10-Q – 2026-05-08 – fcnca-20260331.htm

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________
FORM 10-Q
____________________________________________________

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2026

or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 001-16715

First Citizens BancShares, Inc.
(Exact name of Registrant as specified in its charter)

Delaware 56-1528994
(State or other jurisdiction of
incorporation or organization) (I.R.S. Employer
Identification Number)

4300 Six Forks Road Raleigh North Carolina 27609
(Address of principal executive offices) (Zip code)

(919) 716-7000
(Registrant’s telephone number, including area code)

____________________________________________________

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Class A Common Stock, Par Value $1 FCNCA Nasdaq Global Select Market

Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A FCNCP Nasdaq Global Select Market

5.625% Non-Cumulative Perpetual Preferred Stock, Series C FCNCO Nasdaq Global Select Market

Depository Shares, Each Representing 1/40th Interest in a Share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E FCNCN Nasdaq Global Select Market
Securities registered pursuant to Section 12(g) of the Securities Exchange Act of 1934:
Class B Common Stock, Par Value $1

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and ‘emerging growth company’ in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Class A Common Stock— 10,581,789 shares
Class B Common Stock— 1,005,185 shares
(Number of shares outstanding, by class, as of May 4, 2026)

CONTENTS
Page
PART I—FINANCIAL INFORMATION

Item 1. Financial Statements
4

Consolidated Balance Sheets (Unaudited)
4

Consolidated Statements of Income (Unaudited)
5

Consolidated Statements of Comprehensive Income (Unaudited)
6

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
7

Consolidated Statements of Cash Flows (Una udited)
8

Notes to Consolidated Financial Statements (Unaudited)
10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
50

Item 3. Quantitative and Qualitative Disclosures about Market Risk
99

Item 4. Controls and Procedures
99

PART II—OTHER INFORMATION

Item 1. Legal Proceedings
100

Item 1A. Risk Factors
100

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
100

Item 5. Other Information
100

Item 6. Exhibits
101

Signatures
102

2

GLOSSARY OF ABBREVIATIONS AND ACRONYMS
The following is a list of select abbreviations and acronyms used throughout this document. You may find it helpful to refer back to this table.

Acronym Definition Acronym Definition

ALLL Allowance for Loan and Lease Losses LGD Loss Given Default
AOCI Accumulated Other Comprehensive Income LOCOM Lower of Cost or Fair Value
ASU Accounting Standards Update LP Limited Partner
BHC Bank Holding Company MD&A Management’s Discussion and Analysis
bp or bps Basis point(s); 1 bp = 0.01% MSRs Mortgage Servicing Rights
CET1 Common Equity Tier 1 Risk-based Capital NDFI Non-Depository Financial Institution
DPA Deferred Purchase Agreement NII Net Interest Income
DTAs Deferred Tax Assets NII Sensitivity Net Interest Income Sensitivity
ETR Effective Income Tax Rate NIM Net Interest Margin
EVE Sensitivity Economic Value of Equity Sensitivity OREO Other Real Estate Owned
FCB First-Citizens Bank & Trust Company PAA Purchase Accounting Accretion or Amortization
FDIC Federal Deposit Insurance Corporation PAM Proportional Amortization Method
Federal Reserve Board of Governors of the Federal Reserve System PCA Prompt Corrective Action
FHLB Federal Home Loan Bank PCD Purchased Credit Deteriorated
FRB Federal Reserve Bank PD Probability of Obligor Default
GAAP United States Generally Accepted Accounting Principles PSL Purchased Season Loan
GDP Gross Domestic Product ROU Right of Use
HLBVM Hypothetical Liquidation at Book Value Method SBA Small Business Administration
HPI Home Price Index SOFR Secured Overnight Financing Rate
HQLS High-Quality Liquid Securities SRP Share Repurchase Program
ISDA International Swaps and Derivatives Association UPB Unpaid Principal Balance
VIE Variable Interest Entities

