| AFS and HTM Debt Securities |
| | Note 5: Available-for-Sale and Held-to-Maturity Debt Securities |
Table 5.1 provides the amortized cost, net of the allowance for credit losses, and fair value by major categories of available-for-sale debt securities, which are carried at fair value, and held-to-maturity debt securities, which are carried at amortized cost, net of allowance for credit losses. The net unrealized gains (losses) for available-for-sale debt securities are reported as a component of cumulative OCI, net of the allowance for credit losses and applicable income taxes. Information on debt securities held for trading is included in Note 4 (Trading Activities). Outstanding balances exclude accrued interest receivable on available-for-sale and held-to-maturity debt securities which are included in other assets. During the quarter ended March 31, 2020, we reversed accrued interest receivable on our available-for-sale and held-to-maturity debt securities by reversing interest income of $6 million. See Note 9 (Other Assets) for additional information on accrued interest receivable. Table 5.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding | | | | | | | | | | | | | | (in millions) | Amortized cost, net (1) |
| | Gross unrealized gains |
| | Gross unrealized losses |
| | Fair value |
| March 31, 2020 | | | | | | | | Available-for-sale debt securities: | | | | | | | | Securities of U.S. Treasury and federal agencies | $ | 10,952 |
| | 88 |
| | (4 | ) | | 11,036 |
| Securities of U.S. states and political subdivisions (2) | 38,686 |
| | 206 |
| | (748 | ) | | 38,144 |
| Mortgage-backed securities: |
| |
| |
| | | Federal agencies | 154,390 |
| | 5,839 |
| | (15 | ) | | 160,214 |
| Residential | 820 |
| | — |
| | (44 | ) | | 776 |
| Commercial | 3,897 |
| | 10 |
| | (253 | ) | | 3,654 |
| Total mortgage-backed securities | 159,107 |
| | 5,849 |
| | (312 | ) | | 164,644 |
| Corporate debt securities | 6,092 |
| | 38 |
| | (275 | ) | | 5,855 |
| Collateralized loan and other debt obligations | 26,873 |
| | 63 |
| | (1,768 | ) | | 25,168 |
| Other (3) | 6,477 |
| | 19 |
| | (114 | ) | | 6,382 |
| Total available-for-sale debt securities | 248,187 |
| | 6,263 |
| | (3,221 | ) | | 251,229 |
| Held-to-maturity debt securities: | | | | | | | | Securities of U.S. Treasury and federal agencies | 48,569 |
| | 2,146 |
| | (24 | ) | | 50,691 |
| Securities of U.S. states and political subdivisions | 14,304 |
| | 344 |
| | (37 | ) | | 14,611 |
| Federal agency and other mortgage-backed securities (4) | 107,013 |
| | 5,268 |
| | (43 | ) | | 112,238 |
| Other debt securities | 23 |
| | — |
| | (1 | ) | | 22 |
| Total held-to-maturity debt securities | 169,909 |
| | 7,758 |
| | (105 | ) | | 177,562 |
| Total (5) | $ | 418,096 |
| | 14,021 |
| | (3,326 | ) | | 428,791 |
| December 31, 2019 | | | | | | | | Available-for-sale debt securities: | | | | | | | | Securities of U.S. Treasury and federal agencies | $ | 14,948 |
| | 13 |
| | (1 | ) | | 14,960 |
| Securities of U.S. states and political subdivisions (2) | 39,381 |
| | 992 |
| | (36 | ) | | 40,337 |
| Mortgage-backed securities: | | | | | | | | Federal agencies | 160,318 |
| | 2,299 |
| | (164 | ) | | 162,453 |
| Residential | 814 |
| | 14 |
| | (1 | ) | | 827 |
| Commercial | 3,899 |
| | 41 |
| | (6 | ) | | 3,934 |
| Total mortgage-backed securities | 165,031 |
| | 2,354 |
| | (171 | ) | | 167,214 |
| Corporate debt securities | 6,343 |
| | 252 |
| | (32 | ) | | 6,563 |
| Collateralized loan and other debt obligations | 29,693 |
| | 125 |
| | (123 | ) | | 29,695 |
| Other (3) | 4,664 |
| | 50 |
| | (24 | ) | | 4,690 |
| Total available-for-sale debt securities | 260,060 |
| | 3,786 |
| | (387 | ) | | 263,459 |
| Held-to-maturity debt securities: | | | | | | | | Securities of U.S. Treasury and federal agencies | 45,541 |
| | 617 |
| | (19 | ) | | 46,139 |
| Securities of U.S. states and political subdivisions | 13,486 |
| | 286 |
| | (13 | ) | | 13,759 |
| Federal agency and other mortgage-backed securities (4) | 94,869 |
| | 2,093 |
| | (37 | ) | | 96,925 |
| Other debt securities | 37 |
| | — |
| | — |
| | 37 |
| Total held-to-maturity debt securities | 153,933 |
| | 2,996 |
| | (69 | ) | | 156,860 |
| Total (5) | $ | 413,993 |
| | 6,782 |
| | (456 | ) | | 420,319 |
|
