v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025Amortized
Cost		Allowance for Credit LossesUnrealized
Gains		Unrealized
Losses		Fair
Value
 (in millions)
Securities available-for-sale:
U.S. Treasury$13,287 $— $25 $(216)$13,096 
U.S. Government sponsored enterprises:
Mortgage-backed securities3,140 — — (634)2,506 
Collateralized mortgage obligations1,276 — — (273)1,003 
Direct agency obligations553 — 1 (6)548 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities5,047 — — (437)4,610 
Collateralized mortgage obligations3,386 — — (460)2,926 
Direct agency obligations140 — 3 — 143 
Asset-backed securities collateralized by:
Home equity mortgages10 — — (1)9 
Corporate loans129 — — — 129 
Other92 — — (9)83 
Foreign debt securities(1)
3,986 — 1 (1)3,986 
Total available-for-sale securities$31,046 $— $30 $(2,037)$29,039 
Securities held-to-maturity:
U.S. Treasury$2,826 $— $1 $(17)$2,810 
U.S. Government sponsored enterprises:
Mortgage-backed securities893 — — (53)840 
Collateralized mortgage obligations221 — 3 (9)215 
U.S. Government agency issued or guaranteed:
Mortgage-backed securities13,204 — 45 (280)12,969 
Collateralized mortgage obligations1,401 — — (118)1,283 
Obligations of U.S. states and political subdivisions2 — — — 2 
Total held-to-maturity securities$18,547 $— $49 $(477)$18,119 
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 June 30, 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 June 30, 2025
U.S. Treasury8 $(5)$2,741 49 $(211)$6,946 
U.S. Government sponsored enterprises1 — — 134 (913)3,693 
U.S. Government agency issued or guaranteed6 (18)943 136 (879)6,121 
Asset-backed securities2 — 129 6 (10)92 
Foreign debt securities20 (1)2,261 2 — 148 
Securities available-for-sale37 $(24)$6,074 327 $(2,013)$17,000 
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 June 30,Six Months Ended June 30,
2025202420252024
 (in millions)
Gross realized gains$7 $12 $10 $14 
Gross realized losses(1)(4)(1)(4)
Net realized gains$6 $8 $9 $10 
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 June 30, 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 June 30, 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$868 1.24 %$7,404 3.68 %$2,622 4.15 %$2,393 2.96 %
U.S. Government sponsored enterprises
48 1.65 506 1.82 1 3.79 4,414 1.91 
U.S. Government agency issued or guaranteed
— — — — 2 3.93 8,571 3.23 
Asset-backed securities— — 45 4.41 47 3.88 139 5.45 
Foreign debt securities2,006 1.38 1,614 4.27 366 4.24 — — 
Total amortized cost$2,922 1.34 %$9,569 3.68 %$3,038 4.16 %$15,517 2.83 %
Total fair value$2,917 $9,542 $3,030 $13,550 
Held-to-maturity:
U.S. Treasury$— — %$2,460 3.65 %$366 3.73 %$— — %
U.S. Government sponsored enterprises
— — 209 2.82 577 3.71 328 2.89 
U.S. Government agency issued or guaranteed
— — — — 10 5.65 14,595 4.69 
Obligations of U.S. states and political subdivisions
— — 2 3.80 — — — — 
Total amortized cost$— — %$2,671 3.59 %$953 3.74 %$14,923 4.65 %
Total fair value$— $2,656 $918 $14,545 
Equity Securities Not Classified as Trading Equity securities that are not classified as trading and are included in other assets consisted of the following:
June 30, 2025December 31, 2024
 (in millions)
Equity securities carried at fair value$250 $250 
Equity securities without readily determinable fair values16 15