
September 30, 2024 ($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	4,354	—	(4)	4,350
Obligations of states and political subdivisions securities	—		—	—	—
Mortgage-backed securities:
Agency residential mortgage-backed securities	5,623		—	(606)	5,017
Agency commercial mortgage-backed securities	24,008		5	(2,294)	21,719
Non-agency commercial mortgage-backed securities	4,677		2	(280)	4,399
Asset-backed securities and other debt securities	4,315		5	(186)	4,134
Other securities(a)	777		—	—	777
Total available-for-sale debt and other securities	$	43,754	12	(3,370)	40,396
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	2,354	25	—	2,379
Mortgage-backed securities:
Agency residential mortgage-backed securities	4,992		75	(1)	5,066
Agency commercial mortgage-backed securities	4,010		97	—	4,107
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	11,358	197	(1)	11,554


December 31, 2023 ($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	4,477	1	(142)	4,336
Obligations of states and political subdivisions securities	2		—	—	2
Mortgage-backed securities:
Agency residential mortgage-backed securities	11,564		—	(1,282)	10,282
Agency commercial mortgage-backed securities	28,945		5	(3,230)	25,720
Non-agency commercial mortgage-backed securities	4,872		—	(427)	4,445
Asset-backed securities and other debt securities	5,207		3	(298)	4,912
Other securities(a)	722		—	—	722
Total available-for-sale debt and other securities	$	55,789	9	(5,379)	50,419
Held-to-maturity securities:
Asset-backed securities and other debt securities	$	2	—	—	2
Total held-to-maturity securities	$	2	—	—	2

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $167 million and $146 million at September 30, 2024 and December 31, 2023, respectively, which is presented as a component of other assets in the Condensed Consolidated Balance Sheets.

In January 2024, the Bancorp transferred $12.6 billion (amortized cost basis) of securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. AOCI included pretax unrealized losses of $994 million on these securities at the date of transfer. The unrealized losses that existed on the date of transfer will continue to be reported as a component of AOCI and will be amortized

into income over the remaining life of the securities as an adjustment to yield, offsetting the amortization of the discount resulting from the transfer recorded at fair value. The amortized cost basis of held-to-maturity securities included a discount of $897 million at September 30, 2024 pertaining to the unamortized portion of unrealized losses on securities, which are offset in AOCI.

The following table presents the components of net securities gains and losses recognized in the Condensed Consolidated Statements of Income, including those recognized related to the Bancorp’s non-qualifying hedging strategy for MSRs:


	For the three months ended September 30,			For the nine months ended September 30,
($ in millions)	2024		2023	2024	2023
Available-for-sale debt and other securities:
Realized gains	$	—	1	4	34
Realized losses	—		—	—	(30)
Impairment losses	(11)		(1)	(21)	(5)
Net losses on available-for-sale debt and other securities	$	(11)	—	(17)	(1)
Trading debt securities:
Net realized gains	1		—	—	—
Net unrealized gains	—		—	—	2
Net trading debt securities gains	$	1	—	—	2
Equity securities:
Net realized gains	4		2	15	3
Net unrealized gains (losses)	16		(9)	25	(1)
Net equity securities gains (losses)	$	20	(7)	40	2
Total gains (losses) recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)	$	10	(7)	23	3

(a)Excludes $7 and $9 of net securities gains for the three and nine months ended September 30, 2024, respectively, and $2 and $3 of net securities gains for the three and nine months ended September 30, 2023, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These gains and losses are included in commercial banking revenue and wealth and asset management revenue in the Condensed Consolidated Statements of Income.

The Bancorp recognized impairment losses on available-for-sale debt and other securities of $11 million and $21 million during the three and nine months ended September 30, 2024, respectively, compared with impairment losses of $1 million and $5 million during the three and nine months ended September 30, 2023, respectively. These losses were included in securities gains (losses), net, in the Condensed Consolidated Statements of Income and related to certain securities in unrealized loss positions where the Bancorp had determined that it no longer intended to hold the securities until the recovery of their amortized cost bases.

At both September 30, 2024 and December 31, 2023, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize provision for credit losses for investment securities during both the three and nine months ended September 30, 2024 and 2023.

At September 30, 2024 and December 31, 2023, investment securities with a fair value of $31.4 billion and $25.2 billion, respectively, were pledged to secure borrowing capacity, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of September 30, 2024 are shown in the following table:


($ in millions)	Available-for-Sale Debt and Other			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Debt securities:(a)
Due in 1 year or less	$	3,140	3,117	38	38
Due after 1 year through 5 years	17,036		16,376	3,071	3,106
Due after 5 years through 10 years	16,020		14,120	7,770	7,908
Due after 10 years	6,781		6,006	479	502
Other securities	777		777	—	—
Total	$	43,754	40,396	11,358	11,554

The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:


	Less than 12 months			12 months or more		Total
($ in millions)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
September 30, 2024
U.S. Treasury and federal agencies securities	$	4,210	(4)	—	—	4,210	(4)

Agency residential mortgage-backed securities	215		(1)	4,796	(605)	5,011	(606)
Agency commercial mortgage-backed securities	3,736		(302)	17,651	(1,992)	21,387	(2,294)
Non-agency commercial mortgage-backed securities	—		—	4,210	(280)	4,210	(280)
Asset-backed securities and other debt securities	143		(12)	3,451	(174)	3,594	(186)
Total	$	8,304	(319)	30,108	(3,051)	38,412	(3,370)
December 31, 2023
U.S. Treasury and federal agencies securities	$	1,989	(3)	2,157	(139)	4,146	(142)
Agency residential mortgage-backed securities	81		(2)	10,200	(1,280)	10,281	(1,282)
Agency commercial mortgage-backed securities	5,439		(556)	19,957	(2,674)	25,396	(3,230)
Non-agency commercial mortgage-backed securities	141		(2)	4,284	(425)	4,425	(427)
Asset-backed securities and other debt securities	340		(17)	4,184	(281)	4,524	(298)
Total	$	7,990	(580)	40,782	(4,799)	48,772	(5,379)