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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Held-to-Maturity Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 March 31, 2024December 31, 2023
(Dollars in Millions)
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Held-to-Maturity
U.S. Treasury and agencies$1,345 $— $(42)$1,303 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency79,805 — (11,736)68,069 80,997 6 (9,929)71,074 
Commercial agency1,697 — (21)1,676 1,695 6 (5)1,696 
Other101 — — 101 8 — — 8 
Total held-to-maturity$82,948 $— $(11,799)$71,149 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$23,722 $11 $(2,215)$21,518 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency29,798 84 (2,395)27,487 28,185 104 (2,211)26,078 
Commercial
Agency8,696 — (1,412)7,284 8,703 — (1,360)7,343 
Non-agency7 — (1)6 7 — (1)6 
Asset-backed securities6,218 11 (25)6,204 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,826 23 (1,062)9,787 10,867 36 (914)9,989 
Other140 — — 140 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments79,407 129 (7,110)72,426 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
88 — (88)— 335 — (335)— 
Total available-for-sale$79,495 $129 $(7,198)$72,426 $76,602 $173 $(7,069)$69,706 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Available-for-Sale Investment Securities
The amortized cost, gross unrealized holding gains and losses, and fair value of held-to-maturity and available-for-sale investment securities were as follows:
 March 31, 2024December 31, 2023
(Dollars in Millions)
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Amortized
Cost
Unrealized
Gains
Unrealized
Losses
Fair Value
Held-to-Maturity
U.S. Treasury and agencies$1,345 $— $(42)$1,303 $1,345 $— $(35)$1,310 
Mortgage-backed securities
Residential agency79,805 — (11,736)68,069 80,997 6 (9,929)71,074 
Commercial agency1,697 — (21)1,676 1,695 6 (5)1,696 
Other101 — — 101 8 — — 8 
Total held-to-maturity$82,948 $— $(11,799)$71,149 $84,045 $12 $(9,969)$74,088 
Available-for-Sale
U.S. Treasury and agencies$23,722 $11 $(2,215)$21,518 $21,768 $8 $(2,234)$19,542 
Mortgage-backed securities
Residential agency29,798 84 (2,395)27,487 28,185 104 (2,211)26,078 
Commercial
Agency8,696 — (1,412)7,284 8,703 — (1,360)7,343 
Non-agency7 — (1)6 7 — (1)6 
Asset-backed securities6,218 11 (25)6,204 6,713 25 (14)6,724 
Obligations of state and political subdivisions10,826 23 (1,062)9,787 10,867 36 (914)9,989 
Other140 — — 140 24 — — 24 
Total available-for-sale, excluding portfolio level basis adjustments79,407 129 (7,110)72,426 76,267 173 (6,734)69,706 
Portfolio level basis adjustments(a)
88 — (88)— 335 — (335)— 
Total available-for-sale$79,495 $129 $(7,198)$72,426 $76,602 $173 $(7,069)$69,706 
(a)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of available-for-sale investment securities, which are not allocated to individual securities in the portfolio. For additional information, refer to Note 12.
Interest Income from Taxable and Non-Taxable Investment Securities
The following table provides information about the amount of interest income from taxable and non-taxable investment securities:
Three Months Ended
March 31
(Dollars in Millions)20242023
Taxable$1,099 $994 
Non-taxable76 80 
Total interest income from investment securities$1,175 $1,074 
Gross Gains and Losses Realized through Sales of Available-for-Sale Investment Securities
The following table provides information about the amount of gross gains and losses realized through the sales of available-for-sale investment securities:
Three Months Ended
March 31
(Dollars in Millions)20242023
Realized gains$3 $60 
Realized losses(1)(92)
Net realized gains (losses)$2 $(32)
Income tax (benefit) on net realized gains (losses)$1 $(8)
Gross Unrealized Losses and Fair Value of Investment Securities The following table shows the gross unrealized losses excluding portfolio level basis adjustments and fair value of the Company’s available-for-sale investment securities with unrealized losses, aggregated by investment category and length of time the individual investment securities have been in continuous unrealized loss positions, at March 31, 2024:
Less Than 12 Months 12 Months or Greater Total
(Dollars in Millions)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
U.S. Treasury and agencies$1,219 $(6)$17,077 $(2,209)$18,296 $(2,215)
Mortgage-backed securities
