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Investment Securities (Tables)
9 Months Ended
Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]  
Summary Of Investment Securities
A summary of the Corporation’s investment securities follows:
(in millions)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
September 30, 2019
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$
2,744

 
$
52

 
$

 
$
2,796

Residential mortgage-backed securities (a)
9,590

 
74

 
31

 
9,633

Total investment securities available-for-sale
$
12,334

 
$
126

 
$
31

 
$
12,429

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$
2,732

 
$
14

 
$
19

 
$
2,727

Residential mortgage-backed securities (a)
9,493

 
22

 
197

 
9,318

Total investment securities available-for-sale
$
12,225

 
$
36

 
$
216

 
$
12,045

(a)
Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Summary Of Investment Securities In Unrealized Loss Positions
A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2019 and December 31, 2018 follows:
 
Temporarily Impaired
 
Less than 12 Months
 
12 Months or more
 
Total
(in millions)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
September 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities (a)
$
1,412

 
$
4

 
 
$
2,130

 
$
27

 
 
$
3,542

 
$
31

 
Total temporarily impaired securities
$
1,412

 
$
4

 
 
$
2,130


$
27

 
 
$
3,542

 
$
31

 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$

 
$

 
 
$
1,457

 
$
19

 
 
$
1,457

 
$
19

 
Residential mortgage-backed securities (a)
1,008

 
9

 
 
6,412

 
188

 
 
7,420

 
197

 
Total temporarily impaired securities
$
1,008

 
$
9

 
 
$
7,869

 
$
207

 
 
$
8,877

 
$
216

 
(a)
Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Summary of Net Securities Gains (Losses)
Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in net securities losses on the Consolidated Statements of Comprehensive Income, computed based on the adjusted cost of the specific security.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in millions)
2019
 
2018
 
2019
 
2018
Securities gains
$

 
$

 
$

 
$
1

Securities losses

 
(20
)
 
(8
)
 
(20
)
Net securities
$

 
$
(20
)
 
$
(8
)
 
$
(19
)

Contractual Maturity Distribution Of Debt Securities
The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
(in millions)
 
September 30, 2019
Amortized Cost
 
Fair Value
Contractual maturity
 
 
 
Within one year
$
30

 
$
31

After one year through five years
2,818

 
2,874

After five years through ten years
1,127

 
1,134

After ten years
8,359

 
8,390

Total investment securities
$
12,334

 
$
12,429