Annual report [Section 13 and 15(d), not S-K Item 405]

Securities (Tables)

v3.25.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
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.
Gross Realized Gains (Losses) on Sales of Available For Sale Debt
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)
Amortized Cost and Fair Value of Corporations Investment
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)
Expected Maturity Distribution
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.