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Investment Securities
 6 Months Ended
Jun. 30, 2023
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:
June 30, 2023 ($ in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,924 — (184)2,740 
Obligations of states and political subdivisions securities2 — — 2 
Mortgage-backed securities:
Agency residential mortgage-backed securities11,959 — (1,378)10,581 
Agency commercial mortgage-backed securities29,125 3 (3,581)25,547 
Non-agency commercial mortgage-backed securities5,027 — (538)4,489 
Asset-backed securities and other debt securities5,526 3 (395)5,134 
Other securities(a)
836 — — 836 
Total available-for-sale debt and other securities$55,399 6 (6,076)49,329 
Held-to-maturity securities:
Asset-backed securities and other debt securities$2 — — 2 
Total held-to-maturity securities$2 — — 2 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $339, $493 and $4, respectively, at June 30, 2023, that are carried at cost.

December 31, 2022 ($ in millions)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities$2,683 — (188)2,495 
Obligations of states and political subdivisions securities18 — — 18 
Mortgage-backed securities:
Agency residential mortgage-backed securities12,604 5 (1,372)11,237 
Agency commercial mortgage-backed securities29,824 11 (3,513)26,322 
Non-agency commercial mortgage-backed securities5,235 — (520)4,715 
Asset-backed securities and other debt securities6,292 3 (453)5,842 
Other securities(a)
874 — — 874 
Total available-for-sale debt and other securities$57,530 19 (6,046)51,503 
Held-to-maturity securities:
Obligations of states and political subdivisions securities$3 — — 3 
Asset-backed securities and other debt securities2 — — 2 
Total held-to-maturity securities$5 — — 5 
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $381, $491 and $2, respectively, at December 31, 2022, that are carried at cost.

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

($ in millions)		June 30,
2023		December 31,
2022
Trading debt securities$1,139 414 
Equity securities331 317 

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $131 million at both June 30, 2023 and December 31, 2022 which is 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 risk management. 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, net – non-qualifying hedges on mortgage servicing rights in the Condensed Consolidated Statements of Income.
The following table presents the components of net securities gains and losses recognized in the Condensed Consolidated Statements of Income, including those recognized related to the Bancorp’s non-qualifying hedging strategy for MSRs:
For the three months ended June 30,For the six months ended
June 30,
($ in millions)2023202220232022
Available-for-sale debt and other securities:
Realized gains$4 9 34 12 
Realized losses— (9)(30)(9)
Impairment losses(4)— (4)— 
Net realized gains on available-for-sale debt and other securities$— — — 3 
Trading debt securities:
Net realized losses— — — (1)
Net unrealized gains2 — 2 11 
Net trading debt securities gains$2 — 2 10 
Equity securities:
Net realized gains1 — 2 1 
Net unrealized gains (losses)4 (32)7 (62)
Net equity securities gains (losses)$5 (32)9 (61)
Total gains (losses) recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)
$7 (32)11 (48)
(a)Excludes $1 of net securities losses and an immaterial amount of net securities gains for the three and six months ended June 30, 2023, respectively, and $1 and $4 of net securities losses for the three and six months ended June 30, 2022, 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 $4 million during the second quarter of 2023. These losses were included in securities gains (losses), net, in the Condensed Consolidated Statements of Income. These losses related to certain securities in unrealized loss positions where the Bancorp determined that recovery of the amortized cost basis of the securities was no longer probable.

At both June 30, 2023 and December 31, 2022, 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 six months ended June 30, 2023 and 2022.

At June 30, 2023 and December 31, 2022, investment securities with a fair value of $22.9 billion and $11.0 billion, respectively, were pledged to secure borrowing capacity, 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 June 30, 2023 are shown in the following table:
($ in millions)Available-for-Sale Debt and OtherHeld-to-Maturity
Amortized CostFair ValueAmortized CostFair Value
Debt securities:(a)
Due in 1 year or less$142 141 — — 
Due after 1 year through 5 years13,905 12,875 — — 
Due after 5 years through 10 years30,307 26,677 — — 
Due after 10 years10,209 8,800 2 2 
Other securities836 836 — — 
Total$55,399 49,329 2 2 
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:
Less than 12 months12 months or moreTotal
($ in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
June 30, 2023
U.S. Treasury and federal agencies securities$654 (24)1,686 (160)2,340 (184)
Agency residential mortgage-backed securities2,728 (213)7,853 (1,165)10,581 (1,378)
Agency commercial mortgage-backed securities10,132 (961)15,171 (2,620)25,303 (3,581)
Non-agency commercial mortgage-backed securities529 (30)3,845 (508)4,374 (538)
Asset-backed securities and other debt securities870 (45)4,042 (350)4,912 (395)
Total$14,913 (1,273)32,597 (4,803)47,510 (6,076)
December 31, 2022
U.S. Treasury and federal agencies securities$2,400 (188)— — 2,400 (188)
Obligations of states and political subdivisions securities— — 1 — 1 — 
Agency residential mortgage-backed securities10,078 (1,170)938 (202)11,016 (1,372)
Agency commercial mortgage-backed securities22,083 (2,487)3,697 (1,026)25,780 (3,513)
Non-agency commercial mortgage-backed securities3,621 (272)1,059 (248)4,680 (520)
Asset-backed securities and other debt securities3,164 (178)2,495 (275)5,659 (453)
Total$41,346 (4,295)8,190 (1,751)49,536 (6,046)

At June 30, 2023 and December 31, 2022, $41 million and $42 million, respectively, of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.