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Securities
 12 Months Ended
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2020 and 2019.
Debt Securities
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
(Dollars in millions)December 31, 2020
Available-for-sale debt securities
Mortgage-backed securities:
Agency$59,518 $2,370 $(39)$61,849 
Agency-collateralized mortgage obligations5,112 161 (13)5,260 
Commercial15,470 1,025 (4)16,491 
Non-agency residential (1)
899 127 (17)1,009 
Total mortgage-backed securities80,999 3,683 (73)84,609 
U.S. Treasury and agency securities114,157 2,236 (13)116,380 
Non-U.S. securities14,009 15 (7)14,017 
Other taxable securities, substantially all asset-backed securities2,656 61 (6)2,711 
Total taxable securities211,821 5,995 (99)217,717 
Tax-exempt securities16,417 389 (32)16,774 
Total available-for-sale debt securities (3)
228,238 6,384 (131)234,491 
Other debt securities carried at fair value (2)
11,720 429 (39)12,110 
Total debt securities carried at fair value239,958 6,813 (170)246,601 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities (3)
438,279 10,095 (194)448,180 
Total debt securities (3,4)
$678,237 $16,908 $(364)$694,781 
December 31, 2019
Available-for-sale debt securities
Mortgage-backed securities:
Agency$121,698 $1,013 $(183)$122,528 
Agency-collateralized mortgage obligations4,587 78 (24)4,641 
Commercial14,797 249 (25)15,021 
Non-agency residential (1)
948 138 (9)1,077 
Total mortgage-backed securities142,030 1,478 (241)143,267 
U.S. Treasury and agency securities67,700 1,023 (195)68,528 
Non-U.S. securities11,987 6 (2)11,991 
Other taxable securities, substantially all asset-backed securities3,874 67 — 3,941 
Total taxable securities225,591 2,574 (438)227,727 
Tax-exempt securities17,716 202 (6)17,912 
Total available-for-sale debt securities243,307 2,776 (444)245,639 
Other debt securities carried at fair value (2)
10,596 255 (23)10,828 
Total debt securities carried at fair value253,903 3,031 (467)256,467 
Held-to-maturity debt securities, substantially all U.S. agency mortgage-backed securities215,730 4,433 (342)219,821 
Total debt securities (3, 4)
$469,633 $7,464 $(809)$476,288 
(1)At December 31, 2020 and 2019, the underlying collateral type included approximately 37 percent and 49 percent prime, two percent and six percent Alt-A and 61 percent and 45 percent subprime.
(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 20 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $65.5 billion and $67.0 billion at December 31, 2020 and 2019.
(4)The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $260.1 billion and $118.1 billion, and a fair value of $267.5 billion and $120.7 billion at December 31, 2020, and an amortized cost of $157.2 billion and $54.1 billion, and a fair value of $160.6 billion and $55.1 billion at December 31, 2019.

At December 31, 2020, the accumulated net unrealized gain on AFS debt securities, excluding the amount related to debt securities previously transferred to held to maturity, included in accumulated OCI was $4.7 billion, net of the related income tax expense of $1.6 billion. The Corporation had nonperforming AFS debt securities of $20 million and $9 million at December 31, 2020 and 2019.
Effective January 1, 2020, the Corporation adopted the new accounting standard for credit losses that requires evaluation of AFS and HTM debt securities for any expected losses with recognition of an allowance for credit losses, when applicable. For more information, see Note 1 – Summary of Significant Accounting Principles. At December 31, 2020, the Corporation had $200.0 billion in AFS debt securities, which were primarily
U.S. agency and U.S. Treasury securities that have a zero credit loss assumption. For the remaining $34.5 billion in AFS debt securities, the amount of ECL was insignificant. Substantially all of the Corporation's HTM debt securities are U.S. agency and U.S. Treasury securities and have a zero credit loss assumption.
At December 31, 2020 and 2019, the Corporation held equity securities at an aggregate fair value of $769 million and $891 million and other equity securities, as valued under the measurement alternative, at a carrying value of $240 million and $183 million, both of which are included in other assets. At December 31, 2020 and 2019, the Corporation also held money market investments at a fair value of $1.6 billion and $1.0 billion, which are included in time deposits placed and other short-term investments.
The gross realized gains and losses on sales of AFS debt securities for 2020, 2019 and 2018 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
(Dollars in millions)202020192018
Gross gains$423 $336 $169 
Gross losses(12)(119)(15)
Net gains on sales of AFS debt securities$411 $217 $154 
Income tax expense attributable to realized net gains on sales of AFS debt securities
$103 $54 $37 
The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at December 31, 2020 and 2019.
