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v3.19.1

SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2019
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:
| March 31, 2019 |  | December 31, 2018
(in millions) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasury and other |  | $72 |  |  | $— |  |  | $— |  |  | $72 |  |  |  | $24 |  |  | $— |  |  | $— |  |  | $24 |
State and political subdivisions | 5 |  | — |  | — |  | 5 |  |  | 5 |  | — |  | — |  | 5 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 20,768 |  | 66 |  | (337 | ) | 20,497 |  |  | 20,211 |  | 28 |  | (605 | ) | 19,634 |
Other/non-agency | 916 |  | 18 |  | (4 | ) | 930 |  |  | 236 |  | 3 |  | (7 | ) | 232 |
Total mortgage-backed securities, at fair value | 21,684 |  | 84 |  | (341 | ) | 21,427 |  |  | 20,447 |  | 31 |  | (612 | ) | 19,866 |
Total debt securities available for sale, at fair value |  | $21,761 |  |  | $84 |  |  | ($341 | ) |  | $21,504 |  |  |  | $20,476 |  |  | $31 |  |  | ($612 | ) |  | $19,895 |
Federal agencies and U.S. government sponsored entities |  | $3,345 |  |  | $1 |  |  | ($79 | ) |  | $3,267 |  |  |  | $3,425 |  |  | $— |  |  | ($132 | ) |  | $3,293 |
Other/non-agency | — |  | — |  | — |  | — |  |  | 740 |  | 8 |  | — |  | 748 |
Total mortgage-backed securities, at cost | 3,345 |  | 1 |  | (79 | ) | 3,267 |  |  | 4,165 |  | 8 |  | (132 | ) | 4,041 |
Total debt securities held to maturity |  | $3,345 |  |  | $1 |  |  | ($79 | ) |  | $3,267 |  |  |  | $4,165 |  |  | $8 |  |  | ($132 | ) |  | $4,041 |
Money market mutual fund investments |  | $198 |  |  | $— |  |  | $— |  |  | $198 |  |  |  | $181 |  |  | $— |  |  | $— |  |  | $181 |
Total equity securities, at fair value |  | $198 |  |  | $— |  |  | $— |  |  | $198 |  |  |  | $181 |  |  | $— |  |  | $— |  |  | $181 |
Federal Reserve Bank stock |  | $463 |  |  | $— |  |  | $— |  |  | $463 |  |  |  | $463 |  |  | $— |  |  | $— |  |  | $463 |
Federal Home Loan Bank stock | 133 |  | — |  | — |  | 133 |  |  | 364 |  | — |  | — |  | 364 |
Other equity securities | 8 |  | — |  | — |  | 8 |  |  | 7 |  | — |  | — |  | 7 |
Total equity securities, at cost |  | $604 |  |  | $— |  |  | $— |  |  | $604 |  |  |  | $834 |  |  | $— |  |  | $— |  |  | $834 |
Schedule of investments classified by maturity date | The amortized cost and fair value of debt securities by contractual maturity as of March 31, 2019 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.
| March 31, 2019
| Distribution of Maturities
(in millions) | 1 Year or Less | 1-5 Years | 5-10 Years | After 10 Years | Total |
Amortized cost: |  |  |  |  |
U.S. Treasury and other |  | $72 |  |  | $— |  |  | $— |  |  | $— |  |  | $72 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 251 |  | 1,641 |  | 18,876 |  | 20,768 |
Other/non-agency | 2 |  | 8 |  | — |  | 906 |  | 916 |
Total debt securities available for sale | 74 |  | 259 |  | 1,641 |  | 19,787 |  | 21,761 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,345 |  | 3,345 |
Total debt securities held to maturity | — |  | — |  | — |  | 3,345 |  | 3,345 |
Total amortized cost of debt securities |  | $74 |  |  | $259 |  |  | $1,641 |  |  | $23,132 |  |  | $25,106 |
Fair value: |  |  |  |  |
U.S. Treasury and other |  | $72 |  |  | $— |  |  | $— |  |  | $— |  |  | $72 |
State and political subdivisions | — |  | — |  | — |  | 5 |  | 5 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 247 |  | 1,634 |  | 18,616 |  | 20,497 |
Other/non-agency | 2 |  | 8 |  | — |  | 920 |  | 930 |
Total debt securities available for sale | 74 |  | 255 |  | 1,634 |  | 19,541 |  | 21,504 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 3,267 |  | 3,267 |
Total debt securities held to maturity | — |  | — |  | — |  | 3,267 |  | 3,267 |
Total fair value of debt securities |  | $74 |  |  | $255 |  |  | $1,634 |  |  | $22,808 |  |  | $24,771 |
Schedule of income recognized on investment securities | Realized gains and losses on securities are presented below:
| Three Months Ended March 31,
(in millions) | 2019 |  |  | 2018 |
Gains on sale of debt securities |  | $8 |  |  |  | $8 |
Losses on sale of debt securities | — |  |  | — |
Debt securities gains, net |  | $8 |  |  |  | $8 |
Schedule of financial instruments owned and pledged as collateral | The amortized cost and fair value of debt securities pledged are presented below:
| March 31, 2019 |  | December 31, 2018
(in millions) | Amortized Cost | Fair Value |  |  | Amortized Cost | Fair Value |
Pledged against repurchase agreements |  | $294 |  |  | $294 |  |  |  | $344 |  |  | $338 |
Pledged against FHLB borrowed funds | — |  | — |  |  | 745 |  | 752 |
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,306 |  | 3,248 |  |  | 3,592 |  | 3,460 |
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:
| March 31, 2019
| 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 | 13 |  |  | $569 |  |  | ($1 | ) |  | 519 |  |  | $17,548 |  |  | ($415 | ) |  | 532 |  |  | $18,117 |  |  | ($416 | )
Other/non-agency | — |  | — |  | — |  |  | 7 |  | 48 |  | (4 | ) |  | 7 |  | 48 |  | (4 | )
Total | 13 |  |  | $569 |  |  | ($1 | ) |  | 526 |  |  | $17,596 |  |  | ($419 | ) |  | 539 |  |  | $18,165 |  |  | ($420 | )
| 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 | )
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:
| Three Months Ended March 31,
(in millions) | 2019 |  |  | 2018 |
Cumulative balance at beginning of period |  | $81 |  |  |  | $80 |
Credit impairments recognized in earnings on debt securities that have been previously impaired | 1 |  |  | 1 |
Reductions due to increases in cash flow expectations on impaired debt securities(1) | — |  |  | (1 | )
Reductions for securities sold during the period(2) | (4 | ) |  | — |
Cumulative balance at end of period |  | $78 |  |  |  | $80 |
(1) Reported in interest income from investment securities on the Consolidated Statements of Operations. (2) Reported in securities gains, net on the Consolidated Statements of Operations.

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- Definition Tabular disclosure of available-for-sale, held to maturity, and other investment securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, and amortized cost basis. + References No definition available. + Details
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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=82897076&loc=d3e27340-111563 + Details
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