v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Assets And Liabilities Recorded At Fair Value On A Recurring Basis
The following tables present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024.
(in millions)TotalLevel 1Level 2Level 3
June 30, 2025
Deferred compensation plan assets$86 $86 $— $— 
Equity securities47 47 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,271 1,271 — — 
Residential mortgage-backed securities (a)8,767 — 8,767 — 
Commercial mortgage-backed securities (a)4,836 — 4,836 — 
Total investment securities available-for-sale14,874 1,271 13,603 — 
Derivative assets:
Interest rate contracts160 — 160 — 
Energy contracts585 — 585 — 
Foreign exchange contracts36 — 36 — 
Total derivative assets781 — 781 — 
Total assets at fair value$15,788 $1,404 $14,384 $— 
Derivative liabilities:
Interest rate contracts$214 $— $214 $— 
Energy contracts565 — 565 — 
Foreign exchange contracts35 — 35 — 
Other financial derivative liabilities10 — — 10 
Total derivative liabilities824 — 814 10 
Deferred compensation plan liabilities84 84 — — 
Total liabilities at fair value$908 $84 $814 $10 
December 31, 2024
Deferred compensation plan assets$89 $89 $— $— 
Equity securities46 46 — — 
Investment securities available-for-sale:
U.S. Treasury securities1,277 1,277 — — 
Residential mortgage-backed securities (a)9,076 — 9,076 — 
Commercial mortgage-backed securities (a)4,692 — 4,692 — 
Total investment securities available-for-sale15,045 1,277 13,768 — 
Derivative assets:
Interest rate contracts177 — 177 — 
Energy contracts416 — 416 — 
Foreign exchange contracts73 — 73 — 
Total derivative assets666 — 666 — 
Total assets at fair value$15,846 $1,412 $14,434 $— 
Derivative liabilities:
Interest rate contracts$335 $— $335 $— 
Energy contracts400 — 400 — 
Foreign exchange contracts59 — 59 — 
Other financial derivative liabilities6 — — 6 
Total derivative liabilities800 — 794 6 
Deferred compensation plan liabilities91 91 — — 
Total liabilities at fair value$891 $91 $794 $6 
(a)Issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises.
Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the three- and six-month periods ended June 30, 2025 and 2024.
Net Realized/Unrealized Losses (Pretax) Recorded in Earnings (a)
(in millions)Balance at Beginning of PeriodRealizedUnrealizedBalance at End of Period
Three Months Ended June 30, 2025
Derivative liabilities:
Other financial derivative liabilities$(8)$— $(2)$(10)
Three Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities(12)6 — (6)
Six Months Ended June 30, 2025
Derivative liabilities:
Other financial derivative liabilities(6)— (4)(10)
Six Months Ended June 30, 2024
Derivative liabilities:
Other financial derivative liabilities(12)6 — (6)
(a)Realized and unrealized gains and losses due to changes in fair value are recorded in other noninterest income on the Consolidated Statements of Comprehensive Income.
Assets And Liabilities Recorded At Fair Value On A Nonrecurring Basis
The following table presents assets recorded at fair value on a nonrecurring basis at June 30, 2025 and December 31, 2024. No liabilities were recorded at fair value on a nonrecurring basis at June 30, 2025 and December 31, 2024.
(in millions)Level 3
June 30, 2025
Loans:
Commercial$44 
Commercial mortgage35 
Residential mortgage9 
Total loans88 
Loans held-for-sale177 
Other real estate12 
Total assets at fair value$277 
December 31, 2024
Loans:
Commercial$69 
Commercial mortgage86 
Residential mortgage3 
Total loans158 
Loans held-for-sale216 
Other real estate3 
Total assets at fair value$377 
Estimated Fair Values Of Financial Instruments Not Recorded At Fair Value In Their Entirety On A Recurring Basis
The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis on the Corporation’s Consolidated Balance Sheets are as follows:
 Carrying
Amount		Estimated Fair Value
(in millions)TotalLevel 1Level 2Level 3
June 30, 2025
Assets
Cash and due from banks$1,239 $1,239 $1,239 $— $— 
Interest-bearing deposits with banks4,049 4,049 4,049 — — 
Other short-term investments21 21 21 — — 
Total loans, net of allowance for loan losses (a)50,481 50,457 — — 50,457 
Liabilities
Demand deposits
56,188 56,188 — 56,188 — 
Time deposits
3,815 3,811 — 3,811 — 
Total deposits60,003 59,999 — 59,999 — 
Short-term borrowings2,925 2,925 2,925 — — 
Medium- and long-term debt5,762 5,849 — 5,849 — 
Credit-related financial instruments(62)(62)— — (62)
December 31, 2024
Assets
Cash and due from banks$850 $850 $850 $— $— 
Interest-bearing deposits with banks5,954 5,954 5,954 — — 
Other short-term investments 21 21 21 — — 
Total loans, net of allowance for loan losses (a)49,849 49,436 — — 49,436 
Liabilities
Demand deposits
59,277 59,277 — 59,277 — 
Time deposits
4,534 4,555 — 4,555 — 
Total deposits63,811 63,832 — 63,832 — 
Medium- and long-term debt6,673 6,780 — 6,780 — 
Credit-related financial instruments(64)(64)— — (64)
(a)Included $88 million and $158 million of loans recorded at fair value on a nonrecurring basis at June 30, 2025 and December 31, 2024, respectively.