v3.26.1
Investment securities (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost and Estimated Fair Value of Investment Securities
The amortized cost and fair value of investment securities were as follows.
(Dollars in millions)Amortized
Cost (a)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
June 30, 2026
Investment securities available for sale:
U.S. Treasury $3,227 $4 $4 $3,227 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,744 22 11 4,755 
Residential (b)17,523 61 197 17,387 
Other 1 — — 1 
25,495 87 212 25,370 
Investment securities held to maturity:
U.S. Treasury398 — 3 395 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial1,996 — 92 1,904 
Residential7,463 1 663 6,801 
Privately issued28 11 — 39 
State and political subdivisions2,022 — 43 1,979 
Other 1 — — 1 
11,908 12 801 11,119 
Total debt securities$37,403 $99 $1,013 $36,489 
Equity and other securities:
Readily marketable equity — at fair value$242 $5 $2 $245 
Other — at cost851 — — 851 
Total equity and other securities$1,093 $5 $2 $1,096 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $6,302 $43 $2 $6,343 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial4,738 79 1 4,816 
Residential11,953 148 59 12,042 
Other1 — — 1 
22,994 270 62 23,202 
Investment securities held to maturity:
U.S. Treasury 445 — 4 441 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial2,007 — 74 1,933 
Residential7,816 10 619 7,207 
Privately issued32 12 — 44 
State and political subdivisions2,129 — 40 2,089 
Other 1 — — 1 
12,430 22 737 11,715 
Total debt securities$35,424 $292 $799 $34,917 
Equity and other securities:
Readily marketable equity — at fair value$280 $3 $2 $281 
Other — at cost736 — — 736 
Total equity and other securities$1,016 $3 $2 $1,017 
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(a)Amortized cost balances of debt securities exclude accrued interest receivable of $173 million and $187 million at June 30, 2026 and December 31, 2025, respectively, which is included in Accrued interest and other assets in the Company's Consolidated Balance Sheet.
(b)In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with gross unrealized gains of $32 million and gross unrealized losses of $24 million at the time of transfer.
Investment Securities in Continuous Unrealized Loss Position
A summary of debt investment securities that as of June 30, 2026 and December 31, 2025 had been in a continuous unrealized loss position for less than twelve months and those that had been in a continuous unrealized loss position for twelve months or longer follows.
Less Than 12 Months12 Months or MoreTotal
(Dollars in millions)Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized Losses
June 30, 2026
Investment securities available for sale:
U.S. Treasury$1,388 $4 $— $— $1,388 $4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial1,961 11 1 — 1,962 11 
Residential9,794 135 1,091 62 10,885 197 
Other — — 1 — 1 — 
13,143 150 1,093 62 14,236 212 
Investment securities held to maturity:
U.S. Treasury — — 395 3 395 3 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial272 6 1,632 86 1,904 92 
Residential1,231 19 5,110 644 6,341 663 
Privately issued— — 1 — 1 — 
State and political subdivisions508 5 1,248 38 1,756 43 
2,011 30 8,386 771 10,397 801 
Total$15,154 $180 $9,479 $833 $24,633 $1,013 
December 31, 2025
Investment securities available for sale:
U.S. Treasury $— $— $185 $2 $185 $2 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial174 1 65 — 239 1 
Residential488 2 1,303 57 1,791 59 
Other — — 1 — 1 — 
662 3 1,554 59 2,216 62 
Investment securities held to maturity:
U.S. Treasury — — 391 4 391 4 
Mortgage-backed securities:
Government issued or guaranteed:
Commercial28 — 1,840 74 1,868 74 
Residential139 1 6,287 618 6,426 619 
Privately issued2 — — — 2 — 
State and political subdivisions13 — 1,866 40 1,879 40 
182 1 10,384 736 10,566 737 
Total$844 $4 $11,938 $795 $12,782 $799 
Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity
At June 30, 2026, the amortized cost and fair value of debt securities by contractual maturity were as follows.
(Dollars in millions)Amortized
Cost		Fair Value
Debt securities available for sale:
Due in one year or less$1,356 $1,359 
Due after one year through five years1,872 1,869 
Due after five years through ten years— — 
Due after ten years— — 
3,228 3,228 
Mortgage-backed securities22,267 22,142 
$25,495 $25,370 
Debt securities held to maturity:
Due in one year or less$407 $404 
Due after one year through five years392 391 
Due after five years through ten years1,202 1,186 
Due after ten years420 394 
2,421 2,375 
Mortgage-backed securities9,487 8,744 
$11,908 $11,119 
Realized Gain (Loss) on Investments
A summary of gross realized gains and gross realized losses from the sale of available-for-sale investment securities for the three-month and six-month periods ended June 30, 2026 and 2025 follows.
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2026202520262025
Gross realized gains$— $— $6 $— 
Gross realized losses— — (2)— 
Net realized gains$— $— $4 $—