Debt Securities (Tables)

The amortized cost, gross unrealized gains and losses, and estimated fair value of debt securities held to maturity and debt securities available for sale are as follows:


	December 31, 2025
			Recognized in OCI (1)						Not recognized in OCI
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:


Mortgage-backed securities:
Residential agency	$	6,103	$	—	$	(866)	$	5,237	$	37	$	(53)	$	5,221
Commercial agency	370		—		(1)		369		—		(6)		363
	$	6,473	$	—	$	(867)	$	5,606	$	37	$	(59)	$	5,584

Debt securities available for sale:
U.S. Treasury securities	$	2,313	$	10	$	(47)	$	2,276					$	2,276
Federal agency securities	544		6		(7)		543						543
Obligations of states and political subdivisions	2		—		—		2						2
Mortgage-backed securities:
Residential agency	18,820		244		(677)		18,387						18,387

Commercial agency	5,925		34		(130)		5,829						5,829
Commercial non-agency	91		—		(9)		82						82
Corporate and other debt securities	439		5		(3)		441						441


	$	28,134	$	299	$	(873)	$	27,560					$	27,560


	December 31, 2024
			Recognized in OCI (1)						Not recognized in OCI
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(In millions)
Debt securities held to maturity:


Mortgage-backed securities:
Residential agency	$	4,663	$	—	$	(743)	$	3,920	$	—	$	(186)	$	3,734
Commercial agency	507		—		—		507		—		(15)		492
	$	5,170	$	—	$	(743)	$	4,427	$	—	$	(201)	$	4,226

Debt securities available for sale:
U.S. Treasury securities	$	2,088	$	2	$	(87)	$	2,003					$	2,003
Federal agency securities	460		1		(17)		444						444
Obligations of states and political subdivisions	2		—		—		2						2
Mortgage-backed securities:
Residential agency	20,482		20		(1,557)		18,945						18,945

Commercial agency	4,389		1		(300)		4,090						4,090
Commercial non-agency	92		—		(10)		82						82
Corporate and other debt securities	670		2		(14)		658						658
	$	28,183	$	26	$	(1,985)	$	26,224					$	26,224

(1)Debt securities held to maturity gross unrealized losses recognized in OCI resulted from transfers of securities available for sale.

The amortized cost and estimated fair value of debt securities held to maturity and debt securities available for sale at December 31, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.


	Amortized Cost		Estimated Fair Value
	(In millions)
Debt securities held to maturity:
Mortgage-backed securities:
Residential agency	$	6,103	$	5,221
Commercial agency	370		363
	$	6,473	$	5,584
Debt securities available for sale:
Due in one year or less	$	292	$	291
Due after one year through five years	1,930		1,908
Due after five years through ten years	1,005		994
Due after ten years	71		69
Mortgage-backed securities:
Residential agency	18,820		18,387

Commercial agency	5,925		5,829
Commercial non-agency	91		82
	$	28,134	$	27,560

The following tables present gross unrealized losses and the related estimated fair value of debt securities available for sale at December 31, 2025 and 2024. All debt securities in an unrealized position are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and for twelve months or more.


	December 31, 2025
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)







Debt securities available for sale:
U.S Treasury securities	$	203	$	(1)	$	1,197	$	(46)	$	1,400	$	(47)
Federal agency securities	—		—		57		(7)		57		(7)
Mortgage-backed securities:
Residential agency	—		—		8,498		(677)		8,498		(677)

Commercial agency	754		(3)		2,430		(127)		3,184		(130)
Commercial non-agency	—		—		82		(9)		82		(9)
Corporate and other debt securities	—		—		169		(3)		169		(3)
	$	957	$	(4)	$	12,433	$	(869)	$	13,390	$	(873)


	December 31, 2024
	Less Than Twelve Months				Twelve Months or More				Total
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
	(In millions)








Debt securities available for sale:
U.S. Treasury securities	$	612	$	(14)	$	1,033	$	(73)	$	1,645	$	(87)
Federal agency securities	155		(3)		195		(14)		350		(17)
Mortgage-backed securities:
Residential agency	8,012		(203)		9,605		(1,354)		17,617		(1,557)

Commercial agency	1,043		(35)		2,991		(265)		4,034		(300)

Commercial non-agency	—		—		82		(10)		82		(10)
Corporate and other debt securities	59		(1)		397		(13)		456		(14)
	$	9,881	$	(256)	$	14,303	$	(1,729)	$	24,184	$	(1,985)

The following table presents gross realized gains and gross realized losses on sales of debt securities available for sale as of December 31:



		2025		2024
	(In millions)
Gross realized gains		$	1	$	14
Gross realized losses		(54)		(222)
Securities gains (losses), net		$	(53)	$	(208)