v3.25.2
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Summary The following table summarizes our available-for-sale and held-to-maturity portfolios by major security type:
Table 39: Investment Securities Summary (a) (b)
June 30, 2025December 31, 2024
In millionsAmortized
Cost (c)		UnrealizedFair
Value		Amortized
Cost (c)		UnrealizedFair
Value
GainsLossesGainsLosses
Securities Available-for-Sale
U.S. Treasury and government agencies$26,275 $113 $(426)$25,962 $23,962 $25 $(436)$23,551 
Residential mortgage-backed
Agency34,916 89 (2,432)32,573 33,589 28 (2,991)30,626 
Non-agency474 112 (5)581 504 105 (6)603 
Commercial mortgage-backed
Agency2,983 12 (86)2,909 2,077 1 (133)1,945 
Non-agency507 — (7)500 706 — (15)691 
Asset-backed2,481 46 — 2,527 2,353 42 (3)2,392 
Other 2,122 45 (83)2,084 2,307 42 (118)2,231 
Total securities available-for-sale $69,758 $417 $(3,039)$67,136 $65,498 $243 $(3,702)$62,039 
Securities Held-to-Maturity
U.S. Treasury and government agencies$26,116 $19 $(506)$25,629 $29,420 $— $(896)$28,524 
Residential mortgage-backed
Agency42,352 114 (2,883)39,583 40,171 16 (3,696)36,491 
Non-agency230 — (16)214 240 — (21)219 
Commercial mortgage-backed
Agency934 9 (12)931 955 3 (28)930 
Non-agency575 4 (2)577 836 3 (7)832 
Asset-backed2,507 38 (10)2,535 3,380 37 (16)3,401 
Other2,498 15 (62)2,451 2,691 19 (49)2,661 
Total securities held-to-maturity (d)$75,212 $199 $(3,491)$71,920 $77,693 $78 $(4,713)$73,058 
(a) At June 30, 2025, the accrued interest associated with our held-to-maturity and available-for-sale portfolios totaled $235 million and $325 million, respectively. The comparable amounts at December 31, 2024 were $242 million and $328 million, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet.
(b) Credit ratings represent a primary credit quality indicator used to monitor and manage credit risk. Of our total securities portfolio, 97% were rated AAA/AA at both June 30, 2025 and December 31, 2024.
(c) Amortized cost is presented net of allowance of $63 million for securities available-for-sale, primarily related to non-agency commercial mortgage-backed securities, and $5 million for securities held-to-maturity at June 30, 2025. The comparable amounts at December 31, 2024 were $86 million and $5 million, respectively.
(d) Held-to-maturity securities transferred from available-for-sale are included in held-to-maturity at fair value at the time of the transfer. The amortized cost of held-to-maturity securities included net unrealized losses of $3.0 billion at June 30, 2025 related to securities transferred, which are offset in AOCI, net of tax. The comparable amount at December 31, 2024 was $3.4 billion.
Gross Unrealized Loss and Fair Value of Securities Available for Sale Without an Allowance for Credit Losses
Table 40: Gross Unrealized Loss and Fair Value of Securities Available-for-Sale Without an Allowance for Credit Losses
Unrealized loss position
less than 12 months		Unrealized loss position
12 months or more		Total
In millionsUnrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value
June 30, 2025
U.S. Treasury and government agencies$(17)$9,256 $(409)$9,495 $(426)$18,751 
Residential mortgage-backed
Agency(25)4,316 (2,407)18,692 (2,432)23,008 
Non-agency— — (2)32 (2)32 
Commercial mortgage-backed
Agency(2)390 (84)1,348 (86)1,738 
Non-agency— — (7)415 (7)415 
Asset-backed— — — — — — 
Other (6)72 (64)1,572 (70)1,644 
Total securities available-for-sale$(50)$14,034 $(2,973)$31,554 $(3,023)$45,588 
December 31, 2024
U.S. Treasury and government agencies$(70)$17,500 $(366)$1,824 $(436)$19,324 
Residential mortgage-backed
Agency(65)6,163 (2,926)19,595 (2,991)25,758 
Non-agency— — (3)41 (3)41 
Commercial mortgage-backed
Agency(8)501 (125)1,388 (133)1,889 
Non-agency— — (15)559 (15)559 
Asset-backed(2)226 (1)8 (3)234 
Other(2)99 (98)1,734 (100)1,833 
Total securities available-for-sale$(147)$24,489 $(3,534)$25,149 $(3,681)$49,638 
Gains (Losses) on Sales Of Securities Available for Sale
Information related to gross realized securities gains and losses from the sales of securities is set forth in the following table:

Table 41: Gains (Losses) on Sales of Securities Available-for-Sale
Six months ended June 30
In millions
Gross GainsGross LossesNet Gains (Losses) Tax Expense (Benefit)
2025$2 $(4)$(2)$— 
2024$2 $(501)$(499)$(105)
Contractual Maturity of Securities
The following table presents, by remaining contractual maturity, the amortized cost, fair value and weighted-average yield of debt securities at June 30, 2025:
Table 42: Contractual Maturity of Debt Securities
June 30, 2025
Dollars in millions		1 Year or LessAfter 1 Year
through 5 Years		After 5 Years
through 10 Years		After 10
Years		Total
Securities Available-for-Sale
U.S. Treasury and government agencies$537 $11,821 $11,756 $2,161 $26,275 
Residential mortgage-backed
Agency1 315 3,398 31,202 34,916 
Non-agency— — 62 412 474 
Commercial mortgage-backed
Agency50 1,444 111 1,378 2,983 
Non-agency— 79 77 351 507 
Asset-backed— 1,072 450 959 2,481 
Other 464 1,308 199 151 2,122 
Total securities available-for-sale at amortized cost$1,052 $16,039 $16,053 $36,614 $69,758 
Fair value$1,044 $15,998 $15,872 $34,222 $67,136 
Weighted-average yield, GAAP basis (a)2.98 %3.73 %4.22 %3.95 %3.95 %
Securities Held-to-Maturity
U.S. Treasury and government agencies$7,858 $15,964 $1,452 $842 $26,116 
Residential mortgage-backed
Agency — 5 439 41,908 42,352 
Non-agency— — — 230 230 
Commercial mortgage-backed
Agency— 273 443 218 934 
Non-agency— 36 — 539 575 
Asset-backed2 652 1,075 778 2,507 
Other327 716 264 1,191 2,498 
Total securities held-to-maturity at amortized cost$8,187 $17,646 $3,673 $45,706 $75,212 
Fair value$8,139 $17,376 $3,575 $42,830 $71,920 
Weighted-average yield, GAAP basis (a)1.41 %1.76 %2.72 %3.08 %2.57 %
(a)Weighted-average yields are based on amortized cost with effective yields weighted for the contractual maturity of each security. Actual maturities and yields may differ as certain securities may be prepaid.
Fair Value of Securities Pledged and Accepted as Collateral
The following table presents the fair value of securities that have been either pledged to or accepted from others to collateralize outstanding borrowings:
Table 43: Fair Value of Securities Pledged and Accepted as Collateral
In millionsJune 30, 2025December 31, 2024
Pledged to others$66,610 $69,330 
Accepted from others:
Permitted by contract or custom to sell or repledge$1,421 $1,231 
Permitted amount repledged to others$1,421 $1,231