
dollars in millions	March 31, 2026
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale
U.S. Treasury	$	12,439	$	23	$	(20)	$	12,442
Government agency	39		—		(1)		38
Residential mortgage-backed securities	17,782		160		(347)		17,595
Commercial mortgage-backed securities	3,259		16		(176)		3,099
Corporate bonds	132		—		(4)		128
Municipal bonds	12		—		—		12

Total investment securities available for sale	$	33,663	$	199	$	(548)	$	33,314
Investment in marketable equity securities	$	83	$	47	$	—	$	130
Investment securities held to maturity
U.S. Treasury	$	389	$	—	$	(15)	$	374
Government agency	1,205		—		(55)		1,150
Residential mortgage-backed securities	4,395		21		(490)		3,926
Commercial mortgage-backed securities	3,305		—		(623)		2,682

Supranational securities	246		—		(20)		226
Other	2		—		—		2
Total investment securities held to maturity	$	9,542	$	21	$	(1,203)	$	8,360
Total investment securities	$	43,288	$	267	$	(1,751)	$	41,804

	December 31, 2025
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Investment securities available for sale
U.S. Treasury	$	10,624	$	50	$	(1)	$	10,673
Government agency	44		—		(1)		43
Residential mortgage-backed securities	17,683		263		(323)		17,623
Commercial mortgage-backed securities	3,444		28		(173)		3,299
Corporate bonds	145		—		(5)		140
Municipal bonds	12		—		—		12
Total investment securities available for sale	$	31,952	$	341	$	(503)	$	31,790
Investment in marketable equity securities	$	83	$	44	$	—	$	127
Investment securities held to maturity
U.S. Treasury	$	388	$	—	$	(15)	$	373
Government agency	1,225		—		(55)		1,170
Residential mortgage-backed securities	4,450		32		(490)		3,992
Commercial mortgage-backed securities	3,337		—		(608)		2,729

Supranational securities	246		—		(20)		226
Other	1		—		—		1
Total investment securities held to maturity	$	9,647	$	32	$	(1,188)	$	8,491
Total investment securities	$	41,682	$	417	$	(1,691)	$	40,408

U.S. Treasury investments include Treasury bills and Notes issued by the U.S. Treasury. Investments in government agency securities represent securities issued by the Small Business Administration (“SBA”), Federal Home Loan Bank (“FHLB”) and other U.S. agencies. Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). Investments in corporate bonds represent positions in debt securities of other financial institutions. Municipal bonds are revenue bonds. Investments in marketable equity securities represent positions in common stock of publicly traded financial institutions. Investments in supranational securities represent securities issued by the Supranational Entities & Multilateral Development Banks. Other held to maturity investments include certificates of deposit with other financial institutions.

BancShares initially held approximately 354,000 shares of Visa, Inc. (“Visa”) Class B common stock (“Visa Class B common stock”). Effective January 24, 2024, all outstanding shares of Visa Class B common stock were redenominated as Visa Class B-1 common stock (“Visa Class B-1 common stock”) pursuant to Visa’s eighth amended and restated certificate of incorporation. BancShares currently holds approximately 354,000 shares of Visa Class B-1 common stock. Until the resolution of certain litigation, at which time the Visa Class B-1 common stock will convert to publicly traded Visa Class A common stock, or the potential exchange of Visa Class B-1 common stock for other marketable classes of Visa common stock, these shares are only transferable to other stockholders of Visa Class B-1 common stock or certain new denominations of Visa’s former Class B common stock. As a result, there is limited transfer activity in private transactions between buyers and sellers. Given this limited trading activity and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange of Visa Class B-1 common stock for shares of Visa Class A common stock or other marketable classes of Visa common stock, these shares are not considered to have a readily determinable fair value and have no carrying value. BancShares has not elected to participate in any exchange offers pertaining to its shares of Visa Class B-1 common stock, including the exchange offer Visa commenced on April 13, 2026. BancShares continues to monitor the trading activity in Visa Class B-1 common stock, the status of the resolution of certain litigation matters at Visa, and other potential exchange alternatives that would trigger the conversion of the Visa Class B-1 common stock into Visa Class A common stock or other marketable classes of Visa common stock.

