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Securities | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Securities | 6. Securities The amortized cost, unrealized gains and losses, and approximate fair value of our securities available for sale and held-to-maturity securities are presented in the following tables. Gross unrealized gains and losses represent the difference between the amortized cost and the fair value of securities on the balance sheet as of the dates indicated. Accordingly, the amount of these gains and losses may change in the future as market conditions change.
| June 30, 2026 |  | December 31, 2025
Dollars in millions | Amortized Cost (a)(b) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost (a)(b) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
SECURITIES AVAILABLE FOR SALE |  |  |  |  |  |  |  |  |
U.S. Treasury, agencies, and corporations | $ | 7,102 |  | $ | 11 |  | $ | 38 |  | $ | 7,075 |  |  | $ | 7,842 |  | $ | 61 |  | $ | 17 |  | $ | 7,886 |
Agency residential collateralized mortgage obligations | 9,726 |  | 9 |  | 1,740 |  | 7,995 |  |  | 10,269 |  | 4 |  | 1,708 |  | 8,565 |
Agency residential mortgage-backed securities | 20,028 |  | 122 |  | 542 |  | 19,608 |  |  | 19,451 |  | 201 |  | 457 |  | 19,195 |
Agency commercial mortgage-backed securities | 4,148 |  | — |  | 367 |  | 3,781 |  |  | 4,284 |  | 1 |  | 335 |  | 3,950 |
Total securities available for sale | $ | 41,004 |  | $ | 142 |  | $ | 2,687 |  | $ | 38,459 |  |  | $ | 41,846 |  | $ | 267 |  | $ | 2,517 |  | $ | 39,596 |
HELD-TO-MATURITY SECURITIES |  |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | $ | 3,754 |  | $ | 2 |  | $ | 208 |  | $ | 3,548 |  |  | $ | 4,026 |  | $ | 8 |  | $ | 176 |  | $ | 3,858 |
Agency residential mortgage-backed securities | 3,935 |  | 5 |  | 44 |  | 3,896 |  |  | 2,374 |  | 12 |  | 13 |  | 2,373 |
Agency commercial mortgage-backed securities | 1,786 |  | — |  | 144 |  | 1,642 |  |  | 2,121 |  | 1 |  | 139 |  | 1,983 |
Asset-backed securities (c) | 19 |  | — |  | 1 |  | 18 |  |  | 77 |  | — |  | 2 |  | 75 |
Other securities | 21 |  | — |  | 1 |  | 20 |  |  | 24 |  | — |  | — |  | 24 |
Total held-to-maturity securities | $ | 9,515 |  | $ | 7 |  | 398 |  | $ | 9,124 |  |  | $ | 8,622 |  | $ | 21 |  | $ | 330 |  | $ | 8,313 |
(a)Amortized cost amounts exclude accrued interes t receivable which is recorded within “Accrued income and other assets” on the balance sheet. At June 30, 2026, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $115 million and $32 million, respectively. At December 31, 2025, accrued interest receivable on available for sale securities and held-to-maturity securities totaled $121 million and $26 million, respectively. (b)Excluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $(26) million and $99 million as of June 30, 2026 and December 31, 2025, respectively. The securities being hedged are primarily U.S. Treasuries, Agency RMBS, and Agency CMBS. (c)Amortized cost includes $16 million of securities as of June 30, 2026, and $74 million of securities as of December 31, 2025, related to the purchase of senior notes from a securitization collateralized by sold indirect auto loans. The following table summarizes securities in an unrealized loss position for which an allowance for credit losses has not been recorded as of June 30, 2026, and December 31, 2025.
