Fair Value Measurement (Tables)
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9 Months Ended |
Sep. 30, 2015 |
Fair Value Disclosures [Abstract] |
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Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table displays our assets and liabilities measured on our consolidated balance sheets at fair value on a recurring basis as of September 30, 2015 and December 31, 2014: Table 12.1: Assets and Liabilities Measured at Fair Value on a Recurring Basis | | | | | | | | | | | | | | | | | | | | September 30, 2015 | | | Fair Value Measurements Using | | | (Dollars in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Securities available for sale: | | | | | | | | | U.S. Treasury securities | | $ | 4,445 |
| | $ | 0 |
| | $ | 0 |
| | $ | 4,445 |
| Corporate debt securities guaranteed by U.S. government agencies | | 0 |
| | 312 |
| | 43 |
| | 355 |
| RMBS | | 0 |
| | 27,246 |
| | 519 |
| | 27,765 |
| CMBS | | 0 |
| | 5,115 |
| | 105 |
| | 5,220 |
| Other ABS | | 0 |
| | 1,483 |
| | 0 |
| | 1,483 |
| Other securities | | 118 |
| | 33 |
| | 12 |
| | 163 |
| Total securities available for sale | | 4,563 |
| | 34,189 |
| | 679 |
| | 39,431 |
| Other assets: | | | | | | | | | Consumer MSRs | | 0 |
| | 0 |
| | 63 |
| | 63 |
| Derivative assets(1)(2) | | 2 |
| | 1,844 |
| | 65 |
| | 1,911 |
| Retained interests in securitizations | | 0 |
| | 0 |
| | 214 |
| | 214 |
| Total assets | | $ | 4,565 |
| | $ | 36,033 |
| | $ | 1,021 |
| | $ | 41,619 |
| Liabilities: | | | | | | | | | Other liabilities: | | | | | | | | | Derivative liabilities(1)(2) | | $ | 4 |
| | $ | 433 |
| | $ | 35 |
| | $ | 472 |
| Total liabilities | | $ | 4 |
| | $ | 433 |
| | $ | 35 |
| | $ | 472 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Fair Value Measurements Using | | | (Dollars in millions) | | Level 1 | | Level 2 | | Level 3 | | Total | Assets: | | | | | | | | | Securities available for sale: | | | | | | | | | U.S. Treasury securities | | $ | 4,117 |
| | $ | 1 |
| | $ | 0 |
| | $ | 4,118 |
| Corporate debt securities guaranteed by U.S. government agencies | | 0 |
| | 467 |
| | 333 |
| | 800 |
| RMBS | | 0 |
| | 24,820 |
| | 561 |
| | 25,381 |
| CMBS | | 0 |
| | 5,291 |
| | 228 |
| | 5,519 |
| Other ABS | | 0 |
| | 2,597 |
| | 65 |
| | 2,662 |
| Other securities | | 111 |
| | 899 |
| | 18 |
| | 1,028 |
| Total securities available for sale | | 4,228 |
| | 34,075 |
| | 1,205 |
| | 39,508 |
| Other assets: | | | | | | | | | Consumer MSRs | | 0 |
| | 0 |
| | 53 |
| | 53 |
| Derivative assets(1)(2) | | 4 |
| | 1,382 |
| | 66 |
| | 1,452 |
| Retained interests in securitizations | | 0 |
| | 0 |
| | 221 |
| | 221 |
| Total assets | | $ | 4,232 |
| | $ | 35,457 |
| | $ | 1,545 |
| | $ | 41,234 |
| Liabilities: | | | | | | | | | Other liabilities: | | | | | | | | | Derivative liabilities(1)(2) | | $ | 3 |
| | $ | 293 |
| | $ | 43 |
| | $ | 339 |
| Total liabilities | | $ | 3 |
| | $ | 293 |
| | $ | 43 |
| | $ | 339 |
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__________ | | (1) | As of January 1, 2015, we changed our accounting principle to move from a gross basis of presentation to a net basis, for presenting qualifying derivative assets and liabilities, as well as the related right to reclaim cash collateral or obligation to return cash collateral. See “Note 1—Summary of Significant Accounting Policies” for additional information. Prior period results have been recast to conform to this presentation. |
The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. The net derivative assets were $1.4 billion and $828 million, and the net derivative liabilities were $291 million and $175 million as of September 30, 2015 and December 31, 2014, respectively. See “Note 9—Derivative Instruments and Hedging Activities” for further information. | | (2) | Does not reflect $4 million recognized as a net valuation allowance on derivative assets and liabilities for non-performance risk as of both September 30, 2015 and December 31, 2014. Non-performance risk is reflected in other assets and liabilities on the consolidated balance sheets and offset through non-interest income in the consolidated statements of income. |
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Schedule of Level 3 Inputs Reconciliation for Assets |
The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2015 and 2014. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.
