v3.25.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of AFS and HTM Securities
The following tables summarize the Company’s AFS and HTM securities:

March 31, 2025
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
GainsLosses
AFS securities:    
U.S. Treasury$14,334 $140 $(16)$124 $14,458 
GSE469 3 (28)(25)444 
Agency MBS – residential55,183 98 (5,012)(4,914)50,269 
Agency MBS – commercial3,067 3 (604)(601)2,466 
States and political subdivisions370 10 (20)(10)360 
Other16 — (1)(1)15 
Total AFS securities, excluding portfolio level basis adjustments73,439 254 (5,681)(5,427)68,012 
Portfolio level basis adjustments(1)
(70)70—
Total AFS securities$73,369 $254 $(5,681)$(5,357)$68,012 
HTM securities:    
Agency MBS – residential$49,876 $— $(9,438)$(9,438)$40,438 
December 31, 2024
(Dollars in millions)		Amortized CostGross UnrealizedNet unrealized gains (losses)Fair Value
GainsLosses
AFS securities:    
U.S. Treasury$14,279 $156 $(24)$132 $14,411 
GSE441 1 (39)(38)403 
Agency MBS – residential55,769 6 (5,816)(5,810)49,959 
Agency MBS – commercial2,938 — (645)(645)2,293 
States and political subdivisions390 11 (19)(8)382 
Other16 — — — 16 
Total AFS securities, excluding portfolio level basis adjustments73,833 174 (6,543)(6,369)67,464 
Portfolio level basis adjustments(1)
(385)385—
Total AFS securities$73,448 $174 $(6,543)$(5,984)$67,464 
HTM securities:    
Agency MBS – residential$50,640 $— $(10,354)$(10,354)$40,286 
(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 16. Derivative Financial Instruments.”
Schedule of MBS issued by FNMA and FHLMC that exceed 10% of shareholders equity
The amortized cost and estimated fair value of certain MBS securities issued by FNMA and FHLMC that exceeded 10% of shareholders’ equity are shown in the table below:

March 31, 2025
(Dollars in millions)Amortized CostFair Value
FNMA$29,331 $24,928 
FHLMC29,693 25,086 
Schedule of Amortized Cost and Estimated Fair Value by Contractual Maturity
The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected life of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.
Amortized CostFair Value
March 31, 2025
(Dollars in millions)		Due in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotalDue in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten yearsTotal
AFS securities:
U.S. Treasury$4,251 $8,919 $426 $738 $14,334 $4,274 $9,028 $424 $732 $14,458 
GSE2 — 1 466 469 2 — 1 441 444 
Agency MBS – residential— 86 362 54,735 55,183 — 84 347 49,838 50,269 
Agency MBS – commercial— 109 135 2,823 3,067 — 110 131 2,225 2,466 
States and political subdivisions21 66 147 136 370 21 68 145 126 360 
Other— 8 8 — 16 — 7 8 — 15 
Total AFS securities$4,274 $9,188 $1,079 $58,898 $73,439 $4,297 $9,297 $1,056 $53,362 $68,012 
HTM securities:
Agency MBS – residential$— $— $— $49,876 $49,876 $— $— $— $40,438 $40,438 
Schedule of Fair Values and Gross Unrealized Losses
The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:

Less than 12 months12 months or moreTotal
March 31, 2025
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$2,420 $(4)$244 $(12)$2,664 $(16)
GSE106 (1)214 (27)320 (28)
Agency MBS – residential10,845 (146)26,761 (4,866)37,606 (5,012)
Agency MBS – commercial35 — 2,133 (604)2,168 (604)
States and political subdivisions184 (17)37 (3)221 (20)
Other8 — 7 (1)15 (1)
Total$13,598 $(168)$29,396 $(5,513)$42,994 $(5,681)
HTM securities:      
Agency MBS – residential$— $— $40,438 $(9,438)$40,438 $(9,438)
Less than 12 months12 months or moreTotal
December 31, 2024
(Dollars in millions)		Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
AFS securities:      
U.S. Treasury$1,579 $(6)$352 $(18)$1,931 $(24)
GSE146 (4)230 (35)376 (39)
Agency MBS – residential20,546 (322)26,788 (5,494)47,334 (5,816)
Agency MBS – commercial105 (1)2,111 (644)2,216 (645)
States and political subdivisions20 (1)202 (18)222 (19)
Other— — 7 — 7 — 
Total$22,396 $(334)$29,690 $(6,209)$52,086 $(6,543)
HTM securities:      
Agency MBS – residential$— $— $40,286 $(10,354)$40,286 $(10,354)
Schedule of Realized Gain (Loss)
The following table presents gross securities gains and losses recognized in earnings:

(Dollars in millions)Three Months Ended March 31,
20252024
Gross realized gains$2 $— 
Gross realized losses(3)— 
Securities gains (losses), net$(1)$—