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Investment securities | 12 Months Ended
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Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Investment securities | Investment securities The amortized cost and estimated fair value of investment securities were as follows:
(Dollars in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
December 31, 2024 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 7,945 |  |  | $ | 13 |  |  | $ | 27 |  |  | $ | 7,931 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 3,739 |  |  | 8 |  |  | 45 |  |  | 3,702 |
Residential | 7,368 |  |  | 13 |  |  | 167 |  |  | 7,214 |
Other | 2 |  |  | — |  |  | — |  |  | 2 |
| 19,054 |  |  | 34 |  |  | 239 |  |  | 18,849 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury | 1,015 |  |  | — |  |  | 14 |  |  | 1,001 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,034 |  |  | — |  |  | 157 |  |  | 1,877 |
Residential | 8,773 |  |  | — |  |  | 961 |  |  | 7,812 |
Privately issued | 37 |  |  | 9 |  |  | — |  |  | 46 |
State and political subdivisions | 2,335 |  |  | — |  |  | 117 |  |  | 2,218 |
Other | 1 |  |  | — |  |  | — |  |  | 1 |
| 14,195 |  |  | 9 |  |  | 1,249 |  |  | 12,955 |
Total debt securities | $ | 33,249 |  |  | $ | 43 |  |  | $ | 1,488 |  |  | $ | 31,804 |
Equity and other securities: |  |  |  |  |  |  |
Readily marketable equity — at fair value | $ | 235 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 235 |
Other — at cost | 772 |  |  | — |  |  | — |  |  | 772 |
Total equity and other securities | $ | 1,007 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 1,007 |
December 31, 2023 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 7,818 |  |  | $ | — |  |  | $ | 113 |  |  | $ | 7,705 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 425 |  |  | — |  |  | 9 |  |  | 416 |
Residential | 2,272 |  |  | — |  |  | 118 |  |  | 2,154 |
Other | 176 |  |  | — |  |  | 11 |  |  | 165 |
| 10,691 |  |  | — |  |  | 251 |  |  | 10,440 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury | 1,005 |  |  | — |  |  | 31 |  |  | 974 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,033 |  |  | — |  |  | 130 |  |  | 1,903 |
Residential | 9,747 |  |  | 4 |  |  | 802 |  |  | 8,949 |
Privately issued | 42 |  |  | 9 |  |  | 5 |  |  | 46 |
State and political subdivisions | 2,501 |  |  | — |  |  | 67 |  |  | 2,434 |
Other | 2 |  |  | — |  |  | — |  |  | 2 |
| 15,330 |  |  | 13 |  |  | 1,035 |  |  | 14,308 |
Total debt securities | $ | 26,021 |  |  | $ | 13 |  |  | $ | 1,286 |  |  | $ | 24,748 |
Equity and other securities: |  |  |  |  |  |  |
Readily marketable equity — at fair value | $ | 266 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 268 |
Other — at cost | 859 |  |  | — |  |  | — |  |  | 859 |
Total equity and other securities | $ | 1,125 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1,127 |
No investment in securities of a single non-U.S. Government, government agency or government guaranteed issuer exceeded ten percent of shareholders’ equity at December 31, 2024. As of December 31, 2024, the latest available investment ratings of obligations of states and political subdivisions, privately issued mortgage-backed securities and other debt securities were as follows:
|  |  |  |  | Average Credit Rating of Fair Value Amount
(Dollars in millions) | Amortized Cost |  | Estimated Fair Value |  | A or Better |  |  |  |  |  |  |  | Not Rated
State and political subdivisions | $ | 2,335 |  |  | $ | 2,218 |  |  | $ | 2,212 |  |  |  |  |  |  |  |  | $ | 6 |
Privately issued mortgage-backed securities | 37 |  |  | 46 |  |  | — |  |  |  |  |  |  |  |  | 46 |
Other | 3 |  |  | 3 |  |  | 2 |  |  |  |  |  |  |  |  | 1 |
Gross realized gains and losses from the sales of investment securities totaled $27 million and $15 million in 2024, respectively. There were no significant gross realized gains or losses from sales of investment securities in 2023 or 2022. At December 31, 2024, the amortized cost and estimated fair value of debt securities by contractual maturity were as follows:
