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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents estimated fair values of the Company's financial instruments as of the dates presented, whether or not recognized or recorded at fair value on a recurring basis in the Condensed Consolidated Balance Sheets:

									September 30, 2025												December 31, 2024
(in millions)			Level						Carrying Value						Fair Value						Carrying Value						Fair Value
Financial assets:
Cash and cash equivalents			1						$	2,343					$	2,343					$	1,879					$	1,879
Equity and other investment securities			1,2						112						112						78						78
Investment securities available for sale			1,2						11,013						11,013						8,275						8,275
Investment securities held to maturity			3						18						18						2						3
Loans held for sale			2						340						340						72						72
Loans and leases, net (1)			2,3						47,989						46,715						37,256						35,690
Restricted equity securities			1						119						119						150						150
Residential mortgage servicing rights			3						101						101						108						108
Derivatives			2,3						88						88						109						109
Financial liabilities:
Deposits			2						55,771						55,759						41,721						41,707
Securities sold under agreements to repurchase			2						167						167						237						237
Borrowings			2						2,300						2,300						3,100						3,102
Junior subordinated debentures, at fair value			3						331						331						331						331
Junior and other subordinated debentures, at amortized cost			3						107						108						108						104
Derivatives			1,2,3						194						194						281						281

(1) Loans and leases, net are classified as level 3, with the exception of loans originated as held for sale and transferred into loans held for investment of $76 million and $169 million as of September 30, 2025 and December 31, 2024, respectively, which are classified as level 2.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of the periods presented: 

(in millions)			September 30, 2025
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	92					$	61					$	31					$	—
Equity securities held in rabbi trusts			20						20						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,295						208						1,087						—
Obligations of states and political subdivisions			1,637						—						1,637						—
Mortgage-backed securities and collateralized mortgage obligations			8,081						—						8,081						—
Loans held for sale, at fair value			340						—						340						—
Loans and leases, at fair value			76						—						76						—
Residential mortgage servicing rights, at fair value			101						—						—						101
Derivatives
Interest rate swaps			88						—						88						—
Total assets measured at fair value			$	11,730					$	289					$	11,340					$	101
Financial liabilities:
Junior subordinated debentures, at fair value			$	331					$	—					$	—					$	331
Derivatives
Interest rate futures			1						1						—						—
Interest rate swaps			193						—						193						—
Total liabilities measured at fair value			$	525					$	1					$	193					$	331

(in millions)			December 31, 2024
Description			Total						Level 1						Level 2						Level 3
Financial assets:
Equity and other investment securities
Investments in mutual funds and other securities			$	62					$	44					$	18					$	—
Equity securities held in rabbi trusts			16						16						—						—
Investment securities available for sale
U.S. Treasury and agencies			1,423						321						1,102						—
Obligations of states and political subdivisions			1,026						—						1,026						—
Mortgage-backed securities and collateralized mortgage obligations			5,826						—						5,826						—
Loans held for sale, at fair value			72						—						72						—
Loans and leases, at fair value			169						—						169						—
Residential mortgage servicing rights, at fair value			108						—						—						108
Derivatives
Interest rate forward sales commitments			1						—						1						—
Interest rate swaps			107						—						107						—
Foreign currency derivatives			1						—						1						—
Total assets measured at fair value			$	8,811					$	381					$	8,322					$	108
Financial liabilities:
Junior subordinated debentures, at fair value			$	331					$	—					$	—					$	331
Derivatives
Interest rate futures			3						—						3						—
Interest rate swaps			277						—						277						—
Foreign currency derivatives			1						—						1						—
Total liabilities measured at fair value			$	612					$	—					$	281					$	331

Fair Value Measurement Inputs and Valuation Techniques

The following table provides a description of the valuation technique, significant unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis as of the dates presented: 

Financial Instrument

Fair Value (in millions)

Valuation Technique

Unobservable Input

Range of Inputs

Weighted Average

September 30, 2025

Assets:

Residential mortgage servicing rights

$

101

Discounted cash flow

Constant prepayment rate

5.77% - 31.32%

7.94%

Discount rate

9.50% - 16.26%

10.20%

Liabilities:

Junior subordinated debentures

$

331

Discounted cash flow

Credit spread

2.12% - 4.28%

3.08%

Financial Instrument

Fair Value (in millions)

Valuation Technique

Unobservable Input

Range of Inputs

Weighted Average

December 31, 2024

Assets:

Residential mortgage servicing rights

$

108

Discounted cash flow

Constant prepayment rate

5.77% - 60.85%

6.92%

Discount rate

9.50% - 16.16%

10.23%

Liabilities:

Junior subordinated debentures

$

331

Discounted cash flow

Credit spread

1.46% - 4.15%

3.06%

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis for the periods indicated: 

			Three Months Ended
			September 30, 2025															September 30, 2024
(in millions)			Residential Mortgage Servicing Rights												Junior Subordinated Debentures, at Fair Value						Residential Mortgage Servicing Rights												Junior Subordinated Debentures, at Fair Value
Beginning balance			$	103											$	(323)					$	110											$	(310)
Change included in earnings			(3)												(7)						(9)												(8)
Change in fair values included in comprehensive income/loss			—												(8)						—												(2)
Purchases and issuances			1												—						1												—
Sales and settlements			—												7						—												8
Ending balance			$	101											$	(331)					$	102											$	(312)
Change in unrealized gains or losses for the period included in earnings for assets and liabilities held at end of period			$	—											$	(7)					$	(6)											$	(8)
Change in unrealized gains or losses for the period included in other comprehensive income for assets and liabilities held at end of period			$	—											$	(8)					$	—											$	(2)
			Nine Months Ended
			September 30, 2025															September 30, 2024
(in millions)			Residential Mortgage Servicing Rights												Junior Subordinated Debentures, at Fair Value						Residential Mortgage Servicing Rights												Junior Subordinated Debentures, at Fair Value
Beginning balance			$	108											$	(331)					$	109											$	(316)
Change included in earnings			(12)												(20)						(11)												(23)
Change in fair values included in comprehensive income/loss			—												—						—												4
Purchases and issuances			5												—						4												—
Sales and settlements			—												20						—												23
Ending balance			$	101											$	(331)					$	102											$	(312)
Change in unrealized gains or losses for the period included in earnings for assets held at end of period			$	(3)											$	(20)					$	(2)											$	(23)
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at end of period			$	—											$	—					$	—											$	4

Fair Value Measurements, Nonrecurring

The following tables present information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value was recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. 

			September 30, 2025
(in millions)			Total						Level 1						Level 2						Level 3
Loans and leases			$	17					$	—					$	—					$	17

			December 31, 2024
(in millions)			Total						Level 1						Level 2						Level 3
Loans and leases			$	28					$	—					$	—					$	28

Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings

The following table presents the losses resulting from nonrecurring fair value adjustments for the periods indicated:

			Three Months Ended												Nine Months Ended
(in millions)			September 30, 2025						September 30, 2024						September 30, 2025						September 30, 2024
Loans and leases			$	17					$	25					$	72					$	84

Fair Value Option, Disclosures

The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale and loans held for investment accounted for under the fair value option as of the dates presented:

			September 30, 2025																		December 31, 2024
(in millions)			Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance						Fair Value						Aggregate Unpaid Principal Balance						Fair Value Less Aggregate Unpaid Principal Balance
Loans held for sale			$	340					$	357					$	(17)					$	72					$	71					$	1
Loans held for investment			$	76					$	81					$	(5)					$	169					$	201					$	(32)

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