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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Available-for-Sale and Held-to-Maturity
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 
    June 30, 2022      December 31, 2021  
(Dollars in Millions)   Amortized
Cost		      Unrealized
Gains		      Unrealized
Losses		     Fair
Value		      Amortized
Cost		      Unrealized
Gains		      Unrealized
Losses		     Fair
Value		  
Held-to-maturity
                                                                     
U.S. Treasury and agencies
   $ 1,343      $ –      $ (6 )    $ 1,337      $ –      $ –      $ –     $ –  
Residential agency mortgage-backed securities
     60,160        2        (5,842 )      54,320        41,858        2        (48 )      41,812  
Total held-to-maturity
   $ 61,503      $ 2      $ (5,848 )    $ 55,657      $ 41,858      $ 2      $ (48 )    $ 41,812  
Available-for-sale
                                                                     
U.S. Treasury and agencies
   $ 25,779      $ –      $ (2,012 )    $ 23,767      $ 36,648      $ 205      $ (244 )    $ 36,609  
Mortgage-backed securities
                                                                     
Residential agency
     62,788        23        (5,059 )      57,752        76,761        665        (347 )      77,079  
Commercial agency
     8,756        –        (1,192 )      7,564        8,633        53        (201 )      8,485  
Asset-backed securities
     –        –        –       –        62        4        –       66  
Obligations of state and political subdivisions
     10,925        11        (1,220 )      9,716        10,130        607        (20 )      10,717  
Other
     7        –        –       7        7        –        –       7  
Total available-for-sale
   $ 108,255      $ 34      $ (9,483 )    $ 98,806      $ 132,241      $ 1,534      $ (812 )    $ 132,963  
Amount of Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
 
    Three Months Ended
June 30		     Six Months Ended
June 30		  
(Dollars in Millions)           2022              2021             2022              2021  
Taxable
   $ 732      $ 554     $ 1,378      $ 1,009  
Non-taxable
     74        64       145        126  
Total interest income from investment securities
   $ 806      $ 618     $ 1,523      $ 1,135  
 
Amount of Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
 
    Three Months Ended
June 30		     Six Months Ended
June 30		  
(Dollars in Millions)           2022             2021             2022             2021  
Realized gains
   $ 144     $ 43     $ 386     $ 68  
Realized losses
     (125 )      –       (349 )      –  
Net realized gains
   $ 19     $ 43     $ 37     $ 68  
Income tax on net realized gains
   $ 5     $ 11     $ 9     $ 17  
Gross Unrealized Losses and Fair Value of Company's Investment Securities The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at June 30, 2022:
 
    Less Than 12 Months      12 Months or Greater      Total  
(Dollars in Millions)  
Fair
Value
      Unrealized
Losses		      Fair
Value		      Unrealized
Losses		     
Fair
Value
      Unrealized
Losses		  
U.S. Treasury and agencies
   $ 19,590      $ (1,581 )     $ 3,511              $ (431 )     $ 23,101      $ (2,012 ) 
Residential agency mortgage-backed securities
     50,819        (4,281 )       5,360        (778 )       56,179        (5,059 ) 
Commercial agency mortgage-backed securities
     4,852        (657 )       2,711        (535 )       7,563        (1,192 ) 
Obligations of state and political subdivisions
     8,430        (1,057 )       396        (163 )       8,826        (1,220 ) 
Other
     6        –        –        –        6        –  
Total investment securities
   $ 83,697      $ (7,576 )     $ 11,978              $ (1,907 )     $ 95,675      $ (9,483 ) 
Investment Securities
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at June 30, 2022:
 
(Dollars in Millions)   Amortized
Cost		      Fair
Value		      Weighted-
Average
Maturity in
Years		      Weighted-
Average
Yield (e)		  
Held-to-maturity
                                   
U.S. Treasury and Agencies
                                   
Maturing in one year or less
   $ –      $ –        –        – % 
Maturing after one year through five years
     1,343        1,337        3.8        2.85  
Maturing after five years through ten years
     –        –        –        –  
Maturing after ten years
     –        –        –        –  
Total
   $ 1,343      $ 1,337        3.8        2.85 % 
Mortgage-Backed Securities (a)
                                   
Maturing in one year or less
   $ –      $ –        –        – % 
Maturing after one year through five years
     –        –        –        –  
Maturing after five years through ten years
     23,977        22,825        9.1        2.22  
Maturing after ten years
     36,183        31,495        10.6        1.72  
Total
   $ 60,160      $ 54,320        10.0        1.92 % 
Total held-to-maturity (d)
   $ 61,503      $ 55,657        9.8        1.94 % 
Available-for-sale
                                   
U.S. Treasury and Agencies
                                   
Maturing in one year or less
   $ 1,826      $ 1,824        .3        1.96 % 
Maturing after one year through five years
     3,525        3,296        4.4        1.50  
Maturing after five years through ten years
     17,771        16,479        7.4        2.04  
Maturing after ten years
     2,657        2,168        11.8        1.99  
Total
   $ 25,779      $ 23,767        6.9        1.95 % 
Mortgage-Backed Securities (a)
                                   
Maturing in one year or less
   $ 44      $ 44        .7        2.67 % 
Maturing after one year through five years
     12,785        12,381        3.2        2.03  
Maturing after five years through ten years
     33,303        30,454        7.9        1.81  
Maturing after ten years
     25,412        22,437        10.6        2.11  
Total
   $ 71,544      $ 65,316        8.0        1.96 % 
Obligations of State and Political Subdivisions (b) (c)
                                   
Maturing in one year or less
   $ 182      $ 182        .3        4.63 % 
Maturing after one year through five years
     1,974        1,955        4.0        4.43  
Maturing after five years through ten years
     1,480        1,401        7.2        3.82  
Maturing after ten years
     7,289        6,178        16.9        3.36  
Total
   $ 10,925      $ 9,716        13.0        3.64 % 
Other
                                   
Maturing in one year or less
   $ –      $ –        –        – % 
Maturing after one year through five years
     7        7        2.9        2.07  
Maturing after five years through ten years
     –        –        –        –  
Maturing after ten years
     –        –        –        –  
Total
   $ 7      $ 7        2.9        2.07 % 
Total available-for-sale (d)
   $ 108,255      $ 98,806        8.2        2.13 % 
 
(a)
Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)
Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(c)
Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(d)
The weighted-average maturity of total held-to-maturity investment securities was 7.4 years at December 31, 2021, with a corresponding weighted-average yield of 1.45 percent. The weighted-average maturity of total available-for-sale investment securities was 5.5 years at December 31, 2021, with a corresponding weighted-average yield of 1.73 percent.
(e)
Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.