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v3.26.1

Investment Securities | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment Securities The following tables summarize the Company’s AFS and HTM securities:
June 30, 2026 | Amortized Cost |  | Gross Unrealized |  | Net unrealized gains (losses) |  | Fair Value
(Dollars in millions) |  | Gains |  | Losses |  |
AFS securities: |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 13,316 |  |  | $ | 47 |  |  | $ | (50) |  |  | $ | (3) |  |  | $ | 13,313 |
GSE | 459 |  |  | 2 |  |  | (25) |  |  | (23) |  |  | 436 |
Agency MBS – residential | 53,207 |  |  | 162 |  |  | (4,217) |  |  | (4,055) |  |  | 49,152 |
Agency MBS – commercial | 3,718 |  |  | 3 |  |  | (595) |  |  | (592) |  |  | 3,126 |
States and political subdivisions | 342 |  |  | 11 |  |  | (12) |  |  | (1) |  |  | 341 |
Collateralized loan obligations | 1,279 |  |  | — |  |  | — |  |  | — |  |  | 1,279 |
Other | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Total AFS securities, excluding portfolio level basis adjustments | $ | 72,325 |  |  | $ | 225 |  |  | $ | (4,899) |  |  | $ | (4,674) |  |  | $ | 67,651 |
Portfolio level basis adjustments(1) | (102) |  |  |  |  |  |  | 102 |  |  | — |
Total AFS securities | $ | 72,223 |  |  | $ | 225 |  |  | $ | (4,899) |  |  | $ | (4,572) |  |  | $ | 67,651 |
HTM securities: |  |  |  |  |  |  |  |  |
Agency MBS – residential | $ | 46,351 |  |  | $ | 2 |  |  | $ | (8,208) |  |  | $ | (8,206) |  |  | $ | 38,145 |
December 31, 2025 |  | Amortized Cost |  | Gross Unrealized |  | Net unrealized gains (losses) |  | Fair Value
(Dollars in millions) |  |  | Gains |  | Losses |  |
AFS securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 12,727 |  |  | $ | 89 |  |  | $ | (24) |  |  | $ | 65 |  |  | $ | 12,792 |
GSE |  | 481 |  |  | 4 |  |  | (25) |  |  | (21) |  |  | 460 |
Agency MBS – residential |  | 51,971 |  |  | 272 |  |  | (4,017) |  |  | (3,745) |  |  | 48,226 |
Agency MBS – commercial |  | 3,762 |  |  | 12 |  |  | (574) |  |  | (562) |  |  | 3,200 |
States and political subdivisions |  | 347 |  |  | 13 |  |  | (10) |  |  | 3 |  |  | 350 |
Other |  | 14 |  |  | — |  |  | — |  |  | — |  |  | 14 |
Total AFS securities, excluding portfolio level basis adjustments |  | $ | 69,302 |  |  | $ | 390 |  |  | $ | (4,650) |  |  | $ | (4,260) |  |  | $ | 65,042 |
Portfolio level basis adjustments(1) |  | 77 |  |  |  |  |  |  | (77) |  |  | — |
Total AFS securities |  | $ | 69,379 |  |  | $ | 390 |  |  | $ | (4,650) |  |  | $ | (4,337) |  |  | $ | 65,042 |
HTM securities: |  |  |  |  |  |  |  |  |  |
Agency MBS – residential |  | $ | 47,186 |  |  | $ | — |  |  | $ | (8,056) |  |  | $ | (8,056) |  |  | $ | 39,130 |
(1)Represents fair value hedge basis adjustments related to active portfolio layer method hedges, which are not allocated to individual securities. For additional information, refer to “Note 14. Derivative Financial Instruments.” The amortized cost and estimated fair value of the securities portfolio by contractual maturity are shown in the following table. The expected lives of MBS may be shorter than the contractual maturities because borrowers have the right to prepay their obligations with or without penalties.
