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Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Securities  
Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Values of Securities
he amortized cost, gross unrealized gains, gross unrealized losses and fair value of securities available for sale at March 31, 2020 and December 31, 2019 are presented below.
 
 
March 31, 2020
 
December 31, 2019
(Dollars in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government agencies
 
$
3,293

 
$
258

 
$
—

 
$
3,551

 
$
5,485

 
$
6

 
$
53

 
$
5,438

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 


U.S. agencies
 
4,740

 
67

 
29

 
4,778

 
5,491

 
13

 
36

 
5,468

Residential - non-agency
 
709

 
2

 
10

 
701

 
759

 
5

 
2

 
762

Commercial - non-agency
 
3,563

 
127

 
27

 
3,663

 
3,461

 
56

 
28

 
3,489

Collateralized loan obligations
 
1,419

 
—

 
91

 
1,328

 
1,499

 
—

 
8

 
1,491

Direct bank purchase bonds
 
906

 
44

 
10

 
940

 
911

 
43

 
18

 
936

Other
 
187

 
—

 
8

 
179

 
202

 
3

 
—

 
205

Total securities available for sale
 
$
14,817

 
$
498

 
$
175

 
$
15,140

 
$
17,808

 
$
126

 
$
145

 
$
17,789
Proceeds from Sales of Securities Available for Sale and Gross Realized Gains and Losses
The gross realized gains and losses from sales of available for sale securities for the three months ended March 31, 2020 and 2019 are shown below. The specific identification method is used to calculate realized gains and losses on sales.
 
 
For the Three Months Ended March 31,
(Dollars in millions)
 
2020
 
2019
Gross realized gains
 
$
53

 
$
1
Schedule of Held to Maturity Securities Recognized and Not Recognized in Other Comprehensive Income (OCI) and Fair Values
At March 31, 2020 and December 31, 2019, the amortized cost, gross unrealized gains and losses recognized in OCI, carrying amount, gross unrealized gains and losses not recognized in OCI, and fair value of securities held to maturity are presented below. Management has asserted the positive intent and ability to hold these securities to maturity.
 
 
March 31, 2020
 
 
 
 
Recognized in OCI
 
 
 
Not Recognized in OCI
 
 
(Dollars in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Carrying
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government agencies
 
$
1,304

 
$
—

 
$
—

 
$
1,304

 
$
22

 
$
—

 
$
1,326

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
7,660

 
1

 
97

 
7,564

 
296

 
1

 
7,859

Total securities held to maturity
 
$
8,964

 
$
1

 
$
97

 
$
8,868

 
$
318

 
$
1

 
$
9,185


 
 
December 31, 2019
 
 
 
 
Recognized in OCI
 
 
 
Not Recognized in OCI
 
 
(Dollars in millions)
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Carrying
Amount
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
Value
U.S. Treasury and government agencies
 
$
1,359

 
$
—

 
$
—

 
$
1,359

 
$
—

 
$
6

 
$
1,353

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
8,166

 
—

 
104

 
8,062

 
123

 
30

 
8,155

Total securities held to maturity
 
$
9,525

 
$
—

 
$
104

 
$
9,421

 
$
123

 
$
36

 
$
9,508
Securities Held to Maturity  
Securities  
Securities in Unrealized Loss Position
The Company’s securities held to maturity with a continuous unrealized loss position at March 31, 2020 and December 31, 2019 are shown below, separately for periods less than 12 months and 12 months or more.
 
 
March 31, 2020
 
 
Less Than 12 months
 
12 Months or More
 
Total
 
 
 
 
Unrealized Losses
 
 
 
Unrealized Losses
 
 
 
Unrealized Losses
(Dollars in millions)
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
$
124

 
$
—

 
$
1

 
$
3,251

 
$
97

 
$
—

 
$
3,375

 
$
97

 
$
1

Total securities held to maturity
 
$
124

 
$
—

 
$
1

 
$
3,251

 
$
97

 
$
—

 
$
3,375

 
$
97

 
$
1


 
 
December 31, 2019
 
 
Less Than 12 Months
 
12 Months or More
 
Total
 
 
 
 
Unrealized Losses
 
 
 
Unrealized Losses
 
 
 
Unrealized Losses
(Dollars in millions)
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
 
