
(Dollars in millions)	Amortized Cost (a)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2025
Investment securities available for sale:
U.S. Treasury	$	7,804	$	39	$	6	$	7,837
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	4,708		63		4		4,767
Residential	8,943		76		86		8,933
Other	3		—		—		3
	21,458		178		96		21,540
Investment securities held to maturity:
U.S. Treasury	443		—		8		435
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	2,019		—		94		1,925
Residential	8,301		2		760		7,543
Privately issued	34		11		—		45
State and political subdivisions	2,226		—		102		2,124
Other	1		—		—		1
	13,024		13		964		12,073
Total debt securities	$	34,482	$	191	$	1,060	$	33,613
Equity and other securities:
Readily marketable equity — at fair value	$	273	$	3	$	2	$	274
Other — at cost	730		—		—		730
Total equity and other securities	$	1,003	$	3	$	2	$	1,004

December 31, 2024
Investment securities available for sale:
U.S. Treasury	$	7,945	$	13	$	27	$	7,931
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	3,739		8		45		3,702
Residential	7,368		13		167		7,214
Other	2		—		—		2
	19,054		34		239		18,849
Investment securities held to maturity:
U.S. Treasury	1,015		—		14		1,001
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	2,034		—		157		1,877
Residential	8,773		—		961		7,812
Privately issued	37		9		—		46
State and political subdivisions	2,335		—		117		2,218
Other	1		—		—		1
	14,195		9		1,249		12,955
Total debt securities	$	33,249	$	43	$	1,488	$	31,804
Equity and other securities:
Readily marketable equity — at fair value	$	235	$	3	$	3	$	235
Other — at cost	772		—		—		772
Total equity and other securities	$	1,007	$	3	$	3	$	1,007

Each of gross realized gains and gross realized losses from sales of investment securities for the three-month and six-month periods ended June 30, 2025 and 2024 were not material. Unrealized gains or losses on equity securities are included in Gain (loss) on bank investment securities in the Company's Consolidated Statement of Income. A summary of debt investment securities that as of June 30, 2025 and December 31, 2024 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows:


	Less Than 12 Months				12 Months or More
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2025
Investment securities available for sale:
U.S. Treasury	$	523	$	1	$	1,119	$	5
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	624		4		—		—
Residential	693		6		1,457		80
Other	1		—		1		—
	1,841		11		2,577		85
Investment securities held to maturity:
U.S. Treasury	50		—		385		8
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	—		—		1,925		94
Residential	649		4		6,591		756

State and political subdivisions	35		—		2,000		102
	734		4		10,901		960
Total	$	2,575	$	15	$	13,478	$	1,045

December 31, 2024
Investment securities available for sale:
U.S. Treasury	$	1,971	$	9	$	2,554	$	18
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	2,566		45		64		—
Residential	4,429		53		1,623		114
Other	—		—		2		—
	8,966		107		4,243		132
Investment securities held to maturity:
U.S. Treasury	50		—		951		14
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	—		—		1,877		157
Residential	996		19		6,811		942

State and political subdivisions	39		1		2,131		116
	1,085		20		11,770		1,229
Total	$	10,051	$	127	$	16,013	$	1,361

The Company owned 3,427 individual debt securities with aggregate gross unrealized losses of $1.1 billion at June 30, 2025. Based on a review of each of the securities in the investment securities portfolio at June 30, 2025, the Company concluded that it expected to recover the amortized cost basis of its investment. As of June 30, 2025, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At June 30, 2025, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $730 million of cost method equity securities.


(Dollars in millions)	Amortized Cost		Estimated Fair Value
Debt securities available for sale:
Due in one year or less	$	2,895	$	2,900
Due after one year through five years	4,912		4,940
Due after five years through ten years	—		—
Due after ten years	—		—
	7,807		7,840
Mortgage-backed securities	13,651		13,700
	$	21,458	$	21,540
Debt securities held to maturity:
Due in one year or less	$	82	$	82
Due after one year through five years	641		631
Due after five years through ten years	1,399		1,360
Due after ten years	548		487
	2,670		2,560
Mortgage-backed securities	10,354		9,513
	$	13,024	$	12,073