XML 36 R11.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Investment Securities | 12 Months Ended
--- | ---
Dec. 31, 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
December 31, 2024 |  |  |  |  |  |  |
Investment securities available-for-sale: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,277 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1,277 |
Residential mortgage-backed securities (a) | 11,380 |  |  | — |  |  | 2,304 |  |  | 9,076 |
Commercial mortgage-backed securities (a) | 5,261 |  |  | — |  |  | 569 |  |  | 4,692 |
Total investment securities available-for-sale | $ | 17,918 |  |  | $ | 1 |  |  | $ | 2,874 |  |  | $ | 15,045 |
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 December 31, 2024 and 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
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 438 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1 |  |  | $ | 463 |  |  | $ | 1 |  | 7 |
Residential mortgage-backed securities (a) | — |  |  | — |  |  | 9,074 |  |  | 2,304 |  |  | 9,074 |  |  | 2,304 |  | 913 |
Commercial mortgage-backed securities (a) | 14 |  |  | — |  |  | 4,678 |  |  | 569 |  |  | 4,692 |  |  | 569 |  | 252 |
Total temporarily impaired securities | $ | 452 |  |  | $ | — |  |  | $ | 13,777 |  |  | $ | 2,874 |  |  | $ | 14,229 |  |  | $ | 2,874 |  | 1,172 |
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 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 December 31, 2024 or December 31, 2023. Interest receivable on investment securities totaled $38 million and $40 million at December 31, 2024 and 2023, respectively, 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 December 31, 2024 and 2023, respectively. During the year ended December 31, 2024, the Corporation repositioned a portion of its securities portfolio by selling $827 million of U.S. Treasury securities, resulting in a $19 million loss (reported as "net losses on debt securities" on the Consolidated Statements of Income), replacing them with higher-yielding U.S. Treasury securities. There were no sales, calls or write-downs of investment securities available-for-sale for the years ended December 31, 2023 or 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) |  |
December 31, 2024 | Amortized Cost |  | Fair Value |  |  |
Contractual maturity |  |  |  |  |  |
Within one year | $ | 306 |  |  | $ | 306 |  |  |  |
After one year through five years | 1,312 |  |  | 1,292 |  |  |  |
After five years through ten years | 5,119 |  |  | 4,564 |  |  |  |
After ten years | 11,181 |  |  | 8,883 |  |  |  |
Total investment securities | $ | 17,918 |  |  | $ | 15,045 |  |  |  |
At December 31, 2024, investment securities with a carrying value of $7.0 billion were pledged where permitted or required by law. Pledges included $6.0 billion to the Federal Home Loan Bank (FHLB) as collateral for current advances and potential future borrowings as well as $1.0 billion to secure $357 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 12.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration