

	March 31, 2026
($ in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS debt securities:
U.S. Treasury securities	$	1,256,350	$	495	$	(19,058)	$	1,237,787
U.S. government agency and U.S. government-sponsored enterprise debt securities	287,503		—		(31,640)		255,863
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	277,947		74		(27,359)		250,662
Residential mortgage-backed securities	11,004,372		53,571		(213,506)		10,844,437
Municipal securities	275,348		5		(37,394)		237,959
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	197,286		—		(22,416)		174,870
Residential mortgage-backed securities	431,846		—		(58,349)		373,497
Corporate debt securities	535,158		—		(87,575)		447,583
Foreign government bonds	249,263		461		(9,329)		240,395
Asset-backed securities	30,965		—		(535)		30,430

Total AFS debt securities	14,546,038		54,606		(507,161)		14,093,483
HTM debt securities:
U.S. Treasury securities	542,059		—		(16,011)		526,048
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,007,937		—		(152,476)		855,461
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	470,484		—		(70,288)		400,196
Residential mortgage-backed securities	653,648		—		(125,740)		527,908
Municipal securities	184,850		—		(41,460)		143,390
Total HTM debt securities	2,858,978		—		(405,975)		2,453,003
Total debt securities	$	17,405,016	$	54,606	$	(913,136)	$	16,546,486



	December 31, 2025
($ in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
AFS debt securities:
U.S. Treasury securities	$	1,010,053	$	837	$	(16,977)	$	—	$	993,913
U.S. government agency and U.S. government-sponsored enterprise debt securities	287,687		—		(30,033)		—		257,654
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	292,564		86		(27,312)		—		265,338
Residential mortgage-backed securities	10,251,714		68,588		(187,649)		—		10,132,653
Municipal securities	277,275		20		(34,193)		—		243,102
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	214,987		—		(22,139)		(1,900)		190,948
Residential mortgage-backed securities	452,208		—		(58,421)		—		393,787
Corporate debt securities	554,158		6		(89,183)		—		464,981
Foreign government bonds	247,249		437		(9,231)		—		238,455
Asset-backed securities	31,886		—		(497)		—		31,389

Total AFS debt securities	13,619,781		69,974		(475,635)		(1,900)		13,212,220
HTM debt securities:
U.S. Treasury securities	540,666		—		(15,779)		—		524,887
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,007,055		—		(146,921)		—		860,134
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	474,747		—		(69,471)		—		405,276
Residential mortgage-backed securities	662,127		—		(124,176)		—		537,951
Municipal securities	185,463		—		(33,965)		—		151,498
Total HTM debt securities	2,870,058		—		(390,312)		—		2,479,746
Total debt securities	$	16,489,839	$	69,974	$	(865,947)	$	(1,900)	$	15,691,966

(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of both March 31, 2026 and December 31, 2025, the accrued interest receivables were $54 million. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2025 Form 10-K.



	March 31, 2026
	Less Than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities	$	510,306	$	(5,956)	$	577,595	$	(13,102)	$	1,087,901	$	(19,058)
U.S. government agency and U.S. government sponsored enterprise debt securities	—		—		255,863		(31,640)		255,863		(31,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	3,512		(57)		242,595		(27,302)		246,107		(27,359)
Residential mortgage-backed securities	2,834,504		(31,455)		1,462,115		(182,051)		4,296,619		(213,506)
Municipal securities	1,950		(42)		233,125		(37,352)		235,075		(37,394)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	—		—		174,870		(22,416)		174,870		(22,416)
Residential mortgage-backed securities	—		—		373,497		(58,349)		373,497		(58,349)
Corporate debt securities	—		—		447,583		(87,575)		447,583		(87,575)
Foreign government bonds	—		—		40,671		(9,329)		40,671		(9,329)
Asset-backed securities	—		—		30,430		(535)		30,430		(535)

Total AFS debt securities	$	3,350,272	$	(37,510)	$	3,838,344	$	(469,651)	$	7,188,616	$	(507,161)



	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
($ in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities	$	323,019	$	(1,627)	$	575,638	$	(15,350)	$	898,657	$	(16,977)
U.S. government agency and U.S. government-sponsored enterprise debt securities	—		—		257,654		(30,033)		257,654		(30,033)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—		256,503		(27,312)		256,503		(27,312)
Residential mortgage-backed securities	1,052,833		(5,480)		1,582,952		(182,169)		2,635,785		(187,649)
Municipal securities	—		—		237,214		(34,193)		237,214		(34,193)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	—		—		190,948		(22,139)		190,948		(22,139)
Residential mortgage-backed securities	—		—		393,787		(58,421)		393,787		(58,421)
Corporate debt securities	—		—		454,975		(89,183)		454,975		(89,183)
Foreign government bonds	—		—		90,769		(9,231)		90,769		(9,231)
Asset-backed securities	—		—		31,389		(497)		31,389		(497)

Total AFS debt securities	$	1,375,852	$	(7,107)	$	4,071,829	$	(468,528)	$	5,447,681	$	(475,635)

As of March 31, 2026, the Company had 467 AFS debt securities in a gross unrealized loss position, primarily consisting of 261 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 45 corporate debt securities and 61 non-agency mortgage-backed securities. In comparison, as of December 31, 2025, the Company had 429 AFS debt securities in a gross unrealized loss position, primarily consisting of 222 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 47 corporate debt securities and 66 non-agency mortgage-backed securities.

