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Investment Securities
 9 Months Ended
Sep. 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 42: Investment Securities Summary
September 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$40,628 $472 $(131)$40,969 $19,821 $903 $(13)$20,711 
Residential mortgage-backed
Agency64,412 957 (184)65,185 47,355 1,566 (10)48,911 
Non-agency1,003 242 (3)1,242 1,272 243 (14)1,501 
Commercial mortgage-backed
Agency2,008 56 (4)2,060 2,571 119 (2)2,688 
Non-agency3,637 48 (14)3,671 3,678 78 (67)3,689 
Asset-backed5,999 75 (7)6,067 5,060 100 (10)5,150 
Other 4,722 216 (5)4,933 4,415 293 4,708 
Total securities available for sale (b)$122,409 $2,066 $(348)$124,127 $84,172 $3,302 $(116)$87,358 
Securities Held to Maturity
U.S. Treasury and government agencies$809 $82 $891 $795 $125 $920 
Other670 29 $(7)692 646 42 $(3)685 
Total securities held to maturity (c)$1,479 $111 $(7)$1,583 $1,441 $167 $(3)$1,605 
(a) The accrued interest associated with our available for sale portfolio totaled $284 million and $238 million at September 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 $130 million and $79 million for securities available for sale at September 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 September 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 September 30, 2021 included $2.4 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 September 30, 2020 was $0.7 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 September 30, 2021, the allowance for investment securities was $133 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 $25 million and $51 million for the three and nine months ended September 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 43 presents the gross unrealized losses and fair value of securities available for sale that do not have an associated allowance for investment securities at September 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 September 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 43: 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
September 30, 2021
U.S. Treasury and government agencies$(131)$21,970 $(131)$21,970 
Residential mortgage-backed
Agency(177)31,410 $(7)$1,135 (184)32,545 
Non-agency(2)136 (2)136 
Commercial mortgage-backed
Agency(3)380 (1)61 (4)441 
Non-agency(1)661 (2)489 (3)1,150 
Asset-backed(5)1,585 (2)331 (7)1,916 
Other (3)413 (3)413 
Total securities available for sale$(320)$56,419 $(14)$2,152 $(334)$58,571 
December 31, 2020
U.S. Treasury and government agencies$(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 44: Gains (Losses) on Sales of Securities Available for Sale
Nine months ended September 30
In millions		Gross GainsGross LossesNet Gains Tax Expense
2021$275 $(225)$50 $11 
2020$256 $(2)$254 $53 
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at September 30, 2021:
Table 45: Contractual Maturity of Debt Securities
September 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$3,326 $24,754 $10,796 $1,752 $40,628 
Residential mortgage-backed
Agency1 108 2,448 61,855 64,412 
Non-agency2 1,001 1,003 
Commercial mortgage-backed
Agency76 413 778 741 2,008 
Non-agency147 182 3,308 3,637 
Asset-backed97 2,104 711 3,087 5,999 
Other 317 2,080 1,593 732 4,722 
Total securities available for sale at amortized cost$3,817 $29,606 $16,510 $72,476 $122,409 
Fair value$3,836 $29,919 $16,673 $73,699 $124,127 
Weighted-average yield, GAAP basis (a)1.29 %1.18 %1.63 %2.45 %2.00 %
Securities Held to Maturity
U.S. Treasury and government agencies$199 $321 $289 $809 
Other$126 367 115 62 670 
Total securities held to maturity at amortized cost$126 $566 $436 $351 $1,479 
Fair value$128 $590 $502 $363 $1,583 
Weighted-average yield, GAAP basis (a)3.47 %2.91 %3.91 %2.52 %3.16 %
(a) Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security.
At September 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 $33.1 billion and $21.6 billion and fair value of $33.8 billion and $21.6 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 46: Fair Value of Securities Pledged and Accepted as Collateral
In millionsSeptember 30
2021		December 31
2020
Pledged to others$25,252 $22,841 
Accepted from others:
Permitted by contract or custom to sell or repledge$800 $683 
Permitted amount repledged to others$800 $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.