v3.26.1
Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Derivative Instruments included in the Consolidated Balance Sheets
The following table reflects the estimated fair value of derivative instruments included in other assets and other liabilities on the consolidated balance sheets along with their respective notional amounts on a gross basis.
June 30, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
(in millions)Notional AmountDerivative Assets Derivative Liabilities Notional AmountDerivative AssetsDerivative Liabilities
Derivatives in cash flow hedging relationships:
Interest rate contracts $12,250 $79 $— $9,750 $83 $— 
Total cash flow hedges$79 $— $83 $— 
Derivatives in fair value hedging relationships:
Interest rate contracts$7,207 $52 $11 $4,340 $47 $1 
Total fair value hedges$52 $11 $47 $1 
Total derivatives designated as hedging instruments$131 $11 $130 $1 
Derivatives not designated
  as hedging instruments:
Interest rate contracts $27,013 $56 $167 $6,425 $40 $40 
Mortgage derivatives - interest rate lock commitments122 2 — 64 1 — 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans124 — — 53 — — 
Foreign exchange contracts163 1 — — — — 
Visa derivative— — 2 — — — 
Credit default swap143— — 153 — — 
Total derivatives not designated as hedging instruments    $59 $169 $41 $40 
Schedule of Effect of Hedging Derivative Instruments in the Consolidated Statements of Income
The following table presents the effect of hedging derivative instruments in the consolidated statements of income and the total amounts for the respective line item affected for the three and six months ended June 30, 2026 and 2025.
Three Months Ended June 30, 2026
Interest IncomeInterest Expense
(in millions)Loans, including fees
Investment securities
DepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$1,310 $208 $534 $77 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(2)$(7)$(21)
Recognized on hedged items— 2 7 21 
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
Three Months Ended June 30, 2025
Interest IncomeInterest Expense
(in millions)Loans, including fees
Investment securities
DepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$570 $94 $285 $29 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(5)$— $5 
Recognized on hedged items— 5 — (5)
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
Six Months Ended June 30, 2026
Interest IncomeInterest Expense
(in millions)Loans, including fees
Investment securities
DepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$2,570 $405 $1,055 $136 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(8)$(12)$(34)
Recognized on hedged items— 8 12 34 
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
Six Months Ended June 30, 2025
Interest IncomeInterest Expense
(in millions)Loans, including feesInvestment securitiesDepositsFHLB advances and other borrowings
Total interest income/expense amounts presented in the consolidated statements of income$1,118 $181 $558 $59 
Gain (loss) on fair value hedging relationships:
Recognized on derivatives$— $(22)$— $17 
Recognized on hedged items— 22 — (17)
Pre-tax income (loss) recognized on fair value hedges$— $— $— $— 
Schedule of Carrying Amount and Associated Cumulative Basis Adjustment Related to the Application of Hedge Accounting
The following table presents the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of the hedged assets/(liabilities) in fair value hedging relationships.
June 30, 2026December 31, 2025
(in millions)Hedged Items Currently DesignatedHedged Items Currently Designated
Line item on the balance sheetCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis AdjustmentCarrying Amount of Assets/(Liabilities)Hedge Accounting Basis Adjustment
Securities available for sale(1)(2)
$2,355 $(92)$3,701 $(48)
Interest-bearing deposits(1,838)(12)— — 
FHLB advances and other borrowings(3,425)(35)(1,174)(1)
(1) In April 2022, interest rates swaps designated as fair value hedges with notional amounts totaling $164 million and market values totaling $14 million were terminated. Approximately $986,000 in gains were recognized at the time of termination and the remaining $3 million at June 30, 2026 will be accreted as additional interest income on the previously hedged available for sale mortgage backed and municipal securities over the same period as existing purchase discounts or premiums on these securities.
(2) Carrying amount represents amortized cost.
Schedule of Pre-Tax Effect of Changes in Fair Value from Derivative Instruments Not Designated as Hedging Instruments
The pre-tax effect of changes in fair value from derivative instruments not designated as hedging instruments in the consolidated statements of income for the three and six months ended June 30, 2026 and 2025 is presented below.
Gain (Loss) Recognized in Consolidated Statements of Income
Three Months Ended June 30,Six Months Ended June 30,
(in millions)
Location in Consolidated Statements of Income
2026202520262025
Derivatives not designated
  as hedging instruments:
Mortgage derivatives - interest rate lock commitmentsTotal loan sales and servicing$2 $— $2 $— 
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loansTotal loan sales and servicing— — 1 — 
Foreign exchange contractsCapital markets income— — (1)— 
Visa derivativeOther non-interest expense2 — 2 —