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Quarterly Results Quarterly Results (Notes)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Results
Quarterly Results (Unaudited)
The following is a presentation of the quarterly results of operations and comprehensive income for fiscal years 2018 and 2017 (in millions, except per share data).
 
Quarter Ended
 
March 31,
2018
 
June 30,
 2018
 
September 30,
 2018
 
December 31, 2018
Interest income:
 
 
 
 
 
 
 
Interest income
$
431

 
$
414

 
$
500

 
$
604

Interest expense
206

 
237

 
312

 
418

Net interest income
225

 
177

 
188

 
186

Other gain (loss):
 
 
 
 
 
 
 
Loss on sale of investment securities, net
(2
)
 
(74
)
 
(40
)
 
(21
)
Unrealized gain (loss) on investment securities measured at fair value through net income, net
(523
)
 
(94
)
 
(363
)
 
683

Gain (loss) on derivative instruments and other securities, net
738

 
298

 
430

 
(1,633
)
Management fee income
4

 
4

 
46

 
—

Total other gain (loss), net
217

 
134

 
73

 
(971
)
Expenses:
 
 
 
 
 
 
 
Compensation and benefits
10

 
10

 
14

 
11

Other operating expenses
8

 
8

 
31

 
8

Total expenses
18

 
18

 
45

 
19

Net income (loss)
424

 
293

 
216

 
(804
)
Dividend on preferred stock
9

 
9

 
9

 
9

Net income (loss) available (attributable) to common shareholders
$
415

 
$
284

 
$
207

 
$
(813
)
 
 
 
 
 
 
 
 
Net income (loss)
$
424

 
$
293

 
$
216

 
$
(804
)
Unrealized gain (loss) on investment securities measured at fair value through other comprehensive income (loss), net
(621
)
 
(145
)
 
(193
)
 
361

Comprehensive income (loss)
(197
)
 
148

 
23

 
(443
)
Dividend on preferred stock
9

 
9

 
9

 
9

Comprehensive income (loss) available (attributable) to common shareholders
$
(206
)
 
$
139

 
$
14

 
$
(452
)
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
391.3

 
404.9

 
462.3

 
504.2

Weighted average number of common shares outstanding - diluted
391.5

 
405.2

 
462.7

 
504.2

Net income (loss) per common share - basic and diluted
$
1.06

 
$
0.70

 
$
0.45

 
$
(1.61
)
Comprehensive income (loss) per common share - basic and diluted
$
(0.53
)
 
$
0.34

 
$
0.03

 
$
(0.90
)
Dividends declared per common share
$
0.54

 
$
0.54

 
$
0.54

 
$
0.54

 
Quarter Ended
 
March 31,
2017
 
June 30,
2017
 
September 30,
2017
 
December 31, 2017
Interest income:
 
 
 
 
 
 
 
Interest income
$
296

 
$
293

 
$
318

 
$
386

Interest expense
98

 
112

 
140

 
174

Net interest income
198

 
181

 
178

 
212

Other gain (loss):
 
 
 
 
 
 
 
Gain (loss) on sale of investment securities, net
(84
)
 
15

 
22

 
(16
)
Unrealized gain (loss) on investment securities measured at fair value through net income, net
16

 
9

 
(31
)
 
(65
)
Gain (loss) on derivative instruments and other securities, net
(40
)
 
(169
)
 
131

 
271

Management fee income
4

 
4

 
4

 
4

Total other gain (loss), net
(104
)
 
(141
)
 
126

 
194

Expenses:
 
 
 
 
 
 
 
Compensation and benefits
10

 
10

 
10

 
12

Other operating expenses
8

 
6

 
8

 
9

Total expenses
18

 
16

 
18

 
21

Net income
76

 
24

 
286

 
385

Dividend on preferred stock
7

 
7

 
9

 
9

Issuance costs of redeemed preferred stock
—

 
—

 
6

 
—

Net income available to common shareholders
$
69

 
$
17

 
$
271

 
$
376

 
 
 
 
 
 
 
 
Net income
$
76

 
$
24

 
$
286

 
$
385

Unrealized gain (loss) on investment securities measured at fair value through other comprehensive income (loss), net
46

 
121

 
90

 
(205
)
Comprehensive income
122

 
145

 
376

 
180

Dividend on preferred stock
7

 
7

 
9

 
9

Issuance costs of redeemed preferred stock
—

 
—

 
6

 
—

Comprehensive income available to common shareholders
$
115

 
$
138

 
$
361

 
$
171

 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
331.0

 
346.4

 
364.7

 
391.3

Weighted average number of common shares outstanding - diluted
331.1

 
346.5

 
364.9

 
391.5

Net income per common share - basic and diluted
$
0.21

 
$
0.05

 
$
0.74

 
$
0.96

Comprehensive income per common share - basic and diluted
$
0.35

 
$
0.40

 
$
0.99

 
$
0.44

Dividends declared per common share
$
0.54

 
$
0.54

 
$
0.54

 
$
0.54