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Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Securities | 7. Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
| 2019 |  | 2018
December 31, in millions | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |  |  |
U.S. Treasury, Agencies, and Corporations | $ | 334 |  | — |  | — |  | $ | 334 |  |  | $ | 150 |  | — |  | $ | 3 |  | $ | 147 |
States and political subdivisions | 4 |  | — |  | — |  | 4 |  |  | 7 |  | — |  | — |  | 7 |
Agency residential collateralized mortgage obligations | 12,772 |  | $ | 82 |  | $ | 71 |  | 12,783 |  |  | 14,315 |  | $ | 20 |  | 373 |  | 13,962 |
Agency residential mortgage-backed securities | 1,677 |  | 41 |  | 4 |  | 1,714 |  |  | 2,128 |  | 13 |  | 36 |  | 2,105 |
Agency commercial mortgage-backed securities | 6,898 |  | 139 |  | 40 |  | 6,997 |  |  | 3,300 |  | 19 |  | 132 |  | 3,187 |
Other securities | 7 |  | 4 |  | — |  | 11 |  |  | 17 |  | 3 |  | — |  | 20 |
Total securities available for sale | $ | 21,692 |  | $ | 266 |  | $ | 115 |  | $ | 21,843 |  |  | $ | 19,917 |  | $ | 55 |  | $ | 544 |  | $ | 19,428 |
HELD-TO-MATURITY SECURITIES |  |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | $ | 5,692 |  | $ | 23 |  | $ | 49 |  | $ | 5,666 |  |  | $ | 7,021 |  | $ | 2 |  | $ | 254 |  | $ | 6,769 |
Agency residential mortgage-backed securities | 409 |  | 6 |  | — |  | 415 |  |  | 490 |  | — |  | 14 |  | 476 |
Agency commercial mortgage-backed securities | 3,940 |  | 78 |  | 9 |  | 4,009 |  |  | 3,996 |  | 2 |  | 133 |  | 3,865 |
Asset-backed securities | 11 |  | — |  | — |  | 11 |  |  | — |  | — |  | — |  | — |
Other securities | 15 |  | — |  | — |  | 15 |  |  | 12 |  | — |  | — |  | 12 |
Total held-to-maturity securities | $ | 10,067 |  | $ | 107 |  | $ | 58 |  | $ | 10,116 |  |  | $ | 11,519 |  | $ | 4 |  | $ | 401 |  | $ | 11,122 |
The following table summarizes our securities that were in an unrealized loss position as of December 31, 2019, and December 31, 2018:
| Duration of Unrealized Loss Position |  |  |
| Less than 12 Months |  | 12 Months or Longer |  | Total
in millions | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
December 31, 2019 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, Agencies, and Corporations | $ | 30 |  | — |  | (a) | $ | 30 |  | — |  | (a) | $ | 60 |  | — |
Agency residential collateralized mortgage obligations | 3,432 |  | $ | 20 |  |  | 3,221 |  | $ | 51 |  |  | 6,653 |  | $ | 71 |
Agency residential mortgage-backed securities | 33 |  | — |  | (a) | 629 |  | 4 |  |  | 662 |  | 4 |
Agency commercial mortgage-backed securities | 1,541 |  | 17 |  |  | 1,213 |  | 23 |  |  | 2,754 |  | 40 |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | 1,626 |  | 14 |  |  | 2,289 |  | 35 |  |  | 3,915 |  | 49 |
Agency residential mortgage-backed securities | 56 |  | — |  | (a) | — |  | — |  |  | 56 |  | — |
Agency commercial mortgage-backed securities | 518 |  | 9 |  |  | — |  | — |  |  | 518 |  | 9 |
Asset-backed securities | 11 |  | — |  | (a) | — |  | — |  |  | 11 |  | — |
Other securities | 3 |  | — |  | (a) | — |  | — |  |  | 3 |  | — |
Total temporarily impaired securities | $ | 7,250 |  | $ | 60 |  |  | $ | 7,382 |  | $ | 113 |  |  | $ | 14,632 |  | $ | 173 |
December 31, 2018 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, Agencies, and Corporations | — |  | — |  |  | $ | 147 |  | $ | 3 |  |  | $ | 147 |  | $ | 3 |
Agency residential collateralized mortgage obligations | $ | 570 |  | $ | 2 |  |  | 10,945 |  | 371 |  |  | 11,515 |  | 373 |
Agency residential mortgage-backed securities | 4 |  | — |  | (b) | 1,087 |  | 36 |  |  | 1,091 |  | 36 |
Agency commercial mortgage-backed securities | — |  | — |  |  | 1,729 |  | 132 |  |  | 1,729 |  | 132 |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | — |  | — |  |  | 6,416 |  | 254 |  |  | 6,416 |  | 254 |
