XML 42 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2021
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:
March 31, 2021Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
 (in millions)
Securities available-for-sale:
U.S. Treasury$13,574 $— $262 $(146)$13,690 
U.S. Government sponsored enterprises:
Mortgage-backed securities6,700 — 153 (103)6,750 
Collateralized mortgage obligations1,904 — 8 (48)1,864 
Direct agency obligations1,318 — 19 — 1,337 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities5,717 — 76 (38)5,755 
Collateralized mortgage obligations1,824 — 18 (12)1,830 
Direct agency obligations273 — 9 — 282 
Asset-backed securities collateralized by:
Home equity26 (1)— — 25 
Other108 — — (3)105 
Foreign debt securities(1)
3,017 — 4 — 3,021 
Total available-for-sale securities$34,461 $(1)$549 $(350)$34,659 
Securities held-to-maturity:
U.S. Government sponsored enterprises:
Mortgage-backed securities$1,001 $— $39 $— $1,040 
Collateralized mortgage obligations700 — 46 — 746 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities1,674 — 58 — 1,732 
Collateralized mortgage obligations4,454 — 183 — 4,637 
Obligations of U.S. states and political subdivisions8 — 1 — 9 
Asset-backed securities collateralized by residential mortgages2 (2)2 — 2 
Total held-to-maturity securities$7,839 $(2)$329 $— $8,166 
December 31, 2020Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
 (in millions)
Securities available-for-sale:
U.S. Treasury$16,087 $— $608 $(47)$16,648 
U.S. Government sponsored enterprises:
Mortgage-backed securities5,986 — 280 (2)6,264 
Collateralized mortgage obligations1,676 — 19 (2)1,693 
Direct agency obligations1,236 — 17 — 1,253 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities6,993 — 152 — 7,145 
Collateralized mortgage obligations2,093 — 22 (11)2,104 
Direct agency obligations296 — 5 — 301 
Asset-backed securities collateralized by:
Home equity28 (1)— — 27 
Other114 — — (10)104 
Foreign debt securities(1)
5,127 — 6 — 5,133 
Total available-for-sale securities$39,636 $(1)$1,109 $(72)$40,672 
Securities held-to-maturity:
U.S. Government sponsored enterprises:
Mortgage-backed securities$1,137 $— $44 $— $1,181 
Collateralized mortgage obligations780 — 53 — 833 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities1,947 — 76 — 2,023 
Collateralized mortgage obligations5,107 — 212 — 5,319 
Obligations of U.S. states and political subdivisions10 — 1 — 11 
Asset-backed securities collateralized by residential mortgages2 (2)2 — 2 
Total held-to-maturity securities$8,983 $(2)$388 $— $9,369 
(1)Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Value The following table summarizes gross unrealized losses and related fair values for securities available-for-sale by major security type at March 31, 2021 and December 31, 2020 classified as to the length of time the losses have existed:
 One Year or LessGreater Than One Year
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)
At March 31, 2021
U.S. Treasury18 $(96)$2,882 11 $(50)$755 
U.S. Government sponsored enterprises58 (150)5,120 8 (1)45 
U.S. Government agency issued or guaranteed18 (49)2,648 4 (1)50 
Asset-backed securities2 (1)48 3 (2)57 
Foreign debt securities5 — 425 3 — 161 
Securities available-for-sale101 $(296)$11,123 29 $(54)$1,068 
At December 31, 2020
U.S. Treasury5 $(5)$751 13 $(42)$1,271 
U.S. Government sponsored enterprises15 (3)715 8 (1)46 
U.S. Government agency issued or guaranteed13 (11)1,482 3 — 8 
Asset-backed securities3 (10)104 2 — — 
Foreign debt securities6 — 766 5 — 241 
Securities available-for-sale42 $(29)$3,818 31 $(43)$1,566 
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:
Three Months Ended March 31,20212020
 (in millions)
Gross realized gains$49 $51 
Gross realized losses(20)(23)
Net realized gains$29 $28 
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 March 31, 2021, together with the approximate 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 March 31, 2021.
 Within
One Year		After One
But Within
Five Years		After Five
But Within
Ten Years		After Ten
Years
AmountYieldAmountYieldAmountYieldAmountYield
 (dollars are in millions)
Available-for-sale:
U.S. Treasury$1,437 2.41 %$3,097 1.56 %$5,384 1.35 %$3,656 2.27 %
U.S. Government sponsored enterprises
31 2.71 966 1.94 2,771 2.56 6,154 1.74 
U.S. Government agency issued or guaranteed
— — 96 1.79 1 7.87 7,717 2.12 
Asset-backed securities— — — — 59 5.06 75 3.36 
Foreign debt securities1,840 .51 1,177 .68 — — — — 
Total amortized cost$3,308 1.36 %$5,336 1.44 %$8,215 1.79 %$17,602 2.02 %
Total fair value$3,326 $5,454 $8,286 $17,593 
Held-to-maturity:
U.S. Government sponsored enterprises
$74 2.39 %$242 2.71 %$397 2.24 %$988 3.27 %
U.S. Government agency issued or guaranteed
— — 8 4.02 11 4.76 6,109 2.56 
Obligations of U.S. states and political subdivisions
1 2.72 5 3.47 2 4.21 — — 
Asset-backed securities— — — — — — 2 5.85 
Total amortized cost$75 2.39 %$255 2.78 %$410 2.31 %$7,099 2.66 %
Total fair value$75 $265 $425 $7,401 
Equity Securities Not Classified as Trading Equity securities that are not classified as trading and are included in other assets consisted of the following:
March 31, 2021December 31, 2020
 (in millions)
Equity securities carried at fair value$282 $284 
Equity securities without readily determinable fair values14 14