(Dollars in millions) | Amortized Cost |  | Estimated Fair Value
Debt securities available for sale: |  |  |
Due in one year or less | $ | 2,940 |  |  | $ | 2,929 |
Due after one year through five years | 5,007 |  |  | 5,004 |
Due after five years through ten years | — |  |  | — |
Due after ten years | — |  |  | — |
| 7,947 |  |  | 7,933 |
Mortgage-backed securities | 11,107 |  |  | 10,916 |
| $ | 19,054 |  |  | $ | 18,849 |
Debt securities held to maturity: |  |  |
Due in one year or less | $ | 602 |  |  | $ | 602 |
Due after one year through five years | 635 |  |  | 618 |
Due after five years through ten years | 1,491 |  |  | 1,432 |
Due after ten years | 623 |  |  | 568 |
| 3,351 |  |  | 3,220 |
Mortgage-backed securities | 10,844 |  |  | 9,735 |
| $ | 14,195 |  |  | $ | 12,955 |
A summary of investment securities that as of December 31, 2024 and 2023 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 Months |  | 12 Months or More
(Dollars in millions) | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
December 31, 2024 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 1,971 |  |  | $ | 9 |  |  | $ | 2,554 |  |  | $ | 18 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 2,566 |  |  | 45 |  |  | 64 |  |  | — |
Residential | 4,429 |  |  | 53 |  |  | 1,623 |  |  | 114 |
Other | — |  |  | — |  |  | 2 |  |  | — |
| 8,966 |  |  | 107 |  |  | 4,243 |  |  | 132 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury | 50 |  |  | — |  |  | 951 |  |  | 14 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | — |  |  | — |  |  | 1,877 |  |  | 157 |
Residential | 996 |  |  | 19 |  |  | 6,811 |  |  | 942 |
Privately issued | — |  |  | — |  |  | — |  |  | — |
State and political subdivisions | 39 |  |  | 1 |  |  | 2,131 |  |  | 116 |
| 1,085 |  |  | 20 |  |  | 11,770 |  |  | 1,229 |
Total | $ | 10,051 |  |  | $ | 127 |  |  | $ | 16,013 |  |  | $ | 1,361 |
December 31, 2023 |  |  |  |  |  |  |
Investment securities available for sale: |  |  |  |  |  |  |
U.S. Treasury | $ | 229 |  |  | $ | 1 |  |  | $ | 7,474 |  |  | $ | 112 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 74 |  |  | 1 |  |  | 330 |  |  | 8 |
Residential | 151 |  |  | 2 |  |  | 1,959 |  |  | 116 |
Other | 6 |  |  | — |  |  | 154 |  |  | 11 |
| 460 |  |  | 4 |  |  | 9,917 |  |  | 247 |
Investment securities held to maturity: |  |  |  |  |  |  |
U.S. Treasury | 50 |  |  | — |  |  | 924 |  |  | 31 |
Mortgage-backed securities: |  |  |  |  |  |  |
Government issued or guaranteed: |  |  |  |  |  |  |
Commercial | 328 |  |  | 9 |  |  | 1,575 |  |  | 121 |
Residential | 955 |  |  | 11 |  |  | 7,139 |  |  | 791 |
Privately issued | — |  |  | — |  |  | 34 |  |  | 5 |
State and political subdivisions | 218 |  |  | 3 |  |  | 2,172 |  |  | 64 |
| 1,551 |  |  | 23 |  |  | 11,844 |  |  | 1,012 |
Total | $ | 2,011 |  |  | $ | 27 |  |  | $ | 21,761 |  |  | $ | 1,259 |
The Company owned 3,820 individual debt securities with aggregate gross unrealized losses of $1.5 billion at December 31, 2024. Based on a review of each of the securities in the investment securities portfolio at December 31, 2024, the Company concluded that it expected to recover the amortized cost basis of its investment. As of December 31, 2024, the Company does not intend to sell nor is it anticipated that it would be required to sell any of its impaired investment securities at a loss. At December 31, 2024, the Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of the $772 million of cost method equity securities. The Company estimated no material allowance for credit losses for its investment securities classified as held-to-maturity at December 31, 2024 or 2023. At December 31, 2024 and 2023, investment securities with carrying values of $6.2 billion (including $71 million related to repurchase transactions) and $8.2 billion (including $393 million related to repurchase transactions), respectively, were pledged to secure borrowings, lines of credit and governmental deposits as described in note 8.

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