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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Carrying Amounts and Fair Values of Investment Securities
The carrying amounts and fair values of investment securities at December 31, 2024 and 2023 are summarized as follows: 
December 31, 2024
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Tax-exempt$1,350 $1 $(180)$1,171 
Private label residential MBS176 — (38)138 
Total HTM securities$1,526 $1 $(218)$1,309 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$6,225 $16 $(410)$5,831 
U.S. Treasury securities4,385 1 (3)4,383 
Private label residential MBS1,148 — (201)947 
Tax-exempt921 — (76)845 
CLO570 — — 570 
Commercial MBS issued by GSEs and GNMA447 1 (11)437 
Corporate debt securities407 — (21)386 
Other75 1 (7)69 
Total AFS debt securities$14,178 $19 $(729)$13,468 
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized (Losses)Fair Value
(in millions)
Held-to-maturity
Tax-exempt$1,243 $1 $(140)$1,104 
Private label residential MBS186 — (39)147 
Total HTM securities$1,429 $1 $(179)$1,251 
Available-for-sale debt securities
U.S. Treasury securities$4,853 $1 $(1)$4,853 
Residential MBS issued by GSEs and GNMA2,328 3 (359)1,972 
CLO1,407 1 (9)1,399 
Private label residential MBS1,320 1 (204)1,117 
Tax-exempt925 — (67)858 
Commercial MBS issued by GSEs and GNMA531 8 (9)530 
Corporate debt securities411 — (44)367 
Other74 4 (9)69 
Total AFS debt securities$11,849 $18 $(702)$11,165 
AFS Debt Securities in an Unrealized Loss Position
The following tables summarize the Company's AFS debt securities in an unrealized loss position, aggregated by major security type and length of time in a continuous unrealized loss position:
December 31, 2024
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$18 $1,793 $392 $1,482 $410 $3,275 
U.S. Treasury securities3 2,185 — — 3 2,185 
Private label residential MBS— — 201 939 201 939 
Tax-exempt1 32 75 813 76 845 
Corporate debt securities (1)— — 21 362 21 362 
Commercial MBS issued by GSEs and GNMA10 220 1 16 11 236 
Other2 32 5 25 7 57 
Total AFS securities$34 $4,262 $695 $3,637 $729 $7,899 
(1)Includes securities with an ACL that have a fair value of $8 million and unrealized losses of $1 million.
December 31, 2023
Less Than Twelve MonthsMore Than Twelve MonthsTotal
Gross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair Value
(in millions)
Available-for-sale debt securities
U.S. Treasury securities$1 $2,208 $— $— $1 $2,208 
Residential MBS issued by GSEs and GNMA3 174 356 1,551 359 1,725 
Private label residential MBS— — 204 1,020 204 1,020 
CLO— — 9 845 9 845 
Tax-exempt3 67 64 773 67 840 
Corporate debt securities (1)— — 44 359 44 359 
Commercial MBS issued by GSEs and GNMA— — 9 53 9 53 
Other— — 9 54 9 54 
Total AFS securities$7 $2,449 $695 $4,655 $702 $7,104 
(1)Includes securities with an ACL that have a fair value of $54 million and unrealized losses of $8 million.
Rollforward by Major Security Type of the ACL
The following tables present a rollforward by major security type of the ACL on the Company's AFS debt securities:
Year Ended December 31, 2024
Balance,
December 31, 2023		Recovery of Credit LossesCharge-offsRecoveriesBalance,
December 31, 2024
(in millions)
Available-for-sale securities
Corporate debt securities$1.4 $(1.0)$— $— $0.4 
Year Ended December 31, 2023
Balance,
December 31, 2022		Provision for Credit LossesCharge-offsRecoveriesBalance
December 31, 2023
(in millions)
Available-for-sale securities
Corporate debt securities$— $18.5 $(17.1)$— $1.4 
The credit loss model under ASC 326-20, applicable to HTM debt securities, requires recognition of lifetime expected credit losses through an allowance account at the time the security is purchased.
