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FAIR VALUE
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
We measure certain assets and liabilities at fair value. Fair value represents the price that would be received to sell an asset or paid to transfer a liability (i.e., an exit price) in the principal market or most advantageous market available to us, in an orderly transaction between market participants as of the measurement date. For more information about our valuation methodologies for assets and liabilities measured at fair value, as well as the fair value hierarchy, see Note 3 of our 2025 Form 10-K.
Fair Value Hierarchy
The following schedule presents assets and liabilities measured at fair value on a recurring basis:
(In millions)March 31, 2026
Level 1Level 2Level 3NettingTotal
ASSETS
Trading securities$— $104 $— $— $104 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations1,691 6,600 — — 8,291 
Municipal securities— 869 — — 869 
Other debt securities— 24 — — 24 
Total available-for-sale1,691 7,493 — — 9,184 
Loans held for sale— 57 — — 57 
Other noninterest-bearing investments:
Bank-owned life insurance— 576 — — 576 
Private equity investments 1
4 — 159 — 163 
Other assets:
Agriculture loan servicing— — 20 — 20 
Deferred compensation plan assets155 — — — 155 
Derivatives— 484 — (298)186 
Total assets$1,850 $8,714 $179 $(298)$10,445 
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased$9 $— $— $— $9 
Other liabilities:
Derivatives— 392 — (194)198 
Total liabilities$9 $392 $— $(194)$207 
(In millions)December 31, 2025
Level 1Level 2Level 3NettingTotal
ASSETS
Trading securities$— $64 $— $— $64 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations1,411 6,862 — — 8,273 
Municipal securities— 909 — — 909 
Other debt securities— 25 — — 25 
Total available-for-sale1,411 7,796 — — 9,207 
Loans held for sale— 71 — — 71 
Other noninterest-bearing investments:
Bank-owned life insurance— 573 — — 573 
Private equity investments 1
6 — 157 — 163 
Other assets:
Agriculture loan servicing— — 18 — 18 
Deferred compensation plan assets154 — — — 154 
Derivatives— 360 — (283)77 
Total assets$1,571 $8,864 $175 $(283)$10,327 
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased$135 $— $— $— $135 
Other liabilities:
Derivatives— 260 — (68)192 
Total liabilities$135 $260 $— $(68)$327 
1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.
Fair Value Option for Certain Loans Held for Sale
We apply the fair value option to certain commercial real estate (“CRE”) loans designated for sale to third-party conduits for securitization and hedged with derivative instruments. This election reduces accounting volatility that would otherwise result from the mismatch between measuring loans held for sale at the lower of cost or fair value and derivatives at fair value, without requiring the application of hedge accounting. These loans are included in “Loans held for sale” on the consolidated balance sheet. Related fair value gains and losses are included in “Capital markets fees and income” on the consolidated statement of income, and accrued interest is included in “Interest and fees on loans.”
At March 31, 2026 and December 31, 2025, we had $57 million and $71 million, respectively, of loans measured at fair value, with a corresponding unpaid principal balance of $58 million and $72 million. During the first three months of 2026 and 2025, we recognized approximately $1 million and $2 million, respectively, in net gains from loan sales and valuation adjustments related to loans measured at fair value and the associated derivatives.
Level 3 Valuations
Our Level 3 financial instruments include PEIs and agriculture loan servicing. For additional information regarding our Level 3 financial instruments, including the methods and significant assumptions used to estimate their fair value, see Note 3 of our 2025 Form 10-K.
Roll-forward of Level 3 Fair Value Measurements
The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
(In millions)Private equity investmentsAg loan servicingPrivate equity investmentsAg loan servicing
Balance at beginning of period
$157 $18 $105 $20 
Unrealized securities gains, net— — 4 — 
Other noninterest income— 2 — (1)
Purchases2 — 1 — 
Cost of investments sold— — (1)— 
Transfers out— — — — 
Balance at end of period
$159 $20 $109 $19 
There were no realized gains or losses related to Level 3 instruments recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented.
Nonrecurring Fair Value Measurements
Certain assets and liabilities are measured at fair value on a nonrecurring basis. These include impaired loans measured at the fair value of the underlying collateral, other real estate owned (“OREO”), and equity investments without readily determinable fair values. Nonrecurring fair value adjustments generally arise from observable price changes for such equity investments, write-downs of individual assets, or the application of lower of cost or fair value accounting.
At March 31, 2026, we had no collateral-dependent loans measured at fair value. During the first quarter of 2026, we recognized no losses related to changes in fair value for these loans. For more information on assets and liabilities measured at fair value on a nonrecurring basis, see Note 3 of our 2025 Form 10-K.
Fair Value of Certain Financial Instruments
The following schedule presents the carrying values and estimated fair values of certain financial instruments:
 March 31, 2026December 31, 2025
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
Held-to-maturity investment securities$8,688 $8,696 2$8,867 $8,940 2
Loans and leases (including loans held for sale), net of allowance
60,785 59,775 360,423 59,383 3
Financial liabilities:
Time deposits9,661 9,571 29,907 9,839 2
Long-term debt1,963 1,974 21,472 1,506 2
The preceding schedule excludes financial instruments that are recorded at fair value on a recurring basis, as well as certain financial assets and liabilities for which carrying value approximates fair value. For additional information regarding the financial instruments included within the scope of this disclosure, along with the valuation methodologies and significant assumptions used in estimating their fair values, see Note 3 of our 2025 Form 10-K.