Securities (Tables)

The table below presents the amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities, other debt securities carried at fair value and HTM debt securities at December 31, 2025 and 2024.



Debt Securities

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(Dollars in millions)	December 31, 2025								December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency	$	34,240	$	80	$	(1,179)	$	33,141	$	32,781	$	35	$	(1,614)	$	31,202
Agency-collateralized mortgage obligations	19,304		27		(132)		19,199		19,519		17		(218)		19,318
Commercial	38,688		191		(385)		38,494		26,032		73		(503)		25,602
Non-agency residential (1)	273		55		(56)		272		287		50		(52)		285
Total mortgage-backed securities	92,505		353		(1,752)		91,106		78,619		175		(2,387)		76,407
U.S. Treasury and government agencies	250,065		390		(621)		249,834		235,582		150		(1,153)		234,579
Non-U.S. securities	31,765		20		(18)		31,767		22,453		20		(42)		22,431

Other taxable securities	6,328		12		(36)		6,304		4,646		2		(45)		4,603

Tax-exempt securities	7,948		15		(176)		7,787		8,628		17		(233)		8,412
Total available-for-sale debt securities	388,611		790		(2,603)		386,798		349,928		364		(3,860)		346,432
Other debt securities carried at fair value (2)	16,066		200		(89)		16,177		12,352		59		(236)		12,175
Total debt securities carried at fair value	404,677		990		(2,692)		402,975		362,280		423		(4,096)		358,607
Held-to-maturity debt securities

Agency mortgage-backed securities	395,415		—		(67,309)		328,106		430,135		—		(88,458)		341,677




U.S. Treasury and government agencies	121,242		—		(12,225)		109,017		121,696		—		(18,661)		103,035


Other taxable securities	6,028		2		(723)		5,307		6,882		1		(1,047)		5,836


Total held-to-maturity debt securities	522,685		2		(80,257)		442,430		558,713		1		(108,166)		450,548
Total debt securities (3,4)	$	927,362	$	992	$	(82,949)	$	845,405	$	920,993	$	424	$	(112,262)	$	809,155

(1)At December 31, 2025 and 2024, the underlying collateral type included approximately 27 percent and 25 percent prime and 73 percent and 75 percent subprime.

(2)Primarily includes non-U.S. securities used to satisfy certain international regulatory requirements. Any changes in value are reported in market making and similar activities. For detail on the components, see Note 20 – Fair Value Measurements.

(3)Includes securities pledged as collateral of $153.8 billion and $184.6 billion at December 31, 2025 and 2024.

(4)The Corporation held debt securities from FNMA and FHLMC that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $246.9 billion and $158.5 billion, and a fair value of $208.0 billion and $133.6 billion at December 31, 2025, and an amortized cost of $260.9 billion and $169.0 billion, and a fair value of $209.6 billion and $136.5 billion at December 31, 2024.

The gross realized gains and losses on sales of AFS debt securities for 2025, 2024 and 2023 are presented in the table below.



Gains and Losses on Sales of AFS Debt Securities


(Dollars in millions)	2025		2024		2023
Gross gains	$	66	$	20	$	109
Gross losses	(86)		(49)		(514)
Net losses on sales of AFS debt securities	$	(20)	$	(29)	$	(405)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities	$	(5)	$	(7)	$	(101)

The table below presents the fair value and the associated gross unrealized losses on AFS debt securities and whether these securities have had gross unrealized losses for less than 12 months or for 12 months or longer at December 31, 2025 and 2024. Substantially all of the unrealized losses relate to debt securities that have a zero credit loss assumption.



Total AFS Debt Securities in a Continuous Unrealized Loss Position

	Less than Twelve Months				Twelve Months or Longer				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
(Dollars in millions)	December 31, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	1,645	$	—	$	18,512	$	(1,179)	$	20,157	$	(1,179)
Agency-collateralized mortgage obligations	2,503		(5)		2,351		(127)		4,854		(132)
Commercial	8,795		(27)		5,527		(358)		14,322		(385)
Non-agency residential	—		—		154		(56)		154		(56)
Total mortgage-backed securities	12,943		(32)		26,544		(1,720)		39,487		(1,752)
U.S. Treasury and government agencies	5,398		(7)		68,763		(614)		74,161		(621)
Non-U.S. securities	10,891		(10)		2,808		(8)		13,699		(18)

Other taxable securities	979		(5)		1,356		(31)		2,335		(36)

Tax-exempt securities	415		(1)		1,730		(175)		2,145		(176)



Total AFS debt securities in a continuous unrealized loss position	$	30,626	$	(55)	$	101,201	$	(2,548)	$	131,827	$	(2,603)