| | (1) | Represents amortized cost of the securities, net of the allowance for credit losses of $161 million related to available-for-sale debt securities and $11 million related to held-to-maturity debt securities at March 31, 2020. Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For more information, see Note 1 (Summary of Significant Accounting Policies). |
| | (2) | Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost net of allowance for credit losses and fair value of these types of securities was $5.8 billion at both March 31, 2020, and December 31, 2019. |
| | (3) | Primarily includes asset-backed securities collateralized by student loans. |
| | (4) | Predominantly consists of federal agency mortgage-backed securities at both March 31, 2020 and December 31, 2019. |
| | (5) | We held available-for-sale and held-to-maturity debt securities from Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) that each exceeded 10% of stockholders’ equity, with an amortized cost of $102.4 billion and $88.4 billion and a fair value of $107.0 billion and $92.2 billion at March 31, 2020 and an amortized cost of $98.5 billion and $84.1 billion and a fair value of $100.3 billion and $85.5 billion at December 31, 2019, respectively. |
Table 5.2 details the breakout of purchases of and transfers to held-to-maturity debt securities by major category of security.
Table 5.2: Held-to-Maturity Debt Securities Purchases and Transfers | | | | | | | | | Quarter ended March 31, | | (in millions) | 2020 |
| | 2019 |
| Purchases of held-to-maturity debt securities: | | | | Securities of U.S. Treasury and federal agencies | $ | 3,016 |
| | — |
| Securities of U.S. states and political subdivisions | 866 |
| | — |
| Federal agency and other mortgage-backed securities | 15,925 |
| | 16 |
| Total purchases of held-to-maturity debt securities | 19,807 |
| | 16 |
| Transfers from available-for-sale debt securities to held-to-maturity debt securities: | | | | Federal agency and other mortgage-backed securities | — |
| | 2,407 |
| Total transfers from available-for-sale debt securities to held-to-maturity debt securities | $ | — |
| | 2,407 |
|
Table 5.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses from sales and impairment write-downs included in earnings related to available-for-sale and held-to-maturity debt securities (pre-tax).
Table 5.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities | | | | | | | | | Quarter ended March 31, | | (in millions) | 2020 |
| | 2019 |
| Interest income: | | | | Available-for-sale | $ | 1,726 |
| | 2,201 |
| Held-to-maturity | 980 |
| | 947 |
| Total interest income (1) | 2,706 |
| | 3,148 |
| Provision for credit losses (2): | | | | Available-for-sale | 168 |
| | — |
| Held-to-maturity | 4 |
| | — |
| Total provision for credit losses | 172 |
| | — |
| Realized gains and losses (3): | | | | Gross realized gains | 256 |
| | 173 |
| Gross realized losses | (4 | ) | | (3 | ) | Impairment write-downs included in earnings: | | | | Credit-related (4) | — |
| | (16 | ) | Intent-to-sell | (15 | ) | | (29 | ) | Total impairment write-downs included in earnings | (15 | ) | | (45 | ) | Net realized gains | $ | 237 |
| | 125 |
|
| | (1) | Total interest income from debt securities excludes interest income from trading debt securities, which is disclosed in Note 4 (Trading Activities). |
| | (2) | Prior to our adoption of CECL on January 1, 2020, the provision for credit losses from debt securities was not applicable and is therefore presented as $0 for the prior period. For more information, see Note 1 (Summary of Significant Accounting Policies). |
| | (3) | Realized gains and losses relate to available-for-sale debt securities. There were no realized gains or losses from held-to-maturity debt securities in all periods presented. |
| | (4) | For the quarter ended March 31, 2020, credit-related impairment recognized in earnings is classified as provision for credit losses due to our adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies). |
Credit Quality We monitor credit quality of debt securities by evaluating various attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. The credit quality indicators that we most closely monitor include credit ratings and delinquency status and are based on information as of our financial statement date.
