v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 3 Months Ended
Mar. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Derivative Instruments included in the Consolidated Balance Sheets
The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
March 31, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
(in millions)Notional AmountDerivative Assets Derivative Liabilities Notional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts $12,250 $92 $— $9,750 $83 $— 
Total cash flow hedges$92 $— $83 $— 
Derivatives in fair value hedging relationships:
Interest rate contracts$6,562 $48 $7 $4,340 $47 $1 
Total fair value hedges$48 $7 $47 $1 
Total derivatives designated as hedging instruments$139 $7 $130 $1 
Derivatives not designated
  as hedging instruments:
Interest rate contracts $21,991 $59 $139 $6,425 $40 $40 
Mortgage derivatives - interest rate lock commitments159 2 — 64 1 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans150 1 — 53 — — 
Foreign exchange contracts171 1 — — — — 
Total derivatives not designated as hedging instruments    $63 $139 $41 $40 
Schedule of Effect of Hedging Derivative Instruments in the Consolidated Statements of Income
The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three months ended March 31, 2026 and 2025.
Three Months Ended March 31, 2026
Interest IncomeInterest Expense
(in millions)
Loans, including fees(1)
Investment securities
DepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$1,260 $197 $521 $59 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(6)$(5)$(13)
Recognized on hedged items— 6 5 13 
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
Three Months Ended March 31, 2025
Interest IncomeInterest Expense
(in millions)Loans, including fees
Investment securities
DepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$548 $87 $274 $29 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(17)$— $12 
Recognized on hedged items— 17 — (12)
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
(1)     See "Part I - Item 1. Financial Statements and Supplementary Data - Note 7 - Shareholders' Equity and Other Comprehensive Income (Loss)" for gain (loss) recognized on cash flow hedging relationships in AOCI.
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
March 31, 2026December 31, 2025
(in millions)Hedged Items Currently DesignatedHedged Items Currently Designated
Line item on the balance sheetCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Securities available for sale(1)(2)
$3,019 $(48)$3,701 $(48)
Interest-bearing deposits(1,200)5 — — 
FHLB advances and other borrowings(2,866)13 (1,174)(1)
(1) In April 2022, interest rates swaps designated as fair value hedges under the portfolio layer method with notional amounts totaling $164 million and market values totaling $14 million were terminated. Approximately $986,000 in gains were recognized at the time of termination and the remaining $4 million at March 31, 2026 will be accreted as additional interest income on the previously hedged available for sale mortgage backed and municipal securities over the same period as existing purchase discounts or premiums on these securities.
(2) Carrying amount represents amortized cost
Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three months ended March 31, 2026 and 2025 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended March 31,
(in millions)
Location in Consolidated Statements of Income
20262025
Derivatives not designated
  as hedging instruments:
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansTotal loan sales and servicing1 — 
Foreign exchange contractsCapital markets income(1)—