Securities (Tables)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. 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.



	September 30, 2017
in millions	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations	$	160	—		$	2	$	158
States and political subdivisions	10		—		—		10
Agency residential collateralized mortgage obligations	15,580		$	24	203		15,401
Agency residential mortgage-backed securities	1,547		4		10		1,541
Agency commercial mortgage-backed securities	1,928		—		46		1,882
Other securities	17		3		—		20
Total securities available for sale	$	19,242	$	31	$	261	$	19,012
HELD TO MATURITY SECURITIES
Agency residential collateralized mortgage obligations	$	7,788	$	2	$	143	$	7,647
Agency residential mortgage-backed securities	601		1		2		600
Agency commercial mortgage-backed securities	1,872		8		33		1,847
Other securities	15		—		—		15
Total held-to-maturity securities	$	10,276	$	11	$	178	$	10,109



	December 31, 2016
in millions	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
Agency residential collateralized mortgage obligations	16,652		$	31	275		16,408
Agency residential mortgage-backed securities	1,857		6		17		1,846
Agency commercial mortgage-backed securities	1,778		—		35		1,743
Other securities	21		—		1		20
Total securities available for sale	$	20,507	$	37	$	332	$	20,212
HELD TO MATURITY SECURITIES
Agency residential collateralized mortgage obligations	$	8,404	$	1	$	173	$	8,232
Agency residential mortgage-backed securities	629		—		5		624
Agency commercial mortgage-backed securities	1,184		1		49		1,136
Other securities	15		—		—		15
Total held-to-maturity securities	$	10,232	$	2	$	227	$	10,007

Available for Sale Securities (Unrealized Loss Position)

The following table summarizes our securities that were in an unrealized loss position as of September 30, 2017, and December 31, 2016.



	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
September 30, 2017
Securities available for sale:
U.S Treasury, agencies, and corporations	$	86	$	1	$	70	$	1	$	156	$	2
Agency residential collateralized mortgage obligations	6,699		56		5,653		147		12,352		203
Agency residential mortgage-backed securities	1,245		9		88		1		1,333		10
Agency commercial mortgage-backed securities	760		11		1,122		35		1,882		46
Other securities ^(a)	2		—		—		—		2		—
Held-to-maturity:
Agency residential collateralized mortgage obligations	3,208		52		3,778		91		6,986		143
Agency residential mortgage-backed securities	391		2		—		—		391		2
Agency commercial mortgage-backed securities	508		2		496		31		1,004		33
Other securities ^(b)	2		—		4		—		6		—
Total temporarily impaired securities	$	12,901	$	133	$	11,211	$	306	$	24,112	$	439
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:
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


(a)	Gross unrealized losses totaled less than $1 million for other securities available for sale at September 30, 2017, and December 31, 2016.


(b)	Gross unrealized losses totaled less than $1 million for other securities held-to maturity at September 30, 2017 and December 31, 2016.

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 three and nine months ended September 30, 2017, and September 30, 2016.



Nine months ended September 30, 2017
in millions
Balance at December 31, 2016	$	4
Impairment recognized in earnings	—
Balance at September 30, 2017	$	4

Securities by Maturity

The following table shows our securities by remaining maturity. CMOs and other mortgage-backed securities (both of which are included in the securities available-for-sale portfolio) as well as the CMOs in the held-to-maturity portfolio 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
September 30, 2017	Amortized Cost		Fair Value		Amortized Cost		Fair Value
in millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	190	$	192	$	76	$	76
Due after one through five years	16,032		15,825		7,506		7,386
Due after five through ten years	3,010		2,985		2,087		2,054
Due after ten years	10		10		607		593
Total	$	19,242	$	19,012	$	10,276	$	10,109