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SECURITIES (Tables) | 12 Months Ended
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Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Schedule of securities held | The following table presents the major components of securities at amortized cost and fair value:
| December 31, 2018 |  | December 31, 2017
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
Debt Securities Available for Sale, at Fair Value |  |  |  |  |  |  |  |  |
U.S. Treasury and other |  | $24 |  |  | $— |  |  | $— |  |  | $24 |  |  |  | $12 |  |  | $— |  |  | $— |  |  | $12 |
State and political subdivisions | 5 |  | — |  | — |  | 5 |  |  | 6 |  | — |  | — |  | 6 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 20,211 |  | 28 |  | (605 | ) | 19,634 |  |  | 20,065 |  | 40 |  | (277 | ) | 19,828 |
Other/non-agency | 236 |  | 3 |  | (7 | ) | 232 |  |  | 311 |  | 7 |  | (7 | ) | 311 |
Total mortgage-backed securities | 20,447 |  | 31 |  | (612 | ) | 19,866 |  |  | 20,376 |  | 47 |  | (284 | ) | 20,139 |
Total debt securities available for sale, at fair value |  | $20,476 |  |  | $31 |  |  | ($612 | ) |  | $19,895 |  |  |  | $20,394 |  |  | $47 |  |  | ($284 | ) |  | $20,157 |
Debt Securities Held to Maturity |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities |  | $3,425 |  |  | $— |  |  | ($132 | ) |  | $3,293 |  |  |  | $3,853 |  |  | $7 |  |  | ($46 | ) |  | $3,814 |
Other/non-agency | 740 |  | 8 |  | — |  | 748 |  |  | 832 |  | 22 |  | — |  | 854 |
Total mortgage-backed securities | 4,165 |  | 8 |  | (132 | ) | 4,041 |  |  | 4,685 |  | 29 |  | (46 | ) | 4,668 |
Total debt securities held to maturity |  | $4,165 |  |  | $8 |  |  | ($132 | ) |  | $4,041 |  |  |  | $4,685 |  |  | $29 |  |  | ($46 | ) |  | $4,668 |
Equity Securities, at Fair Value |  |  |  |  |  |  |  |  |
Money market mutual fund investments |  | $181 |  |  | $— |  |  | $— |  |  | $181 |  |  |  | $165 |  |  | $— |  |  | $— |  |  | $165 |
Other investments | — |  | — |  | — |  | — |  |  | 4 |  | — |  | — |  | 4 |
Total equity securities, at fair value |  | $181 |  |  | $— |  |  | $— |  |  | $181 |  |  |  | $169 |  |  | $— |  |  | $— |  |  | $169 |
Equity Securities, at Cost |  |  |  |  |  |  |  |  |
Federal Reserve Bank stock |  | $463 |  |  | $— |  |  | $— |  |  | $463 |  |  |  | $463 |  |  | $— |  |  | $— |  |  | $463 |
Federal Home Loan Bank stock | 364 |  | — |  | — |  | 364 |  |  | 252 |  | — |  | — |  | 252 |
Other equity securities | 7 |  | — |  | — |  | 7 |  |  | 7 |  | — |  | — |  | 7 |
Total equity securities, at cost |  | $834 |  |  | $— |  |  | $— |  |  | $834 |  |  |  | $722 |  |  | $— |  |  | $— |  |  | $722 |
Schedule of investments classified by maturity date | The amortized cost and fair value of debt securities by contractual maturity are presented below. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
| Distribution of Maturities
(in millions) | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total |
Amortized Cost: |  |  |  |  |
Debt securities available for sale |  |  |  |  |
U.S. Treasury and other |  | $24 |  |  | $— |  |  | $— |  |  | $— |  |  | $24 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 281 |  | 1,540 |  | 18,390 |  | 20,211 |
Other/non-agency | 1 |  | 10 |  | — |  | 225 |  | 236 |
Total debt securities available for sale | 25 |  | 291 |  | 1,540 |  | 18,620 |  | 20,476 |
Debt securities held to maturity: |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,425 |  | 3,425 |
Other/non-agency | — |  | — |  | — |  | 740 |  | 740 |
Total debt securities held to maturity | — |  | — |  | — |  | 4,165 |  | 4,165 |
Total amortized cost of debt securities |  | $25 |  |  | $291 |  |  | $1,540 |  |  | $22,785 |  |  | $24,641 |
Fair Value: |  |  |  |  |
Debt securities available for sale |  |  |  |  |
U.S. Treasury and other |  | $24 |  |  | $— |  |  | $— |  |  | $— |  |  | $24 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 274 |  | 1,505 |  | 17,855 |  | 19,634 |
Other/non-agency | 1 |  | 10 |  | — |  | 221 |  | 232 |
Total debt securities available for sale | 25 |  | 284 |  | 1,505 |  | 18,081 |  | 19,895 |
Debt securities held to maturity |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,293 |  | 3,293 |
Other/non-agency | — |  | — |  | — |  | 748 |  | 748 |
Total debt securities held to maturity | — |  | — |  | — |  | 4,041 |  | 4,041 |
Total fair value of debt securities |  | $25 |  |  | $284 |  |  | $1,505 |  |  | $22,122 |  |  | $23,936 |
Schedule of income recognized on investment securities | Realized gains and losses on securities are presented below:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Gains on sale of debt securities |  | $19 |  |  |  | $11 |  |  |  | $18 |
Losses on sale of debt securities | — |  |  | — |  |  | (2 | )
Debt securities gains, net |  | $19 |  |  |  | $11 |  |  |  | $16 |
Equity securities gains |  | $— |  |  |  | $1 |  |  |  | $3 |
Schedule of financial instruments owned and pledged as collateral | The amortized cost and fair value of debt securities pledged are presented below:
| December 31, 2018 |  | December 31, 2017
(in millions) | Amortized Cost | Fair Value |  |  | Amortized Cost | Fair Value |
Pledged against repurchase agreements |  | $344 |  |  | $338 |  |  |  | $358 |  |  | $357 |
Pledged against FHLB borrowed funds | 745 |  | 752 |  |  | 839 |  | 861 |
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,592 |  | 3,460 |  |  | 3,113 |  | 3,082 |
Other than temporary impairment recognized in earnings | The following table presents the net securities impairment losses recognized in earnings:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Other-than-temporary impairment: |  |  |  |  |
Total other-than-temporary impairment losses |  | ($7 | ) |  |  | ($7 | ) |  |  | ($39 | )
Portions of loss recognized in other comprehensive income (before taxes) | 4 |  |  | — |  |  | 27 |
Net securities impairment losses recognized in earnings |  | ($3 | ) |  |  | ($7 | ) |  |  | ($12 | )
Schedule of unrealized loss on investments | The following tables present mortgage-backed debt securities whose fair values are below carrying values, segregated by those that have been in a continuous unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer:
| December 31, 2018
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities | 166 |  |  | $4,881 |  |  | ($89 | ) |  | 429 |  |  | $15,124 |  |  | ($648 | ) |  | 595 |  |  | $20,005 |  |  | ($737 | )
Other/non-agency | 10 |  | 139 |  | (1 | ) |  | 11 |  | 72 |  | (6 | ) |  | 21 |  | 211 |  | (7 | )
Total | 176 |  |  | $5,020 |  |  | ($90 | ) |  | 440 |  |  | $15,196 |  |  | ($654 | ) |  | 616 |  |  | $20,216 |  |  | ($744 | )
| December 31, 2017
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses |  | Number of Issues | Fair Value | Gross Unrealized Losses
Federal agencies and U.S. government sponsored entities | 294 |  |  | $10,163 |  |  | ($97 | ) |  | 152 |  |  | $8,061 |  |  | ($226 | ) |  | 446 |  |  | $18,224 |  |  | ($323 | )
Other/non-agency | 6 |  | 55 |  | (1 | ) |  | 10 |  | 84 |  | (6 | ) |  | 16 |  | 139 |  | (7 | )
Total | 300 |  |  | $10,218 |  |  | ($98 | ) |  | 162 |  |  | $8,145 |  |  | ($232 | ) |  | 462 |  |  | $18,363 |  |  | ($330 | )
Schedule of credit losses recognized in earnings | The following table presents the cumulative credit-related losses recognized in earnings on debt securities held by the Company:
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
Cumulative balance at beginning of period |  | $80 |  |  |  | $75 |  |  |  | $66 |
Credit impairments recognized in earnings on debt securities that have been previously impaired | 3 |  |  | 7 |  |  | 12 |
Reductions due to increases in cash flow expectations on impaired debt securities (1) | (2 | ) |  | (2 | ) |  | (3 | )
Cumulative balance at end of period |  | $81 |  |  |  | $80 |  |  |  | $75 |
(1) Reported in interest income from investment securities on the Consolidated Statements of Operations.

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