v3.25.2
Investment securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities
The amortized cost and estimated fair value of investment securities were as follows:
(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:
Commercial4,708 63 4 4,767 
Residential8,943 76 86 8,933 
Other 3 — — 3 
21,458 178 96 21,540 
Investment securities held to maturity:
U.S. Treasury443 — 8 435 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,019 — 94 1,925 
Residential8,301 2 760 7,543 
Privately issued34 11 — 45 
State and political subdivisions2,226 — 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 cost730 — — 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:    
Commercial3,739 8 45 3,702 
Residential7,368 13 167 7,214 
Other2 — — 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:
Commercial2,034 — 157 1,877 
Residential8,773 — 961 7,812 
Privately issued37 9 — 46 
State and political subdivisions2,335 — 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 cost772 — — 772 
Total equity and other securities$1,007 $3 $3 $1,007 
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(a)Amortized cost balances of debt securities exclude accrued interest receivable of $190 million and $176 million at June 30, 2025 and December 31, 2024, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
Investment Securities in Continuous Unrealized Loss Position 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 Months12 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:
Commercial624 4 — — 
Residential693 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 
Residential649 4 6,591 756 
State and political subdivisions35 — 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:
Commercial2,566 45 64 — 
Residential4,429 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 
Residential996 19 6,811 942 
State and political subdivisions39 1 2,131 116 
1,085 20 11,770 1,229 
Total$10,051 $127 $16,013 $1,361 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity
At June 30, 2025, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:
(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 years4,912 4,940 
Due after five years through ten years— — 
Due after ten years— — 
7,807 7,840 
Mortgage-backed securities13,651 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 years641 631 
Due after five years through ten years1,399 1,360 
Due after ten years548 487 
2,670 2,560 
Mortgage-backed securities10,354 9,513 
$13,024 $12,073