CREDIT RATINGS Credit ratings express opinions about the credit quality of a debt security. We determine the credit rating of a security according to the lowest credit rating made available by national recognized statistical rating organizations (NRSRO). Debt securities rated investment grade, that is those with ratings similar to BBB-/Baa3 or above, as defined by NRSRO, are generally considered by the rating agencies and market participants to be low credit risk. Conversely, debt securities rated below investment grade, labeled as “speculative grade” by the rating agencies, are considered to be distinctively higher credit risk than investment grade debt securities. For debt securities not rated by the NRSRO, we determine an internal credit grade of the debt securities (used for credit risk management purposes) equivalent to the credit ratings assigned by major credit agencies. The fair value of available-for-sale debt securities categorized as investment grade based on internal credit grades was $1.2 billion at March 31, 2020, and $2.2 billion at December 31, 2019. Held-to-maturity debt securities categorized as investment grade based on internal credit grades are not significant. If an internal credit grade was not assigned, we categorized the debt security as non-investment grade. Table 5.4 shows the percentage of fair value of available-for-sale debt securities and amortized cost of held-to-maturity debt securities determined by those rated investment grade, inclusive of those based on internal credit grades. Table 5.4: Investment Grade Debt Securities | | | | | | | | | | | | | Available-for-Sale | | | Held-to-Maturity | | ($ in millions) | Fair value |
| % investment grade |
| | Amortized cost |
| % investment grade |
| March 31, 2020 | | | | | | Total portfolio | $ | 251,229 |
| 99 | % | | 169,920 |
| 99 | % | | | | | | | Breakdown by category: | | | | | | Securities of U.S. Treasury and federal agencies (1) | $ | 171,250 |
| 100 | % | | 154,734 |
| 100 | % | Securities of U.S. states and political subdivisions | 38,144 |
| 99 |
| | 14,313 |
| 100 |
| Collateralized loan obligations | 24,582 |
| 100 |
| | N/A |
| N/A |
| All other debt securities (2) | 17,253 |
| 82 |
| | 873 |
| 7 |
| December 31, 2019 | | | | | | Total portfolio | $ | 263,459 |
| 99 | % | | 153,933 |
| 99 | % | | | | | | | Breakdown by category: | | | | | | Securities of U.S. Treasury and federal agencies (1) | $ | 177,413 |
| 100 | % | | 139,619 |
| 100 | % | Securities of U.S. states and political subdivisions | 40,337 |
| 99 |
| | 13,486 |
| 100 |
| Collateralized loan obligations | 29,055 |
| 100 |
| | N/A |
| N/A |
| All other debt securities (2) | 16,654 |
| 82 |
| | 828 |
| 4 |
|
| | (1) | Includes federal agency mortgage-backed securities. |
| | (2) | Includes non-agency mortgage-backed, corporate, and all other debt securities. |
DELINQUENCY STATUS AND NONACCRUAL DEBT SECURITIES Debt security issuers that are delinquent in payment of amounts due under contractual debt agreements have a higher probability of recognition of credit losses. As such, as part of our monitoring of the credit quality of the debt security portfolio, we consider whether debt securities we own are past due in payment of principal or interest payments and whether any securities have been placed into nonaccrual status. We had no debt securities that were past due and still accruing at March 31, 2020 or December 31, 2019. The fair value of available-for-sale debt securities in nonaccrual status was $327 million and $110 million as of March 31, 2020 and December 31, 2019, respectively. There were no held-to-maturity debt securities in nonaccrual status as of March 31, 2020 or December 31, 2019. Purchased debt securities with credit deterioration (PCD) are not considered to be in nonaccrual status, as payments from issuers of these securities remain current. Table 5.5 presents detail of available-for-sale debt securities purchased with credit deterioration during the period. There were no held-to-maturity debt securities purchased with credit deterioration during the quarter ended March 31, 2020. The amounts presented are as of the date of the PCD assets were purchased.
