v3.26.1
Investment securities
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investment securities


2. Investment securities
The amortized cost and fair value of investment securities were as follows.
(Dollars in millions)Amortized
Cost (a)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
March 31, 2026
Investment securities available for sale:
U.S. Treasury $3,226 $14 $— $3,240 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,735 50 3 4,782 
Residential17,257 91 143 17,205 
Other 1 — — 1 
25,219 155 146 25,228 
Investment securities held to maturity:
U.S. Treasury397 — 4 393 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial1,996 — 78 1,918 
Residential7,610 4 633 6,981 
Privately issued30 11 — 41 
State and political subdivisions2,085 — 64 2,021 
Other 1 — — 1 
 12,119 15 779 11,355 
Total debt securities$37,338 $170 $925 $36,583 
Equity and other securities:
Readily marketable equity — at fair value$280 $3 $2 $281 
Other — at cost993 — — 993 
Total equity and other securities$1,273 $3 $2 $1,274 
 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $6,302 $43 $2 $6,343 
Mortgage-backed securities:    
Government issued or guaranteed:    
Commercial4,738 79 1 4,816 
Residential11,953 148 59 12,042 
Other1 — — 1 
22,994 270 62 23,202 
Investment securities held to maturity:
U.S. Treasury 445 — 4 441 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,007 — 74 1,933 
Residential7,816 10 619 7,207 
Privately issued32 12 — 44 
State and political subdivisions2,129 — 40 2,089 
Other 1 — — 1 
12,430 22 737 11,715 
Total debt securities$35,424 $292 $799 $34,917 
Equity and other securities:
Readily marketable equity — at fair value$280 $3 $2 $281 
Other — at cost736 — — 736 
Total equity and other securities$1,016 $3 $2 $1,017 
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(a)Amortized cost balances of debt securities exclude accrued interest receivable of $163 million and $187 million at March 31, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
2. Investment securities
A summary of debt investment securities that as of March 31, 2026 and December 31, 2025 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 MoreTotal
(Dollars in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized Losses
March 31, 2026
Investment securities available for sale:
U.S. Treasury$248 $— $— $— $248 $— 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial723 3 1 — 724 3 
Residential7,759 83 1,163 60 8,922 143 
Other — — 1 — 1 — 
8,730 86 1,165 60 9,895 146 
Investment securities held to maturity:
U.S. Treasury — — 393 4 393 4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial274 4 1,644 74 1,918 78 
Residential1,010 15 5,307 618 6,317 633 
Privately issued2 — — — 2 — 
State and political subdivisions554 8 1,319 56 1,873 64 
1,840 27 8,663 752 10,503 779 
Total$10,570 $113 $9,828 $812 $20,398 $925 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $— $— $185 $2 $185 $2 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial174 1 65 — 239 1 
Residential488 2 1,303 57 1,791 59 
Other — — 1 — 1 — 
662 3 1,554 59 2,216 62 
Investment securities held to maturity:
U.S. Treasury — — 391 4 391 4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial28 — 1,840 74 1,868 74 
Residential139 1 6,287 618 6,426 619 
Privately issued2 — — — 2 — 
State and political subdivisions13 — 1,866 40 1,879 40 
182 1 10,384 736 10,566 737 
Total$844 $4 $11,938 $795 $12,782 $799 
2. Investment securities
The Company owned 3,325 individual debt securities with aggregate gross unrealized losses of $925 million at March 31, 2026. Based on a review of each of the securities in the investment securities portfolio at March 31, 2026, including security type and issuer credit quality, the Company concluded that it expected to recover the amortized cost basis of its investment. As of March 31, 2026, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. The Company estimated no material allowance for credit losses for its investment securities at March 31, 2026 or December 31, 2025. At March 31, 2026, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $993 million of cost method equity securities.
At March 31, 2026, the amortized cost and fair value of debt securities by contractual maturity were as follows.
(Dollars in millions)Amortized
Cost		Fair Value
Debt securities available for sale:
Due in one year or less$750 $753 
Due after one year through five years2,477 2,488 
Due after five years through ten years— — 
Due after ten years— — 
3,227 3,241 
Mortgage-backed securities21,992 21,987 
$25,219 $25,228 
Debt securities held to maturity:
Due in one year or less$409 $405 
Due after one year through five years388 387 
Due after five years through ten years1,242 1,217 
Due after ten years444 406 
2,483 2,415 
Mortgage-backed securities9,636 8,940 
$12,119 $11,355 
There were no significant gross realized gains or losses from sales of investment securities for the three-month periods ended March 31, 2026 and 2025.
At March 31, 2026 and December 31, 2025, investment securities with carrying values of $5.8 billion (including $64 million related to repurchase transactions) and $5.3 billion (including $67 million related to repurchase transactions), respectively, were pledged to secure outstanding borrowings, lines of credit and governmental deposits.