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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of available for sale securities by type | The following is a summary of investment securities as of March 31, 2023 and December 31, 2022:
|  | 2023 |  | 2022
Description of Securities (Millions) |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal obligations |  | $ | 63 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 55 |  |  | $ | 64 |  |  | $ | — |  |  | $ | (10) |  |  | $ | 54 |
U.S. Government agency obligations |  | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  | — |  |  | — |  |  | 5 |
U.S. Government treasury obligations |  | 3,180 |  |  | — |  |  | (50) |  |  | 3,130 |  |  | 3,859 |  |  | — |  |  | (73) |  |  | 3,786 |
Mortgage-backed securities (a) |  | 13 |  |  | — |  |  | — |  |  | 13 |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
Foreign government bonds and obligations |  | 669 |  |  | — |  |  | (1) |  |  | 668 |  |  | 633 |  |  | — |  |  | (1) |  |  | 632 |
Other (b) |  | 52 |  |  | — |  |  | — |  |  | 52 |  |  | 47 |  |  | — |  |  | — |  |  | 47 |
Equity securities (c) |  | 50 |  |  | — |  |  | (8) |  |  | 42 |  |  | 50 |  |  | — |  |  | (9) |  |  | 41 |
Total |  | $ | 4,031 |  |  | $ | — |  |  | $ | (67) |  |  | $ | 3,964 |  |  | $ | 4,671 |  |  | $ | — |  |  | $ | (93) |  |  | $ | 4,578 |
(a)Represents mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. (b)Represents investments in debt securities issued by Community Development Financial Institutions. (c)Equity securities comprise investments in common stock, exchange-traded funds and mutual funds.
Available-for-sale securities, continuous unrealized loss position, fair value | The following table provides information about our available-for-sale debt securities with gross unrealized losses and the length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022:
|  | 2023 |  | 2022
|  | Less than 12 months |  | 12 months or more |  | Less than 12 months |  | 12 months or more
Description of Securities (Millions) |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
State and municipal obligations |  | $ | — |  |  | $ | — |  |  | $ | 31 |  |  | $ | (8) |  |  | $ | 52 |  |  | $ | (10) |  |  | $ | — |  |  | $ | — |
U.S. Government treasury obligations |  | 982 |  |  | (13) |  |  | 2,122 |  |  | (37) |  |  | 3,710 |  |  | (72) |  |  | 52 |  |  | (1) |
Foreign government bonds and obligations |  | 521 |  |  | (1) |  |  | — |  |  | — |  |  | 549 |  |  | (1) |  |  | — |  |  | — |
Total |  | $ | 1,503 |  |  | $ | (14) |  |  | $ | 2,153 |  |  | $ | (45) |  |  | $ | 4,311 |  |  | $ | (83) |  |  | $ | 52 |  |  | $ | (1) |
Available for sale securities ratio of fair value to amortized cost | The following table summarizes the gross unrealized losses for available-for-sale debt securities by ratio of fair value to amortized cost as of March 31, 2023 and December 31, 2022:
|  | Less than 12 months |  | 12 months or more |  | Total
Ratio of Fair Value to Amortized Cost (Dollars in millions) |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Number of Securities |  | Estimated Fair Value |  | Gross Unrealized Losses
2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 61 |  |  | $ | 1,503 |  |  | $ | (14) |  |  | 19 |  | $ | 2,137 |  |  | $ | (39) |  |  | 80 |  |  | $ | 3,640 |  |  | $ | (53) |
Less than 90% |  | — |  |  | $ | — |  |  | $ | — |  |  | 3 |  |  | $ | 16 |  |  | $ | (6) |  |  | 3 |  |  | $ | 16 |  |  | $ | (6) |
Total as of March 31, 2023 |  | 61 |  |  | $ | 1,503 |  |  | $ | (14) |  |  | 22 |  |  | $ | 2,153 |  |  | $ | (45) |  |  | 83 |  |  | $ | 3,656 |  |  | $ | (59) |
2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
90–100% |  | 74 |  |  | $ | 4,287 |  |  | $ | (74) |  |  | 3 |  |  | $ | 52 |  |  | $ | (1) |  |  | 77 |  |  | $ | 4,339 |  |  | $ | (75) |
Less than 90% |  | 14 |  |  | $ | 24 |  |  | $ | (9) |  |  | — |  |  | $ | — |  |  | $ | — |  |  | 14 |  |  | $ | 24 |  |  | $ | (9) |
Total as of December 31, 2022 |  | 88 |  |  | $ | 4,311 |  |  | $ | (83) |  |  | 3 |  |  | $ | 52 |  |  | $ | (1) |  |  | 91 |  |  | $ | 4,363 |  |  | $ | (84) |
Contractual maturities of investment securities | Contractual maturities for available-for-sale debt securities with stated maturities as of March 31, 2023 were as follows:
(Millions) |  | Cost |  | Estimated Fair Value
Due within 1 year |  | $ | 2,727 |  |  | $ | 2,694 |
Due after 1 year but within 5 years |  | 1,155 |  |  | 1,137 |
Due after 5 years but within 10 years |  | 41 |  |  | 41 |
Due after 10 years |  | 58 |  |  | 50 |
Total |  | $ | 3,981 |  |  | $ | 3,922 |

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