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SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of securities held
The following table presents the major components of securities at amortized cost and fair value:
June 30, 2025December 31, 2024
(dollars in millions)
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury and other$4,462 $20 ($81)$4,401 $3,631 $3 ($109)$3,525 
State and political subdivisions1 — — 1 1 — — 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities31,477 75 (1,683)29,869 30,897 33 (2,135)28,795 
Other/non-agency271 — (8)263 273 — (13)260 
Total mortgage-backed securities31,748 75 (1,691)30,132 31,170 33 (2,148)29,055 
Collateralized loan obligations124 — — 124 184 — — 184 
Total debt securities available for sale, at fair value$36,335 $95 ($1,772)$34,658 $34,986 $36 ($2,257)$32,765 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$7,919 $— ($911)$7,008 $8,187 $— ($1,051)$7,136 
Total mortgage-backed securities7,919 — (911)7,008 8,187 — (1,051)7,136 
Asset-backed securities374 — (3)371 412 1 (9)404 
Total debt securities held to maturity$8,293 $— ($914)$7,379 $8,599 $1 ($1,060)$7,540 
Equity securities, at cost(2)
$772 $— $— $772 $710 $— $— $710 
Equity securities, at fair value(2)
257 — — 257 220 — — 220 
(1) Excludes portfolio level basis adjustments of $29 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at June 30, 2025 and December 31, 2024.
(2) Included in Other assets in the Consolidated Balance Sheets.
Schedule of investments classified by maturity date
The following table presents the amortized cost and fair value of debt securities by contractual maturity as of June 30, 2025. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
Distribution of Maturities
(dollars in millions)1 Year or LessAfter 1 Year through 5 YearsAfter 5 Years through 10 YearsAfter 10 YearsTotal
Amortized cost:
U.S. Treasury and other$— $3,206 $1,256 $— $4,462 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities70 2,284 1,067 28,056 31,477 
Other/non-agency— — — 271 271 
Collateralized loan obligations— — 124 — 124 
Total debt securities available for sale70 5,490 2,447 28,328 36,335 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 7,919 7,919 
Asset-backed securities— 374 — — 374 
Total debt securities held to maturity— 374 — 7,919 8,293 
Total amortized cost of debt securities$70 $5,864 $2,447 $36,247 $44,628 
Fair value:
U.S. Treasury and other$— $3,126 $1,275 $— $4,401 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities70 2,240 1,014 26,545 29,869 
Other/non-agency— — — 263 263 
Collateralized loan obligations— — 124 — 124 
Total debt securities available for sale70 5,366 2,413 26,809 34,658 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 7,008 7,008 
Asset-backed securities— 371 — — 371 
Total debt securities held to maturity— 371 — 7,008 7,379 
Total fair value of debt securities$70 $5,737 $2,413 $33,817 $42,037 
Schedule of income recognized on investment securities
The following table presents realized gains and losses on the sale of securities:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2025202420252024
Gains$5 $— $12 $5 
Losses— — — — 
Securities gains, net$5 $— $12 $5 
Schedule of unrealized loss on investments
The following tables present AFS debt securities with fair values below their respective carrying values, disclosed by the length of time the individual securities have been in a continuous unrealized loss position:
June 30, 2025
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$— $— $2,601 ($81)$2,601 ($81)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities7,678 (213)13,684 (1,470)21,362 (1,683)
Other/non-agency— — 263 (8)263 (8)
Total mortgage-backed securities7,678 (213)13,947 (1,478)21,625 (1,691)
Total$7,678 ($213)$16,548 ($1,559)$24,226 ($1,772)
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$— $— $2,544 ($109)$2,544 ($109)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities9,560 (265)14,304 (1,870)23,864 (2,135)
Other/non-agency— — 260 (13)260 (13)
Total mortgage-backed securities9,560 (265)14,564 (1,883)24,124 (2,148)
Total$9,560 ($265)$17,108 ($1,992)$26,668 ($2,257)