Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The cost, fair value, and gross unrealized gains and losses on available-for-sale and held-to-maturity securities were as follows.


	September 30, 2025								December 31, 2024
	Amortized cost		Gross unrealized				Fair value		Amortized cost		Gross unrealized				Fair value
($ in millions)			gains		losses						gains		losses
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	2,230	$	19	$	(55)	$	2,194	$	2,073	$	—	$	(200)	$	1,873
U.S. States and political subdivisions	634		—		(80)		554		704		—		(87)		617
Foreign government	205		2		(3)		204		198		1		(5)		194
Agency mortgage-backed residential (a)	14,965		12		(2,155)		12,822		16,765		—		(3,112)		13,653
Mortgage-backed residential	235		—		(35)		200		249		—		(43)		206
Agency mortgage-backed commercial (a)	5,415		14		(647)		4,782		4,819		1		(836)		3,984

Asset-backed	25		—		—		25		131		—		(2)		129
Corporate debt	1,951		20		(68)		1,903		1,871		3		(120)		1,754
Total available-for-sale securities (b) (c) (d) (e) (f)	$	25,660	$	67	$	(3,043)	$	22,684	$	26,810	$	5	$	(4,405)	$	22,410
Held-to-maturity securities
Debt securities
Agency mortgage-backed residential	$	1,284	$	5	$	(163)	$	1,126	$	935	$	—	$	(196)	$	739
Mortgage-backed residential	3,091		217		—		3,308		3,323		142		—		3,465
Asset-backed retained notes	58		1		—		59		88		1		—		89
Total held-to-maturity securities (d) (f) (g)	$	4,433	$	223	$	(163)	$	4,493	$	4,346	$	143	$	(196)	$	4,293

(a)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $53 million asset and a $72 million liability for agency mortgage-backed residential securities at September 30, 2025, and December 31, 2024, respectively, and a $40 million asset and a $34 million liability for agency mortgage-backed commercial securities at September 30, 2025, and December 31, 2024. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.

(b)Certain available-for-sale securities are included in fair value hedging relationships. Refer to Note 19 for additional information.

(c)Certain entities related to our Insurance operations are required to deposit securities with state regulatory authorities. These deposited securities totaled $13 million at both September 30, 2025, and December 31, 2024.

(d)Investment securities with a fair value of $3.7 billion and $3.4 billion were pledged as collateral at September 30, 2025, and December 31, 2024, respectively. This primarily included $2.8 billion and $2.9 billion pledged to secure advances from the FHLB at September 30, 2025, and December 31, 2024, respectively. This also included securities pledged for other purposes as required by contractual obligations or law, under which agreements we granted the counterparty the right to sell or pledge $945 million and $439 million of the underlying available-for-sale securities at September 30, 2025, and December 31, 2024, respectively.

(e)Totals do not include accrued interest receivable, which was $81 million and $73 million at September 30, 2025, and December 31, 2024, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

(f)There was no allowance for credit losses recorded at both September 30, 2025, or December 31, 2024, as management determined that there were no expected credit losses in our portfolio of available-for-sale and held-to-maturity securities.

(g)Totals do not include accrued interest receivable, which was $13 million and $12 million at September 30, 2025, and December 31, 2024, respectively. Accrued interest receivable is included in other assets on our Condensed Consolidated Balance Sheet.

Schedule of Investments Classified by Contractual Maturity Date

The maturity distribution of debt securities outstanding is summarized in the following tables based upon contractual maturities. Call or prepayment options may cause actual maturities to differ from contractual maturities.


	Total				Due in one year or less				Due after one year through five years				Due after five years through ten years				Due after ten years
($ in millions)	Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield		Amount		Yield
September 30, 2025
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies	$	2,194	3.4	%	$	84	0.9	%	$	1,640	4.0	%	$	470	1.9	%	$	—	—	%
U.S. States and political subdivisions	554		3.4		45		4.9		60		3.8		61		4.2		388		3.1
Foreign government	204		2.8		20		2.0		80		2.3		104		3.3		—		—
Agency mortgage-backed residential (b)	12,822		3.0		—		—		1		2.8		—		—		12,821		3.0
Mortgage-backed residential	200		2.7		—		—		—		—		—		—		200		2.7
Agency mortgage-backed commercial (b)	4,782		2.7		—		—		1,225		3.5		2,004		2.6		1,553		2.2

