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Investment Securities | 9 Months Ended
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Sep. 30, 2024
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, 2024 |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,197 |  |  | $ | — |  |  | $ | 28 |  |  | $ | 1,169 |
Residential mortgage-backed securities (a) | 11,677 |  |  | — |  |  | 1,852 |  |  | 9,825 |
Commercial mortgage-backed securities (a) | 5,265 |  |  | — |  |  | 373 |  |  | 4,892 |
Total investment securities available-for-sale | $ | 18,139 |  |  | $ | — |  |  | $ | 2,253 |  |  | $ | 15,886 |
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 |
(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, 2024 and December 31, 2023 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | — |  |  | $ | 1,086 |  |  | $ | 28 |  |  | $ | 1,086 |  |  | $ | 28 |  | 13 |
Residential mortgage-backed securities (a) | 1 |  |  | — |  |  | 9,822 |  |  | 1,852 |  |  | 9,823 |  |  | 1,852 |  | 929 |
Commercial mortgage-backed securities (a) | — |  |  | — |  |  | 4,878 |  |  | 373 |  |  | 4,878 |  |  | 373 |  | 252 |
Total temporarily impaired securities | $ | 1 |  |  | $ | — |  |  | $ | 15,786 |  |  | $ | 2,253 |  |  | $ | 15,787 |  |  | $ | 2,253 |  | 1,194 |
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 |
(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 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, 2024 or December 31, 2023. Interest receivable on investment securities totaled $36 million at September 30, 2024 and $40 million at December 31, 2023 and was included in accrued income and other assets on the Consolidated Balance Sheets. The investment securities portfolio included floating-rate securities with a fair value of $3 million and $4 million at September 30, 2024 and December 31, 2023, respectively. There were no sales, calls or write-downs of investment securities available-for-sale during the three- and nine-month periods ended September 30, 2024 or September 30, 2023. 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, 2024 | Amortized Cost |  | Fair Value
Contractual maturity |  |  |
One year or less | $ | 992 |  |  | $ | 972 |
After one year through five years | 553 |  |  | 531 |
After five years through ten years | 5,149 |  |  | 4,783 |
After ten years | 11,445 |  |  | 9,600 |
Total investment securities | $ | 18,139 |  |  | $ | 15,886 |
At September 30, 2024, investment securities with a carrying value of $7.3 billion were pledged where permitted or required by law. Pledges included $6.4 billion to the Federal Home Loan Bank (FHLB) as collateral for current advances and potential future borrowings as well as $924 million to secure $375 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 8.

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