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Debt securities available-for-sale | 12 Months Ended
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Dec. 31, 2021
Debt securities available-for-sale |
Debt Securities, Available-for-sale |
Investments in debt and marketable equity securities | Note 6 – Debt securities available-for-saleThe following tables present the amortized cost, gross unrealized gains and losses, approximate fair value, weighted average yield and contractual maturities of debt securities available-for-sale at December 31, 2021 and December 31, 2020
|  | At December 31, 2021 |
|  |  |  | Gross | Gross |  |  | Weighted |
|  | Amortized | unrealized | unrealized | Fair | average |
(In thousands) | cost | gains | losses | value | yield |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |
| Within 1 year | $ | 1,225,558 | $ | 13,556 | $ | 69 | $ | 1,239,045 | 2.33 | %
| After 1 to 5 years |  | 10,059,163 |  | 98,808 |  | 65,186 |  | 10,092,785 | 1.18 |
| After 5 to 10 years |  | 4,563,265 |  | 739 |  | 36,804 |  | 4,527,200 | 1.22 |
Total U.S. Treasury securities |  | 15,847,986 |  | 113,103 |  | 102,059 |  | 15,859,030 | 1.27 |
Obligations of U.S. Government sponsored entities |  |  |  |  |  |  |  |  |  |
| Within 1 year |  | 70 |  | - |  | - |  | 70 | 5.63 |
Total obligations of U.S. Government sponsored entities |  | 70 |  | - |  | - |  | 70 | 5.63 |
Collateralized mortgage obligations - federal agencies |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 2,433 |  | 42 |  | - |  | 2,475 | 2.16 |
| After 5 to 10 years |  | 43,241 |  | 295 |  | 6 |  | 43,530 | 1.54 |
| After 10 years |  | 172,176 |  | 3,441 |  | 357 |  | 175,260 | 2.13 |
Total collateralized mortgage obligations - federal agencies |  | 217,850 |  | 3,778 |  | 363 |  | 221,265 | 2.01 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
| Within 1 year |  | 11 |  | 1 |  | - |  | 12 | 4.79 |
| After 1 to 5 years |  | 65,749 |  | 2,380 |  | 11 |  | 68,118 | 2.23 |
| After 5 to 10 years |  | 665,600 |  | 17,998 |  | 5 |  | 683,593 | 1.97 |
| After 10 years |  | 8,263,835 |  | 68,128 |  | 195,910 |  | 8,136,053 | 1.67 |
Total mortgage-backed securities |  | 8,995,195 |  | 88,507 |  | 195,926 |  | 8,887,776 | 1.69 |
Other |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 123 |  | 5 |  | - |  | 128 | 3.62 |
Total other |  | 123 |  | 5 |  | - |  | 128 | 3.62 |
Total debt securities available-for-sale[1] | $ | 25,061,224 | $ | 205,393 | $ | 298,348 | $ | 24,968,269 | 1.42 | %
[1] | Includes $22.0 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $20.9 billion serve as collateral for public funds.
|  | At December 31, 2020 |
|  |  |  | Gross | Gross |  |  | Weighted |
|  | Amortized | unrealized | unrealized | Fair | average |
(In thousands) | cost | gains | losses | value | yield |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |
| Within 1 year | $ | 4,900,055 | $ | 16,479 | $ | - | $ | 4,916,534 | 0.69 | %
| After 1 to 5 years |  | 5,007,223 |  | 259,399 |  | - |  | 5,266,622 | 2.05 |
| After 5 to 10 years |  | 567,367 |  | 37,517 |  | - |  | 604,884 | 1.68 |
Total U.S. Treasury securities |  | 10,474,645 |  | 313,395 |  | - |  | 10,788,040 | 1.40 |
Obligations of U.S. Government sponsored entities |  |  |  |  |  |  |  |  |  |
| Within 1 year |  | 59,993 |  | 101 |  | - |  | 60,094 | 1.46 |
| After 1 to 5 years |  | 90 |  | - |  | - |  | 90 | 5.64 |
Total obligations of U.S. Government sponsored entities |  | 60,083 |  | 101 |  | - |  | 60,184 | 1.47 |
Collateralized mortgage obligations - federal agencies |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 1,388 |  | 14 |  | - |  | 1,402 | 2.97 |
| After 5 to 10 years |  | 61,229 |  | 1,050 |  | - |  | 62,279 | 1.56 |
| After 10 years |  | 318,292 |  | 10,202 |  | 43 |  | 328,451 | 2.04 |
Total collateralized mortgage obligations - federal agencies |  | 380,909 |  | 11,266 |  | 43 |  | 392,132 | 1.97 |
Mortgage-backed securities |  |  |  |  |  |  |  |  |  |
| Within 1 year |  | 5,616 |  | 56 |  | - |  | 5,672 | 2.83 |
| After 1 to 5 years |  | 50,393 |  | 1,735 |  | - |  | 52,128 | 2.35 |
| After 5 to 10 years |  | 454,880 |  | 20,022 |  | 6 |  | 474,896 | 1.91 |
| After 10 years |  | 9,608,860 |  | 180,844 |  | 1,839 |  | 9,787,865 | 1.94 |
Total mortgage-backed securities |  | 10,119,749 |  | 202,657 |  | 1,845 |  | 10,320,561 | 1.94 |
Other |  |  |  |  |  |  |  |  |  |
| After 1 to 5 years |  | 224 |  | 11 |  | - |  | 235 | 3.62 |
Total other |  | 224 |  | 11 |  | - |  | 235 | 3.62 |
Total debt securities available-for-sale[1] | $ | 21,035,610 | $ | 527,430 | $ | 1,888 | $ | 21,561,152 | 1.66 | %
[1] | Includes $18.2 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $16.9 billion serve as collateral for public funds.
