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Investment Securities | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | INVESTMENT SECURITIES A summary of the Corporation’s investment securities follows:
(in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
June 30, 2023 |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,795 |  |  | $ | — |  |  | $ | 123 |  |  | $ | 1,672 |
Residential mortgage-backed securities (a) | 13,304 |  |  | — |  |  | 2,242 |  |  | 11,062 |
Commercial mortgage-backed securities (a) | 5,252 |  |  | — |  |  | 571 |  |  | 4,681 |
Total investment securities available-for-sale | $ | 20,351 |  |  | $ | — |  |  | $ | 2,936 |  |  | $ | 17,415 |
December 31, 2022 |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 2,810 |  |  | $ | — |  |  | $ | 146 |  |  | $ | 2,664 |
Residential mortgage-backed securities (a) | 13,983 |  |  | — |  |  | 2,328 |  |  | 11,655 |
Commercial mortgage-backed securities (a) | 5,252 |  |  | — |  |  | 559 |  |  | 4,693 |
Total investment securities available-for-sale | $ | 22,045 |  |  | $ | — |  |  | $ | 3,033 |  |  | $ | 19,012 |
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. A summary of the Corporation’s investment securities in an unrealized loss position as of June 30, 2023 and December 31, 2022 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, 2023 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | — |  |  | $ | 1,672 |  |  | $ | 123 |  |  | $ | 1,672 |  |  | $ | 123 |
Residential mortgage-backed securities (a) | 537 |  |  | 41 |  |  | 10,525 |  |  | 2,201 |  |  | 11,062 |  |  | 2,242 |
Commercial mortgage-backed securities (a) | 2,538 |  |  | 205 |  |  | 2,143 |  |  | 366 |  |  | 4,681 |  |  | 571 |
Total temporarily impaired securities | $ | 3,075 |  |  | $ | 246 |  |  | $ | 14,340 |  |  | $ | 2,690 |  |  | $ | 17,415 |  |  | $ | 2,936 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 996 |  |  | $ | 5 |  |  | $ | 1,668 |  |  | $ | 141 |  |  | $ | 2,664 |  |  | $ | 146 |
Residential mortgage-backed securities (a) | 3,500 |  |  | 361 |  |  | 8,153 |  |  | 1,967 |  |  | 11,653 |  |  | 2,328 |
Commercial mortgage-backed securities (a) | 4,008 |  |  | 405 |  |  | 685 |  |  | 154 |  |  | 4,693 |  |  | 559 |
Total temporarily impaired securities | $ | 8,504 |  |  | $ | 771 |  |  | $ | 10,506 |  |  | $ | 2,262 |  |  | $ | 19,010 |  |  | $ | 3,033 |
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. Unrealized losses on investment securities resulted from changes in market interest rates. The Corporation’s portfolio is comprised of securities issued or guaranteed by the U.S. government agencies or government-sponsored enterprises. As such, it is expected that the securities would not be settled at a price less than the amortized cost of the investments. Further, the Corporation does not intend to sell the investments, and it is not more-likely-than-not that it will be required to sell the investments before recovery of amortized costs. At June 30, 2023, the Corporation had 1,274 securities in an unrealized loss position with no allowance for credit losses, comprised of 20 U.S. Treasury securities, 1,001 residential mortgage-backed securities and 253 commercial mortgage-backed securities. Interest receivable on investment securities totaled $41 million at June 30, 2023 and $49 million at December 31, 2022 and was included in accrued income and other assets on the Consolidated Balance Sheets. Sales, calls and write-downs of investment securities available-for-sale, computed based on the adjusted cost of the specific security, resulted in no gains or losses during the three- and six-month periods ended June 30, 2023 or June 30, 2022. 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, 2023 | Amortized Cost |  | Fair Value
Contractual maturity |  |  |
Within one year | $ | 356 |  |  | $ | 344 |
After one year through five years | 1,681 |  |  | 1,559 |
After five years through ten years | 5,427 |  |  | 4,848 |
After ten years | 12,887 |  |  | 10,664 |
Total investment securities | $ | 20,351 |  |  | $ | 17,415 |
At June 30, 2023, investment securities with a carrying value of $17.0 billion were pledged where permitted or required by law. Pledges included $8.9 billion to the Federal Reserve Bank (FRB) for potential future borrowings, $6.4 billion to the Federal Home Loan Bank (FHLB) as collateral for current advances and potential future borrowings as well as $1.7 billion to secure $784 million of liabilities, consisting of trust deposits, deposits of public entities and state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 7.

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