Investment Securities

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. The Bancorp may also utilize investment securities as part of a non-qualifying hedging strategy to manage interest rate risk related to residential MSRs.

The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of:


June 30, 2026 ($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	1,906	1	(8)	1,899

Mortgage-backed securities:
Agency residential mortgage-backed securities	15,659		9	(639)	15,029
Agency commercial mortgage-backed securities	23,556		1	(2,200)	21,357
Non-agency commercial mortgage-backed securities	2,826		—	(208)	2,618
Asset-backed securities and other debt securities	2,416		2	(115)	2,303
Other securities(a)	1,260		—	—	1,260
Total available-for-sale debt and other securities	$	47,623	13	(3,170)	44,466
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	3,382	11	(10)	3,383
Mortgage-backed securities:
Agency residential mortgage-backed securities	5,472		8	(95)	5,385
Agency commercial mortgage-backed securities	9,548		12	(72)	9,488
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	18,404	31	(177)	18,258

(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $368, $889 and $3, respectively, at June 30, 2026, that are carried at cost.

(b)The amortized cost basis includes a discount of $685 at June 30, 2026 pertaining to the remaining unamortized portion of unrealized losses on securities transferred to HTM.


December 31, 2025 ($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	1,575	—	—	1,575

Mortgage-backed securities:
Agency residential mortgage-backed securities	9,138		18	(533)	8,623
Agency commercial mortgage-backed securities	22,307		4	(2,124)	20,187
Non-agency commercial mortgage-backed securities	3,032		1	(200)	2,833
Asset-backed securities and other debt securities	2,381		2	(116)	2,267
Other securities(a)	674		—	—	674
Total available-for-sale debt and other securities	$	39,107	25	(2,973)	36,159
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	2,438	19	—	2,457
Mortgage-backed securities:
Agency residential mortgage-backed securities	5,023		23	(44)	5,002
Agency commercial mortgage-backed securities	3,905		43	(5)	3,943
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	11,368	85	(49)	11,404

(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $167, $505 and $2, respectively, at December 31, 2025, that are carried at cost.

(b)The amortized cost basis includes a discount of $742 at December 31, 2025 pertaining to the remaining unamortized portion of unrealized losses on securities transferred to HTM.

The following table provides the fair value of trading debt securities and equity securities as of:


($ in millions)	June 30, 2026		December 31, 2025
Trading debt securities	$	1,853	1,057
Equity securities	495		453

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $211 million and $139 million at June 30, 2026 and December 31, 2025, respectively, which is presented as a component of other assets in the Condensed Consolidated Balance Sheets.

The following table presents the components of net securities gains and losses recognized in the Condensed Consolidated Statements of Income:


	For the three months ended June 30,			For the six months ended June 30,
($ in millions)	2026		2025	2026	2025
Available-for-sale debt and other securities:
Realized gains	$	4	1	10	6
Realized losses	(14)		(1)	(21)	(6)
Impairment losses	(7)		—	(7)	—
Net losses on available-for-sale debt and other securities	$	(17)	—	(18)	—




Equity securities:
Net realized gains (losses)	3		(5)	4	(5)
Net unrealized gains	34		21	22	12
Net equity securities gains	$	37	16	26	7
Total gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)	$	20	16	8	7

(a)Excludes $2 and $5 of net securities gains for the three and six months ended June 30, 2026, respectively, and $2 and $6 of net securities gains for the three and six months ended June 30, 2025, respectively, related to securities held by FTS to facilitate the timely execution of customer transactions. These gains and losses are included in commercial banking revenue and wealth and asset management revenue in the Condensed Consolidated Statements of Income.

At both June 30, 2026 and December 31, 2025, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize provision for credit losses for investment securities during both the three and six months ended June 30, 2026 and 2025.

The Bancorp recognized $7 million of impairment losses on its available-for-sale debt and other securities for both the three and six months ended June 30, 2026. The Bancorp recognized an immaterial amount of impairment losses on its available-for-sale debt and other securities for both the three and six months ended June 30, 2025. These losses were included in securities gains, net, in the Condensed Consolidated Statements of Income and related to certain securities in unrealized loss positions where the Bancorp had determined that it no longer intended to hold the securities until the recovery of their amortized cost bases.

At June 30, 2026 and December 31, 2025, investment securities with a fair value of $30.1 billion and $28.6 billion, respectively, were pledged to secure borrowing capacity, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of June 30, 2026 are shown in the following table:


($ in millions)	Available-for-Sale Debt and Other			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Debt securities:(a)
Due in 1 year or less	$	1,560	1,545	235	236
Due after 1 year through 5 years	19,778		19,007	7,381	7,351
Due after 5 years through 10 years	19,476		17,934	10,621	10,502
Due after 10 years	5,549		4,720	167	169
Other securities	1,260		1,260	—	—
Total	$	47,623	44,466	18,404	18,258

(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.

The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of:


	Less than 12 months			12 months or more		Total
June 30, 2026 ($ in millions)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses

U.S. Treasury and federal agencies securities	$	1,442	(8)	—	—	1,442	(8)

Agency residential mortgage-backed securities	8,675		(78)	4,382	(561)	13,057	(639)
Agency commercial mortgage-backed securities	2,934		(38)	17,769	(2,162)	20,703	(2,200)
Non-agency commercial mortgage-backed securities	86		(1)	2,466	(207)	2,552	(208)
Asset-backed securities and other debt securities	395		(7)	1,438	(108)	1,833	(115)
Total	$	13,532	(132)	26,055	(3,038)	39,587	(3,170)
December 31, 2025
U.S. Treasury and federal agencies securities	$	1,225	—	—	—	1,225	—
Agency residential mortgage-backed securities	1,454		(7)	4,615	(526)	6,069	(533)
Agency commercial mortgage-backed securities	149		(1)	19,826	(2,123)	19,975	(2,124)
Non-agency commercial mortgage-backed securities	1		—	2,695	(200)	2,696	(200)
Asset-backed securities and other debt securities	135		(1)	1,893	(115)	2,028	(116)
Total	$	2,964	(9)	29,029	(2,964)	31,993	(2,973)

At both June 30, 2026 and December 31, 2025, $24 million of unrealized losses in the available-for-sale debt and other securities portfolio were related to non-rated securities.