3

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Balance Sheets (Unaudited)

dollars in millions, except share data March 31, 2026 December 31, 2025
Assets
Cash and due from banks $ 1,080   $ 801  
Interest-earning deposits at banks 23,189   19,801  
Securities purchased under agreements to resell 223   232  
Investment in marketable equity securities (cost of $ 83 at March 31, 2026 and $ 83 at December 31, 2025)
130   127  
Investment securities available for sale (cost of $ 33,663 at March 31, 2026 and $ 31,952 at December 31, 2025)
33,314   31,790  
Investment securities held to maturity (fair value of $ 8,360 at March 31, 2026 and $ 8,491 at December 31, 2025)
9,542   9,647  
Assets held for sale 1,122   804  
Loans and leases 148,692   147,930  
Allowance for loan and lease losses ( 1,558 ) ( 1,566 )
Loans and leases, net of allowance for loan and lease losses 147,134   146,364  
Operating lease equipment, net 9,685   9,621  
Premises and equipment, net 2,499   2,447  
Goodwill 346   346  
Other intangible assets, net 182   195  
Other assets 7,513   7,523  
Total assets $ 235,959   $ 229,698  
Liabilities
Deposits:
Noninterest-bearing $ 43,606   $ 40,653  
Interest-bearing 127,236   120,925  
Total deposits 170,842   161,578  
Credit balances of factoring clients 1,284   1,148  
Borrowings:

Short-term borrowings 170   224  

Long-term borrowings 33,792   35,784  
Total borrowings 33,962   36,008  
Other liabilities 7,823   8,726  
Total liabilities 213,911   207,460  
Stockholders’ equity
Preferred stock - $ 0.01 par value ( 20,000,000 shares authorized at March 31, 2026 and December 31, 2025)
1,765   1,375  
Common stock:
Class A - $ 1 par value ( 32,000,000 shares authorized at March 31, 2026 and December 31, 2025; 10,684,129 and 11,133,974 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)
11   11  
Class B - $ 1 par value ( 2,000,000 shares authorized and 1,005,185 shares issued and outstanding at March 31, 2026 and December 31, 2025)
1   1  

Retained earnings 20,343   20,768  
Accumulated other comprehensive (loss) income ( 72 ) 83  
Total stockholders’ equity 22,048   22,238  
Total liabilities and stockholders’ equity $ 235,959   $ 229,698  

See accompanying Notes to the Unaudited Consolidated Financial Statements.
4

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Income (Unaudited)

Three Months Ended March 31,
dollars in millions, except share and per share data 2026 2025
Interest income
Loans and leases $ 2,206   $ 2,236  
Investment securities 384   414  
Deposits at banks 196   245  
Total interest income 2,786   2,895  
Interest expense
Deposits 833   893  
Borrowings 332   339  
Total interest expense 1,165   1,232  
Net interest income 1,621   1,663  
Provision for credit losses 72   154  
Net interest income after provision for credit losses 1,549   1,509  
Noninterest income
Rental income on operating lease equipment 281   270  
Lending-related fees 69   66  
Deposit fees and service charges 70   58  
Client investment fees 53   53  
Wealth management services 59   56  
International fees 35   32  
Factoring commissions 17   17  
Cardholder services, net 38   41  
Merchant services, net 13   14  
Insurance commissions 13   14  

Fair value adjustment on marketable equity securities, net 3   ( 5 )
Gain on sale of leasing equipment, net 11   5  

Loss on extinguishment of debt ( 8 ) —  
Other noninterest income 38   14  
Total noninterest income 692   635  
Noninterest expense
Depreciation on operating lease equipment 101   98  
Maintenance and other operating lease expenses 65   58  
Personnel cost 869   818  
Net occupancy expense 60   58  
Equipment expense 136   136  
Professional fees 24   25  
Third-party processing fees 93   63  
FDIC insurance expense 38   38  
Marketing expense 30   32  
Acquisition-related expenses 5   42  
Intangible asset amortization 13   15  
Other noninterest expense 102   110  
Total noninterest expense 1,536   1,493  
Income before income taxes 705   651  
Income tax expense 171   168  
Net income $ 534   $ 483  
Preferred stock dividends 26   15  
Net income available to common stockholders $ 508   $ 468  
Earnings per common share
Basic and diluted $ 42.63   $ 34.47  

Weighted average common shares outstanding
Basic and diluted 11,924,899 13,575,231

See accompanying Notes to the Unaudited Consolidated Financial Statements.
5

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended March 31,
dollars in millions 2026 2025
Net income $ 534   $ 483  
Other comprehensive (loss) income, net of tax
Net unrealized (loss) gain on securities available for sale ( 139 ) 239  

Net change in defined benefit pension items ( 2 ) —  

Net unrealized (loss) gain on cash flow hedge derivatives ( 14 ) 7  
Other comprehensive (loss) income, net of tax $ ( 155 ) $ 246  
Total comprehensive income $ 379   $ 729  

See accompanying Notes to the Unaudited Consolidated Financial Statements.

