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v3.21.1

SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2021
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, 2021 |  | December 31, 2020
(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 |  |  | $11 |  | $— |  | $— |  | $11 |
State and political subdivisions | 3 |  | — |  | — |  | 3 |  |  | 3 |  | — |  | — |  | 3 |
Mortgage-backed securities, at fair value: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 23,966 |  | 415 |  | (268) |  | 24,113 |  |  | 21,954 |  | 571 |  | (19) |  | 22,506 |
Other/non-agency | 324 |  | 16 |  | — |  | 340 |  |  | 396 |  | 26 |  | — |  | 422 |
Total mortgage-backed securities, at fair value | 24,290 |  | 431 |  | (268) |  | 24,453 |  |  | 22,350 |  | 597 |  | (19) |  | 22,928 |
Total debt securities available for sale, at fair value | $24,304 |  | $431 |  | ($268) |  | $24,467 |  |  | $22,364 |  | $597 |  | ($19) |  | $22,942 |
Federal agencies and U.S. government sponsored entities | $2,139 |  | $84 |  | $— |  | $2,223 |  |  | $2,342 |  | $122 |  | $— |  | $2,464 |
Total mortgage-backed securities, at cost | 2,139 |  | 84 |  | — |  | 2,223 |  |  | 2,342 |  | 122 |  | — |  | 2,464 |
Asset-backed securities, at cost | 856 |  | — |  | (2) |  | 854 |  |  | 893 |  | — |  | — |  | 893 |
Total debt securities held to maturity | $2,995 |  | $84 |  | ($2) |  | $3,077 |  |  | $3,235 |  | $122 |  | $— |  | $3,357 |
Equity securities, at fair value | $73 |  | $— |  | $— |  | $73 |  |  | $66 |  | $— |  | $— |  | $66 |
Equity securities, at cost | 603 |  | — |  | — |  | 603 |  |  | 604 |  | — |  | — |  | 604 |
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 March 31, 2021. 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, 2021
| 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 | 2 |  | 108 |  | 1,626 |  | 22,230 |  | 23,966 |
Other/non-agency | — |  | — |  | — |  | 324 |  | 324 |
Total debt securities available for sale | 13 |  | 108 |  | 1,626 |  | 22,557 |  | 24,304 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 2,139 |  | 2,139 |
Asset-backed securities | — |  | — |  | 856 |  | — |  | 856 |
Total debt securities held to maturity | — |  | — |  | 856 |  | 2,139 |  | 2,995 |
Total amortized cost of debt securities | $13 |  | $108 |  | $2,482 |  | $24,696 |  | $27,299 |
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 | 2 |  | 111 |  | 1,676 |  | 22,324 |  | 24,113 |
Other/non-agency | — |  | — |  | — |  | 340 |  | 340 |
Total debt securities available for sale | 13 |  | 111 |  | 1,676 |  | 22,667 |  | 24,467 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  |  | 2,223 |  | 2,223 |
Asset-backed securities | — |  | — |  | 854 |  | — |  | 854 |
Total debt securities held to maturity | — |  | — |  | 854 |  | 2,223 |  | 3,077 |
Total fair value of debt securities | $13 |  | $111 |  | $2,530 |  | $24,890 |  | $27,544 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on securities:
|  |  | Three Months Ended March 31,
(in millions) |  |  |  |  | 2021 |  | 2020
Gains on sale of debt securities |  |  |  |  | $3 |  |  | $— |
Losses on sale of debt securities |  |  |  |  | — |  |  | — |
Debt securities gains, net |  |  |  |  | $3 |  |  | $— |
Schedule of financial instruments owned and pledged as collateral | The following table presents the amortized cost and fair value of debt securities pledged:
| March 31, 2021 |  | December 31, 2020
(in millions) | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Pledged against repurchase agreements | $53 |  | $55 |  |  | $224 |  | $231 |
Pledged against FHLB borrowed funds | 322 |  | 340 |  |  | 394 |  | 423 |
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law | 3,677 |  | 3,725 |  |  | 3,818 |  | 3,937 |
Schedule of unrealized loss on investments | The following tables present 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:
| March 31, 2021
| 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 | $9,997 |  | ($268) |  |  | $— |  | $— |  |  | $9,997 |  | ($268) |
| 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) |

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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 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66007379&loc=d3e113888-111728 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 30 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729 + Details
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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 + Details
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