Debt Securities (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation

Our debt securities consist of the following:


	June 30, 2025								December 31, 2024
			Gross		Gross						Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Amortized		unrealized		unrealized		Estimated
($ in millions)	cost		gains		losses		fair value		cost		gains		losses		fair value
U.S. government and federal agency	$	1,798	$	7	$	—	$	1,805	$	1,841	$	3	$	—	$	1,844
State and municipal	26		—		—		26		17		—		(1)		16
Residential mortgage-backed(a)	310		—		(27)		283		324		—		(35)		289
Asset-backed(b)	778		4		—		782		919		4		(1)		922
Other	8		1		—		9		8		—		—		8

Total(c)	$	2,920	$	12	$	(27)	$	2,905	$	3,109	$	7	$	(37)	$	3,079

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(a) All of our residential mortgage-backed securities have been issued by government-sponsored entities and are collateralized by U.S. mortgages.

(b) Our asset-backed securities are collateralized by credit card and auto loans.

(c) At June 30, 2025 and December 31, 2024, the estimated fair value of debt securities pledged by the Bank as collateral to the Federal Reserve to secure Federal Reserve discount window advances was $451 million and $551 million, respectively.

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table presents the estimated fair values and gross unrealized losses of our available-for-sale debt securities:


	In loss position for
	Less than 12 months				12 months or more
			Gross				Gross
	Estimated		unrealized		Estimated		unrealized
($ in millions)	fair value		losses		fair value		losses
At June 30, 2025
U.S. government and federal agency	$	—	$	—	$	—	$	—
State and municipal	9		—		6		—
Residential mortgage-backed	9		—		255		(27)
Asset-backed	58		—		4		—
Other	—		—		—		—
Total(a)	$	76	$	—	$	265	$	(27)

At December 31, 2024
U.S. government and federal agency	$	199	$	—	$	—	$	—
State and municipal	12		(1)		3		—
Residential mortgage-backed	5		—		279		(35)
Asset-backed	79		(1)		4		—
Other	—		—		—		—
Total(a)	$	295	$	(2)	$	286	$	(35)

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(a)Consists of 221 and 224 securities in gross unrealized loss positions at June 30, 2025 and December 31, 2024, respectively.

Investments Classified by Contractual Maturity Date

Contractual Maturities of Investments in Available-for-Sale Debt Securities


At June 30, 2025 ($ in millions)	Due within 1 year			Due after 1 year through 5 years			Due after 5 years through 10 years			Due after 10 years			Total

U.S. government and federal agency	$	952		$	853		$	—		$	—		$	1,805
State and municipal	—			3			3			20			26
Residential mortgage-backed	—			12			109			162			283
Asset-backed	315			467			—			—			782
Other	—			9			—			—			9
Total estimated fair value	$	1,267		$	1,344		$	112		$	182		$	2,905

Amortized cost	$	1,265		$	1,334		$	118		$	203		$	2,920
Weighted average yield(a)	4.6		%	4.4		%	1.8		%	2.7		%	4.2		%

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(a)Weighted average yield is calculated based on the amortized cost of each security. In calculating yield, no adjustment has been made with respect to any tax-exempt obligations.