5. Investment Securities.

The following tables present information about the Company’s AFS securities, which are carried at fair value, and HTM securities, which are carried at amortized cost. The net unrealized gains or losses on AFS securities are reported on an after-tax basis as a component of AOCI.

AFS and HTM Securities.

						At March 31, 2016
						Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
					(dollars in millions)
AFS debt securities:
	U.S. government and agency securities:
		U.S. Treasury securities			$	31,808	$	151	$	1	$	31,958
		U.S. agency securities(1)				21,662		127		35		21,754
				Total U.S. government and agency securities		53,470		278		36		53,712
	Corporate and other debt:
		Commercial mortgage-backed securities:
			Agency			2,154		4		38		2,120
			Non-agency			2,164		23		14		2,173
		Auto loan asset-backed securities				2,328		2		1		2,329
		Corporate bonds				3,930		47		7		3,970
		Collateralized loan obligations				502		—		10		492
		FFELP student loan asset-backed securities(2)				3,489		—		127		3,362
				Total corporate and other debt		14,567		76		197		14,446
Total AFS debt securities						68,037		354		233		68,158
AFS equity securities						15		—		6		9
Total AFS securities						68,052		354		239		68,167
HTM securities:
	U.S. government securities:
		U.S. Treasury securities				1,953		10		—		1,963
		U.S. agency securities(1)				7,472		44		1		7,515
Total HTM securities						9,425		54		1		9,478
Total Investment securities					$	77,477	$	408	$	240	$	77,645

						At December 31, 2015
						Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
					(dollars in millions)
AFS debt securities:
	U.S. government and agency securities:
		U.S. Treasury securities			$	31,555	$	5	$	143	$	31,417
		U.S. agency securities(1)				21,103		29		156		20,976
				Total U.S. government and agency securities		52,658		34		299		52,393
	Corporate and other debt:
		Commercial mortgage-backed securities:
			Agency			1,906		1		60		1,847
			Non-agency			2,220		3		25		2,198
		Auto loan asset-backed securities				2,556		—		9		2,547
		Corporate bonds				3,780		5		30		3,755
		Collateralized loan obligations				502		—		7		495
		FFELP student loan asset-backed securities(2)				3,632		—		115		3,517
				Total corporate and other debt		14,596		9		246		14,359
Total AFS debt securities						67,254		43		545		66,752
AFS equity securities						15		—		8		7
Total AFS securities						67,269		43		553		66,759
HTM securities:
	U.S. government securities:
		U.S. Treasury securities				1,001		—		3		998
		U.S. agency securities(1)				4,223		1		34		4,190
Total HTM securities						5,224		1		37		5,188
Total Investment securities					$	72,493	$	44	$	590	$	71,947

______________

U.S. agency securities consist mainly of agency-issued debt, agency mortgage pass-through pool securities and collateralized mortgage obligations.
FFELP—Federal Family Education Loan Program. Amounts are backed by a guarantee from the U.S. Department of Education of at least 95% of the principal balance and interest on such loans.

Investment Securities in an Unrealized Loss Position.

					At March 31, 2016
					Less than 12 Months				12 Months or Longer				Total
					Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
				(dollars in millions)
AFS debt securities:
	U.S. government and agency securities:
		U.S. Treasury securities		$	1,812	$	1	$	—	$	—	$	1,812	$	1
		U.S. agency securities			5,385		12		2,518		23		7,903		35
			Total U.S. government and agency securities		7,197		13		2,518		23		9,715		36
	Corporate and other debt:
		Commercial mortgage-backed securities:
			Agency		328		1		1,206		37		1,534		38
			Non-agency		440		1		656		13		1,096		14
		Auto loan asset-backed securities			1,003		1		227		—		1,230		1
		Corporate bonds			461		3		388		4		849		7
		Collateralized loan obligations			—		—		492		10		492		10
		FFELP student loan asset-backed securities			1,678		51		1,661		76		3,339		127
			Total corporate and other debt		3,910		57		4,630		140		8,540		197
Total AFS debt securities					11,107		70		7,148		163		18,255		233
AFS equity securities					10		6		—		—		10		6
Total AFS securities					11,117		76		7,148		163		18,265		239
HTM securities:
	U.S. government and agency securities:
		U.S. agency securities			777		1		393		—		1,170		1
Total HTM securities					777		1		393		—		1,170		1
Total Investment securities				$	11,894	$	77	$	7,541	$	163	$	19,435	$	240

