v3.25.2
INVESTMENT SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Securities Available for Sale
The amortized cost and fair value of AFS debt securities are presented in the table below. There was no ACL associated with the AFS portfolio at June 30, 2025 and December 31, 2024. Accrued interest receivable on AFS debt securities totaled $14.7 million at June 30, 2025 and $14.3 million at December 31, 2024, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of AFS debt securities.
TABLE 3.1
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities AFS:
June 30, 2025
U.S. Treasury$274 $1 $— $275 
U.S. government agencies45 — — 45 
U.S. GSE304 — (1)303 
Residential MBS:
Agency MBS780 5 (11)774 
Agency CMO727 — (75)652 
Agency commercial MBS1,475 16 (20)1,471 
States of the U.S. and political subdivisions (municipals)21 — (2)19 
Other debt securities40 1 — 41 
Total debt securities AFS$3,666 $23 $(109)$3,580 
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities AFS:
December 31, 2024
U.S. Treasury$274 $1 $(1)$274 
U.S. government agencies53 — — 53 
U.S. GSE302 — (2)300 
Residential MBS:
Agency MBS714 — (20)694 
Agency CMO796 — (98)698 
Agency commercial MBS1,420 3 (35)1,388 
States of the U.S. and political subdivisions (municipals)24 — (2)22 
Other debt securities37 — — 37 
Total debt securities AFS$3,620 $4 $(158)$3,466 
Schedule of Amortized Cost and Fair Value of Securities Held to Maturity
The amortized cost and fair value of HTM debt securities are presented in the following table. The ACL for the HTM portfolio was $0.19 million and $0.25 million at June 30, 2025 and December 31, 2024, respectively. Accrued interest receivable on HTM debt securities totaled $15.2 million and $14.6 million at June 30, 2025 and December 31, 2024, respectively, and is excluded from the estimate of credit losses and assessed separately in other assets in the Consolidated Balance Sheets. Accordingly, we have excluded accrued interest receivable from both the fair value and amortized cost basis of HTM debt securities.
TABLE 3.2
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities HTM:
June 30, 2025
U.S. Treasury$1 $— $— $1 
U.S. GSE30 — — 30 
Residential MBS:
Agency MBS826 2 (69)759 
Agency CMO664 — (74)590 
Agency commercial MBS1,597 14 (25)1,586 
States of the U.S. and political subdivisions (municipals)985 — (105)880 
Other debt securities12 — (1)11 
Total debt securities HTM$4,115 $16 $(274)$3,857 
(in millions)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
 Value
Debt Securities HTM:
December 31, 2024
U.S. Treasury$1 $— $— $1 
U.S. GSE29 — — 29 
Residential MBS:
Agency MBS901 1 (96)806 
Agency CMO714 — (95)619 
Agency commercial MBS1,326 2 (44)1,284 
States of the U.S. and political subdivisions (municipals)992 — (103)889 
Other debt securities16 — — 16 
Total debt securities HTM$3,979 $3 $(338)$3,644 
Schedule of Amortized Cost and Fair Value of Securities, by Contractual Maturities
As of June 30, 2025, the amortized cost and fair value of debt securities, by contractual maturities, were as follows:
TABLE 3.3
Available for SaleHeld to Maturity
(in millions)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in one year or less$164 $164 $36 $35 
Due after one year but within five years467 467 77 74 
Due after five years but within ten years32 32 242 227 
Due after ten years21 20 673 586 
684 683 1,028 922 
Residential MBS:
Agency MBS780 774 826 759 
Agency CMO727 652 664 590 
Agency commercial MBS1,475 1,471 1,597 1,586 
Total debt securities$3,666 $3,580 $4,115 $3,857 
Schedule of Securities Pledged as Collateral
Following is information relating to investment securities pledged:
TABLE 3.4
(dollars in millions)June 30,
2025		December 31,
2024
Securities pledged (carrying value):
To secure public deposits, trust deposits and for other purposes as required by law$6,241 $6,271 
As collateral for short-term borrowings142 182 
Securities pledged as a percent of total securities83.0 %86.7 %
Schedule of Fair Values and Unrealized Losses of Impaired Securities, Segregated by Length of Impairment
Following are summaries of the fair values of AFS debt securities in an unrealized loss position for which an ACL has not been recorded, segregated by security type and length of time in a continuous loss position:
TABLE 3.5
Less than 12 Months12 Months or MoreTotal
(dollars in millions)#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses
Debt Securities AFS
June 30, 2025
U.S. government agencies2 $3 $— 10 $21 $— 12 $24 $— 
U.S. GSE3 75 — 6 103 (1)9 178 (1)
Residential MBS:
Agency MBS1 — — 92 302 (11)93 302 (11)
Agency CMO— — — 66 652 (75)66 652 (75)
Agency commercial MBS6 162 (1)20 352 (19)26 514 (20)
States of the U.S. and political subdivisions (municipals)— — — 9 19 (2)9 19 (2)
Other debt securities— — — 4 10 — 4 10 — 
Total 12 $240 $(1)207 $1,459 $(108)219 $1,699 $(109)
Less than 12 Months12 Months or MoreTotal
(dollars in millions)#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses		#Fair
 Value		Unrealized
Losses
Debt Securities AFS
December 31, 2024
U.S. Treasury3 $74 $(1)2 $75 $— 5 $149 $(1)
U.S. government agencies6 11 — 12 25 — 18 36 — 
U.S. GSE2 75 — 7 126 (2)9 201 (2)
Residential MBS:
Agency MBS9 235 (1)92 355 (19)101 590 (20)
Agency CMO— — — 66 698 (98)66 698 (98)
Agency commercial MBS23 709 (8)20 359 (27)43 1,068 (35)
States of the U.S. and political subdivisions (municipals)— — — 10 22 (2)10 22 (2)
Other debt securities— — — 4 10 — 4 10 — 
Total43 $1,104 $(10)213 $1,670 $(148)256 $2,774 $(158)