Total AFS Debt Securities in a Continuous Unrealized Loss Position
Less than Twelve MonthsTwelve Months or LongerTotal
Fair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized LossesFair
Value		Gross Unrealized Losses
(Dollars in millions)December 31, 2020
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:   
Agency$2,841 $(39)$2 $— $2,843 $(39)
Agency-collateralized mortgage obligations187 (2)364 (11)551 (13)
Commercial566 (4)9 — 575 (4)
Non-agency residential342 (9)56 (8)398 (17)
Total mortgage-backed securities3,936 (54)431 (19)4,367 (73)
U.S. Treasury and agency securities8,282 (9)498 (4)8,780 (13)
Non-U.S. securities1,861 (6)135 (1)1,996 (7)
Other taxable securities, substantially all asset-backed securities576 (2)396 (4)972 (6)
Total taxable securities14,655 (71)1,460 (28)16,115 (99)
Tax-exempt securities4,108 (29)617 (3)4,725 (32)
Total AFS debt securities in a continuous
unrealized loss position		$18,763 $(100)$2,077 $(31)$20,840 $(131)
December 31, 2019
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency$17,641 $(41)$17,238 $(142)$34,879 $(183)
Agency-collateralized mortgage obligations255 (1)925 (23)1,180 (24)
Commercial2,180 (22)442 (3)2,622 (25)
Non-agency residential122 (6)22 (3)144 (9)
Total mortgage-backed securities20,198 (70)18,627 (171)38,825 (241)
U.S. Treasury and agency securities12,836 (71)18,866 (124)31,702 (195)
Non-U.S. securities851 — 837 (2)1,688 (2)
Other taxable securities, substantially all asset-backed securities938 — 222 — 1,160 — 
Total taxable securities34,823 (141)38,552 (297)73,375 (438)
Tax-exempt securities4,286 (5)190 (1)4,476 (6)
Total AFS debt securities in a continuous
unrealized loss position		$39,109 $(146)$38,742 $(298)$77,851 $(444)
The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2020 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgages or other ABS are passed through to the Corporation.
Maturities of Debt Securities Carried at Fair Value and Held-to-maturity Debt Securities
Due in One
Year or Less		Due after One Year
through Five Years		Due after Five Years
through Ten Years		Due after
Ten Years		Total
(Dollars in millions)Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amount
Yield (1)
Amortized cost of debt securities carried at fair value          
Mortgage-backed securities:          
Agency$— — %$7 5.69 %$56 4.44 %$59,455 3.36 %$59,518 3.36 %
Agency-collateralized mortgage obligations— — — — 24 2.57 5,088 2.94 5,112 2.94 
Commercial26 3.04 6,669 2.52 7,711 2.32 1,077 2.64 15,483 2.43 
Non-agency residential— — — — 1 — 1,620 6.77 1,621 6.77 
Total mortgage-backed securities26 3.04 6,676 2.52 7,792 2.34 67,240 3.40 81,734 3.23 
U.S. Treasury and agency securities10,020 1.26 29,533 1.85 74,665 0.74 32 2.55 114,250 1.07 
Non-U.S. securities22,862 0.31 926 1.81 581 1.09 532 1.79 24,901 0.42 
Other taxable securities, substantially all asset-backed securities
699 1.15 1,336 2.46 366 2.26 255 1.60 2,656 2.00 
Total taxable securities33,607 0.61 38,471 1.99 83,404 0.89 68,059 3.38 223,541 1.80 
Tax-exempt securities872 0.87 8,430 1.27 4,397 1.66 2,718 1.41 16,417 1.38 
Total amortized cost of debt securities carried at fair value
$34,479 0.62 $46,901 1.86 $87,801 0.93 $70,777 3.30 $239,958 1.77 
Amortized cost of HTM debt securities (2)
$15 3.78 $66 2.73 $17,133 1.86 $421,065 2.40 $438,279 2.38 
Debt securities carried at fair value          
Mortgage-backed securities:          
Agency$—  $7  $61  $61,781  $61,849  
Agency-collateralized mortgage obligations—  —  24  5,236  5,260  
Commercial26  7,077  8,242  1,160  16,505  
Non-agency residential—  —  7  1,776  1,783  
Total mortgage-backed securities26 7,084 8,334 69,953 85,397 
U.S. Treasury and agency securities10,056 30,873 75,511 33 116,473 
Non-U.S. securities23,187  940  582  534  25,243  
Other taxable securities, substantially all asset-backed securities
702  1,369  379  264  2,714  
Total taxable securities33,971  40,266  84,806  70,784  229,827  
Tax-exempt securities874  8,554  4,566  2,780  16,774  
Total debt securities carried at fair value$34,845  $48,820  $89,372  $73,564  $246,601  
Fair value of HTM debt securities (2)
$14 $69 $17,139 $430,958 $448,180 
(1)The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security. The average yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related hedging derivatives.
(2)Substantially all U.S. agency MBS.