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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Summary of Investment Securities The following schedule presents the amortized cost and estimated fair values of our AFS and HTM securities:
September 30, 2024
(In millions)Amortized
cost
Gross unrealized gains 1
Gross unrealized lossesEstimated
fair value
Available-for-sale
U.S. Treasury securities$580 $— $90 $490 
U.S. Government agencies and corporations:
Agency securities478 — 20 458 
Agency guaranteed mortgage-backed securities7,914 2 1,047 6,869 
Small Business Administration loan-backed securities483 — 18 465 
Municipal securities1,251 — 62 1,189 
Other debt securities25 — 1 24 
Total available-for-sale10,731 2 1,238 9,495 
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities149 — 5 144 
Agency guaranteed mortgage-backed securities9,384 215 29 9,570 
Municipal securities324 — 14 310 
Total held-to-maturity9,857 215 48 10,024 
Total investment securities$20,588 $217 $1,286 $19,519 
December 31, 2023
(In millions)Amortized
cost
Gross unrealized gains 1
Gross unrealized lossesEstimated
fair value
Available-for-sale
U.S. Treasury securities$585 $— $93 $492 
U.S. Government agencies and corporations:
Agency securities663 — 33 630 
Agency guaranteed mortgage-backed securities8,530 — 1,239 7,291 
Small Business Administration loan-backed securities571 — 25 546 
Municipal securities1,385 — 67 1,318 
Other debt securities25 — 2 23 
Total available-for-sale11,759 — 1,459 10,300 
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities93 — 6 87 
Agency guaranteed mortgage-backed securities9,935 156 50 10,041 
Municipal securities354 — 16 338 
Total held-to-maturity10,382 156 72 10,466 
Total investment securities$22,141 $156 $1,531 $20,766 
1 Gross unrealized gains for the respective AFS security categories without values were individually less than $1 million.
Contractual Maturities Debt Securities
The following schedule presents the amortized cost and weighted average yields of debt securities by remaining contractual maturity of principal payments at September 30, 2024, and does not incorporate interest rate resets and fair value hedges. The remaining contractual principal maturities do not reflect the duration of the portfolio, which would incorporate amortization and expected prepayments; the effects of which result in measured durations shorter than contractual maturities.
September 30, 2024
Total
debt securities		Due in one year or lessDue after one year through five yearsDue after five years through ten yearsDue after ten years
(Dollar amounts in millions)Amortized costAverage yieldAmortized costAverage yieldAmortized costAverage yieldAmortized costAverage yieldAmortized costAverage yield
Available-for-sale
U.S. Treasury securities$580 3.16 %$179 4.98 %$— — %$— — %$401 2.35 %
U.S. Government agencies and corporations:
Agency securities478 3.10 43 3.59 107 3.10 194 2.96 134 3.14 
Agency guaranteed mortgage-backed securities7,914 2.03 16 1.17 108 1.92 1,372 2.11 6,418 2.02 
Small Business Administration loan-backed securities483 5.23 1 6.02 12 6.38 133 4.26 337 5.57 
Municipal securities 1
1,251 2.25 166 2.99 362 2.61 682 1.87 41 2.31 
Other debt securities25 8.78 — — 10 9.51 — — 15 8.29 
Total available-for-sale securities
10,731 2.32 405 3.87 599 2.77 2,381 2.23 7,346 2.23 
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities149 4.19 — — — — — — 149 4.19 
Agency guaranteed mortgage-backed securities
9,384 1.85 — — — — 42 1.90 9,342 1.85 
Municipal securities 1
324 3.20 33 3.23 136 3.01 140 3.31 15 3.92 
Total held-to-maturity securities9,857 1.93 33 3.23 136 3.01 182 2.98 9,506 1.89 
Total investment securities$20,588 2.13 $438 3.82 $735 2.81 $2,563 2.28 $16,852 2.04 
1 The yields on tax-exempt securities are calculated on a tax-equivalent basis.
Summary of Amount of Gross Unrealized Losses for Debt Securities and Estimated Fair Value
The following schedule presents gross unrealized losses for AFS securities and the estimated fair value by length of time the securities have been in an unrealized loss position:
September 30, 2024
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value		Gross
unrealized
losses		Estimated
fair
value
Available-for-sale
U.S. Treasury securities$— $— $90 $311 $90 $311 
U.S. Government agencies and corporations:
Agency securities— 1 20 445 20 446 
Agency guaranteed mortgage-backed securities— 2 1,047 6,579 1,047 6,581 
Small Business Administration loan-backed securities— 4 18 412 18 416 
Municipal securities— 27 62 1,071 62 1,098 
Other— — 1 14 1 14 
Total available-for-sale investment securities$— $34 $1,238 $8,832 $1,238 $8,866 
December 31, 2023
Less than 12 months12 months or moreTotal
(In millions)Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value		Gross
unrealized
losses		Estimated
 fair
 value
Available-for-sale
U.S. Treasury securities$— $— $93 $308 $93 $308 
U.S. Government agencies and corporations:
Agency securities— 5 33 605 33 610 
Agency guaranteed mortgage-backed securities71 312 1,168 6,902 1,239 7,214 
Small Business Administration loan-backed securities— 4 25 484 25 488 
Municipal securities2 229 65 1,061 67 1,290 
Other— — 2 13 2 13 
Total available-for-sale investment securities$73 $550 $1,386 $9,373 $1,459 $9,923 
Gains and Losses, Including OTTI, Recognized in Statement of Income
The following schedule presents investment securities gains and losses recognized in income:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In millions)Gross gainsGross lossesGross gainsGross lossesGross gainsGross lossesGross gainsGross losses
Available-for-sale$— $— $— $— $— $— $72 $73 
Interest Income by Security Type
The following schedule presents interest income by investment security type:
Three Months Ended September 30,
20242023
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Available-for-sale$75 $8 $83 $76 $9 $85 
Held-to-maturity54 1 55 58 1 59 
Total investment securities$129 $9 $138 $134 $10 $144 
Nine Months Ended September 30,
20242023
(In millions)TaxableNontaxableTotalTaxableNontaxableTotal
Available-for-sale$227 $24 $251 $214 $23 $237 
Held-to-maturity165 3 168 178 3 181 
Total investment securities$392 $27 $419 $392 $26 $418