6

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

dollars in millions, except per share data Preferred Stock Class A Common Stock Class B Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Total Stockholders' Equity
Balance at December 31, 2025 $ 1,375   $ 11   $ 1   $ —   $ 20,768   $ 83   $ 22,238  
Net income —  —  —  —  534   —  534  
Other comprehensive loss, net of tax —  —  —  —  —  ( 155 ) ( 155 )

Issuance of Series E preferred stock 390   —  —  —  —  —  390  

Repurchased 449,845 shares of Class A common stock
—  —  —  —  ( 908 ) —  ( 908 )
Cash dividends declared ($ 2.10 per common share):

Class A common stock —  —  —  —  ( 23 ) —  ( 23 )
Class B common stock —  —  —  —  ( 2 ) —  ( 2 )
Preferred stock dividends declared:
Series A —  —  —  —  ( 5 ) —  ( 5 )
Series B —  —  —  —  ( 7 ) —  ( 7 )
Series C —  —  —  —  ( 3 ) —  ( 3 )
Series D —  —  —  —  ( 11 ) —  ( 11 )
Balance at March 31, 2026 $ 1,765   $ 11   $ 1   $ —   $ 20,343   $ ( 72 ) $ 22,048  

Balance at December 31, 2024 $ 881   $ 13   $ 1   $ 2,417   $ 19,361   $ ( 445 ) $ 22,228  
Net income —  —  —  —  483   —  483  
Other comprehensive income, net of tax —  —  —  —  —  246   246  
Common stock —  —  —  —  —  —  — 

Repurchased 302,683 shares of Class A common stock
—  ( 1 ) —  ( 619 ) —  —  ( 620 )
Cash dividends declared ($ 1.95 per common share):

Class A common stock —  —  —  —  ( 25 ) —  ( 25 )
Class B common stock —  —  —  —  ( 2 ) —  ( 2 )
Preferred stock dividends declared:
Series A —  —  —  —  ( 5 ) —  ( 5 )
Series B —  —  —  —  ( 7 ) —  ( 7 )
Series C —  —  —  —  ( 3 ) —  ( 3 )
Balance at March 31, 2025 $ 881   $ 12   $ 1   $ 1,798   $ 19,802   $ ( 199 ) $ 22,295  

See accompanying Notes to the Unaudited Consolidated Financial Statements.
7

First Citizens BancShares, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

                                                                                                                                                                                                                                                              Three Months Ended March 31,
dollars in millions 2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 534   $ 483  
Adjustments to reconcile net income to cash provided by operating activities:
Provision for credit losses 72   154  
Deferred tax expense (benefit) 8   ( 40 )
Depreciation, amortization, and accretion, net 180   93  

Fair value adjustment on marketable equity securities, net ( 3 ) 5  
Gain on sale of loans, net ( 5 ) ( 2 )
Gain on sale of operating lease equipment, net ( 11 ) ( 5 )
Gain on sale of premises and equipment, net —   ( 1 )
(Gain) loss on other real estate owned, net ( 1 ) 8  

Loss on extinguishment of debt 8   —  
Origination of loans held for sale ( 289 ) ( 297 )
Proceeds from sale of loans held for sale 461   293  
Impairment of premises and equipment and other assets —   4  
Net change in other assets ( 103 ) 24  
Net change in other liabilities ( 680 ) ( 610 )
Other operating activities 1   ( 11 )
Net cash provided by operating activities 172   98  
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in interest-earning deposits at banks ( 3,388 ) ( 3,328 )

Purchases of investment securities available for sale ( 2,827 ) ( 1,855 )
Proceeds from maturities of investment securities available for sale 1,159   894  
Proceeds from sales of investment securities available for sale —   1,196  
Purchases of investment securities held to maturity ( 59 ) ( 217 )
Proceeds from maturities of investment securities held to maturity 170   139  
Net decrease (increase) in securities purchased under agreements to resell 9   ( 187 )
Net increase in loans ( 1,407 ) ( 1,368 )
Proceeds from sales of loans 128   41  
Net increase in credit balances of factoring clients 92   129  
Purchases of operating lease equipment ( 194 ) ( 170 )
Proceeds from sales of operating lease equipment 55   63  
Purchases of premises and equipment ( 141 ) ( 103 )

Proceeds from sales of other real estate owned 15   3  

Other investing activities ( 149 ) ( 114 )
Net cash used in investing activities ( 6,537 ) ( 4,877 )
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase (decrease) in time deposits 2,007   ( 1,257 )
Net increase in demand and other interest-bearing deposits 7,257   5,370  
Net (decrease) increase in securities sold under agreements to repurchase ( 54 ) 83  