The following tables present a rollforward by major security type of the ACL on the Company's HTM debt securities:
Year Ended December 31, 2024
Balance,
December 31, 2023		Provision for Credit LossesCharge-offsRecoveriesBalance,
December 31, 2024
(in millions)
Held-to-maturity debt securities
Tax-exempt$7.8 $8.6 $— $— $16.4 
Year Ended December 31, 2023
Balance,
December 31, 2022		Provision for Credit LossesCharge-offsRecoveriesBalance
December 31, 2023
(in millions)
Held-to-maturity debt securities
Tax-exempt$5.2 $2.6 $— $— $7.8 
Investment Securities by Credit Rating Type
The following tables summarize the carrying amount of the Company’s investment ratings position as of December 31, 2024 and 2023, which are updated quarterly and used to monitor the credit quality of the Company's securities: 
December 31, 2024
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Tax-exempt$— $— $— $— $— $— $1,350 $1,350 
Private label residential MBS— — — — — — 176 176 
Total HTM securities (1)$— $— $— $— $— $— $1,526 $1,526 
Available-for-sale debt securities
Residential MBS issued by GSEs and GNMA$— $5,831 $— $— $— $— $— $5,831 
U.S. Treasury securities— 4,383 — — — — — 4,383 
Private label residential MBS921 — 26 — — — — 947 
Tax-exempt9 19 348 375 — — 94 845 
CLO50 — 465 55 — — — 570 
Commercial MBS issued by GSEs and GNMA— 437 — — — — — 437 
Corporate debt securities— — — 78 226 82 — 386 
Other— 1 8 2 40 1 17 69 
Total AFS securities (1)$980 $10,671 $847 $510 $266 $83 $111 $13,468 
Equity securities
Preferred stock$— $— $— $— $50 $29 $12 $91 
CRA investments— 26 — — — — — 26 
Total equity securities (1)$— $26 $— $— $50 $29 $12 $117 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
December 31, 2023
AAASplit-rated AAA/AA+AA+ to AA-A+ to A-BBB+ to BBB-BB+ and belowUnratedTotals
(in millions)
Held-to-maturity
Tax-exempt$— $— $— $— $— $— $1,243 $1,243 
Private label residential MBS— — — — — — 186 186 
Total HTM securities (1)$— $— $— $— $— $— $1,429 $1,429 
Available-for-sale debt securities
U.S. Treasury securities$— $4,853 $— $— $— $— $— $4,853 
Residential MBS issued by GSEs and GNMA— 1,972 — — — — — 1,972 
CLO79 — 1,265 55 — — — 1,399 
Private label residential MBS1,090 — 26 — — 1 — 1,117 
Tax-exempt9 16 361 386 — — 86 858 
Commercial MBS issued by GSEs and GNMA— 530 — — — — — 530 
Corporate debt securities— — — 76 211 80 — 367 
Other— — 9 11 28 4 17 69 
Total AFS securities (1)$1,178 $7,371 $1,661 $528 $239 $85 $103 $11,165 
Equity securities
Preferred stock$— $— $— $— $54 $35 $11 $100 
CRA investments— 26 — — — — — 26 
Total equity securities (1)$— $26 $— $— $54 $35 $11 $126 
(1)For rated securities, if ratings differ, the Company uses an average of the available ratings by major credit agencies.
Amortized Cost and Fair Value of the Company's Debt Securities
The amortized cost and fair value of the Company's debt securities as of December 31, 2024, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
December 31, 2024
Amortized CostEstimated Fair Value
(in millions)
Held-to-maturity
Due in one year or less$35 $35 
After one year through five years9 9 
After five years through ten years117 105 
After ten years1,189 1,022 
Mortgage-backed securities176 138 
Total HTM securities$1,526 $1,309 
Available-for-sale
Due in one year or less$4,404 $4,402 
After one year through five years172 167 
After five years through ten years548 531 
After ten years1,234 1,153 
Mortgage-backed securities7,820 7,215 
Total AFS securities$14,178 $13,468 
Gross Gains and (Losses) on Sales of Investment Securities
The following table presents gross gains and losses on sales of investment securities: 
Year Ended December 31,
202420232022
(in millions)
Available-for-sale securities
Gross gains$19.6 $4.0 $7.5 
Gross losses(2.2)(44.4)(0.2)
Net gain (loss) on AFS securities$17.4 $(40.4)$7.3 
Equity securities
Gross gains $— $— $— 
Gross losses— (0.4)(0.5)
Net loss on equity securities$— $(0.4)$(0.5)