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Investment Securities
 12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities

The following table presents our investment securities:
 
Amortized Cost
Gross Unrealized
Gains
Gross Unrealized
Losses
Fair Value
 
(Dollars in millions)
December 31, 2019
 
 
 
 
Available-for-sale securities
 
 
 
 
Agency - Commercial
$
948

$
2

$
(3
)
$
947

Agency - Residential
1,015

4

(4
)
1,015

Corporate debt obligations
76

1

—

77

Municipal obligations
31

—

—

31

Other MBS
44

1

—

45

Certificates of Deposit
1





1

Total available-for-sale securities (1)
$
2,115

$
8

$
(7
)
$
2,116

Held-to-maturity securities
 
 
 
 
Agency - Commercial
$
306

$
—

$
(1
)
$
305

Agency - Residential
292

3

(1
)
294

Total held-to-maturity securities (1)
$
598

$
3

$
(2
)
$
599

December 31, 2018
 
 
 
 
Available-for-sale securities
 
 
 
 
Agency - Commercial
$
1,413

$
4

$
(43
)
$
1,374

Agency - Residential
686

—

(24
)
662

Corporate debt obligations
41

—

—

41

Municipal obligations
33

—

(1
)
32

Other MBS
32

—

—

32

Certificates of Deposit
1

—

—

1

Total available-for-sale securities (1)
$
2,206

$
4

$
(68
)
$
2,142

Held-to-maturity securities
 
 
 
 
Agency - Commercial
$
349

$
—

$
(13
)
$
336

Agency - Residential
354

—

(9
)
345

Total held-to-maturity securities (1)
$
703

$
—

$
(22
)
$
681


(1)
There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10 percent of stockholders’ equity at December 31, 2019 or December 31, 2018.

Management evaluates our securities portfolio each quarter to determine if any security is considered to be other than temporarily impaired. Agency securities, which are either explicitly or implicitly backed by the federal government, comprised 94 percent of our total securities at December 31, 2019. This factor is considered when evaluating our investment securities for OTTI. During the years ended December 31, 2019, 2018 and 2017, we had no OTTI.
    
Available-for-sale securities

We purchased $500 million of AFS securities, which were comprised of U.S. government sponsored agency MBS, certificates of deposit, and corporate debt obligations during the year ended December 31, 2019. In addition, we retained $19 million of passive interests in our own private MBS during the year ended December 31, 2019. We purchased $340 million of AFS securities, which included U.S. government sponsored agency MBS, certificates of deposit, and corporate debt obligations during the year ended December 31, 2018.
    
We had $432 million in sales of AFS securities during the year ended December 31, 2019, which resulted in a gain of $7 million. We had no sales of AFS securities during the year ended December 31, 2018. During the year ended December 31, 2017, we sold $289 million of U.S. government sponsored agency securities, which resulted in a gain of $3 million.

Held-to-maturity securities
    
In conjunction with adoption of ASU 2017-12 (Targeted Improvements to Accounting for Hedging Activities) the Company elected to transfer $144 million of investment securities from HTM to AFS during the first quarter of 2018, as permitted by the standard, which resulted in a de minimis impact to OCI.

There were no purchases or sales of HTM securities during the years ended December 31, 2019, December 31, 2018 and December 31, 2017.

The following table summarizes, by duration, the unrealized loss positions on investment securities:
 
Unrealized Loss Position with Duration
12 Months and Over
Unrealized Loss Position with Duration
Under 12 Months
 
Fair
Value
Number of
Securities
Unrealized
Loss
Fair
Value
Number of
Securities
Unrealized
Loss
 
(Dollars in millions)
December 31, 2019
 
Available-for-sale securities
 
 
 
 
 
 
Agency - Commercial
$
148

17

$
(3
)
$
303

19

$
—

Agency - Residential
266

26

(3
)
148

14

(1
)
Municipal obligations
8

3

—

—

—

—

Held-to-maturity securities
 
 
 
 
 
 
Agency - Commercial
$
148

13

$
(1
)
$
85

6

$
—

Agency - Residential
35

7

(1
)
38

10

—

December 31, 2018
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
Agency - Commercial
$
1,025

74

$
(43
)
$
1

1

$
—

Agency - Residential
647

79

(24
)
14

5

—

Municipal obligations
28

16

(1
)
1

2

—

Corporate debt obligations
—

—

—

7

2

—

Held-to-maturity securities
 
 
 
 
 
 
Agency - Commercial
$
336

26

$
(13
)
$
—

—

$
—

Agency - Residential
345

60

(9
)
—

—

—


    
The following shows the amortized cost and estimated fair value of securities by contractual maturity:
 
Investment Securities Available-for-Sale
 
Investment Securities Held-to-Maturity
 
Amortized
Cost
Fair
Value
Weighted-Average
Yield
 
Amortized
Cost
Fair
Value
Weighted-Average
Yield
 
(Dollars in millions)
December 31, 2019
 
 
 
Due in one year or less
$
3

$
3

2.12
%
 
$
—

$
—

—
%
Due after one year through five years
20

20

4.07
%
 
10

10

2.48
%
Due after five years through 10 years
93

95

4.23
%
 
9

9

2.29
%
Due after 10 years
1,999

1,998

2.41
%
 
579

580

2.42
%
Total
$
2,115

$
2,116

 
 
$
598

$
599

 
    
We pledge investment securities, primarily agency collateralized and municipal taxable mortgage obligations, to collateralize lines of credit and/or borrowings. We had pledged investment securities of $874 million and, $1.9 billion, at December 31, 2019 and 2018 respectively.