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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table presents assets and liabilities measured at estimated fair value on a recurring basis:

			June 30, 2025																											December 31, 2024
			Level 1						Level 2						Level 3 (1)						Total Estimated Fair Value									Level 1						Level 2						Level 3 (1)						Total Estimated Fair Value
			(In millions)
Recurring fair value measurements
Debt securities available for sale:
U.S. Treasury securities			$	2,105					$	—					$	—					$	2,105								$	2,003					$	—					$	—					$	2,003
Federal agency securities			—						487						—						487									—						444						—						444
Obligations of states and political subdivisions			—						2						—						2									—						2						—						2
Mortgage-backed securities:
Residential agency			—						18,556						—						18,556									—						18,945						—						18,945
Commercial agency			—						4,536						—						4,536									—						4,090						—						4,090
Commercial non-agency			—						83						—						83									—						82						—						82
Corporate and other debt securities			—						561						3						564									—						655						3						658
Total debt securities available for sale			$	2,105					$	24,225					$	3					$	26,333								$	2,003					$	24,218					$	3					$	26,224
Loans held for sale			$	—					$	286					$	—					$	286								$	—					$	234					$	—					$	234
Marketable equity securities in other earning assets			$	913					$	—					$	—					$	913								$	819					$	—					$	—					$	819
Residential mortgage servicing rights			$	—					$	—					$	988					$	988								$	—					$	—					$	1,007					$	1,007
Commercial mortgage servicing rights through non-DUS agency programs			$	—					$	—					$	93					$	93								$	—					$	—					$	97					$	97
Derivative assets (2):
Interest rate swaps			$	—					$	1,249					$	—					$	1,249								$	—					$	1,634					$	—					$	1,634
Interest rate options			—						22						9						31									—						30						5						35
Interest rate futures and forward commitments			—						10						—						10									—						8						—						8
Other contracts			4						202						—						206									13						126						—						139
Total derivative assets			$	4					$	1,483					$	9					$	1,496								$	13					$	1,798					$	5					$	1,816
Derivative liabilities (2):
Interest rate swaps			$	—					$	1,464					$	—					$	1,464								$	—					$	2,411					$	—					$	2,411
Interest rate options			—						15						—						15									—						30						—						30
Interest rate futures and forward commitments			—						3						—						3									—						4						—						4
Other contracts			4						196						—						200									3						103												106
Total derivative liabilities			$	4					$	1,678					$	—					$	1,682								$	3					$	2,548					$	—					$	2,551
Securities sold, but not yet purchased			$	91					$	—					$	—					$	91								$	147					$	—					$	—					$	147

_________

(1)All following disclosures related to Level 3 recurring assets do not include those deemed to be immaterial.

(2)As permitted under U.S. GAAP, variation margin collateral payments made or received for derivatives that are centrally cleared are legally characterized as settled. As such, these derivative assets and derivative liabilities and the related variation margin collateral are presented on a net basis on the balance sheet.

Summary Of Quantitative Information About Level 3 Measurements

The following tables present detailed information regarding material assets and liabilities measured at fair value using significant unobservable inputs (Level 3) as of June 30, 2025 and December 31, 2024. The tables include the valuation techniques and the significant unobservable inputs utilized. The range of each significant unobservable input as well as the weighted-average within the range utilized at June 30, 2025 and December 31, 2024 are included. Following the tables are descriptions of the valuation techniques and the sensitivity of the techniques to changes in the significant unobservable inputs.

June 30, 2025

Level 3 Estimated Fair Value

Valuation Technique

Unobservable Input(s)

Quantitative Range of Unobservable Inputs and (Weighted-Average)

(Dollars in millions)

Recurring fair value measurements:

Residential mortgage servicing rights (1)

$988

Discounted cash flow

Weighted-average CPR (%)

3.9% - 16.8% (7.4%)

OAS (%)

4.7% - 8.0% (5.0%)

Commercial mortgage servicing rights through non-DUS agency programs (1)

$93

Discounted cash flow

Weighted-average CPR (%)

6.3% - 7.5% (7.2%)

Discount rate (%)

8.0% - 10.0% (8.2%)

_______

(1)See Note 5 for additional disclosures related to assumptions used in the fair value calculation for residential and commercial mortgage servicing rights.

