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Investment Securities
 3 Months Ended
Mar. 31, 2021
Investment Securities Disclosure [Abstract]  
Investment Securities INVESTMENT SECURITIESThe following table summarizes our available for sale and held to maturity portfolios by major security type:
Table 35: Investment Securities Summary
March 31, 2021 (a)December 31, 2020 (a)
In millionsAmortized
Cost 		UnrealizedFair
Value		Amortized
Cost		UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available for Sale
U.S. Treasury and government agencies$25,670 $546 $(266)$25,950 $19,821 $903 $(13)$20,711 
Residential mortgage-backed
Agency50,499 1,227 (172)51,554 47,355 1,566 (10)48,911 
Non-agency1,181 252 (9)1,424 1,272 243 (14)1,501 
Commercial mortgage-backed
Agency2,219 68 (3)2,284 2,571 119 (2)2,688 
Non-agency4,191 60 (15)4,236 3,678 78 (67)3,689 
Asset-backed5,969 89 (17)6,041 5,060 100 (10)5,150 
Other 5,077 238 (5)5,310 4,415 293 4,708 
Total securities available for sale (b)$94,806 $2,480 $(487)$96,799 $84,172 $3,302 $(116)$87,358 
Securities Held to Maturity
U.S. Treasury and government agencies$800 $74 $874 $795 $125 $920 
Other656 36 $(7)685 646 42 $(3)685 
Total securities held to maturity (c)$1,456 $110 $(7)$1,559 $1,441 $167 $(3)$1,605 
(a) The accrued interest associated with our available for sale portfolio totaled $244 million and $238 million at March 31, 2021 and December 31, 2020, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Amortized cost is presented net of allowance of $105 million and $79 million for securities available for sale at March 31, 2021 and December 31, 2020, respectively.
(c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 85% of our securities held to maturity were rated AAA/AA as of both March 31, 2021 and December 31, 2020.

The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity conditions. Securities available for sale are carried at fair value with net unrealized gains and losses included in Shareholders’ equity as AOCI, unless credit related. Net unrealized gains and losses are determined by taking the difference between the fair value of a security and its amortized cost, net of any allowance. Securities held to maturity are carried at amortized cost less any allowance. Investment securities at March 31, 2021 included $1.8 billion of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows. The comparable amount for March 31, 2020 was $0.4 billion.

We maintain the allowance for investment securities at levels that we believe to be appropriate as of the balance sheet date based on estimation of expected credit losses on our portfolio. As of March 31, 2021, the allowance for investment securities was $108 million and primarily related to non-agency commercial mortgage-backed securities in the available for sale portfolio. The provision for credit losses on investment securities totaled $26 million for the three months ended March 31, 2021.

Table 36 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities as of March 31, 2021. These securities are segregated between investments that had been in a continuous unrealized loss position for less than twelve months and twelve months or more, based on the point in time that the fair value declined below the amortized cost basis. All securities included in the table have been evaluated to determine if a credit loss exists. As part of that assessment, as of March 31, 2021, we concluded that we do not intend to sell and believe we will not be required to sell these securities prior to recovery of the amortized cost basis.
Table 36: Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses

Unrealized loss position
less than 12 months		Unrealized loss position
12 months or more		Total
In millionsUnrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value
March 31, 2021
U.S. Treasury and government agencies$(266)$12,798 $(266)$12,798 
Residential mortgage-backed
Agency(170)19,019 $(2)$75 (172)19,094 
Non-agency(9)165 (9)165 
Commercial mortgage-backed
Agency(2)190 (1)69 (3)259 
Non-agency(1)275 (5)911 (6)1,186 
Asset-backed(12)1,707 (5)794 (17)2,501 
Other (4)457 (4)457 
Total securities available for sale$(455)$34,446 $(22)$2,014 $(477)$36,460 
December 31, 2020
U.S. Treasury and government agencies$(13)$603 $(13)$603 
Residential mortgage-backed
Agency(8)3,152 $(2)$82 (10)3,234 
Non-agency(7)119 (7)73 (14)192 
Commercial mortgage-backed
Agency(2)149 (2)149 
Non-agency(13)972 (7)714 (20)1,686 
Asset-backed(1)339 (9)706 (10)1,045 
Total securities available for sale$(42)$5,185 $(27)$1,724 $(69)$6,909 
Information relating to gross realized securities gains and losses from the sales of securities is set forth in the following table:

Table 37: Gains (Losses) on Sales of Securities Available for Sale
Three months ended March 31
In millions		Gross GainsGross LossesNet Gains Tax Expense
2021$159 $(134)$25 $5 
2020$184 $(2)$182 $38 
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at March 31, 2021:
Table 38: Contractual Maturity of Debt Securities
March 31, 2021
Dollars in millions		1 Year or LessAfter 1 Year
through 5 Years		After 5 Years
through 10 Years		After 10
Years		Total
Securities Available for Sale
U.S. Treasury and government agencies$2,685 $15,164 $6,237 $1,584 $25,670 
Residential mortgage-backed
Agency2 205 2,248 48,044 50,499 
Non-agency2 1,179 1,181 
Commercial mortgage-backed
Agency545 662 1,012 2,219 
Non-agency202 210 3,779 4,191 
Asset-backed86 2,322 1,274 2,287 5,969 
Other 733 1,826 1,672 846 5,077 
Total securities available for sale at amortized cost$3,506 $20,264 $12,305 $58,731 $94,806 
Fair value$3,529 $20,700 $12,405 $60,165 $96,799 
Weighted-average yield, GAAP basis (a)1.68 %1.58 %1.72 %2.62 %2.25 %
Securities Held to Maturity
U.S. Treasury and government agencies$199 $315 $286 $800 
Other$71 396 109 80 656 
Total securities held to maturity at amortized cost$71 $595 $424 $366 $1,456 
Fair value$72 $626 $490 $371 $1,559 
Weighted-average yield, GAAP basis (a)3.70 %3.21 %3.93 %2.48 %3.28 %
(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security.
At March 31, 2021, there were no securities of a single issuer, other than FNMA and FHLMC, that exceeded 10% of total shareholders’ equity. The FNMA and FHLMC investments had a total amortized cost of $30.8 billion and $18.9 billion and fair value of $31.7 billion and $18.8 billion, respectively.
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings.
Table 39: Fair Value of Securities Pledged and Accepted as Collateral
In millionsMarch 31
2021		December 31
2020
Pledged to others$21,794 $22,841 
Accepted from others:
Permitted by contract or custom to sell or repledge$817 $683 
Permitted amount repledged to others$817 $683 

The securities pledged to others include positions held in our portfolio of investment securities, trading securities and securities accepted as collateral from others that we are permitted by contract or custom to sell or repledge, and were used to secure public and trust deposits, repurchase agreements and for other purposes.