XML 40 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investment Securities Disclosure [Abstract]  
Investment Securities Summary
Table 38: Investment Securities Summary
 
 
September 30, 2020 (a)
 
 
December 31, 2019
In millions
 
Amortized
Cost (b)

 
Unrealized
 
Fair
Value

 
 
Amortized
Cost

 
Unrealized
 
Fair
Value

Gains

 
Losses

 
 
 
Gains

 
Losses

 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
$
17,273

 
$
954

 
$
(2
)
 
$
18,225

 
 
$
16,150

 
$
382

 
$
(16
)
 
$
16,516

Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
51,202

 
1,737

 
(11
)
 
52,928

 
 
35,847

 
517

 
(43
)
 
36,321

Non-agency
 
1,376

 
243

 
(16
)
 
1,603

 
 
1,515

 
302

 
(3
)
 
1,814

Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
2,824

 
144

 
(2
)
 
2,966

 
 
3,094

 
42

 
(18
)
 
3,118

Non-agency
 
3,851

 
73

 
(95
)
 
3,829

 
 
3,352

 
29

 
(9
)
 
3,372

Asset-backed
 
5,158

 
105

 
(23
)
 
5,240

 
 
5,044

 
78

 
(8
)
 
5,114

Other
 
4,660

 
297

 
(1
)
 
4,956

 
 
2,788

 
121

 
(1
)
 
2,908

Total securities available for sale (b)
 
$
86,344

 
$
3,553

 
$
(150
)
 
$
89,747

 
 
$
67,790

 
$
1,471

 
$
(98
)
 
$
69,163

Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
$
790

 
$
142

 
 
 
$
932

 
 
$
776

 
$
56

 
 
 
$
832

Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
 
 


 
 
 
 
 
 
14,419

 
270

 
$
(26
)
 
14,663

Non-agency
 
 
 


 
 
 
 
 
 
133

 
7

 
 
 
140

Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
 
 


 
 
 
 
 
 
59

 
1

 
 
 
60

Non-agency
 
 
 


 
 
 
 
 
 
430

 
4

 
 
 
434

Asset-backed
 
 
 
 
 
 
 
 
 
 
52

 


 
 
 
52

Other
 
648

 
42

 
$
(8
)
 
682

 
 
1,792

 
85

 
(14
)
 
1,863

Total securities held to maturity (b) (c)
 
$
1,438

 
$
184

 
$
(8
)
 
$
1,614

 
 
$
17,661

 
$
423

 
$
(40
)
 
$
18,044


(a) The accrued interest associated with our available for sale and held to maturity portfolios totaled $242 million and $2 million at September 30, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Amortized cost is presented net of allowance of $68 million for securities available for sale and $3 million for securities held to maturity at September 30, 2020 in accordance with the adoption of the CECL accounting standard. See the Recently Adopted Accounting Standards portion of Note 1 Accounting Policies for additional detail on the adoption of this ASU.
(c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. As of September 30, 2020, 85% of our securities held to maturity were rated AAA/AA.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Table 39: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses

 
 
Unrealized loss position
less than 12 months
 
Unrealized loss position
12 months or more
 
Total
In millions
 
Unrealized
Loss

 
Fair
Value

 
Unrealized
Loss

 
Fair
Value

 
Unrealized
Loss

 
Fair
Value

September 30, 2020
 
 
 
 
 
 
 
 
 

 

U.S. Treasury and government agencies
 
$
(2
)
 
$
167

 
 
 
 
 
$
(2
)
 
$
167

Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
(9
)
 
2,860

 
$
(2
)
 
$
102

 
(11
)
 
2,962

Non-agency
 
(9
)
 
160

 
(7
)
 
73

 
(16
)
 
233

Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
 
 
 
 
(2
)
 
132

 
(2
)
 
132

Non-agency
 
(34
)
 
1,638

 
(2
)
 
236

 
(36
)
 
1,874

Asset-backed
 
(7
)
 
844

 
(16
)
 
741

 
(23
)
 
1,585

Other
 
(1
)
 
27

 
 
 
 
 
(1
)
 
27

Total securities available for sale
 
$
(62
)
 
$
5,696

 
$
(29
)
 
$
1,284

 
$
(91
)
 
$
6,980
Gross Unrealized Loss and Fair Value of Debt Securities
Table 40: Gross Unrealized Loss and Fair Value of Debt Securities
 
