XML 15 R31.htm IDEA: XBRL DOCUMENT v3.19.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
September 30, 2019
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
19,426

 
$
181

 
$
(259
)
 
$
19,348

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
4,187

 
93

 
(10
)
 
4,270

Collateralized mortgage obligations
679

 
10

 
(3
)
 
686

Direct agency obligations
2,611

 
18

 
—

 
2,629

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
9,966

 
36

 
(39
)
 
9,963

Collateralized mortgage obligations
643

 
11

 
(2
)
 
652

Direct agency obligations
264

 
2

 
(1
)
 
265

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
36

 
—

 
(3
)
 
33

Other
110

 
5

 
—

 
115

Foreign debt securities(1)
3,453

 
3

 
(1
)
 
3,455

Total available-for-sale securities
$
41,375

 
$
359

 
$
(318
)
 
$
41,416

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,715

 
$
22

 
$
(1
)
 
$
1,736

Collateralized mortgage obligations
1,588

 
43

 
(4
)
 
1,627

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,362

 
21

 
—

 
2,383

Collateralized mortgage obligations
7,673

 
91

 
(21
)
 
7,743

Obligations of U.S. states and political subdivisions
10

 
1

 
—

 
11

Asset-backed securities collateralized by residential mortgages
2

 
—

 
—

 
2

Total held-to-maturity securities
$
13,350

 
$
178

 
$
(26
)
 
$
13,502

December 31, 2018
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
(in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury
$
13,549

 
$
106

 
$
(365
)
 
$
13,290

U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
5,541

 
6

 
(154
)
 
5,393

Collateralized mortgage obligations
686

 
1

 
(35
)
 
652

Direct agency obligations
2,831

 
37

 
(2
)
 
2,866

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
4,442

 
1

 
(171
)
 
4,272

Collateralized mortgage obligations
1,140

 
9

 
(29
)
 
1,120

Direct agency obligations
295

 
9

 
—

 
304

Asset-backed securities collateralized by:
 
 
 
 
 
 
 
Home equity
44

 
—

 
(2
)
 
42

Other
102

 
5

 
—

 
107

Foreign debt securities(1)
3,330

 
3

 
—

 
3,333

Total available-for-sale securities
$
31,960

 
$
177

 
$
(758
)
 
$
31,379

Securities held-to-maturity:
 
 
 
 
 
 
 
U.S. Government sponsored enterprises:
 
 
 
 
 
 
 
Mortgage-backed securities
$
1,812

 
$
1

 
$
(34
)
 
$
1,779

Collateralized mortgage obligations
1,878

 
34

 
(26
)
 
1,886

U.S. Government agency issued or guaranteed:
 
 
 
 
 
 
 
Mortgage-backed securities
2,104

 
2

 
(63
)
 
2,043

Collateralized mortgage obligations
8,863

 
35

 
(176
)
 
8,722

Obligations of U.S. states and political subdivisions
11

 
—

 
—

 
11

Asset-backed securities collateralized by residential mortgages
2

 
—

 
—

 
2

Total held-to-maturity securities
$
14,670

 
$
72

 
$
(299
)
 
$
14,443

 
(1) 
Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Value
The following table summarizes gross unrealized losses and related fair values at September 30, 2019 and December 31, 2018 classified as to the length of time the losses have existed:
 
One Year or Less
 
Greater Than One Year
September 30, 2019
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
21

 
$
(43
)
 
$
4,500

 
29

 
$
(216
)
 
$
5,809

U.S. Government sponsored enterprises
4

 
(2
)
 
202

 
86

 
(11
)
 
1,129

U.S. Government agency issued or guaranteed
19

 
(2
)
 
878

 
52

 
(40
)
 
2,716

Asset-backed securities
—

 
—

 
—

 
5

 
(3
)
 
33

Foreign debt securities
18

 
(1
)
 
1,325

 
—

 
—

 
—

Securities available-for-sale
62

 
$
(48
)
 
$
6,905

 
172

 
$
(270
)
 
$
9,687

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
15

 
$
(1
)
 
$
413

 
119

 
$
(4
)
 
$
621

U.S. Government agency issued or guaranteed
36

 
—

 
210

 
314

 
(21
)
 