Table 5.5: Debt Securities Purchased with Credit Deterioration | | | | | (in millions) | Quarter ended March 31, 2020 |
| Available-for-sale debt securities purchased with credit deterioration (PCD): | | Par value | $ | 164 |
| Allowance for credit losses at acquisition | (11 | ) | Discount (or premiums) attributable to other factors | 3 |
| Purchase price of available-for-sale debt securities purchased with credit deterioration | $ | 156 |
|
Unrealized Losses of Available-for-Sale Debt Securities Table 5.6 shows the gross unrealized losses and fair value of available-for-sale debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recorded credit impairment are categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the (1) for the current period presented, amortized cost basis net of allowance for credit losses, or the (2) for the prior period presented, amortized cost basis. Table 5.6: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | | 12 months or more | | | Total | | (in millions) | Gross unrealized losses |
| | Fair value |
| | Gross unrealized losses |
| | Fair value |
| | Gross unrealized losses |
| | Fair value |
| March 31, 2020 | | | | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | Securities of U.S. Treasury and federal agencies | $ | (4 | ) | | 615 |
| | — |
| | — |
| | (4 | ) | | 615 |
| Securities of U.S. states and political subdivisions | (678 | ) | | 22,740 |
| | (70 | ) | | 1,490 |
| | (748 | ) | | 24,230 |
| Mortgage-backed securities: | | | | | | | | |
|
| |
|
| Federal agencies | (3 | ) | | 594 |
| | (12 | ) | | 737 |
| | (15 | ) | | 1,331 |
| Residential | (44 | ) | | 591 |
| | — |
| | — |
| | (44 | ) | | 591 |
| Commercial | (228 | ) | | 3,275 |
| | (25 | ) | | 243 |
| | (253 | ) | | 3,518 |
| Total mortgage-backed securities | (275 | ) | | 4,460 |
| | (37 | ) | | 980 |
| | (312 | ) | | 5,440 |
| Corporate debt securities | (263 | ) | | 3,337 |
| | (12 | ) | | 129 |
| | (275 | ) | | 3,466 |
| Collateralized loan and other debt obligations | (1,226 | ) | | 18,303 |
| | (542 | ) | | 6,442 |
| | (1,768 | ) | | 24,745 |
| Other | (91 | ) | | 4,085 |
| | (23 | ) | | 618 |
| | (114 | ) | | 4,703 |
| Total available-for-sale debt securities | $ | (2,537 | ) | | 53,540 |
| | (684 | ) | | 9,659 |
| | (3,221 | ) | | 63,199 |
| December 31, 2019 | | | | | | | | | | | | Available-for-sale debt securities: | | | | | | | | | | | | Securities of U.S. Treasury and federal agencies | $ | — |
| | — |
| | (1 | ) | | 2,423 |
| | (1 | ) | | 2,423 |
| Securities of U.S. states and political subdivisions | (10 | ) | | 2,776 |
| | (26 | ) | | 2,418 |
| | (36 | ) | | 5,194 |
| Mortgage-backed securities: | | | | | | | | | | | | Federal agencies | (50 | ) | | 16,807 |
| | (114 | ) | | 10,641 |
| | (164 | ) | | 27,448 |
| Residential | (1 | ) | | 149 |
| | — |
| | — |
| | (1 | ) | | 149 |
| Commercial | (3 | ) | | 998 |
| | (3 | ) | | 244 |
| | (6 | ) | | 1,242 |
| Total mortgage-backed securities | (54 | ) | | 17,954 |
| | (117 | ) | | 10,885 |
| | (171 | ) | | 28,839 |
| Corporate debt securities | (9 | ) | | 303 |
| | (23 | ) | | 216 |
| | (32 | ) | | 519 |
| Collateralized loan and other debt obligations | (13 | ) | | 5,070 |
| | (110 | ) | | 16,789 |
| | (123 | ) | | 21,859 |
| Other | (12 | ) | | 1,587 |
| | (12 | ) | | 492 |
| | (24 | ) | | 2,079 |
| Total available-for-sale debt securities | $ | (98 | ) | | 27,690 |
| | (289 | ) | | 33,223 |
| | (387 | ) | | 60,913 |
|
