XML 52 R39.htm IDEA: XBRL DOCUMENT v3.8.0.1
Securities (Tables)
 12 Months Ended
Dec. 31, 2017
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
December 31, 2017
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
15,340

 
$
153

 
$
(329
)
 
$
15,164

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
3,616

 
—

 
(77
)
 
3,539

Collateralized mortgage obligations
648

 
—

 
(24
)
 
624

Direct agency obligations
3,369

 
85

 
—

 
3,454

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
5,152

 
1

 
(87
)
 
5,066

Collateralized mortgage obligations
792

 
1

 
(18
)
 
775

Direct agency obligations
419

 
19

 
—

 
438

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
54

 
—

 
(3
)
 
51

Other
506

 
4

 
—

 
510

Foreign debt securities(1)
902

 
—

 
—

 
902

Equity securities
183

 
—

 
(6
)
 
177

Total available-for-sale securities
$
30,981

 
$
263

 
$
(544
)
 
$
30,700

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,113

 
$
10

 
$
(12
)
 
$
2,111

Collateralized mortgage obligations
1,281

 
41

 
(18
)
 
1,304

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,485

 
4

 
(13
)
 
2,476

Collateralized mortgage obligations
8,083

 
18

 
(106
)
 
7,995

Obligations of U.S. states and political subdivisions
12

 
1

 
—

 
13

Asset-backed securities collateralized by residential mortgages
3

 
—

 
—

 
3

Total held-to-maturity securities
$
13,977

 
$
74

 
$
(149
)
 
$
13,902

December 31, 2016
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
21,366

 
$
102

 
$
(559
)
 
$
20,909

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
4,535

 
4

 
(122
)
 
4,417

Collateralized mortgage obligations
2,139

 
—

 
(36
)
 
2,103

Direct agency obligations
3,709

 
118

 
(10
)
 
3,817

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
3,102

 
2

 
(58
)
 
3,046

Collateralized mortgage obligations
1,370

 
2

 
(15
)
 
1,357

Direct agency obligations
423

 
1

 
(4
)
 
420

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
69

 
—

 
(8
)
 
61

Other
108

 
—

 
(3
)
 
105

Foreign debt securities(1)
522

 
—

 
(1
)
 
521

Equity securities
159

 
—

 
(5
)
 
154

Total available-for-sale securities
$
37,502

 
$
229

 
$
(821
)
 
$
36,910

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
2,465

 
$
11

 
$
(9
)
 
$
2,467

Collateralized mortgage obligations
1,591

 
59

 
(12
)
 
1,638

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,557

 
11

 
(10
)
 
2,558

Collateralized mortgage obligations
6,176

 
34

 
(56
)
 
6,154

Obligations of U.S. states and political subdivisions
15

 
1

 
—

 
16

Asset-backed securities collateralized by residential mortgages
5

 
—

 
—

 
5

Total held-to-maturity securities
$
12,809

 
$
116

 
$
(87
)
 
$
12,838

 
(1) 
Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Values
The following table summarizes gross unrealized losses and related fair values at December 31, 2017 and 2016 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
December 31, 2017
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
3

 
$
(3
)
 
$
463

 
48

 
$
(326
)
 
$
10,285

U.S. Government sponsored enterprises
83

 
(7
)
 
883

 
77

 
(94
)
 
3,109

U.S. Government agency issued or guaranteed
52

 
(85
)
 
5,161

 
23

 
(20
)
 
573

Asset-backed securities
—

 
—

 
—

 
4

 
(3
)
 
51

Foreign debt securities
10

 
—

 
733

 
1

 
—

 
44

Equity securities
—

 
—

 
—

 
1

 
(6
)
 
177

Securities available-for-sale
148

 
$
(95
)
 
$
7,240

 
154

 
$
(449
)
 
$
14,239

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
264

 
$
(5
)
 
$
1,126

 
284

 
$
(25
)
 
$
1,020

U.S. Government agency issued or guaranteed
116

 
(48
)
 
5,973

 
506

 
(71
)
 
2,962

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
2

 
—

 
—

Securities held-to-maturity
381

 
$
(53
)
 
$
7,099

 
792

 
$
(96
)

$
3,982

 
One Year or Less
 
Greater Than One Year
December 31, 2016
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
40

 
$
(378
)
 
$
13,707

 
32

 
$
(181
)
 
$
3,908

U.S. Government sponsored enterprises
316

 
(155
)
 
6,474

 
18

 
(13
)
 
427

U.S. Government agency issued or guaranteed
57

 
(66
)
 
3,941

 
7

 
(11
)
 
252

Asset-backed securities
—

 
—

 
—

 
8

 
(11
)
 
166

Foreign debt securities
7

 
—

 
343

 
1

 
(1
)
 
178

Equity securities
1

 
(5
)
 
154

 
—

 
—

 
—

Securities available-for-sale
421

 
$
(604
)
 
$
24,619

 
66

 
$
(217
)

$
4,931

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
434

 
$
(21
)
 
$
2,013

 
45

 
$
—

 
$
21

U.S. Government agency issued or guaranteed
179

 
(65
)
 
4,734

 
503

 
(1
)
 
112

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
3

 
—

 
—

Securities held-to-maturity
614

 
$
(86
)
 
$
6,747

 
551

 
$
(1
)
 
$
133
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities
The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:
Year Ended December 31,
2017
 
2016
 
2015
 
(in millions)
Gross realized gains
$
65

 
$
142

 
$
126

Gross realized losses
(13
)
 
(72
)
 
(78
)
Net realized gains
$
52

 
$
70

 
$
48
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio
The table below also reflects the distribution of maturities of debt securities held at December 31, 2017, together with the approximate taxable equivalent yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at December 31, 2017. Yields on tax-exempt obligations have been computed on a taxable equivalent basis using applicable statutory tax rates.
 
Within
One Year
 
After One
But Within
Five Years
 
After Five
But Within
Ten Years
 
After Ten
Years
Taxable Equivalent Basis
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
(dollars are in millions)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
—

 
—
%
 
$
3,878

 
2.14
%
 
$
7,939

 
1.97
%
 
$
3,523

 
2.88
%
U.S. Government sponsored enterprises
148

 
3.52

 
2,754

 
3.04

 
1,972

 
2.61

 
2,759

 
2.70

U.S. Government agency issued or guaranteed
50

 
1.89

 
131

 
2.14

 
18

 
3.98

 
6,164

 
2.48

Asset-backed securities
400

 
2.64

 
—

 
—

 
—

 
—

 
160

 
4.02

Foreign debt securities
679

 
.13

 
223

 
1.93

 
—

 
—

 
—

 
—

Total amortized cost
$
1,277

 
1.38
%
 
$
6,986

 
2.49
%
 
$
9,929

 
2.10
%
 
$
12,606

 
2.66
%
Total fair value
$
1,278

 
 
 
$
7,060

 
 
 
$
9,706

 
 
 
$
12,479

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
$
—

 
—
%
 
$
322

 
2.39
%
 
$
325

 
2.78
%
 
$
2,747

 
2.86
%
U.S. Government agency issued or guaranteed
—

 
—

 
21

 
3.99

 
27

 
2.53

 
10,520

 
2.38

Obligations of U.S. states and political subdivisions
1

 
4.29

 
4

 
4.24

 
6

 
4.26

 
1

 
4.41

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
3

 
6.57

Total amortized cost
$
1

 
4.29
%
 
$
347

 
2.51
%
 
$
358

 
2.78
%
 
$
13,271

 
2.48
%
Total fair value
$
1

 
 
 
$
349

 
 
 
$
359

 
 
 
$
13,193