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SECURITIES (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020															December 31, 2019
(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			$11			$—			$—			$11						$71			$—			$—			$71
State and political subdivisions			3			—			—			3						5			—			—			5
Mortgage-backed securities, at fair value:
Federal agencies and U.S. government sponsored entities			21,954			571			(19)			22,506						19,803			143			(71)			19,875
Other/non-agency			396			26			—			422						638			24			—			662
Total mortgage-backed securities, at fair value			22,350			597			(19)			22,928						20,441			167			(71)			20,537
Total debt securities available for sale, at fair value			$22,364			$597			($19)			$22,942						$20,517			$167			($71)			$20,613
Federal agencies and U.S. government sponsored entities			$2,342			$122			$—			$2,464						$3,202			$45			($5)			$3,242
Total mortgage-backed securities, at cost			2,342			122			—			2,464						3,202			45			(5)			3,242
Asset-backed securities, at cost (1)			893			—			—			893						—			—			—			—
Total debt securities held to maturity			$3,235			$122			$—			$3,357						$3,202			$45			($5)			$3,242
Equity securities, at fair value			$66			$—			$—			$66						$47			$—			$—			$47
Equity securities, at cost			604			—			—			604						807			—			—			807

(1) In 2020, Citizens sold $1.1 billion of private in-school education loans, inclusive of accrued interest, capitalized interest and fees. As part of the transaction, the Company provided financing to the purchaser for a portion of the sale price in the form of $893 million of asset-backed securities, collateralized by the assets of the purchasing entity, which were initially classified as AFS. In October, 2020 management transferred these securities to the HTM portfolio upon concluding that the Company has the ability and the intent to hold the securities through maturity. Refer to Note 10 for additional information.

Schedule of investments classified by maturity date

The following table presents the amortized cost and fair value of debt securities by contractual maturity as of December 31, 2020. 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			After 1 Year through 5 Years			After 5 Years through 10 Years			After 10 Years			Total
Amortized cost:
U.S. Treasury and other			$11			$—			$—			$—			$11
State and political subdivisions			—			—			—			3			3
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			1			127			1,616			20,210			21,954
Other/non-agency			—			—			—			396			396
Total debt securities available for sale			12			127			1,616			20,609			22,364
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			2,342			2,342
Asset-backed securities			—			—			893			—			893
Total debt securities held to maturity			—			—			893			2,342			3,235
Total amortized cost of debt securities			$12			$127			$2,509			$22,951			$25,599
Fair value:
U.S. Treasury and other			$11			$—			$—			$—			$11
State and political subdivisions			—			—			—			3			3
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			1			133			1,660			20,712			22,506
Other/non-agency			—			—			—			422			422
Total debt securities available for sale			12			133			1,660			21,137			22,942
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			2,464			2,464
Asset-backed securities			—			—			893			—			893
Total debt securities held to maturity			—			—			893			2,464			3,357
Total fair value of debt securities			$12			$133			$2,553			$23,601			$26,299

Schedule of income recognized on investment securities

The following table presents realized gains and losses on securities:

			Year Ended December 31,
(in millions)			2020						2019						2018
Gains on sale of debt securities (1)			$6						$41						$19
Losses on sale of debt securities			(2)						(16)						—
Debt securities gains, net			$4						$25						$19

(1) For the year ended December 31, 2019, $6 million of gains on sale of debt securities were recognized in mortgage banking fees in the Consolidated Statements of Operations, as they related to AFS securities held as economic hedges of the value of the MSR portfolio recognized using the amortization method.

Schedule of financial instruments owned and pledged as collateral

The following table presents the amortized cost and fair value of debt securities pledged:

			December 31, 2020									December 31, 2019
(in millions)			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Pledged against repurchase agreements			$224			$231						$265			$266
Pledged against FHLB borrowed funds			394			423						638			662
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law			3,818			3,937						3,670			3,672

Schedule of unrealized loss on investments

The following table presents AFS mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

December 31, 2020

Less than 12 Months

12 Months or Longer

Total

(dollars in millions)

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Federal agencies and U.S. government sponsored entities

$1,991

($19)

$—

$—

$1,991

($19)

The following table present AFS and HTM mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

December 31, 2019

Less than 12 Months

12 Months or Longer

Total

(dollars in millions)

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Fair Value

Gross Unrealized Losses

Federal agencies and U.S. government sponsored entities

$5,135

($24)

$3,748

($52)

$8,883

($76)

X

- 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.

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Tabular disclosure of financial instruments held by the entity for its own account for trading or investment purposes that are carried at fair value and pledged to counterparties as collateral for financing transactions. Description may include equity, fixed income, debt or other securities.

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