Fair Value Disclosures (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present fair value information for assets and liabilities measured at fair value on a recurring basis:


June 30, 2025 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	220	$	—	$	220	$	—	$	—
GSE	42		—		42		—		—


States and political subdivisions	796		—		796		—		—

Corporate and other debt securities	1,720		—		1,720		—		—
Loans	2,184		—		2,184		—		—
Equity securities	916		916		—		—		—
Other	85		—		85		—		—
Total trading assets	5,963		916		5,047		—		—
AFS securities:
U.S. Treasury	13,471		—		13,471		—		—
GSE	435		—		435		—		—
Agency MBS – residential	49,455		—		49,455		—		—
Agency MBS – commercial	2,653		—		2,653		—		—
States and political subdivisions	361		—		361		—		—

Other	15		—		15		—		—
Total AFS securities	66,390		—		66,390		—		—
LHFS at fair value	1,105		—		1,105		—		—
Loans and leases	12		—		—		12		—
Loan servicing rights at fair value	3,612		—		—		3,612		—
Other assets:
Derivative assets	1,647		1,212		2,121		6		(1,692)
Equity securities	330		278		52		—		—


Total assets	$	79,059	$	2,406	$	74,715	$	3,630	$	(1,692)
Liabilities:
Interest-bearing deposits:
Brokered time deposits	$	396	$	—	$	396	$	—	$	—
Short-term borrowings:
Securities sold short	1,999		497		1,502		—		—
Other trading liabilities	200		—		200		—		—
Other liabilities:
Derivative liabilities	1,812		546		4,024		26		(2,784)
Total liabilities	$	4,407	$	1,043	$	6,122	$	26	$	(2,784)


December 31, 2024 (Dollars in millions)	Total		Level 1		Level 2		Level 3		Netting Adjustments(1)
Assets:
Trading assets:
U.S. Treasury	$	143	$	—	$	143	$	—	$	—
GSE	41		—		41		—		—


States and political subdivisions	786		—		786		—		—

Corporate and other debt securities	1,679		—		1,679		—		—
Loans	1,671		—		1,671		—		—
Equity securities	413		413		—		—		—
Other	367		267		100		—		—
Total trading assets	5,100		680		4,420		—		—
AFS securities:
U.S. Treasury	14,411		—		14,411		—		—
GSE	403		—		403		—		—
Agency MBS – residential	49,959		—		49,959		—		—
Agency MBS – commercial	2,293		—		2,293		—		—
States and political subdivisions	382		—		382		—		—

Other	16		—		16		—		—
Total AFS securities	67,464		—		67,464		—		—
LHFS at fair value	1,233		—		1,233		—		—
Loans and leases	13		—		—		13		—
Loan servicing rights at fair value	3,708		—		—		3,708		—
Other assets:
Derivative assets	966		1,147		1,675		2		(1,858)
Equity securities	305		298		7		—		—


Total assets	$	78,789	$	2,125	$	74,799	$	3,723	$	(1,858)
Liabilities:
Interest-bearing deposits:
Brokered time deposits	$	192	$	—	$	192	$	—	$	—
Short-term borrowings:
Securities sold short	1,694		358		1,336		—		—
Other trading liabilities	202		—		202		—		—
Other liabilities:
Derivative liabilities	2,286		569		4,088		43		(2,414)
Total liabilities	$	4,374	$	927	$	5,818	$	43	$	(2,414)

(1)Refer to “Note 16. Derivative Financial Instruments” for additional discussion on netting adjustments.

Rollforward of Level 3 Assets and Liabilities

Activity for Level 3 assets and liabilities is summarized below:




Three Months Ended June 30, 2025 and 2024 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives
Balance at April 1, 2024	$	14	$	3,417	$	(21)
Total realized and unrealized gains (losses):
Included in earnings	—		30		(4)


Issuances	—		52		12
Sales	—		(1)		—
Settlements	—		(88)		(7)


Balance at June 30, 2024	$	14	$	3,410	$	(20)
Balance at April 1, 2025	$	12	$	3,628	$	(33)
Total realized and unrealized gains (losses):
Included in earnings	—		27		2


Issuances	—		54		13

Settlements	—		(97)		(2)


Balance at June 30, 2025	$	12	$	3,612	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025	$	—	$	27	$	4

Six Months Ended June 30, 2025 and 2024 (Dollars in millions)	Loans and Leases		Loan Servicing Rights		Net Derivatives













Balance at January 1, 2024	$	15	$	3,378	$	(19)
Total realized and unrealized gains (losses):
Included in earnings	—		112		(7)


Issuances	—		84		11
Sales	—		(2)		—
Settlements	(1)		(162)		(5)




Balance at June 30, 2024	$	14	$	3,410	$	(20)
Balance at January 1, 2025	$	13	$	3,708	$	(41)
Total realized and unrealized gains (losses):
Included in earnings	—		(29)		8


Issuances	—		111		17

Settlements	(1)		(178)		(4)



Balance at June 30, 2025	$	12	$	3,612	$	(20)
Change in unrealized gains (losses) included in earnings for the period, attributable to assets and liabilities still held at June 30, 2025	$	—	$	(29)	$	1
Primary income statement location of realized gains (losses) included in earnings	Other income		Mortgage banking income		Mortgage banking income and other income

Fair Value and UPB of LHFS

The following table details the fair value and UPB of certain loans and time deposits that were elected to be measured at fair value:


	June 30, 2025						December 31, 2024
(Dollars in millions)	Fair Value		UPB		Difference		Fair Value		UPB		Difference
Trading loans	$	2,184	$	2,240	$	(56)	$	1,671	$	1,697	$	(26)
Loans and leases	12		13		(1)		13		14		(1)
LHFS at fair value	1,105		1,084		21		1,233		1,232		1
Brokered time deposits	396		399		(3)		192		195		(3)

Assets Measured at Fair Value on a Nonrecurring Basis

The following table provides information about certain assets measured at fair value on a nonrecurring basis still held as of period end with valuation adjustments recorded during the period. The carrying values represent end of period values, which approximate the fair value.


(Dollars in millions)	Fair Value Hierarchy	Jun 30, 2025		Dec 31, 2024
Carrying value:
LHFS	Level 2	$	60	$	—
LHFS	Level 3	3		4
Loans and leases(1)	Level 3	293		525
Other	Level 3	103		147

(1)Total loans and leases measured at fair value on a nonrecurring basis still held as of period end were $485 million and $682 million at June 30, 2025 and December 31, 2024, respectively.

The following table provides information about valuation adjustments for certain assets measured at fair value on a nonrecurring basis. The valuation adjustments represent the amounts recorded during the period regardless of whether the asset is still held at period end.


	Six Months Ended June 30,
(Dollars in millions)	2025		2024
Valuation adjustments:
LHFS	$	(68)	$	(16)
Loans and leases	(420)		(557)
Other	(148)		(166)

Carrying Amounts and Fair Value of Financial Assets and Liabilities Not Recorded at Fair Value

Financial assets and liabilities not recorded at fair value are summarized below:


		June 30, 2025				December 31, 2024
(Dollars in millions)	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets:
HTM securities	Level 2	$	48,973	$	39,611	$	50,640	$	40,286
Loans and leases HFI, net of ALLL	Level 3	313,885		309,836		301,513		294,190
Financial liabilities:
Time deposits	Level 2	47,271		47,147		36,532		36,377
Long-term debt	Level 2	44,427		44,610		34,956		34,917

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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