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Investment Securities (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2023
Investment securities available-for-sale:
U.S. Treasury securities			$	1,681					$	—					$	76					$	1,605
Residential mortgage-backed securities (a)			12,607						—						2,088						10,519
Commercial mortgage-backed securities (a)			5,253						—						508						4,745
Total investment securities available-for-sale			$	19,541					$	—					$	2,672					$	16,869
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 December 31, 2023 and 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
December 31, 2023
U.S. Treasury securities			$	—					$	—					$	1,605					$	76					$	1,605					$	76		19
Residential mortgage-backed securities (a)			10						—						10,507						2,088						10,517						2,088			978
Commercial mortgage-backed securities (a)			—						—						4,745						508						4,745						508			253
Total temporarily impaired securities			$	10					$	—					$	16,857					$	2,672					$	16,867					$	2,672		1,250
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)
December 31, 2023			Amortized Cost						Fair Value
Contractual maturity
Within one year			$	813					$	790
After one year through five years			1,098						1,034
After five years through ten years			5,380						4,869
After ten years			12,250						10,176
Total investment securities			$	19,541					$	16,869

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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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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/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

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