Table 12.2: Level 3 Recurring Fair Value Rollforward | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Three Months Ended September 30, 2015 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2015(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, July 1, 2015 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2015 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 91 |
| | $ | 1 |
| | $ | 1 |
| | $ | 0 |
| | $ | (36 | ) | | $ | 0 |
| | $ | (2 | ) | | $ | 0 |
| | $ | (12 | ) | | $ | 43 |
| | $ | 0 |
| RMBS | | 459 |
| | 9 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | (19 | ) | | 93 |
| | (22 | ) | | 519 |
| | 10 |
| CMBS | | 170 |
| | 0 |
| | (1 | ) | | 28 |
| | 0 |
| | 0 |
| | (10 | ) | | 0 |
| | (82 | ) | | 105 |
| | 0 |
| Other ABS | | 7 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 0 |
| | 0 |
| Other securities | | 18 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (6 | ) | | 0 |
| | 0 |
| | 12 |
| | 0 |
| Total securities available for sale | | 745 |
| | 10 |
| | (1 | ) | | 28 |
| | (36 | ) | | 0 |
| | (37 | ) | | 93 |
| | (123 | ) | | 679 |
| | 10 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 65 |
| | (7 | ) | | 0 |
| | 0 |
| | 0 |
| | 7 |
| | (2 | ) | | 0 |
| | 0 |
| | 63 |
| | (7 | ) | Derivative assets(4) | | 61 |
| | 16 |
| | 0 |
| | 0 |
| | 0 |
| | 13 |
| | (18 | ) | | 0 |
| | (7 | ) | | 65 |
| | 16 |
| Retained interest in securitizations | | 220 |
| | (6 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 214 |
| | (6 | ) | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (27 | ) | | $ | (11 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (9 | ) | | $ | 7 |
| | $ | 0 |
| | $ | 5 |
| | $ | (35 | ) | | $ | (11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Three Months Ended September 30, 2014 | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2014(3) | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, July 1, 2014 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2014 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 739 |
| | $ | (5 | ) | | $ | 3 |
| | $ | 0 |
| | $ | (91 | ) | | $ | 0 |
| | $ | (16 | ) | | $ | 0 |
| | $ | (246 | ) | | $ | 384 |
| | $ | (1 | ) | RMBS | | 836 |
| | 16 |
| | 3 |
| | 42 |
| | 0 |
| | 0 |
| | (24 | ) | | 79 |
| | (295 | ) | | 657 |
| | 16 |
| CMBS | | 449 |
| | 0 |
| | (2 | ) | | 158 |
| | 0 |
| | 0 |
| | (34 | ) | | 0 |
| | (268 | ) | | 303 |
| | 0 |
| Other ABS | | 175 |
| | 1 |
| | 3 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 9 |
| | (78 | ) | | 110 |
| | 1 |
| Other securities | | 20 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 0 |
| | 0 |
| | 12 |
| | (1 | ) | Total securities available for sale | | 2,219 |
| | 11 |
| | 7 |
| | 200 |
| | (91 | ) | | 0 |
| | (81 | ) | | 88 |
| | (887 | ) | | 1,466 |
| | 15 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 57 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | 4 |
| | (1 | ) | | 0 |
| | 0 |
| | 58 |
| | (2 | ) | Derivative assets | | 50 |
| | 2 |
| | 0 |
| | 0 |
| | 0 |
| | 6 |
| | (8 | ) | | 0 |
| | 1 |
| | 51 |
| | 2 |
| Retained interest in securitizations | | 195 |
| | 8 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 203 |
| | 8 |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities | | (37 | ) | | (4 | ) | | 0 |
| | 0 |
| | 0 |
| | (4 | ) | | 6 |
| | 0 |
| | 0 |
| | (39 | ) | | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Nine Months Ended September 30, 2015 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2015(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, January 1, 2015 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2015 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 333 |
| | $ | 0 |
| | $ | 6 |
| | $ | 0 |
| | $ | (184 | ) | | $ | 0 |
| | $ | (12 | ) | | $ | 0 |
| | $ | (100 | ) | | $ | 43 |
