XML 39 R26.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Investment Securities (Tables)
3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Summary The following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary (a)(b)
March 31, 2024December 31, 2023
In millionsAmortized
Cost (c)
UnrealizedFair
Value
Amortized
Cost (c)
UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available for Sale
U.S. Treasury and government agencies$8,516 $14 $(650)$7,880 $7,596 $22 $(667)$6,951 
Residential mortgage-backed
Agency30,001 24 (3,183)26,842 30,643 46 (2,809)27,880 
Non-agency563 113 (8)668 585 118 (7)696 
Commercial mortgage-backed
Agency1,780 (142)1,639 1,680 (135)1,546 
Non-agency866  (32)834 913 (45)869 
Asset-backed1,804 25 (2)1,827 1,092 25 (1)1,116 
Other 2,714 43 (167)2,590 2,844 44 (161)2,727 
Total securities available for sale $46,244 $220 $(4,184)$42,280 $45,353 $257 $(3,825)$41,785 
Securities Held to Maturity
U.S. Treasury and government agencies$35,469 $$(1,342)$34,128 $36,529 $$(1,141)$35,397 
Residential mortgage-backed
Agency41,970 28 (3,470)38,528 42,686 92 (2,733)40,045 
Non-agency256 (21)235 259  (17)242 
Commercial mortgage-backed
Agency946 (29)921 939 (23)925 
Non-agency1,259 (20)1,240 1,373 (27)1,348 
Asset-backed5,264 20 (34)5,250 5,890 17 (39)5,868 
Other3,016 30 (47)2,999 3,108 50 (35)3,123 
Total securities held to maturity (d)$88,180 $84 $(4,963)$83,301 $90,784 $179 $(4,015)$86,948 
(a) At March 31, 2024, the accrued interest associated with our held to maturity and available for sale portfolios totaled $244 million and $140 million, respectively. The comparable amounts at December 31, 2023 were $281 million and $144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both March 31, 2024 and December 31, 2023.
(c) Amortized cost is presented net of allowance of $87 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $6 million for securities held to maturity at March 31, 2024. The comparable amounts at December 31, 2023 were $86 million and $6 million, respectively.
(d) Held to maturity securities transferred from available for sale are included in held to maturity at fair value at the time of the transfer. The amortized cost of held to maturity securities included net unrealized losses of $4.0 billion at March 31, 2024 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2023 was $4.2 billion.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months
Unrealized loss position
12 months or more
Total
In millionsUnrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
Unrealized
Loss
Fair
Value
March 31, 2024
U.S. Treasury and government agencies$(2)$663 $(648)$6,004 $(650)$6,667 
Residential mortgage-backed
Agency(18)1,965 (3,165)23,252 (3,183)25,217 
Non-agency(1)28 (5)83 (6)111 
Commercial mortgage-backed
Agency(1)186 (141)1,418 (142)1,604 
Non-agency(32)691 (32)691 
Asset-backed(1)411 (1)38 (2)449 
Other (2)109 (142)1,979 (144)2,088 
Total securities available for sale$(25)$3,362 $(4,134)$33,465 $(4,159)$36,827 
December 31, 2023
U.S. Treasury and government agencies  $(666)$6,035 $(666)$6,035 
Residential mortgage-backed
Agency$(4)$1,015 (2,805)24,306 (2,809)25,321 
Non-agency(1)15 (4)84 (5)99 
Commercial mortgage-backed
Agency  (135)1,495 (135)1,495 
Non-agency(45)731 (45)731 
Asset-backed  (1)(1)
Other(3)78 (136)2,106 (139)2,184 
Total securities available for sale$(8)$1,108 $(3,792)$34,766 $(3,800)$35,874 
Contractual Maturity of Securities
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2024:
Table 37: Contractual Maturity of Debt Securities
March 31, 2024
Dollars in millions
1 Year or LessAfter 1 Year
through 5 Years
After 5 Years
through 10 Years
After 10
Years
Total
Securities Available for Sale
U.S. Treasury and government agencies$2,194 $2,994 $1,153 $2,175 $8,516 
Residential mortgage-backed
Agency233 3,592 26,175 30,001 
Non-agency12 551 563 
Commercial mortgage-backed
Agency659 763 349 1,780 
Non-agency106 91 668 866 
Asset-backed523 258 1,023 1,804 
Other 276 1,969 316 153 2,714 
Total securities available for sale at amortized cost$2,481 $6,484 $6,185 $31,094 $46,244 
Fair value$2,442 $6,044 $5,873 $27,921 $42,280 
Weighted-average yield, GAAP basis (a)1.07 %2.44 %3.21 %3.18 %2.97 %
Securities Held to Maturity
U.S. Treasury and government agencies$8,727 $24,221 $1,629 $892 $35,469 
Residential mortgage-backed
Agency 10 325 41,635 41,970 
Non-agency256 256 
Commercial mortgage-backed
Agency150 528 268 946 
Non-agency29 50  1,180 1,259 
Asset-backed16 1,518 2,368 1,362 5,264 
Other256 985 473 1,302 3,016 
Total securities held to maturity at amortized cost$9,028 $26,934 $5,323 $46,895 $88,180 
Fair value$8,894 $25,924 $5,140 $43,343 $83,301 
Weighted-average yield, GAAP basis (a)0.98 %1.56 %3.92 %2.91 %2.36 %
(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
Fair Value of Securities Pledged and Accepted as Collateral
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 38: Fair Value of Securities Pledged and Accepted as Collateral
In millionsMarch 31, 2024December 31, 2023
Pledged to others$68,193 $29,878 
Accepted from others:
Permitted by contract or custom to sell or repledge$819 $755 
Permitted amount repledged to others$819 $755