v3.26.1
AFS and HTM Debt Securities (Tables)
 3 Months Ended
Mar. 31, 2026
AFS And HTM Debt Securities [Abstract]  
Available-for-Sale and Held-to-Maturity Debt Securities Outstanding
Table 2.1 provides the amortized cost, net of the allowance for credit losses (ACL) for debt securities, and fair value by major categories of available-for-sale (AFS) debt securities, which are carried at fair value, and held-to-maturity (HTM) debt securities, which are carried at amortized cost, net of the ACL. The net unrealized gains (losses) for AFS debt securities are reported as a component of accumulated other comprehensive income (AOCI), net of the ACL and applicable income taxes. Information on debt securities held for trading is included in Note 17 (Revenue and Expenses). For both AFS and HTM debt securities, amortized cost is the unpaid principal amount, net of unamortized basis
adjustments. Basis adjustments may include purchase premiums or discounts, fair value hedge accounting basis adjustments, fair value write-downs related to recognition of intent to sell, impairment losses, and charge-offs or recoveries of amounts deemed uncollectible.

Outstanding balances exclude accrued interest receivable on AFS and HTM debt securities, which is included in other assets. See Note 5 (Intangible Assets and Other Assets) for additional information on accrued interest receivable. Amounts considered to be uncollectible are reversed through interest income.
Table 2.1: Available-for-Sale and Held-to-Maturity Debt Securities Outstanding
(in millions)Amortized
cost, net (1)
Gross
unrealized gains
Gross
unrealized losses		Net unrealized gains (losses)Fair value
March 31, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$57,824 116 (253)(137)57,687 
Securities of U.S. states and political subdivisions (2)10,278 23 (358)(335)9,943 
Federal agency mortgage-backed securities147,913 794 (3,885)(3,091)144,822 
Non-agency mortgage-backed securities (3)1,868 2 (12)(10)1,858 
Collateralized loan obligations8,210 3 (8)(5)8,205 
Other debt securities307 54 (3)51 358 
Total available-for-sale debt securities, excluding portfolio level basis adjustments226,400 992 (4,519)(3,527)222,873 
Portfolio level basis adjustments (4)(41)41 — 
Total available-for-sale debt securities226,359 992 (4,519)(3,486)222,873 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,799 — (1,767)(1,767)2,032 
Securities of U.S. states and political subdivisions17,400 1 (3,471)(3,470)13,930 
Federal agency mortgage-backed securities175,626 52 (27,647)(27,595)148,031 
Non-agency mortgage-backed securities (3)1,522 73 (41)32 1,554 
Collateralized loan obligations4,016 10 — 10 4,026 
Other debt securities1,717 9 (1)8 1,725 
Total held-to-maturity debt securities204,080 145 (32,927)(32,782)171,298 
Total$430,439 1,137 (37,446)(36,268)394,171 
December 31, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies$51,738 308 (237)71 51,809 
Securities of U.S. states and political subdivisions (2)10,706 34 (343)(309)10,397 
Federal agency mortgage-backed securities142,022 1,447 (3,389)(1,942)140,080 
Non-agency mortgage-backed securities (3)2,141 3 (18)(15)2,126 
Collateralized loan obligations7,895 11 (2)9 7,904 
Other debt securities1,198 61 (2)59 1,257 
Total available-for-sale debt securities, excluding portfolio level basis adjustments
215,700 1,864 (3,991)(2,127)213,573 
Portfolio level basis adjustments (4)75 (75)— 
Total available-for-sale debt securities215,775 1,864 (3,991)(2,202)213,573 
Held-to-maturity debt securities:
Securities of U.S. Treasury and federal agencies3,797 — (1,747)(1,747)2,050 
Securities of U.S. states and political subdivisions17,476 2 (3,270)(3,268)14,208 
Federal agency mortgage-backed securities178,882 79 (27,353)(27,274)151,608 
Non-agency mortgage-backed securities (3)1,497 82 (39)43 1,540 
Collateralized loan obligations4,655 19 — 19 4,674 
Other debt securities1,716 7 (6)1 1,717 
Total held-to-maturity debt securities208,023 189 (32,415)(32,226)175,797 
Total$423,798 2,053 (36,406)(34,428)389,370 
(1)Represents amortized cost of the securities, net of the ACL of $5 million and $23 million related to AFS debt securities at March 31, 2026, and December 31, 2025, respectively, and $93 million and $95 million related to HTM debt securities at March 31, 2026, and December 31, 2025, respectively.
(2)Includes investments in tax-exempt preferred debt securities issued by investment funds or trusts that predominantly invest in tax-exempt municipal securities. The amortized cost, net of the ACL, and fair value of these types of securities, was $2.5 billion at both March 31, 2026, and December 31, 2025.
