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Investment Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT S ECURITIES Table 47: Investment Securities Summary
|  | December 31, 2019 |  |  | December 31, 2018
In millions |  | Amortized Cost |  |  | Unrealized |  | Fair Value |  |  |  | Amortized Cost |  |  | Unrealized |  | Fair Value |
Gains |  |  | Losses |  |  |  |  | Gains |  |  | Losses |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 16,150 |  |  | $ | 382 |  |  | $ | (16 | ) |  | $ | 16,516 |  |  |  | $ | 18,104 |  |  | $ | 133 |  |  | $ | (137 | ) |  | $ | 18,100 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 35,847 |  |  | 517 |  |  | (43 | ) |  | 36,321 |  |  |  | 29,413 |  |  | 104 |  |  | (524 | ) |  | 28,993 |
Non-agency |  | 1,515 |  |  | 302 |  |  | (3 | ) |  | 1,814 |  |  |  | 1,924 |  |  | 300 |  |  | (13 | ) |  | 2,211 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 3,094 |  |  | 42 |  |  | (18 | ) |  | 3,118 |  |  |  | 2,630 |  |  | 13 |  |  | (66 | ) |  | 2,577 |
Non-agency |  | 3,352 |  |  | 29 |  |  | (9 | ) |  | 3,372 |  |  |  | 2,689 |  |  | 5 |  |  | (37 | ) |  | 2,657 |
Asset-backed |  | 5,044 |  |  | 78 |  |  | (8 | ) |  | 5,114 |  |  |  | 4,933 |  |  | 59 |  |  | (20 | ) |  | 4,972 |
Other |  | 2,788 |  |  | 121 |  |  | (1 | ) |  | 2,908 |  |  |  | 3,821 |  |  | 96 |  |  | (38 | ) |  | 3,879 |
Total securities available for sale |  | $ | 67,790 |  |  | $ | 1,471 |  |  | $ | (98 | ) |  | $ | 69,163 |  |  |  | $ | 63,514 |  |  | $ | 710 |  |  | $ | (835 | ) |  | $ | 63,389 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 776 |  |  | $ | 56 |  |  |  |  | $ | 832 |  |  |  | $ | 758 |  |  | $ | 28 |  |  | $ | (23 | ) |  | $ | 763 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 14,419 |  |  | 270 |  |  | (26 | ) |  | 14,663 |  |  |  | 15,740 |  |  | 32 |  |  | (358 | ) |  | 15,414 |
Non-agency |  | 133 |  |  | 7 |  |  |  |  | 140 |  |  |  | 152 |  |  | 2 |  |  |  |  | 154 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 59 |  |  | 1 |  |  |  |  | 60 |  |  |  | 143 |  |  | 1 |  |  | (1 | ) |  | 143 |
Non-agency |  | 430 |  |  | 4 |  |  |  |  | 434 |  |  |  | 488 |  |  | 1 |  |  | (1 | ) |  | 488 |
Asset-backed |  | 52 |  |  |  |  |  |  |  | 52 |  |  |  | 182 |  |  | 1 |  |  |  |  | 183 |
Other |  | 1,792 |  |  | 85 |  |  | (14 | ) |  | 1,863 |  |  |  | 1,849 |  |  | 53 |  |  | (28 | ) |  | 1,874 |
Total securities held to maturity |  | $ | 17,661 |  |  | $ | 423 |  |  | $ | (40 | ) |  | $ | 18,044 |  |  |  | $ | 19,312 |  |  | $ | 118 |  |  | $ | (411 | ) |  | $ | 19,019 |
The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Net unrealized gains and losses in the securities available for sale portfolio are included in Shareholders’ equity as AOCI unless credit-related. Securities held to maturity are carried at amortized cost. Investment securities at December 31, 2019 included $549 million of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for December 31, 2018 was $430 million. At December 31, 2019, AOCI included an insignificant amount of pretax gains from derivatives that hedged the purchase of investment securities classified as held to maturity. The gains will be accreted into interest income as an adjustment of yield on the securities. Table 48 presents gross unrealized losses and fair value of debt securities at December 31, 2019 and 2018. The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and twelve months or more based on the point in time that the fair value declined below the amortized cost basis. The table includes debt securities where a portion of other than temporary impairment (OTTI) has been recognized in AOCI. Table 48: Gross Unrealized Loss and Fair Value of Debt Securities
|  | Unrealized loss position less than 12 months |  | Unrealized loss position 12 months or more |  | Total