December 31, 2024

Level 3 Estimated Fair Value

Valuation Technique

Unobservable Input(s)

Quantitative Range of Unobservable Inputs and (Weighted-Average)

(Dollars in millions)

Recurring fair value measurements:

Residential mortgage servicing rights (1)

$1,007

Discounted cash flow

Weighted-average CPR (%)

4.6% - 23.1% (8.0%)

OAS (%)

4.8% -7.7% (5.1%)

Commercial mortgage servicing rights through non-DUS agency programs (1)

$97

Discounted cash flow

Weighted-average CPR (%)

5.4% - 10.6% (7.7%)

Discount rate (%)

7.0% -8.0% (7.1%)

_______

(1)See Note 6 to the consolidated financial statements of the Annual Report on Form 10-K for the year ended December 31, 2024 for additional disclosures related to assumptions used in the fair value calculations for residential and commercial mortgage servicing rights.

Schedule Of Carrying Amounts And Estimated Fair Values Of Financial Instruments

The following tables present the carrying amounts and estimated fair values, as well as the level within the fair value hierarchy, of the Company’s financial instruments not recorded at fair value as of June 30, 2025 and December 31, 2024.

			June 30, 2025
			Carrying Amount						Estimated Fair Value(1)						Level 1						Level 2						Level 3
			(In millions)
Financial assets:
Cash and cash equivalents			$	11,175					$	11,175					$	11,175					$	—					$	—
Debt securities held to maturity			5,972						5,814						—						5,814						—
Loans held for sale			309						309						—						271						38
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)			93,513						90,813						—						—						90,813
Other earning assets			769						769						—						769						—
Financial liabilities:
Deposits with no stated maturity(4)			115,625						115,625						—						115,625						—
Time deposits(4)			15,294						15,265						—						15,265						—
Long-term borrowings			5,279						5,373						—						5,372						1
Loan commitments and letters of credit			164						164						—						—						164

_________

(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.

(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at June 30, 2025 was $2.7 billion or 2.9 percent.

(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.6 billion at June 30, 2025.

(4)The fair value of non-interest-bearing deposit accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.

			December 31, 2024
			Carrying Amount						Estimated Fair Value(1)						Level 1						Level 2						Level 3
			(In millions)
Financial assets:
Cash and cash equivalents			$	10,712					$	10,712					$	10,712					$	—					$	—
Debt securities held to maturity			4,427						4,226						—						4,226						—
Loans held for sale			360						360						—						360						—
Loans (excluding leases), net of unearned income and allowance for loan losses(2)(3)			93,424						89,907						—						—						89,907
Other earning assets			797						797						—						797						—
Financial liabilities:
Deposits with no stated maturity(4)			111,883						111,883						—						111,883						—
Time deposits(4)			15,720						15,694						—						15,694						—
Short-term borrowings			500						500						—						500						—
Long-term borrowings			5,993						6,059						—						6,058						1
Loan commitments and letters of credit			149						149						—						—						149

_________

(1)Estimated fair values are consistent with an exit price concept. The assumptions used to estimate the fair values are intended to approximate those that a market participant would use in a hypothetical orderly transaction. In estimating fair value, the Company makes adjustments for estimated changes in interest rates, market liquidity and credit spreads in the periods they are deemed to have occurred.

(2)The estimated fair value of portfolio loans assumes sale of the loans to a third-party financial investor. Accordingly, the value to the Company if the loans were held to maturity is not reflected in the fair value estimate. The fair value discount on the loan portfolio's net carrying amount at December 31, 2024 was $3.5 billion or 3.8 percent.

(3)Excluded from this table is the sales-type, direct financing, and leveraged lease carrying amount of $1.7 billion at December 31, 2024.

(4)The fair value of non-interest-bearing deposit accounts, interest-bearing checking accounts, savings accounts, and money market accounts is the amount payable on demand at the reporting date (i.e., the carrying amount) as these instruments have an indeterminate maturity date. Fair values for time deposits are estimated by using discounted cash flow analyses, based on market spreads to benchmark rates.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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