Investment Securities (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

The amortized cost basis, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.


	March 31, 2026								December 31, 2025
	Amortized cost basis		Gross unrealized				Fair value		Amortized cost basis		Gross unrealized				Fair value
($ in millions)			gains		losses						gains		losses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	2,444	$	8	$	(55)	$	2,397	$	2,308	$	22	$	(51)	$	2,279
U.S. States and political subdivisions	593		—		(76)		517		624		1		(74)		551
Foreign government	202		1		(4)		199		191		1		(4)		188
Agency mortgage-backed residential (a)	14,787		16		(2,108)		12,695		14,966		19		(2,084)		12,901
Mortgage-backed residential	226		—		(33)		193		230		—		(32)		198
Agency mortgage-backed commercial (a)	5,729		8		(630)		5,107		5,540		14		(622)		4,932

Asset-backed	2		—		—		2		12		—		—		12
Corporate debt	1,991		8		(71)		1,928		1,954		19		(61)		1,912
Total available-for-sale securities (b) (c) (d) (e) (f)	$	25,974	$	41	$	(2,977)	$	23,038	$	25,825	$	76	$	(2,928)	$	22,973
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential	$	1,337	$	3	$	(157)	$	1,183	$	1,303	$	8	$	(157)	$	1,154
Mortgage-backed residential	2,957		203		—		3,160		3,018		228		—		3,246
Asset-backed retained notes	43		1		—		44		50		1		—		51
Total held-to-maturity securities (d) (f) (g)	$	4,337	$	207	$	(157)	$	4,387	$	4,371	$	237	$	(157)	$	4,451

(a)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $31 million liability and a $13 million asset for agency mortgage-backed residential securities at March 31, 2026, and December 31, 2025, respectively, and a $10 million asset and a $33 million asset for agency mortgage-backed commercial securities at March 31, 2026, and December 31, 2025, respectively. These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 18 for additional information.

(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $14 million at both March 31, 2026, and December 31, 2025.

(d)Investment securities with a fair value of $3.5 billion and $3.7 billion were pledged as collateral at March 31, 2026, and December 31, 2025, respectively. This primarily included $2.7 billion pledged to secure advances from the FHLB at both March 31, 2026, and December 31, 2025. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $866 million and $932 million of the underlying available-for-sale securities at March 31, 2026, and December 31, 2025, respectively.

(e)Totals do not include accrued interest receivable, which was $86 million and $87 million at March 31, 2026, and December 31, 2025, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

(f)There was no allowance for credit losses recorded at both March 31, 2026, and December 31, 2025, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.

(g)Totals do not include accrued interest receivable, which was $12 million and $13 million at March 31, 2026, and December 31, 2025, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

Schedule of Investments Classified by Contractual Maturity Date

The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.


	Total				Due in one year or less				Due after one year through five years				Due after five years through ten years				Due after ten years
($ in millions)	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
March 31, 2026
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies	$	2,397	3.5	%	$	68	1.5	%	$	2,050	3.7	%	$	279	2.3	%	$	—	—	%
U.S. States and political subdivisions	517		3.4		39		5.1		54		3.7		53		4.5		371		3.1
Foreign government	199		2.8		14		1.9		92		2.3		93		3.4		—		—
Agency mortgage-backed residential (b)	12,695		2.9		—		—		1		2.8		—		—		12,694		2.9
Mortgage-backed residential	193		2.7		—		—		—		—		—		—		193		2.7
Agency mortgage-backed commercial (b)	5,107		2.7		144		3.1		1,647		3.3		2,491		2.4		825		2.3

Asset-backed	2		1.5		1		1.5		1		1.3		—		—		—		—
Corporate debt	1,928		3.6		214		2.6		892		2.5		700		4.9		122		5.4
Total available-for-sale securities	$	23,038	3.0		$	480	2.8		$	4,737	3.3		$	3,616	3.0		$	14,205	2.9
Amortized cost basis of available-for-sale securities	$	25,974			$	483			$	4,871			$	4,046			$	16,574
Amortized cost basis of held-to-maturity securities (c)
Agency mortgage-backed residential	$	1,337	3.5	%	$	—	—	%	$	—	—	%	$	—	—	%	$	1,337	3.5	%
Mortgage-backed residential	2,957		2.8		—		—		4		2.9		1		5.3		2,952		2.8
Asset-backed retained notes	43		5.4		—		—		30		5.3		13		5.7		—		—
Total held-to-maturity securities	$	4,337	3.0		$	—	—		$	34	5.0		$	14	5.7		$	4,289	3.0
December 31, 2025
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies	$	2,279	3.4	%	$	84	0.8	%	$	1,771	3.9	%	$	424	2.0	%	$	—	—	%
U.S. States and political subdivisions	551		3.4		48		4.8		50		3.7		65		4.3		388		3.1
Foreign government	188		2.8		14		2.0		75		2.3		99		3.3		—		—
Agency mortgage-backed residential (b)	12,901		2.9		—		—		1		2.8		—		—		12,900		2.9
Mortgage-backed residential	198		2.7		—		—		—		—		—		—		198		2.7
Agency mortgage-backed commercial (b)	4,932		2.7		87		3.4		1,453		3.5		2,314		2.4		1,078		2.3
Asset-backed	12		1.5		—		—		12		1.5		—		—		—		—
Corporate debt	1,912		3.4		232		2.4		866		2.5		679		4.6		135		5.5
Total available-for-sale securities	$	22,973	3.0		$	465	2.5		$	4,228	3.4		$	3,581	2.9		$	14,699	2.9
Amortized cost basis of available-for-sale securities	$	25,825			$	468			$	4,298			$	3,968			$	17,091
Amortized cost basis of held-to-maturity securities (c)
Agency mortgage-backed residential	$	1,303	3.5	%	$	—	—	%	$	—	—	%	$	—	—	%	$	1,303	3.5	%
Mortgage-backed residential	3,018		2.8		—		—		5		2.9		1		5.5		3,012		2.8
Asset-backed retained notes	50		5.4		—		—		35		5.3		15		5.7		—		—
Total held-to-maturity securities	$	4,371	3.0		$	—	—		$	40	5.0		$	16	5.7		$	4,315	3.0

