INVESTMENT SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments [Abstract] |
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| Schedule of Amortized Cost and Fair Value of Investment Securities |
The following tables include the amortized cost and fair value of investment securities:
Amortized Cost and Fair Value - Investment Securities | | | | | | | | | | | | | | | | | | | | | | | | | 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 | |
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| Schedule of Investment Securities Maturity Information |
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.
Maturities - Debt Securities | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | | | | | | | | |
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| Schedule of Interest and Dividends on Investment Securities |
The following table presents interest and dividend income on investment securities:
Interest and Dividends on Investment Securities | | | | | | | | | | | | | | | | | | | dollars in millions | Three Months Ended March 31, | | | | 2026 | | 2025 | | | | | | | Interest income - taxable investment securities (1) | $ | 383 | | | $ | 413 | | | | | | | | | | | | | | | | | | | Dividend income - marketable equity securities | 1 | | | 1 | | | | | | | | | Interest on investment securities | $ | 384 | | | $ | 414 | | | | | | | |
(1) Amount includes interest income on securities purchased under agreements to resell.
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| Schedule of Realized Losses |
The following table presents the gross realized gain and loss on sales of investment securities available for sale, and the net realized gain on sale of marketable equity securities:
Realized Gain (Loss) on Sale of Investment Securities, Net | | | | | | | | | | | | | | | | | | | 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 | $ | — | | | $ | — | | | | | | | |
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| Schedule of Unrealized Losses on Available-for-sale Securities |
The following table provides information regarding investment securities available for sale with unrealized losses:
Gross Unrealized Losses on Debt Securities Available For Sale | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
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