XML 28 R11.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Debt Securities

3 Months Ended

Mar. 31, 2024

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, 2024
									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			$	237					$	—					$	(8)					$	229					$	—					$	(18)					$	211
Commercial agency			514						—						—						514						—						(24)						490
			$	751					$	—					$	(8)					$	743					$	—					$	(42)					$	701
Debt securities available for sale:
U.S. Treasury securities			$	1,211					$	—					$	(101)					$	1,110																	$	1,110
Federal agency securities			566						2						(23)						545																		545
Obligations of states and political subdivisions			2						—						—						2																		2
Mortgage-backed securities:
Residential agency			20,686						33						(2,369)						18,350																		18,350
Commercial agency			7,304						1						(528)						6,777																		6,777
Commercial non-agency			93						—						(11)						82																		82
Corporate and other debt securities			1,047						2						(34)						1,015																		1,015
			$	30,909					$	38					$	(3,066)					$	27,881																	$	27,881

 

			December 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			$	247					$	—					$	(8)					$	239					$	—					$	(16)					$	223
Commercial agency			516						—						(1)						515						—						(22)						493
			$	763					$	—					$	(9)					$	754					$	—					$	(38)					$	716
Debt securities available for sale:
U.S. Treasury securities			$	1,322					$	—					$	(99)					$	1,223																	$	1,223
Federal agency securities			1,085						4						(46)						1,043																		1,043
Obligations of states and political subdivisions			2						—						—						2																		2
Mortgage-backed securities:
Residential agency			19,450						52						(2,130)						17,372																		17,372
Commercial agency			7,807						2						(502)						7,307																		7,307
Commercial non-agency			93						—						(10)						83																		83
Corporate and other debt securities			1,105						4						(35)						1,074																		1,074
			$	30,864					$	62					$	(2,822)					$	28,104																	$	28,104

_________

(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 $19.7 billion and $24.0 billion at March 31, 2024 and December 31, 2023, 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, 2024, 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			$	237					$	211
Commercial agency			514						490
			$	751					$	701
Debt securities available for sale:
Due in one year or less			$	367					$	360
Due after one year through five years			1,851						1,729
Due after five years through ten years			457						448
Due after ten years			151						135
Mortgage-backed securities:
Residential agency			20,686						18,350
Commercial agency			7,304						6,777
Commercial non-agency			93						82
			$	30,909					$	27,881

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, 2024 and December 31, 2023. 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, 2024
			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			$	—					$	—					$	211					$	(26)					$	211					$	(26)
Commercial agency			—						—						490						(24)						490						(24)
			$	—					$	—					$	701					$	(50)					$	701					$	(50)
Debt securities available for sale:
U.S Treasury securities			$	10					$	—					$	1,086					$	(101)					$	1,096					$	(101)
Federal agency securities			349						(9)						98						(14)						447						(23)
Mortgage-backed securities:
Residential agency			2,091						(17)						14,635						(2,352)						16,726						(2,369)
Commercial agency			654						(16)						6,030						(512)						6,684						(528)
Commercial non-agency			—						—						82						(11)						82						(11)
Corporate and other debt securities			51						(1)						802						(33)						853						(34)
			$	3,155					$	(43)					$	22,733					$	(3,023)					$	25,888					$	(3,066)

 

			December 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			$	—					$	—					$	223					$	(23)					$	223					$	(23)
Commercial agency			—						—						493						(23)						493						(23)
			$	—					$	—					$	716					$	(46)					$	716					$	(46)
Debt securities available for sale:
U.S. Treasury securities			$	6					$	—					$	1,201					$	(99)					$	1,207					$	(99)
Federal agency securities			237						(5)						666						(41)						903						(46)
Mortgage-backed securities:
Residential agency			241						(3)						15,144						(2,127)						15,385						(2,130)
Commercial agency			612						(7)						6,583						(495)						7,195						(502)
Commercial non-agency			—						—						82						(10)						82						(10)
Corporate and other debt securities			23						—						879						(35)						902						(35)
			$	1,119					$	(15)					$	24,555					$	(2,807)					$	25,674					$	(2,822)

The number of individual debt positions in an unrealized loss position in the tables above increased to 1,738 at March 31, 2024 from 1,703 at December 31, 2023. The increase in the total amount of unrealized losses was impacted by 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. At March 31, 2024, 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 bases, which may be at maturity.

Gross realized losses on sales of debt securities available for sale for the three months ended March 31, 2024 totaled $50 million while gross realized gains were zero. Gross realized gains and losses on sales of debt securities were immaterial for 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, impairment identified by management was immaterial for the three months ended March 31, 2024. No credit-related impairment was identified by management for three months ended March 31, 2023.

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