v3.26.3
Securities (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
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 September 30, 2026 and December 31, 2025 are summarized below.
September 30, 2026
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities held to maturity:
U.S. Government agency securities$226 $— $(5)$221 
Mortgage-backed securities319 — (26)293 
State and municipal securities1,716 — (294)1,422 
Asset-backed securities55 — (2)53 
Corporate notes and other 65 — (4)61 
Total securities held to maturity(1)
$2,381 $— $(331)$2,050 
Allowance for credit losses- securities held to maturity(1)
Securities HTM, net of allowance for credit losses$2,380 
Securities available for sale:
U.S. Treasury securities$2,801 $11 $(51)$2,761 
U.S. Government agency securities204 — (21)183 
Mortgage-backed securities15,335 — (801)14,534 
State and municipal securities505 — (61)444 
Corporate notes and other283 — (15)268 
Total securities available for sale(2)
$19,128 $11 $(949)$18,190 
December 31, 2025
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Securities held to maturity:
U.S. Treasury securities$20 $— $— $20 
U.S. Government agency securities226 — (5)221 
Mortgage-backed securities350 — (18)332 
State and municipal securities1,821 1 (155)1,667 
Asset-backed securities108 — (2)106 
Corporate notes and other68 — (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 securities210 — (15)195 
Mortgage-backed securities2,852 11 (69)2,794 
State and municipal securities1,768 8 (67)1,709 
Corporate notes and other293 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 $16 million and $26 million at September 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 $10 million and $16 million at September 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 $87 million and $42 million at September 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 September 30, 2026 and December 31, 2025 are presented below.
September 30, 2026
Less than 12 Months12 Months or LongerTotal
(in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$1,844 $(51)$— $— $1,844 $(51)
U.S. Government agency securities2 — 180 (21)182 (21)
Mortgage-backed securities13,837 (719)686 (82)14,523 (801)
State and municipal securities56 (6)374 (55)430 (61)
Corporate notes and other101 (2)152 (13)253 (15)
Total$15,840 $(778)$1,392 $(171)$17,232 $(949)
December 31, 2025
Less than 12 Months12 Months or LongerTotal
(in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury securities$205 $— $— $— $205 $— 
U.S. Government agency securities— — 191 (15)191 (15)
Mortgage-backed securities506 (1)876 (68)1,382 (69)
State and municipal securities871 (18)341 (49)1,212 (67)
Corporate notes and other15 (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 September 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.
September 30, 2026
(in millions)Within One
 Year		1 to 5
Years		5 to 10
 Years		More Than
 10 Years		Total
Securities HTM:
U.S. Government agency securities
Amortized cost$156 $45 $25 $— $226 
Fair value155 44 22 — 221 
Mortgage-backed securities
Amortized cost4 101 129 85 319 
Fair value4 93 117 79 293 
September 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 cost1 11 54 1,650 1,716 
Fair value1 11 50 1,360 1,422 
Asset-backed securities
Amortized cost— — — 55 55 
Fair value— — — 53 53 
Corporate notes and other
Amortized cost— 54 11 — 65 
Fair value— 51 10 — 61 
Securities AFS:
U.S. Treasury securities
Amortized cost$414 $1,751 $— $636 $2,801 
Fair value413 1,701 — 647 2,761 
U.S. Government agency securities
Amortized cost— 187 2 15 204 
Fair value— 169 2 12 183 
Mortgage-backed securities
Amortized cost— 2,975 1,193 11,167 15,335 
Fair value— 2,849 1,124 10,561 14,534 
State and municipal securities
Amortized cost— — 6 499 505 
Fair value— — 6 438 444 
Corporate notes and other
Amortized cost15 110 145 13 283 
Fair value15 103 138 12 268 
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 nine months ended September 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 September 30,Nine Months Ended September 30,
(in millions)2026202520262025
Gross realized gains on sales(1)
$50 $— $79 $— 
Gross realized losses on sales(51)— (106)(13)
Investment securities gains (losses), net$(1)$— $(27)$(13)
(1) Includes gains (losses) of $50 million and $74 million for the three and nine months ended September 30, 2026 on the termination of fair value hedges related to the U.S Treasury securities and state and municipal securities portfolios.