Asset-backed	25		1.5		—		—		25		1.5		—		—		—		—
Corporate debt	1,903		3.4		193		2.6		907		2.5		646		4.5		157		5.5
Total available-for-sale securities	$	22,684	3.0		$	342	1.9		$	3,938	3.4		$	3,285	2.9		$	15,119	2.9
Amortized cost of available-for-sale securities	$	25,660			$	345			$	3,999			$	3,596			$	17,720
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential	$	1,284	3.5	%	$	—	—	%	$	—	—	%	$	—	—	%	$	1,284	3.5	%
Mortgage-backed residential	3,091		2.8		—		—		—		—		7		3.4		3,084		2.8
Asset-backed retained notes	58		5.4		—		—		41		5.3		17		5.7		—		—
Total held-to-maturity securities	$	4,433	3.0		$	—	—		$	41	5.3		$	24	5.0		$	4,368	3.0
December 31, 2024
Fair value of available-for-sale securities (a)
U.S. Treasury and federal agencies	$	1,873	1.6	%	$	54	1.0	%	$	1,087	1.5	%	$	732	1.9	%	$	—	—	%
U.S. States and political subdivisions	617		3.4		33		6.2		72		3.1		86		4.1		426		3.2
Foreign government	194		2.7		33		2.1		51		2.5		110		2.9		—		—
Agency mortgage-backed residential (b)	13,653		2.6		—		—		7		2.0		23		2.5		13,623		2.6
Mortgage-backed residential	206		2.7		—		—		—		—		—		—		206		2.7
Agency mortgage-backed commercial (b)	3,984		2.5		23		3.1		339		3.7		1,724		2.5		1,898		2.1
Asset-backed	129		1.5		—		—		128		1.5		1		4.0		—		—
Corporate debt	1,754		3.1		184		3.0		754		2.6		695		3.3		121		5.3
Total available-for-sale securities	$	22,410	2.5		$	327	2.3		$	2,438	2.2		$	3,371	2.6		$	16,274	2.6
Amortized cost of available-for-sale securities	$	26,810			$	330			$	2,579			$	3,844			$	20,057
Amortized cost of held-to-maturity securities (c)
Agency mortgage-backed residential	$	935	2.7	%	$	—	—	%	$	—	—	%	$	—	—	%	$	935	2.7	%
Mortgage-backed residential	3,323		2.8		—		—		—		—		9		3.1		3,314		2.8
Asset-backed retained notes	88		5.4		—		—		64		5.3		24		5.6		—		—
Total held-to-maturity securities	$	4,346	2.9		$	—	—		$	64	5.3		$	33	5.0		$	4,249	2.8

(a)Yield is calculated using the effective yield of each security at the end of the period, weighted based on the market value by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost inclusive of hedge basis adjustments for dedesignated hedges, and excludes expected capital gains and losses. Yield does not consider hedging effects for securities in active hedges.

(b)Fair value includes basis adjustments for securities in closed portfolios with active hedges under the portfolio layer method. This includes a $53 million asset and a $72 million liability for agency mortgage-backed residential securities at September 30, 2025, and December 31, 2024, respectively, and a $40 million asset and a $34 million liability for agency mortgage-backed commercial securities at September 30, 2025, and December 31, 2024. These basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.

(c)Yield is calculated using the effective yield of each security at the end of the period, weighted based on amortized cost by security for the securities within each maturity distribution range. The effective yield considers the contractual coupon and amortized cost and excludes capital gains, capital losses, and the premium or discount on securities transferred from available-for-sale to held-to-maturity.

Schedule of Investment Income

The following table presents interest and dividends on investment securities.


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Taxable interest	$	230	$	243	$	668	$	732
Taxable dividends	5		5		15		15
Interest and dividends exempt from U.S. federal income tax	6		5		18		16
Interest and dividends on investment securities	$	241	$	253	$	701	$	763

Schedule of Realized Gain (Loss)

The following table presents gross gains and losses realized upon the sales of available-for-sale securities, and net gains or losses on equity securities held during the period.


