v3.25.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Fair Value of the Securities Available-for-Sale and Held-to-Maturity
Our securities available-for-sale and securities held-to-maturity portfolios consisted of the following:
March 31, 2025Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
 (in millions)
Securities available-for-sale:
U.S. Treasury$10,958 $— $9 $(174)$10,793 
U.S. Government sponsored enterprises:
Mortgage-backed securities3,213 — — (651)2,562 
Collateralized mortgage obligations1,301 — — (284)1,017 
Direct agency obligations543 — 3 (6)540 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities5,178 — — (443)4,735 
Collateralized mortgage obligations2,544 — — (480)2,064 
Direct agency obligations159 — 4 — 163 
Asset-backed securities collateralized by:
Home equity mortgages10 — — (1)9 
Corporate loans50 — — — 50 
Other95 — — (10)85 
Foreign debt securities(1)
4,003 — 1 (1)4,003 
Total available-for-sale securities$28,054 $— $17 $(2,050)$26,021 
Securities held-to-maturity:
U.S. Treasury$2,817 $— $1 $(37)$2,781 
U.S. Government sponsored enterprises:
Mortgage-backed securities906 — — (60)846 
Collateralized mortgage obligations233 — 3 (11)225 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities12,727 — 27 (295)12,459 
Collateralized mortgage obligations1,454 — — (131)1,323 
Obligations of U.S. states and political subdivisions2 — — — 2 
Total held-to-maturity securities$18,139 $— $31 $(534)$17,636 
December 31, 2024Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
 (in millions)
Securities available-for-sale:
U.S. Treasury$10,250 $— $7 $(205)$10,052 
U.S. Government sponsored enterprises:
Mortgage-backed securities3,242 — — (691)2,551 
Collateralized mortgage obligations1,324 — — (309)1,015 
Direct agency obligations730 — 1 (8)723 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities5,286 — — (543)4,743 
Collateralized mortgage obligations2,602 — — (528)2,074 
Direct agency obligations156 — 5 — 161 
Asset-backed securities collateralized by:
Home equity mortgages11 — — (1)10 
Other98 — — (11)87 
Foreign debt securities(1)
3,522 — 1 (2)3,521 
Total available-for-sale securities$27,221 $— $14 $(2,298)$24,937 
Securities held-to-maturity:
U.S. Treasury$2,807 $— $— $(86)$2,721 
U.S. Government sponsored enterprises:
Mortgage-backed securities920 — — (77)843 
Collateralized mortgage obligations245 — 2 (13)234 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities12,313 — 6 (449)11,870 
Collateralized mortgage obligations1,511 — — (152)1,359 
Obligations of U.S. states and political subdivisions2 — — — 2 
Total held-to-maturity securities$17,798 $— $8 $(777)$17,029 
(1)Foreign debt securities represent public sector entity, bank or corporate debt.
Gross Unrealized Losses and Related Fair Value The following table summarizes gross unrealized losses and related fair values for securities available-for-sale by major security type at March 31, 2025 and December 31, 2024 classified as to the length of time the losses have existed:
 One Year or LessGreater Than One Year
Number
of
Securities		Gross
Unrealized
Losses		Aggregate
Fair Value
of Investment		Number
of
Securities		Gross
Unrealized
Losses		Aggregate
Fair Value
of Investment
 (dollars are in millions)
At March 31, 2025
U.S. Treasury16 $(6)$5,017 39 $(168)$4,313 
U.S. Government sponsored enterprises— — — 134 (941)3,758 
U.S. Government agency issued or guaranteed4 (17)525 137 (906)6,293 
Asset-backed securities1 — 50 6 (11)95 
Foreign debt securities17 (1)2,528 1 — 100 
Securities available-for-sale38 $(24)$8,120 317 $(2,026)$14,559 
At December 31, 2024
U.S. Treasury14 $(15)$3,402 38 $(190)$4,055 
U.S. Government sponsored enterprises— — — 137 (1,008)3,871 
U.S. Government agency issued or guaranteed4 (28)526 137 (1,043)6,311 
Asset-backed securities— — — 6 (12)97 
Foreign debt securities22 (2)2,534 1 — 50 
Securities available-for-sale40 $(45)$6,462 319 $(2,253)$14,384 
Realized Gains and Losses on Investment Securities Transactions Attributable to Available-for-Sale Securities The following table summarizes realized gains and losses on investment securities transactions attributable to available-for-sale securities:
Three Months Ended March 31,20252024
 (in millions)
Gross realized gains$3 $2 
Gross realized losses— — 
Net realized gains$3 $2 
Distribution of Maturities of Debt Securities with the Approximate Yield of the Portfolio The table below also reflects the distribution of maturities of debt securities held at March 31, 2025, together with the approximate yield of the portfolio. The yields shown are calculated by dividing annualized interest income, including the accretion of discounts and the amortization of premiums, by the amortized cost of securities outstanding at March 31, 2025.
 Within
One Year		After One
But Within
Five Years		After Five
But Within
Ten Years		After Ten
Years
AmountYieldAmountYieldAmountYieldAmountYield
 (dollars are in millions)
Available-for-sale:
U.S. Treasury$865 1.24 %$5,433 3.60 %$2,267 4.05 %$2,393 2.96 %
U.S. Government sponsored enterprises
47 1.68 170 1.49 326 2.04 4,514 1.82 
U.S. Government agency issued or guaranteed
20 .81 — — 2 4.20 7,859 2.96 
Asset-backed securities— — 48 4.41 47 3.89 60 5.33 
Foreign debt securities2,046 .86 1,724 4.34 233 4.32 — — 
Total amortized cost$2,978 .98 %$7,375 3.73 %$2,875 3.85 %$14,826 2.62 %
Total fair value$2,972 $7,340 $2,867 $12,842 
Held-to-maturity:
U.S. Treasury$— — %$2,412 3.65 %$405 3.74 %$— — %
U.S. Government sponsored enterprises
— — 219 2.80 580 3.73 340 2.87 
U.S. Government agency issued or guaranteed
— — 1 4.56 10 6.06 14,170 4.63 
Obligations of U.S. states and political subdivisions
— — 2 3.78 — — — — 
Total amortized cost$— — %$2,634 3.58 %$995 3.76 %$14,510 4.59 %
Total fair value$— $2,599 $952 $14,085 
Equity Securities Not Classified as Trading Equity securities that are not classified as trading and are included in other assets consisted of the following:
March 31, 2025December 31, 2024
 (in millions)
Equity securities carried at fair value$251 $250 
Equity securities without readily determinable fair values17 15