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Securities

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

7. 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.

			2023															2022
December 31, Dollars in millions			Amortized Cost (a)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost(a)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations			$	9,300		$	6		$	280		$	9,026					$	10,044		$	—		$	629		$	9,415
Agency residential collateralized mortgage obligations			18,911			4			3,437			15,478						20,180			—			3,747			16,433
Agency residential mortgage-backed securities			4,189			—			600			3,589						4,616			—			696			3,920
Agency commercial mortgage-backed securities			10,295			—			1,203			9,092						10,712			2			1,365			9,349
Other securities			—			—			—			—						—			—			—			—
Total securities available for sale			$	42,695		$	10		$	5,520		$	37,185					$	45,552		$	2		$	6,437		$	39,117
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations			$	5,170		$	9		$	283		$	4,896					$	4,586		$	5		$	283		$	4,308
Agency residential mortgage-backed securities			165			—			13			152						181			—			16			165
Agency commercial mortgage-backed securities			2,473			1			204			2,270						2,522			1			208			2,315
Asset-backed securities(b)			738			—			29			709						1,407			—			96			1,311
Other securities			29			—			—			29						14			—			—			14
Total held-to-maturity securities			$	8,575		$	10		$	529		$	8,056					$	8,710		$	6		$	603		$	8,113

(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively.

(b)Includes $731 million of securities as of December 31, 2023, and $1.4 billion of securities as of December 31, 2022, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of December 31, 2023, and December 31, 2022:

			Duration of Unrealized Loss Position
			Less than 12 Months									12 Months or Longer									Total
Dollars in millions			Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses
December 31, 2023
Securities available for sale:
U.S. Treasury, agencies, and corporations			$	—		$	—					$	8,532		$	280					$	8,532		$	280
Agency residential collateralized mortgage obligations			—			—						14,979			3,437						14,979			3,437
Agency residential mortgage-backed securities			24			—						3,562			600						3,586			600
Agency commercial mortgage-backed securities			891			49						8,201			1,154						9,092			1,203
Held-to-maturity securities:
Agency residential collateralized mortgage obligations			1,123			30						3,070			253						4,193			283
Agency residential mortgage-backed securities			—			—						152			13						152			13
Agency commercial mortgage-backed securities			—			—						2,199			204						2,199			204
Asset-backed securities			—			—						709			29						709			29
Other securities			17			—			(a)			12			—						29			—
Total securities in an unrealized loss position			$	2,055		$	79					$	41,416		$	5,970					$	43,471		$	6,049
December 31, 2022
Securities available for sale:
U.S. Treasury, agencies, and corporations			$	494		$	48					$	8,920		$	581					$	9,414		$	629
Agency residential collateralized mortgage obligations			3,114			377						13,317			3,370						16,431			3,747
Agency residential mortgage-backed securities			579			31						3,338			665						3,917			696
Agency commercial mortgage-backed securities			4,511			282						4,791			1,083						9,302			1,365
Held-to-maturity securities:
Agency residential collateralized mortgage obligations			2,659			178						726			105						3,385			283
Agency residential mortgage-backed securities			165			16						—			—						165			16
Agency commercial mortgage-backed securities			2,243			208						—			—						2,243			208
Asset-backed securities			1			—						1,309			96						1,310			96
Other securities			10			—			(b)			4			—						14			—
Total securities in an unrealized loss position			$	13,776		$	1,140					$	32,405		$	5,900					$	46,181		$	7,040

(a)At December 31, 2023, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months.

(b)At December 31, 2022, gross unrealized losses totaled less than $1 million for other securities held to maturity with a loss duration of less than 12 months

Based on our evaluation at December 31, 2023, 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 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.

During the year ended December 31, 2023, we recognized $4 million in gross realized gains and $8 million in gross realized losses from the sale of securities available for sale. For the years ended December 31, 2022 and December 31, 2021, we had no realized gains or losses from the sale of securities available for sale.

At December 31, 2023, securities available-for-sale and held-to-maturity securities totaling $37.4 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 securities by remaining maturity. CMOs, other mortgage-backed securities, and asset-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.

			Securities Available for Sale												Held-to-Maturity Securities
December 31, 2023			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Dollars in millions
Due in one year or less			$	8,044					$	7,813					$	755					$	726
Due after one through five years			8,336						7,679						3,740						3,537
Due after five through ten years			18,128						15,268						2,851						2,632
Due after ten years			8,187						6,425						1,229						1,161
Total			$	42,695					$	37,185					$	8,575					$	8,056

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- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References

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-Topic 320
-Name Accounting Standards Codification
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