Investment Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

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
September 30, 2022
Investment securities available-for-sale:
U.S. Treasury securities	$	2,918	$	—	$	162	$	2,756
Residential mortgage-backed securities (a)	14,390		—		2,338		12,052
Commercial mortgage-backed securities (a)	5,251		—		607		4,644



Total investment securities available-for-sale	$	22,559	$	—	$	3,107	$	19,452


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.

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, 2022 and December 31, 2021 follows:


	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, 2022
U.S. Treasury securities	$	1,093	$	8	$	1,663	$	154	$	2,756	$	162
Residential mortgage-backed securities (a)	7,648		1,157		4,398		1,181		12,046		2,338
Commercial mortgage-backed securities (a)	4,477		564		167		43		4,644		607
Total temporarily impaired securities	$	13,218	$	1,729	$	6,228	$	1,378	$	19,446	$	3,107
December 31, 2021
U.S. Treasury securities	$	465	$	6	$	1,334	$	33	$	1,799	$	39
Residential mortgage-backed securities (a)	7,197		128		1,128		48		8,325		176
Commercial mortgage-backed securities (a)	346		6		—		—		346		6
Total temporarily impaired securities	$	8,008	$	140	$	2,462	$	81	$	10,470	$	221

(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

Contractual Maturity Distribution Of Debt Securities

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. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options. 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, 2022	Amortized Cost		Fair Value
Contractual maturity
Within one year	$	1,101	$	1,092
After one year through five years	2,061		1,898
After five years through ten years	5,522		4,910
After ten years	13,875		11,552


Total investment securities	$	22,559	$	19,452