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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]  
Schedule of Carrying Value of Investment Securities

Carrying Value of Investment Securities (dollars in millions)

 

March 31,

 

 

December 31,

 

 

2020

 

 

2019

 

Available-for-sale Securities

 

 

 

 

 

 

 

Debt securities

$

5,854.7

 

 

$

6,011.8

 

Securities carried at fair value with changes in net income

 

 

 

 

 

 

 

Equity securities

 

-

 

 

 

47.2

 

Non-marketable securities(1)

 

273.9

 

 

 

217.8

 

Total investment securities

$

6,128.6

 

 

$

6,276.8

 

(1)

Non-marketable investments include restricted stock of the FRB and FHLB carried at cost of $240.1 million and $187.9 million at March 31, 2020 and December 31, 2019, respectively. The remaining non-marketable investments without readily determinable fair values measured under the measurement exception totaled $33.8 million and $29.9 million at March 31, 2020 and December 31, 2019, respectively.

Schedule of Interest and Dividend Income

The following table presents interest and dividends on investments and interest-bearing cash.

Interest and Dividend Income (dollars in millions)

 

Quarters Ended March 31,

 

 

2020

 

 

2019

 

Interest income - debt securities(1)

$

39.2

 

 

$

48.0

 

Interest income - interest-bearing cash

 

5.6

 

 

 

14.5

 

Dividends - equity securities

 

1.2

 

 

 

2.7

 

Total interest and dividends

$

46.0

 

 

$

65.2

 

 

(1)

Includes interest income on securities purchased under agreement to resell.
Amortized Cost and Fair Value of Securities Available-For-Sale

 

The following table presents amortized cost and fair value of securities AFS.

Amortized Cost and Fair Value (dollars in millions)

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Fair

Value

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities AFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government/sponsored agency – Residential

$

4,259.0

 

 

$

135.2

 

 

$

(2.2

)

 

$

4,392.0

 

U.S. government/sponsored agency – Commercial

 

1,119.5

 

 

 

37.7

 

 

 

(0.6

)

 

 

1,156.6

 

U.S. government/sponsored agency obligations

 

228.5

 

 

 

0.8

 

 

 

—

 

 

 

229.3

 

U.S. Treasury securities

 

9.3

 

 

 

—

 

 

 

—

 

 

 

9.3

 

Agency asset-backed securities

 

1.8

 

 

 

—

 

 

 

—

 

 

 

1.8

 

Corporate bonds – foreign(1)

 

65.9

 

 

 

—

 

 

 

(0.2

)

 

 

65.7

 

Total debt securities AFS

$

5,684.0

 

 

$

173.7

 

 

$

(3.0

)

 

$

5,854.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities AFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government/sponsored agency – Residential

$

4,766.4

 

 

$

24.1

 

 

$

(16.7

)

 

$

4,773.8

 

U.S. government/sponsored agency – Commercial

 

554.5

 

 

 

12.1

 

 

 

(1.8

)

 

 

564.8

 

U.S. government/sponsored agency obligations

 

449.4

 

 

 

—

 

 

 

(5.4

)

 

 

444.0

 

U.S. Treasury securities

 

11.2

 

 

 

0.1

 

 

 

—

 

 

 

11.3

 

Supranational securities

 

149.8

 

 

 

—

 

 

 

—

 

 

 

149.8

 

State & municipal bonds

 

1.0

 

 

 

—

 

 

 

—

 

 

 

1.0

 

Corporate bonds - foreign

 

65.9

 

 

 

1.2

 

 

 

—

 

 

 

67.1

 

Total debt securities AFS

$

5,998.2

 

 

$

37.5

 

 

$

(23.9

)

 

$

6,011.8

 

 

(1)

There was an immaterial amount of ACL under CECL as of March 31, 2020.

Amortized Cost and Fair Value of Debt Securities by Contractual Maturity Dates

The following table presents the debt securities AFS by contractual maturity dates.

