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v3.25.2

INVESTMENT SECURITIES (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Schedule of Investment Securities | The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:
| June 30, 2025
(In millions) | Amortized cost |  | Gross unrealized gains 1 |  | Gross unrealized losses |  | Estimated fair value
Available-for-sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,201 |  |  | $ | 10 |  |  | $ | 110 |  |  | $ | 1,101 |
U.S. Government agencies and corporations: |  |  |  |  |  |  |
Agency securities | 376 |  |  | — |  |  | 20 |  |  | 356 |
Agency guaranteed mortgage-backed securities | 7,302 |  |  | 2 |  |  | 1,090 |  |  | 6,214 |
Small Business Administration loan-backed securities | 400 |  |  | — |  |  | 16 |  |  | 384 |
Municipal securities | 1,102 |  |  | — |  |  | 66 |  |  | 1,036 |
Other debt securities | 25 |  |  | — |  |  | — |  |  | 25 |
Total available-for-sale | 10,406 |  |  | 12 |  |  | 1,302 |  |  | 9,116 |
Held-to-maturity |  |  |  |  |  |  |
U.S. Government agencies and corporations: |  |  |  |  |  |  |
Agency securities | 143 |  |  | — |  |  | 5 |  |  | 138 |
Agency guaranteed mortgage-backed securities | 8,843 |  |  | 49 |  |  | 73 |  |  | 8,819 |
Municipal securities | 286 |  |  | — |  |  | 14 |  |  | 272 |
Total held-to-maturity | 9,272 |  |  | 49 |  |  | 92 |  |  | 9,229 |
Total investment securities | $ | 19,678 |  |  | $ | 61 |  |  | $ | 1,394 |  |  | $ | 18,345 |
| December 31, 2024
(In millions) | Amortized cost |  | Gross unrealized gains 1 |  | Gross unrealized losses |  | Estimated fair value
Available-for-sale |  |  |  |  |  |  |
U.S. Treasury securities | $ | 781 |  |  | $ | — |  |  | $ | 119 |  |  | $ | 662 |
U.S. Government agencies and corporations: |  |  |  |  |  |  |
Agency securities | 441 |  |  | — |  |  | 26 |  |  | 415 |
Agency guaranteed mortgage-backed securities | 7,713 |  |  | 1 |  |  | 1,263 |  |  | 6,451 |
Small Business Administration loan-backed securities | 455 |  |  | — |  |  | 21 |  |  | 434 |
Municipal securities | 1,186 |  |  | — |  |  | 78 |  |  | 1,108 |
Other debt securities | 25 |  |  | — |  |  | — |  |  | 25 |
Total available-for-sale | 10,601 |  |  | 1 |  |  | 1,507 |  |  | 9,095 |
Held-to-maturity |  |  |  |  |  |  |
U.S. Government agencies and corporations: |  |  |  |  |  |  |
Agency securities | 148 |  |  | — |  |  | 8 |  |  | 140 |
Agency guaranteed mortgage-backed securities | 9,202 |  |  | 2 |  |  | 263 |  |  | 8,941 |
Municipal securities | 319 |  |  | — |  |  | 18 |  |  | 301 |
Total held-to-maturity | 9,669 |  |  | 2 |  |  | 289 |  |  | 9,382 |
Total investment securities | $ | 20,270 |  |  | $ | 3 |  |  | $ | 1,796 |  |  | $ | 18,477 |
1 Gross unrealized gains for the respective AFS security categories without values were individually less than $1 million.
Schedule of Contractual Maturities Debt Securities | The following schedule presents the amortized cost and weighted average yields of debt securities, categorized by the remaining contractual maturity of principal payments at June 30, 2025. The schedule does not reflect the impact of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities presented do not represent the portfolio's duration, as they do not incorporate expected prepayments or amortization, which generally result in measured durations that are shorter than contractual maturities.
| June 30, 2025
| Total debt securities |  | Due in one year or less |  | Due after one year through five years |  | Due after five years through ten years |  | Due after ten years
(Dollar amounts in millions) | Amortized cost |  | Average yield |  | Amortized cost |  | Average yield |  | Amortized cost |  | Average yield |  | Amortized cost |  | Average yield |  | Amortized cost |  | Average yield
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 1,201 |  |  | 3.62 | % |  | $ | — |  |  | — | % |  | $ | 302 |  |  | 3.99 | % |  | $ | 498 |  |  | 4.42 | % |  | $ | 401 |  |  | 2.35 | %
U.S. Government agencies and corporations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities | 376 |  |  | 3.09 |  |  | 40 |  |  | 2.90 |  |  | 57 |  |  | 3.44 |  |  | 172 |  |  | 2.93 |  |  | 107 |  |  | 3.23 |
Agency guaranteed mortgage-backed securities | 7,302 |  |  | 2.02 |  |  | 8 |  |  | 1.32 |  |  | 106 |  |  | 1.97 |  |  | 1,321 |  |  | 2.11 |  |  | 5,867 |  |  | 2.00 |
Small Business Administration loan-backed securities | 400 |  |  | 4.60 |  |  | 1 |  |  | 4.44 |  |  | 10 |  |  | 5.56 |  |  | 112 |  |  | 3.80 |  |  | 277 |  |  | 4.89 |
Municipal securities 1 | 1,102 |  |  | 2.26 |  |  | 147 |  |  | 3.37 |  |  | 323 |  |  | 2.41 |  |  | 612 |  |  | 1.91 |  |  | 20 |  |  | 2.33 |
