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Securities (Tables)
 12 Months Ended
Dec. 31, 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:
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
U.S. government agencies
$
152

 
$
—

 
$
(1
)
 
$
151

U.S. government-sponsored entities
225

 
1

 
—

 
226

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,310

 
7

 
(3
)
 
1,314

Agency collateralized mortgage obligations
1,234

 
10

 
(4
)
 
1,240

Commercial mortgage-backed securities
341

 
6

 
(2
)
 
345

States of the U.S. and political subdivisions
11

 
—

 
—

 
11

Other debt securities
2

 
—

 
—

 
2

Total debt securities available for sale
$
3,275

 
$
24

 
$
(10
)
 
$
3,289

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:
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
U.S. Treasury
$
1

 
$
—

 
$
—

 
$
1

U.S. government agencies
1

 
—

 
—

 
1

U.S. government-sponsored entities
175

 
—

 
—

 
175

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
949

 
8

 
(2
)
 
955

Agency collateralized mortgage obligations
721

 
5

 
(6
)
 
720

Commercial mortgage-backed securities
308

 
3

 
(2
)
 
309

States of the U.S. and political subdivisions
1,120

 
26

 
(2
)
 
1,144

Total debt securities held to maturity
$
3,275

 
$
42

 
$
(12
)
 
$
3,305

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
Gross Gains and Gross Losses Realized on Sales of Securities
Gross gains and gross losses were realized on securities as follows:
TABLE 3.2
Year Ended December 31
2019
 
2018
 
2017
(in millions)
 
 
 
 
 
Gross gains
$
—

 
$
—

 
$
7

Gross losses
—

 
—

 
(1
)
Net gains
$
—

 
$
—

 
$
6
Amortized Cost and Fair Value of Securities, by Contractual Maturities
As of December 31, 2019, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:
TABLE 3.3
 
Available for Sale
 
Held to Maturity
(in millions)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
93

 
$
93

 
$
58

 
$
58

Due after one year but within five years
147

 
148

 
131

 
131

Due after five years but within ten years
62

 
62

 
117

 
119

Due after ten years
88

 
87

 
991

 
1,013

 
390

 
390

 
1,297

 
1,321

Residential mortgage-backed securities:
 
 
 
 
 
 
 
Agency mortgage-backed securities
1,310

 
1,314

 
949

 
955

Agency collateralized mortgage obligations
1,234

 
1,240

 
721

 
720

Commercial mortgage-backed securities
341

 
345

 
308

 
309

Total debt securities
$
3,275

 
$
3,289

 
$
3,275

 
$
3,305
Schedule of Securities Pledged as Collateral
Following is information relating to securities pledged:
TABLE 3.4
December 31
2019
 
2018
(dollars in millions)
 
 
 
Securities pledged (carrying value):
 
 
 
To secure public deposits, trust deposits and for other purposes as required by law
$
4,494

 
$
3,874

As collateral for short-term borrowings
285

 
279

Securities pledged as a percent of total securities
72.8
%
 
63.0
%
Summaries of Fair Values and Unrealized Losses of 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 3.5
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government agencies
5

 
$
48

 
$
—

 
15

 
$
61

 
$
(1
)
 
20

 
$
109

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

 
—

 
—

 
6

 
130

 
—

 
6

 
130

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
13

 
200

 
(1
)
 
24

 
314

 
(2
)
 
37

 
514

 
(3
)
Agency collateralized mortgage obligations
11

 
323

 
(1
)
 
32

 
205

 
(3
)
 
43

 
528

 
(4
)
Commercial mortgage-backed securities
3

 
114

 
(2
)
 
—

 
—

 
—

 
3

 
114

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

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other debt securities
—

 
—

 
—

 
1

 
2

 
—

 
1

 
2

 
—

Total temporarily impaired debt securities AFS
32

 
$
685

 
$
(4
)
 
78

 
$
712

 
$
(6
)
 
110

 
$
1,397

 
$
(10
)
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:
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. government-sponsored entities
—

 
$
—

 
$
—

 
8

 
$
160

 
$
—

 
8

 
$
160

 
$
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency mortgage-backed securities
5

 
134

 
(1
)
 
11

 
135

 
(1
)
 
16

 
269

 
(2
)
Agency collateralized mortgage obligations
2

 
50

 
—

 
33

 
317

 
(6
)
 
35

 
367

 
(6
)
Commercial mortgage-backed securities
5

 
184

 
(2
)
 
1

 
7

 
—

 
6

 
191

 
(2
)
States of the U.S. and political subdivisions
18

 
63

 
(1
)
 
7

 
29

 
(1
)
 
25

 
92

 
(2
)
Total temporarily impaired debt securities HTM
30

 
$
431

 
$
(4
)
 
60

 
$
648

 
$
(8
)
 
90

 
$
1,079

 
$
(12
)
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
)