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Investment Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities INVESTMENT SECURITIES
A summary of the Corporation’s investment securities, which are defined by the Corporation as debt securities reported on the Consolidated Balance Sheet as investment securities available-for-sale, follows:
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
March 31, 2022
Investment securities available-for-sale:
U.S. Treasury securities$2,932 $5 $105 $2,832 
Residential mortgage-backed securities (a)14,868 6 901 13,973 
Commercial mortgage-backed securities (a)2,105 3 103 2,005 
Total investment securities available-for-sale$19,905 $14 $1,109 $18,810 
December 31, 2021
Investment securities available-for-sale:
U.S. Treasury securities$3,010 $22 $39 $2,993 
Residential mortgage-backed securities (a)13,397 67 176 13,288 
Commercial mortgage-backed securities (a)709 2 6 705 
Total investment securities available-for-sale$17,116 $91 $221 $16,986 
(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 March 31, 2022 and December 31, 2021 follows:
 Less than 12 Months12 Months or moreTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
March 31, 2022
U.S. Treasury securities (a)$2 $— $1,724 $105 $1,726 $105 
Residential mortgage-backed securities (b)10,849 612 2,373 289 13,222 901 
Commercial mortgage-backed securities (b)1,780 103 — — 1,780 103 
Total temporarily impaired securities$12,631 $715 $4,097 $394 $16,728 $1,109 
December 31, 2021
U.S. Treasury securities$465 $6 $1,334 $33 $1,799 $39 
Residential mortgage-backed securities (b)7,197 128 1,128 48 8,325 176 
Commercial mortgage-backed securities (b)346 6 — — 346 6 
Total temporarily impaired securities$8,008 $140 $2,462 $81 $10,470 $221 
(a)Unrealized losses totaled less than $0.5 million in Less than 12 Months category.
(b)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Unrealized losses resulted from changes in market interest rates. 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. At March 31, 2022, the Corporation had 943 securities in an unrealized loss position with no allowance for credit losses, comprised of 20 U.S. Treasury securities, 790 residential mortgage-backed securities and 133 commercial mortgage-backed securities.
Interest receivable on investment securities totaled $29 million at March 31, 2022 and $23 million at December 31, 2021 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, computed based on the adjusted cost of the specific security, resulted in no gains or losses during the three months ended March 31, 2022 or March 31, 2021.
The following table summarizes the amortized cost and fair values of investment 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, 2022Amortized CostFair Value
Contractual maturity
Within one year$800 $804 
After one year through five years2,414 2,311 
After five years through ten years2,377 2,276 
After ten years14,314 13,419 
Total investment securities$19,905 $18,810 
Included in the contractual maturity distribution in the table above were residential mortgage-backed securities with a total amortized cost of $14.9 billion and fair value of $14.0 billion and commercial mortgage-backed securities with a total amortized cost of $2.1 billion and a fair value of $2.0 billion. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options.
At March 31, 2022, investment securities with a carrying value of $2.7 billion were pledged where permitted or required by law, including $1.4 billion pledged to the Federal Home Loan Bank (FHLB) as collateral for potential future borrowings and $1.3 billion to secure $983 million of liabilities, primarily deposits of state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 7.