

	June 30, 2026
($ in thousands)	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS debt securities:
U.S. Treasury securities	$	1,452,946	$	234	$	(21,839)	$	1,431,341
U.S. government agency and U.S. government-sponsored enterprise debt securities	286,666		—		(32,266)		254,400
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities	249,683		97		(25,383)		224,397
Residential mortgage-backed securities	11,420,269		39,019		(228,460)		11,230,828
Municipal securities	271,422		17		(30,751)		240,688
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	196,228		—		(21,622)		174,606
Residential mortgage-backed securities	420,959		—		(59,324)		361,635
Corporate debt securities	506,125		—		(84,823)		421,302
Foreign government bonds	251,260		435		(9,346)		242,349


Total AFS debt securities	15,055,558		39,802		(513,814)		14,581,546
HTM debt securities:
U.S. Treasury securities	543,466		—		(15,031)		528,435
U.S. government agency and U.S. government-sponsored enterprise debt securities	1,008,313		—		(154,607)		853,706
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities	466,903		—		(71,161)		395,742
Residential mortgage-backed securities	642,441		—		(125,412)		517,029
Municipal securities	184,241		—		(35,659)		148,582
Total HTM debt securities	2,845,364		—		(401,870)		2,443,494
Total debt securities	$	17,900,922	$	39,802	$	(915,684)	$	17,025,040



	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 June 30, 2026 and December 31, 2025, the accrued interest receivables were $64 million and $54 million, respectively. 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.



	June 30, 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	$	752,995	$	(11,871)	$	580,436	$	(9,968)	$	1,333,431	$	(21,839)
U.S. government agency and U.S. government sponsored enterprise debt securities	—		—		254,400		(32,266)		254,400		(32,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	3,473		(85)		216,352		(25,298)		219,825		(25,383)
Residential mortgage-backed securities	4,518,493		(49,168)		1,324,514		(179,292)		5,843,007		(228,460)
Municipal securities	10,112		(71)		225,102		(30,680)		235,214		(30,751)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities	—		—		174,606		(21,622)		174,606		(21,622)
Residential mortgage-backed securities	—		—		361,635		(59,324)		361,635		(59,324)
Corporate debt securities	—		—		421,302		(84,823)		421,302		(84,823)
Foreign government bonds	18,922		(11)		40,665		(9,335)		59,587		(9,346)


Total AFS debt securities	$	5,303,995	$	(61,206)	$	3,599,012	$	(452,608)	$	8,903,007	$	(513,814)



	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 June 30, 2026, the Company had 482 AFS debt securities in a gross unrealized loss position, primarily consisting of 284 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 41 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 June 30, 2026 were mainly comprised of the following:

•Corporate debt securities — The market value movement as of June 30, 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 June 30, 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 June 30, 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 June 30, 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. For the three months ended June 30, 2026, no provision for credit losses was recognized. For the six months ended June 30, 2026, a $192 thousand reversal of credit losses was recognized, as a result of the sale of this security, compared with no provision for credit losses for the three and six months ended June 30, 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 June 30, 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 June 30, 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.

The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of June 30, 2026. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.



($ 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	$	490,491		$	890,422		$	72,033		$	—		$	1,452,946
Fair value	485,561			875,488			70,292			—			1,431,341
Weighted-average yield (1)	1.13		%	3.47		%	3.78		%	—		%	2.70		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	1,677			75,000			153,065			56,924			286,666
Fair value	1,659			69,868			134,895			47,978			254,400
Weighted-average yield (1)	2.85		%	1.88		%	2.15		%	2.15		%	2.08		%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost	81			56,177			75,152			11,538,542			11,669,952
Fair value	80			53,954			68,889			11,332,302			11,455,225
Weighted-average yield (1) (2)	2.57		%	2.87		%	2.82		%	4.74		%	4.72		%
Municipal securities
Amortized cost	17,453			6,359			23,584			224,026			271,422
Fair value	17,301			5,986			20,140			197,261			240,688
Weighted-average yield (1) (2)	2.52		%	1.80		%	2.41		%	2.25		%	2.28		%
Non-agency mortgage-backed securities
Amortized cost	—			—			—			617,187			617,187
Fair value	—			—			—			536,241			536,241
Weighted-average yield (1)	—		%	—		%	—		%	2.23		%	2.23		%
Corporate debt securities
Amortized cost	7,375			62,250			411,500			25,000			506,125
Fair value	7,201			58,683			334,487			20,931			421,302
Weighted-average yield (1)	6.28		%	4.33		%	2.26		%	1.80		%	2.55		%
Foreign government bonds
Amortized cost	41,031			160,229			50,000			—			251,260
Fair value	41,154			160,531			40,664			—			242,349
Weighted-average yield (1)	2.16		%	2.21		%	1.75		%	—		%	2.11		%








Total AFS debt securities
Amortized cost	$	558,108		$	1,250,437		$	785,334		$	12,461,679		$	15,055,558
Fair value	$	552,956		$	1,224,510		$	669,367		$	12,134,713		$	14,581,546
Weighted-average yield (1)	1.32		%	3.22		%	2.40		%	4.55		%	4.21		%



($ 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	$	223,023		$	320,443		$	—		$	—		$	543,466
Fair value	218,507			309,928			—			—			528,435
Weighted-average yield (1)	0.93		%	1.13		%	—		%	—		%	1.05		%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost	—			130,134			812,871			65,308			1,008,313
Fair value	—			118,579			682,053			53,074			853,706
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	—			68,086			214,143			827,115			1,109,344
Fair value	—			62,082			182,459			668,230			912,771
Weighted-average yield (1) (2)	—		%	1.60		%	1.72		%	1.67		%	1.68		%
Municipal securities
Amortized cost	—			—			13,812			170,429			184,241
Fair value	—			—			12,080			136,502			148,582
Weighted-average yield (1) (2)	—		%	—		%	2.35		%	1.99		%	2.02		%
Total HTM debt securities
Amortized cost	$	223,023		$	518,663		$	1,040,826		$	1,062,852		$	2,845,364
Fair value	$	218,507		$	490,589		$	876,592		$	857,806		$	2,443,494
Weighted-average yield (1)	0.93		%	1.25		%	1.92		%	1.75		%	1.66		%

As of June 30, 2026 and December 31, 2025, AFS and HTM debt securities with carrying values of $4.7 billion and $4.6 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of June 30, 2026 and December 31, 2025, AFS and HTM debt securities with fair values of $8.2 billion and $4.8 billion, respectively, were prepositioned for the Federal Reserve Bank (“FRB”) Standing Repurchase Agreement Facility.