Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

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, 2023								December 31, 2022
Dollars in millions	Amortized Cost (a)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost (b)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
SECURITIES AVAILABLE FOR SALE
U.S. Treasury, agencies, and corporations	$	10,027	$	—	$	513	$	9,514	$	10,044	$	—	$	629	$	9,415

Agency residential collateralized mortgage obligations	19,770		—		3,345		16,425		20,180		—		3,747		16,433
Agency residential mortgage-backed securities	4,534		—		634		3,900		4,616		—		696		3,920
Agency commercial mortgage-backed securities	10,848		5		1,194		9,659		10,712		2		1,365		9,349
Other securities	—		—		—		—		—		—		—		—
Total securities available for sale	$	45,179	$	5	$	5,686	$	39,498	$	45,552	$	2	$	6,437	$	39,117

HELD-TO-MATURITY SECURITIES


Agency residential collateralized mortgage obligations	$	5,566	$	15	$	232	$	5,349	$	4,586	$	5	$	283	$	4,308
Agency residential mortgage-backed securities	177		—		12		165		181		—		16		165
Agency commercial mortgage-backed securities	2,584		2		184		2,402		2,522		1		208		2,315
Asset-backed securities (c)	1,219		—		64		1,155		1,407		—		96		1,311
Other securities	15		—		1		14		14		—		—		14
Total held-to-maturity securities	$	9,561	$	17	493		$	9,085	$	8,710	$	6	$	603	$	8,113

(a)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At March 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $66 million and $24 million, respectively.

(b)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At December 31, 2022, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $67 million and $88 million, respectively.

(c)Consists primarily of $1.2 billion of securities as of March 31, 2023, and $1.4 billion of securities as of December 31, 2022, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans.

Schedule of Securities in an Unrealized Loss Position

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, 2023, and December 31, 2022.


	Duration of Unrealized Loss Position
	Less than 12 Months					12 Months or Longer					Total
Dollars in millions	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
March 31, 2023
Securities available for sale:
U.S Treasury, agencies, and corporations	$	—	$	—		$	9,514	$	513		$	9,514	$	513

Agency residential collateralized mortgage obligations	127		4			16,297		3,341			16,424		3,345
Agency residential mortgage-backed securities	350		12			3,547		622			3,897		634
Agency commercial mortgage-backed securities	2,780		118			6,684		1,076			9,464		1,194

Held-to-maturity securities:


Agency residential collateralized mortgage obligations	2,935		85			1,399		147			4,334		232
Agency residential mortgage-backed securities	45		2			119		10			164		12
Agency commercial mortgage-backed securities	370		32			1,958		152			2,328		184
Asset-backed securities	—		—			1,155		64			1,155		64
Other securities	10		—		(a)	4		1			14		1
Total securities in an unrealized loss position	$	6,617	$	253		$	40,677	$	5,926		$	47,294	$	6,179
December 31, 2022
Securities available for sale:
U.S. Treasury, agencies, and corporations	$	494	$	48		$	8,920	$	581		$	9,414	$	629

Agency residential collateralized mortgage obligations	3,114		377			13,317		3,370			16,431		3,747
Agency residential mortgage-backed securities	579		31			3,338		665			3,917		696
Agency commercial mortgage-backed securities	4,511		282			4,791		1,083			9,302		1,365

Held-to-maturity securities:


Agency residential collateralized mortgage obligations	2,659		178			726		105			3,385		283
Agency residential mortgage-backed securities	165		16			—		—			165		16
Agency commercial mortgage-backed securities	2,243		208			—		—			2,243		208
Asset-backed securities	1		—		(b)	1,309		96			1,310		96
Other securities	10		—		(b)	4		—		(b)	14		—
Total securities in an unrealized loss position	$	13,776	$	1,140		$	32,405	$	5,900		$	46,181	$	7,040

(a)At March 31, 2023, gross unrealized losses totaled less than $1 million for other securities held-to-maturity with a loss duration of less than 12 months.

(b)At December 31, 2022, gross unrealized losses totaled less than $1 million for asset-back securities and other securities held-to-maturity with a loss duration of less than 12 months. At December 31, 2022, gross unrealized losses totaled less than $1 million for agency residential mortgage-backed securities held-to-maturity with a loss duration greater than 12 months or longer.

Schedule of Securities by Maturity

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, 2023	Securities Available for Sale				Held to Maturity Securities
Dollars in millions	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	1,944	$	1,887	$	21	$	21
Due after one through five years	15,833		14,676		5,497		5,222
Due after five through ten years	21,477		18,176		3,191		3,023
Due after ten years	5,925		4,759		852		819
Total	$	45,179	$	39,498	$	9,561	$	9,085