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2025		2024		2025		2024
Available-for-sale securities
Gross realized gains	$	1	$	1	$	3	$	2
Gross realized losses (a)	—		—		(495)		—
Net realized gain (loss) on available-for-sale securities	1		1		(492)		2
Net realized gain on equity securities	28		15		61		53
Net unrealized gain on equity securities	27		58		49		41
Other gain (loss) on investments, net	$	56	$	74	$	(382)	$	96

(a)Includes losses reclassified from accumulated other comprehensive loss related to the balance sheet repositioning of our available-for-sale securities portfolio.

Schedule of Held to Maturity Debt Securities by Credit Quality

The following table presents the credit quality of our held-to-maturity securities, based on the latest available information as of September 30, 2025, and December 31, 2024. The credit ratings are sourced from nationally recognized statistical rating organizations, which include S&P, Moody’s, Fitch, and DBRS. The ratings presented are a composite of the ratings sourced from the agencies or, if the ratings cannot be sourced from the agencies, are based on the asset type of the particular security. All our held-to-maturity securities were current in their payment of principal and interest as of both September 30, 2025, and December 31, 2024. We have not recorded any interest income reversals on our held-to-maturity securities during the nine months ended September 30, 2025, or September 30, 2024.



($ in millions)	AAA		AA		A		BBB		Total (a)
September 30, 2025
Debt securities
Agency mortgage-backed residential	$	—	$	1,284	$	—	$	—	$	1,284
Mortgage-backed residential	3,021		69		1		—		3,091
Asset-backed retained notes	53		2		2		1		58
Total held-to-maturity securities	$	3,074	$	1,355	$	3	$	1	$	4,433
December 31, 2024
Debt securities
Agency mortgage-backed residential	$	—	$	935	$	—	$	—	$	935
Mortgage-backed residential	3,241		78		4		—		3,323
Asset-backed retained notes	81		3		2		2		88
Total held-to-maturity securities	$	3,322	$	1,016	$	6	$	2	$	4,346

(a)Rating agencies indicate that they base their ratings on many quantitative and qualitative factors, which may include capital adequacy, liquidity, asset quality, business mix, level and quality of earnings, and the current operating, legislative, and regulatory environment. A credit rating is not a recommendation to buy, sell, or hold securities, and the ratings are subject to revision or withdrawal at any time by the assigning rating agency.

Schedule of Available-for-Sale Securities in Unrealized Loss Position

The following table summarizes available-for-sale securities in an unrealized loss position, which we evaluated to determine if a credit loss exists requiring the recognition of an allowance for credit losses. For additional information on our methodology, refer to Note 1 to the Consolidated Financial Statements in our 2024 Annual Report on Form 10-K. We have not recorded any interest income reversals on our available-for-sale securities during the nine months ended September 30, 2025, or September 30, 2024.


	September 30, 2025								December 31, 2024
	Less than 12 months				12 months or longer				Less than 12 months				12 months or longer
($ in millions)	Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss		Fair value		Unrealized loss
Available-for-sale securities
Debt securities
U.S. Treasury and federal agencies	$	—	$	—	$	604	$	(55)	$	—	$	—	$	1,873	$	(200)
U.S. States and political subdivisions	53		(1)		426		(79)		87		(2)		472		(85)
Foreign government	16		—		77		(3)		40		—		112		(5)
Agency mortgage-backed residential (a)	547		(1)		10,451		(2,154)		127		(3)		13,518		(3,109)
Mortgage-backed residential	—		—		200		(35)		—		—		206		(43)
Agency mortgage-backed commercial (a)	191		(1)		3,590		(646)		428		(11)		3,445		(825)
Asset-backed	—		—		24		—		—		—		124		(2)
Corporate debt	65		(1)		1,170		(67)		265		(6)		1,319		(114)
Total available-for-sale securities	$	872	$	(4)	$	16,542	$	(3,039)	$	947	$	(22)	$	21,069	$	(4,383)

(a)Includes basis adjustments for certain securities that are included in closed portfolios with active hedges under the portfolio layer method at September 30, 2025, and December 31, 2024. The basis adjustments would be allocated to the amortized cost of specific securities within the pool if the hedge was dedesignated. Refer to Note 19 for additional information.