Securities (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Reconciliation of Amortized Cost to Fair Value of Securities Available for Sale |
The following tables provide the amortized cost, fair values, and remaining maturities of AFS debt securities and HTM debt securities by security type as of June 30, 2025 and December 31, 2024. TABLE 38: RECONCILIATION OF AMORTIZED COST TO FAIR VALUE OF DEBT SECURITIES | | | | | | | | | | | | | | | | JUNE 30, 2025 | | (In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | | Available for Sale Debt Securities | | | | | | U.S. Government | $ | 8,288.1 | | $ | 12.2 | | $ | 14.3 | | $ | 8,286.0 | | | Obligations of States and Political Subdivisions | 320.8 | | — | | 14.0 | | 306.8 | | | Government Sponsored Agency | 15,929.8 | | 22.2 | | 113.1 | | 15,838.9 | | | Non-U.S. Government | 320.0 | | 1.1 | | 7.9 | | 313.2 | | | Corporate Debt | 94.5 | | — | | 1.1 | | 93.4 | | | Covered Bonds | 237.2 | | 0.5 | | 2.2 | | 235.5 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 4,964.2 | | 34.2 | | 27.5 | | 4,970.9 | | | Other Asset-Backed | 1,687.7 | | 7.1 | | 6.9 | | 1,687.9 | | | Commercial Mortgage-Backed | 527.6 | | 0.1 | | 9.9 | | 517.8 | | | Total Available for Sale Debt Securities | $ | 32,369.9 | | $ | 77.4 | | $ | 196.9 | | $ | 32,250.4 | | | Held to Maturity Debt Securities | | | | | | Obligations of States and Political Subdivisions | $ | 2,529.0 | | $ | 0.6 | | $ | 32.8 | | $ | 2,496.8 | | | Government Sponsored Agency | 8,443.5 | | 2.3 | | 853.9 | | 7,591.9 | | | Non-U.S. Government | 2,876.4 | | 0.6 | | 39.7 | | 2,837.3 | | | Corporate Debt | 297.5 | | — | | 7.0 | | 290.5 | | | Covered Bonds | 1,541.7 | | 0.1 | | 51.4 | | 1,490.4 | | | Certificates of Deposit | 536.2 | | — | | 0.2 | | 536.0 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 4,512.8 | | 3.9 | | 106.9 | | 4,409.8 | | | | | | | | Commercial Mortgage-Backed | 37.6 | | — | | 1.2 | | 36.4 | | | Other | 626.1 | | — | | 174.2 | | 451.9 | | | Total Held to Maturity Debt Securities | $ | 21,400.8 | | $ | 7.5 | | $ | 1,267.3 | | $ | 20,141.0 | | | Total Debt Securities | $ | 53,770.7 | | $ | 84.9 | | $ | 1,464.2 | | $ | 52,391.4 | |
| | | | | | | | | | | | | | | | DECEMBER 31, 2024 | | (In Millions) | AMORTIZED COST | GROSS UNREALIZED GAINS | GROSS UNREALIZED LOSSES | FAIR VALUE | | Available for Sale Debt Securities | | | | | | U.S. Government | $ | 7,388.9 | | $ | 1.5 | | $ | 22.9 | | $ | 7,367.5 | | | Obligations of States and Political Subdivisions | 311.2 | | — | | 13.6 | | 297.6 | | | Government Sponsored Agency | 13,410.5 | | 10.9 | | 132.5 | | 13,288.9 | | | Non-U.S. Government | 308.9 | | 0.2 | | 12.3 | | 296.8 | | | Corporate Debt | 166.6 | | 0.1 | | 