Investment Securities (Tables)

6 Months Ended

Jun. 30, 2024

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, 2024
Investment securities available-for-sale:
U.S. Treasury securities	$	1,354	$	—	$	50	$	1,304
Residential mortgage-backed securities (a)	12,005		—		2,327		9,678
Commercial mortgage-backed securities (a)	5,251		—		577		4,674



Total investment securities available-for-sale	$	18,610	$	—	$	2,954	$	15,656


December 31, 2023
Investment securities available-for-sale:
U.S. Treasury securities	$	1,681	$	—	$	76	$	1,605
Residential mortgage-backed securities (a)	12,607		—		2,088		10,519
Commercial mortgage-backed securities (a)	5,253		—		508		4,745



Total investment securities available-for-sale	$	19,541	$	—	$	2,672	$	16,869

(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, 2024 and December 31, 2023 follows:


	Less than 12 Months				12 Months or more				Total
(in millions, except securities count)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Count
June 30, 2024
U.S. Treasury securities	$	35	$	—	$	1,269	$	50	$	1,304	$	50	16
Residential mortgage-backed securities (a)	2		—		9,675		2,327		9,677		2,327		947
Commercial mortgage-backed securities (a)	—		—		4,674		577		4,674		577		252
Total temporarily impaired securities	$	37	$	—	$	15,618	$	2,954	$	15,655	$	2,954	1,215
December 31, 2023
U.S. Treasury securities	$	—	$	—	$	1,605	$	76	$	1,605	$	76	19
Residential mortgage-backed securities (a)	10		—		10,507		2,088		10,517		2,088		978
Commercial mortgage-backed securities (a)	—		—		4,745		508		4,745		508		253
Total temporarily impaired securities	$	10	$	—	$	16,857	$	2,672	$	16,867	$	2,672	1,250

(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)
June 30, 2024	Amortized Cost		Fair Value
Contractual maturity
One year or less	$	893	$	869
After one year through five years	777		731
After five years through ten years	5,206		4,637
After ten years	11,734		9,419


Total investment securities	$	18,610	$	15,656