XML 37 R13.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Debt Securities | 12 Months Ended
--- | ---
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Securities | NOTE 3. DEBT SECURITIES The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:
| December 31, 2024
|  |  | Recognized in OCI (1) |  |  |  | Not recognized in OCI |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In millions)
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | $ | 4,663 |  |  | $ | — |  |  | $ | (743) |  |  | $ | 3,920 |  |  | $ | — |  |  | $ | (186) |  |  | $ | 3,734 |
Commercial agency | 507 |  |  | — |  |  | — |  |  | 507 |  |  | — |  |  | (15) |  |  | 492 |
| $ | 5,170 |  |  | $ | — |  |  | $ | (743) |  |  | $ | 4,427 |  |  | $ | — |  |  | $ | (201) |  |  | $ | 4,226 |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 2,088 |  |  | $ | 2 |  |  | $ | (87) |  |  | $ | 2,003 |  |  |  |  |  |  | $ | 2,003 |
Federal agency securities | 460 |  |  | 1 |  |  | (17) |  |  | 444 |  |  |  |  |  |  | 444 |
Obligations of states and political subdivisions | 2 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | 20,482 |  |  | 20 |  |  | (1,557) |  |  | 18,945 |  |  |  |  |  |  | 18,945 |
Commercial agency | 4,389 |  |  | 1 |  |  | (300) |  |  | 4,090 |  |  |  |  |  |  | 4,090 |
Commercial non-agency | 92 |  |  | — |  |  | (10) |  |  | 82 |  |  |  |  |  |  | 82 |
Corporate and other debt securities | 670 |  |  | 2 |  |  | (14) |  |  | 658 |  |  |  |  |  |  | 658 |
| $ | 28,183 |  |  | $ | 26 |  |  | $ | (1,985) |  |  | $ | 26,224 |  |  |  |  |  |  | $ | 26,224 |
| December 31, 2023
|  |  | Recognized in OCI (1) |  |  |  | Not recognized in OCI |  |
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Carrying Value |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Estimated Fair Value
| (In millions)
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | $ | 247 |  |  | $ | — |  |  | $ | (8) |  |  | $ | 239 |  |  | $ | — |  |  | $ | (16) |  |  | $ | 223 |
Commercial agency | 516 |  |  | — |  |  | (1) |  |  | 515 |  |  | — |  |  | (22) |  |  | 493 |
| $ | 763 |  |  | $ | — |  |  | $ | (9) |  |  | $ | 754 |  |  | $ | — |  |  | $ | (38) |  |  | $ | 716 |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,322 |  |  | $ | — |  |  | $ | (99) |  |  | $ | 1,223 |  |  |  |  |  |  | $ | 1,223 |
Federal agency securities | 1,085 |  |  | 4 |  |  | (46) |  |  | 1,043 |  |  |  |  |  |  | 1,043 |
Obligations of states and political subdivisions | 2 |  |  | — |  |  | — |  |  | 2 |  |  |  |  |  |  | 2 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency | 19,450 |  |  | 52 |  |  | (2,130) |  |  | 17,372 |  |  |  |  |  |  | 17,372 |
Commercial agency | 7,807 |  |  | 2 |  |  | (502) |  |  | 7,307 |  |  |  |  |  |  | 7,307 |
Commercial non-agency | 93 |  |  | — |  |  | (10) |  |  | 83 |  |  |  |  |  |  | 83 |
Corporate and other debt securities | 1,105 |  |  | 4 |  |  | (35) |  |  | 1,074 |  |  |  |  |  |  | 1,074 |
| $ | 30,864 |  |  | $ | 62 |  |  | $ | (2,822) |  |  | $ | 28,104 |  |  |  |  |  |  | $ | 28,104 |
_________ (1)Securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale to held to maturity. The Company reclassified securities with an amortized cost, excluding items recognized in OCI, of $2.5 billion and $2.0 billion in the third and fourth quarters of 2024, respectively, from available for sale to held to maturity. The Company determined it has both the positive intent and ability to hold these securities to maturity. The securities were transferred at amortized cost, in addition to the amount of any remaining unrealized holding gain or loss reported in AOCI, and represented a non-cash transaction. OCI included net pre-tax unrealized losses of $436 million and $318 million in the third and fourth quarters of 2024, respectively, at the date of transfer and the offsetting OCI components are being amortized into net interest income over the remaining life of the related securities as a yield adjustment, resulting in no impact on future net income. Debt securities with carrying values of $20.9 billion and $24.0 billion at December 31, 2024 and 2023, respectively, were pledged to secure public funds, trust deposits and other borrowing arrangements. The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at December 31, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| Amortized Cost |  | Estimated Fair Value
| (In millions)
Debt securities held to maturity: |  |  |
Mortgage-backed securities: |  |  |
Residential agency | $ | 4,663 |  |  | $ | 3,734 |
Commercial agency | 507 |  |  | 492 |
| $ | 5,170 |  |  | $ | 4,226 |
Debt securities available for sale: |  |  |
Due in one year or less | $ | 330 |  |  | $ | 326 |
Due after one year through five years | 2,009 |  |  | 1,931 |
Due after five years through ten years | 743 |  |  | 726 |
Due after ten years | 138 |  |  | 124 |
Mortgage-backed securities: |  |  |
Residential agency | 20,482 |  |  | 18,945 |
Commercial agency | 4,389 |  |  | 4,090 |
Commercial non-agency | 92 |  |  | 82 |
| $ | 28,183 |  |  | $ | 26,224 |
The following tables present gross unrealized losses and the related estimated fair value of debt securities held to maturity and debt securities available for sale at December 31, 2024 and 2023. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the securities' original amortized cost to its current estimated fair value. All securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.
