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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 Months12 Months or moreTotal
(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, 2024Amortized CostFair Value
Contractual maturity
Within one year$306 $306 
After one year through five years1,312 1,292 
After five years through ten years5,119 4,564 
After ten years11,181 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.