Debt Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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.