Investment Securities (Tables)

6 Months Ended

Jun. 30, 2021

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
June 30, 2021
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	3,821	$	44	$	21	$	3,844
Residential mortgage-backed securities (a)	11,924		156		87		11,993



Total investment securities available-for-sale	$	15,745	$	200	$	108	$	15,837



December 31, 2020
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities	$	4,583	$	76	$	1	$	4,658
Residential mortgage-backed securities (a)	10,169		203		2		10,370



Total investment securities available-for-sale	$	14,752	$	279	$	3	$	15,028

(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 June 30, 2021 and December 31, 2020 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
June 30, 2021
U.S. Treasury and other U.S. government agency securities	$	1,830	$	21	$	—	$	—	$	1,830	$	21
Residential mortgage-backed securities (a)	3,437		81		198		6		3,635		87
Total temporarily impaired securities	$	5,267	$	102	$	198	$	6	$	5,465	$	108
December 31, 2020
U.S. Treasury and other U.S. government agency securities	$	1,119	$	1	$	—	$	—	$	1,119	$	1
Residential mortgage-backed securities (a)	952		2		—		—		952		2
Total temporarily impaired securities	$	2,071	$	3	$	—	$	—	$	2,071	$	3

(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 gains on the Consolidated Statements of Comprehensive Income, computed based on the adjusted cost of the specific security.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2021		2020		2021		2020
Securities gains	$	—	$	1	$	—	$	1
Securities losses	—		—		—		(1)
Net securities gains	$	—	$	1	$	—	$	—

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)
June 30, 2021	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	868	$	876
After one year through five years	3,151		3,179
After five years through ten years	536		551
After ten years	11,190		11,231


Total investment securities	$	15,745	$	15,837