Securities (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities at March 31, 2026 and December 31, 2025 are summarized below.


	March 31, 2026
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:
U.S. Treasury securities	$	20	$	—	$	(1)	$	19
U.S. Government agency securities	226		—		(5)		221
Mortgage-backed securities	338		—		(17)		321
State and municipal securities	1,782		—		(171)		1,611
Asset-backed securities	107		—		(2)		105
Corporate notes and other	68		—		(4)		64
Total securities held to maturity(1)	$	2,541	$	—	$	(200)	$	2,341
Allowance for credit losses- securities held to maturity	$	(2)
Securities HTM, net of allowance for credit losses	$	2,539

Securities available for sale:
U.S. Treasury securities	$	2,739	$	—	$	(16)	$	2,723
U.S. Government agency securities	208		—		(16)		192

Mortgage-backed securities	12,481		10		(153)		12,338


State and municipal securities	1,486		4		(83)		1,407
Corporate notes and other	289		1		(11)		279
Total securities available for sale(2)	$	17,203	$	15	$	(279)	$	16,939


	December 31, 2025
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:
U.S. Treasury securities	$	20	$	—	$	—	$	20
U.S. Government agency securities	226		—		(5)		221
Mortgage-backed securities	350		—		(18)		332
State and municipal securities	1,821		1		(155)		1,667
Asset-backed securities	108		—		(2)		106
Corporate notes and other	68		—		(4)		64
Total securities held to maturity(1)	$	2,593	$	1	$	(184)	$	2,410
Allowance for credit losses- securities held to maturity	$	(2)
Securities HTM, net of allowance for credit losses	$	2,591

Securities available for sale:
U.S. Treasury securities	$	1,576	$	10	$	—	$	1,586
U.S. Government agency securities	210		—		(15)		195

Mortgage-backed securities	2,852		11		(69)		2,794



State and municipal securities	1,768		8		(67)		1,709
Corporate notes and other	293		2		(12)		283
Total securities available for sale(2)	$	6,699	$	31	$	(163)	$	6,567

(1) The amounts reported exclude accrued interest receivable on debt securities HTM of $16 million and $26 million at March 31, 2026 and December 31, 2025, respectively, which are presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of debt securities HTM includes a net premium of $14 million and $16 million at March 31, 2026 and December 31, 2025, respectively, related to the unamortized portion of unrealized net gains on the transferred debt securities HTM.

(2) The amounts reported exclude accrued interest receivable on debt securities AFS of $133 million and $111 million at March 31, 2026 and December 31, 2025, respectively, which are presented as a component of other assets on the consolidated balance sheets.

Schedule of Gross Unrealized Losses on Investment Securities AFS

Gross unrealized losses on investment securities AFS and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2026 and December 31, 2025 are presented below.


	March 31, 2026
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,832	$	(10)	$	888	$	(6)	$	2,720	$	(16)
U.S. Government agency securities	2		$	—	189		(16)		191		(16)
Mortgage-backed securities	10,226		(88)		704		(65)		10,930		(153)
State and municipal securities	251		(7)		1,104		(76)		1,355		(83)
Corporate notes and other	16		(1)		123		(10)		139		(11)
Total	$	12,327	$	(106)	$	3,008	$	(173)	$	15,335	$	(279)


	December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	205	$	—	$	—	$	—	$	205	$	—
U.S. Government agency securities	—		—		191		(15)		191		(15)

Mortgage-backed securities	506		(1)		876		(68)		1,382		(69)
State and municipal securities	871		(18)		341		(49)		1,212		(67)



Corporate notes and other	15		(2)		141		(10)		156		(12)
Total	$	1,597	$	(21)	$	1,549	$	(142)	$	3,146	$	(163)

Schedule of Amortized Cost and Fair Value by Contractual Maturity of Investment Securities HTM and AFS

The amortized cost and fair value by contractual maturity of debt securities HTM and debt securities AFS at March 31, 2026 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.


	March 31, 2026
(in millions)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Securities HTM:
U.S. Treasury securities
Amortized cost	$	20	$	—	$	—	$	—	$	20
Fair value	19		—		—		—		19

U.S. Government agency securities
Amortized cost	136		65		25		—		226
Fair value	134		64		23		—		221
Mortgage-backed securities
Amortized cost	4		108		122		104		338
Fair value	4		102		118		97		321


	March 31, 2026
(in millions)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
State and municipal securities
Amortized cost	—		12		47		1,723		1,782
Fair value	—		12		45		1,554		1,611
Asset-backed securities
Amortized cost	16		—		—		91		107
Fair value	16		—		—		89		105
Corporate notes and other
Amortized cost	—		57		11		—		68
Fair value	—		54		10		—		64

Securities AFS:
U.S. Treasury securities
Amortized cost	$	532	$	1,312	$	—	$	895	$	2,739
Fair value	532		1,302		—		889		2,723

U.S. Government agency securities
Amortized cost	—		191		2		15		208
Fair value	—		176		2		14		192

Mortgage-backed securities
Amortized cost	45		2,265		1,134		9,037		12,481
Fair value	45		2,239		1,106		8,948		12,338













State and municipal securities
Amortized cost	—		2		5		1,479		1,486
Fair value	—		2		5		1,400		1,407
Corporate notes and other
Amortized cost	—		82		189		18		289
Fair value	—		77		186		16		279

Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale

Gross gains and gross losses on sales of securities AFS for the three months ended March 31, 2026 and 2025 are presented below. The specific identification method is used to reclassify gains and losses out of accumulated other comprehensive income (loss) at the time of sale.


	Three Months Ended March 31,
(in millions)	2026		2025
Gross realized gains on sales(1)	$	13	$	—
Gross realized losses on sales	(10)		(13)
Investment securities gains (losses), net	$	3	$	(13)

(1) Includes a $10 million gain on the termination of fair value hedges related to the U.S Treasury securities and state and municipal securities portfolios.