Repayment of long-term borrowings ( 2,503 ) ( 1 )
Net proceeds from issuance of long-term borrowings 497   1,242  
Issuance of Series E preferred stock 390   —  
Repurchase of Class A common stock ( 899 ) ( 618 )
Cash dividends paid ( 51 ) ( 42 )

Net cash provided by financing activities 6,644   4,777  

Change in cash and due from banks 279   ( 2 )
Cash and due from banks at beginning of period 801   814  
Cash and due from banks at end of period $ 1,080   $ 812  

8

Three Months Ended March 31,
dollars in millions 2026 2025
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for:
Interest $ 1,161   $ 1,224  
Income taxes 51   40  
Significant non-cash investing and financing activities:
Transfers of loans to other real estate —   52  

Transfer of assets from held for investment to held for sale 666   139  
Transfer of assets from held for sale to held for investment 32   —  

Commitments extended during the period on affordable housing investment credits —   108  

See accompanying Notes to the Consolidated Financial Statements.

9

First Citizens BancShares, Inc. and Subsidiaries
Notes to Consolidated Financial Statements (Unaudited)

NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION

Nature of Operations
First Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “we,” “us,” “our,” “BancShares”) is a financial holding company organized under the laws of Delaware that conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (“FCB”), which is headquartered in Raleigh, North Carolina. BancShares operates a network of branches and offices, predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States. BancShares provides various types of commercial and consumer banking services, including lending, leasing, and wealth management services. Deposit services include checking, savings, money market, and time deposit accounts.

BASIS OF PRESENTATION

Principles of Consolidation and Basis of Presentation
These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and consolidated results of operations have been made. The unaudited interim consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Interim results are not necessarily indicative of results for a full year.

The consolidated financial statements of BancShares include the accounts of BancShares and its subsidiaries, certain partnership interests, and variable interest entities (“VIEs”) where BancShares is the primary beneficiary, if applicable. All significant intercompany accounts and transactions are eliminated upon consolidation. Assets held in agency or fiduciary capacity are not included in the consolidated financial statements.

Refer to Note 9—Variable Interest Entities for additional information regarding VIEs.

Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions based on available information. These estimates and assumptions impact the amounts reported in the consolidated financial statements and accompanying notes and the disclosures provided, and actual results could differ from those estimates. The significant estimate related to the determination of the allowance for loan and lease losses (“ALLL”) is considered a critical accounting estimate.

10

SIGNIFICANT ACCOUNTING POLICIES

Significant accounting policies are described in the 2025 Form 10-K. There were no material changes to these policies during the three months ended March 31, 2026.

Newly Adopted Accounting Standards

As of January 1, 2026, BancShares adopted the following Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board:

ASU 2025-08—Financial Instruments — Credit Losses (Topic 326): Purchased Loans, Issued November 2025
Under this ASU, purchased seasoned loans (“PSLs” as described below) must be recognized at the purchase price, plus the ALLL at the acquisition date (the “Gross-Up Approach”). Since the ALLL at the acquisition date is established through the Gross-Up Approach, there is no corresponding increase to the provision for loan and lease losses (“Day 2 Provision for Loan and Lease Losses”).

Prior to this ASU, the Gross-Up Approach was only permitted for purchased credit deteriorated (“PCD”) loans, while the initial ALLL for Non-PCD loans was established through the Day 2 Provision for Loan and Lease Losses. Under this ASU, the Gross-Up Approach applies to PCD loans and the following Non-PCD loans which qualify as PSLs: (i) non-credit card loans acquired in a business combination and (ii) non-credit card loans purchased more than 90 days after origination in a non-business combination transaction, provided the acquirer was not involved in the original lending. This ASU specifically excludes credit card loans from the definition of PSLs. This ASU is required to be applied prospectively upon adoption.

We early adopted this ASU as of January 1, 2026 (the “Adoption Date”) on a prospective basis. For PSLs acquired on or after the Adoption Date, this ASU could reduce the Day 2 Provision for Loan and Lease Losses, and the subsequent credit-related loan purchase accounting accretion or amortization that was prevalent for Non-PCD loans acquired prior the Adoption Date. This ASU did not have a material impact on our consolidated financial statements or related disclosures for the three month period ended March 31, 2026.

ASU 2025-05—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, Issued July 2025

This ASU provides an optional practical expedient which permits an entity to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating the ALLL for accounts receivable.

