
$
—

 
$
—

 
20

 
$
145

 
$
(1
)
U.S. government-sponsored entities
1

 
36

 
—

 
11

 
227

 
(4
)
 
12

 
263

 
(4
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
16

 
259

 
(4
)
 
71

 
1,159

 
(32
)
 
87

 
1,418

 
(36
)
Agency collateralized mortgage obligations
2

 
82

 
(1
)
 
47

 
590

 
(22
)
 
49

 
672

 
(23
)
Non-agency collateralized mortgage obligations
1

 
—

 
—

 
—

 
—

 
—

 
1

 
—

 
—

Commercial mortgage-backed securities
4

 
155

 
(1
)
 
—

 
—

 
—

 
4

 
155

 
(1
)
States of the U.S. and political subdivisions
2

 
2

 
—

 
6

 
10

 
—

 
8

 
12

 
—

Other debt securities
—

 
—

 
—

 
1

 
2

 
—

 
1

 
2

 
—

Total temporarily impaired debt securities AFS
46

 
$
679

 
$
(7
)
 
136

 
$
1,988

 
$
(58
)
 
182

 
$
2,667

 
$
(65
)
 
Less than 12 Months
 
12 Months or More
 
Total
(dollars in millions)
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
 
#
 
Fair
 Value
 
Unrealized
Losses
Debt Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
—

 
$
—

 
$
—

 
10

 
$
189

 
$
(1
)
 
10

 
$
189

 
$
(1
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
—

 
—

 
—

 
36

 
506

 
(4
)
 
36

 
506

 
(4
)
Agency collateralized mortgage obligations
—

 
—

 
—

 
38

 
381

 
(8
)
 
38

 
381

 
(8
)
Commercial mortgage-backed securities
—

 
—

 
—

 
2

 
9

 
—

 
2

 
9

 
—

States of the U.S. and political subdivisions
1

 
4

 
—

 
43

 
171

 
(5
)
 
44

 
175

 
(5
)
Total temporarily impaired debt securities HTM
1

 
$
4

 
$
—

 
129

 
$
1,256

 
$
(18
)
 
130

 
$
1,260

 
$
(18
)
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
—

 
$
—

 
$
—

 
12

 
$
211

 
$
(4
)
 
12

 
$
211

 
$
(4
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
43

 
294

 
(4
)
 
47

 
694

 
(22
)
 
90

 
988

 
(26
)
Agency collateralized mortgage obligations
3

 
42

 
—

 
49

 
611

 
(24
)
 
52

 
653

 
(24
)
Commercial mortgage-backed securities
5

 
26

 
—

 
4

 
43

 
(1
)
 
9

 
69

 
(1
)
States of the U.S. and political subdivisions
159

 
590

 
(27
)
 
51

 
161

 
(22
)
 
210

 
751

 
(49
)
Total temporarily impaired debt securities HTM
210

 
$
952

 
$
(31
)
 
163

 
$
1,720

 
$
(73
)
 
373

 
$
2,672

 
$
(104
)