v3.25.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis
The following schedule presents assets and liabilities measured at fair value on a recurring basis:
(In millions)September 30, 2025
Level 1Level 2Level 3Total
ASSETS
Trading securities$— $134 $— $134 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations1,311 6,861 — 8,172 
Municipal securities— 973 — 973 
Other debt securities— 25 — 25 
Total available-for-sale1,311 7,859 — 9,170 
Loans held for sale— 126 — 126 
Other noninterest-bearing investments:
Bank-owned life insurance— 571 — 571 
Private equity investments 1
11 — 135 146 
Other assets:
Agriculture loan servicing— — 19 19 
Deferred compensation plan assets152 — — 152 
Derivatives— 353 — 353 
Total assets$1,474 $9,043 $154 $10,671 
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased$252 $— $— $252 
Other liabilities:
Derivatives— 257 — 257 
Total liabilities$252 $257 $— $509 
(In millions)December 31, 2024
Level 1Level 2Level 3Total
ASSETS
Trading securities$— $35 $— $35 
Available-for-sale securities:
U.S. Treasury, agencies, and corporations662 7,300 — 7,962 
Municipal securities— 1,108 — 1,108 
Other debt securities— 25 — 25 
Total available-for-sale662 8,433 — 9,095 
Loans held for sale— 25 — 25 
Other noninterest-bearing investments:
Bank-owned life insurance— 562 — 562 
Private equity investments 1
3 — 105 108 
Other assets:
Agriculture loan servicing— — 20 20 
Deferred compensation plan assets149 — — 149 
Derivatives— 446 — 446 
Total assets$814 $9,501 $125 $10,440 
LIABILITIES
Fed funds and other short-term borrowings:
Securities sold, not yet purchased$21 $— $— $21 
Other liabilities:
Derivatives— 350 — 350 
Total liabilities$21 $350 $— $371 
1 The Level 1 private equity investments (“PEIs”) generally relate to the portion of our Small Business Investment Company (“SBIC”) investments and other similar investments that are publicly traded.
Schedule of Assets and Liabilities Measured at Fair Value by Class on a Recurring Basis Using Level 3 Inputs
The following schedule presents a roll-forward of assets and liabilities that are measured at fair value on a recurring basis using Level 3 inputs:
Level 3 Instruments
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024		Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
(In millions)Private equity investmentsAg loan servicingPrivate equity investmentsAg loan servicingPrivate equity investmentsAg loan servicingPrivate equity investmentsAg loan servicing
Balance at beginning of period
$116 $20 $101 $20 $105 $20 $92 $19 
Unrealized securities gains, net12 — 5 — 36 — 7 — 
Other noninterest income— (1)— (1)— (1)— — 
Purchases7 — 1 — 12 — 10 — 
Cost of investments sold— — (2)— (6)— (4)— 
Transfers out— — — — (12)— — — 
Balance at end of period
$135 $19 $105 $19 $135 $19 $105 $19 
Schedule of Rollforward of Level 3 Fair Value Measurements Including Realized Gains and Losses in the Income Statement
The roll-forward of Level 3 instruments includes the following realized gains and losses recognized in “Securities gains (losses), net” on the consolidated statement of income for the periods presented:
(In millions)Three Months EndedNine Months Ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Securities gains (losses), net$— $(2)$(5)$(1)
Schedule of Carrying Values and Estimated Fair Values
The following schedule presents the carrying values and estimated fair values of certain financial instruments:
 September 30, 2025December 31, 2024
(In millions)Carrying
value
Fair value		LevelCarrying
value		Fair valueLevel
Financial assets:
Held-to-maturity investment securities$9,059 $9,106 2$9,669 $9,382 2
Loans and leases (including loans held for sale), net of allowance
59,838 58,075 358,788 57,130 3
Financial liabilities:
Time deposits10,056 9,985 211,482 11,468 2
Long-term debt1,473 1,506 2950 950 2