2.9 | | 163.8 | | | Covered Bonds | 234.0 | | 0.5 | | 3.6 | | 230.9 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 4,617.0 | | 8.3 | | 42.2 | | 4,583.1 | | | Other Asset-Backed | 2,188.6 | | 7.0 | | 12.9 | | 2,182.7 | | | Commercial Mortgage-Backed | 603.4 | | 0.3 | | 13.5 | | 590.2 | | | Total Available for Sale Debt Securities | $ | 29,229.1 | | $ | 28.8 | | $ | 256.4 | | $ | 29,001.5 | | | Held to Maturity Debt Securities | | | | | | Obligations of States and Political Subdivisions | $ | 2,548.2 | | $ | — | | $ | 89.3 | | $ | 2,458.9 | | | Government Sponsored Agency | 8,635.0 | | 0.9 | | 1,081.3 | | 7,554.6 | | | Non-U.S. Government | 3,735.8 | | 0.2 | | 56.3 | | 3,679.7 | | | Corporate Debt | 351.6 | | — | | 11.0 | | 340.6 | | | Covered Bonds | 1,776.8 | | 0.1 | | 62.2 | | 1,714.7 | | | Certificates of Deposit | 336.0 | | — | | 0.3 | | 335.7 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 4,146.9 | | 1.4 | | 171.3 | | 3,977.0 | | | Other Asset-Backed | 107.1 | | 0.3 | | 0.1 | | 107.3 | | | Commercial Mortgage-Backed | 37.6 | | — | | 0.8 | | 36.8 | | | Other | 621.7 | | — | | 172.5 | | 449.2 | | | Total Held to Maturity Debt Securities | $ | 22,296.7 | | $ | 2.9 | | $ | 1,645.1 | | $ | 20,654.5 | | | Total Debt Securities | $ | 51,525.8 | | $ | 31.7 | | $ | 1,901.5 | | $ | 49,656.0 | |
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| Remaining Maturity of Securities Available for Sale and Held to Maturity |
TABLE 39: REMAINING MATURITY OF DEBT SECURITIES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | JUNE 30, 2025 | ONE YEAR OR LESS | ONE TO FIVE YEARS | FIVE TO TEN YEARS | OVER TEN YEARS | TOTAL | | (In Millions) | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | AMORTIZED COST | FAIR VALUE | | Available for Sale Debt Securities | | | | | | | | | | | | U.S. Government | $ | 348.2 | | $ | 347.2 | | $ | 7,225.9 | | $ | 7,226.3 | | $ | 714.0 | | $ | 712.5 | | $ | — | | $ | — | | $ | 8,288.1 | | $ | 8,286.0 | | | Obligations of States and Political Subdivisions | — | | — | | 249.1 | | 238.7 | | 71.7 | | 68.1 | | — | | — | | 320.8 | | 306.8 | | | Government Sponsored Agency | 3,711.2 | | 3,693.8 | | 8,781.4 | | 8,749.7 | | 2,327.9 | | 2,306.5 | | 1,109.3 | | 1,088.9 | | 15,929.8 | | 15,838.9 | | | Non-U.S. Government | 122.3 | | 120.8 | | 197.7 | | 192.4 | | — | | — | | — | | — | | 320.0 | | 313.2 | | | Corporate Debt | 94.5 | | 93.4 | | — | | — | | — | | — | | — | | — | | 94.5 | | 93.4 | | | Covered Bonds | — | | — | | 237.2 | | 235.5 | | — | | — | | — | | — | | 237.2 | | 235.5 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 664.8 | | 663.5 | | 3,998.4 | | 4,014.7 | | 301.0 | | 292.7 | | — | | — | | 4,964.2 | | 4,970.9 | | | Other