We have assessed each debt security with gross unrealized losses included in the previous table for credit impairment. As part of that assessment we evaluated and concluded that we do not intend to sell any of the debt securities, and that it is more likely than not that we will not be required to sell, prior to recovery of the amortized cost basis. We evaluate, where necessary, whether credit impairment exists by comparing the present value of the expected cash flows to the debt securities’ amortized cost basis. In prior periods, credit impairment was recorded as a write-down to the amortized cost basis of the security. In the current period, credit impairment is recorded as an allowance for credit losses. For descriptions of the factors we consider when analyzing debt securities for impairment as well as methodology and significant inputs used to measure credit losses, see Note 1 (Summary of Significant Accounting Policies). Allowance for Credit Losses for Debt Securities Table 5.7 presents the allowance for credit losses on available-for-sale and held-to-maturity debt securities. Table 5.7: Allowance for Credit Losses for Debt Securities | | | | | | | | Quarter ended March 31, 2020 | | (in millions) | Available-for-Sale |
| Held-to-Maturity |
| Balance, beginning of period (1) | $ | — |
| — |
| Cumulative effect from change in accounting policies (2) | 24 |
| 7 |
| Balance, beginning of period, adjusted | 24 |
| 7 |
| Provision for credit losses | 168 |
| 4 |
| Securities purchased with credit deterioration | 11 |
| — |
| Reduction due to intent to sell | (11 | ) | — |
| Charge-offs | (32 | ) | — |
| Interest income (3) | 1 |
| — |
| Balance, end of period (4) | $ | 161 |
| 11 |
|
| | (1) | Prior to our adoption of CECL on January 1, 2020, the allowance for credit losses related to available-for-sale and held-to-maturity debt securities was not applicable and is therefore presented as $0 at December 31, 2019. For more information, see Note 1 (Summary of Significant Accounting Policies). |
| | (2) | Represents the impact of adoption of CECL on January 1, 2020. For more information, see Note 1 (Summary of Significant Accounting Policies). |
| | (3) | Certain debt securities with an allowance for credit losses calculated by discounting expected cash flows using the securities’ effective interest rate over its remaining life, recognize changes in the allowance for credit losses attributable to the passage of time as interest income. |
| | (4) | Substantially all of allowance for credit losses for debt securities relates to corporate debt securities as of March 31, 2020. |
Contractual Maturities Table 5.8 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value and weighted-average effective yields of available-for-sale debt securities. The remaining contractual principal maturities for MBS do not consider prepayments. Remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
Table 5.8: Contractual Maturities – Available-for-Sale Debt Securities | | | | | | | | | | | | | | | | | By remaining contractual maturity ($ in millions) | Total |
| | Within one year |
| | After one year through five years |
| | After five years through ten years |
| | After ten years |
| March 31, 2020 | | | | | | | | | | Available-for-sale debt securities (1): | | | | | | | | | | Securities of U.S. Treasury and federal agencies | | | | | | | | | | Amortized cost, net | $ | 10,952 |
| | 8,023 |
| | 28 |
| | 45 |
| | 2,856 |
| Fair value | 11,036 |
| | 8,029 |
| | 29 |
| | 49 |
| | 2,929 |
| Weighted average yield | 2.10 | % | | 2.32 |
| | 1.97 |
| | 1.84 |
| | 1.49 |
| Securities of U.S. states and political subdivisions | | | | | | | | | | Amortized cost, net | 38,686 |
| | 3,940 |
| | 4,196 |
| | 4,034 |
| | 26,516 |
| Fair value | 38,144 |
| | 3,963 |
| | 4,244 |
| | 4,039 |
| | 25,898 |
| Weighted average yield | 3.15 |
| | 4.58 |
| | 3.20 |
| | 2.78 |
| | 2.98 |
| Mortgage-backed securities: | | | | | | | | | | Federal agencies | | | | | | | | | | Amortized cost, net | 154,390 |
| | 2 |
| | 123 |
| | 1,944 |
| | 152,321 |
| Fair value | 160,214 |
| | 2 |
| | 128 |
| | 2,005 |
| | 158,079 |
| Weighted average yield | 3.19 |
| | 1.93 |
| | 3.06 |
| | 2.44 |
| | 3.20 |
| Residential | | | | | | | | | | Amortized cost, net | 820 |
| | — |
| | — |
| | — |
| | 820 |
| Fair value | 776 |
| | — |
| | — |
| | — |
| | 776 |
| Weighted average yield | 3.19 |
| | — |
