Securities (Tables)

12 Months Ended

Dec. 31, 2019

Investments, Debt and Equity Securities [Abstract]

Details of 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.

	2019								2018
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	$	334	—		—		$	334	$	150	—		$	3	$	147
States and political subdivisions	4		—		—		4		7		—		—		7
Agency residential collateralized mortgage obligations	12,772		$	82	$	71	12,783		14,315		$	20	373		13,962
Agency residential mortgage-backed securities	1,677		41		4		1,714		2,128		13		36		2,105
Agency commercial mortgage-backed securities	6,898		139		40		6,997		3,300		19		132		3,187
Other securities	7		4		—		11		17		3		—		20
Total securities available for sale	$	21,692	$	266	$	115	$	21,843	$	19,917	$	55	$	544	$	19,428
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations	$	5,692	$	23	$	49	$	5,666	$	7,021	$	2	$	254	$	6,769
Agency residential mortgage-backed securities	409		6		—		415		490		—		14		476
Agency commercial mortgage-backed securities	3,940		78		9		4,009		3,996		2		133		3,865
Asset-backed securities	11		—		—		11		—		—		—		—
Other securities	15		—		—		15		12		—		—		12
Total held-to-maturity securities	$	10,067	$	107	$	58	$	10,116	$	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 December 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
December 31, 2019
Securities available for sale:
U.S. Treasury, Agencies, and Corporations	$	30	—		(a)	$	30	—		(a)	$	60	—
Agency residential collateralized mortgage obligations	3,432		$	20		3,221		$	51		6,653		$	71
Agency residential mortgage-backed securities	33		—		(a)	629		4			662		4
Agency commercial mortgage-backed securities	1,541		17			1,213		23			2,754		40
Held-to-maturity securities:
Agency residential collateralized mortgage obligations	1,626		14			2,289		35			3,915		49
Agency residential mortgage-backed securities	56		—		(a)	—		—			56		—
Agency commercial mortgage-backed securities	518		9			—		—			518		9
Asset-backed securities	11		—		(a)	—		—			11		—
Other securities	3		—		(a)	—		—			3		—
Total temporarily impaired securities	$	7,250	$	60		$	7,382	$	113		$	14,632	$	173
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 December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations and agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months and less than $1 million for agency residential mortgage-backed securities, asset-backed securities, and other securities held-to-maturity with a loss duration of less than 12 months. At December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations securities available for sale with a loss duration greater than 12 months or longer.

(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.

Debt Securities, Available-for-sale

Realized gains and losses related to securities available for sale were as follows:

Year ended December 31, in millions	2019		(a)	2018	(b)	2017		(a)
Realized gains	$	20		—		$	1
Realized losses	—			—		—
Net securities gains (losses)	$	20		—		$	1

 

(a) Realized losses totaled less than $1 million for the year ended December 31, 2019, and December 31, 2017.

(b)

Realized gains and losses totaled less than $1 million for the year ended December 31, 2018.

Securities by Maturity

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, 2019	Amortized Cost		Fair Value		Amortized Cost		Fair Value
in millions
Due in one year or less	$	490	$	494	$	66	$	66
Due after one through five years	17,438		17,486		7,173		7,178
Due after five through ten years	3,756		3,856		2,828		2,872
Due after ten years	8		7		—		—
Total	$	21,692	$	21,843	$	10,067	$	10,116