Investment Securities (Tables)

3 Months Ended

Mar. 31, 2020

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
March 31, 2020
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,746	$	118	$	—	$	2,864
Residential mortgage-backed securities (a)	9,887		290		—		10,177
Total investment securities available-for-sale	$	12,633	$	408	$	—	$	13,041
December 31, 2019
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	2,745	$	47	$	—	$	2,792
Residential mortgage-backed securities (a)	9,568		66		28		9,606
Total investment securities available-for-sale	$	12,313	$	113	$	28	$	12,398

(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 March 31, 2020 and December 31, 2019 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
March 31, 2020
Residential mortgage-backed securities (a)	$	110	$	—	$	—	$	—	$	110	$	—
Total temporarily impaired securities	$	110	$	—	$	—	$	—	$	110	$	—
December 31, 2019
Residential mortgage-backed securities (a)	$	1,494	$	7	$	1,906	$	21	$	3,400	$	28
Total temporarily impaired securities	$	1,494	$	7	$	1,906	$	21	$	3,400	$	28

(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 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 March 31,
(in millions)	2020			2019
Securities gains	$	—		$	—
Securities losses	(1		)	(8		)
Net securities losses	$	(1	)	$	(8	)

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)
March 31, 2020	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	30	$	31
After one year through five years	2,874		2,999
After five years through ten years	884		907
After ten years	8,845		9,104
Total investment securities	$	12,633	$	13,041