Debt Securities (Tables)

The amortized cost basis, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:


	March 31, 2026
			Recognized in OCI (1)						Not recognized in OCI
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:


Mortgage-backed securities:
Residential agency	$	5,972	$	—	$	(843)	$	5,129	$	13	$	(68)	$	5,074
Commercial agency	305		—		—		305		—		(5)		300
	$	6,277	$	—	$	(843)	$	5,434	$	13	$	(73)	$	5,374

Debt securities available for sale:
U.S. Treasury securities	$	2,386	$	8	$	(49)	$	2,345					$	2,345
Federal agency securities	541		4		(8)		537						537
Obligations of states and political subdivisions	1		—		—		1						1
Mortgage-backed securities:
Residential agency	18,172		164		(702)		17,634						17,634

Commercial agency	6,474		17		(151)		6,340						6,340
Commercial non-agency	90		—		(8)		82						82
Corporate and other debt securities	481		3		(4)		480						480


	$	28,145	$	196	$	(922)	$	27,419					$	27,419


	December 31, 2025
			Recognized in OCI (1)						Not recognized in OCI
	Amortized Cost Basis		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:


Mortgage-backed securities:
Residential agency	$	6,103	$	—	$	(866)	$	5,237	$	37	$	(53)	$	5,221
Commercial agency	370		—		(1)		369		—		(6)		363
	$	6,473	$	—	$	(867)	$	5,606	$	37	$	(59)	$	5,584

Debt securities available for sale:
U.S. Treasury securities	$	2,313	$	10	$	(47)	$	2,276					$	2,276
Federal agency securities	544		6		(7)		543						543
Obligations of states and political subdivisions	2		—		—		2						2
Mortgage-backed securities:
Residential agency	18,820		244		(677)		18,387						18,387

Commercial agency	5,925		34		(130)		5,829						5,829
Commercial non-agency	91		—		(9)		82						82
Corporate and other debt securities	439		5		(3)		441						441
	$	28,134	$	299	$	(873)	$	27,560					$	27,560

(1)Debt securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale.

The amortized cost basis and estimated fair value of debt securities held to maturity and debt securities available for sale at March 31, 2026, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost Basis		Estimated Fair Value
	(In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency	$	5,972	$	5,074
Commercial agency	305		300
	$	6,277	$	5,374
Debt securities available for sale:
Due in one year or less	$	324	$	321
Due after one year through five years	1,844		1,817
Due after five years through ten years	1,171		1,157
Due after ten years	70		68
Mortgage-backed securities:
Residential agency	18,172		17,634

Commercial agency	6,474		6,340
Commercial non-agency	90		82
	$	28,145	$	27,419

The following tables present gross unrealized losses and the related estimated fair value of debt securities available for sale at March 31, 2026 and December 31, 2025. All debt securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.


	March 31, 2026
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)







Debt securities available for sale:
U.S Treasury securities	$	701	$	(5)	$	1,064	$	(44)	$	1,765	$	(49)
Federal agency securities	251		(1)		54		(7)		305		(8)
Mortgage-backed securities:
Residential agency	1,773		(18)		7,335		(684)		9,108		(702)

Commercial agency	2,626		(19)		2,267		(132)		4,893		(151)
Commercial non-agency	—		—		82		(8)		82		(8)
Corporate and other debt securities	139		(2)		117		(2)		256		(4)
	$	5,490	$	(45)	$	10,919	$	(877)	$	16,409	$	(922)


	December 31, 2025
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)








Debt securities available for sale:
U.S. Treasury securities	$	203	$	(1)	$	1,197	$	(46)	$	1,400	$	(47)
Federal agency securities	—		—		57		(7)		57		(7)
Mortgage-backed securities:
Residential agency	—		—		8,498		(677)		8,498		(677)

Commercial agency	754		(3)		2,430		(127)		3,184		(130)

Commercial non-agency	—		—		82		(9)		82		(9)
Corporate and other debt securities	—		—		169		(3)		169		(3)
	$	957	$	(4)	$	12,433	$	(869)	$	13,390	$	(873)

The following table presents gross realized gains and gross realized losses on sales of debt securities available for sale:


	Three Months Ended March 31
	2026		2025
	(In millions)
Gross realized gains	$	2	$	1
Gross realized losses	(5)		(26)
Securities gains (losses), net	$	(3)	$	(25)