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Securities
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Securities 7. Securities

The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
 
2018
 
2017
December 31,
in millions
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
 
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
 
 
 
 
 
 
 
 
 
U.S. Treasury, Agencies, and Corporations
$
150

—

$
3

$
147

 
$
159

—

$
2

$
157

States and political subdivisions
7

—

—

7

 
9

—

—

9

Agency residential collateralized mortgage obligations
14,315

$
20

373

13,962

 
14,985

$
10

335

14,660

Agency residential mortgage-backed securities
2,128

13

36

2,105

 
1,456

3

20

1,439

Agency commercial mortgage-backed securities
3,300

19

132

3,187

 
1,920

—

66

1,854

Other securities
17

3

—

20

 
17

3

—

20

Total securities available for sale
$
19,917

$
55

$
544

$
19,428

 
$
18,546

$
16

$
423

$
18,139

HELD-TO-MATURITY SECURITIES
 
 
 
 
 
 
 
 
 
Agency residential collateralized mortgage obligations
$
7,021

2

$
254

$
6,769

 
$
8,055

—

$
224

$
7,831

Agency residential mortgage-backed securities
490

$
—

14

476

 
574

$
1

4

571

Agency commercial mortgage-backed securities
3,996

2

133

3,865

 
3,186

6

44

3,148

Other securities
12

—

—

12

 
15

—

—

15

Total held-to-maturity securities
$
11,519

$
4

$
401

$
11,122

 
$
11,830

$
7

$
272

$
11,565

 
 
 
 
 
 
 
 
 
 


The following table summarizes our securities that were in an unrealized loss position as of December 31, 2018, and December 31, 2017:
 
Duration of Unrealized Loss Position
 
 
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
in millions
Fair Value
Gross
Unrealized
Losses
 
Fair Value
Gross
Unrealized
Losses
 
Fair Value
Gross
Unrealized
Losses
December 31, 2018
 
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
U.S. Treasury, Agencies, and Corporations
—

—

 
$
147

$
3

 
$
147

$
3

Agency residential collateralized mortgage obligations
$
570

$
2

 
10,945

371

 
11,515

373

Agency residential mortgage-backed securities
4

—

(a) 
1,087

36

 
1,091

36

Agency commercial mortgage-backed securities
—

—

 
1,729

132

 
1,729

132

Held-to-maturity securities:
 
 
 
 
 
 
 
 
Agency residential collateralized mortgage obligations
—

—

 
6,416

254

 
6,416

254

Agency residential mortgage-backed securities
—

—

 
475

14

 
475

14

Agency commercial mortgage-backed securities
73

—

(a) 
3,359

133

 
3,432

133

Other securities
—

—

 
—

—

 
—

—

Total temporarily impaired securities
$
647

$
2

 
$
24,158

$
943

 
$
24,805

$
945

December 31, 2017
 
 
 
 
 
 
 
 
Securities available for sale:
 
 
 
 
 
 
 
 
U.S. Treasury, Agencies, and Corporations
$
41

—

(b) 
116

$
2

 
$
157

$
2

Agency residential collateralized mortgage obligations
6,153

$
74

 
$
7,270

261

 
13,423

335

Agency residential mortgage-backed securities
666

7

 
702

13

 
1,368

20

Agency commercial mortgage-backed securities
205

4

 
1,649

62

 
1,854

66

Held-to-maturity securities:
 
 
 
 
 
 
 
 
Agency residential collateralized mortgage obligations
2,201

27

 
5,599

197

 
7,800

224

Agency residential mortgage-backed securities
252

1

 
206

3

 
458

4

Agency commercial mortgage-backed securities
1,470

12

 
495

32

 
1,965

44

Other securities
3

—

(b) 
4

—

(b) 
7

—

Total temporarily impaired securities
$
10,991

$
125

 
$
16,041

$
570

 
$
27,032

$
695

 
 
 
 
 
 
 
 
 
(a)
At December 31, 2018, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months and less than $1 million for agency commercial mortgage-backed securities held-to-maturity with a loss duration of less than 12 months.
(b)
At December 31, 2017, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations available for sale with a loss duration of less than 12 months and less than $1 million for other securities held-to-maturity with a loss duration of less than and greater than 12 months.

At December 31, 2018, we had $373 million of gross unrealized losses related to 450 fixed-rate agency residential CMOs that we invested in as part of our overall A/LM strategy. These securities had a weighted-average maturity of 4.83 years years at December 31, 2018. At December 31, 2018, we also had $36 million of gross unrealized losses related to 252 agency residential mortgage-backed securities positions and $132 million of gross unrealized losses related to 14 agency commercial mortgage-backed securities positions with weighted-average maturities of 3.87 years and 4.12 years, respectively, at December 31, 2018. Because these securities have a fixed interest rate, their fair value is sensitive to movements in market interest rates. These unrealized losses are considered temporary since we expect to collect all contractually due amounts from these securities. Accordingly, these investments were reduced to their fair value through OCI, not earnings.
We regularly assess our securities portfolio for OTTI. The assessments are based on the nature of the securities, the underlying collateral, the financial condition of the issuer, the extent and duration of the loss, our intent related to the individual securities, and the likelihood that we will have to sell securities prior to expected recovery. We did not have any impairment losses recognized in earnings for the year ended December 31, 2018.

Realized gains and losses related to securities available for sale were as follows:
Year ended December 31,
in millions
2018

(a) 
2017

(b) 
2016

(a) 
Realized gains
—

 
$
1

 
—

 
Realized losses
—

 
—

 
—

 
Net securities gains (losses)
—

 
$
1

 
—

 
 
 
 
 
 
 
 
 
(a)
Realized losses totaled less than $1 million for the year ended December 31, 2018, and December 31, 2016.
(b)
Realized losses totaled less than $1 million for the year ended December 31, 2017.
At December 31, 2018, securities available-for-sale and held-to-maturity securities totaling $9.0 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.
The following table shows securities by remaining maturity. CMOs and other mortgage-backed securities in the available-for-sale and held-to-maturity portfolios are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
 
 
Securities
Available for Sale
 
Held-to-Maturity
Securities
December 31, 2018
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
in millions
 
 
 
Due in one year or less
$
116

 
$
116

 
$
36

 
$
36

Due after one through five years
12,298

 
11,949

 
6,402

 
6,210

Due after five through ten years
7,492

 
7,352

 
5,081

 
4,876

Due after ten years
11

 
11

 
—

 
—

Total
$
19,917

 
$
19,428

 
$
11,519

 
$
11,122