Asset-Backed | 153.7 | | 150.1 | | 1,032.0 | | 1,034.0 | | 420.7 | | 422.2 | | 81.3 | | 81.6 | | 1,687.7 | | 1,687.9 | | | Commercial Mortgage-Backed | 53.1 | | 52.7 | | 440.9 | | 436.9 | | 33.6 | | 28.2 | | — | | — | | 527.6 | | 517.8 | | | Total Available for Sale Debt Securities | $ | 5,147.8 | | $ | 5,121.5 | | $ | 22,162.6 | | $ | 22,128.2 | | $ | 3,868.9 | | $ | 3,830.2 | | $ | 1,190.6 | | $ | 1,170.5 | | $ | 32,369.9 | | $ | 32,250.4 | | | Held to Maturity Debt Securities | | | | | | | | | | | | Obligations of States and Political Subdivisions | $ | 173.5 | | $ | 173.0 | | $ | 1,425.2 | | $ | 1,418.0 | | $ | 827.7 | | $ | 807.6 | | $ | 102.6 | | $ | 98.2 | | $ | 2,529.0 | | $ | 2,496.8 | | | Government Sponsored Agency | 928.9 | | 851.7 | | 3,757.5 | | 3,432.1 | | 2,259.7 | | 2,013.4 | | 1,497.4 | | 1,294.7 | | 8,443.5 | | 7,591.9 | | | Non-U.S. Government | 1,880.5 | | 1,873.8 | | 995.9 | | 963.5 | | — | | — | | — | | — | | 2,876.4 | | 2,837.3 | | | Corporate Debt | 168.1 | | 167.2 | | 129.4 | | 123.3 | | — | | — | | — | | — | | 297.5 | | 290.5 | | | Covered Bonds | 264.1 | | 263.5 | | 1,188.5 | | 1,138.7 | | 89.1 | | 88.2 | | — | | — | | 1,541.7 | | 1,490.4 | | | Certificates of Deposit | 536.2 | | 536.0 | | — | | — | | — | | — | | — | | — | | 536.2 | | 536.0 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 2,235.9 | | 2,208.9 | | 2,270.9 | | 2,195.8 | | 6.0 | | 5.1 | | — | | — | | 4,512.8 | | 4,409.8 | | | | | | | | | | | | | | Commercial Mortgage-Backed | — | | — | | 37.6 | | 36.4 | | — | | — | | — | | — | | 37.6 | | 36.4 | | | Other | 63.7 | | 62.4 | | 328.0 | | 299.8 | | 47.2 | | 35.8 | | 187.2 | | 53.9 | | 626.1 | | 451.9 | | | Total Held to Maturity Debt Securities | $ | 6,250.9 | | $ | 6,136.5 | | $ | 10,133.0 | | $ | 9,607.6 | | $ | 3,229.7 | | $ | 2,950.1 | | $ | 1,787.2 | | $ | 1,446.8 | | $ | 21,400.8 | | $ | 20,141.0 | | | Total Debt Securities | $ | 11,398.7 | | $ | 11,258.0 | | $ | 32,295.6 | | $ | 31,735.8 | | $ | 7,098.6 | | $ | 6,780.3 | | $ | 2,977.8 | | $ | 2,617.3 | | $ | 53,770.7 | | $ | 52,391.4 | |
Note: Mortgage-backed and asset-backed securities are included in the above table taking into account anticipated future prepayments. |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value |
TABLE 40: AVAILABLE FOR SALE DEBT SECURITIES IN UNREALIZED LOSS POSITION WITH NO CREDIT LOSSES REPORTED | | | | | | | | | | | | | | | | | | | | | | JUNE 30, 2025 | LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | TOTAL | | (In Millions) | FAIR
VALUE | UNREALIZED
LOSSES | FAIR
VALUE | UNREALIZED
LOSSES | FAIR
VALUE | UNREALIZED
