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Securities | 3 Months Ended
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Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Securities | 6. Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
| March 31, 2021 |  | December 31, 2020
in millions | Amortized Cost (a) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost (b) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |  |  |
U.S. Treasury, agencies, and corporations | $ | 4,914 |  | $ | — |  | $ | 13 |  | $ | 4,901 |  |  | $ | 1,000 |  | — |  | — |  | $ | 1,000 |
States and political subdivisions | — |  | — |  | — |  | — |  |  | — |  | — |  | — |  | — |
Agency residential collateralized mortgage obligations | 14,419 |  | $ | 249 |  | 219 |  | 14,449 |  |  | 14,001 |  | $ | 297 |  | $ | 25 |  | 14,273 |
Agency residential mortgage-backed securities | 4,018 |  | 57 |  | 49 |  | 4,026 |  |  | 2,094 |  | 70 |  | — |  | 2,164 |
Agency commercial mortgage-backed securities | 10,644 |  | 275 |  | 394 |  | 10,525 |  |  | 9,707 |  | 432 |  | 33 |  | 10,106 |
Other securities | 8 |  | 14 |  |  | 22 |  |  | 8 |  | 5 |  | — |  | 13 |
Total securities available for sale | $ | 34,003 |  | $ | 595 |  | $ | 675 |  | $ | 33,923 |  |  | $ | 26,810 |  | $ | 804 |  | $ | 58 |  | $ | 27,556 |
HELD-TO-MATURITY SECURITIES |  |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | $ | 3,312 |  | $ | 107 |  | — |  | $ | 3,419 |  |  | $ | 3,775 |  | $ | 124 |  | — |  | $ | 3,899 |
Agency residential mortgage-backed securities | 238 |  | 9 |  | — |  | 247 |  |  | 271 |  | 14 |  | — |  | 285 |
Agency commercial mortgage-backed securities | 3,275 |  | 186 |  | — |  | 3,461 |  |  | 3,515 |  | 290 |  | — |  | 3,805 |
Asset-backed securities | 16 |  | — |  | — |  | 16 |  |  | 19 |  | — |  | — |  | 19 |
Other securities | 16 |  | — |  | — |  | 16 |  |  | 15 |  | — |  | — |  | 15 |
Total held-to-maturity securities | $ | 6,857 |  | $ | 302 |  | — |  | $ | 7,159 |  |  | $ | 7,595 |  | $ | 428 |  | $ | — |  | $ | 8,023 |
(a)Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At March 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $49 million and $14 million, respectively. (b)Amortized cost amounts exclude accrued interes t receivable which is recorded within Other Assets on the balance sheet. At December 31, 2020, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $42 million and $15 million, respectively. The following table summarizes available for sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2021, and December 31, 2020.
| Duration of Unrealized Loss Position |  |  |
| Less than 12 Months |  | 12 Months or Longer |  | Total
in millions | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
March 31, 2021 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S Treasury, agencies, and corporations | $ | 4,488 |  | $ | 13 |  |  | — |  | — |  |  | $ | 4,488 |  | $ | 13 |
Agency residential collateralized mortgage obligations | 5,401 |  | 219 |  |  | — |  | — |  |  | 5,401 |  | 219 |
Agency residential mortgage-backed securities | 2,930 |  | 49 |  |  | $ | 7 |  | — |  | (a) | 2,937 |  | 49 |
Agency commercial mortgage-backed securities | 5,194 |  | 394 |  |  | — |  | — |  |  | 5,194 |  | 394 |
Other securities | — |  | — |  |  | 1 |  | — |  |  | 1 |  | — |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | — |  | — |  |  | 20 |  | — |  | (a) | 20 |  | — |
Asset-backed securities | 9 |  | — |  | (a) | — |  | — |  |  | 9 |  | — |
Other securities | 3 |  | — |  | (a) | — |  | — |  |  | 3 |  | — |
Total securities in an unrealized loss position | $ | 18,025 |  | $ | 675 |  |  | $ | 28 |  | — |  |  | $ | 18,053 |  | $ | 675 |
December 31, 2020 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, agencies, and corporations | — |  | — |  |  | — |  | — |  |  | — |  | — |
Agency residential collateralized mortgage obligations | $ | 2,110 |  | $ | 25 |  |  | $ | — |  | $ | — |  |  | $ | 2,110 |  | $ | 25 |
Agency residential mortgage-backed securities | 6 |  | — |  | (b) | 5 |  | — |  | (b) | 11 |  | — |
Agency commercial mortgage-backed securities | 2,709 |  | 33 |  |  | — |  | — |  |  | 2,709 |  | 33 |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | — |  | — |  |  | 24 |  | — |  | (b) | 24 |  | — |
Asset-backed securities | — |  | — |  |  | — |  | — |  |  | — |  | — |
Other securities | 5 |  | — |  | (b) | — |  | — |  |  | 5 |  | — |
Total securities in an unrealized loss position | $ | 4,830 |  | $ | 58 |  |  | $ | 29 |  | — |  |  | $ | 4,859 |  | $ | 58 |
(a)At March 31, 2021, gross unrealized losses totaled less than $1 million for asset-backed securities and other securities held-to-maturity with a loss duration of less than 12 months. At March 31, 2021, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration greater than 12 months or longer and less than $1 million for agency residential collateralized mortgage obligations held-to-maturity with a loss duration greater than 12 months or longer. (b)At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months and less than $1 million for other securities held-to-maturity with a loss duration of less than 12 months. At December 31, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration greater than 12 months or longer and less than $1 million for agency residential collateralized mortgage obligations held to maturity with a loss duration greater than 12 months or longer. Based on our evaluation at March 31, 2021, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a long history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments. At March 31, 2021, securities available for sale and held-to-maturity securities totaling $14.4 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law. The following table shows our securities by remaining maturity. CMOs and other mortgage-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
March 31, 2021 | Securities Available for Sale | Held to Maturity Securities
in millions | Amortized Cost | Fair Value | Amortized Cost | Fair Value
Due in one year or less | $ | 896 |  | $ | 903 |  | $ | 84 |  | $ | 84 |
Due after one through five years | 21,029 |  | 21,233 |  | 4,603 |  | 4,771 |
Due after five through ten years | 8,440 |  | 8,397 |  | 2,170 |  | 2,304 |
Due after ten years | 3,638 |  | 3,390 |  | — |  | — |
Total | $ | 34,003 |  | $ | 33,923 |  | $ | 6,857 |  | $ | 7,159 |

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