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Securities
 6 Months Ended
Jun. 30, 2024
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.

 June 30, 2024December 31, 2023
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$9,128 $5 $138 $8,995 $9,300 $6 $280 $9,026 
Agency residential collateralized mortgage obligations
18,826 9 3,559 15,276 18,911 4 3,437 15,478 
Agency residential mortgage-backed securities4,878 2 637 4,243 4,189 — 600 3,589 
Agency commercial mortgage-backed securities 10,257 — 1,311 8,946 10,295 — 1,203 9,092 
Total securities available for sale $43,089 $16 $5,645 $37,460 $42,695 $10 $5,520 $37,185 
HELD-TO-MATURITY SECURITIES
Agency residential collateralized mortgage obligations
$4,879 $1 $356 $4,524 $5,170 $9 $283 $4,896 
Agency residential mortgage-backed securities157 — 17 140 165 — 13 152 
Agency commercial mortgage-backed securities2,413 — 225 2,188 2,473 1 204 2,270 
Asset-backed securities (c)
493 — 12 481 738 — 29 709 
Other securities26 — 1 25 29 — — 29 
Total held-to-maturity securities$7,968 $1 611 $7,358 $8,575 $10 $529 $8,056 
(a)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At June 30, 2024, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $74 million and $23 million, respectively.
(b)Amortized cost amounts exclude accrued interest receivable which is recorded within Other Assets on the balance sheet. At December 31, 2023, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $64 million and $25 million, respectively.
(c)Consists primarily of $487 million of securities as of June 30, 2024, and $731 million of securities as of December 31, 2023, 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 June 30, 2024, and December 31, 2023.

 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
June 30, 2024
Securities available for sale:
U.S Treasury, agencies, and corporations
$1,556 $8 $6,505 $130 $8,061 $138 
Agency residential collateralized mortgage obligations
198 1 14,051 3,558 14,249 3,559 
Agency residential mortgage-backed securities
632 2 3,343 635 3,975 637 
Agency commercial mortgage-backed securities
823 68 8,123 1,243 8,946 1,311 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations
491 4 3,800 352 4,291 356 
Agency residential mortgage-backed securities
— — 140 17 140 17 
Agency commercial mortgage-backed securities
23 — 2,117 225 2,140 225 
Asset-backed securities
— — 481 12 481 12 
Other securities
15 — 10 1 25 1 
Total securities in an unrealized loss position$3,738 $83 $38,570 $6,173 $42,308 $6,256 
December 31, 2023
Securities available for sale:
U.S. Treasury, agencies, and corporations
$— $— $8,532 $280 $8,532 $280 
Agency residential collateralized mortgage obligations— — 14,979 3,437 14,979 3,437 
Agency residential mortgage-backed securities
24 — 

3,562 600 3,586 600 
Agency commercial mortgage-backed securities 891 49 8,201 1,154 9,092 1,203 
Held-to-maturity securities:
Agency residential collateralized mortgage obligations1,123 30 3,070 253 4,193 283 
Agency residential mortgage-backed securities
— — 152 13 152 13 
Agency commercial mortgage-backed securities — — 2,199 204 2,199 204 
Asset-backed securities
— — 709 29 709 29 
Other securities
17 — 
(a)
12 — 29 — 
Total securities in an unrealized loss position$2,055 $79 $41,416 $5,970 $43,471 $6,049 
    
(a)At December 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.

Based on our evaluation at June 30, 2024, 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.

For the three months ended June 30, 2024, we had no gross realized gains and recognized $10 million in gross realized losses from the sale of securities available for sale. For the three months ended June 30, 2023, we recognized no realized gains or losses from the sale of securities available for sale.

For the six months ended June 30, 2024, we had no gross realized gains and recognized $13 million in gross realized losses from the sale of securities available for sale. For the six months ended June 30, 2023, we recognized no realized gains or losses from the sale of securities available for sale.

At June 30, 2024, securities available for sale and held-to-maturity securities totaling $22.3 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 at June 30, 2024. 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.
June 30, 2024Securities Available for SaleHeld to Maturity Securities
Dollars in millionsAmortized CostFair ValueAmortized CostFair Value
Due in one year or less$6,340 $6,247 $512 $499 
Due after one through five years10,773 10,052 3,427 3,194 
Due after five through ten years18,425 15,300 2,806 2,543 
Due after ten years7,551 5,861 1,223 1,122 
Total$43,089 $37,460 $7,968 $7,358