LOSSES | | U.S. Government | $ | 4,757.3 | | $ | 5.5 | | $ | 843.1 | | $ | 8.8 | | $ | 5,600.4 | | $ | 14.3 | | | Obligations of States and Political Subdivisions | — | | — | | 306.8 | | 14.0 | | 306.8 | | 14.0 | | | Government Sponsored Agency | 4,068.7 | | 14.0 | | 5,957.7 | | 99.1 | | 10,026.4 | | 113.1 | | | Non-U.S. Government | — | | — | | 193.6 | | 7.9 | | 193.6 | | 7.9 | | | Corporate Debt | — | | — | | 42.6 | | 0.5 | | 42.6 | | 0.5 | | | Covered Bonds | — | | — | | 123.9 | | 2.2 | | 123.9 | | 2.2 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 250.7 | | 0.5 | | 754.5 | | 26.3 | | 1,005.2 | | 26.8 | | | Other Asset-Backed | 19.8 | | — | | 285.6 | | 6.9 | | 305.4 | | 6.9 | | | Commercial Mortgage-Backed | 56.8 | | — | | 262.4 | | 9.9 | | 319.2 | | 9.9 | | | Total | $ | 9,153.3 | | $ | 20.0 | | $ | 8,770.2 | | $ | 175.6 | | $ | 17,923.5 | | $ | 195.6 | |
Note: One corporate debt AFS securities with a fair value of $41.7 million and unrealized losses of $0.6 million and one sub-sovereign, supranational and non-U.S. agency bonds AFS security with a fair value of $31.9 million and unrealized loss of $0.7 million have been excluded from the table above as these AFS securities have a $0.9 million allowance for credit losses reported as of June 30, 2025. Refer to the discussion further below and Note 6, “Allowance for Credit Losses” for further information. | | | | | | | | | | | | | | | | | | | | | | DECEMBER 31, 2024 | LESS THAN 12 MONTHS | 12 MONTHS OR LONGER | TOTAL | | (In Millions) | FAIR
VALUE | UNREALIZED
LOSSES | FAIR
VALUE | UNREALIZED
LOSSES | FAIR
VALUE | UNREALIZED
LOSSES | | U.S. Government | $ | 4,477.5 | | $ | 11.1 | | $ | 532.3 | | $ | 11.8 | | $ | 5,009.8 | | $ | 22.9 | | | Obligations of States and Political Subdivisions | — | | — | | 297.5 | | 13.6 | | 297.5 | | 13.6 | | | Government Sponsored Agency | 3,298.8 | | 14.5 | | 6,373.8 | | 118.0 | | 9,672.6 | | 132.5 | | | Non-U.S. Government | 54.9 | | 0.1 | | 181.6 | | 12.2 | | 236.5 | | 12.3 | | | Corporate Debt | — | | — | | 76.9 | | 1.6 | | 76.9 | | 1.6 | | | Covered Bonds | — | | — | | 119.6 | | 3.6 | | 119.6 | | 3.6 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 881.9 | | 2.6 | | 720.5 | | 39.6 | | 1,602.4 | | 42.2 | | | Other Asset-Backed | 35.4 | | — | | 405.4 | | 12.9 | | 440.8 | | 12.9 | | | Commercial Mortgage-Backed | — | | — | | 376.1 | | 13.5 | | 376.1 | | 13.5 | | | Total | $ | 8,748.5 | | $ | 28.3 | | $ | 9,083.7 | | $ | 226.8 | | $ | 17,832.2 | | $ | 255.1 | |
Note: One corporate debt AFS security with a fair value of $38.9 million and unrealized losses of $1.3 million has been excluded from the table above as it has a $0.2 million allowance for credit losses reported as of December 31, 2024. Refer to the discussion further below and Note 6, “Allowance for Credit Losses” for further information.