| Amortized Cost |  | Fair Value
June 30, 2026 (Dollars in millions) | Due in one year or less |  | Due after one year through five years |  | Due after five years through ten years |  | Due after ten years |  | Total |  | Due in one year or less |  | Due after one year through five years |  | Due after five years through ten years |  | Due after ten years |  | Total
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 4,610 |  |  | $ | 7,927 |  |  | $ | 36 |  |  | $ | 743 |  |  | $ | 13,316 |  |  | $ | 4,634 |  |  | $ | 7,931 |  |  | $ | 35 |  |  | $ | 713 |  |  | $ | 13,313 |
GSE | — |  |  | — |  |  | 4 |  |  | 455 |  |  | 459 |  |  | — |  |  | — |  |  | 4 |  |  | 432 |  |  | 436 |
Agency MBS – residential | — |  |  | — |  |  | 50 |  |  | 53,157 |  |  | 53,207 |  |  | — |  |  | — |  |  | 49 |  |  | 49,103 |  |  | 49,152 |
Agency MBS – commercial | — |  |  | 534 |  |  | 419 |  |  | 2,765 |  |  | 3,718 |  |  | — |  |  | 531 |  |  | 414 |  |  | 2,181 |  |  | 3,126 |
States and political subdivisions | 2 |  |  | 81 |  |  | 179 |  |  | 80 |  |  | 342 |  |  | 2 |  |  | 83 |  |  | 178 |  |  | 78 |  |  | 341 |
Collateralized loan obligations | — |  |  | — |  |  | — |  |  | 1,279 |  |  | 1,279 |  |  | — |  |  | — |  |  | — |  |  | 1,279 |  |  | 1,279 |
Other | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |
Total AFS securities | $ | 4,616 |  |  | $ | 8,542 |  |  | $ | 688 |  |  | $ | 58,479 |  |  | $ | 72,325 |  |  | $ | 4,640 |  |  | $ | 8,545 |  |  | $ | 680 |  |  | $ | 53,786 |  |  | $ | 67,651 |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency MBS – residential | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 46,351 |  |  | $ | 46,351 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 38,145 |  |  | $ | 38,145 |
The following tables present the fair values and gross unrealized losses of investments based on the length of time that individual securities have been in a continuous unrealized loss position:
| Less than 12 months |  | 12 months or more |  | Total
June 30, 2026 (Dollars in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS securities: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury | $ | 3,932 |  |  | $ | (44) |  |  | $ | 130 |  |  | $ | (6) |  |  | $ | 4,062 |  |  | $ | (50) |
GSE | 105 |  |  | (1) |  |  | 204 |  |  | (24) |  |  | 309 |  |  | (25) |
Agency MBS – residential | 13,928 |  |  | (117) |  |  | 23,431 |  |  | (4,100) |  |  | 37,359 |  |  | (4,217) |
Agency MBS – commercial | 561 |  |  | (8) |  |  | 1,997 |  |  | (587) |  |  | 2,558 |  |  | (595) |
States and political subdivisions | 202 |  |  | (12) |  |  | — |  |  | — |  |  | 202 |  |  | (12) |
Other | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |
Total | $ | 18,728 |  |  | $ | (182) |  |  | $ | 25,766 |  |  | $ | (4,717) |  |  | $ | 44,494 |  |  | $ | (4,899) |
HTM securities: |  |  |  |  |  |  |  |  |  |  |
Agency MBS – residential | $ | 201 |  |  | $ | — |  |  | $ | 37,355 |  |  | $ | (8,208) |  |  | $ | 37,556 |  |  | $ | (8,208) |
|  | Less than 12 months |  | 12 months or more |  | Total
December 31, 2025 (Dollars in millions) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
AFS securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury |  | $ | 704 |  |  | $ | (16) |  |  | $ | 432 |  |  | $ | (8) |  |  | $ | 1,136 |  |  | $ | (24) |
GSE |  | 65 |  |  | (1) |  |  | 228 |  |  | (24) |  |  | 293 |  |  | (25) |
Agency MBS – residential |  | 2,882 |  |  | (8) |  |  | 24,986 |  |  | (4,009) |  |  | 27,868 |  |  | (4,017) |
Agency MBS – commercial |  | 227 |  |  | (2) |  |  | 2,093 |  |  | (572) |  |  | 2,320 |  |  | (574) |
States and political subdivisions |  | 158 |  |  | (10) |  |  | 31 |  |  | — |  |  | 189 |  |  | (10) |
Other |  | 7 |  |  | — |  |  | 7 |  |  | — |  |  | 14 |  |  | — |
Total |  | $ | 4,043 |  |  | $ | (37) |  |  | $ | 27,777 |  |  | $ | (4,613) |  |  | $ | 31,820 |  |  | $ | (4,650) |
HTM securities: |  |  |  |  |  |  |  |  |  |  |  |
Agency MBS – residential |  | $ | — |  |  | $ | — |  |  | $ | 39,130 |  |  | $ | (8,056) |  |  | $ | 39,130 |  |  | $ | (8,056) |
At June 30, 2026 and December 31, 2025, no ACL was established for AFS or HTM securities. Substantially all of the unrealized losses on the securities portfolio were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not expect to incur any credit losses on investment securities.

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