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FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis

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


(In millions)	September 30, 2025
	Level 1		Level 2		Level 3		Total
ASSETS
Trading securities	$	—	$	134	$	—	$	134
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	1,311		6,861		—		8,172
Municipal securities	—		973		—		973
Other debt securities	—		25		—		25
Total available-for-sale	1,311		7,859		—		9,170
Loans held for sale	—		126		—		126
Other noninterest-bearing investments:
Bank-owned life insurance	—		571		—		571
Private equity investments 1	11		—		135		146
Other assets:
Agriculture loan servicing	—		—		19		19
Deferred compensation plan assets	152		—		—		152
Derivatives	—		353		—		353
Total assets	$	1,474	$	9,043	$	154	$	10,671
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased	$	252	$	—	$	—	$	252
Other liabilities:
Derivatives	—		257		—		257
Total liabilities	$	252	$	257	$	—	$	509


(In millions)	December 31, 2024
	Level 1		Level 2		Level 3		Total
ASSETS
Trading securities	$	—	$	35	$	—	$	35
Available-for-sale securities:
U.S. Treasury, agencies, and corporations	662		7,300		—		7,962
Municipal securities	—		1,108		—		1,108
Other debt securities	—		25		—		25
Total available-for-sale	662		8,433		—		9,095
Loans held for sale	—		25		—		25
Other noninterest-bearing investments:
Bank-owned life insurance	—		562		—		562
Private equity investments 1	3		—		105		108
Other assets:
Agriculture loan servicing	—		—		20		20
Deferred compensation plan assets	149		—		—		149
Derivatives	—		446		—		446
Total assets	$	814	$	9,501	$	125	$	10,440
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased	$	21	$	—	$	—	$	21
Other liabilities:
Derivatives	—		350		—		350
Total liabilities	$	21	$	350	$	—	$	371

1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.

Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs

The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:


	Level 3 Instruments
	Three Months Ended September 30, 2025				Three Months Ended September 30, 2024				Nine Months Ended September 30, 2025				Nine Months Ended September 30, 2024
(In millions)	Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing		Private equity investments		Ag loan servicing

Balance at beginning of period	$	116	$	20	$	101	$	20	$	105	$	20	$	92	$	19
Unrealized securities gains, net	12		—		5		—		36		—		7		—
Other noninterest income	—		(1)		—		(1)		—		(1)		—		—
Purchases	7		—		1		—		12		—		10		—
Cost of investments sold	—		—		(2)		—		(6)		—		(4)		—

Transfers out	—		—		—		—		(12)		—		—		—
Balance at end of period	$	135	$	19	$	105	$	19	$	135	$	19	$	105	$	19

Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement

The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:


(In millions)	Three Months Ended				Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024


Securities gains (losses), net	$	—	$	(2)	$	(5)	$	(1)

Schedule of Carrying Values and Estimated Fair Values

The following schedule presents the carrying values and estimated fair values of certain financial instruments:


	September 30, 2025					December 31, 2024
(In millions)	Carrying value		Fair value		Level	Carrying value		Fair value		Level
Financial assets:
Held-to-maturity investment securities	$	9,059	$	9,106	2	$	9,669	$	9,382	2
Loans and leases (including loans held for sale), net of allowance	59,838		58,075		3	58,788		57,130		3
Financial liabilities:
Time deposits	10,056		9,985		2	11,482		11,468		2


Long-term debt	1,473		1,506		2	950		950		2

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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