Quarterly report [Sections 13 or 15(d)]

Securities (Tables)

v3.25.2
Securities (Tables)
 6 Months Ended
Jun. 30, 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 held-to-maturity (HTM) debt securities at June 30, 2025 and December 31, 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) June 30, 2025 December 31, 2024
Available-for-sale debt securities
Mortgage-backed securities:
Agency $ 30,730  $ 22  $ (1,538) $ 29,214  $ 32,781  $ 35  $ (1,614) $ 31,202 
Agency-collateralized mortgage obligations 18,990  6  (199) 18,797  19,519  17  (218) 19,318 
Commercial 31,342  76  (501) 30,917  26,032  73  (503) 25,602 
Non-agency residential (1)
277  53  (53) 277  287  50  (52) 285 
Total mortgage-backed securities 81,339  157  (2,291) 79,205  78,619  175  (2,387) 76,407 
U.S. Treasury and government agencies 262,218  138  (1,198) 261,158  235,582  150  (1,153) 234,579 
Non-U.S. securities 26,384  58  (20) 26,422  22,453  20  (42) 22,431 
Other taxable securities 3,261  3  (37) 3,227  4,646  2  (45) 4,603 
Tax-exempt securities 8,203  18  (200) 8,021  8,628  17  (233) 8,412 
Total available-for-sale debt securities 381,405  374  (3,746) 378,033  349,928  364  (3,860) 346,432 
Other debt securities carried at fair value (2)
10,664  311  (78) 10,897  12,352  59  (236) 12,175 
Total debt securities carried at fair value 392,069  685  (3,824) 388,930  362,280  423  (4,096) 358,607 
Held-to-maturity debt securities
Agency mortgage-backed securities 413,305  —  (78,149) 335,156  430,135  —  (88,458) 341,677 
U.S. Treasury and government agencies 121,471  —  (14,139) 107,332  121,696  —  (18,661) 103,035 
Other taxable securities 6,546  2  (857) 5,691  6,882  1  (1,047) 5,836 
Total held-to-maturity debt securities 541,322  2  (93,145) 448,179  558,713  1  (108,166) 450,548 
Total debt securities (3,4)
$ 933,391  $ 687  $ (96,969) $ 837,109  $ 920,993  $ 424  $ (112,262) $ 809,155 
(1)At June 30, 2025 and December 31, 2024, the underlying collateral type included approximately 26 percent and 25 percent prime and 74 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 14 – Fair Value Measurements.
(3)Includes securities pledged as collateral of $209.8 billion and $184.6 billion at June 30, 2025 and December 31, 2024.
(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 $254.2 billion and $164.4 billion, and a fair value of $208.7 billion and $135.6 billion at June 30, 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 the three and six months ended June 30, 2025 and 2024 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) 2025 2024 2025 2024
Gross gains $ 5  $ 4  $ 16  $ 15 
Gross losses (23) (1) (36) (1)
Net gains (losses) on sales of AFS debt securities $ (18) $ 3  $ (20) $ 14 
Income tax expense (benefit) attributable to realized net gains (losses) on sales of AFS debt securities $ (5) $ 1  $ (5) $ 4 
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, 2025 and December 31, 2024.
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, 2025
Continuously unrealized loss-positioned AFS debt securities
Mortgage-backed securities:      
Agency $ 1,575  $ (4) $ 20,416  $ (1,534) $ 21,991  $ (1,538)
Agency-collateralized mortgage obligations 14,779  (50) 1,528  (149) 16,307  (199)
Commercial 15,297  (89) 4,993  (412) 20,290  (501)
Non-agency residential —  —  154  (53) 154  (53)
Total mortgage-backed securities 31,651  (143) 27,091  (2,148) 58,742  (2,291)
U.S. Treasury and government agencies 90,725  (115) 105,880  (1,083) 196,605  (1,198)
Non-U.S. securities 4,773  (6) 4,299  (14) 9,072  (20)
Other taxable securities 1,316  (2) 1,293  (35) 2,609  (37)
Tax-exempt securities 889  (5) 2,004  (195) 2,893  (200)
Total AFS debt securities in a continuous
   unrealized loss position		 $ 129,354  $ (271) $ 140,567  $ (3,475) $ 269,921  $ (3,746)
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 June 30, 2025 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 $ —  —  % $ 4  3.23  % $ 4  5.01  % $ 30,722  4.49  % $ 30,730  4.49  %
Agency-collateralized mortgage obligations —  —  —  —  1  1.00  18,989  5.72  18,990  5.72 
Commercial 118  3.20  12,221  4.19  16,848  4.35  2,171  3.71  31,358  4.24 
Non-agency residential —  —  —  —  —  —  543  11.78  543  11.78 
Total mortgage-backed securities 118  3.20  12,225  4.19  16,853  4.35  52,425  4.98  81,621  4.73 
U.S. Treasury and government agencies 45,555  4.48  207,970  3.77  10,430  2.81  33  3.96  263,988  3.86 
Non-U.S. securities 22,131  3.06  4,555  1.79  3,969  3.74  4,341  3.10  34,996  2.98 
Other taxable securities 1,068  5.68  1,718  5.26  333  3.72  142  4.52  3,261  5.21 
Tax-exempt securities 607  3.12  3,135  2.97  889  2.74  3,572  3.09  8,203  3.01 
Total amortized cost of debt securities carried at fair value $ 69,479  4.03  $ 229,603  3.76  $ 32,474  3.73  $ 60,513  4.73  $ 392,069  3.95 
Amortized cost of HTM debt securities
Agency mortgage-backed securities $ —  —  % $ —  —  % $ 51  2.91  % $ 413,254  2.11  % $ 413,305  2.11  %
U.S. Treasury and government agencies 249  2.77  44,199  1.53  77,023  1.31  —  —  121,471  1.39 
Other taxable securities 617  1.82  479  2.86  242  2.57  5,208  2.53  6,546  2.49 
Total amortized cost of HTM debt securities $ 866  2.09  $ 44,678  1.55  $ 77,316  1.31  $ 418,462  2.12  $ 541,322  1.96 
Debt securities carried at fair value                    
Mortgage-backed securities:                    
Agency $ —    $ 4    $ 4    $ 29,206    $ 29,214   
Agency-collateralized mortgage obligations —    —    1    18,796    18,797   
Commercial 117    12,181    16,666    1,967    30,931   
Non-agency residential —    —    —    529    529   
Total mortgage-backed securities 117  12,185  16,671  50,498  79,471 
U.S. Treasury and government agencies 45,621  207,106  10,169  31  262,927 
Non-U.S. securities 22,407    4,565    3,969    4,340    35,281   
Other taxable securities 1,066    1,710    321    133    3,230   
Tax-exempt securities 607    3,110    881    3,423    8,021   
Total debt securities carried at fair value $ 69,818    $ 228,676    $ 32,011    $ 58,425    $ 388,930   
Fair value of HTM debt securities
Agency mortgage-backed securities $ —  $ —  $ 48  $ 335,108  $ 335,156 
U.S. Treasury and government agencies 249  39,805  67,278  —  107,332 
Other taxable securities 609  465  193  4,424  5,691 
Total fair value of HTM debt securities $ 858  $ 40,270  $ 67,519  $ 339,532  $ 448,179 
(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.