v3.26.1
SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of securities held
The following table presents the major components of securities at amortized cost and fair value:
March 31, 2026December 31, 2025
(dollars in millions)
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury and other$4,385 $6 ($57)$4,334 $3,163 $10 ($50)$3,123 
State and political subdivisions1 — — 1 1 — — 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities32,986 134 (1,445)31,675 33,379 215 (1,374)32,220 
Other/non-agency265 — (3)262 268 — (4)264 
Total mortgage-backed securities33,251 134 (1,448)31,937 33,647 215 (1,378)32,484 
Collateralized loan obligations89 — — 89 89 — — 89 
Total debt securities available for sale, at fair value$37,726 $140 ($1,505)$36,361 $36,900 $225 ($1,428)$35,697 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$7,484 $1 ($801)$6,684 $7,595 $2 ($785)$6,812 
Total mortgage-backed securities7,484 1 (801)6,684 7,595 2 (785)6,812 
Asset-backed securities316 — (2)314 338 — — 338 
Total debt securities held to maturity$7,800 $1 ($803)$6,998 $7,933 $2 ($785)$7,150 
Equity securities, at cost(2)
$836 $— $— $836 $807 $— $— $807 
Equity securities, at fair value(2)
336 — — 336 317 — — 317 
(1) Excludes portfolio level basis adjustments of $(4) million and $17 million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at March 31, 2026 and December 31, 2025.
(2) Included in Other assets in the Consolidated Balance Sheets.
Schedule of investments classified by maturity date
The following table presents the amortized cost and fair value of debt securities by contractual maturity as of March 31, 2026. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
Distribution of Maturities
(dollars in millions)1 Year or LessAfter 1 Year through 5 YearsAfter 5 Years through 10 YearsAfter 10 YearsTotal
Amortized cost:
U.S. Treasury and other$499 $1,928 $1,958 $— $4,385 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities209 2,309 1,352 29,116 32,986 
Other/non-agency— — — 265 265 
Collateralized loan obligations— — 89 — 89 
Total debt securities available for sale708 4,237 3,399 29,382 37,726 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 7,484 7,484 
Asset-backed securities— 316 — — 316 
Total debt securities held to maturity— 316 — 7,484 7,800 
Total amortized cost of debt securities$708 $4,553 $3,399 $36,866 $45,526 
Fair value:
U.S. Treasury and other$494 $1,888 $1,952 $— $4,334 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities208 2,269 1,302 27,896 31,675 
Other/non-agency— — — 262 262 
Collateralized loan obligations— — 89 — 89 
Total debt securities available for sale702 4,157 3,343 28,159 36,361 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 6,684 6,684 
Asset-backed securities— 314 — — 314 
Total debt securities held to maturity— 314 — 6,684 6,998 
Total fair value of debt securities$702 $4,471 $3,343 $34,843 $43,359 
Schedule of income recognized on investment securities
The following table presents realized gains and losses on the sale of securities:
Three Months Ended March 31,
(dollars in millions)20262025
Gains$7 $7 
Losses— — 
Securities gains, net$7 $7 
Schedule of unrealized loss on investments
The following tables present AFS debt securities with fair values below their respective carrying values, disclosed by the length of time the individual securities have been in a continuous unrealized loss position:
March 31, 2026
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$1,498 ($12)$1,984 ($45)$3,482 ($57)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities8,630 (241)12,285 (1,204)20,915 (1,445)
Other/non-agency— — 262 (3)262 (3)
Total mortgage-backed securities8,630 (241)12,547 (1,207)21,177 (1,448)
Total$10,128 ($253)$14,531 ($1,252)$24,659 ($1,505)
December 31, 2025
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$— $— $1,990 ($50)$1,990 ($50)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities3,415 (164)13,098 (1,210)16,513 (1,374)
Other/non-agency— — 263 (4)263 (4)
Total mortgage-backed securities3,415 (164)13,361 (1,214)16,776 (1,378)
Total$3,415 ($164)$15,351 ($1,264)$18,766 ($1,428)