(3)Predominantly consists of commercial mortgage-backed securities at both March 31, 2026, and December 31, 2025.
(4)Represents fair value hedge basis adjustments related to active portfolio layer method hedges of AFS debt securities, which are not allocated to individual securities in the portfolio. For additional information, see Note 10 (Derivatives).
Held-to-Maturity Debt Securities Purchases
Table 2.2 details the breakout of purchases of HTM debt securities by major category of security. There were no transfers to HTM debt securities during the periods presented below.

Table 2.2: Held-to-Maturity Debt Securities Purchases
Quarter ended March 31,
(in millions)20262025
Purchases of held-to-maturity debt securities (1):
Non-agency mortgage-backed securities$35 86 
Total purchases of held-to-maturity debt securities
$35 86 
(1)Inclusive of non-cash purchases from securitization of loans held for sale (LHFS).
Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities
Table 2.3 shows the composition of interest income, provision for credit losses, and gross realized gains and losses
from sales and impairment write-downs, if any, included in earnings related to AFS and HTM debt securities (pre-tax).

Table 2.3: Income Statement Impacts for Available-for-Sale and Held-to-Maturity Debt Securities
Quarter ended March 31,
(in millions)20262025
Interest income:
Available-for-sale
$2,385 1,942 
Held-to-maturity
1,159 1,379 
Total interest income 3,544 3,321 
Provision for credit losses:
Available-for-sale
— (1)
Held-to-maturity
(4)8 
Total provision for credit losses(4)7 
Realized gains and losses (1):
Gross realized gains68 2 
Gross realized losses(68)(116)
Impairment write-downs— (33)
Net realized losses
$— (147)
(1)Realized gains and losses relate to AFS debt securities. There were no realized gains or losses from HTM debt securities in all periods presented.
Investment Grade Debt Securities
Table 2.4 shows the percentage of fair value of AFS debt securities and amortized cost of HTM debt securities determined to be rated investment grade, inclusive of securities rated based on internal credit grades.
Table 2.4: Investment Grade Debt Securities
Available-for-SaleHeld-to-Maturity
($ in millions)Fair value % investment gradeAmortized cost% investment grade
March 31, 2026
Total portfolio (1)$222,873 99%$204,173 99%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$202,509 100%$179,425 100%
Securities of U.S. states and political subdivisions9,943 99 17,411 100 
Collateralized loan obligations (3)8,205 100 4,022 100 
All other debt securities (4)2,216 89 3,315 59 
December 31, 2025
Total portfolio (1)$213,573 99%$208,118 99%
Breakdown by category:
Securities of U.S. Treasury and federal agencies (2)$191,889 100%$182,679 100%
Securities of U.S. states and political subdivisions10,397 99 17,487 100 
Collateralized loan obligations (3)7,904 100 4,660 100 
All other debt securities (4)3,383 91 3,292 59 
(1)99% were rated AA- and above at both March 31, 2026, and December 31, 2025.
(2)Includes federal agency mortgage-backed securities.
(3)100% were rated AA- and above at both March 31, 2026, and December 31, 2025.
(4)Includes non-U.S. government, non-agency mortgage-backed, and all other debt securities.
Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities
Table 2.5 shows the gross unrealized losses and fair value of AFS debt securities by length of time those individual securities in each category have been in a continuous loss position. Debt securities on which we have recognized credit impairment are
categorized as being “less than 12 months” or “12 months or more” in a continuous loss position based on the point in time that the fair value declined to below the amortized cost basis, net of the allowance for credit losses.
Table 2.5: Gross Unrealized Losses and Fair Value – Available-for-Sale Debt Securities
Less than 12 months 12 months or more Total 
(in millions)
Gross unrealized losses (1)
Fair value Gross unrealized losses (1)Fair value 
Gross unrealized losses (1)
Fair value 
March 31, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$(27)12,151 (226)5,346 (253)17,497 
Securities of U.S. states and political subdivisions
(16)1,163 (342)4,743 (358)5,906 
Federal agency mortgage-backed securities(1,437)54,727 (2,448)25,637 (3,885)80,364 
Non-agency mortgage-backed securities(1)734 (11)550 (12)1,284 
Collateralized loan obligations
(8)5,043 — — (8)5,043 
Other debt securities— — (3)17 (3)17 
Total available-for-sale debt securities$(1,489)73,818 (3,030)36,293 (4,519)110,111 
December 31, 2025
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
$— — (237)6,119 (237)6,119 
Securities of U.S. states and political subdivisions
(5)222 (338)5,701 (343)5,923 
Federal agency mortgage-backed securities(988)11,307 (2,401)37,377 (3,389)48,684 
Non-agency mortgage-backed securities— — (18)744 (18)744 
Collateralized loan obligations
(2)1,776 — — (2)1,776 
Other debt securities— — (2)71 (2)71 
Total available-for-sale debt securities$(995)13,305 (2,996)50,012 (3,991)63,317 
(1)Gross unrealized losses exclude portfolio level basis adjustments.
