Investment securities (Tables)

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:
Commercial	4,735		50		3		4,782
Residential	17,257		91		143		17,205
Other	1		—		—		1
	25,219		155		146		25,228
Investment securities held to maturity:
U.S. Treasury	397		—		4		393
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	1,996		—		78		1,918
Residential	7,610		4		633		6,981
Privately issued	30		11		—		41
State and political subdivisions	2,085		—		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 cost	993		—		—		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:
Commercial	4,738		79		1		4,816
Residential	11,953		148		59		12,042
Other	1		—		—		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:
Commercial	2,007		—		74		1,933
Residential	7,816		10		619		7,207
Privately issued	32		12		—		44
State and political subdivisions	2,129		—		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 cost	736		—		—		736
Total equity and other securities	$	1,016	$	3	$	2	$	1,017

__________________________________________________________________________________

(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.

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 Months				12 Months or More				Total
(Dollars in millions)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
March 31, 2026
Investment securities available for sale:
U.S. Treasury	$	248	$	—	$	—	$	—	$	248	$	—
Mortgage-backed securities:
Government issued or guaranteed:
Commercial	723		3		1		—		724		3
Residential	7,759		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:
Commercial	274		4		1,644		74		1,918		78
Residential	1,010		15		5,307		618		6,317		633
Privately issued	2		—		—		—		2		—
State and political subdivisions	554		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:
Commercial	174		1		65		—		239		1
Residential	488		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:
Commercial	28		—		1,840		74		1,868		74
Residential	139		1		6,287		618		6,426		619
Privately issued	2		—		—		—		2		—
State and political subdivisions	13		—		1,866		40		1,879		40
	182		1		10,384		736		10,566		737
Total	$	844	$	4	$	11,938	$	795	$	12,782	$	799

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 years	2,477		2,488
Due after five years through ten years	—		—
Due after ten years	—		—
	3,227		3,241
Mortgage-backed securities	21,992		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 years	388		387
Due after five years through ten years	1,242		1,217
Due after ten years	444		406
	2,483		2,415
Mortgage-backed securities	9,636		8,940
	$	12,119	$	11,355