| Schedule of 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: | | | | | | | | | | | | | | | | March 31, 2024 ($ in millions) | Amortized
Cost | Unrealized
Gains | Unrealized
Losses | Fair
Value | | Available-for-sale debt and other securities: | | | | | | U.S. Treasury and federal agencies securities | $ | 2,773 | | 1 | | — | | 2,774 | | | Obligations of states and political subdivisions securities | 2 | | — | | — | | 2 | | | Mortgage-backed securities: | | | | | | Agency residential mortgage-backed securities | 5,630 | | — | | (779) | | 4,851 | | | Agency commercial mortgage-backed securities | 24,445 | | 1 | | (3,163) | | 21,283 | | | Non-agency commercial mortgage-backed securities | 4,837 | | — | | (403) | | 4,434 | | | Asset-backed securities and other debt securities | 4,913 | | 3 | | (269) | | 4,647 | | Other securities(a) | 800 | | — | | — | | 800 | | | Total available-for-sale debt and other securities | $ | 43,400 | | 5 | | (4,614) | | 38,791 | | Held-to-maturity securities:(b) | | | | | | U.S. Treasury and federal agencies securities | $ | 2,321 | | — | | (29) | | 2,292 | | | Mortgage-backed securities: | | | | | | Agency residential mortgage-backed securities | 5,194 | | — | | (109) | | 5,085 | | | Agency commercial mortgage-backed securities | 4,003 | | 4 | | (45) | | 3,962 | | | Asset-backed securities and other debt securities | 2 | | — | | — | | 2 | | | Total held-to-maturity securities | $ | 11,520 | | 4 | | (183) | | 11,341 | |
(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $301, $496 and $3, respectively, at March 31, 2024, that are carried at cost. (b)The amortized cost basis of held-to-maturity securities includes a discount of $962 at March 31, 2024 pertaining to the unamortized portion of unrealized losses on securities.
| | | | | | | | | | | | | | | | December 31, 2023 ($ in millions) | Amortized
Cost | Unrealized
Gains | Unrealized
Losses | Fair
Value | | Available-for-sale debt and other securities: | | | | | | U.S. Treasury and federal agencies securities | $ | 4,477 | | 1 | | (142) | | 4,336 | | | Obligations of states and political subdivisions securities | 2 | | — | | — | | 2 | | | Mortgage-backed securities: | | | | | | Agency residential mortgage-backed securities | 11,564 | | — | | (1,282) | | 10,282 | | | Agency commercial mortgage-backed securities | 28,945 | | 5 | | (3,230) | | 25,720 | | | Non-agency commercial mortgage-backed securities | 4,872 | | — | | (427) | | 4,445 | | | Asset-backed securities and other debt securities | 5,207 | | 3 | | (298) | | 4,912 | | Other securities(a) | 722 | | — | | — | | 722 | | | Total available-for-sale debt and other securities | $ | 55,789 | | 9 | | (5,379) | | 50,419 | | | 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 $224, $496 and $2, respectively, at December 31, 2023, that are carried at cost.
The following table provides the fair value of trading debt securities and equity securities as of: | | | | | | | | |
($ in millions) | March 31,
2024 | December 31,
2023 | | Trading debt securities | $ | 1,151 | | 899 | | | Equity securities | 380 | | 613 | |
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| Realized Gains and Losses Recognized in Income from Investment Securities |
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 March 31, | | | ($ in millions) | 2024 | 2023 | | | | Available-for-sale debt and other securities: | | | | | | Realized gains | $ | 2 | | 29 | | | | | Realized losses | — | | (29) | | | | | Impairment losses | (5) | | — | | | | | Net losses on available-for-sale debt and other securities | $ | (3) | | — | | | | | | | | | | | | | | | | | | | | | | | | | Equity securities: | | | | | | Net realized gains | — | | — | | | | | Net unrealized gains | 13 | | 4 | | | | | Net equity securities gains | $ | 13 | | 4 | | | | Total gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a) | $ | 10 | | 4 | | | |
(a)Excludes $2 and $1 of net securities gains for the three months ended March 31, 2024 and 2023, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These gains are included in commercial banking revenue and wealth and asset management revenue in the Condensed Consolidated Statements of Income.
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| Contractual Maturity Schedule |
The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of March 31, 2024 are shown in the following table: | | | | | | | | | | | | | | | | ($ in millions) | Available-for-Sale Debt and Other | Held-to-Maturity | | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Debt securities:(a) | | | | | | Due in 1 year or less | $ | 1,323 | | 1,301 | | 38 | | 38 | | | Due after 1 year through 5 years | 16,987 | | 15,961 | | 2,644 | | 2,612 | | | Due after 5 years through 10 years | 15,990 | | 13,635 | | 8,210 | | 8,063 | | | Due after 10 years | 8,300 | | 7,094 | | 628 | | 628 | | | Other securities | 800 | | 800 | | — | | — | | | Total | $ | 43,400 | | 38,791 | | 11,520 | | 11,341 | |
(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.
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| Fair Value and Gross Unrealized Loss of Securities Available for Sale |
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 months | 12 months or more | Total | | ($ in millions) | Fair Value | Unrealized
Losses | Fair Value | Unrealized
Losses | Fair Value | Unrealized
Losses | | March 31, 2024 | | | | | | | | U.S. Treasury and federal agencies securities | $ | 479 | | — | | — | | — | | 479 | | — | | | | | | | | | | Agency residential mortgage-backed securities | 70 | | (3) | | 4,780 | | (776) | | 4,850 | | (779) | | | Agency commercial mortgage-backed securities | 3,796 | | (468) | | 17,382 | | (2,695) | | 21,178 | | (3,163) | | | Non-agency commercial mortgage-backed securities | 35 | | — | | 4,398 | | (403) | | 4,433 | | (403) | | | Asset-backed securities and other debt securities | 213 | | (15) | | 3,996 | | (254) | | 4,209 | | (269) | | | Total | $ | 4,593 | | (486) | | 30,556 | | (4,128) | | 35,149 | | (4,614) | | | December 31, 2023 | | | | | | | | U.S. Treasury and federal agencies securities | $ | 1,989 | | (3) | | 2,157 | | (139) | | 4,146 | | (142) | | | Agency residential mortgage-backed securities | 81 | | (2) | | 10,200 | | (1,280) | | 10,281 | | (1,282) | | | Agency commercial mortgage-backed securities | 5,439 | | (556) | | 19,957 | | (2,674) | | 25,396 | | (3,230) | | | Non-agency commercial mortgage-backed securities | 141 | | (2) | | 4,284 | | (425) | | 4,425 | | (427) | | | Asset-backed securities and other debt securities | 340 | | (17) | | 4,184 | | (281) | | 4,524 | | (298) | | | Total | $ | 7,990 | | (580) | | 40,782 | | (4,799) | | 48,772 | | (5,379) | |
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