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Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2022
Investment Securities Disclosure [Abstract] |
Investment Securities Summary | The following table summarizes our available for sale and held to maturity portfolios by major security type: Table 37: Investment Securities Summary (a)
|  | March 31, 2022 |  |  | December 31, 2021
In millions |  | Amortized Cost |  | Unrealized |  | Fair Value |  |  | Amortized Cost |  | Unrealized |  | Fair Value
Gains |  | Losses |  |  |  | Gains |  | Losses |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 36,872 |  |  | $ | 56 |  |  | $ | (1,707) |  |  | $ | 35,221 |  |  |  | $ | 46,210 |  |  | $ | 324 |  |  | $ | (370) |  |  | $ | 46,164 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 61,407 |  |  | 91 |  |  | (2,683) |  |  | 58,815 |  |  |  | 67,326 |  |  | 695 |  |  | (389) |  |  | 67,632 |
Non-agency |  | 1,132 |  |  | 210 |  |  | (10) |  |  | 1,332 |  |  |  | 927 |  |  | 231 |  |  |  |  | 1,158 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 2,152 |  |  | 4 |  |  | (46) |  |  | 2,110 |  |  |  | 1,740 |  |  | 39 |  |  | (6) |  |  | 1,773 |
Non-agency |  | 3,504 |  |  | 2 |  |  | (51) |  |  | 3,455 |  |  |  | 3,423 |  |  | 31 |  |  | (18) |  |  | 3,436 |
Asset-backed |  | 6,407 |  |  | 46 |  |  | (148) |  |  | 6,305 |  |  |  | 6,380 |  |  | 60 |  |  | (31) |  |  | 6,409 |
Other |  | 5,117 |  |  | 83 |  |  | (125) |  |  | 5,075 |  |  |  | 4,792 |  |  | 186 |  |  | (14) |  |  | 4,964 |
Total securities available for sale (b) |  | $ | 116,591 |  |  | $ | 492 |  |  | $ | (4,770) |  |  | $ | 112,313 |  |  |  | $ | 130,798 |  |  | $ | 1,566 |  |  | $ | (828) |  |  | $ | 131,536 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 9,991 |  |  | $ | 25 |  |  | $ | (5) |  |  | $ | 10,011 |  |  |  | $ | 814 |  |  | $ | 76 |  |  |  |  | $ | 890 |
Agency residential mortgage-backed |  | 9,548 |  |  |  |  |  |  | 9,548 |  |  |  |  |  |  |  |  |  |
Other |  | 559 |  |  | 11 |  |  | (14) |  |  | 556 |  |  |  | 612 |  |  | 27 |  |  | $ | (7) |  |  | 632 |
Total securities held to maturity (c) (d) |  | $ | 20,098 |  |  | $ | 36 |  |  | $ | (19) |  |  | $ | 20,115 |  |  |  | $ | 1,426 |  |  | $ | 103 |  |  | $ | (7) |  |  | $ | 1,522 |
(a) The accrued interest associated with our securities portfolio totaled $312 million and $327 million at March 31, 2022 and December 31, 2021, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Amortized cost is presented net of allowance of $131 million and $130 million for securities available for sale at March 31, 2022 and December 31, 2021, respectively. (c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 99% and 86% of our securities held to maturity were rated AAA/AA at March 31, 2022 and December 31, 2021, 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 $1.3 billion related to securities transferred, which are offset in AOCI, net of tax.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses | Table 38: 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 millions |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value
March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (1,433) |  |  | $ | 26,147 |  |  | $ | (274) |  |  | $ | 3,788 |  |  | $ | (1,707) |  |  | $ | 29,935 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (2,551) |  |  | 50,802 |  |  | (132) |  |  | 1,940 |  |  | (2,683) |  |  | 52,742 |
Non-agency |  | (9) |  |  | 334 |  |  | (1) |  |  | 20 |  |  | (10) |  |  | 354 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (42) |  |  | 1,481 |  |  | (4) |  |  | 120 |  |  | (46) |  |  | 1,601 |
Non-agency |  | (31) |  |  | 2,246 |  |  | (6) |  |  | 470 |  |  | (37) |  |  | 2,716 |
Asset-backed |  | (123) |  |  | 5,091 |  |  | (25) |  |  | 517 |  |  | (148) |  |  | 5,608 |
Other |  | (100) |  |  | 2,324 |  |  | (11) |  |  | 135 |  | (111) |  |  | 2,459 |
Total securities available for sale |  | $ | (4,289) |  |  | $ | 88,425 |  |  | $ | (453) |  |  | $ | 6,990 |  |  | $ | (4,742) |  |  | $ | 95,415 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (370) |  |  | $ | 32,600 |  |  |  |  |  |  | $ | (370) |  |  | $ | 32,600 |
