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Investment Securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT S ECURITIES The following table summarizes our available-for-sale and held-to-maturity portfolios by major security type: Table 43: Investment Securities Summary (a)(b)
|  | December 31, 2024 |  |  | December 31, 2023
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 |  | $ | 23,962 |  |  | $ | 25 |  |  | $ | (436) |  |  | $ | 23,551 |  |  |  | $ | 7,596 |  |  | $ | 22 |  |  | $ | (667) |  |  | $ | 6,951 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 33,589 |  |  | 28 |  |  | (2,991) |  |  | 30,626 |  |  |  | 30,643 |  |  | 46 |  |  | (2,809) |  |  | 27,880 |
Non-agency |  | 504 |  |  | 105 |  |  | (6) |  |  | 603 |  |  |  | 585 |  |  | 118 |  |  | (7) |  |  | 696 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 2,077 |  |  | 1 |  |  | (133) |  |  | 1,945 |  |  |  | 1,680 |  |  | 1 |  |  | (135) |  |  | 1,546 |
Non-agency |  | 706 |  |  |  |  |  | (15) |  |  | 691 |  |  |  | 913 |  |  | 1 |  |  | (45) |  |  | 869 |
Asset-backed |  | 2,353 |  |  | 42 |  |  | (3) |  |  | 2,392 |  |  |  | 1,092 |  |  | 25 |  |  | (1) |  |  | 1,116 |
Other |  | 2,307 |  |  | 42 |  |  | (118) |  |  | 2,231 |  |  |  | 2,844 |  |  | 44 |  |  | (161) |  |  | 2,727 |
Total securities available-for-sale |  | $ | 65,498 |  |  | $ | 243 |  |  | $ | (3,702) |  |  | $ | 62,039 |  |  |  | $ | 45,353 |  |  | $ | 257 |  |  | $ | (3,825) |  |  | $ | 41,785 |
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 29,420 |  |  |  |  |  | $ | (896) |  |  | $ | 28,524 |  |  |  | $ | 36,529 |  |  | $ | 9 |  |  | $ | (1,141) |  |  | $ | 35,397 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 40,171 |  |  | $ | 16 |  |  | (3,696) |  |  | 36,491 |  |  |  | 42,686 |  |  | 92 |  |  | (2,733) |  |  | 40,045 |
Non-agency |  | 240 |  |  |  |  |  | (21) |  |  | 219 |  |  |  | 259 |  |  |  |  |  | (17) |  |  | 242 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | 955 |  |  | 3 |  |  | (28) |  |  | 930 |  |  |  | 939 |  |  | 9 |  |  | (23) |  |  | 925 |
Non-agency |  | 836 |  |  | 3 |  |  | (7) |  |  | 832 |  |  |  | 1,373 |  |  | 2 |  |  | (27) |  |  | 1,348 |
Asset-backed |  | 3,380 |  |  | 37 |  |  | (16) |  |  | 3,401 |  |  |  | 5,890 |  |  | 17 |  |  | (39) |  |  | 5,868 |
Other |  | 2,691 |  |  | 19 |  |  | (49) |  |  | 2,661 |  |  |  | 3,108 |  |  | 50 |  |  | (35) |  |  | 3,123 |
Total securities held-to-maturity (d) |  | $ | 77,693 |  |  | $ | 78 |  |  | $ | (4,713) |  |  | $ | 73,058 |  |  |  | $ | 90,784 |  |  | $ | 179 |  |  | $ | (4,015) |  |  | $ | 86,948 |
(a) At December 31, 2024, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $242 million and $328 million, respectively. The comparable amounts at December 31, 2023 were $281 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 December 31, 2024 and 2023. (c) Amortized cost is presented net of allowance of $86 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at December 31, 2024. The comparable amounts at December 31, 2023 were $86 million and $6 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 $3.4 billion at December 31, 2024, related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2023 was $4.2 billion. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available-for-sale are carried at fair value with net unrealized gains and losses included in Total shareholders’ equity as AOCI, unless credit-related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held-to-maturity are carried at amortized cost, net of any allowance. Investment securities at December 31, 2024 included $1.2 billion of net unsettled purchases that represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for December 31, 2023 was less than $0.1 billion. We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date to absorb expected credit losses on our portfolio. As of December 31, 2024, the allowance for investment securities was $91 million and primarily related to non-agency commercial mortgage-backed securities in the available-for-sale portfolio. The comparable amount at December 31, 2023 was $92 million. See Note 1 Accounting Policies for a discussion of the methodologies used to determine the allowance for investment securities. At December 31, 2024, AOCI included pretax losses of $275 million from derivatives that hedged the purchase of investment securities classified as held-to-maturity. The losses will be accreted to interest income as an adjustment of yield on the securities. Table 44 presents the gross unrealized losses and fair value of securities available-for-sale that do not have an associated allowance for investment securities at December 31, 2024 and 2023. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of December 31, 2024, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis. Table 44: 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
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | (70) |  |  | $ | 17,500 |  |  | $ | (366) |  |  | $ | 1,824 |  |  | $ | (436) |  |  | $ | 19,324 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (65) |  |  | 6,163 |  |  | (2,926) |  |  | 19,595 |  |  | (2,991) |  |  | 25,758 |
Non-agency |  |  |  |  |  |  |  | (3) |  |  | 41 |  |  | (3) |  |  | 41 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | (8) |  |  | 501 |  |  | (125) |  |  | 1,388 |  |  | (133) |  |  | 1,889 |
Non-agency |  |  |  |  |  |  |  | (15) |  |  | 559 |  |  | (15) |  |  | 559 |
Asset-backed |  | (2) |  |  | 226 |  |  | (1) |  |  | 8 |  |  | (3) |  |  | 234 |
Other |  | (2) |  |  | 99 |  |  | (98) |  |  | 1,734 |  |  | (100) |  |  | 1,833 |
Total securities available-for-sale |  | $ | (147) |  |  | $ | 24,489 |  |  | $ | (3,534) |  |  | $ | 25,149 |  |  | $ | (3,681) |  |  | $ | 49,638 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  |  |  |  |  |  |  | $ | (666) |  |  | $ | 6,035 |  |  | $ | (666) |  |  | $ | 6,035 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  | $ | (4) |  |  | $ | 1,015 |  |  | (2,805) |  |  | 24,306 |  |  | (2,809) |  |  | 25,321 |
Non-agency |  | (1) |  |  | 15 |  |  | (4) |  |  | 84 |  |  | (5) |  |  | 99 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |  |  |
Agency |  |  |  |  |  |  |  | (135) |  |  | 1,495 |  |  | (135) |  |  | 1,495 |
Non-agency |  |  |  |  |  | (45) |  |  | 731 |  |  | (45) |  |  | 731 |
Asset-backed |  |  |  |  |  |  |  | (1) |  |  | 9 |  |  | (1) |  |  | 9 |
Other |  | (3) |  |  | 78 |  |  | (136) |  |  | 2,106 |  |  | (139) |  |  | 2,184 |
Total securities available-for-sale |  | $ | (8) |  |  | $ | 1,108 |  |  | $ | (3,792) |  |  | $ | 34,766 |  |  | $ | (3,800) |  |  | $ | 35,874 |
Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table: Table 45: Gains (Losses) on Sales of Securities Available-for-Sale
Year ended December 31 In millions | Gross Gains |  | Gross Losses |  | Net Gains (Losses) |  | Tax Expense (Benefit) |
2024 | $ | 2 |  |  | $ | (502) |  |  | $ | (500) |  |  | $ | (105) |  |
2023 |  |  | $ | (2) |  |  | $ | (2) |  |  |  |
2022 | $ | 11 |  |  | $ | (18) |  |  | $ | (7) |  |  | $ | (1) |  |
In the second quarter of 2024, we sold available-for-sale securities with a market value of $3.8 billion, resulting in a loss of $497 million. The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at December 31, 2024: Table 46: Contractual Maturity of Debt Securities
