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INVESTMENTS | 6 Months Ended
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Jun. 30, 2026
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 includes 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. Refer to Note 8, “Fair Values of Financial Instruments” for a description of our methodology for determining the fair values of our investment securities. The following table provides a summary of our Investments as of the dates presented:
| June 30, 2026 |  | December 31, 2025
(Millions) |
Investment securities |  |  |
Available-for-sale debt securities | $ | 168 |  |  | $ | 171 |
Equity securities | 50 |  |  | 50 |
Total investment securities | 218 |  |  | 221 |
Equity method and other investments | 70 |  |  | 63 |
Total Investments | $ | 288 |  |  | $ | 284 |
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 June 30, 2026 and December 31, 2025, 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. The gross unrealized losses on our AFS debt securities are primarily attributable to an increase in the current benchmark interest rate. Any 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:
| June 30, 2026 |  | December 31, 2025
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
(Millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities | $ | 187 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 168 |  |  | $ | 189 |  |  | $ | — |  |  | $ | (18) |  |  | $ | 171 |
Total | $ | 187 |  |  | $ | — |  |  | $ | (19) |  |  | $ | 168 |  |  | $ | 189 |  |  | $ | — |  |  | $ | (18) |  |  | $ | 171 |
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:
| June 30, 2026
| 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 | $ | 24 |  |  | $ | — |  |  | $ | 121 |  |  | $ | (19) |  |  | $ | 145 |  |  | $ | (19) |
Total | $ | 24 |  |  | $ | — |  |  | $ | 121 |  |  | $ | (19) |  |  | $ | 145 |  |  | $ | (19) |
| December 31, 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 | $ | — |  |  | $ | — |  |  | $ | 135 |  |  | $ | (18) |  |  | $ | 135 |  |  | $ | (18) |
Total | $ | — |  |  | $ | — |  |  | $ | 135 |  |  | $ | (18) |  |  | $ | 135 |  |  | $ | (18) |
As of June 30, 2026 our AFS debt securities included mortgage-backed securities and municipal bonds. The mortgage-backed securities, which do not have a single maturity date, have an amortized cost and estimated fair value of $157 million and $141 million, respectively, with a weighted average yield of 3.29%. The municipal bonds which all have a maturity date greater than ten years, have an amortized cost and estimated fair value of $30 million and $27 million, respectively, with a weighted average yield of 3.84%. Weighted average yield is computed using the effective yield of each security owned at the end of the period, weighted based on the amortized cost of each security. The effective yield considers the contractual coupon, amortization of premiums and accretion of discounts. Accrued interest on our AFS debt securities is included in Other assets on the Consolidated Balance Sheets and was insignificant as of both June 30, 2026 and December 31, 2025. There were no realized gains or losses from the sale of any investment securities for the three and six months ended June 30, 2026 and 2025.

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