| | $ | 0 |
| RMBS | | 561 |
| | 28 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | (46 | ) | | 285 |
| | (307 | ) | | 519 |
| | 29 |
| CMBS | | 228 |
| | 0 |
| | 0 |
| | 114 |
| | 0 |
| | 0 |
| | (47 | ) | | 0 |
| | (190 | ) | | 105 |
| | 0 |
| Other ABS | | 65 |
| | 1 |
| | (2 | ) | | 0 |
| | (20 | ) | | 0 |
| | 0 |
| | 0 |
| | (44 | ) | | 0 |
| | 0 |
| Other securities | | 18 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (6 | ) | | 0 |
| | 0 |
| | 12 |
| | 0 |
| Total securities available for sale | | 1,205 |
| | 29 |
| | 2 |
| | 114 |
| | (204 | ) | | 0 |
| | (111 | ) | | 285 |
| | (641 | ) | | 679 |
| | 29 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 53 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | 17 |
| | (5 | ) | | 0 |
| | 0 |
| | 63 |
| | (2 | ) | Derivative assets(4) | | 66 |
| | 17 |
| | 0 |
| | 0 |
| | 0 |
| | 40 |
| | (46 | ) | | 0 |
| | (12 | ) | | 65 |
| | 17 |
| Retained interest in securitizations | | 221 |
| | (7 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 214 |
| | (7 | ) | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (43 | ) | | $ | (12 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (19 | ) | | $ | 30 |
| | $ | 0 |
| | $ | 9 |
| | $ | (35 | ) | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Nine Months Ended September 30, 2014 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2014(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, January 1, 2014 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2014 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 927 |
| | $ | (5 | ) | | $ | 18 |
| | $ | 0 |
| | $ | (203 | ) | | $ | 0 |
| | $ | (55 | ) | | $ | 64 |
| | $ | (362 | ) | | $ | 384 |
| | $ | (1 | ) | RMBS | | 1,304 |
| | 53 |
| | 39 |
| | 1,022 |
| | 0 |
| | 0 |
| | (156 | ) | | 199 |
| | (1,804 | ) | | 657 |
| | 53 |
| CMBS | | 739 |
| | 0 |
| | 3 |
| | 192 |
| | 0 |
| | 0 |
| | (64 | ) | | 66 |
| | (633 | ) | | 303 |
| | 0 |
| Other ABS | | 343 |
| | 4 |
| | 13 |
| | 0 |
| | 0 |
| | 0 |
| | (2 | ) | | 52 |
| | (300 | ) | | 110 |
| | 4 |
| Other securities | | 17 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 3 |
| | 0 |
| | 12 |
| | (1 | ) | Total securities available for sale | | 3,330 |
| | 51 |
| | 73 |
| | 1,214 |
| | (203 | ) | | 0 |
| | (284 | ) | | 384 |
| | (3,099 | ) | | 1,466 |
| | 55 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 69 |
| | (19 | ) | | 0 |
| | 0 |
| | 0 |
| | 11 |
| | (3 | ) | | 0 |
| | 0 |
| | 58 |
| | (19 | ) | Derivative assets(4) | | 50 |
| | 5 |
| | 0 |
| | 0 |
| | 0 |
| | 13 |
| | (14 | ) | | 0 |
| | (3 | ) | | 51 |
| | 5 |
| Retained interest in securitization | | 199 |
| | 4 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 203 |
| | 4 |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (38 | ) | | $ | (8 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (8 | ) | | $ | 14 |
| | $ | 0 |
| | $ | 1 |
| | $ | (39 | ) | | $ | (8 | ) |
__________ | | (1) | Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. |
| | (2) | During the three and nine months ended September 30, 2015 and 2014, the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. |
| | (3) | The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. Impairment is reported in total other-than-temporary impairment, which is a component of non-interest income, in our consolidated statements of income. |
| | (4) | All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. |
|
Schedule of Level 3 Inputs Reconciliation for Liabilities |
The table below presents a reconciliation for all assets and liabilities measured and recognized at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2015 and 2014. When assets and liabilities are transferred between levels, we recognize the transfer as of the end of the period.
