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Investment Securities
 9 Months Ended
Sep. 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
September 30, 2023
Investment securities available-for-sale:
U.S. Treasury securities$1,788 $— $107 $1,681 
Residential mortgage-backed securities (a)12,928 — 2,754 10,174 
Commercial mortgage-backed securities (a)5,253 — 785 4,468 
Total investment securities available-for-sale$19,969 $— $3,646 $16,323 
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 $19,012 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
A summary of the Corporation’s investment securities in an unrealized loss position as of September 30, 2023 and December 31, 2022 follows:
 Less than 12 Months12 Months or moreTotal
(in millions, except securities count)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Count
September 30, 2023
U.S. Treasury securities$— $— $1,681 $107 $1,681 $107 20 
Residential mortgage-backed securities (a)15 — 10,159 2,754 10,174 2,754 994 
Commercial mortgage-backed securities (a)— — 4,468 785 4,468 785 253 
Total temporarily impaired securities$15 $— $16,308 $3,646 $16,323 $3,646 1,267 
December 31, 2022
U.S. Treasury securities$996 $5 $1,668 $141 $2,664 $146 27 
Residential mortgage-backed securities (a)3,500 361 8,153 1,967 11,653 2,328 1,008 
Commercial mortgage-backed securities (a)4,008 405 685 154 4,693 559 254 
Total temporarily impaired securities$8,504 $771 $10,506 $2,262 $19,010 $3,033 1,289 
(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. No allowance for credit losses was recorded on securities in an unrealized loss position at September 30, 2023 or December 31, 2022.
Interest receivable on investment securities totaled $41 million at September 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 nine-month periods ended September 30, 2023 or September 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)
September 30, 2023Amortized CostFair Value
Contractual maturity
One year or less$662 $641 
After one year through five years1,380 1,278 
After five years through ten years5,366 4,580 
After ten years12,561 9,824 
Total investment securities$19,969 $16,323 
At September 30, 2023, investment securities with a carrying value of $15.8 billion were pledged where permitted or required by law. Pledges included $7.5 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 $1.9 billion to secure $536 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.