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:


September 30, 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	$	2,105	—	—	2,105

Mortgage-backed securities:
Agency residential mortgage-backed securities	8,102		12	(579)	7,535
Agency commercial mortgage-backed securities	22,812		4	(2,252)	20,564
Non-agency commercial mortgage-backed securities	3,163		1	(217)	2,947
Asset-backed securities and other debt securities	2,567		1	(126)	2,442
Other securities(a)	868		—	—	868
Total available-for-sale debt and other securities	$	39,617	18	(3,174)	36,461
Held-to-maturity securities:(b)
U.S. Treasury and federal agencies securities	$	2,421	15	—	2,436
Mortgage-backed securities:
Agency residential mortgage-backed securities	5,133		13	(56)	5,090
Agency commercial mortgage-backed securities	3,942		41	(5)	3,978
Asset-backed securities and other debt securities	2		—	—	2
Total held-to-maturity securities	$	11,498	69	(61)	11,506


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 $144 million and $162 million at September 30, 2025 and December 31, 2024, respectively, 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 $774 million and $865 million at September 30, 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 September 30,			For the nine months ended September 30,
($ in millions)	2025		2024	2025	2024
Available-for-sale debt and other securities:
Realized gains	$	3	—	9	4
Realized losses	(3)		—	(9)	—
Impairment losses	—		(11)	—	(21)
Net losses on available-for-sale debt and other securities	$	—	(11)	—	(17)
Trading debt securities:
Net realized gains	—		1	—	—
Net unrealized gains	—		—	—	—
Net trading debt securities gains	$	—	1	—	—
Equity securities:
Net realized (losses) gains	3		4	(2)	15
Net unrealized gains	7		16	19	25
Net equity securities gains	$	10	20	17	40
Total gains recognized in income from available-for-sale debt and other securities, trading debt securities and equity securities(a)	$	10	10	17	23

(a)Excludes $5 and $11 of net securities gains for the three and nine months ended September 30, 2025, respectively, and $7 and $9 of net securities gains for the three and nine months ended September 30, 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 recognized an immaterial amount of impairment losses on its available-for-sale debt and other securities for both the three and nine months ended September 30, 2025. The Bancorp recognized $11 million and $21 million of impairment losses on available-for-sale debt and other securities during the three and nine months ended September 30, 2024, respectively. These losses were included in securities 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 September 30, 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 and nine months ended September 30, 2025 and 2024.

At September 30, 2025 and December 31, 2024, investment securities with a fair value of $27.9 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 September 30, 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	$	2,871	2,860	605	605
Due after 1 year through 5 years	13,192		12,567	2,795	2,820
Due after 5 years through 10 years	17,364		15,534	7,765	7,746
Due after 10 years	5,322		4,632	333	335
Other securities	868		868	—	—
Total	$	39,617	36,461	11,498	11,506

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
September 30, 2025
U.S. Treasury and federal agencies securities	$	1,555	—	—	—	1,555	—

Agency residential mortgage-backed securities	894		(9)	4,655	(570)	5,549	(579)
Agency commercial mortgage-backed securities	62		(1)	20,290	(2,251)	20,352	(2,252)
Non-agency commercial mortgage-backed securities	—		—	2,811	(217)	2,811	(217)
Asset-backed securities and other debt securities	151		(1)	2,215	(125)	2,366	(126)
Total	$	2,662	(11)	29,971	(3,163)	32,633	(3,174)
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)