In millions |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (14 | ) |  | $ | 2,451 |  |  | $ | (2 | ) |  | $ | 607 |  |  | $ | (16 | ) |  | $ | 3,058 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (6 | ) |  | 2,832 |  |  | (37 | ) |  | 4,659 |  |  | (43 | ) |  | 7,491 |
Non-agency |  |  |  |  |  | (3 | ) |  | 102 |  |  | (3 | ) |  | 102 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (6 | ) |  | 852 |  |  | (12 | ) |  | 953 |  |  | (18 | ) |  | 1,805 |
Non-agency |  | (4 | ) |  | 1,106 |  |  | (5 | ) |  | 230 |  |  | (9 | ) |  | 1,336 |
Asset-backed |  | (3 | ) |  | 660 |  |  | (5 | ) |  | 561 |  |  | (8 | ) |  | 1,221 |
Other |  |  |  |  |  | (1 | ) |  | 403 |  |  | (1 | ) |  | 403 |
Total securities available for sale |  | $ | (33 | ) |  | $ | 7,901 |  |  | $ | (65 | ) |  | $ | 7,515 |  |  | $ | (98 | ) |  | $ | 15,416 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed - Agency |  |  |  |  |  | (26 | ) |  | 2,960 |  |  | (26 | ) |  | 2,960 |
Other |  | (1 | ) |  | 22 |  |  | (13 | ) |  | 105 |  |  | (14 | ) |  | 127 |
Total securities held to maturity |  | $ | (1 | ) |  | $ | 22 |  |  | $ | (39 | ) |  | $ | 3,065 |  |  | $ | (40 | ) |  | $ | 3,087 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (21 | ) |  | $ | 4,125 |  |  | $ | (116 | ) |  | $ | 5,423 |  |  | $ | (137 | ) |  | $ | 9,548 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (57 | ) |  | 4,823 |  |  | (467 | ) |  | 13,830 |  |  | (524 | ) |  | 18,653 |
Non-agency |  | (1 | ) |  | 74 |  |  | (12 | ) |  | 310 |  |  | (13 | ) |  | 384 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (1 | ) |  | 65 |  |  | (65 | ) |  | 1,516 |  |  | (66 | ) |  | 1,581 |
Non-agency |  | (23 | ) |  | 1,809 |  |  | (14 | ) |  | 498 |  |  | (37 | ) |  | 2,307 |
Asset-backed |  | (11 | ) |  | 2,149 |  |  | (9 | ) |  | 1,032 |  |  | (20 | ) |  | 3,181 |
Other |  | (12 | ) |  | 868 |  |  | (26 | ) |  | 1,293 |  |  | (38 | ) |  | 2,161 |
Total securities available for sale |  | $ | (126 | ) |  | $ | 13,913 |  |  | $ | (709 | ) |  | $ | 23,902 |  |  | $ | (835 | ) |  | $ | 37,815 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  |  |  |  |  |  | $ | (23 | ) |  | $ | 446 |  |  | $ | (23 | ) |  | $ | 446 |
Residential mortgage-backed - Agency |  | $ | (58 | ) |  | $ | 4,191 |  |  | (300 | ) |  | 7,921 |  |  | (358 | ) |  | 12,112 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (1 | ) |  | 88 |  |  |  |  |  |  |  |  | (1 | ) |  | 88 |
Non-agency |  | (1 | ) |  | 152 |  |  |  |  |  |  | (1 | ) |  | 152 |
Other |  | (2 | ) |  | 75 |  |  | (26 | ) |  | 123 |  |  | (28 | ) |  | 198 |
Total securities held to maturity |  | $ | (62 | ) |  | $ | 4,506 |  |  | $ | (349 | ) |  | $ | 8,490 |  |  | $ | (411 | ) |  | $ | 12,996 |
Evaluating Investment Securities for Other-than-Temporary Impairment For the securities in Table 48, as of December 31, 2019 we do not intend to sell and believe we will not be required to sell the securities prior to recovery of the amortized cost basis. On at least a quarterly basis, we review all debt securities that are in an unrealized loss position for OTTI, as discussed in Note 1 Accounting Policies. For those securities on our Consolidated Balance Sheet at December 31, 2019, where during our quarterly security-level impairment assessments we determined losses represented OTTI, we have recorded cumulative credit losses of $1.1 billion in earnings and accordingly have reduced the amortized cost of our securities. The majority of these cumulative impairment charges related to non-agency residential mortgage-backed and asset-backed securities rated BB or lower. During 2019, 2018 and 2017, the OTTI credit losses recognized in noninterest income and the OTTI noncredit losses recognized in AOCI on securities were not significant. Table 49: Gains (Losses) on Sales of Securities Available for Sale
Year ended December 31 In millions | Gross Gains |  |  | Gross Losses |  |  | Net Gains |  |  | Tax Expense |  |
