Investment Securities (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

The following tables provide the amortized cost, unrealized gains and losses and fair value for the major categories of the available-for-sale debt and other securities and held-to-maturity securities portfolios as of December 31:


	2024
($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	4,358	2	—	4,360
Obligations of states and political subdivisions securities	—		—	—	—
Mortgage-backed securities:
Agency residential mortgage-backed securities	6,460		—	(779)	5,681
Agency commercial mortgage-backed securities	23,853		1	(3,022)	20,832
Non-agency commercial mortgage-backed securities	4,505		—	(338)	4,167
Asset-backed securities and other debt securities	3,924		3	(198)	3,729
Other securities(a)	778		—	—	778
Total available-for-sale debt and other securities	$	43,878	6	(4,337)	39,547
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	2,370	—	(26)	2,344
Mortgage-backed securities:
Agency residential mortgage-backed securities	4,898		—	(197)	4,701
Agency commercial mortgage-backed securities	4,008		—	(90)	3,918
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	11,278	—	(313)	10,965

(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $276, $500 and $2, respectively, at December 31, 2024, that are carried at cost.

(b)The amortized cost basis includes a discount of $865 at December 31, 2024 pertaining to the remaining unamortized portion of unrealized losses on securities transferred to HTM.


	2023
($ in millions)	Amortized Cost		Unrealized Gains	Unrealized Losses	Fair Value
Available-for-sale debt and other securities:
U.S. Treasury and federal agencies securities	$	4,477	1	(142)	4,336
Obligations of states and political subdivisions securities	2		—	—	2
Mortgage-backed securities:
Agency residential mortgage-backed securities	11,564		—	(1,282)	10,282
Agency commercial mortgage-backed securities	28,945		5	(3,230)	25,720
Non-agency commercial mortgage-backed securities	4,872		—	(427)	4,445
Asset-backed securities and other debt securities	5,207		3	(298)	4,912
Other securities(a)	722		—	—	722
Total available-for-sale debt and other securities	$	55,789	9	(5,379)	50,419
Held-to-maturity securities:
Asset-backed securities and other debt securities	$	2	—	—	2
Total held-to-maturity securities	$	2	—	—	2

(a)Other securities consist of FHLB, FRB and DTCC restricted stock holdings of $224, $496 and $2, respectively, at December 31, 2023, that are carried at cost.

The following table provides the fair value of trading debt securities and equity securities as of December 31:


($ in millions)	2024		2023
Trading debt securities	$	1,185	899
Equity securities	341		613

Realized Gain (Loss) on Investments

The following table presents the components of net securities gains and losses recognized in the Consolidated Statements of Income, including those recognized related to the Bancorp’s non-qualifying hedging strategy for MSRs, for the years ended December 31:


($ in millions)	2024		2023	2022
Available-for-sale debt and other securities:
Realized gains	$	5	34	16
Realized losses	(2)		(30)	(13)
Impairment losses	(21)		(5)	(1)
Net (losses) gains on available-for-sale debt and other securities	$	(18)	(1)	2
Trading debt securities:
Net realized losses	—		—	(2)
Net unrealized gains	—		3	11
Net trading debt securities gains	$	—	3	9
Equity securities:
Net realized gains	15		5	1
Net unrealized gains (losses)	18		11	(96)
Net equity securities gains (losses)	$	33	16	(95)
Total gains (losses) recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)	$	15	18	(84)

(a)Excludes $5 and $13 of net securities gains for the years ended December 31, 2024 and 2023, respectively, and an immaterial amount of net securities losses for the year ended December 31, 2022 related to securities held by FTS to facilitate the timely execution of customer transactions. These gains and losses are included in capital markets fees and wealth and asset management revenue in the Consolidated Statements of Income.

Contractual Maturity Schedule

The expected maturity distribution of the Bancorp’s mortgage-backed securities and the contractual maturity distribution of the remainder of the Bancorp’s available-for-sale debt and other securities and held-to-maturity securities as of December 31, 2024 are shown in the following table:


	Available-for-Sale Debt and Other			Held-to-Maturity
($ in millions)	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Debt securities:(a)
Due in 1 year or less	$	3,682	3,666	37	38
Due after 1 year through 5 years	16,586		15,643	3,231	3,191
Due after 5 years through 10 years	16,262		13,830	7,549	7,286
Due after 10 years	6,570		5,630	461	450
Other securities	778		778	—	—
Total	$	43,878	39,547	11,278	10,965

(a)Actual maturities may differ from contractual maturities when a right to call or prepay obligations exists with or without call or prepayment penalties.

Fair Value and Gross Unrealized Loss of Securities Available for Sale

The following table provides the fair value and gross unrealized losses on available-for-sale debt and other securities in an unrealized loss position, aggregated by investment category and length of time the individual securities have been in a continuous unrealized loss position as of December 31:


	Less than 12 months			12 months or more		Total
($ in millions)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
2024
U.S. Treasury and federal agencies securities	$	569	—	—	—	569	—

Agency residential mortgage-backed securities	1,061		(14)	4,566	(765)	5,627	(779)
Agency commercial mortgage-backed securities	157		(6)	20,536	(3,016)	20,693	(3,022)
Non-agency commercial mortgage-backed securities	183		(3)	3,984	(335)	4,167	(338)
Asset-backed securities and other debt securities	283		(11)	3,157	(187)	3,440	(198)
Total	$	2,253	(34)	32,243	(4,303)	34,496	(4,337)
2023
U.S. Treasury and federal agencies securities	$	1,989	(3)	2,157	(139)	4,146	(142)

Agency residential mortgage-backed securities	81		(2)	10,200	(1,280)	10,281	(1,282)
Agency commercial mortgage-backed securities	5,439		(556)	19,957	(2,674)	25,396	(3,230)
Non-agency commercial mortgage-backed securities	141		(2)	4,284	(425)	4,425	(427)
Asset-backed securities and other debt securities	340		(17)	4,184	(281)	4,524	(298)
Total	$	7,990	(580)	40,782	(4,799)	48,772	(5,379)