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Investment Securities
 6 Months Ended
Jun. 30, 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 43: Investment Securities Summary
June 30, 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$38,564 $593 $(146)$39,011 $19,821 $903 $(13)$20,711 
Residential mortgage-backed
Agency66,393 1,046 (125)67,314 47,355 1,566 (10)48,911 
Non-agency1,081 247 (5)1,323 1,272 243 (14)1,501 
Commercial mortgage-backed
Agency2,263 71 (3)2,331 2,571 119 (2)2,688 
Non-agency4,033 59 (13)4,079 3,678 78 (67)3,689 
Asset-backed5,625 78 (6)5,697 5,060 100 (10)5,150 
Other 5,060 244 (1)5,303 4,415 293 4,708 
Total securities available for sale (b)$123,019 $2,338 $(299)$125,058 $84,172 $3,302 $(116)$87,358 
Securities Held to Maturity
U.S. Treasury and government agencies$804 $87 $891 $795 $125 $920 
Other681 33 $(7)707 646 42 $(3)685 
Total securities held to maturity (c)$1,485 $120 $(7)$1,598 $1,441 $167 $(3)$1,605 
(a) The accrued interest associated with our available for sale portfolio totaled $311 million and $238 million at June 30, 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 June 30, 2021 and December 31, 2020, respectively.
(c) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. 84% and 85% of our securities held to maturity were rated AAA/AA at June 30, 2021 and December 31, 2020, respectively.

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 both June 30, 2021 and June 30, 2020 included $0.3 billion of net unsettled purchases which represent non-cash investing activity, and accordingly, are not reflected on the Consolidated Statement of Cash Flows.

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 June 30, 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 was zero and $26 million for the three and six months ended June 30, 2021. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for a discussion of the methodologies used to determine the allowance for investment securities.

Table 44 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at June 30, 2021 and December 31, 2020. 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 June 30, 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 44: 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
June 30, 2021
U.S. Treasury and government agencies$(146)$17,168 $(146)$17,168 
Residential mortgage-backed
Agency(122)24,527 $(3)$442 (125)24,969 
Non-agency(5)155 (5)155 
Commercial mortgage-backed
Agency(2)274 (1)65 (3)339 
Non-agency(4)710 (4)710 
Asset-backed(3)793 (3)386 (6)1,179 
Other (1)196 (1)196 
Total securities available for sale$(274)$42,958 $(16)$1,758 $(290)$44,716 
December 31, 2020
U.S. Treasury and government agencies$(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 45: Gains (Losses) on Sales of Securities Available for Sale
Six months ended June 30
In millions		Gross GainsGross LossesNet Gains Tax Expense
2021$201 $(166)$35 $7 
2020$224 $(2)$222 $47 
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2021:
Table 46: Contractual Maturity of Debt Securities
June 30, 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$2,751 $22,506 $11,358 $1,949 $38,564 
Residential mortgage-backed
Agency1 123 2,124 64,145 66,393 
Non-agency2 1,079 1,081 
Commercial mortgage-backed
Agency64 520 804 875 2,263 
Non-agency174 210 3,649 4,033 
Asset-backed109 2,117 771 2,628 5,625 
Other 616 2,031 1,625 788 5,060 
Total securities available for sale at amortized cost$3,541 $27,471 $16,894 $75,113 $123,019 
Fair value$3,562 $27,856 $17,091 $76,549 $125,058 
Weighted-average yield, GAAP basis (a)1.42 %1.25 %1.60 %2.49 %2.19 %
Securities Held to Maturity
U.S. Treasury and government agencies$199 $318 $287 $804 
Other$80 424 98 79 681 
Total securities held to maturity at amortized cost$80 $623 $416 $366 $1,485 
Fair value$81 $651 $483 $383 $1,598 
Weighted-average yield, GAAP basis (a)3.24 %2.95 %3.91 %2.61 %3.16 %
(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security.
At June 30, 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 $32.3 billion and $22.5 billion and fair value of $33.2 billion and $22.6 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 47: Fair Value of Securities Pledged and Accepted as Collateral
In millionsJune 30
2021		December 31
2020
Pledged to others$24,121 $22,841 
Accepted from others:
Permitted by contract or custom to sell or repledge$752 $683 
Permitted amount repledged to others$752 $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.