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SECURITIES (Tables)

9 Months Ended

Sep. 30, 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:

			September 30, 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			2			—			—			2						3			—			—			3
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			23,838			307			(305)			23,840						21,954			571			(19)			22,506
Other/non-agency			280			11			—			291						396			26			—			422
Total mortgage-backed securities			24,118			318			(305)			24,131						22,350			597			(19)			22,928
Collateralized loan obligations			767			—			—			767						—			—			—			—
Total debt securities available for sale, at fair value			$24,898			$318			($305)			$24,911						$22,364			$597			($19)			$22,942
Federal agencies and U.S. government sponsored entities			$1,705			$73			$—			$1,778						$2,342			$122			$—			$2,464
Total mortgage-backed securities			1,705			73			—			1,778						2,342			122			—			2,464
Asset-backed securities			787			2			—			789						893			—			—			893
Total debt securities held to maturity			$2,492			$75			$—			$2,567						$3,235			$122			$—			$3,357
Equity securities, at cost			$616			$—			$—			$616						$604			$—			$—			$604
Equity securities, at fair value			88			—			—			88						66			—			—			66

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 September 30, 2021. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.

			September 30, 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			—			—			—			2			2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			1			32			1,989			21,816			23,838
Other/non-agency			—			—			—			280			280
Collateralized loan obligations			—			—			—			767			767
Total debt securities available for sale			12			32			1,989			22,865			24,898
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			1,705			1,705
Asset-backed securities			—			—			787			—			787
Total debt securities held to maturity			—			—			787			1,705			2,492
Total amortized cost of debt securities			$12			$32			$2,776			$24,570			$27,390
Fair value:
U.S. Treasury and other			$11			$—			$—			$—			$11
State and political subdivisions			—			—			—			2			2
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			1			33			2,036			21,770			23,840
Other/non-agency			—			—			—			291			291
Collateralized loan obligations			—			—			—			767			767
Total debt securities available for sale			12			33			2,036			22,830			24,911
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			1,778			1,778
Asset-backed securities			—			—			789			—			789
Total debt securities held to maturity			—			—			789			1,778			2,567
Total fair value of debt securities			$12			$33			$2,825			$24,608			$27,478

Schedule of income recognized on investment securities

The following table presents realized gains and losses on securities:

			Three Months Ended September 30,												Nine Months Ended September 30,
(in millions)			2021						2020						2021						2020
Gains on sale of debt securities			$3						$1						$9						$4
Losses on sale of debt securities			—						—						—						—
Debt securities gains, net			$3						$1						$9						$4

Schedule of financial instruments owned and pledged as collateral

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

			September 30, 2021									December 31, 2020
(in millions)			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law			$4,547			$4,556						$3,818			$3,937
Pledged against FHLB borrowed funds			227			239						394			423
Pledged against repurchase agreements			1			1						224			231

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:

September 30, 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

$682

($21)

$11,969

($284)

$12,651

($305)

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.

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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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