The Company evaluates each AFS debt security where the fair value declines below amortized cost. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2025 Form 10-K.

The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of March 31, 2026 were mainly comprised of the following:

•Corporate debt securities — The market value movement as of March 31, 2026 was primarily due to interest rate movement and spread change. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. These securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) and issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities.

•Non-agency mortgage-backed securities — The market value movement for the majority of these securities as of March 31, 2026 was primarily due to interest rate movement and spread change. A substantial majority of the non-agency mortgage-backed securities are rated investment grade by NRSROs or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time. Accordingly, the Company believes the risk of credit losses on these securities is low.

As of both March 31, 2026 and December 31, 2025, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would not have to sell these securities before the recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities.

There was no allowance for credit losses recorded against these securities as of March 31, 2026, compared with an allowance for credit losses of $2 million as of December 31, 2025, related to a non-agency commercial mortgage-backed security that experienced a deterioration in both its credit rating and expected cash flows, resulting in its fair value falling below amortized cost. A $192 thousand reversal of credit losses was recognized for the three months ended March 31, 2026, as a result of the sale of this security, compared with no provision for credit losses for the three months ended March 31, 2025

The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2025 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of March 31, 2026, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of both March 31, 2026 and December 31, 2025. Overall, the Company believes that the credit support levels of the debt securities are strong and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received.



($ in thousands)	Within One Year			After One Year through Five Years			After Five Years through Ten Years			After Ten Years			Total
AFS debt securities:
U.S. Treasury securities
Amortized cost	$	490,798		$	597,938		$	167,614		$	—		$	1,256,350
Fair value	482,999			589,040			165,748			—			1,237,787
Weighted-average yield (1)	1.13		%	3.22		%	3.79		%	—		%	2.48		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	1,677			50,000			178,331			57,495			287,503
Fair value	1,656			47,873			157,707			48,627			255,863
Weighted-average yield (1)	2.85		%	2.00		%	2.08		%	2.16		%	2.09		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	—			48,534			90,730			11,143,055			11,282,319
Fair value	—			46,851			83,689			10,964,559			11,095,099
Weighted-average yield (1) (2)	—		%	2.86		%	2.90		%	4.74		%	4.71		%
Municipal securities
Amortized cost	7,800			17,636			22,598			227,314			275,348
Fair value	7,720			17,155			19,344			193,740			237,959
Weighted-average yield (1) (2)	1.21		%	2.58		%	2.40		%	2.26		%	2.26		%
Non-agency mortgage-backed securities
Amortized cost	—			—			—			629,132			629,132
Fair value	—			—			—			548,367			548,367
Weighted-average yield (1)	—		%	—		%	—		%	2.24		%	2.24		%
Corporate debt securities
Amortized cost	15,158			46,000			449,000			25,000			535,158
Fair value	15,058			42,999			366,134			23,392			447,583
Weighted-average yield (1)	4.70		%	4.31		%	2.36		%	1.80		%	2.57		%
Foreign government bonds
Amortized cost	69,648			129,615			50,000			—			249,263
Fair value	69,779			129,945			40,671			—			240,395
Weighted-average yield (1)	2.29		%	2.46		%	1.75		%	—		%	2.27		%
Asset-backed securities
Amortized cost	—			—			—			30,965			30,965
Fair value	—			—			—			30,430			30,430
Weighted-average yield (1)	—		%	—		%	—		%	4.36		%	4.36		%




Total AFS debt securities
Amortized cost	$	585,081		$	889,723		$	958,273		$	12,112,961		$	14,546,038
Fair value	$	577,212		$	873,863		$	833,293		$	11,809,115		$	14,093,483
Weighted-average yield (1)	1.37		%	3.06		%	2.58		%	4.54		%	4.19		%



($ in thousands)	Within One Year			After One Year through Five Years			After Five Years through Ten Years			After Ten Years			Total
HTM debt securities:
U.S. Treasury securities
Amortized cost	$	74,402		$	467,657		$	—		$	—		$	542,059
Fair value	72,898			453,150			—			—			526,048
Weighted-average yield (1)	0.83		%	1.08		%	—		%	—		%	1.05		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			129,956			812,191			65,790			1,007,937
Fair value	—			118,920			683,742			52,799			855,461
Weighted-average yield (1)	—		%	1.37		%	1.96		%	2.12		%	1.90		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	—			55,823			184,457			883,852			1,124,132
Fair value	—			51,287			159,382			717,435			928,104
Weighted-average yield (1) (2)	—		%	1.51		%	1.81		%	1.67		%	1.69		%
Municipal securities
Amortized cost	—			—			13,884			170,966			184,850
Fair value	—			—			11,791			131,599			143,390
Weighted-average yield (1) (2)	—		%	—		%	2.35		%	1.99		%	2.02		%
Total HTM debt securities
Amortized cost	$	74,402		$	653,436		$	1,010,532		$	1,120,608		$	2,858,978
Fair value	$	72,898		$	623,357		$	854,915		$	901,833		$	2,453,003
Weighted-average yield (1)	0.83		%	1.17		%	1.94		%	1.75		%	1.66		%

As of March 31, 2026 and December 31, 2025, AFS and HTM debt securities with carrying values of $4.9 billion and $4.6 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of March 31, 2026 and December 31, 2025, AFS and HTM debt securities with fair values of $6.9 billion and $4.8 billion, respectively, were prepositioned for the Federal Reserve Bank (“FRB”) Standing Repurchase Agreement Facility.