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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Summary Of Investment Securities

A summary of the Corporation’s investment securities, which are defined by the Corporation as debt securities reported on the Consolidated Balance Sheet as investment securities available-for-sale, follows:

(in millions)			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
June 30, 2022
Investment securities available-for-sale:
U.S. Treasury securities			$	2,925					$	—					$	123					$	2,802
Residential mortgage-backed securities (a)			14,767						1						1,603						13,165
Commercial mortgage-backed securities (a)			5,093						1						232						4,862
Total investment securities available-for-sale			$	22,785					$	2					$	1,958					$	20,829
December 31, 2021
Investment securities available-for-sale:
U.S. Treasury securities			$	3,010					$	22					$	39					$	2,993
Residential mortgage-backed securities (a)			13,397						67						176						13,288
Commercial mortgage-backed securities (a)			709						2						6						705
Total investment securities available-for-sale			$	17,116					$	91					$	221					$	16,986

(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

Summary Of Investment Securities In Unrealized Loss Positions

A summary of the Corporation’s investment securities in an unrealized loss position as of June 30, 2022 and December 31, 2021 follows:

			Less than 12 Months												12 Months or more												Total
(in millions)			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
June 30, 2022
U.S. Treasury securities			$	1,098					$	5					$	1,704					$	118					$	2,802					$	123
Residential mortgage-backed securities (a)			10,475						1,124						2,497						479						12,972						1,603
Commercial mortgage-backed securities (a)			4,494						232						—						—						4,494						232
Total temporarily impaired securities			$	16,067					$	1,361					$	4,201					$	597					$	20,268					$	1,958
December 31, 2021
U.S. Treasury securities			$	465					$	6					$	1,334					$	33					$	1,799					$	39
Residential mortgage-backed securities (a)			7,197						128						1,128						48						8,325						176
Commercial mortgage-backed securities (a)			346						6						—						—						346						6
Total temporarily impaired securities			$	8,008					$	140					$	2,462					$	81					$	10,470					$	221

(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.

Contractual Maturity Distribution Of Debt Securities

The following table summarizes the amortized cost and fair values of investment securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

(in millions)
June 30, 2022			Amortized Cost						Fair Value
Contractual maturity
Within one year			$	1,101					$	1,096
After one year through five years			2,092						1,971
After five years through ten years			5,018						4,787
After ten years			14,574						12,975
Total investment securities			$	22,785					$	20,829

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- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

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- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563

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