v3.26.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis
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.
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs
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 
Schedule of Carrying Values and Estimated Fair Values
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