	December 31, 2024
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency	$	2,908	$	(22)	$	20,085	$	(1,592)	$	22,993	$	(1,614)
Agency-collateralized mortgage obligations	9,597		(21)		1,493		(197)		11,090		(218)
Commercial	11,486		(57)		4,667		(446)		16,153		(503)
Non-agency residential	—		—		160		(52)		160		(52)
Total mortgage-backed securities	23,991		(100)		26,405		(2,287)		50,396		(2,387)
U.S. Treasury and government agencies	75,753		(135)		69,027		(1,018)		144,780		(1,153)
Non-U.S. securities	3,367		(26)		4,906		(16)		8,273		(42)

Other taxable securities	3,192		(5)		814		(40)		4,006		(45)

Tax-exempt securities	1,025		(20)		2,194		(213)		3,219		(233)



Total AFS debt securities in a continuous unrealized loss position	$	107,328	$	(286)	$	103,346	$	(3,574)	$	210,674	$	(3,860)

The remaining contractual maturity distribution and yields of the Corporation’s debt securities carried at fair value and HTM debt securities at December 31, 2025 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the MBS or other ABS are passed through to the Corporation.



Maturities of Debt Securities Carried at Fair Value and Held-to-maturity 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				Total
(Dollars in millions)	Amount		Yield (1)		Amount		Yield (1)		Amount		Yield (1)		Amount		Yield (1)		Amount		Yield (1)
Amortized cost of debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—	—	%	$	3	3.19	%	$	4	4.93	%	$	34,233	4.60	%	$	34,240	4.60	%
Agency-collateralized mortgage obligations	—		—		—		—		1		1.00		19,303		5.59		19,304		5.59
Commercial	187		3.03		19,413		4.14		16,980		4.38		2,121		3.81		38,701		4.22
Non-agency residential	—		—		—		—		11		22.48		537		11.67		548		11.89
Total mortgage-backed securities	187		3.03		19,416		4.14		16,996		4.39		56,194		4.98		92,793		4.69
U.S. Treasury and government agencies	38,523		4.23		201,904		3.65		12,891		3.34		32		3.97		253,350		3.72
Non-U.S. securities	25,463		2.78		4,477		2.44		6,620		4.36		7,698		3.95		44,258		3.19

Other taxable securities	850		4.56		4,655		4.54		421		3.79		402		4.42		6,328		4.48

Tax-exempt securities	604		3.03		2,875		3.21		858		2.98		3,611		3.46		7,948		3.29
Total amortized cost of debt securities carried at fair value	$	65,627	3.66		$	233,327	3.68		$	37,786	3.99		$	67,937	4.78		$	404,677	3.89
Amortized cost of HTM debt securities

Agency mortgage-backed securities	$	—	—	%	$	—	—	%	$	50	2.91	%	$	395,365	2.11	%	$	395,415	2.11	%




U.S. Treasury and government agencies	—		—		76,753		1.36		44,489		1.44		—		—		121,242		1.39


Other taxable securities	504		1.73		346		3.14		241		2.57		4,937		2.53		6,028		2.50


Total amortized cost of HTM debt securities	$	504	1.73		$	77,099	1.37		$	44,780	1.45		$	400,302	2.12		$	522,685	1.95

Debt securities carried at fair value
Mortgage-backed securities:
Agency	$	—			$	3			$	4			$	33,134			$	33,141
Agency-collateralized mortgage obligations	—				—				1				19,198				19,199
Commercial	185				19,411				16,951				1,955				38,502
Non-agency residential	—				—				29				491				520
Total mortgage-backed securities	185				19,414				16,985				54,778				91,362
U.S. Treasury and government agencies	38,638				201,692				12,759				30				253,119
Non-U.S. securities	25,606				4,481				6,616				7,694				44,397

Other taxable securities	847				4,652				413				395				6,307

Tax-exempt securities	603				2,862				858				3,467				7,790
Total debt securities carried at fair value	$	65,879			$	233,101			$	37,631			$	66,364			$	402,975
Fair value of HTM debt securities

Agency mortgage-backed securities	$	—			$	—			$	48			$	328,058			$	328,106




U.S. Treasury and government agencies	—				69,430				39,587				—				109,017


Other taxable securities	502				338				199				4,268				5,307


Total fair value of HTM debt securities	$	502			$	69,768			$	39,834			$	332,326			$	442,430

(1)The weighted-average yield is computed based on a constant effective yield over the contractual life of each security. The yield considers the contractual coupon and the amortization of premiums and accretion of discounts, excluding the effect of related open hedging derivatives.