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 December 31:


	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	$	85	1	—	86
Obligations of states and political subdivisions securities	18		—	—	18
Mortgage-backed securities:
Agency residential mortgage-backed securities	8,432		368	(18)	8,782
Agency commercial mortgage-backed securities	18,236		784	(69)	18,951
Non-agency commercial mortgage-backed securities	4,364		128	(13)	4,479
Asset-backed securities and other debt securities	5,287		32	(44)	5,275
Other securities(a)	519		—	—	519
Total available-for-sale debt and other securities	$	36,941	1,313	(144)	38,110
Held-to-maturity securities:
Obligations of states and political subdivisions securities	$	6	—	—	6
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	8	—	—	8


	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 securities	17		—	—	17
Mortgage-backed securities:
Agency residential mortgage-backed securities	11,147		768	(8)	11,907
Agency commercial mortgage-backed securities	16,745		1,481	(5)	18,221
Non-agency commercial mortgage-backed securities	3,323		267	—	3,590
Asset-backed securities and other debt securities	3,152		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 securities	2		—	—	2
Total held-to-maturity securities	$	11	—	—	11

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $82 million and $87 million at December 31, 2021 and 2020, respectively, which are presented as a component of other assets in the 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 Consolidated Statements of Income.


($ in millions)	2021		2020	2019
Available-for-sale debt and other securities:
Realized gains	$	34	47	60
Realized losses	(19)		(2)	(50)
Impairment losses(a)	(19)		—	(1)
Net realized (losses) gains on available-for-sale debt and other securities	$	(4)	45	9
Trading debt securities:
Net realized (losses) gains	(2)		2	3
Net unrealized losses	(3)		—	—
Net trading debt securities (losses) gains	$	(5)	2	3
Equity securities:
Net realized gains	7		10	5
Net unrealized (losses) gains	(7)		7	26
Net equity securities gains	$	—	17	31
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(b)	$	(9)	64	43

(a)Prior to adoption of ASU 2016-13 on January 1, 2020, investment securities were evaluated for OTTI with any identified OTTI recognized as a charge to income and a direct reduction of the amortized cost basis of the securities.

(b)Excludes $7 of net securities losses for the year ended December 31, 2021, and $5 and $7 of net securities gains for the years ended December 31, 2020 and 2019, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These (losses) gains are included in commercial banking revenue and wealth and asset management revenue in the Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $19 million during the year ended December 31, 2021. 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 December 31, 2021 and 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 for both the years ended December 31, 2021 and 2020 related to available-for-sale debt and other securities in an unrealized loss position.

At December 31, 2021 and 2020, investment securities with a fair value of $11.2 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 December 31, 2021 are shown in the following table:


	Available-for-Sale Debt and Other			Held-to-Maturity
($ in millions)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Debt securities:(a)
Due in 1 year or less	$	984	1,003	3	3
Due after 1 year through 5 years	13,262		13,756	3	3
Due after 5 years through 10 years	11,951		12,466	—	—
Due after 10 years	10,225		10,366	2	2
Other securities	519		519	—	—
Total	$	36,941	38,110	8	8

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 December 31:


	Less than 12 months			12 months or more		Total
($ in millions)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
2021


Agency residential mortgage-backed securities	$	935	(10)	161	(8)	1,096	(18)
Agency commercial mortgage-backed securities	2,886		(49)	424	(20)	3,310	(69)
Non-agency commercial mortgage-backed securities	1,052		(13)	—	—	1,052	(13)
Asset-backed securities and other debt securities	2,870		(34)	367	(10)	3,237	(44)
Total	$	7,743	(106)	952	(38)	8,695	(144)
2020
Agency residential mortgage-backed securities	$	426	(8)	1	—	427	(8)
Agency commercial mortgage-backed securities	388		(5)	—	—	388	(5)
Non-agency commercial mortgage-backed securities	2		—	—	—	2	—
Asset-backed securities and other debt securities	520		(7)	603	(17)	1,123	(24)
Total	$	1,336	(20)	604	(17)	1,940	(37)

At December 31, 2021 and 2020, $2 million and $1 million, respectively, of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.