Debt Securities (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule Of Amortized Cost, Gross Unrealized Gains And Losses, And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity

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:


	March 31, 2025
			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	$	5,565	$	—	$	(875)	$	4,690	$	—	$	(119)	$	4,571
Commercial agency	505		—		—		505		—		(13)		492
	$	6,070	$	—	$	(875)	$	5,195	$	—	$	(132)	$	5,063

Debt securities available for sale:
U.S. Treasury securities	$	2,129	$	6	$	(74)	$	2,061					$	2,061
Federal agency securities	493		4		(12)		485						485
Obligations of states and political subdivisions	2		—		—		2						2
Mortgage-backed securities:
Residential agency	19,600		59		(1,076)		18,583						18,583

Commercial agency	4,309		7		(221)		4,095						4,095
Commercial non-agency	92		—		(9)		83						83
Corporate and other debt securities	640		3		(10)		633						633
	$	27,265	$	79	$	(1,402)	$	25,942					$	25,942


	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

_________

(1)Debt securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale.

Schedule Of Cost And Estimated Fair Value Of Securities Available For Sale And Securities Held To Maturity By Contractual Maturity

The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at March 31, 2025, 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	$	5,565	$	4,571
Commercial agency	505		492
	$	6,070	$	5,063
Debt securities available for sale:
Due in one year or less	$	374	$	369
Due after one year through five years	1,979		1,922
Due after five years through ten years	835		817
Due after ten years	76		73
Mortgage-backed securities:
Residential agency	19,600		18,583

Commercial agency	4,309		4,095
Commercial non-agency	92		83
	$	27,265	$	25,942

Schedule Of Gross Unrealized Losses And Estimated Fair Value Of Securities Available For Sale and Held To Maturity

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 March 31, 2025 and December 31, 2024. For debt securities transferred to held to maturity from available for sale, the analysis in the tables below compares the debt securities' original amortized cost to its current estimated fair value. All debt 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.


	March 31, 2025
	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	$	—	$	—	$	4,571	$	(994)	$	4,571	$	(994)
Commercial agency	—		—		492		(13)		492		(13)
	$	—	$	—	$	5,063	$	(1,007)	$	5,063	$	(1,007)

Debt securities available for sale:
U.S Treasury securities	$	539	$	(12)	$	1,020	$	(62)	$	1,559	$	(74)
Federal agency securities	76		(1)		183		(11)		259		(12)
Mortgage-backed securities:
Residential agency	5,798		(102)		8,421		(974)		14,219		(1,076)

Commercial agency	902		(21)		2,718		(200)		3,620		(221)
Commercial non-agency	—		—		83		(9)		83		(9)
Corporate and other debt securities	—		—		305		(10)		305		(10)
	$	7,315	$	(136)	$	12,730	$	(1,266)	$	20,045	$	(1,402)


	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)