The weighted average yield on debt securities available-for-sale is based on amortized cost; therefore, it does not give effect to changes in fair value. Securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage obligations, are classified in the period of final contractual maturity. The expected maturities of collateralized mortgage obligations, mortgage-backed securities and certain other securities may differ from their contractual maturities because they may be subject to prepayments or may be called by the issuer. The following table presents the aggregate amortized cost and fair value of debt securities available-for-sale at December 31, 2021 by contractual maturity.
(In thousands) |  | Amortized cost |  | Fair value
Within 1 year | $ | 1,225,639 | $ | 1,239,127
After 1 to 5 years |  | 10,127,468 |  | 10,163,506
After 5 to 10 years |  | 5,272,106 |  | 5,254,323
After 10 years |  | 8,436,011 |  | 8,311,313
Total debt securities available-for-sale | $ | 25,061,224 | $ | 24,968,269
During the years ended December 31, 2021 and 2020, the Corporation sold U.S. Treasury Notes. The proceeds from these sales were $236 million and $5 million, respectively. Gross realized gains and losses on the sale of debt securities available-for-sale for the years ended December 31, 2021, 2020 and 2019 were as follows:
(In thousands) |  | 2021 |  | 2020 |  | 2019
Gross realized gains | $ | 695 | $ | 41 | $ | -
Gross realized losses |  | (672) |  | - |  | (20)
Net realized gains (losses) on sale of debt securities available-for-sale | $ | 23 | $ | 41 | $ | (20)
The following tables present the Corporation’s fair value and gross unrealized losses of debt securities available-for-sale, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and 2020.
|  | At December 31, 2021
| Less than 12 months | 12 months or more | Total
|  |  |  | Gross |  |  | Gross |  |  | Gross
|  | Fair | unrealized | Fair | unrealized | Fair | unrealized
(In thousands) | value | losses | value | losses | value | losses
U.S. Treasury securities | $ | 9,590,448 | $ | 102,059 | $ | - | $ | - | $ | 9,590,448 | $ | 102,059
Collateralized mortgage obligations - federal agencies |  | 35,533 |  | 334 |  | 1,084 |  | 29 |  | 36,617 |  | 363
Mortgage-backed securities |  | 5,767,556 |  | 170,614 |  | 595,051 |  | 25,312 |  | 6,362,607 |  | 195,926
Total debt securities available-for-sale in an unrealized loss position | $ | 15,393,537 | $ | 273,007 | $ | 596,135 | $ | 25,341 | $ | 15,989,672 | $ | 298,348
|  | At December 31, 2020
| Less than 12 months | 12 months or more | Total
|  |  |  | Gross |  |  | Gross |  |  | Gross
|  | Fair | unrealized | Fair | unrealized | Fair | unrealized
(In thousands) | value | losses | value | losses | value | losses
Collateralized mortgage obligations - federal agencies | $ | 4,029 | $ | 43 | $ | - | $ | - | $ | 4,029 | $ | 43
Mortgage-backed securities |  | 886,432 |  | 1,834 |  | 555 |  | 11 |  | 886,987 |  | 1,845
Total debt securities available-for-sale in an unrealized loss position | $ | 890,461 | $ | 1,877 | $ | 555 | $ | 11 | $ | 891,016 | $ | 1,888
As of December 31, 2021, the portfolio of available-for-sale debt securities reflects gross unrealized losses of approximately $298 million, driven mainly by U.S. Treasury Securities and mortgage-backed securities, which were impacted by increases in the interest rate environment. The following table states the name of issuers, and the aggregate amortized cost and fair value of the debt securities of such issuer (includes available-for-sale and held-to-maturity debt securities), in which the aggregate amortized cost of such securities exceeds 10% of stockholders’ equity. This information excludes debt securities backed by the full faith and credit of the U.S. Government. Investments in obligations issued by a state of the U.S. and its political subdivisions and agencies, which are payable and secured by the same source of revenue or taxing authority, other than the U.S. Government, are considered securities of a single issuer.
|  | 2021 |  | 2020
(In thousands) | Amortized cost | Fair value | Amortized cost | Fair value
FNMA | $ | 1,533,637 | $ | 1,587,127 | $ | 2,242,121 | $ | 2,338,897
Freddie Mac |  | 3,228,543 |  | 3,176,197 |  | 3,616,238 |  | 3,675,679

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph (b) + Details
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