INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)

12 Months Ended

Dec. 31, 2021

Investments, Debt and Equity Securities [Abstract]

The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at December 31, 2021 and 2020:


			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
December 31, 2021
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	4,649		40		(40)		4,649
Residential MBS	15,533		135		(160)		15,508
Commercial MBS	1,896		7		(38)		1,865
Other agencies	248		1		(1)		248
Total U.S. Treasury, federal agency and other agency securities	22,331		183		(239)		22,275
Municipal securities	3,497		62		(33)		3,526
Private-label CMO	106		1		(1)		106
Asset-backed securities	385		1		(4)		382
Corporate debt	2,183		22		(38)		2,167
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	28,506	$	269	$	(315)	$	28,460

Held-to-maturity securities:
Federal agencies:
Residential CMO	$	2,602	$	35	$	(20)	$	2,617
Residential MBS	7,475		41		(59)		7,457
Commercial MBS	2,175		45		(5)		2,215
Other agencies	193		5		—		198
Total federal agency and other agency securities	12,445		126		(84)		12,487
Municipal securities	2		—		—		2
Total held-to-maturity securities	$	12,447	$	126	$	(84)	$	12,489

Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	52	$	—	$	—	$	52
Federal Reserve Bank stock	512		—		—		512
Equity securities	12		—		—		12
Other securities, at fair value
Mutual funds	65		—		—		65
Equity securities	6		1		—		7
Total other securities	$	647	$	1	$	—	$	648

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At December 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $26 million, respectively.


			Unrealized
(dollar amounts in millions)	Amortized Cost (1)		Gross Gains		Gross Losses		Fair Value
December 31, 2020
Available-for-sale securities:
U.S. Treasury	$	5	$	—	$	—	$	5
Federal agencies:
Residential CMO	3,550		121		(5)		3,666
Residential MBS	7,843		97		(5)		7,935
Commercial MBS	1,151		21		(9)		1,163
Other agencies	60		2		—		62
Total U.S. Treasury, federal agency and other agency securities	12,609		241		(19)		12,831
Municipal securities	2,928		91		(15)		3,004
Private-label CMO	9		—		—		9
Asset-backed securities	185		7		—		192
Corporate debt	440		5		—		445
Other securities/Sovereign debt	4		—		—		4
Total available-for-sale securities	$	16,175	$	344	$	(34)	$	16,485

Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,779	$	88	$	—	$	1,867
Residential MBS	3,715		103		—		3,818
Commercial MBS	3,118		191		—		3,309
Other agencies	246		12		—		258
Total federal agency and other agency securities	8,858		394		—		9,252
Municipal securities	3		—		—		3
Total held-to-maturity securities	$	8,861	$	394	$	—	$	9,255

Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock	$	60	$	—	$	—	$	60
Federal Reserve Bank stock	299		—		—		299
Other securities, at fair value
Mutual funds	50		—		—		50
Equity securities	8		1		—		9
Total other securities	$	417	$	1	$	—	$	418

(1)Amortized cost amounts excludes accrued interest receivable, which is recorded within other assets on the Consolidated Balance Sheets. At December 31, 2020, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $32 million and $20 million, respectively.

Investments Classified by Contractual Maturity Date

The following table provides the amortized cost and fair value of securities by contractual maturity at December 31, 2021 and 2020. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.


	2021				2020
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	377	$	374	$	308	$	304
After 1 year through 5 years	1,888		1,880		1,145		1,154
After 5 years through 10 years	3,166		3,180		1,607		1,654
After 10 years	23,075		23,026		13,115		13,373
Total available-for-sale securities	$	28,506	$	28,460	$	16,175	$	16,485

Held-to-maturity securities:
Under 1 year	$	2	$	2	$	—	$	—
After 1 year through 5 years	162		164		160		169
After 5 years through 10 years	44		45		131		138
After 10 years	12,239		12,278		8,570		8,948
Total held-to-maturity securities	$	12,447	$	12,489	$	8,861	$	9,255

Schedule of Unrealized Loss on Investments

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2021 and 2020:


	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO	$	2,925	$	(40)	$	—	$	—	$	2,925	$	(40)
Residential MBS	13,491		(160)		—		—		13,491		(160)
Commercial MBS	1,251		(38)		—		—		1,251		(38)
Other agencies	140		(1)		—		—		140		(1)
Total federal agency and other agency securities	17,807		(239)		—		—		17,807		(239)
Municipal securities	859		(22)		319		(11)		1,178		(33)
Private-label CMO	78		(1)		—		—		78		(1)
Asset-backed securities	237		(4)		—		—		237		(4)
Corporate debt	1,766		(38)		—		—		1,766		(38)

Total temporarily impaired available-for-sale securities	$	20,747	$	(304)	$	319	$	(11)	$	21,066	$	(315)

Held-to-maturity securities:
Federal agencies:
Residential CMO	$	1,453	$	(20)	$	—	$	—	$	1,453	$	(20)
Residential MBS	5,837		(59)		—		—		5,837		(59)
Commercial MBS	318		(5)		—		—		318		(5)

Total federal agency and other agency securities	7,608		(84)		—		—		7,608		(84)

Total temporarily impaired securities	$	7,608	$	(84)	$	—	$	—	$	7,608	$	(84)


	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2020
Available-for-sale securities:
Federal agencies:
Residential CMO	$	302	$	(5)	$	—	$	—	$	302	$	(5)
Residential MBS	1,633		(5)		—		—		1,633		(5)
Commercial MBS	321		(9)		—		—		321		(9)

Total federal agency and other agency securities	2,256		(19)		—		—		2,256		(19)
Municipal securities	110		(3)		490		(12)		600		(15)

Asset-backed securities	15		—		—		—		15		—
Corporate debt	51		—		—		—		51		—

Total temporarily impaired available-for-sale securities	$	2,432	$	(22)	$	490	$	(12)	$	2,922	$	(34)