Debt Securities (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

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

NOTE 3. DEBT SECURITIES

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:


	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.

Schedule Of Cost And Estimated Fair Value Of Securities Available For Sale And 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 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

Schedule Of Gross Unrealized Losses And Estimated Fair Value Of 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 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)