v3.26.1
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Carrying Amounts and Fair Values of Investment Securities
The carrying amounts and fair values of investment securities are summarized as follows:
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Private label residential MBS$162 $— $(29)$133 
Tax-exempt1,463 3 (149)1,317 
Total HTM securities$1,625 $3 $(178)$1,450 
Available-for-sale debt securities
CLO$2,967 $3 $(4)$2,966 
Commercial MBS issued by GSEs and GNMA478 2 (9)471 
Corporate debt securities305 — (8)297 
Private label residential MBS1,155 — (150)1,005 
Residential MBS issued by GSEs and GNMA7,808 18 (329)7,497 
Tax-exempt873 — (85)788 
U.S. Treasury securities5,682 1 (73)5,610 
Other75 — (8)67 
Total AFS debt securities$19,343 $24 $(666)$18,701 
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Private label residential MBS$165 $— $(28)$137 
Tax-exempt1,419 3 (132)1,290 
Total HTM securities$1,584 $3 $(160)$1,427 
Available-for-sale debt securities
CLO$2,743 $4 $— $2,747 
Commercial MBS issued by GSEs and GNMA638 5 (8)635 
Corporate debt securities308 — (11)297 
Private label residential MBS1,185 2 (148)1,039 
Residential MBS issued by GSEs and GNMA7,489 52 (311)7,230 
Tax-exempt879 — (77)802 
U.S. Treasury securities5,986 31 (47)5,970 
Other75 1 (8)68 
Total AFS debt securities$19,303 $95 $(610)$18,788 
Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position
The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position: 
March 31, 2026
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
CLO$4 $1,397 $— $— $4 $1,397 
Commercial MBS issued by GSEs and GNMA1 162 8 120 9 282 
Corporate debt securities1 76 7 201 8 277 
Private label residential MBS— — 150 857 150 857 
Residential MBS issued by GSEs and GNMA14 2,084 315 1,408 329 3,492 
Tax-exempt2 25 83 701 85 726 
U.S. Treasury securities73 4,797 — — 73 4,797 
Other— — 8 54 8 54 
Total AFS securities$95 $8,541 $571 $3,341 $666 $11,882 
December 31, 2025
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
Commercial MBS issued by GSEs and GNMA$— $— $8 $81 $8 $81 
Corporate debt securities1 19 10 226 11 245 
Private label residential MBS— — 148 875 148 875 
Residential MBS issued by GSEs and GNMA— — 311 1,503 311 1,503 
Tax-exempt2 10 75 731 77 741 
U.S. Treasury securities47 1,891 — — 47 1,891 
Other— — 8 56 8 56 
Total AFS securities$50 $1,920 $560 $3,472 $610 $5,392 
Rollforward by Major Security Type of the ACL on AFS Debt Securities
The following table presents a rollforward of the ACL based on the Company's impairment analysis of AFS debt securities:
Three Months Ended March 31,
20262025
(in millions)
Balance, beginning of period$— $0.4 
Recovery of credit losses— (0.2)
Charge-offs— — 
Recoveries— — 
Balance, end of period$— $0.2 
Rollforward by Major Security Type of the ACL on HTM Debt Securities The following table presents a rollforward of the ACL on the Company's HTM tax-exempt debt securities:
Three Months Ended March 31,
20262025
(in millions)
Balance, beginning of period$12.9 $16.4 
Provision for (recovery of) credit losses0.5 (4.8)
Charge-offs— — 
Recoveries— — 
Balance, end of period$13.4 $11.6 
Investment Securities by Credit Rating Type
The following tables summarize the carrying amount of the Company’s securities by investment ratings position, which are updated quarterly and used to monitor credit quality of the securities: 
March 31, 2026
AAAAA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Private label residential MBS$— $— $— $— $— $162 $162 
Tax-exempt— — — — — 1,463 1,463 
Total HTM securities (1)$— $— $— $— $— $1,625 $1,625 
Available-for-sale debt securities
CLO$914 $2,052 $— $— $— $— $2,966 
Commercial MBS issued by GSEs and GNMA1 470 — — — — 471 
Corporate debt securities— — 78 135 84 — 297 
Private label residential MBS979 26 — — — — 1,005 
Residential MBS issued by GSEs and GNMA— 7,497 — — — — 7,497 
Tax-exempt8 355 356 — — 69 788 
U.S. Treasury securities— 5,610 — — — — 5,610 
Other— 11 2 28 10 16 67 
Total AFS securities (1)$1,902 $16,021 $436 $163 $94 $85 $18,701 
Equity securities
CRA investments$— $28 $— $— $— $— $28 
Preferred stock— — — 21 30 — 51 
Total equity securities (1)$— $28 $— $21 $30 $— $79 
(1)For rated securities where ratings differ, the Company uses an average of the available ratings by major credit agencies.
December 31, 2025
AAAAA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Private label residential MBS$— $— $— $— $— $165 $165 
Tax-exempt— — — — — 1,419 1,419 
Total HTM securities (1)$— $— $— $— $— $1,584 $1,584 
Available-for-sale debt securities
CLO$739 $1,857 $151 $— $— $— $2,747 
Commercial MBS issued by GSEs and GNMA1 634 — — — — 635 
Corporate debt securities— — 78 138 81 — 297 
Private label residential MBS1,012 26 — — 1 — 1,039 
Residential MBS issued by GSEs and GNMA— 7,230 — — — — 7,230 
Tax-exempt8 362 361 — — 71 802 
U.S. Treasury securities— 5,970 — — — — 5,970 
Other— 11 3 28 10 16 68 
Total AFS securities (1)$1,760 $16,090 $593 $166 $92 $87 $18,788 
Equity securities
CRA investments$— $27 $— $— $— $— $27 
Preferred stock— — — 21 30 1 52 
Total equity securities (1)$— $27 $— $21 $30 $1 $79 
(1)For rated securities where ratings differ, the Company uses an average of the available ratings by major credit agencies.
Amortized Cost and Fair Value of Investment Securities by Contractual Maturities
The amortized cost and fair value of the Company's debt securities as of March 31, 2026, by contractual maturities are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities.
March 31, 2026
Amortized CostEstimated Fair Value
(in millions)
Held-to-maturity
Due in one year or less$19 $20 
After one year through five years18 18 
After five years through ten years176 169 
After ten years1,250 1,110 
Mortgage-backed securities162 133 
Total HTM securities$1,625 $1,450 
Available-for-sale
Due in one year or less$952 $950 
After one year through five years1,460 1,456 
After five years through ten years575 571 
After ten years6,915 6,751 
Mortgage-backed securities9,441 8,973 
Total AFS securities$19,343 $18,701 
Gains and Losses on Sales of Investment Securities
The following table presents gross gains and losses on sales of investment securities:
Three Months Ended March 31,
20262025
(in millions)
Available-for-sale securities
Gross gains$57.6 $2.1 
Gross losses(7.1)— 
Net gain on AFS securities$50.5 $2.1