Fair
Value
 
Recognized
in OCI
 
Not
Recognized
in OCI
U.S. Treasury and government agencies
 
$
509

 
$
—

 
$
6

 
$
—

 
$
—

 
$
—

 
$
509

 
$
—

 
$
6

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
1,084

 
—

 
9

 
4,515

 
104

 
21

 
5,599

 
104

 
30

Total securities held to maturity
 
$
1,593

 
$
—

 
$
15

 
$
4,515

 
$
104

 
$
21

 
$
6,108

 
$
104

 
$
36
Debt Securities by Contractual Maturity
The carrying amount and fair value of securities held to maturity by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
 
 
March 31, 2020
 
 
Within One Year
 
Over One Year
Through
Five Years
 
Over Five Years
Through
Ten Years
 
Over Ten Years
 
Total
(Dollars in millions)
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
 
Carrying
Amount
 
Fair
Value
U.S. Treasury and government agencies
 
$
4

 
$
4

 
$
—

 
$
—

 
$
1,300

 
$
1,322

 
$
—

 
$
—

 
$
1,304

 
$
1,326

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
—

 
—

 
687

 
714

 
834

 
863

 
6,043

 
6,282

 
7,564

 
7,859

Total securities held to maturity
 
$
4

 
$
4

 
$
687

 
$
714

 
$
2,134

 
$
2,185

 
$
6,043

 
$
6,282

 
$
8,868

 
$
9,185
Securities Available for Sale  
Securities  
Securities in Unrealized Loss Position
The Company’s securities available for sale with a continuous unrealized loss position at March 31, 2020 and December 31, 2019 are shown below, identified for periods less than 12 months and 12 months or more.
 
 
March 31, 2020
 
 
Less Than 12 Months
 
12 Months or More
 
Total
(Dollars in millions)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
$
511

 
$
7

 
$
1,138

 
$
22

 
$
1,649

 
$
29

Residential - non-agency
 
478

 
8

 
47

 
2

 
525

 
10

Commercial - non-agency
 
830

 
27

 
2

 
—

 
832

 
27

Collateralized loan obligations
 
984

 
60

 
343

 
31

 
1,327

 
91

Direct bank purchase bonds
 
23

 
1

 
273

 
9

 
296

 
10

Other
 
166

 
8

 
—

 
—

 
166

 
8

Total securities available for sale
 
$
2,992

 
$
111

 
$
1,803

 
$
64

 
$
4,795

 
$
175


 
 
December 31, 2019
 
 
Less Than 12 Months
 
12 Months or More
 
Total
(Dollars in millions)
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
U.S. Treasury and government agencies
 
$
4,407

 
$
48

 
$
543

 
$
5

 
$
4,950

 
$
53

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
914

 
4

 
2,769

 
32

 
3,683

 
36

Residential - non-agency
 
127

 
—

 
155

 
2

 
282

 
2

Commercial - non-agency
 
1,669

 
28

 
12

 
—

 
1,681

 
28

Collateralized loan obligations
 
597

 
2

 
790

 
6

 
1,387

 
8

Direct bank purchase bonds
 
118

 
1

 
294

 
17

 
412

 
18

Other
 
25

 
—

 
—

 
—

 
25

 
—

Total securities available for sale
 
$
7,857

 
$
83

 
$
4,563

 
$
62

 
$
12,420

 
$
145
Debt Securities by Contractual Maturity
The fair value of debt securities available for sale by contractual maturity are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
 
 
March 31, 2020
(Dollars in millions)
 
One Year
or Less
 
Over One Year
Through
Five Years
 
Over Five Years
Through
Ten Years
 
Over
Ten Years
 
Total
Fair Value
U.S. Treasury and government agencies
 
$
—

 
$
158

 
$
3,355

 
$
38

 
$
3,551

Mortgage-backed:
 
 
 
 
 
 
 
 
 
 
U.S. agencies
 
—

 
83

 
1,007

 
3,688

 
4,778

Residential - non-agency
 
—

 
—

 
—

 
701

 
701

Commercial - non-agency
 
28

 
—

 
1,443

 
2,192

 
3,663

Collateralized loan obligations
 
—

 
—

 
376

 
952

 
1,328

Direct bank purchase bonds
 
85

 
291

 
469

 
95

 
940

Other
 
10

 
169

 
—

 
—

 
179

Total securities available for sale
 
$
123

 
$
701

 
$
6,650

 
$
7,666

 
$
15,140