| Duration of Unrealized Loss Position |  |  |
| Less than 12 Months |  | 12 Months or Longer |  | Total
Dollars in millions | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
June 30, 2026 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, agencies, and corporations | $ | 2,082 |  | $ | 18 |  |  | $ | 522 |  | $ | 20 |  |  | $ | 2,604 |  | $ | 38 |
Agency residential collateralized mortgage obligations | — |  | — |  |  | 7,219 |  | 1,740 |  |  | 7,219 |  | 1,740 |
Agency residential mortgage-backed securities | 7,268 |  | 85 |  |  | 3,793 |  | 457 |  |  | 11,061 |  | 542 |
Agency commercial mortgage-backed securities | 250 |  | 3 |  |  | 3,531 |  | 364 |  |  | 3,781 |  | 367 |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | 493 |  | 7 |  |  | 2,854 |  | 201 |  |  | 3,347 |  | 208 |
Agency residential mortgage-backed securities | 3,056 |  | 33 |  |  | 118 |  | 11 |  |  | 3,174 |  | 44 |
Agency commercial mortgage-backed securities | — |  | — |  |  | 1,574 |  | 144 |  |  | 1,574 |  | 144 |
Asset-backed securities | — |  | — |  |  | 18 |  | 1 |  |  | 18 |  | 1 |
Other securities | 12 |  | — |  |  | 3 |  | 1 |  |  | 15 |  | 1 |
Total securities in an unrealized loss position | $ | 13,161 |  | $ | 146 |  |  | $ | 19,632 |  | $ | 2,939 |  |  | $ | 32,793 |  | $ | 3,085 |
December 31, 2025 |  |  |  |  |  |  |  |
Securities available for sale: |  |  |  |  |  |  |  |
U.S. Treasury, agencies, and corporations | $ | — |  | $ | — |  |  | $ | 525 |  | $ | 17 |  |  | $ | 525 |  | $ | 17 |
Agency residential collateralized mortgage obligations | — |  | — |  |  | 7,677 |  | 1,708 |  |  | 7,677 |  | 1,708 |
Agency residential mortgage-backed securities | 1,226 |  | 7 |  |  | 5,583 |  | 450 |  |  | 6,809 |  | 457 |
Agency commercial mortgage-backed securities | 7 |  | — |  |  | 3,777 |  | 335 |  |  | 3,784 |  | 335 |
Held-to-maturity securities: |  |  |  |  |  |  |  |
Agency residential collateralized mortgage obligations | 240 |  | 2 |  |  | 3,023 |  | 174 |  |  | 3,263 |  | 176 |
Agency residential mortgage-backed securities | 526 |  | 2 |  |  | 125 |  | 11 |  |  | 651 |  | 13 |
Agency commercial mortgage-backed securities | — |  | — |  |  | 1,914 |  | 139 |  |  | 1,914 |  | 139 |
Asset-backed securities | — |  | — |  |  | 75 |  | 2 |  |  | 75 |  | 2 |
Other securities | 5 |  | — |  |  | 6 |  | — |  |  | 11 |  | — |
Total securities in an unrealized loss position | $ | 2,004 |  | $ | 11 |  |  | $ | 22,705 |  | $ | 2,836 |  |  | $ | 24,709 |  | $ | 2,847 |
Based on our evaluation at June 30, 2026, an allowance for credit losses has not been recorded nor have unrealized losses been recognized into income. The issuers of the securities are of high credit quality and have a history of no credit losses, management does not intend to sell, and it is likely that management will not be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely attributed to changes in interest rates and other market conditions. The security issuers continue to make timely principal and interest payments. For the three months ended June 30, 2026, we recognized no gross realized gains or losses from the sale of securities available for sale. For the three months ended June 30, 2025, we recognized no gross realized gains or losses from the sale of securities available for sale. For the six months ended June 30, 2026, we recognized no gross realized gains or losses from the sale of securities available for sale. For the six months ended June 30, 2025, we recognized no gross realized gains or losses from the sale of securities available for sale. At June 30, 2026 and December 31, 2025, securities available for sale and held-to-maturity securities totaling $18.0 billion and $18.7 billion, respectively, were pledged to secure securities sold under repurchase agreements, to secure public and trust deposits, to facilitate access to secured funding, and for other purposes required or permitted by law. The following table shows our securities by remaining maturity at June 30, 2026. CMOs, other mortgage-backed securities, and asset-backed securities in the available for sale portfolio and held-to-maturity portfolio are presented based on their expected average lives. The remaining securities, in both the available-for-sale and held-to-maturity portfolios, are presented based on their remaining contractual maturity. Actual maturities may differ from expected or contractual maturities since borrowers have the right to prepay obligations with or without prepayment penalties.
June 30, 2026 | Securities Available for Sale |  | Held to Maturity Securities
Dollars in millions | Amortized Cost | Fair Value |  | Amortized Cost | Fair Value
Due in one year or less | $ | 3,347 |  | $ | 3,351 |  |  | $ | 290 |  | $ | 286 |
Due after one through five years | 9,715 |  | 9,311 |  |  | 2,074 |  | 2,007 |
Due after five through ten years | 22,458 |  | 20,670 |  |  | 6,247 |  | 6,048 |
Due after ten years | 5,484 |  | 5,127 |  |  | 904 |  | 783 |
Total | $ | 41,004 |  | $ | 38,459 |  |  | $ | 9,515 |  | $ | 9,124 |

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