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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment Securities
 Table 4
  
   Investment ​​​​​​​Securities
 
   
Available-for-Sale
          
Held-to-Maturity
  
At September 30, 2019
(Dollars in Millions)
   Amortized
Cost		     Fair Value     Weighted-
Average
Maturity in
Years		    
 
 
 
 
Weighted-
Average
Yield (e)		           Amortized
Cost		    
 
 
 
 
 
 Fair Value  
 
 
 
 		 Weighted-
Average
Maturity in
Years		  
 
 
 
 
 
   Weighted-
Average
Yield (e)		  
U.S. Treasury and Agencies
                                                                        
Maturing in one year or less
 
 
 
 
 		 $
 
 2,544  
 
 
 
 
 		 $
 
 2,540    
 
 
 
 
 
 
 
 
 
 		 .6      
 
 
 
 
 
 1.54 %   
 
 
  
 
  
 
    
 
 
 
 
 
 $
 
 –  
 
 
 		 $
 
 –      
 
 
 
 
 –
 
 
 
  
 
 
 – % 
Maturing after one year through five years
     11,608       11,628       2.1       1.68               3,897       3,913       3.6       1.70  
Maturing after five years through ten years
     1,391       1,385       8.4       1.82               505       517       6.2       2.43  
Maturing after ten years
     –       –       –       –               –       –       –       –  
                   
Total
   $ 15,543     $ 15,553       2.4       1.67 %            $ 4,402     $ 4,430       3.9       1.79 % 
Mortgage-Backed Securities (a)
                                                                        
Maturing in one year or less
   $ 26     $ 26       .5       3.01 %            $ 228     $ 228       .7       2.19 % 
Maturing after one year through five years
     41,747       41,856       3.5       2.59               36,288       36,406       3.5       2.48  
Maturing after five years through ten years
     9,120       9,128       6.3       2.58               5,428       5,437       5.5       2.54  
Maturing after ten years
     913       917       11.3       3.06               110       110       12.7       2.95  
                   
Total
   $ 51,806     $ 51,927       4.1       2.60 %            $
42,054
     $ 42,181       3.8       2.49 % 
Asset-Backed Securities (a)
                                                                        
Maturing in one year or less
   $ –     $ –       –       – %            $ –     $ –       –       – % 
Maturing after one year through five years
     377       382       3.2       3.37               4       6       3.3       2.74  
Maturing after five years through ten years
     –       –       –       –               1       –       6.3       2.85  
Maturing after ten years
     –       –       –       –               –       1       15.5       2.67  
                   
Total
   $ 377     $ 382       3.2       3.37 %            $ 5     $ 7       3.7       2.75 % 
Obligations of State and Political
 
Subdivisions (b) (c)
                                                                        
Maturing in one year or less
   $ 97     $ 98       .2       5.71 %            $ –     $ –       .3       7.33 % 
Maturing after one year through five years
     697       726       3.3       4.50               –       –       2.8       6.38  
Maturing after five years through ten years
     5,555       5,861       7.3       4.27               4       4       6.4       1.95  
Maturing after ten years
     46       50       11.3       4.52               –       –       –       –  
                   
Total
   $ 6,395     $ 6,735       6.8       4.32 %            $ 4     $ 4       6.0       2.45 % 
Other
                                                                        
Maturing in one year or less
   $ 1     $ 1       .1       2.55 %            $ 16     $ 16       .4       3.12 % 
Maturing after one year through five years
     –       –       –       –               –       –       –       –  
Maturing after five years through ten years
     –       –       –       –               –       –       –       –  
Maturing after ten years
     –       –       –       –               –       –       –       –  
                   
Total
   $ 1     $ 1       .1       2.55 %            $ 16     $ 16       .4       3.12 % 
Total investment securities (d)
   $ 74,122     $ 74,598       4.0       2.56 %            $ 46,481     $ 46,638       3.8       2.42 % 
 
(a)
Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)
Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(c)
Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(d)
The weighted-average maturity of the
available-for-sale
investment securities was 5.4 years at December 31, 2018, with a corresponding weighted-average yield of 2.57 percent. The weighted-average maturity of the
held-to-maturity
investment securities was 5.2 years at December 31, 2018, with a corresponding weighted-average yield of 2.46 percent.
(e)
Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on
available-for-sale
and
held-to-maturity
investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from
available-for-sale
to
held-to-maturity.
 
    September 30, 2019           December 31, 2018  
(Dollars in Millions)   Amortized
Cost		     Percent
of Total		           Amortized
Cost		     Percent
of Total		  
U.S. Treasury and agencies
   $ 19,945      
16.6
 %            $ 24,706       21.8 % 
Mortgage-backed securities
     93,860      
77.8
               81,464       71.8  
Asset-backed securities
     382      
.3
               402       .4  
Obligations of state and political subdivisions
     6,399      
5.3
               6,842       6.0  
Other
     17      
–
               17       –  
Total investment securities
   $ 120,603      
100.0
 %            $ 113,431       100.0 % 
Investment Securities Available-for-Sale and Held-to-Maturity
The amortized cost, other-than-temporary impairment recorded in other comprehensive income (loss), gross unrealized holding gains and losses, and fair value of
held-to-maturity
and
available-for-sale
investment securities were as follows:
 
                                                                                         
    September 30, 2019           December 31, 2018  
                Unrealized Losses                             Unrealized Losses        
(Dollars in Millions)   Amortized
Cost		     Unrealized
Gains		     Other-than-
Temporary (a)		     Other (b)     Fair
Value		  
 
