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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments [Abstract] |
Schedule of Amortized Cost and Fair Value of Investment Securities | The following tables include the amortized cost and fair value of investment securities at March 31, 2023 and December 31, 2022. Amortized Cost and Fair Value - Debt Securities
dollars in millions | March 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 2,091 |  |  | $ | — |  |  | $ | (113) |  |  | $ | 1,978 |
Government agency | 152 |  |  | — |  |  | (2) |  |  | 150 |
Residential mortgage-backed securities | 5,415 |  |  | 3 |  |  | (570) |  |  | 4,848 |
Commercial mortgage-backed securities | 1,755 |  |  | — |  |  | (170) |  |  | 1,585 |
Corporate bonds(1) | 542 |  |  | — |  |  | (42) |  |  | 500 |
Total investment securities available for sale(1) | $ | 9,955 |  |  | $ | 3 |  |  | $ | (897) |  |  | $ | 9,061 |
Investment in marketable equity securities | $ | 75 |  |  | $ | 14 |  |  | $ | (4) |  |  | $ | 85 |
Investment securities held to maturity |  |  |  |  |  |  |
U.S. Treasury | $ | 475 |  |  | $ | — |  |  | $ | (42) |  |  | $ | 433 |
Government agency | 1,550 |  |  | — |  |  | (163) |  |  | 1,387 |
Residential mortgage-backed securities | 4,511 |  |  | 2 |  |  | (655) |  |  | 3,858 |
Commercial mortgage-backed securities | 3,547 |  |  | 1 |  |  | (497) |  |  | 3,051 |
Supranational securities | 296 |  |  | — |  |  | (34) |  |  | 262 |
Other | 2 |  |  | — |  |  | — |  |  | 2 |
Total investment securities held to maturity | $ | 10,381 |  |  | $ | 3 |  |  | $ | (1,391) |  |  | $ | 8,993 |
Total investment securities(1) | $ | 20,411 |  |  | $ | 20 |  |  | $ | (2,292) |  |  | $ | 18,139 |
(1) Balances presented net of allowance for credit losses of $4 million |  |  |  |  |  |  |
| December 31, 2022
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Investment securities available for sale |  |  |  |  |  |  |
U.S. Treasury | $ | 2,035 |  |  | $ | — |  |  | $ | (137) |  |  | $ | 1,898 |
Government agency | 164 |  |  | — |  |  | (2) |  |  | 162 |
Residential mortgage-backed securities | 5,424 |  |  | 1 |  |  | (630) |  |  | 4,795 |
Commercial mortgage-backed securities | 1,774 |  |  | — |  |  | (170) |  |  | 1,604 |
Corporate bonds | 570 |  |  | — |  |  | (34) |  |  | 536 |
Total investment securities available for sale | $ | 9,967 |  |  | $ | 1 |  |  | $ | (973) |  |  | $ | 8,995 |
Investment in marketable equity securities | $ | 75 |  |  | $ | 21 |  |  | $ | (1) |  |  | $ | 95 |
Investment securities held to maturity |  |  |  |  |  |  |
U.S. Treasury | $ | 474 |  |  | $ | — |  |  | $ | (50) |  |  | $ | 424 |
Government agency | 1,548 |  |  | — |  |  | (186) |  |  | 1,362 |
Residential mortgage-backed securities | 4,605 |  |  | — |  |  | (723) |  |  | 3,882 |
Commercial mortgage-backed securities | 3,355 |  |  | — |  |  | (484) |  |  | 2,871 |
Supranational securities | 295 |  |  | — |  |  | (41) |  |  | 254 |
Other | 2 |  |  | — |  |  | — |  |  | 2 |
Total investment securities held to maturity | $ | 10,279 |  |  | $ | — |  |  | $ | (1,484) |  |  | $ | 8,795 |
Total investment securities | $ | 20,321 |  |  | $ | 22 |  |  | $ | (2,458) |  |  | $ | 17,885 |
Schedule of Investment Securities Maturity Information | The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date. Maturities - Debt Securities
dollars in millions | March 31, 2023 |  | December 31, 2022
| Cost |  | Fair Value |  | Cost |  | Fair Value
Investment securities available for sale |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | $ | 34 |  |  | $ | 33 |  |  | $ | 37 |  |  | $ | 37 |
After one through five years | 2,120 |  |  | 2,004 |  |  | 2,068 |  |  | 1,928 |
After five through 10 years | 463 |  |  | 427 |  |  | 483 |  |  | 455 |
After 10 years | 16 |  |  | 14 |  |  | 17 |  |  | 14 |
Government agency | 152 |  |  | 150 |  |  | 164 |  |  | 162 |
Residential mortgage-backed securities | 5,415 |  |  | 4,848 |  |  | 5,424 |  |  | 4,795 |
Commercial mortgage-backed securities | 1,755 |  |  | 1,585 |  |  | 1,774 |  |  | 1,604 |
Total investment securities available for sale(1) | $ | 9,955 |  |  | $ | 9,061 |  |  | $ | 9,967 |  |  | $ | 8,995 |
Investment securities held to maturity |  |  |  |  |  |  |
Non-amortizing securities maturing in: |  |  |  |  |  |  |
One year or less | $ | 51 |  |  | $ | 51 |  |  | $ | 51 |  |  | $ | 51 |
After one through five years | 1,579 |  |  | 1,440 |  |  | 1,479 |  |  | 1,328 |
After five through 10 years | 693 |  |  | 593 |  |  | 789 |  |  | 663 |
Residential mortgage-backed securities | 4,511 |  |  | 3,858 |  |  | 4,605 |  |  | 3,882 |
Commercial mortgage-backed securities | 3,547 |  |  | 3,051 |  |  | 3,355 |  |  | 2,871 |
Total investment securities held to maturity | $ | 10,381 |  |  | $ | 8,993 |  |  | $ | 10,279 |  |  | $ | 8,795 |
(1) Balances as of March 31, 2023 are presented net of the allowance for credit losses of $4 million.