					At December 31, 2015
					Less than 12 Months				12 Months or Longer				Total
					Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
				(dollars in millions)
AFS debt securities:
	U.S. government and agency securities:
		U.S. Treasury securities		$	25,994	$	126	$	2,177	$	17	$	28,171	$	143
		U.S. agency securities			14,242		135		639		21		14,881		156
			Total U.S. government and agency securities		40,236		261		2,816		38		43,052		299
	Corporate and other debt:
		Commercial mortgage-backed securities:
			Agency		1,185		44		422		16		1,607		60
			Non-agency		1,479		21		305		4		1,784		25
		Auto loan asset-backed securities			1,644		7		881		2		2,525		9
		Corporate bonds			2,149		19		525		11		2,674		30
		Collateralized loan obligations			352		5		143		2		495		7
		FFELP student loan asset-backed securities			2,558		79		929		36		3,487		115
			Total corporate and other debt		9,367		175		3,205		71		12,572		246
Total AFS debt securities					49,603		436		6,021		109		55,624		545
AFS equity securities					7		8		—		—		7		8
Total AFS securities					49,610		444		6,021		109		55,631		553
HTM securities:
	U.S. government and agency securities:
		U.S. Treasury securities			898		3		—		—		898		3
		U.S. agency securities			3,677		34		—		—		3,677		34
Total HTM securities					4,575		37		—		—		4,575		37
Total Investment securities				$	54,185	$	481	$	6,021	$	109	$	60,206	$	590

As discussed in Note 2 to the consolidated financial statements in the 2015 Form 10-K, AFS and HTM securities with a current fair value less than their amortized cost are analyzed as part of the Company’s ongoing assessment of temporary versus other-than-temporarily impaired at the individual security level.

The Company believes there are no securities in an unrealized loss position that are other-than-temporarily-impaired at March 31, 2016 and December 31, 2015 for the reasons discussed below.

For AFS debt securities, the Company does not intend to sell the securities and is not likely to be required to sell the securities prior to recovery of amortized cost basis. For AFS and HTM debt securities, the securities have not experienced credit losses as the net unrealized losses reported in the table above are primarily due to higher interest rates since those securities were purchased. Additionally, the Company does not expect to experience a credit loss based on consideration of the relevant information (as discussed in Note 2 to the consolidated financial statements in the 2015 Form 10-K), including for U.S. government and agency securities, the existence of an explicit and implicit guarantee provided by the U.S. government. The risk of credit loss on securities in an unrealized loss position is considered minimal because all of the Company’s agency securities as well as asset-backed securities (“ABS”), commercial mortgage-backed securities (“CMBS”) and collateralized loan obligations (“CLOs”) are highly rated and because corporate bonds are all investment grade.

For AFS equity securities, the Company has the intent and ability to hold these securities for a period of time sufficient to allow for any anticipated recovery in market value.

Amortized Cost, Fair Value and Annualized Average Yield of Investment Securities by Contractual Maturity Dates.

						At March 31, 2016
						Amortized Cost		Fair Value	Annualized Average Yield
					(dollars in millions)
AFS debt securities:
	U.S. government and agency securities:
		U.S. Treasury securities:
				Due within 1 year	$	5,194	$	5,198	0.7%
				After 1 year through 5 years		25,757		25,885	1.0%
				After 5 years through 10 years		857		875	1.8%
				Total		31,808		31,958
		U.S. agency securities:
				After 1 year through 5 years		2,774		2,775	0.5%
				After 5 years through 10 years		1,534		1,560	1.9%
				After 10 years		17,354		17,419	1.7%
				Total		21,662		21,754
				Total U.S. government and agency securities		53,470		53,712	1.2%
	Corporate and other debt:
		Commercial mortgage-backed securities:
			Agency:
				Due within 1 year		102		102	0.8%
				After 1 year through 5 years		461		461	0.9%
				After 5 years through 10 years		545		546	1.3%
				After 10 years		1,046		1,011	1.6%
				Total		2,154		2,120
			Non-agency:
				After 10 years		2,164		2,173	1.9%
				Total		2,164		2,173
		Auto loan asset-backed securities:
				Due within 1 year		24		24	0.8%
				After 1 year through 5 years		2,146		2,146	1.2%
				After 5 years through 10 years		158		159	1.5%
				Total		2,328		2,329
		Corporate bonds:
				Due within 1 year		534		535	1.2%
				After 1 year through 5 years		2,660		2,678	1.7%
				After 5 years through 10 years		736		757	2.7%
				Total		3,930		3,970
		Collateralized loan obligations:
				After 5 years through 10 years		502		492	1.5%
				Total		502		492
		FFELP student loan asset-backed securities:
				After 1 year through 5 years		72		72	0.6%
				After 5 years through 10 years		756		737	0.9%
				After 10 years		2,661		2,553	0.9%
				Total		3,489		3,362
				Total corporate and other debt		14,567		14,446	1.4%
				Total AFS debt securities		68,037		68,158	1.3%
AFS equity securities						15		9	― %
Total AFS securities						68,052		68,167	1.3%
HTM securities:
	U.S. government securities:
		U.S. Treasury securities:
				Due within 1 year		200		200	0.7%
				After 1 year through 5 years		1,408		1,418	1.1%
				After 5 years through 10 years		345		345	1.8%
				Total		1,953		1,963
		U.S. agency securities:
				After 10 years		7,472		7,515	2.1%
				Total		7,472		7,515
Total HTM securities						9,425		9,478	1.9%
Total Investment securities					$	77,477	$	77,645	1.3%