| December 31, 2024
| Less Than Twelve Months |  | Twelve Months or More |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
| (In millions)
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | $ | — |  |  | $ | — |  |  | $ | 3,734 |  |  | $ | (929) |  |  | $ | 3,734 |  |  | $ | (929) |
Commercial agency | — |  |  | — |  |  | 492 |  |  | (15) |  |  | 492 |  |  | (15) |
| $ | — |  |  | $ | — |  |  | $ | 4,226 |  |  | $ | (944) |  |  | $ | 4,226 |  |  | $ | (944) |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S Treasury securities | $ | 612 |  |  | $ | (14) |  |  | $ | 1,033 |  |  | $ | (73) |  |  | $ | 1,645 |  |  | $ | (87) |
Federal agency securities | 155 |  |  | (3) |  |  | 195 |  |  | (14) |  |  | 350 |  |  | (17) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | 8,012 |  |  | (203) |  |  | 9,605 |  |  | (1,354) |  |  | 17,617 |  |  | (1,557) |
Commercial agency | 1,043 |  |  | (35) |  |  | 2,991 |  |  | (265) |  |  | 4,034 |  |  | (300) |
Commercial non-agency | — |  |  | — |  |  | 82 |  |  | (10) |  |  | 82 |  |  | (10) |
Corporate and other debt securities | 59 |  |  | (1) |  |  | 397 |  |  | (13) |  |  | 456 |  |  | (14) |
| $ | 9,881 |  |  | $ | (256) |  |  | $ | 14,303 |  |  | $ | (1,729) |  |  | $ | 24,184 |  |  | $ | (1,985) |
| December 31, 2023
| Less Than Twelve Months |  | Twelve Months or More |  | Total
| Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses |  | Estimated Fair Value |  | Gross Unrealized Losses
| (In millions)
Debt securities held to maturity: |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | $ | — |  |  | $ | — |  |  | $ | 223 |  |  | $ | (23) |  |  | $ | 223 |  |  | $ | (23) |
Commercial agency | — |  |  | — |  |  | 493 |  |  | (23) |  |  | 493 |  |  | (23) |
| $ | — |  |  | $ | — |  |  | $ | 716 |  |  | $ | (46) |  |  | $ | 716 |  |  | $ | (46) |
Debt securities available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 6 |  |  | $ | — |  |  | $ | 1,201 |  |  | $ | (99) |  |  | $ | 1,207 |  |  | $ | (99) |
Federal agency securities | 237 |  |  | (5) |  |  | 666 |  |  | (41) |  |  | 903 |  |  | (46) |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency | 241 |  |  | (3) |  |  | 15,144 |  |  | (2,127) |  |  | 15,385 |  |  | (2,130) |
Commercial agency | 612 |  |  | (7) |  |  | 6,583 |  |  | (495) |  |  | 7,195 |  |  | (502) |
Commercial non-agency | — |  |  | — |  |  | 82 |  |  | (10) |  |  | 82 |  |  | (10) |
Corporate and other debt securities | 23 |  |  | — |  |  | 879 |  |  | (35) |  |  | 902 |  |  | (35) |
| $ | 1,119 |  |  | $ | (15) |  |  | $ | 24,555 |  |  | $ | (2,807) |  |  | $ | 25,674 |  |  | $ | (2,822) |
The number of individual debt positions in an unrealized loss position in the tables above increased to 1,722 at December 31, 2024 from 1,703 at December 31, 2023. The increase in the total amount of unrealized losses was impacted by changes in market interest rates. In instances where an unrealized loss existed, there was no indication of an adverse change in credit on the underlying positions in the tables above. As it relates to these positions, management believes no individual unrealized loss represented credit impairment as of those dates. At December 31, 2024, the Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost bases, which may be at maturity. Gross realized losses on sales of debt securities available for sale totaled $222 million and gross realized gains totaled $14 million for 2024. Therefore, the Company recognized net realized losses of $208 million for 2024. Gross realized gains and losses on sales of debt securities available for sale were immaterial for 2023 and 2022. The cost of securities sold is based on the specific identification method. As part of the Company's normal process for evaluating impairment, including credit-related impairment, impairment identified by management was immaterial for 2024 and 2023. No credit-related impairment was identified by management for 2022.

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration