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Selected Quarterly Financial Information (Unaudited) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Selected Quarterly Financial Information
The consolidated statements of operations for the quarterly periods in 2019 and 2018 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 2019 Quarter Ended
 
 
March 31
 
June 30
 
September 30
 
December 31
 
 
(Dollars and shares in millions, except per share amounts)
Interest income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Trading securities
 
 
$
427

 
 
 
$
432

 
 
 
$
418

 
 
 
$
350

 
Available-for-sale securities
 
 
53

 
 
 
45

 
 
 
40

 
 
 
37

 
Mortgage loans
 
 
29,768

 
 
 
29,379

 
 
 
28,858

 
 
 
28,759

 
Federal funds sold and securities purchased under agreements to resell or similar arrangements
 
 
263

 
 
 
257

 
 
 
178

 
 
 
145

 
Other
 
 
32

 
 
 
41

 
 
 
47

 
 
 
43

 
Total interest income
 
 
30,543

 
 
 
30,154

 
 
 
29,541

 
 
 
29,334

 
Interest expense:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt
 
 
(125
)
 
 
 
(119
)
 
 
 
(125
)
 
 
 
(132
)
 
Long-term debt
 
 
(25,685
)
 
 
 
(24,885
)
 
 
 
(24,187
)
 
 
 
(23,352
)
 
Total interest expense
 
 
(25,810
)
 
 
 
(25,004
)
 
 
 
(24,312
)
 
 
 
(23,484
)
 
Net interest income
 
 
4,733

 
 
 
5,150

 
 
 
5,229

 
 
 
5,850

 
Benefit for credit losses
 
 
650

 
 
 
1,225

 
 
 
1,857

 
 
 
279

 
Net interest income after benefit for credit losses
 
 
5,383

 
 
 
6,375

 
 
 
7,086

 
 
 
6,129

 
Investment gains, net
 
 
133

 
 
 
461

 
 
 
253

 
 
 
923

 
Fair value gains (losses), net
 
 
(831
)
 
 
 
(754
)
 
 
 
(713
)
 
 
 
84

 
Fee and other income
 
 
227

 
 
 
246

 
 
 
402

 
 
 
301

 
Non-interest income (loss)
 
 
(471
)
 
 
 
(47
)
 
 
 
(58
)
 
 
 
1,308

 
Administrative expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salaries and employee benefits
 
 
(386
)
 
 
 
(376
)
 
 
 
(361
)
 
 
 
(363
)
 
Professional services
 
 
(225
)
 
 
 
(233
)
 
 
 
(241
)
 
 
 
(268
)
 
Other administrative expenses
 
 
(133
)
 
 
 
(135
)
 
 
 
(147
)
 
 
 
(155
)
 
Total administrative expenses
 
 
(744
)
 
 
 
(744
)
 
 
 
(749
)
 
 
 
(786
)
 
Foreclosed property expense
 
 
(140
)
 
 
 
(128
)
 
 
 
(96
)
 
 
 
(151
)
 
TCCA fees
 
 
(593
)
 
 
 
(600
)
 
 
 
(613
)
 
 
 
(626
)
 
Other expenses, net
 
 
(408
)
 
 
 
(535
)
 
 
 
(571
)
 
 
 
(644
)
 
Total expenses
 
 
(1,885
)
 
 
 
(2,007
)
 
 
 
(2,029
)
 
 
 
(2,207
)
 
Income before federal income taxes
 
 
3,027

 
 
 
4,321

 
 
 
4,999

 
 
 
5,230

 
Provision for federal income taxes
 
 
(627
)
 
 
 
(889
)
 
 
 
(1,036
)
 
 
 
(865
)
 
Net income
 
 
2,400

 
 
 
3,432

 
 
 
3,963

 
 
 
4,365

 
Dividends distributed or amounts attributable to senior preferred stock
 
 
(2,361
)
 
 
 
(3,365
)
 
 
 
(3,977
)
 
 
 
(4,266
)
 
Net income (loss) attributable to common stockholders
 
 
$
39

 
 
 
$
67

 
 
 
$
(14
)
 
 
 
$
99

 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
$
0.01

 
 
 
$
0.01

 
 
 
$
0.00

 
 
 
$
0.02

 
Diluted
 
 
0.01

 
 
 
0.01

 
 
 
0.00

 
 
 
0.02

 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
 
 
5,762

 
Diluted
 
 
5,893

 
 
 
5,893

 
 
 
5,762

 
 
 
5,893

 
 
 
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 amounts attributable to senior preferred stock
 
 
(938
)
 
 
 
(4,459
)
 
 
 
(3,975
)
 
 
 
(3,241
)
 
Net income (loss) attributable to common stockholders
 
 
$
3,323

 
 
 
$
(2
)
 
 
 
$
36

 
 
 
$
(11
)
 
Earnings 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