| | — |
| | — |
| | 3.19 |
| Commercial | | | | | | | | | | Amortized cost, net | 3,897 |
| | — |
| | 32 |
| | 194 |
| | 3,671 |
| Fair value | 3,654 |
| | — |
| | 31 |
| | 187 |
| | 3,436 |
| Weighted average yield | 2.62 |
| | — |
| | 2.49 |
| | 2.71 |
| | 2.62 |
| Total mortgage-backed securities | | | | | | | | | | Amortized cost, net | 159,107 |
| | 2 |
| | 155 |
| | 2,138 |
| | 156,812 |
| Fair value | 164,644 |
| | 2 |
| | 159 |
| | 2,192 |
| | 162,291 |
| Weighted average yield | 3.18 |
| | 1.93 |
| | 2.94 |
| | 2.46 |
| | 3.19 |
| Corporate debt securities | | | | | | | | | | Amortized cost, net | 6,092 |
| | 373 |
| | 2,048 |
| | 2,847 |
| | 824 |
| Fair value | 5,855 |
| | 355 |
| | 1,973 |
| | 2,755 |
| | 772 |
| Weighted average yield | 4.97 |
| | 4.12 |
| | 5.18 |
| | 5.03 |
| | 4.67 |
| Collateralized loan and other debt obligations | | | | | | | | | | Amortized cost, net | 26,873 |
| | — |
| | — |
| | 12,014 |
| | 14,859 |
| Fair value | 25,168 |
| | — |
| | — |
| | 11,362 |
| | 13,806 |
| Weighted average yield | 3.21 |
| | — |
| | — |
| | 3.29 |
| | 3.15 |
| Other | | | | | | | | | | Amortized cost, net | 6,477 |
| | 2,021 |
| | 704 |
| | 1,296 |
| | 2,456 |
| Fair value | 6,382 |
| | 2,021 |
| | 685 |
| | 1,287 |
| | 2,389 |
| Weighted average yield | 1.51 |
| | (0.22 | ) | | 2.95 |
| | 1.41 |
| | 2.57 |
| Total available-for-sale debt securities | | | | | | | | | | Amortized cost, net | $ | 248,187 |
| | 14,359 |
| | 7,131 |
| | 22,374 |
| | 204,323 |
| Fair value | 251,229 |
| | 14,370 |
| | 7,090 |
| | 21,684 |
| | 208,085 |
| Weighted average yield | 3.13 | % | | 2.63 |
| | 3.75 |
| | 3.24 |
| | 3.14 |
|
| | (1) | Weighted-average yields displayed by maturity bucket are weighted based on amortized cost without effect for any related hedging derivatives and are shown pre-tax. |
Table 5.9 shows the remaining contractual maturities, amortized cost net of allowance for credit losses, fair value, and weighted-average effective yields of held-to-maturity debt securities. Table 5.9: Contractual Maturities – Held-to-Maturity Debt Securities | | | | | | | | | | | | | | | | | By remaining contractual maturity ($ in millions) | Total |
| | Within one year |
| | After one year through five years |
| | After five years through ten years |
| | After ten years |
| March 31, 2020 | | | | | | | | | | Held-to-maturity debt securities (1): | | | | | | | | | | Securities of U.S. Treasury and federal agencies | | | | | | | | | | Amortized cost, net | $ | 48,569 |
| | 8,336 |
| | 36,454 |
| | — |
| | 3,779 |
| Fair value | 50,691 |
| | 8,494 |
| | 38,170 |
| | — |
| | 4,027 |
| Weighted average yield | 2.14 | % | | 2.24 |
| | 2.18 |
| | — |
| | 1.56 |
| Securities of U.S. states and political subdivisions | | | | | | | | | | Amortized cost, net | 14,304 |
| | 11 |
| | 713 |
| | 1,724 |
| | 11,856 |
| Fair value | 14,611 |
| | 11 |
| | 731 |
| | 1,794 |
| | 12,075 |
| Weighted average yield | 2.71 |
| | 1.95 |
| | 2.22 |
| | 2.86 |
| | 2.72 |
| Federal agency and other mortgage-backed securities | | | | | | | | | | Amortized cost, net | 107,013 |
| | — |
| | 15 |
| | 104 |
| | 106,894 |
| Fair value | 112,238 |
| | — |
| | 13 |
| | 111 |
| | 112,114 |
| Weighted average yield | 2.96 |
| | — |
| | 2.99 |
| | 1.37 |
| | 2.96 |
| Other debt securities | | | | | | | | | | Amortized cost, net | 23 |
| | — |
| | — |
| | 23 |
| | — |
| Fair value | 22 |
| | — |
| | — |
| | 22 |
| | — |
| Weighted average yield | 3.01 |
| | — |
| | — |
| | 3.01 |
| | — |
| Total held-to-maturity debt securities | | | | | | | | | | Amortized cost, net | $ | 169,909 |
| | 8,347 |
| | 37,182 |
| | 1,851 |
| | 122,529 |
| Fair value | 177,562 |
| | 8,505 |
| | 38,914 |
| | 1,927 |
| | 128,216 |
| Weighted average yield | 2.70 | % | | 2.24 |
| | 2.18 |
| | 2.78 |
| | 2.89 |
|
(1) Weighted-average yields displayed by maturity bucket are weighted based on amortized cost and are shown pre-tax.
|