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Investment Securities
 12 Months Ended
Dec. 31, 2019
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, 2019
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$
2,745

 
$
47

 
$
—

 
$
2,792

Residential mortgage-backed securities (a)
9,568

 
66

 
28

 
9,606

Total investment securities available-for-sale
$
12,313

 
$
113

 
$
28

 
$
12,398

 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
Investment securities available-for-sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$
2,732

 
$
14

 
$
19

 
$
2,727

Residential mortgage-backed securities (a)
9,493

 
22

 
197

 
9,318

Total investment securities available-for-sale
$
12,225

 
$
36

 
$
216

 
$
12,045

(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, 2019 and 2018 follows:
 
Temporarily Impaired
 
Less than 12 Months
 
12 Months or more
 
Total
(in millions)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities (a)
$
1,494

 
$
7

 
$
1,906

 
$
21

 
 
$
3,400

 
$
28

 
Total temporarily impaired securities
$
1,494

 
$
7

 
$
1,906


$
21

 
 
$
3,400

 
$
28

 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agency securities
$
—

 
$
—

 
$
1,457

 
$
19

 
 
$
1,457

 
$
19

 
Residential mortgage-backed securities (a)
1,008

 
9

 
6,412

 
188

 
 
7,420

 
197

 
Total temporarily impaired securities
$
1,008

 
$
9

 
$
7,869

 
$
207

 
 
$
8,877

 
$
216

 

(a)
Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.


At December 31, 2019, the Corporation had 170 residential mortgage-backed securities in an unrealized loss position with no credit impairment. The unrealized losses for these securities resulted from changes in market interest rates and liquidity, not changes in credit quality. The Corporation ultimately expects full collection of the carrying amount of these securities, does not intend to sell the securities in an unrealized loss position, and it is not more-likely-than-not that the Corporation will be required to sell the securities in an unrealized loss position prior to recovery of amortized cost. The Corporation does not consider these securities to be other-than-temporarily impaired at December 31, 2019.
Sales, primarily from repositioning $1.0 billion and $1.3 billion of lower-yielding treasury securities in the years ended December 31, 2019 and 2018, respectively, of investment securities available-for-sale resulted in the following gains and losses recorded in net securities losses on the Consolidated Statements of Income, computed based on the adjusted cost of the specific security. There were no securities gains or losses for the year ended December 31, 2017.
(in millions)
 
 
 
Year Ended December 31
2019
 
2018
Securities gains
$
1

 
$
2

Securities losses
(8
)
 
(21
)
Net securities losses
$
(7
)
 
$
(19
)

The following table summarizes the amortized cost and fair values of debt securities by contractual maturity. Securities with multiple maturity dates are classified in the period of final maturity. 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, 2019
Amortized Cost
 
Fair Value
Contractual maturity
 
 
 
Within one year
$
30

 
$
30

After one year through five years
2,842

 
2,894

After five years through ten years
1,006

 
1,013

After ten years
8,435

 
8,461

Total investment securities
$
12,313

 
$
12,398


Included in the contractual maturity distribution in the table above were residential mortgage-backed securities with a total amortized cost and fair value of $9.6 billion. The actual cash flows of mortgage-backed securities may differ from contractual maturity as the borrowers of the underlying loans may exercise prepayment options.
At December 31, 2019, investment securities with a carrying value of $518 million were pledged where permitted or required by law to secure $418 million of liabilities, primarily public and other deposits of state and local government agencies and derivative instruments.