v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Balances of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis:
TABLE 18.1
(in millions)Level 1Level 2Level 3Total
June 30, 2025
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$275 $— $— $275 
U.S. government agencies— 45 — 45 
U.S. GSE— 303 — 303 
Residential MBS:
Agency MBS— 774 — 774 
Agency CMO— 652 — 652 
Agency commercial MBS— 1,471 — 1,471 
States of the U.S. and political subdivisions (municipals)— 19 — 19 
Other debt securities— 41 — 41 
Total debt securities available for sale275 3,305 — 3,580 
Loans held for sale— 270 — 270 
Loans receivable— — 66 66 
Derivative financial instruments
Trading— 108 — 108 
Not for trading— 14 5 19 
Total derivative financial instruments— 122 5 127 
Total assets measured at fair value on a recurring basis$275 $3,697 $71 $4,043 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $235 $— $235 
Not for trading— 5 — 5 
Total derivative financial instruments— 240 — 240 
Total liabilities measured at fair value on a recurring basis$— $240 $— $240 
(in millions)Level 1Level 2Level 3Total
December 31, 2024
Assets Measured at Fair Value
Debt securities available for sale
U.S. Treasury$274 $— $— $274 
U.S. government agencies— 53 — 53 
U.S. GSE— 300 — 300 
Residential MBS:
Agency MBS— 694 — 694 
Agency CMO— 698 — 698 
Agency commercial MBS— 1,388 — 1,388 
States of the U.S. and political subdivisions (municipals)— 22 — 22 
Other debt securities— 37 — 37 
Total debt securities available for sale274 3,192 — 3,466 
Loans held for sale— 214 — 214 
Loans receivable— — 53 53 
Derivative financial instruments
Trading— 112 — 112 
Not for trading— 4 1 5 
Total derivative financial instruments— 116 1 117 
Total assets measured at fair value on a recurring basis$274 $3,522 $54 $3,850 
Liabilities Measured at Fair Value
Derivative financial instruments
Trading$— $303 $— $303 
Not for trading— 6 4 10 
Total derivative financial instruments— 309 4 313 
Total liabilities measured at fair value on a recurring basis$— $309 $4 $313 
Schedule of Additional Information about Assets Measured at Fair Value on Recurring Basis
The following table presents additional information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value:
TABLE 18.2
(in millions)Other
Debt
Securities		Loans ReceivableInterest
Rate Lock
Commitments		Total
Six Months Ended June 30, 2025
Balance at beginning of period$— $53 $1 $54 
Purchases, issuances, sales and settlements:
Issuances— — 6 6 
Settlements— — (1)(1)
Transfers into Level 3— 13 — 13 
Balance at end of period$— $66 $6 $72 
Year Ended December 31, 2024
Balance at beginning of period$— $— $5 $5 
Purchases, issuances, sales and settlements:
Issuances— — 1 1 
Settlements— — (5)(5)
Transfers into Level 3— 53 — 53 
Balance at end of period$— $53 $1 $54 
Schedule of Additional Information about Assets Measured at Fair Value on Non-Recurring Basis For assets measured at fair value on a non-recurring basis still held at the Balance Sheet date, the following table provides the hierarchy level and the fair value of the related assets or portfolios:
TABLE 18.3
(in millions)Level 1Level 2Level 3Total
June 30, 2025
Collateral dependent loans$— $— $98 $98 
Other assets - MSRs— — 1 1 
Other assets - SBA servicing asset— — 1 1 
December 31, 2024
Collateral dependent loans$— $— $105 $105 
Other assets - MSRs— — 1 1 
Other assets - SBA servicing asset— — 1 1 
Other real estate owned— — 2 2 
Schedule of Fair Values of Financial Instruments
The fair values of our financial instruments are as follows:
TABLE 18.4
  Fair Value Measurements
(in millions)Carrying
Amount		Fair
 Value		Level 1Level 2Level 3
June 30, 2025
Financial Assets
Cash and cash equivalents$2,427 $2,427 $2,427 $— $— 
Debt securities available for sale3,580 3,580 275 3,305 — 
Debt securities held to maturity4,115 3,857 1 3,856 — 
Net loans and leases, including loans held for sale34,543 33,674 — 270 33,404 
Loan servicing rights73 87 — — 87 
Derivative assets127 127 — 122 5 
Accrued interest receivable161 161 161 — — 
Financial Liabilities
Deposits37,748 37,713 30,235 7,478 — 
Short-term borrowings1,876 1,876 1,876 — — 
Long-term borrowings2,692 2,701 — 1,452 1,249 
Derivative liabilities240 240 — 240 — 
Accrued interest payable59 59 59 — — 
December 31, 2024
Financial Assets
Cash and cash equivalents$2,419 $2,419 $2,419 $— $— 
Debt securities available for sale3,466 3,466 274 3,192 — 
Debt securities held to maturity3,979 3,644 1 3,643 — 
Net loans and leases, including loans held for sale33,734 32,648 — 214 32,434 
Loan servicing rights72 88 — — 88 
Derivative assets117 117 — 116 1 
Accrued interest receivable164 164 164 — — 
Financial Liabilities
Deposits37,107 37,070 29,607 7,463 — 
Short-term borrowings1,256 1,256 1,256 — — 
Long-term borrowings3,012 3,004 — 1,748 1,256 
Derivative liabilities313 313 — 309 4 
Accrued interest payable65 65 65 — —