Maturities - Debt Securities AFS (dollars in millions)

 

March 31, 2020

 

 

Amortized

Cost

 

 

Fair

Value

 

 

Weighted

Average

Yield

 

Mortgage-backed securities — U.S. government/sponsored agency – Residential

 

 

 

 

 

 

 

 

 

 

 

After 5 through 10 years

$

9.7

 

 

$

10.2

 

 

 

2.67

%

Due after 10 years

 

4,249.3

 

 

 

4,381.8

 

 

 

2.60

%

Total

 

4,259.0

 

 

 

4,392.0

 

 

 

2.60

%

Mortgage-backed securities — U.S. government/sponsored agency – Commercial

 

 

 

 

 

 

 

 

 

 

 

After 1 through 5 years

 

17.0

 

 

 

17.4

 

 

 

2.95

%

After 5 through 10 years

 

362.3

 

 

 

388.6

 

 

 

2.81

%

Due after 10 years

 

740.2

 

 

 

750.6

 

 

 

2.30

%

Total

 

1,119.5

 

 

 

1,156.6

 

 

 

2.48

%

U.S. government/sponsored agency obligations

 

 

 

 

 

 

 

 

 

 

 

After 5 through 10 years

 

118.2

 

 

 

118.8

 

 

 

2.69

%

Due after 10 years

 

110.3

 

 

 

110.5

 

 

 

2.78

%

Total

 

228.5

 

 

 

229.3

 

 

 

2.73

%

U.S. Treasury securities

 

 

 

 

 

 

 

 

 

 

 

Due in 1 year or less

 

4.3

 

 

 

4.3

 

 

 

2.48

%

After 1 through 5 years

 

5.0

 

 

 

5.0

 

 

 

0.53

%

Total

 

9.3

 

 

 

9.3

 

 

 

1.44

%

Agency asset-backed securities

 

 

 

 

 

 

 

 

 

 

 

Due after 10 years

 

1.8

 

 

 

1.8

 

 

 

2.24

%

Total

 

1.8

 

 

 

1.8

 

 

 

2.24

%

Corporate bonds — foreign

 

 

 

 

 

 

 

 

 

 

 

Due in 1 year or less

 

65.9

 

 

 

65.7

 

 

 

6.09

%

Total

 

65.9

 

 

 

65.7

 

 

 

6.09

%

Total debt securities AFS

$

5,684.0

 

 

$

5,854.7

 

 

 

2.62

%
Schedule of Debt Securities AFS - Estimated Unrealized Losses The following table summarizes by investment category the gross unrealized losses, respective fair value and length of time that those securities have been in a continuous unrealized loss position.

Gross Unrealized Loss (dollars in millions)

 

March 31, 2020

 

 

Less than 12 months

 

 

12 months or greater

 

 

Fair

Value

 

 

Gross

Unrealized

Loss

 

 

Fair

Value

 

 

Gross

Unrealized

Loss

 

Debt securities AFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government/sponsored agency - Residential

$

195.8

 

 

$

(1.4

)

 

$

37.2

 

 

$

(0.8

)

U.S. government/sponsored agency - Commercial

 

175.4

 

 

 

(0.6

)

 

 

—

 

 

 

—

 

Corporate bonds - foreign(1)

 

65.7

 

 

 

(0.2

)

 

 

—

 

 

 

—

 

Total debt securities AFS

$

436.9

 

 

$

(2.2

)

 

$

37.2

 

 

$

(0.8

)

 

 

December 31, 2019

 

 

Less than 12 months

 

 

12 months or greater

 

 

Fair

Value

 

 

Gross

Unrealized

Loss

 

 

Fair

Value

 

 

Gross

Unrealized

Loss

 

Debt securities AFS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government/sponsored agency - Residential

$

1,396.5

 

 

$

(4.6

)

 

$

861.3

 

 

$

(12.1

)

U.S. government/sponsored agency - Commercial

 

282.7

 

 

 

(1.7

)

 

 

17.6

 

 

 

(0.1

)

U.S. government/sponsored agency obligations

 

398.9

 

 

 

(5.4

)

 

 

—

 

 

 

—

 

Total debt securities AFS

$

2,078.1

 

 

$

(11.7

)

 

$

878.9

 

 

$

(12.2

)

(1)

There was an immaterial amount of credit-related unrealized loss recorded in earnings for the quarter ended March 31, 2020.