Table 12.2: Level 3 Recurring Fair Value Rollforward | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Three Months Ended September 30, 2015 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2015(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, July 1, 2015 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2015 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 91 |
| | $ | 1 |
| | $ | 1 |
| | $ | 0 |
| | $ | (36 | ) | | $ | 0 |
| | $ | (2 | ) | | $ | 0 |
| | $ | (12 | ) | | $ | 43 |
| | $ | 0 |
| RMBS | | 459 |
| | 9 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | (19 | ) | | 93 |
| | (22 | ) | | 519 |
| | 10 |
| CMBS | | 170 |
| | 0 |
| | (1 | ) | | 28 |
| | 0 |
| | 0 |
| | (10 | ) | | 0 |
| | (82 | ) | | 105 |
| | 0 |
| Other ABS | | 7 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 0 |
| | 0 |
| Other securities | | 18 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (6 | ) | | 0 |
| | 0 |
| | 12 |
| | 0 |
| Total securities available for sale | | 745 |
| | 10 |
| | (1 | ) | | 28 |
| | (36 | ) | | 0 |
| | (37 | ) | | 93 |
| | (123 | ) | | 679 |
| | 10 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 65 |
| | (7 | ) | | 0 |
| | 0 |
| | 0 |
| | 7 |
| | (2 | ) | | 0 |
| | 0 |
| | 63 |
| | (7 | ) | Derivative assets(4) | | 61 |
| | 16 |
| | 0 |
| | 0 |
| | 0 |
| | 13 |
| | (18 | ) | | 0 |
| | (7 | ) | | 65 |
| | 16 |
| Retained interest in securitizations | | 220 |
| | (6 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 214 |
| | (6 | ) | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (27 | ) | | $ | (11 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (9 | ) | | $ | 7 |
| | $ | 0 |
| | $ | 5 |
| | $ | (35 | ) | | $ | (11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Three Months Ended September 30, 2014 | | | | | | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2014(3) | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, July 1, 2014 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2014 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 739 |
| | $ | (5 | ) | | $ | 3 |
| | $ | 0 |
| | $ | (91 | ) | | $ | 0 |
| | $ | (16 | ) | | $ | 0 |
| | $ | (246 | ) | | $ | 384 |
| | $ | (1 | ) | RMBS | | 836 |
| | 16 |
| | 3 |
| | 42 |
| | 0 |
| | 0 |
| | (24 | ) | | 79 |
| | (295 | ) | | 657 |
| | 16 |
| CMBS | | 449 |
| | 0 |
| | (2 | ) | | 158 |
| | 0 |
| | 0 |
| | (34 | ) | | 0 |
| | (268 | ) | | 303 |
| | 0 |
| Other ABS | | 175 |
| | 1 |
| | 3 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 9 |
| | (78 | ) | | 110 |
| | 1 |
| Other securities | | 20 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 0 |
| | 0 |
| | 12 |
| | (1 | ) | Total securities available for sale | | 2,219 |
| | 11 |
| | 7 |
| | 200 |
| | (91 | ) | | 0 |
| | (81 | ) | | 88 |
| | (887 | ) | | 1,466 |
| | 15 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 57 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | 4 |
| | (1 | ) | | 0 |
| | 0 |
| | 58 |
| | (2 | ) | Derivative assets | | 50 |
| | 2 |
| | 0 |
| | 0 |
| | 0 |
| | 6 |
| | (8 | ) | | 0 |
| | 1 |
| | 51 |
| | 2 |
| Retained interest in securitizations | | 195 |
| | 8 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 203 |
| | 8 |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities | | (37 | ) | | (4 | ) | | 0 |
| | 0 |
| | 0 |
| | (4 | ) | | 6 |
| | 0 |
| | 0 |
| | (39 | ) | | (4 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Nine Months Ended September 30, 2015 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2015(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, January 1, 2015 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2015 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 333 |
| | $ | 0 |
| | $ | 6 |
| | $ | 0 |
| | $ | (184 | ) | | $ | 0 |
| | $ | (12 | ) | | $ | 0 |
| | $ | (100 | ) | | $ | 43 |
| | $ | 0 |
| RMBS | | 561 |
| | 28 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | (46 | ) | | 285 |
| | (307 | ) | | 519 |
| | 29 |
| CMBS | | 228 |
| | 0 |
| | 0 |
| | 114 |
| | 0 |
| | 0 |
| | (47 | ) | | 0 |
| | (190 | ) | | 105 |
| | 0 |
| Other ABS | | 65 |
| | 1 |
| | (2 | ) | | 0 |
| | (20 | ) | | 0 |
| | 0 |
| | 0 |
| | (44 | ) | | 0 |
| | 0 |
| Other securities | | 18 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (6 | ) | | 0 |
| | 0 |
| | 12 |
| | 0 |
| Total securities available for sale | | 1,205 |
| | 29 |
| | 2 |
| | 114 |
| | (204 | ) | | 0 |
| | (111 | ) | | 285 |
| | (641 | ) | | 679 |
| | 29 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 53 |
| | (2 | ) | | 0 |
| | 0 |
| | 0 |
| | 17 |
| | (5 | ) | | 0 |
| | 0 |
| | 63 |
| | (2 | ) | Derivative assets(4) | | 66 |
