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Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:

June 30, 2026 (Dollars in millions)						Total						Level 1						Level 2						Level 3						Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury						$	119					$	—					$	119					$	—					$	—
GSE						37						—						37						—						—
States and political subdivisions						265						—						265						—						—
Corporate and other debt securities						1,792						—						1,792						—						—
Loans						1,931						—						1,931						—						—
Equity securities						1,144						1,144						—						—						—
Total trading assets						5,288						1,144						4,144						—						—
AFS securities:
U.S. Treasury						13,313						—						13,313						—						—
GSE						436						—						436						—						—
Agency MBS – residential						49,152						—						49,152						—						—
Agency MBS – commercial						3,126						—						3,126						—						—
States and political subdivisions						341						—						341						—						—
Collateralized loan obligations						1,279						—						1,279						—						—
Other						4						—						4						—						—
Total AFS securities						67,651						—						67,651						—						—
LHFS						2,198						—						2,198						—						—
Loans and leases						10						—						—						10						—
Loan servicing rights at fair value						4,293						—						—						4,293						—
Other assets:
Derivative assets						1,455						1,579						2,060						5						(2,189)
Equity securities						378						301						77						—						—
Other						8						—						8						—						—
Total assets						$	81,281					$	3,024					$	76,138					$	4,308					$	(2,189)
Liabilities:
Interest-bearing deposits:
Brokered time deposits						$	688					$	—					$	688					$	—					$	—
Short-term borrowings:
Securities sold short						2,979						1,502						1,477						—						—
Other trading liabilities						142						—						142						—						—
Other liabilities:
Derivative Liabilities						2,228						836						4,472						23						(3,103)
Total liabilities						$	6,037					$	2,338					$	6,779					$	23					$	(3,103)

December 31, 2025 (Dollars in millions)						Total						Level 1						Level 2						Level 3						Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury						$	244					$	—					$	244					$	—					$	—
GSE						42						—						42						—						—
States and political subdivisions						301						—						301						—						—
Corporate and other debt securities						1,970						—						1,970						—						—
Loans						2,168						—						2,168						—						—
Equity securities						1,065						1,065						—						—						—
Total trading assets						5,790						1,065						4,725						—						—
AFS securities:
U.S. Treasury						12,792						—						12,792						—						—
GSE						460						—						460						—						—
Agency MBS – residential						48,226						—						48,226						—						—
Agency MBS – commercial						3,200						—						3,200						—						—
States and political subdivisions						350						—						350						—						—
Other						14						—						14						—						—
Total AFS securities						65,042						—						65,042						—						—
LHFS						1,622						—						1,622						—						—
Loans and leases						11						—						—						11						—
Loan servicing rights at fair value						3,972						—						—						3,972						—
Other assets:
Derivative assets						1,343						1,157						1,961						4						(1,779)
Equity securities						382						293						89						—						—
Total assets						$	78,162					$	2,515					$	73,439					$	3,987					$	(1,779)
Liabilities:
Interest-bearing deposits:
Brokered time deposits						$	639					$	—					$	639					$	—					$	—
Short-term borrowings:
Securities sold short						2,185						652						1,533						—						—
Other trading liabilities						209						—						209						—						—
Other liabilities:
Derivative liabilities						1,797						623						3,959						33						(2,818)
Total liabilities						$	4,830					$	1,275					$	6,340					$	33					$	(2,818)

(1)Refer to “Note 14. Derivative Financial Instruments” for additional discussion on netting adjustments.

Rollforward of Level 3 Assets and Liabilities

Activity for Level 3 assets and liabilities is summarized below:

(Dollars in millions)						Loans and Leases						Loan Servicing Rights						Net Derivatives
Balance at April 1, 2025						$	12					$	3,628					$	(33)
Total realized and unrealized gains (losses):
Included in earnings						—						27						2
Issuances						—						54						13
Settlements						—						(97)						(2)
Balance at June 30, 2025						12						3,612						(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025						$	—					$	27					$	4
Balance at April 1, 2026						$	10					$	4,112					$	(35)
Total realized and unrealized gains (losses):
Included in earnings						—						35						2
Purchases						—						144						—
Issuances						—						116						—
Settlements						—						(114)						15
Balance at June 30, 2026						10						4,293						(18)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2026						$	—					$	35					$	11

(Dollars in millions)						Loans and Leases						Loan Servicing Rights						Net Derivatives
Balance at January 1, 2025						$	13					$	3,708					$	(41)
Total realized and unrealized gains (losses):
Included in earnings						—						(29)						8
Issuances						—						111						17
Settlements						(1)						(178)						(4)
Balance at June 30, 2025						$	12					$	3,612					$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025						$	—					$	(29)					$	1
Balance at January 1, 2026						$	11					$	3,972					$	(29)
Total realized and unrealized gains (losses):
Included in earnings						—						51						3
Purchases						—						275						—
Issuances						—						209						(17)
Settlements						(1)						(214)						25
Balance at June 30, 2026						$	10					$	4,293					$	(18)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2026						$	—					$	51					$	—
Primary income statement location of realized gains (losses) included in earnings						Other income						Mortgage banking income						Mortgage banking income and other income

Fair Value and UPB of LHFS

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:

						June 30, 2026																		December 31, 2025
(Dollars in millions)						Fair Value						UPB						Difference						Fair Value						UPB						Difference
Trading loans						$	1,931					$	1,995					$	(64)					$	2,168					$	2,230					$	(62)
LHFS						2,198						2,173						25						1,622						1,592						30
Loans and leases						10						11						(1)						11						12						(1)
Brokered time deposits						688						697						(9)						639						642						(3)

Assets Measured at Fair Value on a Nonrecurring Basis

The following table provides information about certain assets measured at fair value on a nonrecurring basis held as of period end with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value.

(Dollars in millions)			Fair Value Hierarchy						Jun 30, 2026						Dec 31, 2025
Carrying value:
LHFS			Level 3						$	204					$	4
Loans and leases(1)			Level 3						297						468
Other			Level 3						46						65

(1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $516 million and $599 million at June 30, 2026 and December 31, 2025, respectively.

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.

			Six Months Ended June 30,
(Dollars in millions)			2026						2025
Valuation adjustments:
LHFS			$	(58)					$	(68)
Loans and leases			(444)						(420)
Other			(113)						(148)

Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value

Financial assets and liabilities not recorded at fair value are summarized below:

									June 30, 2026												December 31, 2025
(Dollars in millions)			Fair Value Hierarchy						Carrying Amount						Fair Value						Carrying Amount						Fair Value
Financial assets:
HTM securities			Level 2						$	46,351					$	38,145					$	47,186					$	39,130
Loans and leases, net of ALLL			Level 3						324,803						320,888						323,554						320,018
Financial liabilities:
Time deposits			Level 2						40,241						40,064						37,793						37,723
Long-term debt			Level 2						42,976						43,400						41,963						42,451

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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