Investment Securities (Tables)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2016 |
Dec. 31, 2015 |
| Investments, Debt and Equity Securities [Abstract] |
|
|
| Schedule of Trading and Available-for-sale Securities |
|
As of December 31, 2015 and 2014, investment securities were comprised of the following: | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | (Dollars in millions) | December 31, 2015 | | | | | | | | Available-for-sale securities | | | | | | | | Agency - Commercial | $ | 766 |
| | $ | 3 |
| | $ | (3 | ) | | $ | 766 |
| Agency - Residential | 514 |
| | 2 |
| | (2 | ) | | 514 |
| Municipal obligations | 14 |
| | — |
| | — |
| | 14 |
| Total available-for-sale securities | $ | 1,294 |
| | $ | 5 |
| | $ | (5 | ) | | $ | 1,294 |
| Held-to-maturity securities | | | | | | | | Agency - Commercial | $ | 634 |
| | $ | — |
| | $ | (2 | ) | | $ | 632 |
| Agency - Residential | 634 |
| | — |
| | (4 | ) | | 630 |
| Total held-to-maturity securities | $ | 1,268 |
| | $ | — |
| | $ | (6 | ) | | $ | 1,262 |
| | | | | | | | | December 31, 2014 | | | | | | | | Available-for-sale securities | | | | | | | | Agency - Commercial | $ | 541 |
| | $ | 1 |
| | $ | (2 | ) | | $ | 540 |
| Agency - Residential | 1,118 |
| | 13 |
| | (1 | ) | | 1,130 |
| Municipal obligations | 2 |
| | — |
| | — |
| | 2 |
| Total available-for-sale securities | $ | 1,661 |
| | $ | 14 |
| | $ | (3 | ) | | $ | 1,672 |
|
|
| Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value |
The following table summarizes by duration the unrealized loss positions on investment securities: | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Position with Duration 12 Months and Over | | Unrealized Loss Position with Duration Under 12 Months | | Fair Value | | Number of Securities | | Unrealized Loss | | Fair Value | | Number of Securities | | Unrealized Loss | Type of Security | (Dollars in millions) | June 30, 2016 | | | | | | | | | | | | Available-for-sale securities | | | | | | | | | | | | Agency - Commercial | $ | 7 |
| | 1 |
| | $ | — |
| | $ | 13 |
| | 2 |
| | $ | — |
| Held-to-maturity securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 57 |
| | 4 |
| | $ | — |
| December 31, 2015 | | | | | | | | | | | | Available-for-sale securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 482 |
| | 27 |
| | $ | (3 | ) | Agency - Residential | $ | 8 |
| | 2 |
| | $ | — |
| | $ | 224 |
| | 15 |
| | $ | (2 | ) | Held-to-maturity securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 471 |
| | 27 |
| | $ | (2 | ) | Agency - Residential | $ | — |
| | — |
| | $ | — |
| | $ | 547 |
| | 50 |
| | $ | (4 | ) |
|
The following table summarizes by duration the unrealized loss positions on investment securities. | | | | | | | | | | | | | | | | | | | | | | | | Unrealized Loss Position with Duration 12 Months and Over | | Unrealized Loss Position with Duration Under 12 Months | | Fair Value | | Number of Securities | | Unrealized Loss | | Fair Value | | Number of Securities | | Unrealized Loss | | (Dollars in millions) | December 31, 2015 | | Available-for-sale securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 482 |
| | 27 |
| | $ | (3 | ) | Agency - Residential | $ | 8 |
| | 2 | | $ | — |
| | $ | 224 |
| | 15 |
| | $ | (2 | ) | Held-to-maturity securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 471 |
| | 27 |
| | $ | (2 | ) | Agency - Residential | $ | — |
| | 0 |
| | $ | — |
| | $ | 547 |
| | 50 |
| | $ | (4 | ) | December 31, 2014 | | | | | | | | | | | | Available-for-sale securities | | | | | | | | | | | | Agency - Commercial | $ | 53 |
| | 6 |
| | $ | — |
| | $ | 305 |
| | 21 |
| | $ | (2 | ) | Agency - Residential | $ | 98 |
| | 10 |
| | $ | (1 | ) | | $ | 37 |
| | 4 |
| | $ | — |
| December 31, 2013 | | | | | | | | | | | | Available-for-sale securities | | | | | | | | | | | | Agency - Commercial | $ | — |
| | — |
| | $ | — |
| | $ | 326 |
| | 19 |
| | $ | (4 | ) | Agency - Residential | $ | — |
| | — |
| | $ | — |
| | $ | 500 |
| | 44 |
| | $ | (6 | ) |
|
| Other than Temporary Impairment, Credit Losses Recognized in Earnings |