Contractual Maturities – Available-for-Sale Debt Securities
Table 2.6 and Table 2.7 show the remaining contractual maturities of AFS and HTM debt securities, respectively.
Table 2.6: Contractual Maturities – Available-for-Sale Debt Securities
By remaining contractual maturity ($ in millions)
TotalWithin
one year		After
one year
through
five years		After
five years
through
ten years		After
ten years
March 31, 2026
Available-for-sale debt securities:
Securities of U.S. Treasury and federal agencies
Amortized cost, net$57,824 1,978 5,655 49,395 796 
Fair value57,687 1,978 5,495 49,471 743 
Weighted average yield3.89%3.58 1.79 4.13 4.53 
Securities of U.S. states and political subdivisions
Amortized cost, net$10,278 819 3,754 2,154 3,551 
Fair value9,943 815 3,653 2,078 3,397 
Weighted average yield3.23%2.86 2.83 3.37 3.64 
Federal agency mortgage-backed securities
Amortized cost, net$147,913 1 527 4,809 142,576 
Fair value144,822 1 525 4,808 139,488 
Weighted average yield4.50%1.93 3.99 4.42 4.50 
Non-agency mortgage-backed securities
Amortized cost, net$1,868 — — 8 1,860 
Fair value1,858 — — 8 1,850 
Weighted average yield4.45%— — 4.30 4.45 
Collateralized loan obligations
Amortized cost, net$8,210 — — 374 7,836 
Fair value8,205 — — 374 7,831 
Weighted average yield5.01%— — 5.11 5.00 
Other debt securities
Amortized cost, net$307 34 206 44 23 
Fair value358 38 214 78 28 
Weighted average yield5.47%6.16 6.38 3.24 0.57 
Total available-for-sale debt securities
Amortized cost, net (1)
$226,400 2,832 10,142 56,784 156,642 
Fair value222,873 2,832 9,887 56,817 153,337 
Weighted average yield (2)
4.30%3.40 2.38 4.13 4.51 
(1)Amortized cost, net excludes portfolio level basis adjustments of $(41) million.
(2)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.
Contractual Maturities – Held-to-Maturity Debt Securities
Table 2.7: Contractual Maturities – Held-to-Maturity Debt Securities
By remaining contractual maturity ($ in millions)
TotalWithin
one year		After
one year
through
five years		After
five years
through
ten years		After
ten years
March 31, 2026
Held-to-maturity debt securities: 
Securities of U.S. Treasury and federal agencies
Amortized cost, net$3,799 — — — 3,799 
Fair value2,032 — — — 2,032 
Weighted average yield
1.60%— — — 1.60 
Securities of U.S. states and political subdivisions
Amortized cost, net$17,400 89 427 436 16,448 
Fair value13,930 88 419 417 13,006 
Weighted average yield
2.52%0.94 2.33 2.67 2.53 
Federal agency mortgage-backed securities
Amortized cost, net$175,626 — — — 175,626 
Fair value148,031 — — — 148,031 
Weighted average yield
2.34%— — — 2.34 
Non-agency mortgage-backed securities
Amortized cost, net$1,522 8 11 22 1,481 
Fair value1,554 11 17 24 1,502 
Weighted average yield
3.82%2.47 6.24 2.75 3.82 
Collateralized loan obligations
Amortized cost, net$4,016 — 75 3,941 — 
Fair value4,026 — 76 3,950 — 
Weighted average yield
5.30%— 5.84 5.29 — 
Other debt securities
Amortized cost, net$1,717 — 1,717 — — 
Fair value1,725 — 1,725 — — 
Weighted average yield5.27%— 5.27 — — 
Total held-to-maturity debt securities
Amortized cost, net$204,080 97 2,230 4,399 197,354 
Fair value171,298 99 2,237 4,391 164,571 
Weighted average yield (1)
2.44%1.08 4.74 5.01 2.36 
(1)Weighted average yields are calculated using the effective yield method and are weighted based on amortized cost, net of ACL. The effective yield method is calculated using the contractual coupon and the impact of any premiums and discounts and is shown pre-tax. We have not included the effect of any related hedging derivatives. The effective yield for mortgage-backed securities excludes unscheduled principal payments, and remaining expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature.