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LONG-TERM DEBT AND SHAREHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2025
Debt And Equity [Abstract] |
LONG-TERM DEBT AND SHAREHOLDERS' EQUITY | LONG-TERM DEBT AND SHAREHOLDERS’ EQUITY Long-Term Debt The long-term debt carrying values presented on the consolidated balance sheet represent the par value of the debt, adjusted for any unamortized premium or discount, unamortized debt issuance costs, and fair value hedge basis adjustments. The following schedule presents the components of our long-term debt: LONG-TERM DEBT
(In millions) | June 30, 2025 |  | December 31, 2024 |  |  |  |
Subordinated notes 1 | $ | 966 |  |  | $ | 946 |  |  |  |  |
Finance lease obligations | 4 |  |  | 4 |  |  |  |  |
Total | $ | 970 |  |  | $ | 950 |  |  |  |  |
1 The change in the subordinated notes balance is primarily due to a fair value hedge basis adjustment. See also Note 7. Shareholders' Equity Our common stock is traded on the National Association of Securities Dealers Automated Quotations (“NASDAQ”) Global Select Market. At June 30, 2025, there were 147.6 million shares of $0.001 par value common stock outstanding. Common stock and additional paid-in capital was $1.7 billion at both June 30, 2025 and December 31, 2024. At June 30, 2025, the AOCI balance reflected a net loss of $2.2 billion, primarily attributable to a decline in the fair value of fixed-rate AFS securities driven by changes in interest rates. This amount includes $1.7 billion ($1.3 billion after tax) of unrealized losses associated with securities previously transferred from AFS to HTM. The following schedule presents the changes in AOCI by major component:
(In millions) | Net unrealized gains (losses) on investment securities |  | Net unrealized gains (losses) on derivatives and other |  | Pension and post-retirement |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Balance at December 31, 2024 | $ | (2,301) |  |  | $ | (78) |  |  | $ | (1) |  |  | $ | (2,380) |
Other comprehensive income before reclassifications, net of tax | 92 |  |  | 6 |  |  | — |  |  | 98 |
Amounts reclassified from AOCI, net of tax | 90 |  |  | 28 |  |  | — |  |  | 118 |
Other comprehensive income | 182 |  |  | 34 |  |  | — |  |  | 216 |
Balance at June 30, 2025 | $ | (2,119) |  |  | $ | (44) |  |  | $ | (1) |  |  | $ | (2,164) |
Income tax expense included in other comprehensive income | $ | 59 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 70 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | (2,526) |  |  | $ | (165) |  |  | $ | (1) |  |  | $ | (2,692) |
Other comprehensive income (loss) before reclassifications, net of tax | (2) |  |  | — |  |  | — |  |  | (2) |
Amounts reclassified from AOCI, net of tax | 96 |  |  | 49 |  |  | — |  |  | 145 |
Other comprehensive income | 94 |  |  | 49 |  |  | — |  |  | 143 |
Balance at June 30, 2024 | $ | (2,432) |  |  | $ | (116) |  |  | $ | (1) |  |  | $ | (2,549) |
Income tax expense included in other comprehensive income | $ | 31 |  |  | $ | 16 |  |  | $ | — |  |  | $ | 47 |
|  | Amounts reclassified from AOCI |  |  |  |
(In millions) |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |
AOCI components |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  | Affected line item on statement of income
Net unrealized gains (losses) on investment securities |  | $ | (62) |  |  | $ | (67) |  |  | $ | (120) |  |  | $ | (128) |  |  |  |  | Securities gains (losses), net
Less: Income tax expense (benefit) |  | (15) |  |  | (17) |  |  | (30) |  |  | (32) |  |  |  |  |
Total |  | $ | (47) |  |  | $ | (50) |  |  | $ | (90) |  |  | $ | (96) |  |  |  |  |
Net unrealized gains (losses) on derivative instruments and other |  | $ | (18) |  |  | $ | (31) |  |  | $ | (37) |  |  | $ | (65) |  |  |  |  | Interest and fees on loans; Interest on short- and long-term borrowings
Less: Income tax expense (benefit) |  | (5) |  |  | (8) |  |  | (9) |  |  | (16) |  |  |  |  |
Total |  | $ | (13) |  |  | $ | (23) |  |  | $ | (28) |  |  | $ | (49) |  |  |  |  |

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