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Investment securities | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment securities | The amortized cost and estimated fair value of investment securities were as follows:
(Dollars in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
June 30, 2024 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 7,819 |  |  | $ | 2 |  |  | $ | 85 |  |  | $ | 7,736 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,101 |  |  | 4 |  |  | 16 |  |  | 2,089 |
Residential | 4,108 |  |  | 6 |  |  | 148 |  |  | 3,966 |
Other debt securities | 103 |  |  | — |  |  | 2 |  |  | 101 |
| 14,131 |  |  | 12 |  |  | 251 |  |  | 13,892 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | 1,010 |  |  | — |  |  | 30 |  |  | 980 |
Obligations of states and political subdivisions | 2,433 |  |  | — |  |  | 127 |  |  | 2,306 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,037 |  |  | — |  |  | 157 |  |  | 1,880 |
Residential | 9,272 |  |  | — |  |  | 972 |  |  | 8,300 |
Privately issued | 40 |  |  | 7 |  |  | 5 |  |  | 42 |
Other debt securities | 1 |  |  | — |  |  | — |  |  | 1 |
| 14,793 |  |  | 7 |  |  | 1,291 |  |  | 13,509 |
Total debt securities | $ | 28,924 |  |  | $ | 19 |  |  | $ | 1,542 |  |  | $ | 27,401 |
Equity and other securities: |  |  |  |  |  |  |
Readily marketable equity — at fair value | $ | 272 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 280 |
Other — at cost | 929 |  |  | — |  |  | — |  |  | 929 |
Total equity and other securities | $ | 1,201 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 1,209 |
December 31, 2023 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 7,818 |  |  | $ | — |  |  | $ | 113 |  |  | $ | 7,705 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 425 |  |  | — |  |  | 9 |  |  | 416 |
Residential | 2,272 |  |  | — |  |  | 118 |  |  | 2,154 |
Other debt securities | 176 |  |  | — |  |  | 11 |  |  | 165 |
| 10,691 |  |  | — |  |  | 251 |  |  | 10,440 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | 1,005 |  |  | — |  |  | 31 |  |  | 974 |
Obligations of states and political subdivisions | 2,501 |  |  | — |  |  | 67 |  |  | 2,434 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,033 |  |  | — |  |  | 130 |  |  | 1,903 |
Residential | 9,747 |  |  | 4 |  |  | 802 |  |  | 8,949 |
Privately issued | 42 |  |  | 9 |  |  | 5 |  |  | 46 |
Other debt securities | 2 |  |  | — |  |  | — |  |  | 2 |
| 15,330 |  |  | 13 |  |  | 1,035 |  |  | 14,308 |
Total debt securities | $ | 26,021 |  |  | $ | 13 |  |  | $ | 1,286 |  |  | $ | 24,748 |
Equity and other securities: |  |  |  |  |  |  |
Readily marketable equity — at fair value | $ | 266 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 268 |
Other — at cost | 859 |  |  | — |  |  | — |  |  | 859 |
Total equity and other securities | $ | 1,125 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1,127 |
Gross realized losses from sales of investment securities totaled $13 million for each of the three-month and six-month periods ended June 30, 2024. There were no significant gross realized gains recognized for those same 2024 periods. There were no significant gross realized gains or losses from sales of investment securities for the three-month and six-month periods ended June 30, 2023. Unrealized losses on equity securities are included in "gain (loss) on bank investment securities" in the Consolidated Statement of Income. At June 30, 2024, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:
(Dollars in millions) | Amortized Cost |  | Estimated Fair Value
Debt securities available for sale: |  |  |
Due in one year or less | $ | 3,133 |  |  | $ | 3,093 |
Due after one year through five years | 4,789 |  |  | 4,744 |
Due after five years through ten years | — |  |  | — |
Due after ten years | — |  |  | — |
| 7,922 |  |  | 7,837 |
Mortgage-backed securities | 6,209 |  |  | 6,055 |
| $ | 14,131 |  |  | $ | 13,892 |
Debt securities held to maturity: |  |  |
Due in one year or less | $ | 588 |  |  | $ | 579 |
Due after one year through five years | 653 |  |  | 628 |
Due after five years through ten years | 1,392 |  |  | 1,332 |
Due after ten years | 811 |  |  | 748 |
| 3,444 |  |  | 3,287 |
Mortgage-backed securities | 11,349 |  |  | 10,222 |
| $ | 14,793 |  |  | $ | 13,509 |
A summary of investment securities that as of June 30, 2024 and December 31, 2023 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:
| Less Than 12 Months |  | 12 Months or More
(Dollars in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
June 30, 2024 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 2,586 |  |  | $ | 15 |  |  | $ | 4,400 |  |  | $ | 70 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 1,061 |  |  | 10 |  |  | 317 |  |  | 6 |
Residential | 1,129 |  |  | 11 |  |  | 1,874 |  |  | 137 |
Other debt securities | 10 |  |  | — |  |  | 64 |  |  | 2 |
| 4,786 |  |  | 36 |  |  | 6,655 |  |  | 215 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | — |  |  | — |  |  | 980 |  |  | 30 |
Obligations of states and political subdivisions | 45 |  |  | 1 |  |  | 2,214 |  |  | 126 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | — |  |  | — |  |  | 1,880 |  |  | 157 |
Residential | 790 |  |  | 13 |  |  | 7,510 |  |  | 959 |
Privately issued | — |  |  | — |  |  | 31 |  |  | 5 |
| 835 |  |  | 14 |  |  | 12,615 |  |  | 1,277 |
Total | $ | 5,621 |  |  | $ | 50 |  |  | $ | 19,270 |  |  | $ | 1,492 |
December 31, 2023 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | $ | 229 |  |  | $ | 1 |  |  | $ | 7,474 |  |  | $ | 112 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 74 |  |  | 1 |  |  | 330 |  |  | 8 |
Residential | 151 |  |  | 2 |  |  | 1,959 |  |  | 116 |
Other debt securities | 6 |  |  | — |  |  | 154 |  |  | 11 |
| 460 |  |  | 4 |  |  | 9,917 |  |  | 247 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury and federal agencies | 50 |  |  | — |  |  | 924 |  |  | 31 |
Obligations of states and political subdivisions | 218 |  |  | 3 |  |  | 2,172 |  |  | 64 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 328 |  |  | 9 |  |  | 1,575 |  |  | 121 |
Residential | 955 |  |  | 11 |  |  | 7,139 |  |  | 791 |
Privately issued | — |  |  | — |  |  | 34 |  |  | 5 |
| 1,551 |  |  | 23 |  |  | 11,844 |  |  | 1,012 |
Total | $ | 2,011 |  |  | $ | 27 |  |  | $ | 21,761 |  |  | $ | 1,259 |
The Company owned 3,996 individual debt securities with aggregate gross unrealized losses of $1.5 billion at June 30, 2024. Based on a review of each of the securities in the investment securities portfolio at June 30, 2024, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 2024, the Company does not intend to sell, nor is it anticipated that it would be required to sell, any of its impaired investment securities at a loss. At June 30, 2024, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $929 million of cost method equity securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at June 30, 2024 or December 31, 2023. At June 30, 2024 and December 31, 2023, investment securities with carrying values of $7.1 billion (including $311 million related to repurchase transactions) and $8.2 billion (including $393 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits.

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