The Bancorp uses investment securities as a means of managing interest rate risk, providing collateral for pledging purposes and for liquidity risk management. The Bancorp may also utilize investment securities as part of a non-qualifying hedging strategy to manage interest rate risk related to MSRs.

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:


March 31, 2025 ($ 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	3	—	4,361

Mortgage-backed securities:
Agency residential mortgage-backed securities	7,250		2	(651)	6,601
Agency commercial mortgage-backed securities	23,659		2	(2,605)	21,056
Non-agency commercial mortgage-backed securities	3,997		—	(291)	3,706
Asset-backed securities and other debt securities	3,357		2	(160)	3,199
Other securities(a)	824		—	—	824
Total available-for-sale debt and other securities	$	43,445	9	(3,707)	39,747
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	2,387	1	(1)	2,387
Mortgage-backed securities:
Agency residential mortgage-backed securities	4,811		—	(105)	4,706
Agency commercial mortgage-backed securities	3,985		8	(16)	3,977
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	11,185	9	(122)	11,072


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

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

The amounts reported in the preceding tables exclude accrued interest receivable on investment securities of $162 million at both March 31, 2025 and December 31, 2024, which is presented as a component of other assets in the Condensed Consolidated Balance Sheets.

In January 2024, the Bancorp transferred $12.6 billion (amortized cost basis) of investment securities from available-for-sale to held-to-maturity to reflect the Bancorp’s change in intent to hold these securities to maturity in order to reduce potential capital volatility associated with investment security market price fluctuations. AOCI included pretax unrealized losses of $994 million on these securities at the date of transfer. The unrealized losses that existed on the date of transfer will continue to be reported as a component of AOCI and will be amortized into income over the remaining life of the securities as an adjustment to yield, offsetting the amortization of the discount resulting from the transfer recorded at fair value. The amortized cost basis of held-to-maturity securities included a discount of $833 million and $865 million at March 31, 2025 and December 31, 2024, respectively, pertaining to the unamortized portion of unrealized losses on the previously transferred securities, which are offset in AOCI.


	For the three months ended March 31,
($ in millions)	2025		2024
Available-for-sale debt and other securities:
Realized gains	$	5	2
Realized losses	(5)		—
Impairment losses	—		(5)
Net losses on available-for-sale debt and other securities	$	—	(3)




Equity securities:

Net unrealized (losses) gains	(9)		13
Net equity securities (losses) gains	$	(9)	13
Total (losses) gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)	$	(9)	10

(a)Excludes $4 and $2 of net securities gains for the three months ended March 31, 2025 and 2024, respectively, 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 Condensed Consolidated Statements of Income.

The Bancorp did not recognize impairment losses on its available-for-sale debt and other securities for the three months ended March 31, 2025. The Bancorp recognized impairment losses on available-for-sale debt and other securities of $5 million during the three months ended March 31, 2024. These losses were included in securities (losses) gains, net, in the Condensed Consolidated Statements of Income and related to certain securities in unrealized loss positions where the Bancorp had determined that it no longer intended to hold the securities until the recovery of their amortized cost bases.

At both March 31, 2025 and December 31, 2024, the Bancorp did not recognize an allowance for credit losses for its investment securities. The Bancorp also did not recognize provision for credit losses for investment securities during both the three months ended March 31, 2025 and 2024.

At March 31, 2025 and December 31, 2024, investment securities with a fair value of $29.3 billion and $30.0 billion, respectively, were pledged to secure borrowing capacity, public deposits, trust funds, derivative contracts and for other purposes as required or permitted by law.

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 March 31, 2025 are shown in the following table:


($ in millions)	Available-for-Sale Debt and Other			Held-to-Maturity
	Amortized Cost		Fair Value	Amortized Cost	Fair Value
Debt securities:(a)
Due in 1 year or less	$	4,244	4,232	328	328
Due after 1 year through 5 years	15,415		14,651	3,023	3,022
Due after 5 years through 10 years	16,655		14,620	7,420	7,307
Due after 10 years	6,307		5,420	414	415
Other securities	824		824	—	—
Total	$	43,445	39,747	11,185	11,072

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:


	Less than 12 months			12 months or more		Total
($ in millions)	Fair Value		Unrealized Losses	Fair Value	Unrealized Losses	Fair Value	Unrealized Losses
March 31, 2025
U.S. Treasury and federal agencies securities	$	38	—	—	—	38	—

Agency residential mortgage-backed securities	1,196		(15)	4,534	(636)	5,730	(651)
Agency commercial mortgage-backed securities	200		(4)	20,760	(2,601)	20,960	(2,605)
Non-agency commercial mortgage-backed securities	152		(1)	3,519	(290)	3,671	(291)
Asset-backed securities and other debt securities	121		(1)	2,741	(159)	2,862	(160)
Total	$	1,707	(21)	31,554	(3,686)	33,261	(3,707)
December 31, 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)