XML 48 R26.htm IDEA: XBRL DOCUMENT v3.21.2
Investments (Tables)
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Summary of Investment Securities
June 30, 2021
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities$620 $4 $2 $622 
Available-for-sale
U.S. Treasury securities155 — 27 128 
U.S. Government agencies and corporations:
Agency securities991 31 — 1,022 
Agency guaranteed mortgage-backed securities14,233 186 96 14,323 
Small Business Administration loan-backed securities1,076 3 31 1,048 
Municipal securities1,522 55 3 1,574 
Other debt securities75 — — 75 
Total available-for-sale18,052 275 157 18,170 
Total investment securities$18,672 $279 $159 $18,792 
December 31, 2020
(In millions)Amortized
cost		Gross unrealized gainsGross unrealized lossesEstimated
fair value
Held-to-maturity
Municipal securities$636 $5 $1 $640 
Available-for-sale
U.S. Treasury securities205 — 13 192 
U.S. Government agencies and corporations:
Agency securities1,051 40 — 1,091 
Agency guaranteed mortgage-backed securities11,439 262 8 11,693 
Small Business Administration loan-backed securities1,195 — 35 1,160 
Municipal securities1,352 68 — 1,420 
Other debt securities175 — — 175 
Total available-for-sale15,417 370 56 15,731 
Total investment securities$16,053 $375 $57 $16,371 
Contractual Maturities Debt Securities
June 30, 2021
Total debt investment securitiesDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
(Dollar amounts in millions)Amortized costAvg yieldAmortized costAvg yieldAmortized costAvg yieldAmortized costAvg yieldAmortized costAvg yield
Held-to-maturity
Municipal securities 1
$620 2.75 %$171 1.67 %$160 3.37 %$172 2.81 %$117 3.36 %
Available-for-sale
U.S. Treasury securities155 1.28 — — — — — — 155 1.28 
U.S. Government agencies and corporations:
Agency securities991 2.12 — — 361 1.36 267 2.52 363 2.59 
Agency guaranteed mortgage-backed securities14,233 1.65 — — 391 1.41 725 1.63 13,117 1.66 
Small Business Administration loan-backed securities1,076 1.37 — — 53 1.42 133 1.56 890 1.34 
Municipal securities 1
1,522 2.33 104 1.92 643 2.43 506 2.30 269 2.31 
Other debt securities75 2.15 — — — — 60 1.96 15 2.90 
Total available-for-sale securities
18,052 1.72 104 1.92 1,448 1.85 1,691 1.98 14,809 1.67 
Total investment securities$18,672 1.75 %$275 1.76 %$1,608 2.00 %$1,863 2.05 %$14,926 1.68 %
1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value
The following schedule summarizes the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position:
June 30, 2021
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value
Held-to-maturity
Municipal securities$2 $149 $— $14 $2 $163 
Available-for-sale
U.S. Treasury securities27 128 — — 27 128 
U.S. Government agencies and corporations:
Agency securities— 105 — 1 — 106 
Agency guaranteed mortgage-backed securities95 6,353 1 125 96 6,478 
Small Business Administration loan-backed securities— — 31 860 31 860 
Municipal securities3 217 — — 3 217 
Other— — — — — — 
Total available-for-sale125 6,803 32 986 157 7,789 
Total investment securities$127 $6,952 $32 $1,000 $159 $7,952 
December 31, 2020
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value
Held-to-maturity
Municipal securities$1 $96 $— $12 $1 $108 
Available-for-sale
U.S. Treasury securities13 142 — — 13 142 
U.S. Government agencies and corporations:
Agency securities— 6 — 2 — 8 
Agency guaranteed mortgage-backed securities7 1,197 1 179 8 1,376 
Small Business Administration loan-backed securities— 15 35 1,068 35 1,083 
Municipal securities— 19 — — — 19 
Other— 150 — — — 150 
Total available-for-sale20 1,529 36 1,249 56 2,778 
Total investment securities$21 $1,625 $36 $1,261 $57 $2,886 
Held-to-maturity Year of Issuance and Risk Grade The amortized cost basis of HTM securities categorized by year of issuance and risk grade is summarized as follows:
June 30, 2021
Amortized cost basis by year of issuance
(In millions)20212020201920182017PriorTotal Securities
Held-to-maturity:
Pass$209 $124 $10 $— $8 $268 $619 
Accruing substandard— — — — — 1 1 
Total held-to-maturity$209 $124 $10 $— $8 $269 $620 
Gains and Losses, Including OTTI, Recognized in Statement of Income
The following summarizes gains and losses recognized in income:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
(In millions)Gross gainsGross lossesGross gainsGross lossesGross gainsGross lossesGross gainsGross losses
Other noninterest-bearing investments$66 $3 $3 $7 $80 $6 $8 $17 
Net gains (losses) 1
$63 $(4)$74 $(9)
1 Net gains (losses) were recognized in securities gains (losses) in the income statement.
Interest Income by Security Type
Interest income by investment security type is as follows:
Three Months Ended June 30,
20212020
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Investment securities:
Held-to-maturity$2 $1 $3 $3 $2 $5 
Available-for-sale61 7 68 67 7 74 
Trading— 3 3 — 1 1 
Total securities$63 $11 $74 $70 $10 $80 
Six Months Ended June 30,
20212020
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Investment securities:
Held-to-maturity$5 $3 $8 $5 $5 $10 
Available-for-sale118 14 132 135 13 148 
Trading— 5 5 — 3 3 
Total$123 $22 $145 $140 $21 $161