Residential agency1,580 (9)20,617 (2,386)22,197 (2,395)
Commercial
     Agency— — 7,284 (1,412)7,284 (1,412)
Non-agency— — 7 (1)7 (1)
Asset-backed securities2,942 (5)1,806 (20)4,748 (25)
Obligations of state and political subdivisions1,121 (9)7,707 (1,053)8,828 (1,062)
Other115 — 4 — 119 — 
Total investment securities$6,977 $(29)$54,502 $(7,081)$61,479 $(7,110)
Investment Amortized Cost, Fair Value and Yield by Maturity Date
The following table provides information about the amortized cost, fair value and yield by maturity date of the investment securities outstanding at March 31, 2024:
(Dollars in Millions)
Amortized
Cost
Fair Value
Weighted- Average
Maturity in
Years
Weighted-Average Yield(e)
Held-to-Maturity
U.S. Treasury and agencies
Maturing in one year or less$50 $50 0.12.67 %
Maturing after one year through five years1,295 1,253 2.12.85 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$1,345 $1,303 2.02.85 %
Mortgage-backed securities(a)
Maturing in one year or less$22 $22 0.74.44 %
Maturing after one year through five years1,286 1,273 2.64.52 
Maturing after five years through ten years74,832 64,221 8.92.19 
Maturing after ten years5,362 4,229 10.21.92 
Total$81,502 $69,745 8.92.21 %
Other
Maturing in one year or less$16 $16 1.03.24 %
Maturing after one year through five years85 85 3.12.70 
Maturing after five years through ten years— — — — 
Maturing after ten years— — — — 
Total$101 $101 2.82.79 %
Total held-to-maturity(b)
$82,948 $71,149 8.82.22 %
Available-for-Sale
U.S. Treasury and agencies
Maturing in one year or less$11 $11 0.35.35 %
Maturing after one year through five years13,391 12,738 3.72.92 
Maturing after five years through ten years8,608 7,445 7.12.20 
Maturing after ten years1,712 1,324 10.62.02 
Total$23,722 $21,518 5.52.60 %
Mortgage-backed securities(a)
Maturing in one year or less$95 $92 0.82.16 %
Maturing after one year through five years8,877 8,408 3.33.25 
Maturing after five years through ten years28,399 25,324 7.33.35 
Maturing after ten years1,130 953 10.93.45 
Total$38,501 $34,777 6.53.33 %
Asset-backed securities(a)
Maturing in one year or less$10 $10 0.97.57 %
Maturing after one year through five years5,150 5,133 1.74.95 
Maturing after five years through ten years1,058 1,061 5.87.05 
Maturing after ten years— — —— 
Total$6,218 $6,204 2.45.31 %
Obligations of state and political subdivisions(c)(d)
Maturing in one year or less$137 $138 0.35.91 %
Maturing after one year through five years2,441 2,425 2.94.65 
Maturing after five years through ten years1,666 1,605 7.23.85 
Maturing after ten years6,582 5,619 15.53.34 
Total$10,826 $9,787 11.23.75 %
Other
Maturing in one year or less$— $— —— %
Maturing after one year through five years140 140 2.44.92 
Maturing after five years through ten years— — —— 
Maturing after ten years— — —— 
Total$140 $140 2.44.92 %
Total available-for-sale(b)(f)
$79,407 $72,426 6.53.33 %
(a)Information related to asset and mortgage-backed securities included above is presented based upon weighted-average maturities that take into account anticipated future prepayments.
(b)The weighted-average maturity of total held-to-maturity investment securities was 8.7 years at December 31, 2023, with a corresponding weighted-average yield of 2.22 percent. The weighted-average maturity of total available-for-sale investment securities was 6.3 years at December 31, 2023, with a corresponding weighted-average yield of 3.12 percent.
(c)Information related to obligations of state and political subdivisions is presented based upon yield to first optional call date if the security is purchased at a premium, and yield to maturity if the security is purchased at par or a discount.
(d)Maturity calculations for obligations of state and political subdivisions are based on the first optional call date for securities with a fair value above par and the contractual maturity date for securities with a fair value equal to or below par.
(e)Weighted-average yields for obligations of state and political subdivisions are presented on a fully-taxable equivalent basis based on a federal income tax rate of 21 percent. Yields on investment securities are computed based on amortized cost balances, excluding any premiums or discounts recorded related to the transfer of investment securities at fair value from available-for-sale to held-to-maturity.
(f)Amortized cost excludes portfolio level basis adjustments of $88 million.