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SECURITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |  | December 31, 2023
(dollars in millions) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasury and other | $4,944 |  | $8 |  | ($182) |  | $4,770 |  |  | $4,493 |  | $26 |  | ($139) |  | $4,380 |
State and political subdivisions | 1 |  | — |  | — |  | 1 |  |  | 1 |  | — |  | — |  | 1 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 27,989 |  | 26 |  | (2,150) |  | 25,865 |  |  | 26,289 |  | 45 |  | (1,857) |  | 24,477 |
Other/non-agency | 278 |  | — |  | (21) |  | 257 |  |  | 279 |  | — |  | (24) |  | 255 |
Total mortgage-backed securities | 28,267 |  | 26 |  | (2,171) |  | 26,122 |  |  | 26,568 |  | 45 |  | (1,881) |  | 24,732 |
Collateralized loan obligations | 293 |  | 1 |  | — |  | 294 |  |  | 667 |  | — |  | (3) |  | 664 |
Total debt securities available for sale, at fair value | $33,505 |  | $35 |  | ($2,353) |  | $31,187 |  |  | $31,729 |  | $71 |  | ($2,023) |  | $29,777 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | $8,587 |  | $1 |  | ($906) |  | $7,682 |  |  | $8,696 |  | $9 |  | ($818) |  | $7,887 |
Total mortgage-backed securities | 8,587 |  | 1 |  | (906) |  | 7,682 |  |  | 8,696 |  | 9 |  | (818) |  | 7,887 |
Asset-backed securities | 467 |  | 1 |  | (18) |  | 450 |  |  | 488 |  | — |  | (25) |  | 463 |
Total debt securities held to maturity | $9,054 |  | $2 |  | ($924) |  | $8,132 |  |  | $9,184 |  | $9 |  | ($843) |  | $8,350 |
Equity securities, at cost(2) | $791 |  | $— |  | $— |  | $791 |  |  | $869 |  | $— |  | $— |  | $869 |
Equity securities, at fair value(2) | 178 |  | — |  | — |  | 178 |  |  | 173 |  | — |  | — |  | 173 |
(1) Excludes portfolio level basis adjustments of $(74) million and $60 million, respectively, for securities designated in active fair value hedge relationships at March 31, 2024 and December 31, 2023. (2) Included in other assets in the Consolidated Balance Sheets.
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, 2024. 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
(dollars 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 | $— |  | $3,507 |  | $1,437 |  | $— |  | $4,944 |
State and political subdivisions | — |  | — |  | — |  | 1 |  | 1 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 1,853 |  | 2,056 |  | 24,080 |  | 27,989 |
Other/non-agency | — |  | — |  | — |  | 278 |  | 278 |
Collateralized loan obligations | — |  | — |  | 59 |  | 234 |  | 293 |
Total debt securities available for sale | — |  | 5,360 |  | 3,552 |  | 24,593 |  | 33,505 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 8,587 |  | 8,587 |
Asset-backed securities | — |  | 467 |  | — |  | — |  | 467 |
Total debt securities held to maturity | — |  | 467 |  | — |  | 8,587 |  | 9,054 |
Total amortized cost of debt securities | $— |  | $5,827 |  | $3,552 |  | $33,180 |  | $42,559 |
Fair value: |  |  |  |  |
U.S. Treasury and other | $— |  | $3,334 |  | $1,436 |  | $— |  | $4,770 |
State and political subdivisions | — |  | — |  | — |  | 1 |  | 1 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 1,761 |  | 1,945 |  | 22,159 |  | 25,865 |
Other/non-agency | — |  | — |  | — |  | 257 |  | 257 |
Collateralized loan obligations | — |  | — |  | 59 |  | 235 |  | 294 |
Total debt securities available for sale | — |  | 5,095 |  | 3,440 |  | 22,652 |  | 31,187 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 7,682 |  | 7,682 |
Asset-backed securities | — |  | 450 |  | — |  | — |  | 450 |
Total debt securities held to maturity | — |  | 450 |  | — |  | 7,682 |  | 8,132 |
Total fair value of debt securities | $— |  | $5,545 |  | $3,440 |  | $30,334 |  | $39,319 |
Schedule of income recognized on investment securities | The following table presents realized gains and losses on the sale of securities:
| Three Months Ended March 31, |  |
(dollars in millions) | 2024 |  | 2023 |  |  |  |
Gains | $5 |  |  | $9 |  |  |  |  |
Losses | — |  |  | (4) |  |  |  |  |
Securities gains, net | $5 |  |  | $5 |  |  |  |  |
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, 2024 |  | December 31, 2023
(dollars in millions) | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law | $7,402 |  | $6,838 |  |  | $5,619 |  | $5,305 |
Pledged as collateral for FHLB borrowing capacity | 242 |  | 222 |  |  | 242 |  | 220 |
Pledged against repurchase agreements | — |  | — |  |  | — |  | — |
Schedule of unrealized loss on investments | The following tables present AFS 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, 2024
| 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
U.S. Treasury and other | $758 |  | ($7) |  |  | $3,211 |  | ($175) |  |  | $3,969 |  | ($182) |
State and political subdivisions | — |  | — |  |  | 1 |  | — |  |  | 1 |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 5,710 |  | (39) |  |  | 16,007 |  | (2,111) |  |  | 21,717 |  | (2,150) |
Other/non-agency | — |  | — |  |  | 257 |  | (21) |  |  | 257 |  | (21) |
Total mortgage-backed securities | 5,710 |  | (39) |  |  | 16,264 |  | (2,132) |  |  | 21,974 |  | (2,171) |
Collateralized loan obligations | 74 |  | — |  |  | 10 |  | — |  |  | 84 |  | — |
Total | $6,542 |  | ($46) |  |  | $19,486 |  | ($2,307) |  |  | $26,028 |  | ($2,353) |
| December 31, 2023
| 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
U.S. Treasury and other | $49 |  | $— |  |  | $3,245 |  | ($139) |  |  | $3,294 |  | ($139) |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 2,939 |  | (24) |  |  | 16,398 |  | (1,833) |  |  | 19,337 |  | (1,857) |
Other/non-agency | — |  | — |  |  | 255 |  | (24) |  |  | 255 |  | (24) |
Total mortgage-backed securities | 2,939 |  | (24) |  |  | 16,653 |  | (1,857) |  |  | 19,592 |  | (1,881) |
Collateralized loan obligations | 56 |  | — |  |  | 607 |  | (3) |  |  | 663 |  | (3) |
Total | $3,044 |  | ($24) |  |  | $20,505 |  | ($1,999) |  |  | $23,549 |  | ($2,023) |

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