Securities (Tables)

12 Months Ended

Dec. 31, 2017

Investments, Debt and Equity Securities [Abstract]



	2017								2016
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	$	159	—		$	2	$	157	$	188	—		$	4	$	184
States and political subdivisions	9		—		—		9		11		—		—		11
Agency residential collateralized mortgage obligations	14,985		$	10	335		14,660		16,652		$	31	275		16,408
Agency residential mortgage-backed securities	1,456		3		20		1,439		1,857		6		17		1,846
Agency commercial mortgage-backed securities	1,920		—		66		1,854		1,778		—		35		1,743
Other securities	17		3		—		20		21		—		1		20
Total securities available for sale	$	18,546	$	16	$	423	$	18,139	$	20,507	$	37	$	332	$	20,212
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations	$	8,055	—		$	224	$	7,831	$	8,404	$	1	$	173	$	8,232
Agency residential mortgage-backed securities	574		$	1	4		571		629		—		5		624
Agency commercial mortgage-backed securities	3,186		6		44		3,148		1,184		1		49		1,136
Other securities	15		—		—		15		15		—		—		15
Total held-to-maturity securities	$	11,830	$	7	$	272	$	11,565	$	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 December 31, 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
December 31, 2017
Securities available for sale:
U.S. Treasury, Agencies, and Corporations	$	41	—		$	116	$	2	$	157	$	2
States and political subdivisions	—		—		—		—		—		—
Agency residential collateralized mortgage obligations	6,153		$	74	7,270		261		13,423		335
Agency residential mortgage-backed securities	666		7		702		13		1,368		20
Agency commercial mortgage-backed securities	205		4		1,649		62		1,854		66
Other securities	—		—		—		—		—		—
Held-to-maturity securities:
U.S. Treasury, Agencies, and Corporations	—		—		—		—		—		—
States and political subdivisions	—		—		—		—		—		—
Agency residential collateralized mortgage obligations	2,201		27		5,599		197		7,800		224
Agency residential mortgage-backed securities	252		1		206		3		458		4
Agency commercial mortgage-backed securities	1,470		12		495		32		1,965		44
Other securities^(b)	3		—		4		—		7		—
Total temporarily impaired securities	$	10,991	$	125	$	16,041	$	570	$	27,032	$	695
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


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


(b)	Gross unrealized losses totaled less than $1 million for other securities held to maturity at December 31, 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 year ended December 31, 2017.



in millions
Balance at December 31, 2016	$	4
Impairment recognized in earnings	—
Balance at December 31, 2017	$	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	2017		^(a)	2016	^(b)	2015
Realized gains	$	1		—		$	1
Realized losses	—			—		1
Net securities gains (losses)	$	1		—		—


(a)	Realized losses totaled less than $1 million for the year ended December 31, 2017.


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

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, 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	$	190	$	56	$	56
Due after one through five years	14,990		14,635		7,977		7,776
Due after five through ten years	3,358		3,305		3,190		3,142
Due after ten years	8		9		607		591
Total	$	18,546	$	18,139	$	11,830	$	11,565

- 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.

+ References + Details