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Investment Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Securities Investment Securities
The following tables summarize the Company’s AFS and HTM securities:
June 30, 2023
(Dollars in millions)		Amortized CostGross UnrealizedFair Value
GainsLosses
AFS securities:    
U.S. Treasury$10,423 $— $705 $9,718 
GSE325 — 37 288 
Agency MBS - residential62,983 — 9,788 53,195 
Agency MBS - commercial2,843 — 551 2,292 
States and political subdivisions425 14 21 418 
Non-agency MBS3,817 — 789 3,028 
Other26 — — 26 
Total AFS securities$80,842 $14 $11,891 $68,965 
HTM securities:    
Agency MBS - residential$55,958 $— $10,002 $45,956 
December 31, 2022
(Dollars in millions)		Amortized CostGross UnrealizedFair Value
GainsLosses
AFS securities:    
U.S. Treasury$11,080 $— $785 $10,295 
GSE339 — 36 303 
Agency MBS - residential65,377 — 10,152 55,225 
Agency MBS - commercial2,887 — 463 2,424 
States and political subdivisions425 15 24 416 
Non-agency MBS3,927 — 810 3,117 
Other21 — — 21 
Total AFS securities$84,056 $15 $12,270 $71,801 
HTM securities:    
Agency MBS - residential$57,713 $— $9,922 $47,791 

The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:
June 30, 2023
(Dollars in millions)Amortized CostFair Value
FNMA$41,052 $34,325 
FHLMC41,601 34,612 

The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.
Amortized CostFair Value
June 30, 2023
(Dollars in millions)		Due in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotal
AFS securities:
U.S. Treasury$2,885 $7,492 $17 $29 $10,423 $2,803 $6,874 $15 $26 $9,718 
GSE— 7 11 307 325 — 7 10 271 288 
Agency MBS - residential— 99 511 62,373 62,983 — 93 476 52,626 53,195 
Agency MBS - commercial1 — 71 2,771 2,843 1 — 66 2,225 2,292 
States and political subdivisions3 94 139 189 425 4 92 144 178 418 
Non-agency MBS— — — 3,817 3,817 — — — 3,028 3,028 
Other5 8 13 — 26 5 8 13 — 26 
Total AFS securities$2,894 $7,700 $762 $69,486 $80,842 $2,813 $7,074 $724 $58,354 $68,965 
HTM securities:
Agency MBS - residential$— $— $— $55,958 $55,958 $— $— $— $45,956 $45,956 
The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:
Less than 12 months12 months or moreTotal
June 30, 2023
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$859 $21 $8,841 $684 $9,700 $705 
GSE110 7 169 30 279 37 
Agency MBS - residential888 47 52,284 9,741 53,172 9,788 
Agency MBS - commercial116 72,176 544 2,292 551 
States and political subdivisions66 3 206 18 272 21 
Non-agency MBS— — 3,028 789 3,028 789 
Other— — 21 — 21 — 
Total$2,039 $85 $66,725 $11,806 $68,764 $11,891 
HTM securities:      
Agency MBS - residential$— $— $45,956 $10,002 $45,956 $10,002 
Less than 12 months12 months or moreTotal
December 31, 2022
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$2,069 $49 $8,186 $736 $10,255 $785 
GSE180 14 114 22 294 36 
Agency MBS - residential25,041 3,263 30,050 6,889 55,091 10,152 
Agency MBS - commercial790 92 1,631 371 2,421 463 
States and political subdivisions251 21 20 3 271 24 
Non-agency MBS— — 3,117 810 3,117 810 
Other21 — — — 21 — 
Total$28,352 $3,439 $43,118 $8,831 $71,470 $12,270 
HTM securities:      
Agency MBS - residential$29,369 $5,613 $18,422 $4,309 $47,791 $9,922 

At June 30, 2023 and December 31, 2022, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio, including non-agency MBS, were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. HTM debt securities consist of residential agency MBS. Accordingly, the Company does not expect to incur any credit losses on investment securities.

The following table presents gross securities gains and losses recognized in earnings:
(Dollars in millions)Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Gross realized gains$— $— $— $13 
Gross realized losses— (1)— (83)
Securities gains (losses), net$— $(1)$— $(70)