Securities (Tables)

12 Months Ended

Dec. 31, 2016

Investments, Debt and Equity Securities [Abstract]

The amortized cost, unrealized gains and losses, and fair value of our securities available-for-sale and held-to-maturity securities are presented in the following table. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change. For more information about our securities available for sale and held-to-maturity securities and the related accounting policies, see Note 1 (“Summary of Significant Accounting Policies”).



	2016								2015
December 31, in millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, Agencies, and Corporations	$	188	—		$	4	$	184	—		—		—		—
States and political subdivisions	11		—		—		11		$	14	—		—		$	14
Agency residential collateralized mortgage obligations^(a)	16,652		$	31	275		16,408		12,082		$	51	$	138	11,995
Agency residential mortgage-backed securities^(a)	1,857		6		17		1,846		2,193		11		15		2,189
Agency commercial mortgage-backed securities	1,778		—		35		1,743		—		—		—		—
Other securities	21		—		1		20		21		—		1		20
Total securities available for sale	$	20,507	$	37	$	332	$	20,212	$	14,310	$	62	$	154	$	14,218
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations^(a)	$	8,404	$	1	$	173	$	8,232	$	4,174	$	5	$	50	$	4,129
Agency residential mortgage-backed securities^(a)	629		—		5		624		703		—		4		699
Agency commercial mortgage-backed securities	1,184		1		49		1,136		—		—		—		—
Other securities	15		—		—		15		20		—		—		20
Total held-to-maturity securities	$	10,232	$	2	$	227	$	10,007	$	4,897	$	5	$	54	$	4,848


(a)	“Collateralized mortgage obligations” and “Other mortgage-back securities” were renamed to “Agency residential collateralized mortgage obligations” and “Agency residential mortgage-backed securities” in September 2016. There was no reclassification of previously reported balances.

Available for Sale Securities (Unrealized Loss Position)

The following table summarizes our securities that were in an unrealized loss position as of December 31, 2016, and December 31, 2015:



	Duration of Unrealized Loss Position
	Less than 12 Months				12 Months or Longer				Total
in millions	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
December 31, 2016
Securities available for sale:
U.S. Treasury, Agencies, and Corporations	$	182	$	4	—		—		$	182	$	4
Agency residential collateralized mortgage obligations	12,345		231		$	1,410	$	44	13,755		275
Agency residential mortgage-backed securities	1,452		17		—		—		1,452		17
Agency commercial mortgage-backed securities	1,482		35		—		—		1,482		35
Other securities^(a)	2		—		3		1		5		1
Held-to-maturity securities:
Agency residential collateralized mortgage obligations	7,028		156		518		17		7,546		173
Agency residential mortgage-backed securities	547		5		—		—		547		5
Agency commercial mortgage-backed securities	996		49		—		—		996		49
Other securities^(b)	4		—		—		—		4		—
Total temporarily impaired securities	$	24,038	$	497	$	1,931	$	62	$	25,969	$	559
December 31, 2015
Securities available for sale:
Agency residential collateralized mortgage obligations	$	5,190	$	43	$	3,206	$	95	$	8,396	$	138
Agency residential mortgage-backed securities	1,670		15		—		—		1,670		15
Other securities^(a)	—		—		3		1		3		1
Held-to-maturity securities:
Agency residential collateralized mortgage obligations	1,793		16		1,320		34		3,113		50
Agency residential mortgage-backed securities	547		4		—		—		547		4
Other securities^(b)	4		—		—		—		4		—
Total temporarily impaired securities	$	9,204	$	78	$	4,529	$	130	$	13,733	$	208


(a)	Gross unrealized losses totaled less than $1 million for other securities available for sale at December 31, 2016, and December 31, 2015.


(b)	Gross unrealized losses totaled less than $1 million for other securities held to maturity at December 31, 2016, and December 31, 2015.

Cumulative Credit Portion of Impairments on Debt Securities

As shown in the following table, we did not have any impairment losses recognized in earnings for the year ended December 31, 2016.



in millions
Balance at December 31, 2015	$	4
Impairment recognized in earnings	—
Balance at December 31, 2016	$	4

Available for Sale Securities Realized Gains and Losses

Realized gains and losses related to securities available for sale were as follows:



Year ended December 31, in millions	2016	^(a)	2015		2014	^(a)
Realized gains	—		$	1	—
Realized losses	—		1		—
Net securities gains (losses)	—		—		—


(a)	Realized gains and losses totaled less than $1 million for the years ended December 31, 2016, and December 31, 2014.

Securities by Maturity

The following table shows securities by remaining maturity. CMOs and other mortgage-backed securities in the available-for-sale and held-to-maturity portfolios are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.



	Securities Available for Sale				Held-to-Maturity Securities
December 31, 2016	Amortized Cost		Fair Value		Amortized Cost		Fair Value
in millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	192	$	193	$	54	$	54
Due after one through five years	18,356		18,109		6,892		6,768
Due after five through ten years	1,947		1,898		2,678		2,607
Due after ten years	12		12		608		578
Total	$	20,507	$	20,212	$	10,232	$	10,007

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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