2,277

Obligations of U.S. states and political subdivisions
—

 
—

 
—

 
1

 
—

 
—

Securities held-to-maturity
51

 
$
(1
)
 
$
623

 
434

 
$
(25
)

$
2,898

 
One Year or Less
 
Greater Than One Year
December 31, 2018
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
Number
of
Securities
 
Gross
Unrealized
Losses
 
Aggregate
Fair Value
of Investment
 
(dollars are in millions)
Securities available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
8

 
$
(12
)
 
$
1,013

 
41

 
$
(353
)
 
$
8,828

U.S. Government sponsored enterprises
55

 
(6
)
 
538

 
159

 
(185
)
 
3,698

U.S. Government agency issued or guaranteed
8

 
(2
)
 
106

 
72

 
(198
)
 
4,825

Asset-backed securities
1

 
—

 
—

 
4

 
(2
)
 
42

Foreign debt securities
16

 
—

 
1,724

 
—

 
—

 
—

Securities available-for-sale
88

 
$
(20
)
 
$
3,381

 
276

 
$
(738
)

$
17,393

Securities held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
103

 
$
(8
)
 
$
684

 
511

 
$
(52
)
 
$
1,739

U.S. Government agency issued or guaranteed
111

 
(14
)
 
769

 
491

 
(225
)
 
7,372

Obligations of U.S. states and political subdivisions
1

 
—

 
—

 
1

 
—

 
—

Securities held-to-maturity
215

 
$
(22
)
 
$
1,453

 
1,003

 
$
(277
)
 
$
9,111
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities
The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:

Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Gross realized gains
$
64

 
$
1

 
$
107

 
$
31

Gross realized losses
(18
)
 
(6
)
 
(31
)
 
(21
)
Net realized gains (losses)
$
46

 
$
(5
)
 
$
76

 
$
10
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio
The table below also reflects the distribution of maturities of debt securities held at September 30, 2019, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at September 30, 2019.
 
Within
One Year
 
After One
But Within
Five Years
 
After Five
But Within
Ten Years
 
After Ten
Years
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
Amount
 
Yield
 
(dollars are in millions)
Available-for-sale:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury
$
200

 
2.22
%
 
$
7,920

 
1.79
%
 
$
7,612

 
1.91
%
 
$
3,694

 
2.49
%
U.S. Government sponsored enterprises
1,746

 
2.90

 
331

 
2.96

 
2,309

 
2.72

 
3,091

 
2.82

U.S. Government agency issued or guaranteed
—

 
—

 
80

 
2.19

 
1

 
4.01

 
10,792

 
2.70

Asset-backed securities
—

 
—

 
—

 
—

 
59

 
5.12

 
87

 
3.75

Foreign debt securities
1,849

 
.33

 
1,604

 
2.25

 
—

 
—

 
—

 
—

Total amortized cost
$
3,795

 
1.61
%
 
$
9,935

 
1.91
%
 
$
9,981

 
2.11
%
 
$
17,664

 
2.68
%
Total fair value
$
3,800

 
 
 
$
9,970

 
 
 
$
9,982

 
 
 
$
17,664

 
 
Held-to-maturity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government sponsored enterprises
$
—

 
—
%
 
$
391

 
2.74
%
 
$
648

 
2.30
%
 
$
2,264

 
3.17
%
U.S. Government agency issued or guaranteed
—

 
—

 
13

 
3.85

 
20

 
3.66

 
10,002

 
2.66

Obligations of U.S. states and political subdivisions
—

 
—

 
5

 
3.49

 
5

 
4.22

 
—

 
—

Asset-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
2

 
7.61

Total amortized cost
$
—

 
—
%
 
$
409

 
2.78
%
 
$
673

 
2.35
%
 
$
12,268

 
2.76
%
Total fair value
$
—

 
 
 
$
415

 
 
 
$
677

 
 
 
$
12,410

 
 
Equity Securities Not Classified as Trading
Equity securities that are not classified as trading and are included in other assets consisted of the following:

September 30, 2019
 
December 31, 2018
 
(in millions)
Equity securities carried at fair value
$
281

 
$
278

Equity securities without readily determinable fair values
13

 
7