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Securities (Tables)

6 Months Ended

Jun. 30, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at June 30, 2021 and December 31, 2020:

		June 30, 2021
(dollars in millions)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates		$	1,037			$	32			$	9			$	1,060
GSE CMOs			1,940				25				32				1,933
Total mortgage-related debt securities		$	2,977			$	57			$	41			$	2,993
Other Debt Securities:
U. S. Treasury obligations		$	65			$	—			$	—			$	65
GSE debentures			1,502				2				30				1,474
Asset-backed securities (1)			507				4				2				509
Municipal bonds			25				—				—				25
Corporate bonds			871				21				2				890
Foreign notes			25				1				—				26
Capital trust notes			96				7				8				95
Total other debt securities		$	3,091			$	35			$	42			$	3,084
Total debt securities available for sale		$	6,068			$	92			$	83			$	6,077
Equity Securities:
Mutual funds			16				—				—				16
Total equity securities		$	16			$	—			$	—			$	16
Total securities (2)		$	6,084			$	92			$	83			$	6,093

(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2) Excludes accrued interest receivable of $16 million included in other assets in the Consolidated Statements of Condition.

		December 31, 2020
(dollars in millions)		Amortized Cost				Gross Unrealized Gain				Gross Unrealized Loss				Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates		$	1,155			$	54			$	—			$	1,209
GSE CMOs			1,787				45				3				1,829
Total mortgage-related debt securities		$	2,942			$	99			$	3			$	3,038
Other Debt Securities:
U.S. Treasury obligations		$	65			$	—			$	—			$	65
GSE debentures			1,158				4				4				1,158
Asset-backed securities (1)			530				2				6				526
Municipal bonds			26				1				—				27
Corporate bonds			871				18				6				883
Foreign notes			25				1				—				26
Capital trust notes			96				6				11				91
Total other debt securities		$	2,771			$	32			$	27			$	2,776
Total other securities available for sale		$	5,713			$	131			$	30			$	5,814
Equity Securities:
Preferred stock		$	15			$	—			$	—			$	15
Mutual funds			16				—				—				16
Total equity securities		$	31			$	—			$	—			$	31
Total securities(2)		$	5,744			$	131			$	30			$	5,845

(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2) Excludes accrued interest receivable of $15 million included in other assets in the Consolidated Statements of Condition.  

Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities

The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the six months ended June 30, 2021 and 2020:

		For the Six Months Ended June 30,
(dollars in millions)		2021				2020
Gross proceeds			—			$	442
Gross realized gains			—				2
Gross realized losses			—				1

Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 2021:

		Mortgage- Related Securities				Average Yield				U.S. Government and GSE Obligations				Average Yield				State, County, and Municipal				Average Yield (1)				Other Debt Securities (2)				Average Yield				Fair Value
(dollars in millions)
Available-for-Sale Debt Securities:
Due within one year		$	—				-		%	$	69				0.17		%	$	—				-		%	$	50				2.97		%	$	119
Due from one to five years			242				3.19				22				3.52				—				—				303				1.74				595
Due from five to ten years			163				2.47				380				1.95				19				3.52				625				2.24				1,200
Due after ten years			2,572				1.93				1,096				1.56				6				3.33				521				1.21				4,163
Total debt securities available for sale		$	2,977			2.06			%	$	1,567			1.62			%	$	25			3.48			%	$	1,499			1.81			%	$	6,077

(1) Not presented on a tax-equivalent basis.

(2) Includes corporate bonds, capital trust notes, foreign notes and asset-backed securities.

Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position

The following table presents securities with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2021:

		Less than Twelve Months								Twelve Months or Longer								Total
(dollars in millions)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Securities:
GSE certificates		$	336			$	9			$	—			$	—			$	336			$	9
US Treasuries			65				—				—				—				65				—
GSE CMOs			913				32				—				—				913				32
GSE debentures			1,132				30				—				—				1,132				30
Asset-backed securities			68				—				146				2				214				2
Municipal bonds			—				—				8				2				8				2
Corporate bonds			—				—				323				—				323				—
Capital trust notes			—				—				36				8				36				8
Equity securities			11,709				—				—				—				11,709				—
Total temporarily impaired securities		$	14,223			$	71			$	513			$	12			$	14,736			$	83

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2020:

		Less than Twelve Months								Twelve Months or Longer								Total
(dollars in millions)		Fair Value				Unrealized Loss				Fair Value				Unrealized Loss				Fair Value				Unrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations		$	—			$	—			$	—			$	—			$	—			$	—
U. S. Government agency and GSE    obligations			59				—				—				—				59				—
GSE certificates			442				3				74				—				516				3
GSE CMOs			522				4				—				—				522				4
Asset-backed securities			—				—				364				6				364				6
Municipal bonds			—				—				9				—				9				—
Corporate bonds			72				3				246				3				318				6
Foreign notes			—				—				—				—				—				—
Capital trust notes			—				—				33				11				33				11
Equity securities			—				—				—				—				—				—
Total temporarily impaired securities		$	1,095			$	10			$	726			$	20			$	1,821			$	30

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- Definition

Tabular disclosure of available-for-sale 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, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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- Definition

Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
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+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
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