Agency residential mortgage-backed |  | (369) |  |  | 41,521 |  |  | $ | (20) |  |  | $ | 1,489 |  |  | (389) |  |  | 43,010 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (5) |  |  | 451 |  |  | (1) |  |  | 60 |  |  | (6) |  |  | 511 |
Non-agency |  | (4) |  |  | 1,453 |  |  | (3) |  |  | 474 |  |  | (7) |  |  | 1,927 |
Asset-backed |  | (29) |  |  | 3,465 |  |  | (2) |  |  | 188 |  |  | (31) |  |  | 3,653 |
Other |  | (13) |  |  | 1,405 |  |  |  |  |  |  | (13) |  |  | 1,405 |
Total securities available for sale |  | $ | (790) |  |  | $ | 80,895 |  |  | $ | (26) |  |  | $ | 2,211 |  |  | $ | (816) |  |  | $ | 83,106 |
Gains (losses) on Sales Of Securities Available for Sale | Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 39: Gains (Losses) on Sales of Securities Available for Sale
Three months ended March 31 In millions |  | Gross Gains | Gross Losses | Net Gains (Losses) | Tax Expense (Benefit) |
2022 |  | $ | 11 |  | $ | (15) |  | $ | (4) |  | $ | (1) |  |
2021 |  | $ | 159 |  | $ | (134) |  | $ | 25 |  | $ | 5 |  |
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, 2022: Table 40: Contractual Maturity of Debt Securities
March 31, 2022 Dollars in millions |  | 1 Year or Less |  | After 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 |  | $ | 2,730 |  |  | $ | 24,432 |  |  | $ | 7,505 |  |  | $ | 2,205 |  |  | $ | 36,872 |  |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  | 2 |  |  | 110 |  |  | 3,034 |  |  | 58,261 |  |  | 61,407 |  |
Non-agency |  |  |  |  |  | 2 |  |  | 1,130 |  |  | 1,132 |  |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  | 45 |  |  | 332 |  |  | 1,359 |  |  | 416 |  |  | 2,152 |  |
Non-agency |  |  |  | 172 |  |  | 242 |  |  | 3,090 |  |  | 3,504 |  |
Asset-backed |  | 37 |  |  | 1,803 |  |  | 1,070 |  |  | 3,497 |  |  | 6,407 |  |
Other |  | 216 |  |  | 2,722 |  |  | 1,584 |  |  | 595 |  |  | 5,117 |  |
Total securities available for sale at amortized cost |  | $ | 3,030 |  |  | $ | 29,571 |  |  | $ | 14,796 |  |  | $ | 69,194 |  |  | $ | 116,591 |  |
Fair value |  | $ | 3,037 |  |  | $ | 28,409 |  |  | $ | 14,188 |  |  | $ | 66,679 |  |  | $ | 112,313 |  |
Weighted-average yield, GAAP basis (a) |  | 1.81 | % |  | 1.23 | % |  | 1.89 | % |  | 2.45 | % |  | 2.05 | % |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  |  | $ | 6,076 |  |  | $ | 3,493 |  |  | $ | 422 |  |  | $ | 9,991 |  |
Agency residential mortgage-backed |  |  |  |  |  |  |  | 9,548 |  |  | 9,548 |  |
Other |  | $ | 155 |  |  | 236 |  |  | 108 |  |  | 60 |  |  | 559 |  |
Total securities held to maturity at amortized cost |  | $ | 155 |  |  | $ | 6,312 |  |  | $ | 3,601 |  |  | $ | 10,030 |  |  | $ | 20,098 |  |
Fair value |  | $ | 157 |  |  | $ | 6,318 |  |  | $ | 3,624 |  |  | $ | 10,016 |  |  | $ | 20,115 |  |
Weighted-average yield, GAAP basis (a) |  | 3.66 | % |  | 0.82 | % |  | 1.51 | % |  | 2.07 | % |  | 1.59 | % |
(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 41: Fair Value of Securities Pledged and Accepted as Collateral
In millions | March 31 2022 | December 31 2021
Pledged to others | $ | 25,791 |  | $ | 27,349 |
Accepted from others: |  |
Permitted by contract or custom to sell or repledge | $ | 1,172 |  | $ | 707 |
Permitted amount repledged to others | $ | 1,172 |  | $ | 707 |

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- Definition Summarization of information required and determined to be disclosed concerning Investment Securities which consist of all investments in certain debt and equity securities not classified as trading securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. + References No definition available. + Details
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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123581744&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=124269663&loc=SL82922888-210455 + Details
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