SECURITIES (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value of Securities Available for Sale

TABLE 3.1


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities AFS:
June 30, 2021

U.S. government agencies	$	165	$	2	$	—	$	167
U.S. government-sponsored entities	160		1		(1)		160
Residential mortgage-backed securities:
Agency mortgage-backed securities	1,187		29		—		1,216
Agency collateralized mortgage obligations	1,208		23		(5)		1,226

Commercial mortgage-backed securities	313		10		(1)		322
States of the U.S. and political subdivisions (municipals)	33		—		—		33
Other debt securities	2		—		—		2
Total debt securities AFS	$	3,068	$	65	$	(7)	$	3,126


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities AFS:
December 31, 2020
U.S. Treasury	$	600	$	—	$	—	$	600
U.S. government agencies	172		—		—		172
U.S. government-sponsored entities	160		1		—		161
Residential mortgage-backed securities:
Agency mortgage-backed securities	959		35		—		994
Agency collateralized mortgage obligations	1,094		31		(1)		1,124

Commercial mortgage-backed securities	361		17		—		378
States of the U.S. and political subdivisions (municipals)	32		—		—		32
Other debt securities	2		—		—		2
Total debt securities AFS	$	3,380	$	84	$	(1)	$	3,463

Schedule of Amortized Cost and Fair Value of Securities Held to Maturity

TABLE 3.2


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities HTM:
June 30, 2021
U.S. Treasury	$	1	$	—	$	—	$	1
U.S. government agencies	1		—		—		1
U.S. government-sponsored entities	40		—		—		40
Residential mortgage-backed securities:
Agency mortgage-backed securities	1,116		23		(1)		1,138
Agency collateralized mortgage obligations	626		12		(3)		635

Commercial mortgage-backed securities	299		6		(1)		304
States of the U.S. and political subdivisions (municipals)	1,052		46		—		1,098
Total debt securities HTM	$	3,135	$	87	$	(5)	$	3,217


(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Debt Securities HTM:
December 31, 2020
U.S. Treasury	$	1	$	—	$	—	$	1
U.S. government agencies	1		—		—		1
U.S. government-sponsored entities	120		1		—		121
Residential mortgage-backed securities:
Agency mortgage-backed securities	769		29		—		798
Agency collateralized mortgage obligations	562		17		—		579

Commercial mortgage-backed securities	307		10		—		317
States of the U.S. and political subdivisions (municipals)	1,108		48		—		1,156
Total debt securities HTM	$	2,868	$	105	$	—	$	2,973

Amortized Cost and Fair Value of Securities, by Contractual Maturities

As of June 30, 2021, 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	$	85	$	86	$	40	$	40
Due after one year but within five years	95		94		22		22
Due after five years but within ten years	110		111		128		131
Due after ten years	70		71		904		947
	360		362		1,094		1,140
Residential mortgage-backed securities:
Agency mortgage-backed securities	1,187		1,216		1,116		1,138
Agency collateralized mortgage obligations	1,208		1,226		626		635

Commercial mortgage-backed securities	313		322		299		304
Total debt securities	$	3,068	$	3,126	$	3,135	$	3,217

Schedule of Securities Pledged as Collateral

Following is information relating to securities pledged:

TABLE 3.4


(dollars in millions)	June 30, 2021			December 31, 2020
Securities pledged (carrying value):
To secure public deposits, trust deposits and for other purposes as required by law	$	5,338		$	5,384
As collateral for short-term borrowings	403			402
Securities pledged as a percent of total securities	91.7		%	91.4		%

Summaries of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment

Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by security type and length of continuous loss position:

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 AFS
June 30, 2021

U.S. government agencies	1	$	—	$	—	11	$	22	$	—	12	$	22	$	—
U.S. government-sponsored entities	2	74		(1)		—	—		—		2	74		(1)
Residential mortgage-backed securities:
Agency mortgage-backed securities	3	152		—		—	—		—		3	152		—
Agency collateralized mortgage obligations	12	493		(5)		—	—		—		12	493		(5)

Commercial mortgage-backed securities	2	37		(1)		—	—		—		2	37		(1)
States of the U.S. and political subdivisions (municipals)	4	10		—		—	—		—		4	10		—
Other debt securities	—	—		—		1	2		—		1	2		—
Total	24	$	766	$	(7)	12	$	24	$	—	36	$	790	$	(7)
	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 AFS
December 31, 2020
U.S. government agencies	1	$	13	$	—	16	$	69	$	—	17	$	82	$	—
U.S. government-sponsored entities	1	25		—		—	—		—		1	25		—
Residential mortgage-backed securities:

Agency collateralized mortgage obligations	5	130		(1)		—	—		—		5	130		(1)



Other debt securities	—	—		—		1	2		—		1	2		—
Total	7	$	168	$	(1)	17	$	71	$	—	24	$	239	$	(1)