v3.26.1
Retirement and Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Schedule of Net Benefit Costs
The following table presents the components of the Bancorp’s net periodic pension (benefit) expense, which includes the effects of the plans acquired from Comerica on February 1, 2026:
($ in millions)
For the three months ended June 30, 2026
For the six months ended June 30, 2026
Service cost(a)
$10 17 
Other components of net periodic pension (benefit) expense:
Interest cost24 42 
Expected return on plan assets(50)(83)
Amortization of net actuarial losses1 1 
Curtailment gain(6)(6)
Retirement termination benefits
— 11 
Total other components of net periodic pension benefit(b)
$(31)(35)
Net periodic pension benefit$(21)(18)
(a)Included in compensation and benefits expense in the Condensed Consolidated Statements of Income.
(b)Included in other noninterest expense in the Condensed Consolidated Statements of Income.
Schedule of Net Funded Status
The following table summarizes the acquired plans:
As of June 30, 2026 ($ in millions)
Qualified PlanNon-Qualified Plan
Fair value of plan assets$3,040 — 
Projected benefit obligation1,574 152 
Accumulated benefit obligation1,557 149 
Funded status(a)
$1,466 (152)
(a)Based on projected benefit obligation.
Schedule of Defined Benefit Plan Assumptions
The following table summarizes the weighted-average plan assumptions:
As of June 30, 2026
Qualified PlanNon-Qualified Plan
Discount rate5.79 %5.75 
Rate of compensation increase4.50 4.50 
Interest crediting rate
4.87-5.25
4.87-5.25
Expected long-term return on plan assets6.75 N/A
Schedule of Estimated Future Benefit Payments The following table summarizes the estimated future benefit payments:
As of June 30, 2026 ($ in millions)
Qualified PlanNon-Qualified Plan
Remainder of 2026$227 18 
2027144 15 
2028140 15 
2029140 15 
2030139 14 
2031 - 2035643 67 
Schedule of Qualified Plan Assets at Fair Value
The following table summarizes the Qualified Plan assets measured at fair value on a recurring basis:
Fair Value Measurements Using(a)
As of June 30, 2026 ($ in millions)
Level 1Level 2Level 3Total Fair Value
Debt securities:
U.S. Treasury and federal agencies securities$698 9 — 707 
Asset-backed securities and other debt securities(b)
— 915 — 915 
Private placement securities— 63 — 63 
Total debt securities$698 987 — 1,685 
Total plan assets in the fair value hierarchy$698 987 — 1,685 
Investments measured at NAV:
Collective investment funds$1,336 
Total plan assets at fair value(c)
$3,021 
(a)For further information on fair value hierarchy levels, refer to Note 1 of the Notes to Consolidated Financial Statements included in the Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2025.
(b)Includes corporate and municipal bonds and notes.
(c)Excludes accrued interest receivable of $19.