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Securities (Tables)
 9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Details of Securities
The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
 September 30, 2020December 31, 2019
in millions
Amortized
Cost (a)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
Amortized
Cost
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$4,463 $1 — $4,464 $334 — — $334 
States and political subdivisions3 — — 3 4 — — 4 
Agency residential collateralized mortgage obligations
13,403 336 $7 13,732 12,772 $82 $71 12,783 
Agency residential mortgage-backed securities1,256 71 1 1,326 1,677 41 4 1,714 
Agency commercial mortgage-backed securities 6,921 442 5 7,358 6,898 139 40 6,997 
Other securities8 4 — 12 7 4 — 11 
Total securities available for sale $26,054 $854 $13 $26,895 $21,692 $266 $115 $21,843 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,308 $141 — $4,449 $5,692 $23 $49 $5,666 
Agency residential mortgage-backed securities313 11 — 324 409 6 — 415 
Agency commercial mortgage-backed securities3,726 306 — 4,032 3,940 78 9 4,009 
Asset-backed securities22 — — 22 11 — — 11 
Other securities15 — — 15 15 — — 15 
Total held-to-maturity securities$8,384 $458 — $8,842 $10,067 $107 $58 $10,116 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within “other assets” on the balance sheet. At September 30, 2020, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $39 million and $17 million, respectively.
Schedule of Unrealized Loss on Investments
The following table summarizes available for sale securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2020, and December 31, 2019.
 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
in millions
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
September 30, 2020
Securities available for sale:
Agency residential collateralized mortgage obligations
$1,453 7 — — $1,453 $7 
Agency residential mortgage-backed securities
7 1 $5 — 
(a)
12 1 
Agency commercial mortgage-backed securities
764 5 — — 764 5 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
— — 29 — 
(a)
29 — 
Asset-backed securities
1 — 
(a)
— — 1 — 
Other securities
8 — 
(a)
— — 8 — 
Total securities in an unrealized loss position$2,233 13 $34 — $2,267 $13 
December 31, 2019
Securities available for sale:
U.S. Treasury, agencies, and corporations
$30 — 
(b)
$30 — 
(b)
$60 — 
Agency residential collateralized mortgage obligations3,432 $20 3,221 $51 6,653 $71 
Agency residential mortgage-backed securities
33 — 
(b)
629 4 662 4 
Agency commercial mortgage-backed securities 1,541 17 1,213 23 2,754 40 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations1,626 14 2,289 35 3,915 49 
Agency residential mortgage-backed securities
56 — 
(b)
— — 56 — 
Agency commercial mortgage-backed securities 518 9 — — 518 9 
Asset-backed securities
11 — 
(b)
— — 11 — 
Other securities
3 — 
(b)
— — 3 — 
Total securities in an unrealized loss position$7,250 $60 $7,382 $113 $14,632 $173 
(a)At September 30, 2020, gross unrealized losses totaled less than $1 million for asset-backed securities and other securities held-to-maturity with a loss duration of less than 12 months. At September 30, 2020, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities available for sale with a loss duration greater than 12 months or longer. At September 30, 2020, gross unrealized losses totaled less than $1 million for agency residential collateralized mortgage obligations held-to-maturity with a loss duration greater than 12 months or longer.
(b)At December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, agencies, and corporations and agency residential mortgage-backed securities available for sale with a loss duration of less than 12 months. At December 31, 2019, gross unrealized losses totaled less than $1 million for U.S. Treasury, Agencies, and Corporations securities available for sale with a loss duration greater than 12 months or longer. At December 31, 2019, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities, asset-backed securities, and other securities held-to-maturity with a loss duration of less than 12 months.
Securities by Maturity
The following table shows our securities by remaining maturity. CMOs and other mortgage-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
September 30, 2020Securities Available for SaleHeld to Maturity Securities
in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$5,125 $5,134 $102 $104 
Due after one through five years14,883 15,439 5,649 5,880 
Due after five through ten years5,608 5,887 2,620 2,845 
Due after ten years438 435 13 13 
Total$26,054 $26,895 $8,384 $8,842