Agency residential mortgage-backed securities | — |  | — |  |  | 475 |  | 14 |  |  | 475 |  | 14 |
Agency commercial mortgage-backed securities | 73 |  | — |  | (b) | 3,359 |  | 133 |  |  | 3,432 |  | 133 |
Total temporarily impaired securities | $ | 647 |  | $ | 2 |  |  | $ | 24,158 |  | $ | 943 |  |  | $ | 24,805 |  | $ | 945 |
(a) | At December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations and agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months and less than $1 million for agency residential mortgage-backed securities, asset-backed securities, and other securities held-to-maturity with a loss duration of less than 12 months. At December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations securities available for sale with a loss duration greater than 12 months or longer.
(b) | At December 31, 2018, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months and less than $1 million for agency commercial mortgage-backed securities held-to-maturity with a loss duration of less than 12 months.
At December 31, 2019, we had $71 million of gross unrealized losses related to 240 fixed-rate agency residential CMOs that we invested in as part of our overall A/LM strategy. These securities had a weighted-average maturity of 3.79 years at December 31, 2019. At December 31, 2019, we also had $4 million of gross unrealized losses related to 186 agency residential mortgage-backed securities positions and $40 million of gross unrealized losses related to 27 agency commercial mortgage-backed securities positions with weighted-average maturities of 3.59 and 4.25 years, respectively, at December 31, 2019. Because these securities have a fixed interest rate, their fair value is sensitive to movements in market interest rates. These unrealized losses are considered temporary since we expect to collect all contractually due amounts from these securities. Accordingly, these investments were reduced to their fair value through OCI, not earnings. We regularly assess our securities portfolio for OTTI. The assessments are based on the nature of the securities, the underlying collateral, the financial condition of the issuer, the extent and duration of the loss, our intent related to the individual securities, and the likelihood that we will have to sell securities prior to expected recovery. We did not have any impairment losses recognized in earnings for the year ended December 31, 2019. Realized gains and losses related to securities available for sale were as follows:
Year ended December 31, in millions | 2019 |  | (a) | 2018 |  | (b) | 2017 |  | (a)
Realized gains | $ | 20 |  |  | — |  |  | $ | 1 |  |
Realized losses | — |  |  | — |  |  | — |  |
Net securities gains (losses) | $ | 20 |  |  | — |  |  | $ | 1 |  |
(a) | Realized losses totaled less than $1 million for the year ended December 31, 2019, and December 31, 2017.
(b) | Realized gains and losses totaled less than $1 million for the year ended December 31, 2018.
At December 31, 2019, securities available-for-sale and held-to-maturity securities totaling $8.0 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law. The following table shows securities by remaining maturity. CMOs and other mortgage-backed securities in the available-for-sale and held-to-maturity portfolios are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
| Securities Available for Sale |  | Held-to-Maturity Securities
December 31, 2019 | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
in millions |  |  |
Due in one year or less | $ | 490 |  |  | $ | 494 |  |  | $ | 66 |  |  | $ | 66 |
Due after one through five years | 17,438 |  |  | 17,486 |  |  | 7,173 |  |  | 7,178 |
Due after five through ten years | 3,756 |  |  | 3,856 |  |  | 2,828 |  |  | 2,872 |
Due after ten years | 8 |  |  | 7 |  |  | — |  |  | — |
Total | $ | 21,692 |  |  | $ | 21,843 |  |  | $ | 10,067 |  |  | $ | 10,116 |

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