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Securities
 3 Months Ended
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities
6. 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.

 March 31, 2022December 31, 2021
Dollars in millions
Amortized
Cost (a)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
Amortized
Cost (b)
Gross Unrealized GainsGross Unrealized Losses
Fair
Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations$10,054 $— $416 $9,638 $9,573 $— $101 $9,472 
Agency residential collateralized mortgage obligations
22,255 3 1,619 20,639 21,430 99 410 21,119 
Agency residential mortgage-backed securities5,075 9 340 4,744 5,137 37 52 5,122 
Agency commercial mortgage-backed securities 9,172 27 540 8,659 9,753 188 290 9,651 
Other securities1 — — 1 — — — — 
Total securities available for sale $46,557 $39 $2,915 $43,681 $45,893 $324 $853 $45,364 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$1,983 $— $67 $1,916 $2,196 $33 $— $2,229 
Agency residential mortgage-backed securities152 — 3 150 164 6 — 170 
Agency commercial mortgage-backed securities2,549 7 32 2,524 2,678 118 — 2,796 
Asset-backed securities (c)
2,172 — 89 2,082 2,485 — 31 2,454 
Other securities15 — — 15 16 — — 16 
Total held-to-maturity securities$6,871 $7 191 $6,687 $7,539 $157 $31 $7,665 
    
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At March 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $14 million, respectively.
(b)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At December 31, 2021, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $59 million and $15 million, respectively.
(c)Includes $2.2 billion of securities as of March 31, 2022, and $2.5 billion of securities as of December 31, 2021, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2022, and December 31, 2021.

 Duration of Unrealized Loss Position  
 Less than 12 Months12 Months or LongerTotal
Dollars in millions
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
March 31, 2022
Securities available for sale:
U.S Treasury, agencies, and corporations
$8,800 $394 $589 $22 $9,389 $416 
Agency residential collateralized mortgage obligations
16,751 1,138 3,460 480 20,211 1,618 
Agency residential mortgage-backed securities
3,196 220 1,107 120 4,303 340 
Agency commercial mortgage-backed securities
1,973 58 4,808 482 6,781 540 
Held-to-maturity securities:
U.S Treasury, Agencies, and Corporations— — — — — — 
States and political subdivisions— — — — — — 
Agency residential collateralized mortgage obligations
1,905 67 — — 1,905 67 
Agency residential mortgage-backed securities
150 3 
(a)
— — 150 3 
Agency commercial mortgage-backed securities
1,393 32 
(a)
— — 1,393 32 
Asset-backed securities
2,081 89 1 — 
(a)
2,082 89 
Other securities
7 — 
(a)
3 — 
(a)
10 — 
Total securities in an unrealized loss position$36,256 $2,001 $9,968 $1,104 $46,224 $3,105 
December 31, 2021
Securities available for sale:
U.S. Treasury, agencies, and corporations
$9,078 $98 $243 $3 $9,321 $101 
Agency residential collateralized mortgage obligations12,603 315 1,255 95 13,858 410 
Agency residential mortgage-backed securities
3,793 49 

178 3 3,971 52 
Agency commercial mortgage-backed securities 1,645 75 3,834 215 5,479 290 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations96 — 
(b)
— — 96 — 
Asset-backed securities
2,450 31 1 — 
(b)
2,451 31 
Other securities
15 — 
(b)
— — 15 — 
Total securities in an unrealized loss position$29,680 $568 $5,511 $316 $35,191 $884 
(a)At March 31, 2022, gross unrealized losses totaled less than $1 million for other securities held-to-maturity with a loss duration of less than 12 months and asset-backed securities and other securities held-to-maturity with a loss duration of 12 months or longer.
(b)At December 31, 2021, gross unrealized losses totaled less than $1 million for other securities held-to-maturity and agency residential collateralized mortgage obligations held-to-maturity with a loss duration of less than 12 months. At December 31, 2021, gross unrealized losses totaled less than $1 million for asset backed securities held-to-maturity with a loss duration greater than 12 months or longer.

Based on our evaluation at March 31, 2022, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments.

At March 31, 2022, securities available for sale and held-to-maturity securities totaling $14.4 billion were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law.

The following table shows our securities by remaining maturity. CMOs, other mortgage-backed securities, and asset-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.

March 31, 2022Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$275 $277 $39 $40 
Due after one through five years17,642 16,993 4,861 4,717 
Due after five through ten years24,290 22,448 1,971 1,930 
Due after ten years4,350 3,963 — — 
Total$46,557 $43,681 $6,871 $6,687