Other debt securities | 25 |  |  | 8.16 |  |  | — |  |  | — |  |  | 10 |  |  | 9.51 |  |  | — |  |  | — |  |  | 15 |  |  | 7.26 |
Total available-for-sale securities | 10,406 |  |  | 2.38 |  |  | 196 |  |  | 3.19 |  |  | 808 |  |  | 3.14 |  |  | 2,715 |  |  | 2.61 |  |  | 6,687 |  |  | 2.17 |
Held-to-maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Government agencies and corporations: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency securities | 143 |  |  | 4.17 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30 |  |  | 3.49 |  |  | 113 |  |  | 4.35 |
Agency guaranteed mortgage-backed securities | 8,843 |  |  | 1.84 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 1.86 |  |  | 8,804 |  |  | 1.84 |
Municipal securities 1 | 286 |  |  | 3.32 |  |  | 32 |  |  | 3.27 |  |  | 132 |  |  | 2.88 |  |  | 115 |  |  | 3.66 |  |  | 7 |  |  | 5.95 |
Total held-to-maturity securities | 9,272 |  |  | 1.92 |  |  | 32 |  |  | 3.27 |  |  | 132 |  |  | 2.88 |  |  | 184 |  |  | 3.25 |  |  | 8,924 |  |  | 1.87 |
Total investment securities | $ | 19,678 |  |  | 2.16 |  |  | $ | 228 |  |  | 3.21 |  |  | $ | 940 |  |  | 3.11 |  |  | $ | 2,899 |  |  | 2.65 |  |  | $ | 15,611 |  |  | 2.00 |
1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
Schedule of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value | The following schedule presents gross unrealized losses for AFS securities and the estimated fair value, categorized by the length of time the securities have been in an unrealized loss position:
| June 30, 2025
| Less than 12 months |  | 12 months or more |  | Total
(In millions) | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | — |  |  | $ | — |  |  | $ | 110 |  |  | $ | 291 |  |  | $ | 110 |  |  | $ | 291 |
U.S. Government agencies and corporations: |  |  |  |  |  |  |  |  |  |  |
Agency securities | — |  |  | 11 |  |  | 20 |  |  | 345 |  |  | 20 |  |  | 356 |
Agency guaranteed mortgage-backed securities | — |  |  | 12 |  |  | 1,090 |  |  | 5,977 |  |  | 1,090 |  |  | 5,989 |
Small Business Administration loan-backed securities | — |  |  | 4 |  |  | 16 |  |  | 343 |  |  | 16 |  |  | 347 |
Municipal securities | — |  |  | 51 |  |  | 66 |  |  | 904 |  |  | 66 |  |  | 955 |
Other | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total available-for-sale investment securities | $ | — |  |  | $ | 93 |  |  | $ | 1,302 |  |  | $ | 7,860 |  |  | $ | 1,302 |  |  | $ | 7,953 |
| December 31, 2024
| Less than 12 months |  | 12 months or more |  | Total
(In millions) | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value |  | Gross unrealized losses |  | Estimated fair value
Available-for-sale |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities | $ | 3 |  |  | $ | 198 |  |  | $ | 116 |  |  | $ | 285 |  |  | $ | 119 |  |  | $ | 483 |
U.S. Government agencies and corporations: |  |  |  |  |  |  |  |  |  |  |
Agency securities | — |  |  | 3 |  |  | 26 |  |  | 403 |  |  | 26 |  |  | 406 |
Agency guaranteed mortgage-backed securities | — |  |  | 86 |  |  | 1,263 |  |  | 6,171 |  |  | 1,263 |  |  | 6,257 |
Small Business Administration loan-backed securities | — |  |  | 35 |  |  | 21 |  |  | 387 |  |  | 21 |  |  | 422 |
Municipal securities | — |  |  | 68 |  |  | 78 |  |  | 984 |  |  | 78 |  |  | 1,052 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total available-for-sale investment securities | $ | 3 |  |  | $ | 390 |  |  | $ | 1,504 |  |  | $ | 8,230 |  |  | $ | 1,507 |  |  | $ | 8,620 |
Schedule of Interest Income by Security Type | The following schedule presents interest income categorized by investment security type:
| Three Months Ended June 30,
| 2025 |  | 2024
(In millions) | Taxable |  | Nontaxable |  | Total |  | Taxable |  | Nontaxable |  | Total
Available-for-sale | $ | 65 |  |  | $ | 7 |  |  | $ | 72 |  |  | $ | 75 |  |  | $ | 8 |  |  | $ | 83 |
Held-to-maturity | 50 |  |  | 1 |  |  | 51 |  |  | 55 |  |  | 1 |  |  | 56 |
Total investment securities | $ | 115 |  |  | $ | 8 |  |  | $ | 123 |  |  | $ | 130 |  |  | $ | 9 |  |  | $ | 139 |
| Six Months Ended June 30,
| 2025 |  | 2024
(In millions) | Taxable |  | Nontaxable |  | Total |  | Taxable |  | Nontaxable |  | Total
Available-for-sale | $ | 130 |  |  | $ | 14 |  |  | $ | 144 |  |  | $ | 152 |  |  | $ | 16 |  |  | $ | 168 |
Held-to-maturity | 102 |  |  | 2 |  |  | 104 |  |  | 111 |  |  | 2 |  |  | 113 |
Total investment securities | $ | 232 |  |  | $ | 16 |  |  | $ | 248 |  |  | $ | 263 |  |  | $ | 18 |  |  | $ | 281 |

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