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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 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.
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, 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.
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, 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 |

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