Securities (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Estimated Fair Values of Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities at June 30, 2026 and December 31, 2025 are summarized below.


	June 30, 2026
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:
U.S. Treasury securities	$	20	$	—	$	—	$	20
U.S. Government agency securities	226		—		(4)		222
Mortgage-backed securities	334		—		(19)		315
State and municipal securities	1,748		1		(130)		1,619
Asset-backed securities	55		—		(2)		53
Corporate notes and other	67		—		(4)		63
Total securities held to maturity(1)	$	2,450	$	1	$	(159)	$	2,292
Allowance for credit losses- securities held to maturity	$	(2)
Securities HTM, net of allowance for credit losses	$	2,448

Securities available for sale:
U.S. Treasury securities	$	2,860	$	—	$	(22)	$	2,838
U.S. Government agency securities	205		—		(17)		188

Mortgage-backed securities	14,550		10		(205)		14,355


State and municipal securities	519		3		(26)		496
Corporate notes and other	286		1		(11)		276
Total securities available for sale(2)	$	18,420	$	14	$	(281)	$	18,153


	December 31, 2025
(in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities held to maturity:
U.S. Treasury securities	$	20	$	—	$	—	$	20
U.S. Government agency securities	226		—		(5)		221
Mortgage-backed securities	350		—		(18)		332
State and municipal securities	1,821		1		(155)		1,667
Asset-backed securities	108		—		(2)		106
Corporate notes and other	68		—		(4)		64
Total securities held to maturity(1)	$	2,593	$	1	$	(184)	$	2,410
Allowance for credit losses- securities held to maturity	$	(2)
Securities HTM, net of allowance for credit losses	$	2,591

Securities available for sale:
U.S. Treasury securities	$	1,576	$	10	$	—	$	1,586
U.S. Government agency securities	210		—		(15)		195

Mortgage-backed securities	2,852		11		(69)		2,794



State and municipal securities	1,768		8		(67)		1,709
Corporate notes and other	293		2		(12)		283
Total securities available for sale(2)	$	6,699	$	31	$	(163)	$	6,567

(1) The amounts reported exclude accrued interest receivable on debt securities HTM of $25 million and $26 million at June 30, 2026 and December 31, 2025, respectively, which are presented as a component of other assets on the consolidated balance sheets. The amortized cost basis of debt securities HTM includes a net premium of $12 million and $16 million at June 30, 2026 and December 31, 2025, respectively, related to the unamortized portion of unrealized net gains on the transferred debt securities HTM.

(2) The amounts reported exclude accrued interest receivable on debt securities AFS of $78 million and $42 million at June 30, 2026 and December 31, 2025, respectively, which are presented as a component of other assets on the consolidated balance sheets.

Schedule of Gross Unrealized Losses on Investment Securities AFS

Gross unrealized losses on investment securities AFS and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2026 and December 31, 2025 are presented below.


	June 30, 2026
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	1,439	$	(19)	$	886	$	(3)	$	2,325	$	(22)
U.S. Government agency securities	—		—		186		(17)		186		(17)
Mortgage-backed securities	11,802		(140)		724		(65)		12,526		(205)
State and municipal securities	20		—		338		(26)		358		(26)
Corporate notes and other	45		(1)		143		(10)		188		(11)
Total	$	13,306	$	(160)	$	2,277	$	(121)	$	15,583	$	(281)


	December 31, 2025
	Less than 12 Months				12 Months or Longer				Total
(in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Treasury securities	$	205	$	—	$	—	$	—	$	205	$	—
U.S. Government agency securities	—		—		191		(15)		191		(15)

Mortgage-backed securities	506		(1)		876		(68)		1,382		(69)
State and municipal securities	871		(18)		341		(49)		1,212		(67)



Corporate notes and other	15		(2)		141		(10)		156		(12)
Total	$	1,597	$	(21)	$	1,549	$	(142)	$	3,146	$	(163)

Schedule of Amortized Cost and Fair Value by Contractual Maturity of Investment Securities HTM and AFS

The amortized cost and fair value by contractual maturity of debt securities HTM and debt securities AFS at June 30, 2026 are shown below. The expected life of MBSs or CMOs may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. For purposes of the maturity table, MBSs and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.


	June 30, 2026
(in millions)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Securities HTM:
U.S. Treasury securities
Amortized cost	$	20	$	—	$	—	$	—	$	20
Fair value	20		—		—		—		20

U.S. Government agency securities
Amortized cost	136		65		25		—		226
Fair value	135		64		23		—		222
Mortgage-backed securities
Amortized cost	4		111		129		90		334
Fair value	4		104		123		84		315


	June 30, 2026
(in millions)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
State and municipal securities
Amortized cost	1		11		41		1,695		1,748
Fair value	1		11		40		1,567		1,619
Asset-backed securities
Amortized cost	—		—		—		55		55
Fair value	—		—		—		53		53
Corporate notes and other
Amortized cost	—		56		11		—		67
Fair value	—		53		10		—		63

Securities AFS:
U.S. Treasury securities
Amortized cost	$	615	$	1,356	$	—	$	889	$	2,860
Fair value	615		1,337		—		886		2,838

U.S. Government agency securities
Amortized cost	—		188		2		15		205
Fair value	—		173		2		13		188

Mortgage-backed securities
Amortized cost	45		2,644		1,173		10,688		14,550
Fair value	44		2,593		1,148		10,570		14,355













State and municipal securities
Amortized cost	—		—		4		515		519
Fair value	—		—		6		490		496
Corporate notes and other
Amortized cost	5		121		142		18		286
Fair value	5		116		139		16		276

Schedule of Gross Gains and Gross Losses on Sales of Securities Available for Sale

Gross gains and gross losses on sales of securities AFS for the three and six months ended June 30, 2026 and 2025 are presented below. The specific identification method is used to reclassify gains and losses out of accumulated other comprehensive income (loss) at the time of sale.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions)	2026		2025		2026		2025
Gross realized gains on sales(1)	$	16	$	—	$	29	$	—
Gross realized losses on sales	(45)		—		(55)		(13)
Investment securities gains (losses), net	$	(29)	$	—	$	(26)	$	(13)

(1) Includes gains (losses) of $15 million and $25 million for the three and six months ended June 30, 2026 on the termination of fair value hedges related to the U.S Treasury securities and state and municipal securities portfolios.