We classify our investment securities as either available-for-sale (“AFS”) or held-to-maturity (“HTM”). AFS securities, which primarily consist of debt securities used to manage liquidity and interest rate risk and to generate interest income, are measured at fair value. Unrealized gains and losses from AFS securities, net of applicable taxes, are recorded in other comprehensive income. HTM securities are those that management has both the intent and ability to hold until maturity and are carried at amortized cost. This amount reflects the original investment cost, adjusted for the amortization or accretion of any purchase premiums or discounts, as well as any impairment losses, including credit-related impairment. Gains or losses on the sale of investment securities are recognized in noninterest income using the specific identification method.

When a security is transferred from AFS to HTM, the difference between its amortized cost basis and fair value at the date of transfer is amortized as a yield adjustment through interest income. The fair value at the date of transfer results in either a premium or discount to the amortized cost basis of the HTM securities. The amortization of unrealized gains or losses reported in accumulated other comprehensive income (“AOCI”) will offset the effect of the amortization of the premium or discount in interest income created by the transfer. The discount associated with securities previously transferred from AFS to HTM was $1.7 billion ($1.2 billion after tax) at September 30, 2025, compared with $1.8 billion ($1.4 billion after tax) at December 31, 2024.


	September 30, 2025
(In millions)	Amortized cost		Gross unrealized gains 1		Gross unrealized losses		Estimated fair value
Available-for-sale
U.S. Treasury securities	$	1,401	$	15	$	105	$	1,311
U.S. Government agencies and corporations:
Agency securities	349		—		17		332
Agency guaranteed mortgage-backed securities	7,208		4		1,041		6,171
Small Business Administration loan-backed securities	374		—		16		358
Municipal securities	1,022		—		49		973
Other debt securities	25		—		—		25
Total available-for-sale	10,379		19		1,228		9,170
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	139		—		4		135
Agency guaranteed mortgage-backed securities	8,643		89		28		8,704
Municipal securities	277		—		10		267
Total held-to-maturity	9,059		89		42		9,106
Total investment securities	$	19,438	$	108	$	1,270	$	18,276


	December 31, 2024
(In millions)	Amortized cost		Gross unrealized gains 1		Gross unrealized losses		Estimated fair value
Available-for-sale
U.S. Treasury securities	$	781	$	—	$	119	$	662
U.S. Government agencies and corporations:
Agency securities	441		—		26		415
Agency guaranteed mortgage-backed securities	7,713		1		1,263		6,451
Small Business Administration loan-backed securities	455		—		21		434
Municipal securities	1,186		—		78		1,108
Other debt securities	25		—		—		25
Total available-for-sale	10,601		1		1,507		9,095
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	148		—		8		140
Agency guaranteed mortgage-backed securities	9,202		2		263		8,941
Municipal securities	319		—		18		301
Total held-to-maturity	9,669		2		289		9,382
Total investment securities	$	20,270	$	3	$	1,796	$	18,477


	September 30, 2025
	Less than 12 months				12 months or more				Total
(In millions)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value






Available-for-sale
U.S. Treasury securities	$	—	$	—	$	105	$	296	$	105	$	296
U.S. Government agencies and corporations:
Agency securities	—		7		17		320		17		327
Agency guaranteed mortgage-backed securities	—		6		1,041		5,846		1,041		5,852
Small Business Administration loan-backed securities	—		32		16		321		16		353
Municipal securities	—		86		49		813		49		899









Total available-for-sale investment securities	$	—	$	131	$	1,228	$	7,596	$	1,228	$	7,727


	December 31, 2024
	Less than 12 months				12 months or more				Total
(In millions)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value






Available-for-sale
U.S. Treasury securities	$	3	$	198	$	116	$	285	$	119	$	483
U.S. Government agencies and corporations:
Agency securities	—		3		26		403		26		406
Agency guaranteed mortgage-backed securities	—		86		1,263		6,171		1,263		6,257
Small Business Administration loan-backed securities	—		35		21		387		21		422
Municipal securities	—		68		78		984		78		1,052









Total available-for-sale investment securities	$	3	$	390	$	1,504	$	8,230	$	1,507	$	8,620

The following schedule presents the amortized cost and weighted average yields of debt securities, categorized by the remaining contractual maturity of principal payments at September 30, 2025. The schedule does not reflect the impact of interest rate resets or fair value hedges. Additionally, the remaining contractual principal maturities presented do not represent the portfolio's duration, as they do not incorporate expected prepayments or amortization, which generally result in measured durations that are shorter than contractual maturities.


	September 30, 2025
	Total debt securities				Due in one year or less				Due after one year through five years				Due after five years through ten years				Due after ten years
(Dollar amounts in millions)	Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield		Amortized cost		Average yield
Available-for-sale
U.S. Treasury securities	$	1,401	3.69	%	$	100	4.04	%	$	201	3.99	%	$	699	4.33	%	$	401	2.35	%
U.S. Government agencies and corporations:
Agency securities	349		3.18		32		2.78		55		3.91		163		2.96		99		3.28
Agency guaranteed mortgage-backed securities	7,208		2.04		7		1.27		96		2.00		1,478		2.02		5,627		2.05
Small Business Administration loan-backed securities	374		4.58		—		—		10		5.94		110		3.81		254		4.87
Municipal securities 1	1,022		2.14		117		3.17		309		2.16		580		1.91		16		2.43
Other debt securities	25		8.15		—		—		10		9.51		—		—		15		7.25
Total available-for-sale securities	10,379		2.42		256		3.41		681		2.98		3,030		2.65		6,412		2.21
Held-to-maturity
U.S. Government agencies and corporations:
Agency securities	139		4.15		—		—		—		—		77		3.46		62		5.01
Agency guaranteed mortgage-backed securities	8,643		1.84		—		—		28		1.46		11		2.70		8,604		1.84
Municipal securities 1	277		3.26		27		2.47		131		2.90		112		3.71		7		5.93
Total held-to-maturity securities	9,059		1.92		27		2.47		159		2.65		200		3.56		8,673		1.86
Total investment securities	$	19,438	2.18		$	283	3.32		$	840	2.92		$	3,230	2.71		$	15,085	2.01

On a quarterly basis, we review our investment securities portfolio to assess potential impairment on an individual security level. For additional information regarding our impairment assessment methodology and related accounting policies applicable to investment securities, see Note 5 of our 2024 Form 10-K.

No impairment losses were recognized on our AFS investment securities portfolio during the first nine months of either 2025 or 2024. The unrealized losses primarily reflect the impact of higher interest rates following the purchase of the securities and are not attributable to credit-related factors. Accordingly, absent any future sales, we expect to recover the full principal value of these securities upon maturity. At September 30, 2025, we did not intend to sell any securities in an unrealized loss position, nor do we believe it is more likely than not that we would be required to sell such securities prior to recovering their amortized cost basis.

For HTM securities, the allowance for credit losses (“ACL”) is evaluated using the same methodology applied to loans and leases measured at amortized cost, as described in Note 6. At September 30, 2025, the ACL for HTM securities was less than $1 million. All HTM securities were assigned a credit quality rating of “Pass,” with none classified as past due.