XML 41 R31.htm IDEA: XBRL DOCUMENT v3.23.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of available for sale securities by type
The following is a summary of investment securities as of June 30, 2023 and December 31, 2022:
20232022
Description of Securities
(Millions)
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value		CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
Available-for-sale debt securities:
State and municipal obligations$63 $— $(9)$54 $64 $— $(10)$54 
U.S. Government agency obligations4 — — 4 5 — — 5 
U.S. Government treasury obligations3,205 — (48)3,157 3,859 — (73)3,786 
Mortgage-backed securities (a)
13 — (1)12 13 — — 13 
Foreign government bonds and obligations754 — — 754 633 — (1)632 
Other (b)
64 — — 64 47 — — 47 
Equity securities (c)
50 — (8)42 50 — (9)41 
Total$4,153 $— $(66)$4,087 $4,671 $— $(93)$4,578 
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae.
(b)Represents investments in debt securities issued by Community Development Financial Institutions.
(c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
Available-for-sale securities, continuous unrealized loss position, fair value
The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2023 and December 31, 2022:
20232022
Less than 12 months12 months or moreLess than 12 months12 months or more
Description of Securities (Millions)
Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses		Estimated Fair ValueGross
Unrealized
Losses
State and municipal obligations$— $— $30 $(9)$52 $(10)$— $— 
U.S. Government treasury obligations1,009 (19)2,138 (29)3,710 (72)52 (1)
Mortgage-backed securities— — 4 (1)— — — — 
Foreign government bonds and obligations— — — — 549 (1)— — 
Total$1,009 $(19)$2,172 $(39)$4,311 $(83)$52 $(1)
Available for sale securities ratio of fair value to amortized cost
The following table summarizes the gross unrealized losses for available-for-sale debt securities by ratio of fair value to amortized cost as of June 30, 2023 and December 31, 2022:    
Less than 12 months12 months or moreTotal
Ratio of Fair Value to
Amortized Cost
(Dollars in millions)
Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses		Number of
Securities		Estimated
Fair Value		Gross
Unrealized
Losses
2023:
90–100%24 $1,009 $(19)23$2,147 $(30)47 $3,156 $(49)
Less than 90%— $— $— 14 $25 $(9)14 $25 $(9)
Total as of June 30, 202324 $1,009 $(19)37 $2,172 $(39)61 $3,181 $(58)
2022:
90–100%74 $4,287 $(74)3 $52 $(1)77 $4,339 $(75)
Less than 90%14 $24 $(9)— $— $— 14 $24 $(9)
Total as of December 31, 202288 $4,311 $(83)3 $52 $(1)91 $4,363 $(84)
Contractual maturities of investment securities
Contractual maturities for available-for-sale debt securities with stated maturities as of June 30, 2023 were as follows:
(Millions)CostEstimated
Fair Value
Due within 1 year$3,792 $3,751 
Due after 1 year but within 5 years212 204 
Due after 5 years but within 10 years41 41 
Due after 10 years58 49 
Total$4,103 $4,045