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| Debt Securities, Held-to-maturity, Credit Quality Indicator |
The following table provides the amortized cost of HTM debt securities by credit ratings using ratings from Moody’s S&P Global or Fitch Ratings. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security. TABLE 41: AMORTIZED COST OF HELD TO MATURITY DEBT SECURITIES BY CREDIT RATING | | | | | | | | | | | | | | | | | | | | | | JUNE 30, 2025 | | ($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | | | | | | | | | Obligations of States and Political Subdivisions | $ | 1,016.4 | | $ | 1,512.6 | | $ | — | | $ | — | | $ | — | | $ | 2,529.0 | | | Government Sponsored Agency | 8,443.5 | | — | | — | | — | | — | | 8,443.5 | | | Non-U.S. Government | 356.5 | | 965.4 | | 1,190.0 | | 364.5 | | — | | 2,876.4 | | | Corporate Debt | — | | 193.7 | | 103.8 | | — | | — | | 297.5 | | | Covered Bonds | 1,541.7 | | — | | — | | — | | — | | 1,541.7 | | | Certificates of Deposit | 503.2 | | — | | — | | — | | 33.0 | | 536.2 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 3,458.7 | | 1,020.9 | | 32.0 | | 1.2 | | — | | 4,512.8 | | | | | | | | | | Commercial Mortgage-Backed | — | | 37.6 | | — | | — | | — | | 37.6 | | | Other | 54.7 | | — | | — | | — | | 571.4 | | 626.1 | | | Total Held to Maturity | $ | 15,374.7 | | $ | 3,730.2 | | $ | 1,325.8 | | $ | 365.7 | | $ | 604.4 | | $ | 21,400.8 | | | Percent of Total Held to Maturity | 72 | % | 17 | % | 6 | % | 2 | % | 3 | % | 100 | % |
| | | | | | | | | | | | | | | | | | | | | | DECEMBER 31, 2024 | | ($ In Millions) | AAA | AA | A | BBB | NOT RATED | TOTAL | | | | | | | | | Obligations of States and Political Subdivisions | $ | 1,024.3 | | $ | 1,523.9 | | $ | — | | $ | — | | $ | — | | $ | 2,548.2 | | | Government Sponsored Agency | 8,635.0 | | — | | — | | — | | — | | $ | 8,635.0 | | | Non-U.S. Government | 700.0 | | 704.2 | | 2,020.1 | | 311.5 | | — | | $ | 3,735.8 | | | Corporate Debt | — | | 191.5 | | 160.1 | | — | | — | | $ | 351.6 | | | Covered Bonds | 1,776.8 | | — | | — | | — | | — | | $ | 1,776.8 | | | Certificates of Deposit | 316.6 | | — | | — | | — | | 19.4 | | $ | 336.0 | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | 3,132.8 | | 984.5 | | 28.5 | | 1.1 | | — | | $ | 4,146.9 | | | Other Asset-Backed | 107.1 | | — | | — | | — | | — | | $ | 107.1 | | | Commercial Mortgage-Backed | 37.6 | | — | | — | | — | | — | | $ | 37.6 | | | Other | 50.7 | | — | | — | | — | | 571.0 | | $ | 621.7 | | | Total Held to Maturity | $ | 15,780.9 | | $ | 3,404.1 | | $ | 2,208.7 | | $ | 312.6 | | $ | 590.4 | | $ | 22,296.7 | | | Percent of Total Held to Maturity | 71 | % | 15 | % | 10 | % | 1 | % | 3 | % | 100 | % |
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| Investment Security Gains and Losses |
TABLE 42: INVESTMENT SECURITY GAINS AND LOSSES | | | | | | | | | | | | | | | | THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | | (In Millions) | 2025 | 2024 | 2025 | 2024 | | Gross Realized Debt Securities Gains | $ | — | | $ | 0.1 | | $ | — | | $ | 185.2 | | | Gross Realized Debt Securities Losses | — | | — | | — | | (374.5) | | | Investment Security Gains (Losses), net | $ | — | | $ | 0.1 | | $ | — | | $ | (189.3) | |
TABLE 43: INVESTMENT SECURITY GAINS AND LOSSES BY SECURITY TYPE | | | | | | | | | | | | | | | | THREE MONTHS ENDED JUNE 30, | SIX MONTHS ENDED JUNE 30, | | (In Millions) | 2025 | 2024 | 2025 | 2024 | | U.S. Government | $ | — | | $ | — | | $ | — | | $ | (34.8) | | | Obligations of States and Political Subdivisions | — | | — | | — | | — | | | Government Sponsored Agency | — | | — | | — | | (23.0) | | | | | | | | Corporate Debt | — | | — | | — | | — | | | Covered Bonds | — | | — | | — | | (4.2) | | | Sub-Sovereign, Supranational and Non-U.S. Agency Bonds | — | | — | | — | | (48.2) | | | Other Asset-Backed | — | | 0.1 | | — | | (56.5) | | | | | | | | Commercial Mortgage-Backed | — | | — | | — | | (22.6) | | | | | | | | Investment Security Gains (Losses), net | $ | — | | $ | 0.1 | | $ | — | | $ | (189.3) | |
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