Quarterly report [Sections 13 or 15(d)]

Securities (Tables)

v3.26.1
Securities (Tables)
 6 Months Ended
Jun. 30, 2026
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 held-to-maturity (HTM) debt securities at June 30, 2026 and December 31, 2025.
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) June 30, 2026 December 31, 2025
Available-for-sale debt securities
Mortgage-backed securities:
Agency $ 41,870  $ 125  $ (1,154) $ 40,841  $ 34,240  $ 80  $ (1,179) $ 33,141 
Agency-collateralized mortgage obligations 17,204  85  (141) 17,148  19,304  27  (132) 19,199 
Commercial 44,281  260  (484) 44,057  38,688  191  (385) 38,494 
Non-agency residential (1)
75  1  (24) 52  273  55  (56) 272 
Total mortgage-backed securities 103,430  471  (1,803) 102,098  92,505  353  (1,752) 91,106 
U.S. Treasury and government agencies 195,191  128  (916) 194,403  250,065  390  (621) 249,834 
Non-U.S. securities 37,718  12  (63) 37,667  31,765  20  (18) 31,767 
Other taxable securities 7,399  2  (54) 7,347  6,328  12  (36) 6,304 
Tax-exempt securities 7,176  8  (159) 7,025  7,948  15  (176) 7,787 
Total available-for-sale debt securities 350,914  621  (2,995) 348,540  388,611  790  (2,603) 386,798 
Other debt securities carried at fair value (2)
14,928  121  (170) 14,879  16,066  200  (89) 16,177 
Total debt securities carried at fair value 365,842  742  (3,165) 363,419  404,677  990  (2,692) 402,975 
Held-to-maturity debt securities
Agency mortgage-backed securities 379,169  —  (68,332) 310,837  395,415  —  (67,309) 328,106 
U.S. Treasury and government agencies 121,262  —  (13,011) 108,251  121,242  —  (12,225) 109,017 
Other taxable securities 5,397  1  (752) 4,646  6,028  2  (723) 5,307 
Total held-to-maturity debt securities 505,828  1  (82,095) 423,734  522,685  2  (80,257) 442,430 
Total debt securities (3,4)
$ 871,670  $ 743  $ (85,260) $ 787,153  $ 927,362  $ 992  $ (82,949) $ 845,405 
(1)At June 30, 2026 and December 31, 2025, the underlying collateral type included approximately 10 percent and 27 percent prime and 90 percent and 73 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 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $101.9 billion and $153.8 billion at June 30, 2026 and December 31, 2025.
(4)The Corporation held debt securities from Fannie Mae (FNMA) and Freddie Mac (FHLMC) that each exceeded 10 percent of shareholders’ equity, with an amortized cost of $240.5 billion and $156.6 billion, and a fair value of $200.9 billion and $131.5 billion at June 30, 2026, and 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.
Gross Realized Gains (Losses) on Sales of Available For Sale Debt
The gross realized gains and losses on sales of AFS debt securities for the three and six months ended June 30, 2026 and 2025 are presented in the table below.
Gains and Losses on Sales of AFS Debt Securities
Three Months Ended June 30 Six Months Ended June 30
(Dollars in millions) 2026 2025 2026 2025
Gross gains $ 111  $ 5  $ 178  $ 16 
Gross losses (95) (23) (159) (36)
Net gains (losses) on sales of AFS debt securities $ 16  $ (18) $ 19  $ (20)
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities $ 4  $ (5) $ 5  $ (5)
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 June 30, 2026 and December 31, 2025. 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) June 30, 2026
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:
Agency $ 11,723  $ (68) $ 15,861  $ (1,086) $ 27,584  $ (1,154)
Agency-collateralized mortgage obligations 138  (1) 1,324  (140) 1,462  (141)
Commercial 12,780  (152) 4,256  (332) 17,036  (484)
Non-agency residential 8  (1) 40  (23) 48  (24)
Total mortgage-backed securities 24,649  (222) 21,481  (1,581) 46,130  (1,803)
U.S. Treasury and government agencies 65,561  (385) 44,321  (531) 109,882  (916)
Non-U.S. securities 12,362  (58) 2,651  (5) 15,013  (63)
Other taxable securities 3,713  (24) 1,302  (30) 5,015  (54)
Tax-exempt securities 284  (1) 1,585  (158) 1,869  (159)
Total AFS debt securities in a continuous
   unrealized loss position
 $ 106,569  $ (690) $ 71,340  $ (2,305) $ 177,909  $ (2,995)
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)
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 June 30, 2026 are summarized in the table below. Actual duration and yields may differ as prepayments on the loans underlying the mortgage-backed securities (MBS) or other asset-backed securities (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  3.24  % $ 4  5.20  % $ 41,868  4.68  % $ 41,875  4.68  %
Agency-collateralized mortgage obligations —  —  —  —  1  1.00  17,203  5.56  17,204  5.56 
Commercial 178  2.83  23,485  4.11  18,749  4.44  1,882  3.85  44,294  4.23 
Non-agency residential —  —  —  —  1  0.27  319  13.11  320  13.07 
Total mortgage-backed securities 178  2.83  23,488  4.11  18,755  4.44  61,272  4.94  103,693  4.66 
U.S. Treasury and government agencies 12,238  3.91  170,697  3.63  15,939  3.55  43  3.12  198,917  3.64 
Non-U.S. securities 25,189  2.69  6,147  3.35  7,789  4.45  9,532  4.06  48,657  3.32 
Other taxable securities 2,098  4.88  4,421  4.39  187  2.99  693  4.38  7,399  4.49 
Tax-exempt securities 233  2.50  2,624  3.35  847  3.13  3,472  3.51  7,176  3.37 
Total amortized cost of debt securities carried at fair value $ 39,936  3.18  $ 207,377  3.69  $ 43,517  4.08  $ 75,012  4.76  $ 365,842  3.90 
Amortized cost of HTM debt securities
Agency mortgage-backed securities $ —  —  % $ —  —  % $ 45  2.93  % $ 379,124  2.11  % $ 379,169  2.11  %
U.S. Treasury and government agencies 4,100  1.70  110,670  1.39  6,492  1.32  —  —  121,262  1.40 
Other taxable securities 209  1.75  244  2.89  246  2.56  4,698  2.53  5,397  2.52 
Total amortized cost of HTM debt securities $ 4,309  1.70  $ 110,914  1.39  $ 6,783  1.37  $ 383,822  2.12  $ 505,828  1.94 
Debt securities carried at fair value
Mortgage-backed securities:
Agency $ —  $ 3  $ 4  $ 40,839  $ 40,846 
Agency-collateralized mortgage obligations —  —  1  17,147  17,148 
Commercial 178  23,367  18,799  1,725  44,069 
Non-agency residential —  —  1  211  212 
Total mortgage-backed securities 178  23,370  18,805  59,922  102,275 
U.S. Treasury and government agencies 12,263  170,029  15,807  57  198,156 
Non-U.S. securities 25,166  6,138  7,788  9,521  48,613 
Other taxable securities 2,097  4,400  173  680  7,350 
Tax-exempt securities 232  2,615  836  3,342  7,025 
Total debt securities carried at fair value $ 39,936  $ 206,552  $ 43,409  $ 73,522  $ 363,419 
Fair value of HTM debt securities
Agency mortgage-backed securities $ —  $ —  $ 42  $ 310,795  $ 310,837 
U.S. Treasury and government agencies 4,044  98,573  5,634  —  108,251 
Other taxable securities 208  236  200  4,002  4,646 
Total fair value of HTM debt securities $ 4,252  $ 98,809  $ 5,876  $ 314,797  $ 423,734 
(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.