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INVESTMENTS | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Investments include investment securities and various other investments primarily held by the Banks for Community Reinvestment Act (CRA) purposes. Investment securities consist of available-for-sale (AFS) debt securities, which are mortgage-backed securities and municipal bonds, and equity securities, which are mutual funds. Investment securities are carried at fair value on the Consolidated Balance Sheets. We also have other investments, which primarily include a portfolio of investments in certain limited partnerships and limited liability companies accounted for under the equity method, and therefore are recorded at cost and adjusted each period for our share of the investee’s earnings or losses, less any impairment. Other investments also include an insignificant tax credit investment where we elected to apply the proportional amortization method of accounting, for which the impacts of both the amortization of the investment and income tax benefits are fully recognized in the Provision for income taxes. The following table provides a summary of our Investments as of the dates presented:
| September 30, 2025 |  | December 31, 2024
(Millions) |
Investment securities: |  |  |
Available-for-sale debt securities | $ | 174 |  |  | $ | 170 |
Equity securities | 49 |  |  | 47 |
Total investment securities | 223 |  |  | 217 |
Equity method and other investments | 61 |  |  | 49 |
Total Investments | $ | 284 |  |  | $ | 266 |
For AFS debt securities in an unrealized loss position, any estimated credit losses are recognized in the Consolidated Statements of Income by establishing or adjusting an existing Allowance for credit losses for such losses. We typically invest in highly-rated securities with low probabilities of default; therefore, we did not have an Allowance for credit losses as of September 30, 2025 and December 31, 2024, and did not recognize any credit losses for the periods presented. Any unrealized gains, or any portion of an AFS debt security’s non-credit-related unrealized losses are recorded in the Consolidated Statements of Comprehensive Income, net of tax. Realized gains and losses are recorded in Other non-interest expenses in the Consolidated Statements of Income upon disposition of the AFS debt security, using the specific identification method. Gains and losses on investments in equity securities and CRA-related equity method investments are recorded in Other non-interest expenses in the Consolidated Statements of Income. The table below provides unrealized gains and losses on AFS debt securities as of the dates presented:
| September 30, 2025 |  | December 31, 2024
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
(Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 193 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 174 |  |  | $ | 195 |  |  | $ | — |  |  | $ | (25) |  |  | $ | 170 |
Total | $ | 193 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 174 |  |  | $ | 195 |  |  | $ | — |  |  | $ | (25) |  |  | $ | 170 |
The following tables provide information about AFS debt securities in a gross unrealized loss position and the length of time that individual securities have been in a continuous unrealized loss position, as of the dates presented:
| September 30, 2025
| Less than 12 months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(Millions) |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 2 |  |  | $ | — |  |  | $ | 140 |  |  | $ | (19) |  |  | $ | 142 |  |  | $ | (19) |
Total | $ | 2 |  |  | $ | — |  |  | $ | 140 |  |  | $ | (19) |  |  | $ | 142 |  |  | $ | (19) |
| December 31, 2024
| Less than 12 months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
(Millions) |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 27 |  |  | $ | — |  |  | $ | 140 |  |  | $ | (25) |  |  | $ | 167 |  |  | $ | (25) |
Total | $ | 27 |  |  | $ | — |  |  | $ | 140 |  |  | $ | (25) |  |  | $ | 167 |  |  | $ | (25) |
As of September 30, 2025, our AFS debt securities included mortgage-backed securities, which do not have a single maturity date, with an amortized cost and estimated fair value of $162 million and $145 million, respectively, and municipal bonds, all of which have a maturity date greater than ten years, with an amortized cost and estimated fair value of $31 million and $29 million, respectively. There were no realized gains or losses from the sale of any investment securities for the three and nine months ended September 30, 2025 and 2024.

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