XML 19 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Debt Securities | 3 Months Ended
--- | ---
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Securities | mortized 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:
| March 31, 2023
|  |  | 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 | $ | 279 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 269 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 253 |
Commercial agency | 522 |  |  | — |  |  | (1) |  |  | 521 |  |  | — |  |  | (25) |  |  | 496 |
| $ | 801 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 790 |  |  | $ | — |  |  | $ | (41) |  |  | $ | 749 |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,307 |  |  | $ | — |  |  | $ | (102) |  |  | $ | 1,205 |  |  |  |  |  |  | $ | 1,205 |
Federal agency securities | 992 |  |  | 3 |  |  | (49) |  |  | 946 |  |  |  |  |  |  | 946 |
Obligations of states and political subdivisions | 2 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | 19,407 |  |  | 3 |  |  | (2,245) |  |  | 17,165 |  |  |  |  |  |  | 17,165 |
Commercial agency | 8,192 |  |  | 2 |  |  | (537) |  |  | 7,657 |  |  |  |  |  |  | 7,657 |
Commercial non-agency | 134 |  |  | — |  |  | (11) |  |  | 123 |  |  |  |  |  |  | 123 |
Corporate and other debt securities | 1,180 |  |  | 3 |  |  | (51) |  |  | 1,132 |  |  |  |  |  |  | 1,132 |
| $ | 31,214 |  |  | $ | 11 |  |  | $ | (2,995) |  |  | $ | 28,230 |  |  |  |  |  |  | $ | 28,230 |
| December 31, 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 | $ | 289 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 279 |  |  | $ | — |  |  | $ | (21) |  |  | $ | 258 |
Commercial agency | 523 |  |  | — |  |  | (1) |  |  | 522 |  |  | — |  |  | (29) |  |  | 493 |
| $ | 812 |  |  | $ | — |  |  | $ | (11) |  |  | $ | 801 |  |  | $ | — |  |  | $ | (50) |  |  | $ | 751 |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,310 |  |  | $ | — |  |  | $ | (123) |  |  | $ | 1,187 |  |  |  |  |  |  | $ | 1,187 |
Federal agency securities | 898 |  |  | — |  |  | (62) |  |  | 836 |  |  |  |  |  |  | 836 |
Obligations of states and political subdivisions | 2 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | 19,477 |  |  | — |  |  | (2,523) |  |  | 16,954 |  |  |  |  |  |  | 16,954 |
Residential non-agency | 1 |  |  | — |  |  | — |  |  | 1 |  |  |  |  |  |  | 1 |
Commercial agency | 8,262 |  |  | — |  |  | (649) |  |  | 7,613 |  |  |  |  |  |  | 7,613 |
Commercial non-agency | 198 |  |  | — |  |  | (12) |  |  | 186 |  |  |  |  |  |  | 186 |
Corporate and other debt securities | 1,219 |  |  | 1 |  |  | (66) |  |  | 1,154 |  |  |  |  |  |  | 1,154 |
| $ | 31,367 |  |  | $ | 1 |  |  | $ | (3,435) |  |  | $ | 27,933 |  |  |  |  |  |  | $ | 27,933 |
_________ (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. Debt securities with carrying values of $11.9 billion and $8.8 billion at March 31, 2023 and December 31, 2022, respectively, were pledged to secure public funds, trust deposits and other borrowing arrangements. The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at March 31, 2023, 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 | $ | 279 |  |  | $ | 253 |
Commercial agency | 522 |  |  | 496 |
| $ | 801 |  |  | $ | 749 |
Debt securities available for sale: |  |  |
Due in one year or less | $ | 183 |  |  | $ | 181 |
Due after one year through five years | 2,290 |  |  | 2,172 |
Due after five years through ten years | 843 |  |  | 782 |
Due after ten years | 165 |  |  | 150 |
Mortgage-backed securities: |  |  |
Residential agency | 19,407 |  |  | 17,165 |
Commercial agency | 8,192 |  |  | 7,657 |
Commercial non-agency | 134 |  |  | 123 |
| $ | 31,214 |  |  | $ | 28,230 |
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at March 31, 2023 and December 31, 2022. 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. All securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
| March 31, 2023
| 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 | $ | — |  |  | $ | — |  |  | $ | 253 |  |  | $ | (25) |  |  | $ | 253 |  |  | $ | (25) |
Commercial agency | 457 |  |  | (20) |  |  | 38 |  |  | (6) |  |  | 495 |  |  | (26) |
| $ | 457 |  |  | $ | (20) |  |  | $ | 291 |  |  | $ | (31) |  |  | $ | 748 |  |  | $ | (51) |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S Treasury securities | $ | 250 |  |  | $ | (2) |  |  | $ | 950 |  |  | $ | (100) |  |  | $ | 1,200 |  |  | $ | (102) |
Federal agency securities | 51 |  |  | (1) |  |  | 650 |  |  | (48) |  |  | 701 |  |  | (49) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | 2,189 |  |  | (84) |  |  | 14,734 |  |  | (2,161) |  |  | 16,923 |  |  | (2,245) |
Commercial agency | 3,533 |  |  | (145) |  |  | 3,608 |  |  | (392) |  |  | 7,141 |  |  | (537) |
Commercial non-agency | 58 |  |  | (6) |  |  | 65 |  |  | (5) |  |  | 123 |  |  | (11) |
Corporate and other debt securities | 363 |  |  | (9) |  |  | 654 |  |  | (42) |  |  | 1,017 |  |  | (51) |
| $ | 6,444 |  |  | $ | (247) |  |  | $ | 20,661 |  |  | $ | (2,748) |  |  | $ | 27,105 |  |  | $ | (2,995) |
| December 31, 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 | $ | 251 |  |  | $ | (29) |  |  | $ | 7 |  |  | $ | (1) |  |  | $ | 258 |  |  | $ | (30) |
Commercial agency | 469 |  |  | (26) |  |  | 24 |  |  | (4) |  |  | 493 |  |  | (30) |
| $ | 720 |  |  | $ | (55) |  |  | $ | 31 |  |  | $ | (5) |  |  | $ | 751 |  |  | $ | (60) |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 276 |  |  | $ | (8) |  |  | $ | 903 |  |  | $ | (115) |  |  | $ | 1,179 |  |  | $ | (123) |
Federal agency securities | 766 |  |  | (50) |  |  | 53 |  |  | (12) |  |  | 819 |  |  | (62) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | 9,350 |  |  | (1,005) |  |  | 7,578 |  |  | (1,518) |  |  | 16,928 |  |  | (2,523) |
Commercial agency | 6,110 |  |  | (400) |  |  | 1,503 |  |  | (249) |  |  | 7,613 |  |  | (649) |
Commercial non-agency | 141 |  |  | (8) |  |  | 45 |  |  | (4) |  |  | 186 |  |  | (12) |
Corporate and other debt securities | 736 |  |  | (36) |  |  | 354 |  |  | (30) |  |  | 1,090 |  |  | (66) |
| $ | 17,379 |  |  | $ | (1,507) |  |  | $ | 10,436 |  |  | $ | (1,928) |  |  | $ | 27,815 |  |  | $ | (3,435) |
The number of individual debt positions in an unrealized loss position in the tables above decreased from 1,806 at December 31, 2022 to 1,763 at March 31, 2023. The decrease in the number of securities and the total amount of unrealized losses from year-end 2022 was primarily due to changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss represented credit impairment as of those dates. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost basis, which may be at maturity. Gross realized gains and gross realized losses on sales of debt securities available for sale were immaterial for the three months ended March 31, 2023. 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 months ended March 31, 2023 or 2022.

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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI https://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration