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Selected Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Information (Unaudited) Selected Quarterly Financial Information (Unaudited)
The consolidated statements of operations for the quarterly periods in 2018 and 2017 are unaudited and in the opinion of management include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of our consolidated statements of operations. Certain prior period amounts have been reclassified to conform to the current period presentation. The operating results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods.
 
 
For the 2018 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(Dollars and shares in millions, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
 
 
$
236

 
 
 
$
318

 
 
 
$
363

 
 
 
$
419

 
Available-for-sale securities
 
 
71

 
 
 
50

 
 
 
54

 
 
 
55

 
Mortgage loans
 
 
28,034

 
 
 
28,307

 
 
 
28,723

 
 
 
29,541

 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
 
 
142

 
 
 
149

 
 
 
166

 
 
 
285

 
Other
 
 
31

 
 
 
33

 
 
 
38

 
 
 
34

 
Total interest income
 
 
28,514

 
 
 
28,857

 
 
 
29,344

 
 
 
30,334

 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
 
(107
)
 
 
 
(110
)
 
 
 
(114
)
 
 
 
(137
)
 
Long-term debt
 
 
(23,175
)
 
 
 
(23,370
)
 
 
 
(23,861
)
 
 
 
(25,224
)
 
Total interest expense
 
 
(23,282
)
 
 
 
(23,480
)
 
 
 
(23,975
)
 
 
 
(25,361
)
 
Net interest income
 
 
5,232

 
 
 
5,377

 
 
 
5,369

 
 
 
4,973

 
Benefit for credit losses
 
 
217

 
 
 
1,296

 
 
 
716

 
 
 
1,080

 
Net interest income after benefit for credit losses
 
 
5,449

 
 
 
6,673

 
 
 
6,085

 
 
 
6,053

 
Investment gains, net
 
 
250

 
 
 
277

 
 
 
166

 
 
 
259

 
Fair value gains (losses), net
 
 
1,045

 
 
 
229

 
 
 
386

 
 
 
(539
)
 
Fee and other income
 
 
320

 
 
 
239

 
 
 
271

 
 
 
149

 
Non-interest income (loss)
 
 
1,615

 
 
 
745

 
 
 
823

 
 
 
(131
)
 
Administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
(381
)
 
 
 
(365
)
 
 
 
(355
)
 
 
 
(350
)
 
Professional services
 
 
(243
)
 
 
 
(254
)
 
 
 
(247
)
 
 
 
(288
)
 
Other administrative expenses
 
 
(126
)
 
 
 
(136
)
 
 
 
(138
)
 
 
 
(176
)
 
Total administrative expenses
 
 
(750
)
 
 
 
(755
)
 
 
 
(740
)
 
 
 
(814
)
 
Foreclosed property expense
 
 
(162
)
 
 
 
(139
)
 
 
 
(159
)
 
 
 
(157
)
 
TCCA fees
 
 
(557
)
 
 
 
(565
)
 
 
 
(576
)
 
 
 
(586
)
 
Other expenses, net
 
 
(203
)
 
 
 
(366
)
 
 
 
(377
)
 
 
 
(307
)
 
Total expenses
 
 
(1,672
)
 
 
 
(1,825
)
 
 
 
(1,852
)
 
 
 
(1,864
)
 
Income before federal income taxes
 
 
5,392

 
 
 
5,593

 
 
 
5,056

 
 
 
4,058

 
Provision for federal income taxes
 
 
(1,131
)
 
 
 
(1,136
)
 
 
 
(1,045
)
 
 
 
(828
)
 
Net income
 
 
4,261

 
 
 
4,457

 
 
 
4,011

 
 
 
3,230

 
Dividends distributed or available for distribution to senior preferred stockholder
 
 
(938
)
 
 
 
(4,459
)
 
 
 
(3,975
)
 
 
 
(3,241
)
 
Net income (loss) attributable to common stockholders
 
 
$
3,323

 
 
 
$
(2
)
 
 
 
$
36

 
 
 
$
(11
)
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
$
0.58

 
 
 
$
0.00

 
 
 
$
0.01

 
 
 
$
0.00

 
Diluted
 
 
0.56

 
 
 
0.00

 
 
 
0.01

 
 
 
0.00

 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
Diluted
 
 
5,893

 
 
 
5,762

 
 
 
5,893

 
 
 
5,762

 
 
 
For the 2017 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(Dollars and shares in millions, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
 
 
$
142

 
 
 
$
176

 
 
 
$
195

 
 
 
$
193

 
Available-for-sale securities
 
 
101

 
 
 
91

 
 
 
77

 
 
 
66

 
Mortgage loans
 
 
27,047

 
 
 
27,011

 
 
 
27,047

 
 
 
27,214

 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
 
 
66

 
 
 
87

 
 
 
109

 
 
 
111

 
Other
 
 
28

 
 
 
28

 
 
 
33

 
 
 
34

 
Total interest income
 
 
27,384

 
 
 
27,393

 
 
 
27,461

 
 
 
27,618

 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
 
(44
)
 
 
 
(57
)
 
 
 
(72
)
 
 
 
(77
)
 
Long-term debt
 
 
(21,994
)
 
 
 
(22,334
)
 
 
 
(22,115
)
 
 
 
(22,430
)
 
Total interest expense
 
 
(22,038
)
 
 
 
(22,391
)
 
 
 
(22,187
)
 
 
 
(22,507
)
 
Net interest income
 
 
5,346

 
 
 
5,002

 
 
 
5,274

 
 
 
5,111

 
Benefit (provision) for credit losses
 
 
396

 
 
 
1,267

 
 
 
(182
)
 
 
 
560

 
Net interest income after benefit (provision) for credit losses
 
 
5,742

 
 
 
6,269

 
 
 
5,092

 
 
 
5,671

 
Investment gains (losses), net
 
 
(9
)
 
 
 
385

 
 
 
313

 
 
 
833

 
Fair value gains (losses), net
 
 
(40
)
 
 
 
(691
)
 
 
 
(289
)
 
 
 
(191
)
 
Fee and other income
 
 
249

 
 
 
353

 
 
 
1,194

 
 
 
431

 
Non-interest income
 
 
200

 
 
 
47

 
 
 
1,218

 
 
 
1,073

 
Administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
(344
)
 
 
 
(332
)
 
 
 
(331
)
 
 
 
(321
)
 
Professional services
 
 
(229
)
 
 
 
(234
)
 
 
 
(218
)
 
 
 
(252
)
 
Other administrative expenses
 
 
(111
)
 
 
 
(120
)
 
 
 
(115
)
 
 
 
(130
)
 
Total administrative expenses
 
 
(684
)
 
 
 
(686
)
 
 
 
(664
)
 
 
 
(703
)
 
Foreclosed property expense
 
 
(217
)
 
 
 
(34
)
 
 
 
(140
)
 
 
 
(130
)
 
TCCA fees
 
 
(503
)
 
 
 
(518
)
 
 
 
(531
)
 
 
 
(544
)
 
Other expenses, net
 
 
(382
)
 
 
 
(291
)
 
 
 
(427
)
 
 
 
(411
)
 
Total expenses
 
 
(1,786
)
 
 
 
(1,529
)
 
 
 
(1,762
)
 
 
 
(1,788
)
 
Income before federal income taxes
 
 
4,156

 
 
 
4,787

 
 
 
4,548

 
 
 
4,956

 
Provision for federal income taxes
 
 
(1,383
)
 
 
 
(1,587
)
 
 
 
(1,525
)
 
 
 
(11,489
)
 
Net income (loss)
 
 
2,773

 
 
 
3,200

 
 
 
3,023

 
 
 
(6,533
)
 
Dividends distributed or available for distribution to senior preferred stockholder
 
 
(2,779
)
 
 
 
(3,117
)
 
 
 
(3,048
)
 
 
 
—

 
Net income (loss) attributable to common stockholders
 
 
$
(6
)
 
 
 
$
83

 
 
 
$
(25
)
 
 
 
$
(6,533
)
 
Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
$
0.00

 
 
 
$
0.01

 
 
 
$
0.00

 
 
 
$
(1.13
)
 
Diluted
 
 
0.00

 
 
 
0.01

 
 
 
0.00

 
 
 
(1.13
)
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
Diluted
 
 
5,762

 
 
 
5,893

 
 
 
5,762

 
 
 
5,762