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Investment Securities
 9 Months Ended
Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of:
September 30, 2021 ($ in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$90 2 — 92 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities9,191 474 (13)9,652 
Agency commercial mortgage-backed securities18,468 962 (66)19,364 
Non-agency commercial mortgage-backed securities3,802 183 (6)3,979 
Asset-backed securities and other debt securities4,221 44 (18)4,247 
Other securities(a)
518 — — 518 
Total available-for-sale debt and other securities$36,308 1,665 (103)37,870 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$6 — — 6 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$8 — — 8 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $31, $485 and $2, respectively, at September 30, 2021, that are carried at cost.

December 31, 2020 ($ in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$74 4 — 78 
Obligations of states and political subdivisions securities17 — — 17 
Mortgage-backed securities:
Agency residential mortgage-backed securities11,147 768 (8)11,907 
Agency commercial mortgage-backed securities16,745 1,481 (5)18,221 
Non-agency commercial mortgage-backed securities3,323 267 — 3,590 
Asset-backed securities and other debt securities3,152 48 (24)3,176 
Other securities(a)
524 — — 524 
Total available-for-sale debt and other securities$34,982 2,568 (37)37,513 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$9 — — 9 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$11 — — 11 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $40, $482 and $2, respectively, at December 31, 2020, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of:

($ in millions)		September 30,
2021		December 31,
2020
Trading debt securities$685 560 
Equity securities329 313 

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $85 million and $87 million at September 30, 2021 and December 31, 2020, respectively, which are presented as a component of other assets in the Condensed Consolidated Balance Sheets.

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity to satisfy regulatory requirements. As part of managing interest rate risk, the Bancorp acquires securities as a component of its MSR non-qualifying hedging strategy, with net gains or losses recorded in securities (losses) gains, net – non-qualifying hedges on mortgage servicing rights in the Condensed Consolidated Statements of Income.
The following table presents securities gains (losses) recognized in the Condensed Consolidated Statements of Income:
For the three months ended September 30,For the nine months ended
September 30,
($ in millions)2021202020212020
Available-for-sale debt and other securities:
Realized gains$16 46 24 47 
Realized losses(3)(1)(14)(2)
Impairment losses(12)— (19)— 
Net (losses) gains on available-for sale debt and other securities$1 45 (9)45 
Total trading debt securities (losses) gains$(1)(1)(1)3 
Total equity securities gains (losses)(a)
$(1)6 20 3 
Total gains (losses) recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(b)
$(1)50 10 51 
(a)Includes net unrealized losses of $3 and net unrealized gains $14 for the three and nine months ended September 30, 2021, respectively, and net unrealized losses of $1 and $3 for the three and nine months ended September 30, 2020, respectively.
(b)Excludes $1 and $4 of net securities losses for the three and nine months ended September 30, 2021, respectively, and $1 and $7 of net securities gains for the three and nine months ended September 30, 2020, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These losses and gains are included in commercial banking revenue and wealth and asset management revenue in the Condensed Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $12 million and $19 million during the three and nine months ended September 30, 2021, respectively. These losses related to certain securities in unrealized loss positions that the Bancorp intended to sell prior to recovery of their amortized cost bases. The Bancorp did not consider these losses to be credit-related.

At both September 30, 2021 and December 31, 2020, the Bancorp completed its evaluation of the available-for-sale debt and other securities in an unrealized loss position and did not recognize an allowance for credit losses. The Bancorp did not recognize provision expense related to available-for-sale debt and other securities in an unrealized loss position during both the three and nine months ended September 30, 2021 and 2020.

At September 30, 2021 and December 31, 2020, investment securities with a fair value of $11.4 billion and $11.0 billion, respectively, were pledged to secure borrowings, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of September 30, 2021 are shown in the following table:
($ in millions)Available-for-Sale Debt and OtherHeld-to-Maturity
Amortized CostFair ValueAmortized CostFair Value
Debt securities:(a)
Less than 1 year$888 903 2 2 
1-5 years13,361 14,019 4 4 
5-10 years11,985 12,700 — — 
Over 10 years9,556 9,730 2 2 
Other securities518 518 — — 
Total$36,308 37,870 8 8 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
September 30, 2021
Obligations of states and political subdivisions securities$1 — — — 1 — 
U.S. Treasury and federal agencies securities15 — — — 15 — 
Agency residential mortgage-backed securities844 (9)91 (4)935 (13)
Agency commercial mortgage-backed securities2,801 (64)24 (2)2,825 (66)
Non-agency commercial mortgage-backed securities515 (6)— — 515 (6)
Asset-backed securities and other debt securities1,046 (8)462 (10)1,508 (18)
Total$5,222 (87)577 (16)5,799 (103)
December 31, 2020
Agency residential mortgage-backed securities$426 (8)1 — 427 (8)
Agency commercial mortgage-backed securities388 (5)— — 388 (5)
Non-agency commercial mortgage-backed securities2 — — — 2 — 
Asset-backed securities and other debt securities520 (7)603 (17)1,123 (24)
Total$1,336 (20)604 (17)1,940 (37)

At both September 30, 2021 and December 31, 2020, $1 million of unrealized losses in the available-for-sale debt and other securities portfolio were represented by non-rated securities.