SECURITIES (Tables)

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of securities held

The following table presents the major components of securities at amortized cost and fair value:

	March 31, 2020									December 31, 2019
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and other		$41		$—		$—			$41		$71		$—		$—			$71
State and political subdivisions	4		—		—			4		5		—		—			5
Mortgage-backed securities, at fair value:
Federal agencies and U.S. government sponsored entities	21,029		625		(3		)	21,651		19,803		143		(71		)	19,875
Other/non-agency	612		3		(4		)	611		638		24		—			662
Total mortgage-backed securities, at fair value	21,641		628		(7		)	22,262		20,441		167		(71		)	20,537
Total debt securities available for sale, at fair value		$21,686		$628		($7	)		$22,307		$20,517		$167		($71	)		$20,613
Mortgage-backed securities, at cost:
Federal agencies and U.S. government sponsored entities		$3,071		$148		$—			$3,219		$3,202		$45		($5	)		$3,242
Total debt securities held to maturity, at cost		$3,071		$148		$—			$3,219		$3,202		$45		($5	)		$3,242
Money market mutual fund investments		$47		$—		$—			$47		$47		$—		$—			$47
Total equity securities, at fair value		$47		$—		$—			$47		$47		$—		$—			$47
Federal Reserve Bank stock		$577		$—		$—			$577		$577		$—		$—			$577
Federal Home Loan Bank stock	342		—		—			342		222		—		—			222
Other equity securities	8		—		—			8		8		—		—			8
Total equity securities, at cost		$927		$—		$—			$927		$807		$—		$—			$807

Schedule of investments classified by maturity date

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

	March 31, 2020
	Distribution of Maturities
(in millions)	1 Year or Less		1-5 Years		5-10 Years		After 10 Years		Total
Amortized cost:
U.S. Treasury and other		$41		$—		$—		$—		$41
State and political subdivisions	—		—		—		4		4
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		191		1,629		19,209		21,029
Other/non-agency	—		—		—		612		612
Total debt securities available for sale	41		191		1,629		19,825		21,686
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		—		—		3,071		3,071
Total debt securities held to maturity	—		—		—		3,071		3,071
Total amortized cost of debt securities		$41		$191		$1,629		$22,896		$24,757
Fair value:
U.S. Treasury and other		$41		$—		$—		$—		$41
State and political subdivisions	—		—		—		4		4
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		194		1,676		19,781		21,651
Other/non-agency	—		—		—		611		611
Total debt securities available for sale	41		194		1,676		20,396		22,307
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—		—		—		3,219		3,219
Total debt securities held to maturity	—		—		—		3,219		3,219
Total fair value of debt securities		$41		$194		$1,676		$23,615		$25,526

Schedule of income recognized on investment securities

The following table presents realized gains and losses on securities:

	Three Months Ended March 31,
(in millions)	2020		2019
Gains on sale of debt securities		$—		$8
Losses on sale of debt securities	—		—
Debt securities gains, net		$—		$8

Schedule of financial instruments owned and pledged as collateral

The following table presents the amortized cost and fair value of debt securities pledged:

	March 31, 2020				December 31, 2019
(in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Pledged against repurchase agreements		$187		$195		$265		$266
Pledged against FHLB borrowed funds	608		611		638		662
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law	3,871		4,010		3,670		3,672

Schedule of unrealized loss on investments

The following table presents AFS mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

	March 31, 2020
	Less than 12 Months					12 Months or Longer				Total
(dollars in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities		$456		($3	)		$—		$—		$456		($3	)
Other/non-agency	349		(4		)	—		—		349		(4		)
Total		$805		($7	)		$—		$—		$805		($7	)

The following table present AFS and HTM mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

	December 31, 2019
	Less than 12 Months					12 Months or Longer					Total
(dollars in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities		$5,135		($24	)		$3,748		($52	)		$8,883		($76	)