SECURITIES (Tables)

3 Months Ended

Mar. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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


	March 31, 2022				December 31, 2021
(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	$158	$—	($4)	$154	$11	$—	$—	$11
State and political subdivisions	2	—	—	2	2	—	—	2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	25,074	4	(1,580)	23,498	24,607	210	(375)	24,442
Other/non-agency	412	2	(13)	401	397	9	(1)	405
Total mortgage-backed securities	25,486	6	(1,593)	23,899	25,004	219	(376)	24,847
Collateralized loan obligations	1,276	—	(12)	1,264	1,208	—	(1)	1,207
Total debt securities available for sale, at fair value	$26,922	$6	($1,609)	$25,319	$26,225	$219	($377)	$26,067
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	$1,370	$3	($18)	$1,355	$1,505	$52	$—	$1,557
Total mortgage-backed securities	1,370	3	(18)	1,355	1,505	52	—	1,557
Asset-backed securities	686	—	(30)	656	737	2	(7)	732
Total debt securities held to maturity	$2,056	$3	($48)	$2,011	$2,242	$54	($7)	$2,289
Equity securities, at cost	$611	$—	$—	$611	$624	$—	$—	$624
Equity securities, at fair value	130	—	—	130	109	—	—	109

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, 2022. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.


	Distribution of Maturities
(in millions)	1 Year or Less	After 1 Year through 5 Years	After 5 Years through 10 Years	After 10 Years	Total
Amortized cost:
U.S. Treasury and other	$11	$49	$98	$—	$158
State and political subdivisions	—	—	—	2	2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	4	63	1,902	23,105	25,074
Other/non-agency	—	—	—	412	412
Collateralized loan obligations	—	—	25	1,251	1,276
Total debt securities available for sale	15	112	2,025	24,770	26,922
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—	—	1,370	1,370
Asset-backed securities	—	—	686	—	686
Total debt securities held to maturity	—	—	686	1,370	2,056
Total amortized cost of debt securities	$15	$112	$2,711	$26,140	$28,978

Fair value:
U.S. Treasury and other	$11	$48	$95	$—	$154
State and political subdivisions	—	—	—	2	2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	4	62	1,866	21,566	23,498
Other/non-agency	—	—	—	401	401
Collateralized loan obligations	—	—	24	1,240	1,264
Total debt securities available for sale	15	110	1,985	23,209	25,319
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—	—	1,355	1,355
Asset-backed securities	—	—	656	—	656
Total debt securities held to maturity	—	—	656	1,355	2,011
Total fair value of debt securities	$15	$110	$2,641	$24,564	$27,330

Schedule of income recognized on investment securities

The following table presents realized gains and losses on securities:


	Three Months Ended March 31,
(in millions)		2022	2021
Gains on sale of securities		$7	$3
Losses on sale of securities		(3)	—
Securities gains, net		$4	$3

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, 2022		December 31, 2021
(in millions)	Amortized Cost	Fair Value	Amortized Cost	Fair Value
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law	$4,733	$4,415	$4,816	$4,782
Pledged as collateral for FHLB borrowing capacity	430	420	325	333
Pledged against repurchase agreements	—	—	1	1

Schedule of unrealized loss on investments

The following tables present AFS 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, 2022
	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
U.S. Treasury and other	$154	($4)	$—	$—	$154	($4)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	16,512	(883)	6,265	(697)	22,777	(1,580)
Other/non-agency	268	(13)	—	—	268	(13)
Total mortgage-backed securities	16,780	(896)	6,265	(697)	23,045	(1,593)
Collateralized loan obligations	1,237	(12)	—	—	1,237	(12)
Total	$18,171	($912)	$6,265	($697)	$24,436	($1,609)


	December 31, 2021
	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
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	$14,131	($320)	$1,236	($55)	$15,367	($375)
Other/non-agency	123	(1)	—	—	123	(1)
Total mortgage-backed securities	14,254	(321)	1,236	(55)	15,490	(376)
Collateralized loan obligations	736	(1)	—	—	736	(1)
Total	$14,990	($322)	$1,236	($55)	$16,226	($377)