|  | 1 Year or Less |  | After 1 Year through 5 Years |  | After 5 Years through 10 Years |  | After 10 Years |  | Total
Dollars in millions |  |  |  |  |
Securities Available-for-sale |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 512 |  |  | $ | 10,325 |  |  | $ | 10,849 |  |  | $ | 2,276 |  |  | $ | 23,962 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 4 |  |  | 226 |  |  | 3,627 |  |  | 29,732 |  |  | 33,589 |
Non-agency |  |  |  |  |  |  | 18 |  |  | 486 |  |  | 504 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  | 73 |  |  | 1,101 |  |  | 475 |  |  | 428 |  |  | 2,077 |
Non-agency |  | 1 |  |  | 103 |  |  | 84 |  |  | 518 |  |  | 706 |
Asset-backed |  |  |  |  | 850 |  |  | 319 |  |  | 1,184 |  |  | 2,353 |
Other |  | 283 |  |  | 1,623 |  |  | 261 |  |  | 140 |  |  | 2,307 |
Total securities available-for-sale at amortized cost |  | $ | 873 |  |  | $ | 14,228 |  |  | $ | 15,633 |  |  | $ | 34,764 |  |  | $ | 65,498 |
Fair value |  | $ | 870 |  |  | $ | 14,074 |  |  | $ | 15,287 |  |  | $ | 31,808 |  |  | $ | 62,039 |
Weighted-average yield, GAAP basis (a) |  | 2.75 | % |  | 3.69 | % |  | 4.10 | % |  | 3.73 | % |  | 3.80 | %
Securities Held-to-Maturity |  |  |  |  |  |  |  |  |  |
U.S. Treasury and government agencies |  | $ | 8,211 |  |  | $ | 18,783 |  |  | $ | 1,563 |  |  | $ | 863 |  |  | $ | 29,420 |
Residential mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  |  |  | 7 |  |  | 290 |  |  | 39,874 |  |  | 40,171 |
Non-agency |  |  |  |  |  |  |  | 240 |  |  | 240 |
Commercial mortgage-backed |  |  |  |  |  |  |  |  |  |
Agency |  |  |  |  | 278 |  |  | 469 |  |  | 208 |  |  | 955 |
Non-agency |  |  |  |  | 39 |  |  |  |  | 797 |  |  | 836 |
Asset-backed |  |  |  |  | 967 |  |  | 1,393 |  |  | 1,020 |  |  | 3,380 |
Other |  | 304 |  |  | 796 |  |  | 322 |  |  | 1,269 |  |  | 2,691 |
Total securities held-to-maturity at amortized cost |  | $ | 8,515 |  |  | $ | 20,870 |  |  | $ | 4,037 |  |  | $ | 44,271 |  |  | $ | 77,693 |
Fair value |  | $ | 8,448 |  |  | $ | 20,271 |  |  | $ | 3,856 |  |  | $ | 40,483 |  |  | $ | 73,058 |
Weighted-average yield, GAAP basis (a) |  | 1.36 | % |  | 1.72 | % |  | 3.05 | % |  | 2.93 | % |  | 2.44 | %
(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. The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings: Table 47: Fair Value of Securities Pledged and Accepted as Collateral
In millions | December 31 2024 |  | December 31 2023
Pledged to others | $ | 69,330 |  |  | $ | 29,878 |
Accepted from others: |  |  |
Permitted by contract or custom to sell or repledge | $ | 1,231 |  |  | $ | 755 |
Permitted amount repledged to others | $ | 1,231 |  |  | $ | 755 |
The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge. Such securities were pledged to the Federal Reserve and pledged to secure public and trust deposits, repurchase agreements and for other purposes. See Note 15 Financial Derivatives for information related to securities pledged and accepted as collateral for derivatives.

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- Definition This item represents the entire disclosure related to Investments in Certain Debt and Equity Securities which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. A debt security represents a creditor relationship with an enterprise that is in the form of a security. 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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- References No definition available. + Details
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