| | 17 |
| | 0 |
| | 0 |
| | 0 |
| | 40 |
| | (46 | ) | | 0 |
| | (12 | ) | | 65 |
| | 17 |
| Retained interest in securitizations | | 221 |
| | (7 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 214 |
| | (7 | ) | Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (43 | ) | | $ | (12 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (19 | ) | | $ | 30 |
| | $ | 0 |
| | $ | 9 |
| | $ | (35 | ) | | $ | (12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | | | Nine Months Ended September 30, 2014 | | | | | Total Gains (Losses) (Realized/Unrealized) | | | | | | | | | | | | | | | | Net Unrealized Gains (Losses) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2014(3) | | | | | | | | | | | | | | | | | | | | (Dollars in millions) | | Balance, January 1, 2014 | | Included in Net Income(1) | | Included in OCI | | Purchases | | Sales | | Issuances | | Settlements | | Transfers Into Level 3(2) | | Transfers Out of Level 3(2) | | Balance, September 30, 2014 | | Assets: | | | | | | | | | | | | | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | | | | | | | | | | | Corporate debt securities guaranteed by U.S. government agencies | | $ | 927 |
| | $ | (5 | ) | | $ | 18 |
| | $ | 0 |
| | $ | (203 | ) | | $ | 0 |
| | $ | (55 | ) | | $ | 64 |
| | $ | (362 | ) | | $ | 384 |
| | $ | (1 | ) | RMBS | | 1,304 |
| | 53 |
| | 39 |
| | 1,022 |
| | 0 |
| | 0 |
| | (156 | ) | | 199 |
| | (1,804 | ) | | 657 |
| | 53 |
| CMBS | | 739 |
| | 0 |
| | 3 |
| | 192 |
| | 0 |
| | 0 |
| | (64 | ) | | 66 |
| | (633 | ) | | 303 |
| | 0 |
| Other ABS | | 343 |
| | 4 |
| | 13 |
| | 0 |
| | 0 |
| | 0 |
| | (2 | ) | | 52 |
| | (300 | ) | | 110 |
| | 4 |
| Other securities | | 17 |
| | (1 | ) | | 0 |
| | 0 |
| | 0 |
| | 0 |
| | (7 | ) | | 3 |
| | 0 |
| | 12 |
| | (1 | ) | Total securities available for sale | | 3,330 |
| | 51 |
| | 73 |
| | 1,214 |
| | (203 | ) | | 0 |
| | (284 | ) | | 384 |
| | (3,099 | ) | | 1,466 |
| | 55 |
| Other assets: | | | | | | | | | | | | | | | | | | | | | | | Consumer MSRs | | 69 |
| | (19 | ) | | 0 |
| | 0 |
| | 0 |
| | 11 |
| | (3 | ) | | 0 |
| | 0 |
| | 58 |
| | (19 | ) | Derivative assets(4) | | 50 |
| | 5 |
| | 0 |
| | 0 |
| | 0 |
| | 13 |
| | (14 | ) | | 0 |
| | (3 | ) | | 51 |
| | 5 |
| Retained interest in securitization | | 199 |
| | 4 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 0 |
| | 203 |
| | 4 |
| Liabilities: | | | | | | | | | | | | | | | | | | | | | | | Other liabilities: | | | | | | | | | | | | | | | | | | | | | | | Derivative liabilities(4) | | $ | (38 | ) | | $ | (8 | ) | | $ | 0 |
| | $ | 0 |
| | $ | 0 |
| | $ | (8 | ) | | $ | 14 |
| | $ | 0 |
| | $ | 1 |
| | $ | (39 | ) | | $ | (8 | ) |
__________ | | (1) | Gains (losses) related to Level 3 Consumer MSRs, derivative assets and derivative liabilities, and retained interests in securitizations are reported in other non-interest income, which is a component of non-interest income, in our consolidated statements of income. |
| | (2) | During the three and nine months ended September 30, 2015 and 2014, the transfers into Level 3 were primarily driven by less consistency among vendor pricing on individual securities, while the transfers out of Level 3 were primarily driven by greater consistency among multiple pricing sources. |
| | (3) | The amount presented for unrealized gains (losses) for assets still held as of the reporting date primarily represents impairments of securities available for sale, accretion on certain fixed maturity securities, changes in fair value of derivative instruments and mortgage servicing rights transactions. Impairment is reported in total other-than-temporary impairment, which is a component of non-interest income, in our consolidated statements of income. |
| | (4) | All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. |
|
Schedule of Assets Measured at Fair Value on Recurring Basis Quantitative Information |
The following table presents the significant unobservable inputs relied upon to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value measures for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain for a majority of our securities. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3: Quantitative Information about Level 3 Fair Value Measurements | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (Dollars in millions) | | Fair Value at September 30, 2015 | | Significant Valuation Techniques | | Significant Unobservable Inputs | | Range | | Weighted Average | Assets: | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | RMBS | | $ | 519 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 1-19% 0-21% 0-19% 0-85% | | 6% 4% 5% 56% | CMBS | | 105 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate | | 2-3% 0-15% | | 2% 6% | U.S. government guaranteed debt and other securities | | 55 |
