Investment Securities (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of AFS and HTM Securities

The following tables summarize the Company’s AFS and HTM securities:

December 31, 2023 (Dollars in millions)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	10,511	$	2	$	472	$	10,041
GSE	393		3		34		362
Agency MBS – residential	60,989		—		9,700		51,289
Agency MBS – commercial	2,817		—		569		2,248
States and political subdivisions	421		17		13		425
Non-agency MBS	3,698		—		717		2,981
Other	20		—		—		20
Total AFS securities	$	78,849	$	22	$	11,505	$	67,366
HTM securities:
Agency MBS – residential	$	54,107	$	—	$	9,477	$	44,630
December 31, 2022 (Dollars in millions)	Amortized Cost		Gross Unrealized				Fair Value
			Gains		Losses
AFS securities:
U.S. Treasury	$	11,080	$	—	$	785	$	10,295
GSE	339		—		36		303
Agency MBS – residential	65,377		—		10,152		55,225
Agency MBS – commercial	2,887		—		463		2,424
States and political subdivisions	425		15		24		416
Non-agency MBS	3,927		—		810		3,117
Other	21		—		—		21
Total AFS securities	$	84,056	$	15	$	12,270	$	71,801
HTM securities:
Agency MBS – residential	$	57,713	$	—	$	9,922	$	47,791

Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity

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:

	December 31, 2023
(Dollars in millions)	Amortized Cost		Fair Value
FNMA	$	39,872	$	33,241
FHLMC	40,448		33,473

Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity

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 Cost										Fair Value
December 31, 2023 (Dollars in millions)	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		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
AFS securities:
U.S. Treasury	$	3,603	$	6,865	$	14	$	29	$	10,511	$	3,567	$	6,436	$	13	$	25	$	10,041
GSE	—		7		11		375		393		—		7		10		345		362
Agency MBS – residential	—		129		450		60,410		60,989		—		123		427		50,739		51,289
Agency MBS – commercial	—		—		71		2,746		2,817		—		—		67		2,181		2,248
States and political subdivisions	28		70		168		155		421		28		68		177		152		425
Non-agency MBS	—		—		218		3,480		3,698		—		—		169		2,812		2,981
Other	—		8		12		—		20		—		8		12		—		20
Total AFS securities	$	3,631	$	7,079	$	944	$	67,195	$	78,849	$	3,595	$	6,642	$	875	$	56,254	$	67,366
HTM securities:
Agency MBS – residential	$	—	$	—	$	—	$	54,107	$	54,107	$	—	$	—	$	—	$	44,630	$	44,630

Schedule of Fair Values and Gross Unrealized Losses

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 months				12 months or more				Total
December 31, 2023 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	356	$	2	$	8,806	$	470	$	9,162	$	472
GSE	16		—		255		34		271		34
Agency MBS – residential	258		4		51,006		9,696		51,264		9,700
Agency MBS – commercial	61		2		2,185		567		2,246		569
States and political subdivisions	35		—		243		13		278		13
Non-agency MBS	—		—		2,981		717		2,981		717
Other	—		—		20		—		20		—
Total	$	726	$	8	$	65,496	$	11,497	$	66,222	$	11,505
HTM securities:
Agency MBS – residential	$	—	$	—	$	44,630	$	9,477	$	44,630	$	9,477
	Less than 12 months				12 months or more				Total
December 31, 2022 (Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
AFS securities:
U.S. Treasury	$	2,069	$	49	$	8,186	$	736	$	10,255	$	785
GSE	180		14		114		22		294		36
Agency MBS – residential	25,041		3,263		30,050		6,889		55,091		10,152
Agency MBS – commercial	790		92		1,631		371		2,421		463
States and political subdivisions	251		21		20		3		271		24
Non-agency MBS	—		—		3,117		810		3,117		810
Other	21		—		—		—		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

Schedule of Realized Gain (Loss)

The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)	Year Ended December 31,
	2023		2022		2021
Gross realized gains	$	—	$	13	$	—
Gross realized losses	—		(84)		—
Securities gains (losses), net	$	—	$	(71)	$	—