We adopted this ASU as of January 1, 2026. We did not elect the optional practical expedient and adoption of this ASU did not impact our consolidated financial statements or disclosures.

NOTE 2 — BUSINESS COMBINATIONS

Pending Branch Acquisition
On October 16, 2025, FCB announced that it had entered into an agreement to consummate the acquisition of 138 branches from BMO Bank N.A. located throughout the Midwest, Great Plains and West regions of the U.S. (the “BMO Branch Acquisition”). In connection with the BMO Branch Acquisition, FCB expects to assume approximately $ 5.3  billion in deposit liabilities and acquire approximately $ 1.1  billion in loans. We expect the transaction to close in the second half of 2026, subject to customary closing terms and conditions and the receipt of remaining regulatory approvals.

SVBB Acquisition
On March 27, 2023, FCB acquired substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of Silicon Valley Bridge Bank, N.A. from the Federal Deposit Insurance Corporation (the “FDIC” and such transaction, the “SVBB Acquisition”) and FCB issued a five-year $ 36.07  billion note payable to the FDIC, maturing March 27, 2028, which was amended and restated on November 20, 2023 (the “Purchase Money Note”) and is collateralized by certain loans. Refer to Note 10—Borrowings for the outstanding carrying value of the Purchase Money Note.

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NOTE 3 — INVESTMENT SECURITIES

The following tables include the amortized cost and fair value of investment securities:

Amortized Cost and Fair Value - Investment Securities

dollars in millions March 31, 2026
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Investment securities available for sale
U.S. Treasury $ 12,439   $ 23   $ ( 20 ) $ 12,442  
Government agency 39   —   ( 1 ) 38  
Residential mortgage-backed securities 17,782   160   ( 347 ) 17,595  
Commercial mortgage-backed securities 3,259   16   ( 176 ) 3,099  
Corporate bonds 132   —   ( 4 ) 128  
Municipal bonds 12   —   —   12  

Total investment securities available for sale $ 33,663   $ 199   $ ( 548 ) $ 33,314  
Investment in marketable equity securities $ 83   $ 47   $ —   $ 130  
Investment securities held to maturity
U.S. Treasury $ 389   $ —   $ ( 15 ) $ 374  
Government agency 1,205   —   ( 55 ) 1,150  
Residential mortgage-backed securities 4,395   21   ( 490 ) 3,926  
Commercial mortgage-backed securities 3,305   —   ( 623 ) 2,682  

Supranational securities 246   —   ( 20 ) 226  
Other 2   —   —   2  
Total investment securities held to maturity $ 9,542   $ 21   $ ( 1,203 ) $ 8,360  
Total investment securities $ 43,288   $ 267   $ ( 1,751 ) $ 41,804  

December 31, 2025
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value
Investment securities available for sale
U.S. Treasury $ 10,624   $ 50   $ ( 1 ) $ 10,673  
Government agency 44   —   ( 1 ) 43  
Residential mortgage-backed securities 17,683   263   ( 323 ) 17,623  
Commercial mortgage-backed securities 3,444   28   ( 173 ) 3,299  
Corporate bonds 145   —   ( 5 ) 140  
Municipal bonds 12   —   —   12  
Total investment securities available for sale $ 31,952   $ 341   $ ( 503 ) $ 31,790  
Investment in marketable equity securities $ 83   $ 44   $ —   $ 127  
Investment securities held to maturity
U.S. Treasury $ 388   $ —   $ ( 15 ) $ 373  
Government agency 1,225   —   ( 55 ) 1,170  
Residential mortgage-backed securities 4,450   32   ( 490 ) 3,992  
Commercial mortgage-backed securities 3,337   —   ( 608 ) 2,729  

Supranational securities 246   —   ( 20 ) 226  
Other 1   —   —   1  
Total investment securities held to maturity $ 9,647   $ 32   $ ( 1,188 ) $ 8,491  
Total investment securities $ 41,682   $ 417   $ ( 1,691 ) $ 40,408  

U.S. Treasury investments include Treasury bills and Notes issued by the U.S. Treasury. Investments in government agency securities represent securities issued by the Small Business Administration (“SBA”), Federal Home Loan Bank (“FHLB”) and other U.S. agencies. Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”). Investments in corporate bonds represent positions in debt securities of other financial institutions. Municipal bonds are revenue bonds. Investments in marketable equity securities represent positions in common stock of publicly traded financial institutions. Investments in supranational securities represent securities issued by the Supranational Entities & Multilateral Development Banks. Other held to maturity investments include certificates of deposit with other financial institutions.