Schedule of Interest and Dividends on Investment Securities | T he following table presents interest and dividend income on investment securities: Interest and Dividends on Investment Securities
dollars in millions | Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Interest income - taxable investment securities | $ | 106 |  |  | $ | 82 |  |  |  |  |
Dividend income - marketable equity securities | 1 |  |  | 1 |  |  |  |  |
Interest on investment securities | $ | 107 |  |  | $ | 83 |  |  |  |  |
Schedule of Realized Gain (Loss) | The following table presents the gross realized losses on the sales of investment securities available for sale: Realized Losses on Debt Securities Available For Sale
dollars in millions | Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Gross realized gains on sales of investment securities available for sale | $ | — |  |  | $ | — |  |  |  |  |
Gross realized losses on sales of investment securities available for sale | (14) |  |  | — |  |  |  |  |
Net realized losses on sales of investment securities available for sale | $ | (14) |  |  | $ | — |  |  |  |  |
The following table provides the fair value adjustment on marketable equity securities: Fair Value Adjustment on Marketable Equity Securities
dollars in millions | Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Fair value adjustment on marketable equity securities, net | $ | (9) |  |  | $ | 3 |  |  |  |  |
Schedule of Unrealized Loss on Available-for-sale Securities | The following table provides information regarding investment securities available for sale with unrealized losses: Gross Unrealized Losses on Debt Securities Available For Sale
dollars in millions | March 31, 2023
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 28 |  |  | $ | (1) |  |  | $ | 1,889 |  |  | $ | (112) |  |  | $ | 1,917 |  |  | $ | (113) |
Government agency | 75 |  |  | (1) |  |  | 75 |  |  | (1) |  |  | 150 |  |  | (2) |
Residential mortgage-backed securities | 656 |  |  | (26) |  |  | 3,955 |  |  | (544) |  |  | 4,611 |  |  | (570) |
Commercial mortgage-backed securities | 568 |  |  | (13) |  |  | 1,003 |  |  | (157) |  |  | 1,571 |  |  | (170) |
Corporate bonds(1) | 360 |  |  | (25) |  |  | 140 |  |  | (17) |  |  | 500 |  |  | (42) |
Total(1) | $ | 1,687 |  |  | $ | (66) |  |  | $ | 7,062 |  |  | $ | (831) |  |  | $ | 8,749 |  |  | $ | (897) |
| December 31, 2022
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Investment securities available for sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 403 |  |  | $ | (27) |  |  | $ | 1,495 |  |  | $ | (110) |  |  | $ | 1,898 |  |  | $ | (137) |
Government agency | 65 |  |  | (1) |  |  | 62 |  |  | (1) |  |  | 127 |  |  | (2) |
Residential mortgage-backed securities | 1,698 |  |  | (165) |  |  | 3,001 |  |  | (465) |  |  | 4,699 |  |  | (630) |
Commercial mortgage-backed securities | 836 |  |  | (53) |  |  | 752 |  |  | (117) |  |  | 1,588 |  |  | (170) |
Corporate bonds | 499 |  |  | (30) |  |  | 37 |  |  | (4) |  |  | 536 |  |  | (34) |
Total | $ | 3,501 |  |  | $ | (276) |  |  | $ | 5,347 |  |  | $ | (697) |  |  | $ | 8,848 |  |  | $ | (973) |
(1) Balances as of March 31, 2023 are presented net of the allowance for credit losses of $4 million.

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