|
The following table shows the OTTI roll forward. | | | | | | | | | | | | | | For the Years Ended December 31, | | 2015 | | 2014 | | 2013 | | (Dollars in millions) | Beginning balance of amount related to credit losses | $ | — |
| | $ | — |
| | $ | (3 | ) | Reductions for increases in cash flows expected to be collected that are recognized over the remaining life | — |
| | — |
| | 1 |
| Reductions for investment securities sold during the period (realized) | — |
| | — |
| | 11 |
| Additions for the amount related to the credit loss for which an OTTI impairment was not previously recognized | — |
| | — |
| | (9 | ) | Ending balance of amount related to credit losses | $ | — |
| | $ | — |
| | $ | — |
|
|
| Schedule of Available-for-sale Securities, by Contractual Maturity Date |
The amortized cost and estimated fair value of securities at June 30, 2016, are presented below by contractual maturity: | | | | | | | | | | | | | | | | | | | | | | | | Investment Securities Available-for-Sale | | Investment Securities Held-to-maturity | | Amortized Cost | | Fair Value | | Weighted Average Yield | | Amortized Cost | | Fair Value | | Weighted Average Yield | June 30, 2016 | (Dollars in millions) | | (Dollars in millions) | Due after one year through five years | $ | 18 |
| | $ | 18 |
| | 3.97 | % | | $ | — |
| | $ | — |
| | — | % | Due after five years through 10 years | 7 |
| | 7 |
| | 2.66 | % | | 61 |
| | 64 |
| | 2.50 | % | Due after 10 years | 1,093 |
| | 1,120 |
| | 2.59 | % | | 1,150 |
| | 1,173 |
| | 2.40 | % | Total | $ | 1,118 |
| | $ | 1,145 |
| | | | $ | 1,211 |
| | $ | 1,237 |
| | |
|
The amortized cost and estimated fair value of investment securities at December 31, 2015, are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. | | | | | | | | | | | | | | | | | | | | Investment Securities Available-for-Sale | | Investment Securities Held-to-Maturity | | Amortized Cost | Estimated Fair Value | Weighted-Average Yield | | Amortized Cost | Estimated Fair Value | Weighted-Average Yield | December 31, 2015 | (Dollars in millions) | | (Dollars in millions) | Due after five years through 10 years | $ | 14 |
| $ | 14 |
| 4.47 | % | | $ | 58 |
| $ | 57 |
| 2.48 | % | Due after 10 years | 1,280 |
| 1,280 |
| 2.54 | % | | 1,210 |
| 1,205 |
| 2.41 | % | Total | $ | 1,294 |
| $ | 1,294 |
| | | $ | 1,268 |
| $ | 1,262 |
| |
|
| Marketable Securities |
As of June 30, 2016 and December 31, 2015, investment securities were comprised of the following: | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | (Dollars in millions) | June 30, 2016 | | | | | | | | | Available-for-sale securities | | | | | | | | | Agency - Commercial | | $ | 626 |
| | $ | 14 |
| | $ | — |
| | $ | 640 |
| Agency - Residential | | 461 |
| | 12 |
| | — |
| | 473 |
| Municipal obligations | | 31 |
| | 1 |
| | — |
| | 32 |
| Total available-for-sale securities (1) | | $ | 1,118 |
| | $ | 27 |
| | $ | — |
| | $ | 1,145 |
| Held-to-maturity securities | | | | | | | | | Agency - Commercial | | $ | 635 |
| | $ | 12 |
| | $ | — |
| | $ | 647 |
| Agency - Residential | | 576 |
| | 14 |
| | — |
| | 590 |
| Total held-to-maturity securities (1) | | $ | 1,211 |
| | $ | 26 |
| | $ | — |
| | $ | 1,237 |
| December 31, 2015 | | | | | | | | | Available-for-sale securities | | | | | | | | | Agency - Commercial | | $ | 766 |
| | $ | 3 |
| | $ | (3 | ) | | $ | 766 |
| Agency - Residential | | 514 |
| | 2 |
| | (2 | ) | | 514 |
| Municipal obligations | | 14 |
| | — |
| | — |
| | 14 |
| Total available-for-sale securities (1) | | $ | 1,294 |
| | $ | 5 |
| | $ | (5 | ) | | $ | 1,294 |
| Held-to-maturity securities | | | | | | | | | Agency - Commercial | | $ | 634 |
| | $ | — |
| | $ | (2 | ) | | $ | 632 |
| Agency - Residential | | 634 |
| | — |
| | (4 | ) | | 630 |
| Total held-to-maturity securities (1) | | $ | 1,268 |
| | $ | — |
| | $ | (6 | ) | | $ | 1,262 |
|
| | (1) | There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10 percent of stockholders’ equity at June 30, 2016 or December 31, 2015. |
|
|