XML 21 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Investment securities | 3 Months Ended
--- | ---
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment securities | 3. Investment securities The amortized cost and estimated fair value of investment securities were as follows:
(Dollars in millions) |  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 7,818 |  |  | $ | — |  |  | $ | 99 |  |  | $ | 7,719 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 1,355 |  |  |  | 1 |  |  |  | 13 |  |  |  | 1,343 |
Residential |  |  | 3,053 |  |  |  | — |  |  |  | 143 |  |  |  | 2,910 |
Other debt securities |  |  | 171 |  |  |  | — |  |  |  | 9 |  |  |  | 162 |
|  |  | 12,397 |  |  |  | 1 |  |  |  | 264 |  |  |  | 12,134 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  |  | 1,007 |  |  |  | — |  |  |  | 33 |  |  |  | 974 |
Obligations of states and political subdivisions |  |  | 2,466 |  |  |  | — |  |  |  | 94 |  |  |  | 2,372 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,035 |  |  |  | — |  |  |  | 154 |  |  |  | 1,881 |
Residential |  |  | 9,527 |  |  |  | — |  |  |  | 935 |  |  |  | 8,592 |
Privately issued |  |  | 41 |  |  |  | 9 |  |  |  | 6 |  |  |  | 44 |
Other debt securities |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
|  |  | 15,078 |  |  |  | 9 |  |  |  | 1,222 |  |  |  | 13,865 |
Total debt securities |  | $ | 27,475 |  |  | $ | 10 |  |  | $ | 1,486 |  |  | $ | 25,999 |
Equity and other securities: |  |  |  |  |  |  |  |  |  |  |  |
Readily marketable equity — at fair value |  | $ | 351 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 356 |
Other — at cost |  |  | 928 |  |  |  | — |  |  |  | — |  |  |  | 928 |
Total equity and other securities |  | $ | 1,279 |  |  | $ | 8 |  |  | $ | 3 |  |  | $ | 1,284 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 7,818 |  |  | $ | — |  |  | $ | 113 |  |  | $ | 7,705 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 425 |  |  |  | — |  |  |  | 9 |  |  |  | 416 |
Residential |  |  | 2,272 |  |  |  | — |  |  |  | 118 |  |  |  | 2,154 |
Other debt securities |  |  | 176 |  |  |  | — |  |  |  | 11 |  |  |  | 165 |
|  |  | 10,691 |  |  |  | — |  |  |  | 251 |  |  |  | 10,440 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  |  | 1,005 |  |  |  | — |  |  |  | 31 |  |  |  | 974 |
Obligations of states and political subdivisions |  |  | 2,501 |  |  |  | — |  |  |  | 67 |  |  |  | 2,434 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,033 |  |  |  | — |  |  |  | 130 |  |  |  | 1,903 |
Residential |  |  | 9,747 |  |  |  | 4 |  |  |  | 802 |  |  |  | 8,949 |
Privately issued |  |  | 42 |  |  |  | 9 |  |  |  | 5 |  |  |  | 46 |
Other debt securities |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
|  |  | 15,330 |  |  |  | 13 |  |  |  | 1,035 |  |  |  | 14,308 |
Total debt securities |  | $ | 26,021 |  |  | $ | 13 |  |  | $ | 1,286 |  |  | $ | 24,748 |
Equity and other securities: |  |  |  |  |  |  |  |  |  |  |  |
Readily marketable equity — at fair value |  | $ | 266 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 268 |
Other — at cost |  |  | 859 |  |  |  | — |  |  |  | — |  |  |  | 859 |
Total equity and other securities |  | $ | 1,125 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1,127 |
3. Investment securities, continued There were no significant gross realized gains or losses from sales of investment securities for the three-month periods ended March 31, 2024 and 2023. Unrealized losses on equity securities are included in "gain (loss) on bank investment securities" in the Consolidated Statement of Income. At March 31, 2024, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:
(Dollars in millions) |  | Amortized Cost |  |  | Estimated Fair Value |
Debt securities available for sale: |  |  |  |  |  |
Due in one year or less |  | $ | 3,248 |  |  | $ | 3,209 |
Due after one year through five years |  |  | 4,691 |  |  |  | 4,628 |
Due after five years through ten years |  |  | 50 |  |  |  | 44 |
Due after ten years |  |  | — |  |  |  | — |
|  |  | 7,989 |  |  |  | 7,881 |
Mortgage-backed securities |  |  | 4,408 |  |  |  | 4,253 |
|  | $ | 12,397 |  |  | $ | 12,134 |
Debt securities held to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 588 |  |  | $ | 575 |
Due after one year through five years |  |  | 635 |  |  |  | 611 |
Due after five years through ten years |  |  | 1,369 |  |  |  | 1,333 |
Due after ten years |  |  | 883 |  |  |  | 829 |
|  |  | 3,475 |  |  |  | 3,348 |
Mortgage-backed securities |  |  | 11,603 |  |  |  | 10,517 |
|  | $ | 15,078 |  |  | $ | 13,865 |
3. Investment securities, continued A summary of investment securities that as of March 31, 2024 and December 31, 2023 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:
|  | Less Than 12 Months |  |  | 12 Months or More |
(Dollars in millions) |  | Fair Value |  |  | Unrealized Losses |  |  | Fair Value |  |  | Unrealized Losses |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 2,242 |  |  | $ | 10 |  |  | $ | 5,177 |  |  | $ | 89 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 765 |  |  |  | 6 |  |  |  | 393 |  |  |  | 7 |
Residential |  |  | 813 |  |  |  | 6 |  |  |  | 1,964 |  |  |  | 137 |
Other debt securities |  |  | — |  |  |  | — |  |  |  | 156 |  |  |  | 9 |
|  |  | 3,820 |  |  |  | 22 |  |  |  | 7,690 |  |  |  | 242 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  |  | 49 |  |  |  | 1 |  |  |  | 925 |  |  |  | 32 |
Obligations of states and political subdivisions |  |  | 43 |  |  |  | — |  |  |  | 2,284 |  |  |  | 94 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 172 |  |  |  | 9 |  |  |  | 1,709 |  |  |  | 145 |
Residential |  |  | 1,133 |  |  |  | 12 |  |  |  | 7,459 |  |  |  | 923 |
Privately issued |  |  | — |  |  |  | — |  |  |  | 33 |  |  |  | 6 |
|  |  | 1,397 |  |  |  | 22 |  |  |  | 12,410 |  |  |  | 1,200 |
Total |  | $ | 5,217 |  |  | $ | 44 |  |  | $ | 20,100 |  |  | $ | 1,442 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  | $ | 229 |  |  | $ | 1 |  |  | $ | 7,474 |  |  | $ | 112 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 74 |  |  |  | 1 |  |  |  | 330 |  |  |  | 8 |
Residential |  |  | 151 |  |  |  | 2 |  |  |  | 1,959 |  |  |  | 116 |
Other debt securities |  |  | 6 |  |  |  | — |  |  |  | 154 |  |  |  | 11 |
|  |  | 460 |  |  |  | 4 |  |  |  | 9,917 |  |  |  | 247 |
Investment securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and federal agencies |  |  | 50 |  |  |  | — |  |  |  | 924 |  |  |  | 31 |
Obligations of states and political subdivisions |  |  | 218 |  |  |  | 3 |  |  |  | 2,172 |  |  |  | 64 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 328 |  |  |  | 9 |  |  |  | 1,575 |  |  |  | 121 |
Residential |  |  | 955 |  |  |  | 11 |  |  |  | 7,139 |  |  |  | 791 |
Privately issued |  |  | — |  |  |  | — |  |  |  | 34 |  |  |  | 5 |
|  |  | 1,551 |  |  |  | 23 |  |  |  | 11,844 |  |  |  | 1,012 |
Total |  | $ | 2,011 |  |  | $ | 27 |  |  | $ | 21,761 |  |  | $ | 1,259 |
3. Investment securities, continued The Company owned 4,088 individual debt securities with aggregate gross unrealized losses of $1.5 billion at March 31, 2024. Based on a review of each of the securities in the investment securities portfolio at March 31, 2024, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2024, the Company does not intend to sell, nor is it anticipated that it would be required to sell, any of its impaired investment securities at a loss. At March 31, 2024, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $928 million of cost method equity securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at March 31, 2024 or December 31, 2023. At March 31, 2024 and December 31, 2023, investment securities with carrying values of $9.6 billion (including $357 million related to repurchase transactions) and $8.2 billion (including $393 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-6B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) -Publisher SEC Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 946 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//946-320/tableOfContent Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//940-320/tableOfContent Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration