Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost, Gross Unrealized Gains and Losses, And Estimated Fair Value Of Debt Securities Available For Sale And Debt Securities Held To Maturity

The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:


	June 30, 2021
			Recognized in OCI (1)						Not Recognized in OCI
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency	$	449	$	—	$	(15)	$	434	$	26	$	—	$	460
Commercial agency	561		—		(2)		559		45		—		604
	$	1,010	$	—	$	(17)	$	993	$	71	$	—	$	1,064

Debt securities available for sale:
U.S. Treasury securities	$	732	$	5	$	—	$	737					$	737
Federal agency securities	98		2		(1)		99						99
Mortgage-backed securities:
Residential agency	19,551		420		(111)		19,860						19,860
Residential non-agency	1		—		—		1						1
Commercial agency	6,241		254		(31)		6,464						6,464
Commercial non-agency	543		10		—		553						553
Corporate and other debt securities	1,518		59		(1)		1,576						1,576
	$	28,684	$	750	$	(144)	$	29,290					$	29,290


	December 31, 2020
			Recognized in OCI (1)						Not Recognized in OCI
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency	$	554	$	—	$	(19)	$	535	$	34	$	—	$	569
Commercial agency	589		—		(2)		587		59		—		646
	$	1,143	$	—	$	(21)	$	1,122	$	93	$	—	$	1,215

Debt securities available for sale:
U.S. Treasury securities	$	178	$	5	$	—	$	183					$	183
Federal agency securities	102		3		—		105						105
Mortgage-backed securities:
Residential agency	18,455		625		(4)		19,076						19,076
Residential non-agency	1		—		—		1						1
Commercial agency	5,659		346		(6)		5,999						5,999
Commercial non-agency	571		15		—		586						586
Corporate and other debt securities	1,126		78		—		1,204						1,204
	$	26,092	$	1,072	$	(10)	$	27,154					$	27,154

_________

(1)The gross unrealized losses recognized in OCI on securities held to maturity resulted from a transfer of securities available for sale to held to maturity in the second quarter of 2013.

Schedule Of Cost And Estimated Fair Value Of Debt Securities Available For Sale And Debt Securities Held To Maturity By Contractual Maturity

The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at June 30, 2021, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
	(In millions)
Debt securities held to maturity:




Mortgage-backed securities:
Residential agency	$	449	$	460
Commercial agency	561		604
	$	1,010	$	1,064
Debt securities available for sale:
Due in one year or less	$	316	$	319
Due after one year through five years	1,155		1,191
Due after five years through ten years	770		792
Due after ten years	107		110
Mortgage-backed securities:
Residential agency	19,551		19,860
Residential non-agency	1		1
Commercial agency	6,241		6,464
Commercial non-agency	543		553
	$	28,684	$	29,290

Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Debt Securities Available For Sale and Held to Maturity

The following tables present gross unrealized losses and the related estimated fair value of debt securities available for sale at June 30, 2021, and December 31, 2020. These securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.


	June 30, 2021
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)








Debt securities available for sale:

Federal agency securities	64		(1)		33		—		97		(1)
Mortgage-backed securities:
Residential agency	$	8,017	$	(111)	$	17	$	—	$	8,034	$	(111)
Commercial agency	1,564		(31)		19		—		1,583		(31)

Corporate and other debt securities	311		(1)		—		—		311		(1)
	$	9,956	$	(144)	$	69	$	—	$	10,025	$	(144)


	December 31, 2020
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)







Debt securities available for sale:


Mortgage-backed securities:
Residential agency	$	914	$	(4)	$	101	$	—	$	1,015	$	(4)

Commercial agency	819		(6)		—		—		819		(6)


	$	1,733	$	(10)	$	101	$	—	$	1,834	$	(10)