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Debt Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Debt Securities | Debt Securities The following tables present the amortized cost, gross unrealized gains and losses, and estimated fair values of debt securities as of the dates presented:
| September 30, 2025
(in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale: |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 1,332 |  |  | $ | 6 |  |  | $ | (43) |  |  | $ | 1,295 |
Obligations of states and political subdivisions | 1,621 |  |  | 34 |  |  | (18) |  |  | 1,637 |
Mortgage-backed securities and collateralized mortgage obligations | 8,381 |  |  | 49 |  |  | (349) |  |  | 8,081 |
Total available for sale securities | $ | 11,334 |  |  | $ | 89 |  |  | $ | (410) |  |  | $ | 11,013 |
Held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |
Total held to maturity securities | $ | 18 |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |
| December 31, 2024
(in millions) | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale: |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 1,496 |  |  | $ | 1 |  |  | $ | (74) |  |  | $ | 1,423 |
Obligations of states and political subdivisions | 1,055 |  |  | 3 |  |  | (32) |  |  | 1,026 |
Mortgage-backed securities and collateralized mortgage obligations | 6,307 |  |  | 4 |  |  | (485) |  |  | 5,826 |
Total available for sale securities | $ | 8,858 |  |  | $ | 8 |  |  | $ | (591) |  |  | $ | 8,275 |
Held to maturity: |  |  |  |  |  |  |
Mortgage-backed securities and collateralized mortgage obligations | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |
Total held to maturity securities | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |
The Company elected to exclude accrued interest receivable from the amortized cost basis of debt securities disclosed throughout this note. Interest accrued on investment securities totaled $43 million and $33 million as of September 30, 2025 and December 31, 2024, respectively, and is included in other assets on the Condensed Consolidated Balance Sheets. The following tables present debt securities that were in an unrealized loss position as of the dates presented, based on the length of time individual securities have been in an unrealized loss position:
| September 30, 2025
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in millions) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 50 |  |  | $ | — |  |  | $ | 774 |  |  | $ | (43) |  |  | $ | 824 |  |  | $ | (43) |
Obligations of states and political subdivisions | 110 |  |  | (1) |  |  | 222 |  |  | (17) |  |  | 332 |  |  | (18) |
Mortgage-backed securities and collateralized mortgage obligations | 2,572 |  |  | (28) |  |  | 1,784 |  |  | (321) |  |  | 4,356 |  |  | (349) |
Total temporarily impaired securities | $ | 2,732 |  |  | $ | (29) |  |  | $ | 2,780 |  |  | $ | (381) |  |  | $ | 5,512 |  |  | $ | (410) |
| December 31, 2024
| Less than 12 Months |  | 12 Months or Longer |  | Total
(in millions) | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available for sale: |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury and agencies | $ | 185 |  |  | $ | (3) |  |  | $ | 795 |  |  | $ | (71) |  |  | $ | 980 |  |  | $ | (74) |
Obligations of states and political subdivisions | 539 |  |  | (8) |  |  | 225 |  |  | (24) |  |  | 764 |  |  | (32) |
Mortgage-backed securities and collateralized mortgage obligations | 3,399 |  |  | (79) |  |  | 1,830 |  |  | (406) |  |  | 5,229 |  |  | (485) |
Total temporarily impaired securities | $ | 4,123 |  |  | $ | (90) |  |  | $ | 2,850 |  |  | $ | (501) |  |  | $ | 6,973 |  |  | $ | (591) |
The number of individual debt securities in an unrealized loss position in the tables above decreased to 680 as of September 30, 2025, as compared to 1,210 at December 31, 2024. The unrealized losses on the Company's debt securities are attributable to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, rather than deterioration in the credit quality of the issuers. Management actively monitors the published credit ratings of the issuers of the debt securities for any material changes in rating or outlook. As the decline in fair value of the debt securities is attributable to changes in interest rates or widening market spreads and not credit quality, these investments do not carry an ACL as of September 30, 2025. The following table presents the contractual maturities of debt securities as of September 30, 2025. Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties.
| Available For Sale |  | Held To Maturity
(in millions) | Amortized Cost |  | Fair Value |  | Amortized Cost |  | Fair Value
Due within one year | $ | 344 |  |  | $ | 344 |  |  | $ | — |  |  | $ | — |
Due after one year through five years | 2,755 |  |  | 2,744 |  |  | — |  |  | — |
Due after five years through ten years | 1,763 |  |  | 1,736 |  |  | — |  |  | — |
Due after ten years | 6,472 |  |  | 6,189 |  |  | 18 |  |  | 18 |
Total debt securities | $ | 11,334 |  |  | $ | 11,013 |  |  | $ | 18 |  |  | $ | 18 |
At September 30, 2025 and December 31, 2024, debt securities with a fair value of $7.3 billion and $5.2 billion, respectively, were pledged to secure borrowing capacity, public deposits, repurchase agreements, and for other purposes as required or permitted by law.

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