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Investment Securities
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Investment Securities 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, 2020
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities$4,590 $93 $— $4,683 
Residential mortgage-backed securities (a)10,168 241 2 10,407 
Total investment securities available-for-sale$14,758 $334 $2 $15,090 
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.
A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2020 and December 31, 2019 follows:
 Temporarily Impaired
 Less than 12 Months12 Months or moreTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
September 30, 2020
Residential mortgage-backed securities (a)$980 $2 $— $— $980 $2 
Total temporarily impaired securities$980 $2 $— $— $980 $2 
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.
Unrealized losses resulted from changes in market interest rates and liquidity. The Corporation’s portfolio is comprised of securities issued or guaranteed by the U.S. government or government-sponsored enterprises. As such, it is expected that the securities would not be settled at a price less than the amortized cost of the investments. Further, the Corporation does not intend to sell the investments, and it is not more likely than not that it will be required to sell the investments before recovery of amortized costs.
Interest receivable on investment securities totaled $19 million at September 30, 2020 and $20 million at December 31, 2019 and was included in accrued income and other assets on the Consolidated Balance Sheets.
Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in net securities gains (losses) on the Consolidated Statements of Comprehensive Income, computed based on the adjusted cost of the specific security.
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2020201920202019
Securities gains$— $— $1 $— 
Securities losses$— $— $(1)$(8)
Net securities losses$— $— $— $(8)
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, 2020Amortized CostFair Value
Contractual maturity
Within one year$1,150 $1,171 
After one year through five years3,359 3,438 
After five years through ten years1,011 1,036 
After ten years9,238 9,445 
Total investment securities$14,758 $15,090 
Included in the contractual maturity distribution in the table above were residential mortgage-backed securities with a total amortized cost of $10.2 billion and a fair value of $10.4 billion. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options.
At September 30, 2020, investment securities with a carrying value of $5.3 billion were pledged where permitted or required by law, including $4.8 billion pledged to the Federal Home Loan Bank (FHLB) as collateral for potential future borrowings of approximately $4.6 billion and $522 million to secure $439 million of liabilities, primarily public and other deposits of state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 7.