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BancShares initially held approximately 354,000 shares of Visa, Inc. (“Visa”) Class B common stock (“Visa Class B common stock”). Effective January 24, 2024, all outstanding shares of Visa Class B common stock were redenominated as Visa Class B-1 common stock (“Visa Class B-1 common stock”) pursuant to Visa’s eighth amended and restated certificate of incorporation. BancShares currently holds approximately 354,000 shares of Visa Class B-1 common stock. Until the resolution of certain litigation, at which time the Visa Class B-1 common stock will convert to publicly traded Visa Class A common stock, or the potential exchange of Visa Class B-1 common stock for other marketable classes of Visa common stock, these shares are only transferable to other stockholders of Visa Class B-1 common stock or certain new denominations of Visa’s former Class B common stock. As a result, there is limited transfer activity in private transactions between buyers and sellers. Given this limited trading activity and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange of Visa Class B-1 common stock for shares of Visa Class A common stock or other marketable classes of Visa common stock, these shares are not considered to have a readily determinable fair value and have no carrying value. BancShares has not elected to participate in any exchange offers pertaining to its shares of Visa Class B-1 common stock, including the exchange offer Visa commenced on April 13, 2026. BancShares continues to monitor the trading activity in Visa Class B-1 common stock, the status of the resolution of certain litigation matters at Visa, and other potential exchange alternatives that would trigger the conversion of the Visa Class B-1 common stock into Visa Class A common stock or other marketable classes of Visa common stock.

Accrued interest receivable for available for sale and held to maturity debt securities was excluded from the estimate for credit losses. At March 31, 2026, accrued interest receivable for available for sale and held to maturity debt securities was $ 184 million and $ 18 million, respectively. At December 31, 2025, accrued interest receivable for available for sale and held to maturity debt securities was $ 157 million and $ 20  million, respectively. During the three months ended March 31, 2026 and 2025, there was no accrued interest that was deemed uncollectible and written off against interest income.

A security is considered past due once it is 30 days contractually past due under the terms of the agreement. There were no securities past due as of March 31, 2026 or December 31, 2025.

The following table provides the amortized cost and fair value by contractual maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date.

Maturities - Debt Securities

dollars in millions March 31, 2026 December 31, 2025
Amortized Cost Fair Value Amortized Cost Fair Value
Investment securities available for sale
Non-amortizing securities maturing in:
One year or less $ 6,393   $ 6,406   $ 4,893   $ 4,914  
After one through five years 6,162   6,150   5,853   5,879  
After five through 10 years 16   14   23   20  
After 10 years 12   12   12   12  

Government agency 39   38   44   43  
Residential mortgage-backed securities 17,782   17,595   17,683   17,623  
Commercial mortgage-backed securities 3,259   3,099   3,444   3,299  

Total investment securities available for sale $ 33,663   $ 33,314   $ 31,952   $ 31,790  
Investment securities held to maturity
Non-amortizing securities maturing in:
One year or less $ 369   $ 364   $ 307   $ 303  
After one through five years 1,473   1,388   1,434   1,360  
After five through 10 years —   —   119   107  

Residential mortgage-backed securities 4,395   3,926   4,450   3,992  
Commercial mortgage-backed securities 3,305   2,682   3,337   2,729  

Total investment securities held to maturity $ 9,542   $ 8,360   $ 9,647   $ 8,491  

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T he following table presents interest and dividend income on investment securities:

Interest and Dividends on Investment Securities

dollars in millions Three Months Ended March 31,
2026 2025
Interest income - taxable investment securities (1)
$ 383   $ 413  

Dividend income - marketable equity securities 1   1  
Interest on investment securities $ 384   $ 414  

(1) Amount includes interest income on securities purchased under agreements to resell.

The following table presents the gross realized gain and loss on sales of investment securities available for sale, and the net realized gain on sale of marketable equity securities:

Realized Gain (Loss) on Sale of Investment Securities, Net

dollars in millions Three Months Ended March 31,
2026 2025
Gross realized gain on sale of investment securities available for sale $ —   $ 1  
Gross realized loss on sale of investment securities available for sale —   ( 2 )
Net realized gain (loss) on sale of investment securities available for sale —   ( 1 )
Net realized gain on sale of marketable equity securities
—   1  
Realized gain (loss) on sale of investment securities, net $ —   $ —  

The following table provides information regarding investment securities available for sale with unrealized losses:

Gross Unrealized Losses on Debt Securities Available For Sale

dollars in millions March 31, 2026
Less than 12 months 12 months or more Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Investment securities available for sale
U.S. Treasury $ 4,657   $ ( 20 ) $ —   $ —   $ 4,657   $ ( 20 )
Government agency —   —   38   ( 1 ) 38   ( 1 )
Residential mortgage-backed securities 2,883   ( 21 ) 3,120   ( 326 ) 6,003   ( 347 )
Commercial mortgage-backed securities 148   ( 1 ) 1,025   ( 175 ) 1,173   ( 176 )
Corporate bonds 8   —   111   ( 4 ) 119   ( 4 )

Total $ 7,696   $ ( 42 ) $ 4,294   $ ( 506 ) $ 11,990   $ ( 548 )

December 31, 2025
Less than 12 months 12 months or more Total
Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses
Investment securities available for sale
U.S. Treasury $ 859   $ ( 1 ) $ —   $ —   $ 859   $ ( 1 )
Government agency —   —   43   ( 1 ) 43   ( 1 )
Residential mortgage-backed securities 815   ( 2 ) 3,292   ( 321 ) 4,107   ( 323 )
Commercial mortgage-backed securities 48   —   1,129   ( 173 ) 1,177   ( 173 )
Corporate bonds —   —   123   ( 5 ) 123   ( 5 )

Total $ 1,722   $ ( 3 ) $ 4,587   $ ( 500 ) $ 6,309   $ ( 503 )

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As of March 31, 2026, there were 300 investment securities available for sale with continuous unrealized losses for more than 12 months, of which 285 were government sponsored enterprise-issued mortgage-backed securities including GNMA, FHLMC and FNMA, or government agency securities, and the remaining 15 were corporate bonds. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Given the consistently strong credit rating of the U.S. Treasury, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, as of March 31, 2026, no allowance for credit loss was required. For corporate bonds, we analyzed the changes in interest rates relative to when the investment securities were purchased or acquired, and considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors. As a result of this analysis, we determined that no allowance for credit loss was required for investment securities available for sale as of March 31, 2026.

BancShares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities including GNMA, FHLMC and FNMA, U.S. Treasury notes, unsecured bonds issued by government agencies and government sponsored entities, and securities issued by the Supranational Entities & Multilateral Development Banks. Given the consistently strong credit rating of the U.S. Treasury and the Supranational Entities & Multilateral Development Banks, and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, no allowance for credit loss was required for debt securities held to maturity as of March 31, 2026.

There were no debt securities on nonaccrual status as of March 31, 2026 or December 31, 2025.

Investment securities having an aggregate carrying value of $ 3.59 billion at March 31, 2026, and $ 3.89 billion at December 31, 2025, were pledged as collateral to secure public funds on deposit, the Purchase Money Note, certain short-term borrowings, and for other purposes as required by law.

Certain investments held by BancShares are reported in other assets, including FHLB stock and nonmarketable securities without readily determinable fair values that are recorded at cost, investments in qualified affordable housing projects that are accounted for under the proportional amortization method (“PAM”), and renewable energy tax credit investments that utilize the hypothetical liquidation at book value method (“HLBVM”). Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for descriptions of the accounting methodologies.

NOTE 4 — ASSETS HELD FOR SALE

The composition of assets held for sale is summarized in the following table.

dollars in millions March 31, 2026 December 31, 2025
Loans and leases:
Commercial (1)
$ 385 $ 18
Consumer 733 781

Loans and leases 1,118 799
Operating lease equipment 4 5
Total assets held for sale $ 1,122 $ 804

(1) There were nonaccrual loans held for sale of $ 0 at March 31, 2026 and $ 10 million at December 31, 2025.

In March 2026, FCB management committed to a plan to sell $ 364 million of SBA commercial loans, which were then transferred from held for investment to held for sale. We did not establish a valuation allowance for the loans transferred to held for sale as the estimated fair value exceeded amortized cost.

Consumer loans held for sale at March 31, 2026 and December 31, 2025 were largely comprised of residential mortgage loans that were transferred from held for investment to held for sale in December 2025. We did not establish a valuation allowance for the loans transferred to held for sale as the estimated fair value exceeded the amortized cost of $ 644 million and $ 694 million at March 31, 2026 and December 31, 2025, respectively. In April 2026, the loan sale closed and a gain was recognized as the sale proceeds exceeded the amortized cost of $ 644 million. Additionally, consumer loans held for sale at March 31, 2026 and December 31, 2025 consisted of residential mortgage loans that FCB originated with the intent to sell.

