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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities Summary | The following table summarizes our available for sale and held to maturity portfolios by major security type: Table 36: Investment Securities Summary (a)(b)
|  | September 30, 2023 |  |  | December 31, 2022
In millions |  | Amortized Cost (c) |  | Unrealized |  | Fair Value |  |  | Amortized Cost (c) |  | Unrealized |  | Fair Value
Gains |  | Losses |  |  |  | Gains |  | Losses |
Securities Available for Sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 7,494 |  |  | $ | 4 |  |  | $ | (781) |  |  | $ | 6,717 |  |  |  | $ | 9,196 |  |  | $ | 10 |  |  | $ | (836) |  |  | $ | 8,370 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 31,177 |  |  |  |  |  | (4,278) |  |  | 26,899 |  |  |  | 32,114 |  |  | 13 |  |  | (3,304) |  |  | 28,823 |
Non-agency |  | 607 |  |  | 115 |  |  | (9) |  |  | 713 |  |  |  | 697 |  |  | 131 |  |  | (9) |  |  | 819 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 1,738 |  |  |  |  |  | (194) |  |  | 1,544 |  |  |  | 1,845 |  |  |  |  | (170) |  |  | 1,675 |
Non-agency |  | 982 |  |  |  |  |  | (59) |  |  | 923 |  |  |  | 1,325 |  |  |  |  | (69) |  |  | 1,256 |
Asset-backed |  | 1,084 |  |  | 18 |  |  | (7) |  |  | 1,095 |  |  |  | 103 |  |  | 27 |  |  | (1) |  |  | 129 |
Other |  | 2,908 |  |  | 42 |  |  | (251) |  |  | 2,699 |  |  |  | 3,288 |  |  | 44 |  |  | (245) |  |  | 3,087 |
Total securities available for sale |  | $ | 45,990 |  |  | $ | 179 |  |  | $ | (5,579) |  |  | $ | 40,590 |  |  |  | $ | 48,568 |  |  | $ | 225 |  |  | $ | (4,634) |  |  | $ | 44,159 |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 36,385 |  |  |  |  |  | $ | (1,946) |  |  | $ | 34,439 |  |  |  | $ | 36,571 |  |  | $ | 6 |  |  | $ | (1,617) |  |  | $ | 34,960 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 43,390 |  |  |  |  |  | (5,056) |  |  | 38,334 |  |  |  | 45,271 |  |  | 74 |  |  | (3,095) |  |  | 42,250 |
Non-agency |  | 263 |  |  |  |  | (35) |  |  | 228 |  |  |  | 276 |  |  |  |  | (21) |  |  | 255 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 910 |  |  |  |  |  | (53) |  |  | 857 |  |  |  | 848 |  |  | 4 |  |  | (26) |  |  | 826 |
Non-agency |  | 1,456 |  |  | $ | 1 |  |  | (28) |  |  | 1,429 |  |  |  | 1,667 |  |  |  |  | (40) |  |  | 1,627 |
Asset-backed |  | 6,214 |  |  | 3 |  |  | (97) |  |  | 6,120 |  |  |  | 7,188 |  |  | 6 |  |  | (140) |  |  | 7,054 |
Other |  | 3,179 |  |  | 4 |  |  | (143) |  |  | 3,040 |  |  |  | 3,354 |  |  | 25 |  |  | (72) |  |  | 3,307 |
Total securities held to maturity (d) |  | $ | 91,797 |  |  | $ | 8 |  |  | $ | (7,358) |  |  | $ | 84,447 |  |  |  | $ | 95,175 |  |  | $ | 115 |  |  | $ | (5,011) |  |  | $ | 90,279 |
(a) At September 30, 2023, the accrued interest associated with our held to maturity and available for sale portfolios totaled $255 million and $134 million, respectively. The comparable amounts at December 31, 2022 were $282 million and $144 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both September 30, 2023 and December 31, 2022. (c) Amortized cost is presented net of allowance of $92 million for securities available for sale, primarily related to non-agency commercial mortgage-backed securities, and $6 million for securities held to maturity at September 30, 2023. The comparable amounts at December 31, 2022 were $142 million and $7 million, 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 $4.4 billion at September 30, 2023 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 37: 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (3) |  |  | $ | 374 |  |  | $ | (778) |  |  | $ | 6,013 |  |  | $ | (781) |  |  | $ | 6,387 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (107) |  |  | 3,294 |  |  | (4,171) |  |  | 23,547 |  |  | (4,278) |  |  | 26,841 |
Non-agency |  | (1) |  |  | 51 |  |  | (6) |  |  | 71 |  |  | (7) |  |  | 122 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (1) |  |  | 42 |  |  | (193) |  |  | 1,493 |  |  | (194) |  |  | 1,535 |
Non-agency |  |  |  |  |  | (55) |  |  | 793 |  |  | (55) |  |  | 793 |
Asset-backed |  | (6) |  |  | 687 |  |  | (1) |  |  | 10 |  |  | (7) |  |  | 697 |