(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the fair value by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost basis inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses. Yield does not consider hedging effects for securities in active hedges.

(b)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $31 million liability and a $13 million asset for agency mortgage-backed residential securities at March 31, 2026, and December 31, 2025, respectively, and a $10 million asset and a $33 million asset for agency mortgage-backed commercial securities at March 31, 2026, and December 31, 2025, respectively. These basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.

(c)Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost basis by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost basis and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.

Schedule of Investment Income

The following table presents interest and dividends on investment securities.


	Three months ended March 31,
($ in millions)	2026		2025
Taxable interest	$	214	$	210
Taxable dividends	4		5
Interest and dividends exempt from U.S. federal income tax	5		6
Interest and dividends on investment securities	$	223	$	221

Schedule of Realized Gain (Loss)

The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.


	Three months ended March 31,
($ in millions)	2026		2025
Available-for-sale securities
Gross realized gains	$	3	$	—
Gross realized losses (a)	—		(495)
Net realized gain (loss) on available-for-sale securities	3		(495)
Net realized gain on equity securities	35		8
Net unrealized loss on equity securities	(59)		(12)
Other loss on investments, net	$	(21)	$	(499)

(a)Includes losses reclassified from accumulated other comprehensive loss related to the balance sheet repositioning of our available-for-sale securities portfolio during the three months ended March 31, 2025.

Schedule of Held to Maturity Debt Securities by Credit Quality

The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of March 31, 2026, and December 31, 2025. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, Fitch, and DBRS. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both March 31, 2026, and December 31, 2025. We have not recorded any interest income reversals on our held-to-maturity securities during the three months ended March 31, 2026, or March 31, 2025.



($ in millions)	AAA		AA		A		BBB		Total (a)
March 31, 2026
Debt securities
Agency mortgage-backed residential	$	—	$	1,337	$	—	$	—	$	1,337
Mortgage-backed residential	2,893		63		1		—		2,957
Asset-backed retained notes	38		3		1		1		43
Total held-to-maturity securities	$	2,931	$	1,403	$	2	$	1	$	4,337
December 31, 2025
Debt securities
Agency mortgage-backed residential	$	—	$	1,303	$	—	$	—	$	1,303
Mortgage-backed residential	2,951		66		1		—		3,018
Asset-backed retained notes	45		2		2		1		50
Total held-to-maturity securities	$	2,996	$	1,371	$	3	$	1	$	4,371

(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.

Schedule of Available-for-Sale Securities in Unrealized Loss Position

The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1. As of March 31, 2026, and December 31, 2025, we did not have the intent to sell available-for-sale securities in an unrealized loss position and we do not believe it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. We have not recorded any interest income reversals on our available-for-sale securities during the three months ended March 31, 2026, or March 31, 2025.


	March 31, 2026								December 31, 2025
	Less than 12 months				12 months or longer				Less than 12 months				12 months or longer
($ in millions)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	267	$	(1)	$	572	$	(54)	$	—	$	—	$	609	$	(51)
U.S. States and political subdivisions	47		(1)		398		(75)		24		—		429		(74)
Foreign government	91		(1)		67		(3)		51		(1)		72		(3)
Agency mortgage-backed residential (a)	552		(7)		9,938		(2,101)		120		—		10,310		(2,084)
Mortgage-backed residential	—		—		193		(33)		—		—		198		(32)
Agency mortgage-backed commercial (a)	678		(6)		3,548		(624)		299		(1)		3,629		(621)
Asset-backed	—		—		2		—		—		—		12		—
Corporate debt	423		(7)		1,030		(64)		86		(1)		1,123		(60)
Total available-for-sale securities	$	2,058	$	(23)	$	15,748	$	(2,954)	$	580	$	(3)	$	16,382	$	(2,925)

(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at March 31, 2026, and December 31, 2025. The basis adjustments would be allocated to the amortized cost basis of specific securities within the pool if the hedge was dedesignated. Refer to Note 18 for additional information.