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INVESTMENT SECURITIES AND OTHER SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Fair Value, and Gross Unrealized Gains and Losses by Investment Category
The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at June 30, 2023 and December 31, 2022:
Unrealized
(dollar amounts in millions)
Amortized
Cost (1)(2)
Gross
Gains		Gross
Losses		Fair Value
At June 30, 2023
Available-for-sale securities:
U.S. Treasury$5 $— $— $5 
Federal agencies:
Residential CMO3,742 — (434)3,308 
Residential MBS13,789 1 (1,979)11,811 
Commercial MBS2,551 — (653)1,898 
Other agencies176 — (8)168 
Total U.S. Treasury, federal agency, and other agency securities
20,263 1 (3,074)17,190 
Municipal securities3,778 2 (244)3,536 
Private-label CMO138 — (15)123 
Asset-backed securities410 — (41)369 
Corporate debt2,230 94 (313)2,011 
Other securities/Sovereign debt4 — — 4 
Total available-for-sale securities$26,823 $97 $(3,687)$23,233 
Held-to-maturity securities:
Federal agencies:
Residential CMO$5,012 $— $(722)$4,290 
Residential MBS9,835 — (1,294)8,541 
Commercial MBS1,613 — (245)1,368 
Other agencies116 — (9)107 
Total federal agency and other agency securities16,576 — (2,270)14,306 
Municipal securities2 — — 2 
Total held-to-maturity securities$16,578 $— $(2,270)$14,308 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$412 $— $— $412 
Federal Reserve Bank stock516 — — 516 
Equity securities14 — — 14 
Other securities, at fair value:
Mutual funds32 — — 32 
Equity securities1 — — 1 
Total other securities$975 $— $— $975 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At June 30, 2023, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $38 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $843 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
Unrealized
(dollar amounts in millions)Amortized
Cost (1)(2)		Gross
Gains		Gross
Losses		Fair Value
At December 31, 2022
Available-for-sale securities:
U.S. Treasury$103 $— $— $103 
Federal agencies:
Residential CMO3,336 — (422)2,914 
Residential MBS14,349 4 (2,090)12,263 
Commercial MBS2,565 — (612)1,953 
Other agencies190 1 (9)182 
Total U.S. Treasury, federal agency, and other agency securities20,543 5 (3,133)17,415 
Municipal securities3,527 1 (238)3,290 
Private-label CMO146 — (18)128 
Asset-backed securities416 — (44)372 
Corporate debt2,467 132 (385)2,214 
Other securities/Sovereign debt4 — — 4 
Total available-for-sale securities$27,103 $138 $(3,818)$23,423 
Held-to-maturity securities:
Federal agencies:
Residential CMO$4,970 $4 $(714)$4,260 
Residential MBS10,295 — (1,375)8,920 
Commercial MBS1,652 — (204)1,448 
Other agencies133 — (9)124 
Total federal agency and other agency securities17,050 4 (2,302)14,752 
Municipal securities2 — — 2 
Total held-to-maturity securities$17,052 $4 $(2,302)$14,754 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$312 $— $— $312 
Federal Reserve Bank stock500 — — 500 
Equity securities10 — — 10 
Other securities, at fair value:
Mutual funds31 — — 31 
Equity securities1 — — 1 
Total other securities$854 $— $— $854 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $849 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
Investments by Contractual Maturity The following table provides the amortized cost and fair value of securities by contractual maturity at June 30, 2023 and December 31, 2022. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
At June 30, 2023At December 31, 2022
(dollar amounts in millions)
Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available-for-sale securities:
Under 1 year$524 $514 $518 $511 
After 1 year through 5 years2,456 2,273 2,182 2,033 
After 5 years through 10 years2,734 2,507 3,106 2,814 
After 10 years21,109 17,939 21,297 18,065 
Total available-for-sale securities$26,823 $23,233 $27,103 $23,423 
Held-to-maturity securities:
Under 1 year$2 $2 $— $— 
After 1 year through 5 years58 55 72 68 
After 5 years through 10 years75 70 71 66 
After 10 years16,443 14,181 16,909 14,620 
Total held-to-maturity securities$16,578 $14,308 $17,052 $14,754 
Investments with Unrealized Losses by Investment Category
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at June 30, 2023 and December 31, 2022:
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
At June 30, 2023
Available-for-sale securities:
Federal agencies:
Residential CMO$1,249 $(56)$2,059 $(378)$3,308 $(434)
Residential MBS778 (38)10,883 (1,941)11,661 (1,979)
Commercial MBS387 (64)1,512 (589)1,899 (653)
Other agencies22 — 70 (8)92 (8)
Total federal agency and other agency securities2,436 (158)14,524 (2,916)16,960 (3,074)
Municipal securities789 (49)2,566 (195)3,355 (244)
Private-label CMO6 — 97 (15)103 (15)
Asset-backed securities— — 369 (41)369 (41)
Corporate debt— — 2,011 (313)2,011 (313)
Total temporarily impaired available-for-sale securities$3,231 $(207)$19,567 $(3,480)$22,798 $(3,687)
Held-to-maturity securities:
Federal agencies:
Residential CMO$612 $(12)$3,678 $(710)$4,290 $(722)
Residential MBS1,118 (60)7,407 (1,234)8,525 (1,294)
Commercial MBS43 (3)1,324 (242)1,367 (245)
Other agencies— — 108 (9)108 (9)
Total federal agency and other agency securities1,773 (75)12,517 (2,195)14,290 (2,270)
Total temporarily impaired held-to-maturity securities$1,773 $(75)$12,517 $(2,195)$14,290 $(2,270)
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses		Fair
Value		Gross Unrealized
Losses
At December 31, 2022
Available-for-sale securities:
Federal agencies:
Residential CMO$2,096 $(224)$818 $(198)$2,914 $(422)
Residential MBS2,455 (286)9,490 (1,804)11,945 (2,090)
Commercial MBS1,090 (249)863 (363)1,953 (612)
Other agencies40 (1)56 (8)96 (9)
Total federal agency and other agency securities5,681 (760)11,227 (2,373)16,908 (3,133)
Municipal securities2,298 (174)807 (64)3,105 (238)
Private-label CMO64 (13)43 (5)107 (18)
Asset-backed securities174 (10)199 (34)373 (44)
Corporate debt727 (105)1,487 (280)2,214 (385)
Total temporarily impaired available-for-sale securities$8,944 $(1,062)$13,763 $(2,756)$22,707 $(3,818)
Held-to-maturity securities:
Federal agencies:
Residential CMO$1,702 $(238)$2,283 $(476)$3,985 $(714)
Residential MBS4,151 (462)4,711 (913)8,862 (1,375)
Commercial MBS1,201 (154)247 (50)1,448 (204)
Other agencies124 (9)— — 124 (9)
Total federal agency and other agency securities7,178 (863)7,241 (1,439)14,419 (2,302)
Total temporarily impaired held-to-maturity securities$7,178 $(863)$7,241 $(1,439)$14,419 $(2,302)