2019 | $ | 69 |  |  | $ | (21 | ) |  | $ | 48 |  |  | $ | 10 |  |
2018 | $ | 57 |  |  | $ | (57 | ) |  |  |  |  |  |  |
2017 | $ | 38 |  |  | $ | (31 | ) |  | $ | 7 |  |  | $ | 2 |  |
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2019. Table 50: Contractual Maturity of Securities
December 31, 2019 |  | 1 Year or Less |  |  | After 1 Year through 5 Years |  |  | After 5 Years through 10 Years |  |  | After 10 Years |  |  | Total |
Dollars in millions |  |  |  |  |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 2,198 |  |  | $ | 10,189 |  |  | $ | 2,984 |  |  | $ | 779 |  |  | $ | 16,150 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 2 |  |  | 65 |  |  | 1,194 |  |  | 34,586 |  |  | 35,847 |
Non-agency |  |  |  |  |  |  |  | 1,515 |  |  | 1,515 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 8 |  |  | 565 |  |  | 490 |  |  | 2,031 |  |  | 3,094 |
Non-agency |  |  |  | 75 |  |  | 350 |  |  | 2,927 |  |  | 3,352 |
Asset-backed |  | 8 |  |  | 2,511 |  |  | 1,267 |  |  | 1,258 |  |  | 5,044 |
Other |  | 337 |  |  | 1,314 |  |  | 486 |  |  | 651 |  |  | 2,788 |
Total securities available for sale at amortized cost |  | $ | 2,553 |  |  | $ | 14,719 |  |  | $ | 6,771 |  |  | $ | 43,747 |  |  | $ | 67,790 |
Fair value |  | $ | 2,573 |  |  | $ | 14,881 |  |  | $ | 6,924 |  |  | $ | 44,785 |  |  | $ | 69,163 |
Weighted-average yield, GAAP basis |  | 2.94 | % |  | 2.28 | % |  | 2.66 | % |  | 3.19 | % |  | 2.93 | %
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  |  | $ | 198 |  |  | $ | 300 |  |  | $ | 278 |  |  | $ | 776 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  |  |  | 55 |  |  | 516 |  |  | 13,848 |  |  | 14,419 |
Non-agency |  |  |  |  |  |  |  | 133 |  |  | 133 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  |  |  | 10 |  |  |  |  | 49 |  |  | 59 |
Non-agency |  |  |  |  |  |  |  | 430 |  |  | 430 |
Asset-backed |  |  |  | 6 |  |  | 19 |  |  | 27 |  |  | 52 |
Other |  | $ | 45 |  |  | 785 |  |  | 625 |  |  | 337 |  |  | 1,792 |
Total securities held to maturity at amortized cost |  | $ | 45 |  |  | $ | 1,054 |  |  | $ | 1,460 |  |  | $ | 15,102 |  |  | $ | 17,661 |
Fair value |  | $ | 45 |  |  | $ | 1,089 |  |  | $ | 1,543 |  |  | $ | 15,367 |  |  | $ | 18,044 |
Weighted-average yield, GAAP basis |  | 3.75 | % |  | 3.59 | % |  | 3.53 | % |  | 3.32 | % |  | 3.35 | %
Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. At December 31, 2019, there were no securities of a single issuer, other than the FNMA and FHLMC, that exceeded 10% of Total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $40.5 billion and $7.7 billion and fair value of $41.1 billion and $7.7 billion, respectively. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings. Table 51: Fair Value of Securities Pledged and Accepted as Collateral
In millions | December 31 2019 |  |  | December 31 2018 |
Pledged to others | $ | 14,609 |  |  | $ | 7,597 |
Accepted from others: |  |  |
Permitted by contract or custom to sell or repledge (a) | $ | 2,349 |  |  | $ | 6,905 |
Permitted amount repledged to others | $ | 360 |  |  | $ | 923 |
(a) | Includes $2.0 billion and $6.0 billion in fair value of securities accepted from others to collateralize short-term investments in resale agreements that were not repledged to others at December 31, 2019 and December 31, 2018, respectively.
The securities pledged to others include positions held in our portfolio of investment securities, trading securities, and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge and were used to secure public and trust deposits and repurchase agreements, as well as for other purposes.

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- Definition This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. + References No definition available. + Details
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- References No definition available. + Details
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