Securities (Tables)

3 Months Ended

Mar. 31, 2019

Investments, Debt and Equity Securities [Abstract]

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.



	March 31, 2019								December 31, 2018
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	$	272	—		$	2	$	270	$	150	—		$	3	$	147
States and political subdivisions	6		—		—		6		7		—		—		7
Agency residential collateralized mortgage obligations	14,277		$	45	242		14,080		14,315		$	20	373		13,962
Agency residential mortgage-backed securities	2,138		27		22		2,143		2,128		13		36		2,105
Agency commercial mortgage-backed securities	4,392		46		108		4,330		3,300		19		132		3,187
Other securities	17		8		—		25		17		3		—		20
Total securities available for sale	$	21,102	$	126	$	374	$	20,854	$	19,917	$	55	$	544	$	19,428
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations	$	6,762	6		$	175	$	6,593	$	7,021	2		$	254	$	6,769
Agency residential mortgage-backed securities	475		—		6		469		490		$	—	14		476
Agency commercial mortgage-backed securities	3,982		7		69		3,920		3,996		2		133		3,865
Other securities	15		—		—		15		12		—		—		12
Total held-to-maturity securities	$	11,234	$	13	$	250	$	10,997	$	11,519	$	4	$	401	$	11,122

Schedule of Unrealized Loss on Investments

The following table summarizes our securities that were in an unrealized loss position as of March 31, 2019, and December 31, 2018.



	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
March 31, 2019
Securities available for sale:
U.S Treasury, agencies, and corporations	—		—			$	148	$	2	$	148	$	2
Agency residential collateralized mortgage obligations	$	347	$	1		9,807		241		10,154		242
Agency residential mortgage-backed securities	1		—		^(a)	1,047		22		1,048		22
Agency commercial mortgage-backed securities	—		—			1,742		108		1,742		108
Held-to-maturity securities: ^(a)
Agency residential collateralized mortgage obligations	77		—		^(a)	6,092		175		6,169		175
Agency residential mortgage-backed securities	95		—		^(a)	374		6		469		6
Agency commercial mortgage-backed securities	203		—		^(a)	2,593		69		2,796		69
Other securities ^(a)	3		—		^(a)	—		—		3		—
Total temporarily impaired securities	$	726	$	1		$	21,803	$	623	$	22,529	$	624
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		—		^(b)	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		—		^(b)	3,359		133		3,432		133
Total temporarily impaired securities	$	647	$	2		$	24,158	$	943	$	24,805	$	945


(a)	At March 31, 2019, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale and less than $1 million for all held-to-maturity securities with a loss duration of less than 12 months.


(b)	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.

Securities by Maturity

The following table shows our securities by remaining maturity. CMOs and other mortgage-backed securities in the available for sale portfolio and held-to-maturity portfolio 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.



March 31, 2019	Securities Available for Sale				Held to Maturity Securities
in millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	271	$	276	$	52	$	52
Due after one through five years	15,750		15,510		6,791		6,647
Due after five through ten years	5,071		5,057		4,391		4,298
Due after ten years	10		11		—		—
Total	$	21,102	$	20,854	$	11,234	$	10,997