Other |  | (8) |  |  | 205 |  |  | (208) |  |  | 2,152 |  |  | (216) |  |  | 2,357 |
Total securities available for sale |  | $ | (126) |  |  | $ | 4,653 |  |  | $ | (5,412) |  |  | $ | 34,079 |  |  | $ | (5,538) |  |  | $ | 38,732 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (601) |  |  | $ | 5,868 |  |  | $ | (235) |  |  | $ | 2,208 |  |  | $ | (836) |  |  | $ | 8,076 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (1,744) |  |  | 19,036 |  |  | (1,560) |  |  | 8,971 |  |  | (3,304) |  |  | 28,007 |
Non-agency |  | (6) |  |  | 112 |  |  | (2) |  |  | 17 |  |  | (8) |  |  | 129 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (125) |  |  | 1,283 |  |  | (45) |  |  | 372 |  |  | (170) |  |  | 1,655 |
Non-agency |  | (44) |  |  | 750 |  |  | (18) |  |  | 394 |  |  | (62) |  |  | 1,144 |
Asset-backed |  |  |  |  |  | (1) |  |  | 5 |  |  | (1) |  |  | 5 |
Other |  | (96) |  |  | 1,418 |  |  | (112) |  |  | 1,144 |  |  | (208) |  |  | 2,562 |
Total securities available for sale |  | $ | (2,616) |  |  | $ | 28,467 |  |  | $ | (1,973) |  |  | $ | 13,111 |  |  | $ | (4,589) |  |  | $ | 41,578 |
Gains (losses) on Sales Of Securities Available for Sale | Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 38: Gains (Losses) on Sales of Securities Available for Sale
Nine months ended September 30 In millions |  | Gross Gains | Gross Losses | Net Gains (Losses) | Tax Expense (Benefit) |
2023 |  |  |  | $ | (2) |  | $ | (2) |  |  |  |
2022 |  | $ | 11 |  | $ | (15) |  | $ | (4) |  | $ | (1) |  |
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 September 30, 2023: Table 39: Contractual Maturity of Debt Securities
September 30, 2023 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 |  | $ | 1,912 |  |  | $ | 2,958 |  |  | $ | 800 |  |  | $ | 1,824 |  |  | $ | 7,494 |  |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  | 1 |  |  | 185 |  |  | 3,811 |  |  | 27,180 |  |  | 31,177 |  |
Non-agency |  |  |  |  |  | 9 |  |  | 598 |  |  | 607 |  |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  | 46 |  |  | 444 |  |  | 865 |  |  | 383 |  |  | 1,738 |  |
Non-agency |  | 1 |  |  | 103 |  |  | 118 |  |  | 760 |  |  | 982 |  |
Asset-backed |  |  |  | 249 |  |  | 171 |  |  | 664 |  |  | 1,084 |  |
Other |  | 286 |  |  | 2,055 |  |  | 416 |  |  | 151 |  |  | 2,908 |  |
Total securities available for sale at amortized cost |  | $ | 2,246 |  |  | $ | 5,994 |  |  | $ | 6,190 |  |  | $ | 31,560 |  |  | $ | 45,990 |  |
Fair value |  | $ | 2,179 |  |  | $ | 5,487 |  |  | $ | 5,603 |  |  | $ | 27,321 |  |  | $ | 40,590 |  |
Weighted-average yield, GAAP basis (a) |  | 1.25 | % |  | 2.25 | % |  | 2.77 | % |  | 3.08 | % |  | 2.84 | % |
Securities Held to Maturity |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 3,087 |  |  | $ | 30,686 |  |  | $ | 1,705 |  |  | $ | 907 |  |  | $ | 36,385 |  |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  | 6 |  |  | 321 |  |  | 43,063 |  |  | 43,390 |  |
Non-agency |  |  |  |  |  |  |  | 263 |  |  | 263 |  |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  | 136 |  |  | 490 |  |  | 284 |  |  | 910 |  |
Non-agency |  | 42 |  |  | 49 |  |  |  |  |  | 1,365 |  |  | 1,456 |  |
Asset-backed |  | 7 |  |  | 1,886 |  |  | 1,949 |  |  | 2,372 |  |  | 6,214 |  |
Other |  | 181 |  |  | 1,053 |  |  | 600 |  |  | 1,345 |  |  | 3,179 |  |
Total securities held to maturity at amortized cost |  | $ | 3,317 |  |  | $ | 33,816 |  |  | $ | 5,065 |  |  | $ | 49,599 |  |  | $ | 91,797 |  |
Fair value |  | $ | 3,253 |  |  | $ | 32,192 |  |  | $ | 4,753 |  |  | $ | 44,249 |  |  | $ | 84,447 |  |
Weighted-average yield, GAAP basis (a) |  | 0.93 | % |  | 1.44 | % |  | 4.10 | % |  | 2.93 | % |  | 2.38 | % |
(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 40: Fair Value of Securities Pledged and Accepted as Collateral
In millions | September 30, 2023 | December 31, 2022
Pledged to others | $ | 27,462 |  | $ | 24,708 |
Accepted from others: |  |
Permitted by contract or custom to sell or repledge | $ | 946 |  | $ | 1,266 |
Permitted amount repledged to others | $ | 946 |  | $ | 1,266 |

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