| | Discounted cash flows (3rd party pricing) | | Yield
| | 2-3% | | 2% | Other assets: | | | | | | | | | | | Consumer MSRs | | 63 |
| | Discounted cash flows | | Total prepayment rate Discount rate Option-adjusted spread rate Servicing cost ($ per loan) | | 11-19% 12% 435-1500 bps $93-213 | | 16% 12% 479 bps $100 | Derivative assets(1) | | 65 |
| | Discounted cash flows | | Swap rates | | 2% | | 2% | Retained interests in securitization(2) | | 214 |
| | Discounted cash flows | | Life of receivables (months) Constant prepayment rate Discount rate Default rate Loss severity | | 18-69 2-15% 4-8% 2-7% 19-99% | | N/A | Liabilities: | | | | | | | | | | | Derivative liabilities(1) | | $ | 35 |
| | Discounted cash flows | | Swap rates | | 2% | | 2% |
| | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (Dollars in millions) | | Fair Value at December 31, 2014 | | Significant Valuation Techniques | | Significant Unobservable Inputs | | Range | | Weighted Average | Assets: | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | RMBS | | $ | 561 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 0-18% 0-23% 0-15% 0-85% | | 6% 4% 5% 55% | CMBS | | 228 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate | | 1-4% 0-100% | | 1% 5% | Other ABS | | 65 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 2-7% 0-3% 1-10% 30-88% | | 5% 2% 7% 71% | U.S. government guaranteed debt and other securities | | 351 |
| | Discounted cash flows (3rd party pricing) | | Yield
| | 1-4% | | 3% | Other assets: | | | | | | | | | | | Consumer MSRs | | 53 |
| | Discounted cash flows | | Total prepayment rate Discount rate Option-adjusted spread rate Servicing cost ($ per loan) | | 12-27% 12% 435-1,500 bps $93-$209 | | 18% 12% 478 bps $101 | Derivative assets(1) | | 66 |
| | Discounted cash flows | | Swap rates | | 2-3% | | 2% | Retained interests in securitization(2) | | 221 |
| | Discounted cash flows | | Life of receivables (months) Constant prepayment rate Discount rate Default rate Loss severity | | 25-72 2-13% 4-9% 2-8% 19-95% | | N/A | Liabilities: | | | | | | | | | | | Derivative liabilities(1) | | $ | 43 |
| | Discounted cash flows | | Swap rates | | 2-3% | | 2% |
__________ | | (1) | All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. |
| | (2) | Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. |
|
Schedule of Liabilities Measured at Fair Value on Recurring Basis Quantitative Information |
The following table presents the significant unobservable inputs relied upon to determine the fair values of our Level 3 financial instruments on a recurring basis. We utilize multiple third-party pricing services to obtain fair value measures for our securities. Several of our third-party pricing services are only able to provide unobservable input information for a limited number of securities due to software licensing restrictions. Other third-party pricing services are able to provide unobservable input information for all securities for which they provide a valuation. As a result, the unobservable input information for the securities available for sale presented below represents a composite summary of all information we are able to obtain for a majority of our securities. The unobservable input information for all other Level 3 financial instruments is based on the assumptions used in our internal valuation models. Table 12.3: Quantitative Information about Level 3 Fair Value Measurements | | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (Dollars in millions) | | Fair Value at September 30, 2015 | | Significant Valuation Techniques | | Significant Unobservable Inputs | | Range | | Weighted Average | Assets: | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | RMBS | | $ | 519 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 1-19% 0-21% 0-19% 0-85% | | 6% 4% 5% 56% | CMBS | | 105 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate | | 2-3% 0-15% | | 2% 6% | U.S. government guaranteed debt and other securities | | 55 |
| | Discounted cash flows (3rd party pricing) | | Yield
| | 2-3% | | 2% | Other assets: | | | | | | | | | | | Consumer MSRs | | 63 |
| | Discounted cash flows | | Total prepayment rate Discount rate Option-adjusted spread rate Servicing cost ($ per loan) | | 11-19% 12% 435-1500 bps $93-213 | | 16% 12% 479 bps $100 | Derivative assets(1) | | 65 |
| | Discounted cash flows | | Swap rates | | 2% | | 2% | Retained interests in securitization(2) | | 214 |
