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Investment Securities
 6 Months Ended
Jun. 30, 2020
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
June 30, 2020
Investment securities available-for-sale:
U.S. Treasury and other U.S. government agency securities$2,747  $105  $—  $2,852  
Residential mortgage-backed securities (a)9,641  266  —  9,907  
Total investment securities available-for-sale$12,388  $371  $—  $12,759  
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  
(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 June 30, 2020 and December 31, 2019 follows:
 Temporarily Impaired
 Less than 12 Months12 Months or moreTotal
(in millions)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
June 30, 2020
Residential mortgage-backed securities (a)$1  $—  $—  $—  $1  $—  
Total temporarily impaired securities$1  $—  $—  $—  $1  $—  
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  
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Unrealized losses resulted from changes in market interest rates and liquidity. The Corporation’s portfolio is comprised of securities issued or guaranteed by the U.S. government 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.
Interest receivable on investment securities totaled $19 million at June 30, 2020 and $20 million at December 31, 2019 and was included in accrued income and other assets on the Consolidated Balance Sheets.
Sales, calls and write-downs of investment securities available-for-sale resulted in the following gains and losses recorded in net securities gains (losses) on the Consolidated Statements of Comprehensive Income, computed based on the adjusted cost of the specific security.
Three Months Ended June 30,Six Months Ended June 30,
(in millions)2020201920202019
Securities gains$1  $—  $1  $—  
Securities losses—  —  (1) (8) 
Net securities gains (losses)$1  $—  $—  $(8) 
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)
June 30, 2020Amortized CostFair Value
Contractual maturity
Within one year$780  $796  
After one year through five years2,115  2,212  
After five years through ten years872  898  
After ten years8,621  8,853  
Total investment securities$12,388  $12,759  
Included in the contractual maturity distribution in the table above were residential mortgage-backed securities with a total amortized cost of $9.6 billion and a fair value of $9.9 billion. The actual cash flows of mortgage-backed securities may differ as borrowers of the underlying loans may exercise prepayment options.
At June 30, 2020, investment securities with a carrying value of $5.7 billion were pledged where permitted or required by law, including $5.2 billion pledged to the Federal Home Loan Bank (FHLB) as collateral for potential future borrowings of approximately $5.0 billion and $506 million to secure $432 million of liabilities, primarily public and other deposits of state and local government agencies as well as derivative instruments. For information on FHLB borrowings, refer to Note 7.