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Securities (Tables)

9 Months Ended

Sep. 30, 2022

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:

			September 30, 2022
									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			$	301					$	—					$	(10)					$	291					$	—					$	(25)					$	266
Commercial agency			527						—						(1)						526						—						(30)						496
			$	828					$	—					$	(11)					$	817					$	—					$	(55)					$	762
Debt securities available for sale:
U.S. Treasury securities			$	1,329					$	—					$	(128)					$	1,201																	$	1,201
Federal agency securities			801						—						(63)						738																		738
Obligations of states and political subdivisions			2						—						—						2																		2
Mortgage-backed securities:
Residential agency			20,013						36						(2,754)						17,295																		17,295
Residential non-agency			1						—						—						1																		1
Commercial agency			8,168						—						(687)						7,481																		7,481
Commercial non-agency			271						—						(14)						257																		257
Corporate and other debt securities			1,229						—						(78)						1,151																		1,151
			$	31,814					$	36					$	(3,724)					$	28,126																	$	28,126

			December 31, 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			$	370					$	—					$	(13)					$	357					$	20					$	—					$	377
Commercial agency			543						—						(1)						542						31						—						573
			$	913					$	—					$	(14)					$	899					$	51					$	—					$	950
Debt securities available for sale:
U.S. Treasury securities			$	1,137					$	2					$	(7)					$	1,132																	$	1,132
Federal agency securities			94						1						(3)						92																		92
Obligations of states and political subdivisions			4						—						—						4																		4
Mortgage-backed securities:
Residential agency			18,873						287						(198)						18,962																		18,962
Residential non-agency			1						—						—						1																		1
Commercial agency			6,271						163						(61)						6,373																		6,373
Commercial non-agency			532						4						—						536																		536
Corporate and other debt securities			1,351						36						(6)						1,381																		1,381
			$	28,263					$	493					$	(275)					$	28,481																	$	28,481

_________

(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 September 30, 2022, 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			$	301					$	266
Commercial agency			527						496
			$	828					$	762
Debt securities available for sale:
Due in one year or less			$	214					$	211
Due after one year through five years			2,251						2,094
Due after five years through ten years			788						698
Due after ten years			108						89
Mortgage-backed securities:
Residential agency			20,013						17,295
Residential non-agency			1						1
Commercial agency			8,168						7,481
Commercial non-agency			271						257
			$	31,814					$	28,126

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 held to maturity at September 30, 2022 and debt securities available for sale are presented at September 30, 2022 and December 31, 2021. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value; there were no unrealized losses on debt securities held to maturity using this analysis at December 31, 2021. 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.

			September 30, 2022
			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 held to maturity:
Mortgage-backed securities:
Residential agency			$	266					$	(35)					$	—					$	—					$	266					$	(35)
Commercial agency			496						(31)						—						—						496						(31)
			$	762					$	(66)					$	—					$	—					$	762					$	(66)
Debt securities available for sale:
U.S. Treasury securities			$	889					$	(81)					$	307					$	(47)					$	1,196					$	(128)
Federal agency securities			684						(51)						53						(12)						737						(63)
Mortgage-backed securities:
Residential agency			11,549						(1,495)						5,711						(1,259)						17,260						(2,754)
Commercial agency			6,090						(440)						1,389						(247)						7,479						(687)
Commercial non-agency			227						(13)						30						(1)						257						(14)
Corporate and other debt securities			885						(55)						254						(23)						1,139						(78)
			$	20,324					$	(2,135)					$	7,744					$	(1,589)					$	28,068					$	(3,724)

			December 31, 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:
U.S. Treasury securities			$	1,010					$	(7)					$	—					$	—					$	1,010					$	(7)
Federal agency securities			63						(3)						—						—						63						(3)
Mortgage-backed securities:
Residential agency			9,528						(171)						686						(27)						10,214						(198)
Commercial agency			1,333						(29)						760						(32)						2,093						(61)
Corporate and other debt securities			444						(6)						—						—						444						(6)
			$	12,378					$	(216)					$	1,446					$	(59)					$	13,824					$	(275)

Schedule of Realized Gain (Loss)

Gross realized gains and gross realized losses on sales of debt securities available for sale for the nine months ended September 30, 2022 is presented below. Gross realized gains and gross realized losses on sales of debt securities available for sale were immaterial for the three months ended September 30, 2022 and the three and nine months ended September 30, 2021. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, management did not identify any positions where impairment was believed to exist in either of the three and nine months ended September 30, 2022 or 2021.

									Nine Months Ended
									September 30, 2022
									(in millions)
Gross realized gains									$	17
Gross realized losses									(18)
Securities gains (losses), net									$	(1)

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Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27357-111563

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