| | Discounted cash flows | | Life of receivables (months) Constant prepayment rate Discount rate Default rate Loss severity | | 18-69 2-15% 4-8% 2-7% 19-99% | | N/A | Liabilities: | | | | | | | | | | | Derivative liabilities(1) | | $ | 35 |
| | Discounted cash flows | | Swap rates | | 2% | | 2% |
| | | | | | | | | | | | | | | | Quantitative Information about Level 3 Fair Value Measurements | (Dollars in millions) | | Fair Value at December 31, 2014 | | Significant Valuation Techniques | | Significant Unobservable Inputs | | Range | | Weighted Average | Assets: | | | | | | | | | | | Securities available for sale: | | | | | | | | | | | RMBS | | $ | 561 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 0-18% 0-23% 0-15% 0-85% | | 6% 4% 5% 55% | CMBS | | 228 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate | | 1-4% 0-100% | | 1% 5% | Other ABS | | 65 |
| | Discounted cash flows (3rd party pricing) | | Yield Constant prepayment rate Default rate Loss severity | | 2-7% 0-3% 1-10% 30-88% | | 5% 2% 7% 71% | U.S. government guaranteed debt and other securities | | 351 |
| | Discounted cash flows (3rd party pricing) | | Yield
| | 1-4% | | 3% | Other assets: | | | | | | | | | | | Consumer MSRs | | 53 |
| | Discounted cash flows | | Total prepayment rate Discount rate Option-adjusted spread rate Servicing cost ($ per loan) | | 12-27% 12% 435-1,500 bps $93-$209 | | 18% 12% 478 bps $101 | Derivative assets(1) | | 66 |
| | Discounted cash flows | | Swap rates | | 2-3% | | 2% | Retained interests in securitization(2) | | 221 |
| | Discounted cash flows | | Life of receivables (months) Constant prepayment rate Discount rate Default rate Loss severity | | 25-72 2-13% 4-9% 2-8% 19-95% | | N/A | Liabilities: | | | | | | | | | | | Derivative liabilities(1) | | $ | 43 |
| | Discounted cash flows | | Swap rates | | 2-3% | | 2% |
__________ | | (1) | All Level 3 derivative assets and liabilities are presented on a gross basis and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. |
| | (2) | Due to the nature of the various mortgage securitization structures in which we have retained interests, it is not meaningful to present a consolidated weighted average for the significant unobservable inputs. |
|
Schedule of Assets Measured at Fair Value on Nonrecurring Basis |
The following table presents the carrying amount of the assets measured at fair value on a nonrecurring basis and still held as of September 30, 2015 and December 31, 2014, and for which a nonrecurring fair value measurement was recorded during the nine and twelve months then ended: Table 12.4: Nonrecurring Fair Value Measurements Related to Assets Still Held at Period End | | | | | | | | | | | | | | | | | | | | September 30, 2015 | | | Estimated Fair Value Hierarchy | | Total | (Dollars in millions) | | Level 1 | | Level 2 | | Level 3 | | Loans held for investment | | $ | 0 |
| | $ | 0 |
| | $ | 260 |
| | $ | 260 |
| Loans held for sale | | 0 |
| | 26 |
| | 0 |
| | 26 |
| Other assets(1) | | 0 |
| | 0 |
| | 65 |
| | 65 |
| Total | | $ | 0 |
| | $ | 26 |
| | $ | 325 |
| | $ | 351 |
|
| | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Estimated Fair Value Hierarchy | | Total | (Dollars in millions) | | Level 1 | | Level 2 | | Level 3 | | Loans held for investment | | $ | 0 |
| | $ | 0 |
| | $ | 121 |
| | $ | 121 |
| Loans held for sale | | 0 |
| | 34 |
| | 0 |
| | 34 |
| Other assets(1) | | 0 |
| | 0 |
| | 65 |
| | 65 |
| Total | | $ | 0 |
| | $ | 34 |
| | $ | 186 |
| | $ | 220 |
|
__________ | | (1) | Includes foreclosed property and repossessed assets of $33 million and long-lived assets held for sale of $32 million as of September 30, 2015, compared to foreclosed property and repossessed assets of $60 million and long-lived assets held for sale of $5 million as of December 31, 2014. |
|
Schedule of Earnings Related to Assets Measured at Fair Value on Nonrecurring Basis |
The following table presents total nonrecurring fair value measurements for the period, included in earnings, attributable to the change in fair value relating to assets that are still held at September 30, 2015 and 2014: Table 12.5: Nonrecurring Fair Value Measurements Included in Earnings Related to Assets Still Held at Period End | | | | | | | | | | | | Total Losses | | | Nine Months Ended September 30, | (Dollars in millions) | | 2015 | | 2014 | Loans held for investment | | $ | (70 | ) | | $ | (19 | ) | Loans held for sale | | 0 |
| | 0 |
| Other assets(1) | | (35 | ) | | (6 | ) | Total | | $ | (105 | ) | | $ | (25 | ) |
__________ | | (1) | Includes losses related to foreclosed property, repossessed assets and long-lived assets. |
|
Schedule of Fair Value of Financial Instruments |
The following table presents the fair value of financial instruments, whether recognized or not on the consolidated balance sheets, as of September 30, 2015 and December 31, 2014: Table 12.6: Fair Value of Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2015 | | | Carrying Amount | | Estimated Fair Value | | Estimated Fair Value Hierarchy | (Dollars in millions) | | | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 6,837 |
| | $ | 6,837 |
| | $ | 6,837 |
| | $ | 0 |
| | $ | 0 |
| Restricted cash for securitization investors | | 586 |
| | 586 |
| | 586 |
| | 0 |
| | 0 |
| Securities available for sale | | 39,431 |
| | 39,431 |
| | 4,563 |
| | 34,189 |
| | 679 |
| Securities held to maturity | | 23,711 |
| | 24,913 |
| | 200 |
| | 24,662 |
| | 51 |
| Net loans held for investment | | 208,482 |
| | 209,460 |
| | 0 |
| | 0 |
| | 209,460 |
| Loans held for sale | | 566 |
| | 591 |
| | 0 |
| | 591 |
| | 0 |
| Interest receivable(1) | | 1,101 |
| | 1,101 |
| | 0 |
| | 1,101 |
| | 0 |
| Derivative assets(1)(2) | | 1,911 |
| | 1,911 |
| | 2 |
| | 1,844 |
| | 65 |
| Retained interests in securitizations | | 214 |
| | 214 |
| | 0 |
| | 0 |
| | 214 |
| Financial liabilities: | | | | | | | | | | | Non-interest bearing deposits | | $ | 25,055 |
| | $ | 25,055 |
| | $ | 25,055 |
| | $ | 0 |
| | $ | 0 |
| Interest-bearing deposits | | 187,848 |
| | 182,583 |
| | 0 |
| | 14,605 |
| | 167,978 |
| Securitized debt obligations | | 15,656 |
| | 15,731 |
| | 0 |
| | 15,731 |
| | 0 |
| Senior and subordinated notes | | 21,773 |
| | 21,728 |
| | 0 |
| | 21,728 |
| | 0 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase | | 1,021 |
| | 1,021 |
| | 1,021 |
| | 0 |
| | 0 |
| Other borrowings | | 4,328 |
| | 4,316 |
| | 0 |
| | 4,316 |
| | 0 |
| Interest payable(1) | | 198 |
| | 198 |
| | 0 |
| | 198 |
| | 0 |
| Derivative liabilities(1)(2) | | 472 |
| | 472 |
| | 4 |
| | 433 |
| | 35 |
|
| | | | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | | | Carrying Amount | | Estimated Fair Value | | Estimated Fair Value Hierarchy | (Dollars in millions) | | | | Level 1 | | Level 2 | | Level 3 | Financial assets: | | | | | | | | | | | Cash and cash equivalents | | $ | 7,242 |
| | $ | 7,242 |
| | $ | 7,242 |
| | $ | 0 |
| | $ | 0 |
| Restricted cash for securitization investors | | 234 |
| | 234 |
| | 234 |
| | 0 |
| | 0 |
| Securities available for sale | | 39,508 |
| | 39,508 |
| | 4,228 |
| | 34,075 |
| | 1,205 |
| Securities held to maturity | | 22,500 |
| | 23,634 |
| | 0 |
| | 23,503 |
| | 131 |
| Net loans held for investment | | 203,933 |
| | 207,104 |
| | 0 |
| | 0 |
| | 207,104 |
| Loans held for sale | | 626 |
| | 650 |
| | 0 |
| | 650 |
| | 0 |
| Interest receivable(1) | | 1,079 |
| | 1,079 |
| | 0 |
| | 1,079 |
| | 0 |
| Derivatives assets(1)(2) | | 1,452 |
| | 1,452 |
| | 4 |
| | 1,382 |
| | 66 |
| Retained interests in securitizations | | 221 |
| | 221 |
| | 0 |
| | 0 |
| | 221 |
| Financial liabilities: | | | | | | | | | | | Non-interest bearing deposits | | $ | 25,081 |
| | $ | 25,081 |
| | $ | 25,081 |
| | $ | 0 |
| | $ | 0 |
| Interest-bearing deposits | | 180,467 |
| | 174,074 |
| | 0 |
| | 11,668 |
| | 162,406 |
| Securitized debt obligations | | 11,624 |
| | 11,745 |
| | 0 |
| | 11,745 |
| | 0 |
| Senior and subordinated notes | | 18,684 |
| | 19,083 |
| | 0 |
| | 19,083 |
| | 0 |
| Federal funds purchased and securities loaned or sold under agreements to repurchase | | 880 |
| | 880 |
| | 880 |
| | 0 |
| | 0 |
| Other borrowings | | 17,269 |
| | 17,275 |
| | 0 |
| | 17,275 |
| | 0 |
| Interest payable(1) | | 254 |
| | 254 |
| | 0 |
| | 254 |
| | 0 |
| Derivatives liabilities(1)(2) | | 339 |
| | 339 |
| | 3 |
| | 293 |
| | 43 |
|
__________ | | (1) | As of January 1, 2015, we changed our accounting principle to move from a gross basis of presentation to a net basis, for presenting qualifying derivative assets and liabilities, as well as the related right to reclaim cash collateral or obligation to return cash collateral. Prior period results have been recast to conform to this presentation. See additional information in “Note 1—Summary of Significant Accounting Policies.” |
| | (2) | The balances represent gross derivative amounts and are not reduced by the impact of legally enforceable master netting agreements that allow us to net positive and negative positions and cash collateral held or placed with the same counterparty. See additional information in “Note 9—Derivative Instruments and Hedging Activities.” |
|