Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

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.

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, 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
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.

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 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)	2020		2019		2020		2019
Securities gains	$	—	$	—	$	1	$	—
Securities losses	$	—	$	—	$	(1)	$	(8)
Net securities losses	$	—	$	—	$	—	$	(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)
September 30, 2020	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	1,150	$	1,171
After one year through five years	3,359		3,438
After five years through ten years	1,011		1,036
After ten years	9,238		9,445


Total investment securities	$	14,758	$	15,090