 
Unrealized loss position less than 12 months
 
Unrealized loss position 12 months or more
 
Total
 
In millions
 
Unrealized
Loss

 
Fair
Value

 
Unrealized
Loss

 
Fair
Value

 
Unrealized
Loss

 
Fair
Value

 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
$
(14
)
 
$
2,451

 
$
(2
)
 
$
607

 
$
(16
)
 
$
3,058

 
Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
(6
)
 
2,832

 
(37
)
 
4,659

 
(43
)
 
7,491

 
Non-agency
 

 

 
(3
)
 
102

 
(3
)
 
102

 
Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
(6
)
 
852

 
(12
)
 
953

 
(18
)
 
1,805

 
Non-agency
 
(4
)
 
1,106

 
(5
)
 
230

 
(9
)
 
1,336

 
Asset-backed
 
(3
)
 
660

 
(5
)
 
561

 
(8
)
 
1,221

 
Other
 

 

 
(1
)
 
403

 
(1
)
 
403

 
Total securities available for sale
 
$
(33
)
 
$
7,901

 
$
(65
)
 
$
7,515

 
$
(98
)
 
$
15,416

 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed - Agency
 

 

 
$
(26
)
 
$
2,960

 
$
(26
)
 
$
2,960

 
Other
 
$
(1
)
 
$
22

 
(13
)
 
105

 
(14
)
 
127

 
Total securities held to maturity
 
$
(1
)
 
$
22

 
$
(39
)
 
$
3,065

 
$
(40
)
 
$
3,087

 
Gains (losses) on Sales Of Securities Available for Sale
Table 41: Gains (Losses) on Sales of Securities Available for Sale
Nine months ended September 30
In millions
Gross Gains

Gross Losses

Net Gains (Losses)

Tax Expense (Benefit)

 
2020
$
256

$
(2
)
$
254

$
53

 
2019
$
57

$
(21
)
$
36

$
8

 
Contractual Maturity of Securities
Table 42: Contractual Maturity of Debt Securities
September 30, 2020
Dollars in millions
 
1 Year or Less

 
After 1 Year
through 5 Years

 
After 5 Years
through 10 Years

 
After 10
Years

 
Total

 
Securities Available for Sale
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
$
3,891

 
$
9,478

 
$
2,979

 
$
925

 
$
17,273

 
Residential mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
Agency
 
1

 
155

 
2,098

 
48,948

 
51,202

 
Non-agency
 
 
 
 
 
 
 
1,376

 
1,376

 
Commercial mortgage-backed
 
 
 
 
 
 
 
 
 
 
 
Agency
 
21

 
609

 
663

 
1,531

 
2,824

 
Non-agency
 
 
 
83

 
247

 
3,521

 
3,851

 
Asset-backed
 
26

 
2,625

 
1,316

 
1,191

 
5,158

 
Other
 
889

 
1,497

 
1,292

 
982

 
4,660

 
Total securities available for sale at amortized cost
 
$
4,828

 
$
14,447

 
$
8,595

 
$
58,474

 
$
86,344

 
Fair value
 
$
4,848

 
$
15,081

 
$
9,048

 
$
60,770

 
$
89,747

 
Weighted-average yield, GAAP basis (a)
 
1.10
%
 
2.08
%
 
2.05
%
 
2.92
%
 
2.62
%
 
Securities Held to Maturity
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and government agencies
 
 
 
$
199

 
$
309

 
$
282

 
$
790

 
Other
 
$
14

 
437

 
112

 
85

 
648

 
Total securities held to maturity at amortized cost
 
$
14

 
$
636

 
$
421

 
$
367

 
$
1,438

 
Fair value
 
$
14

 
$
677

 
$
513

 
$
410

 
$
1,614

 
Weighted-average yield, GAAP basis (a)
 
2.93
%
 
3.28
%
 
3.93
%
 
2.48
%
 
3.29
%
 

(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security.
Fair Value of Securities Pledged and Accepted as Collateral
Table 43: Fair Value of Securities Pledged and Accepted as Collateral
In millions
September 30
2020

December 31
2019

Pledged to others
$
23,268

$
14,609

Accepted from others:
 
 
Permitted by contract or custom to sell or repledge (a)
$
710

$
2,349

Permitted amount repledged to others
$
710

$
360

(a)
Balances at December 31, 2019 include $2.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged.