Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary of AFS and HTM Securities

The following tables summarize the Company’s AFS and HTM securities:

June 30, 2022 (Dollars in millions)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	10,855	$	—	$	597	$	10,258
GSE	269		—		19		250
Agency MBS - residential	69,071		5		6,879		62,197
Agency MBS - commercial	2,966		2		314		2,654
States and political subdivisions	383		14		23		374
Non-agency MBS	4,050		—		625		3,425
Other	123		—		3		120
Total AFS securities	$	87,717	$	21	$	8,460	$	79,278
HTM securities:
Agency MBS - residential	$	60,081	$	—	$	6,176	$	53,905
December 31, 2021 (Dollars in millions)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	9,892	$	9	$	106	$	9,795
GSE	1,667		33		2		1,698
Agency MBS - residential	135,886		656		2,500		134,042
Agency MBS - commercial	2,928		18		64		2,882
States and political subdivisions	382		39		1		420
Non-agency MBS	4,305		—		47		4,258
Other	28		—		—		28
Total AFS securities	$	155,088	$	755	$	2,720	$	153,123
HTM securities:
Agency MBS - residential	$	1,494	$	1	$	—	$	1,495

Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:

	Jun 30, 2022
(Dollars in millions)	Amortized Cost		Fair Value
FNMA	$	44,022	$	39,503
FHLMC	44,548		39,828

Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers may have the right to prepay their obligations with or without penalties.

	Amortized Cost										Fair Value
June 30, 2022 (Dollars in millions)	Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total		Due in one year or less		Due after one year through five years		Due after five years through ten years		Due after ten years		Total
AFS securities:
U.S. Treasury	$	1,120	$	8,746	$	983	$	6	$	10,855	$	1,106	$	8,252	$	894	$	6	$	10,258
GSE	—		—		—		269		269		—		—		—		250		250
Agency MBS - residential	—		1		587		68,483		69,071		—		1		573		61,623		62,197
Agency MBS - commercial	—		8		17		2,941		2,966		—		8		16		2,630		2,654
States and political subdivisions	15		76		124		168		383		15		76		125		158		374
Non-agency MBS	—		—		—		4,050		4,050		—		—		—		3,425		3,425
Other	4		37		18		64		123		4		37		17		62		120
Total AFS securities	$	1,139	$	8,868	$	1,729	$	75,981	$	87,717	$	1,125	$	8,374	$	1,625	$	68,154	$	79,278
HTM securities:
Agency MBS - residential	$	—	$	—	$	—	$	60,081	$	60,081	$	—	$	—	$	—	$	53,905	$	53,905

Schedule of Fair Values and Gross Unrealized Losses

The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or more				Total
June 30, 2022 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	9,644	$	541	$	594	$	56	$	10,238	$	597
GSE	230		19		—		—		230		19
Agency MBS - residential	54,268		5,703		7,489		1,176		61,757		6,879
Agency MBS - commercial	1,031		79		1,552		235		2,583		314
States and political subdivisions	198		20		20		3		218		23
Non-agency MBS	3,425		625		—		—		3,425		625
Other	115		3		—		—		115		3
Total	$	68,911	$	6,990	$	9,655	$	1,470	$	78,566	$	8,460
HTM securities:
Agency MBS - residential	$	34,004	$	3,516	$	19,901	$	2,660	$	53,905	$	6,176
	Less than 12 months				12 months or more				Total
December 31, 2021 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	8,412	$	88	$	582	$	18	$	8,994	$	106
GSE	104		2		—		—		104		2
Agency MBS - residential	101,262		2,377		2,638		123		103,900		2,500
Agency MBS - commercial	1,749		50		413		14		2,162		64
States and political subdivisions	—		—		22		1		22		1
Non-agency MBS	4,258		47		—		—		4,258		47
Other	6		—		—		—		6		—
Total	$	115,791	$	2,564	$	3,655	$	156	$	119,446	$	2,720

Schedule of Realized Gain (Loss)

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gross realized gains	$	—	$	—	$	13	$	—
Gross realized losses	(1)		—		(83)		—
Securities gains (losses), net	$	(1)	$	—	$	(70)	$	—