 
 
       Amortized
Cost		     Unrealized
Gains		     Other-than-
Temporary (a)		     Other (b)    
Fair
Value
  
Held-to-maturity
                                                                                        
U.S. Treasury and agencies
   $ 4,402
 
 
 
   $ 35     $ —     $ (7)  
 
 
 
 $ 4,430             $ 5,102     $ 2  
 
 
 
 $
—
     $ (143
)
     $ 4,961  
Residential agency mortgage-backed securities
      42,054       289       —       (162 )     42,181               40,920       45      
—
       (994 )      39,971  
Asset-backed securities
                                                                                        
Collateralized debt obligations/Collateralized loan
 
obligations
     —       1       —       —       1              
—
       1      
—
      
—
       1  
Other
     5       1       —       —       6               5       2      
—
      
—
       7  
Obligations of state and political subdivisions
     4       —       —       —       4               6       1      
—
      
—
       7  
Obligations of foreign governments
     8       —       —       —       8               9      
—
      
—
      
—
       9  
Other
     8       —       —       —       8               8      
—
      
—
      
—
       8  
Total
held-to-maturity
   $ 46,481     $ 326     $ —     $ (169)     $ 46,638             $ 46,050     $ 51     $
—
     $ (1,137
)
     $ 44,964  
Available-for-sale
                                                                                        
U.S. Treasury and agencies
   $ 15,543     $ 57     $ —     $ (47)     $ 15,553             $ 19,604     $ 11     $
—
     $ (358
)
     $ 19,257  
Mortgage-backed securities
                                                                                        
Residential agency
     50,817       328       —       (202 )     50,943               40,542       120      
—
       (910 )      39,752  
Commercial agency
     989       —       —       (5 )     984               2      
—
      
—
      
—
       2  
Other asset-backed securities
     377       5       —       —       382               397       6      
—
      
—
       403  
Obligations of state and political subdivisions
     6,395       342       —       (2 )     6,735               6,836       37      
—
       (172 )      6,701  
Obligations of foreign governments
 
 
1
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
1
 
  
 
 
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
 
 
—
 
Total
available-for-sale
   $ 74,122     $ 732     $ —     $ (256 )   $ 74,598             $ 67,381     $ 174     $
—
     $ (1,440 )    $ 66,115  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Represents impairment not related to credit for those investment securities that have been determined to be other-than-temporarily impaired.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(b)
Represents unrealized losses on investment securities that have not been determined to be other-than-temporarily impaired.
 
 
 
 
 
 
 
 
 
 
 
Amount of Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides inf
o
rmation about the amount of interest income from taxable and
non-taxable
investment securities:
 
                                         
    Three Months Ended
September 30		           Nine Months Ended
September 30		  
(Dollars in Millions)           2019             2018                   2019             2018  
Taxable
  
 
 
$		 683
 
 
 		   $ 605      
 
      
 
 
$		 2,023    
 
$		 1,763  
Non-taxable
     51       56               161       164  
Total interest income from investment securities
  
 
 
$		 734     $ 661            
 
 
$		 2,184    
 
$		 1,927  
 
 
 
 
 
 
 
 
 
 
 
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of
available-for-sale
investment securities:
 
                                         
    Three Months Ended
September 30		           Nine Months Ended
September 30		  
(Dollars in Millions)           2019             2018                   2019             2018  
Realized gains
   $ 25     $ 10             $
 
 
 
   
 66     $ 25  
Realized losses
     –       –               (19 )     –  
Net realized gains (losses)
   $ 25     $ 10             $ 47     $ 25  
Income tax (benefit) on net realized gains (losses)
   $ 6     $ 2             $ 12     $ 6  
 
 
 
 
 
 
 
 
Gross Unrealized Losses and Fair Value of Company's Investment Securities The following table shows the gross unrealized losses and fair value of the Company’s investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at
 
                                                                 
    Less Than 12 Months           12 Months or Greater           Total  
(Dollars in Millions)   Fair
Value		     Unrealized
Losses		           Fair
Value		     Unrealized
Losses		           Fair
Value		     Unrealized
Losses		  
Held-to-maturity
                                                                
U.S. Treasury and agencies
  
 
 
 
$		 954    
 
 
 $ (2 )
 
 
  
 
 
  
 
 
 $ 642
 
 
   $ (5 )
 
 
 
 
        
 
 
 $ 1,596
 
 
   $ (7 )
 
Residential agency mortgage-backed securities
     4,610       (12 )             11,606       (150 )             16,216       (162 )
Other asset-backed securities
     –       –               2       –               2       –  
Other
     8       –               –       –               8       –  
 
Total held-to-maturity
  
 
 
 
$
 5,572    
$
 (14 )          
$
 12,250    
$
 (155 )          
$
 17,822    
$
 (169 )
Available-for-sale
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and agencies
   $ 2,313     $ (13 )           $ 7,362     $ (34 )           $ 9,675     $ (47 )
Residential agency mortgage-backed securities
     4,377       (12 )             14,739       (190 )             19,116       (202 )
Commercial agency mortgage-backed securities
     469       (5 )             –       –               469       (5 )
Obligations of state and political subdivisions
     246       (2 )             2       –               248       (2 )
Total
available-for-sale
   $ 7,405     $ (32 )           $ 22,103     $ (224 )           $ 29,508     $ (256 )