Accrued interest receivable for available for sale and held to maturity debt securities was excluded from the estimate for credit losses. At March 31, 2026, accrued interest receivable for available for sale and held to maturity debt securities was $184 million and $18 million, respectively. At December 31, 2025, accrued interest receivable for available for sale and held to maturity debt securities was $157 million and $20 million, respectively. During the three months ended March 31, 2026 and 2025, there was no accrued interest that was deemed uncollectible and written off against interest income.

The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date.


dollars in millions	March 31, 2026				December 31, 2025
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Investment securities available for sale
Non-amortizing securities maturing in:
One year or less	$	6,393	$	6,406	$	4,893	$	4,914
After one through five years	6,162		6,150		5,853		5,879
After five through 10 years	16		14		23		20
After 10 years	12		12		12		12

Government agency	39		38		44		43
Residential mortgage-backed securities	17,782		17,595		17,683		17,623
Commercial mortgage-backed securities	3,259		3,099		3,444		3,299

Total investment securities available for sale	$	33,663	$	33,314	$	31,952	$	31,790
Investment securities held to maturity
Non-amortizing securities maturing in:
One year or less	$	369	$	364	$	307	$	303
After one through five years	1,473		1,388		1,434		1,360
After five through 10 years	—		—		119		107


Residential mortgage-backed securities	4,395		3,926		4,450		3,992
Commercial mortgage-backed securities	3,305		2,682		3,337		2,729



Total investment securities held to maturity	$	9,542	$	8,360	$	9,647	$	8,491


dollars in millions	Three Months Ended March 31,
	2026		2025
Gross realized gain on sale of investment securities available for sale	$	—	$	1
Gross realized loss on sale of investment securities available for sale	—		(2)
Net realized gain (loss) on sale of investment securities available for sale	—		(1)
Net realized gain on sale of marketable equity securities	—		1
Realized gain (loss) on sale of investment securities, net	$	—	$	—


dollars in millions	March 31, 2026
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available for sale
U.S. Treasury	$	4,657	$	(20)	$	—	$	—	$	4,657	$	(20)
Government agency	—		—		38		(1)		38		(1)
Residential mortgage-backed securities	2,883		(21)		3,120		(326)		6,003		(347)
Commercial mortgage-backed securities	148		(1)		1,025		(175)		1,173		(176)
Corporate bonds	8		—		111		(4)		119		(4)

Total	$	7,696	$	(42)	$	4,294	$	(506)	$	11,990	$	(548)

	December 31, 2025
	Less than 12 months				12 months or more				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Investment securities available for sale
U.S. Treasury	$	859	$	(1)	$	—	$	—	$	859	$	(1)
Government agency	—		—		43		(1)		43		(1)
Residential mortgage-backed securities	815		(2)		3,292		(321)		4,107		(323)
Commercial mortgage-backed securities	48		—		1,129		(173)		1,177		(173)
Corporate bonds	—		—		123		(5)		123		(5)

Total	$	1,722	$	(3)	$	4,587	$	(500)	$	6,309	$	(503)

As of March 31, 2026, there were 300 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 285 were government sponsored enterprise-issued mortgage-backed securities including GNMA, FHLMC and FNMA, or government agency securities, and the remaining 15 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of March 31, 2026, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that no allowance for credit loss was required for investment securities available for sale as of March 31, 2026.

BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities including GNMA, FHLMC and FNMA, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities & Multilateral Development Banks. Given the consistently strong credit rating of the U.S. Treasury and the Supranational Entities & Multilateral Development Banks, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, no allowance for credit loss was required for debt securities held to maturity as of March 31, 2026.