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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Summary Of 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.

Summary Of Investment Securities in Unrealized Loss Positions

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 Months												12 Months or more												Total
(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.

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)
September 30, 2023			Amortized Cost						Fair Value
Contractual maturity
One year or less			$	662					$	641
After one year through five years			1,380						1,278
After five years through ten years			5,366						4,580
After ten years			12,561						9,824
Total investment securities			$	19,969					$	16,323

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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