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Debt Securities | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | 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:
| June 30, 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 | $ | 228 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 220 |  |  | $ | — |  |  | $ | (20) |  |  | $ | 200 |
Commercial agency | 513 |  |  | — |  |  | — |  |  | 513 |  |  | — |  |  | (23) |  |  | 490 |
| $ | 741 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 733 |  |  | $ | — |  |  | $ | (43) |  |  | $ | 690 |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,486 |  |  | $ | 1 |  |  | $ | (97) |  |  | $ | 1,390 |  |  |  |  |  |  | $ | 1,390 |
Federal agency securities | 530 |  |  | 2 |  |  | (20) |  |  | 512 |  |  |  |  |  |  | 512 |
Obligations of states and political subdivisions | 2 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | 22,263 |  |  | 21 |  |  | (2,452) |  |  | 19,832 |  |  |  |  |  |  | 19,832 |
Commercial agency | 6,289 |  |  | 1 |  |  | (490) |  |  | 5,800 |  |  |  |  |  |  | 5,800 |
Commercial non-agency | 92 |  |  | — |  |  | (11) |  |  | 81 |  |  |  |  |  |  | 81 |
Corporate and other debt securities | 950 |  |  | 2 |  |  | (32) |  |  | 920 |  |  |  |  |  |  | 920 |
| $ | 31,612 |  |  | $ | 27 |  |  | $ | (3,102) |  |  | $ | 28,537 |  |  |  |  |  |  | $ | 28,537 |
| 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 $18.1 billion and $24.0 billion at June 30, 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 June 30, 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 | $ | 228 |  |  | $ | 200 |
Commercial agency | 513 |  |  | 490 |
| $ | 741 |  |  | $ | 690 |
Debt securities available for sale: |  |  |
Due in one year or less | $ | 329 |  |  | $ | 323 |
Due after one year through five years | 2,051 |  |  | 1,938 |
Due after five years through ten years | 438 |  |  | 429 |
Due after ten years | 150 |  |  | 134 |
Mortgage-backed securities: |  |  |
Residential agency | 22,263 |  |  | 19,832 |
Commercial agency | 6,289 |  |  | 5,800 |
Commercial non-agency | 92 |  |  | 81 |
| $ | 31,612 |  |  | $ | 28,537 |
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 June 30, 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.
| June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 200 |  |  | $ | (27) |  |  | $ | 200 |  |  | $ | (27) |
Commercial agency | — |  |  | — |  |  | 490 |  |  | (24) |  |  | 490 |  |  | (24) |
| $ | — |  |  | $ | — |  |  | $ | 690 |  |  | $ | (51) |  |  | $ | 690 |  |  | $ | (51) |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S Treasury securities | $ | 137 |  |  | $ | — |  |  | $ | 1,095 |  |  | $ | (97) |  |  | $ | 1,232 |  |  | $ | (97) |
Federal agency securities | 117 |  |  | (1) |  |  | 296 |  |  | (19) |  |  | 413 |  |  | (20) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | 3,703 |  |  | (46) |  |  | 14,133 |  |  | (2,406) |  |  | 17,836 |  |  | (2,452) |
Commercial agency | 139 |  |  | (2) |  |  | 5,632 |  |  | (488) |  |  | 5,771 |  |  | (490) |
Commercial non-agency | — |  |  | — |  |  | 81 |  |  | (11) |  |  | 81 |  |  | (11) |
Corporate and other debt securities | 105 |  |  | (1) |  |  | 689 |  |  | (31) |  |  | 794 |  |  | (32) |
| $ | 4,201 |  |  | $ | (50) |  |  | $ | 21,926 |  |  | $ | (3,052) |  |  | $ | 26,127 |  |  | $ | (3,102) |
| 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 1,752 at June 30, 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 June 30, 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 and six months ended June 30, 2024 totaled $50 million and $100 million, respectively, and gross realized gains for both the three and six months ended June 30, 2024 were zero. Gross realized gains and losses on sales of debt securities were immaterial for three and six months ended June 30, 2023. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, including credit-related impairment, impairment identified by management was immaterial for the three and six months ended June 30, 2024 and 2023.

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