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SECURITIES (Tables)

3 Months Ended

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)

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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