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Securities
 9 Months Ended
Sep. 30, 2023
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.

 September 30, 2023December 31, 2022
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$9,466 $— $435 $9,031 $10,044 $— $629 $9,415 
Agency residential collateralized mortgage obligations
18,822 — 4,162 14,660 20,180 — 3,747 16,433 
Agency residential mortgage-backed securities4,294 — 809 3,485 4,616 — 696 3,920 
Agency commercial mortgage-backed securities 10,363 — 1,700 8,663 10,712 2 1,365 9,349 
Other securities— — — — — — — — 
Total securities available for sale $42,945 $— $7,106 $35,839 $45,552 $2 $6,437 $39,117 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$5,280 $1 $449 $4,832 $4,586 $5 $283 $4,308 
Agency residential mortgage-backed securities168 — 23 145 181 — 16 165 
Agency commercial mortgage-backed securities2,511 — 294 2,217 2,522 1 208 2,315 
Asset-backed securities (c)
879 — 43 836 1,407 — 96 1,311 
Other securities15 — 1 14 14 — — 14 
Total held-to-maturity securities$8,853 $1 810 $8,044 $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 September 30, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $63 million and $25 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 $871 million of securities as of September 30, 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.
The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of September 30, 2023, and December 31, 2022.

 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
September 30, 2023
Securities available for sale:
U.S Treasury, agencies, and corporations
$— $— $9,031 $435 $9,031 $435 
Agency residential collateralized mortgage obligations
2 — 14,658 4,162 14,660 4,162 
Agency residential mortgage-backed securities
26 1 3,459 808 3,485 809 
Agency commercial mortgage-backed securities
834 106 7,829 1,594 8,663 1,700 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
1,855 79 2,790 370 4,645 449 
Agency residential mortgage-backed securities
— — 145 23 145 23 
Agency commercial mortgage-backed securities
164 6 2,054 288 2,218 294 
Asset-backed securities
— — 836 43 836 43 
Other securities
5 — 
(a)
9 1 14 1 
Total securities in an unrealized loss position$2,886 $192 $40,811 $7,724 $43,697 $7,916 
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 obligations3,114 377 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 obligations2,659 178 726 105 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 September 30, 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 of 12 months or longer.

Based on our evaluation at September 30, 2023, 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 September 30, 2023, securities available for sale and held-to-maturity securities totaling $37.8 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.

September 30, 2023Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$5,468 $5,283 $895 $852 
Due after one through five years10,534 9,479 4,034 3,705 
Due after five through ten years18,634 14,964 2,628 2,329 
Due after ten years8,309 6,113 1,296 1,158 
Total$42,945 $35,839 $8,853 $8,044