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NOTE 5 — LOANS AND LEASES

Loans held for sale are excluded from loans and leases on the Consolidated Balance Sheets and are included in Note 4—Assets Held For Sale. Finance leases for which we are the lessor are included in the commercial and industrial loan class in the following tables. Refer to Note 7—Leases for further information on leases.

The following table summarizes loans by class:

Loans by Class
dollars in millions March 31, 2026 December 31, 2025
Commercial
Commercial and industrial $ 45,753   $ 44,721  
Capital call lines 32,274   31,791  
Owner occupied commercial mortgage 17,502   17,660  
Investor dependent 2,714   2,778  
Commercial real estate 23,707   23,784  
Total commercial 121,950   120,734  
Consumer
Residential mortgage 21,698   21,861  
Revolving mortgage 2,863   2,863  
Auto 1,332   1,416  
Other consumer 849   1,056  
Total consumer 26,742   27,196  
Total loans and leases $ 148,692   $ 147,930  

At March 31, 2026 and December 31, 2025, accrued interest receivable on loans included in other assets was $ 639 million and $ 635 million, respectively, and was excluded from the estimate of the ALLL.

The discount on acquired loans is accreted to interest income over the contractual life of the loan using the effective interest method. Discount accretion income was $ 48 million for the three months ended March 31, 2026, including $ 1 million for unfunded commitments. Discount accretion income was $ 84 million for the three months ended March 31, 2025, including $ 8 million for unfunded commitments.

The following table presents selected components of the amortized cost of loans, including the unamortized discount on acquired loans.

Components of Amortized Cost

dollars in millions March 31, 2026 December 31, 2025
Deferred fees, including unamortized costs and unearned fees on non-PCD loans $ ( 102 ) $ ( 103 )

Net unamortized discount on acquired loans
Non-PCD $ 1,238 $ 1,281
PCD 43 45  
Total net unamortized discount $ 1,281 $ 1,326

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The aging and nonaccrual status of the outstanding loans and leases by class at March 31, 2026 and December 31, 2025 are provided in the tables below. Loans and leases less than 30 days past due are considered current, as various grace periods allow borrowers to make payments within a stated period after the due date and remain in compliance with the respective agreement.

Loans and Leases - Delinquency and Nonaccrual Status (1)

dollars in millions March 31, 2026
Accruing Loans
30-59 Days
Past Due 60-89 Days
Past Due 90 Days or
Greater Total
Past Due Current Total Accruing Nonaccrual Loans (2)
Total
Commercial
Commercial and industrial $ 222   $ 29   $ 35   $ 286   $ 45,006   $ 45,292   $ 461   $ 45,753  
Capital call lines 31   —   —   31   32,243   32,274   —   32,274  
Owner occupied commercial mortgage 65   24   16   105   17,235   17,340   162   17,502  
Investor dependent 8   —   —   8   2,669   2,677   37   2,714  
Commercial real estate 87   10   185   282   22,901   23,183   524   23,707  
Total commercial 413   63   236   712   120,054   120,766   1,184   121,950  
Consumer
Residential mortgage 148   25   7   180   21,322   21,502   196   21,698  
Revolving mortgage 24   3   —   27   2,798   2,825   38   2,863  
Auto 10   2   —   12   1,310   1,322   10   1,332  
Other consumer 4   2   2   8   840   848   1   849  
Total consumer 186   32   9   227   26,270   26,497   245   26,742  
Total loans and leases $ 599   $ 95   $ 245   $ 939   $ 146,324   $ 147,263   $ 1,429   $ 148,692  

December 31, 2025
Accruing Loans
30-59 Days
Past Due
60-89 Days
Past Due
90 Days or
Greater
Total
Past Due
Current
Total Accruing Nonaccrual Loans (2)
Total
Commercial
Commercial and industrial $ 232   $ 56   $ 63   $ 351   $ 43,914   $ 44,265   $ 456   $ 44,721  
Capital call lines —   —   —   —   31,791   31,791   —   31,791  
Owner occupied commercial mortgage 78   19   1   98   17,403   17,501   159   17,660  
Investor dependent 11   1   —   12   2,717   2,729   49   2,778  
Commercial real estate 221   31   171   423   22,943   23,366   418   23,784  
Total commercial 542   107   235   884   118,768   119,652   1,082   120,734  
Consumer
Residential mortgage 168   42   7   217   21,465   21,682   179   21,861  
Revolving mortgage 25   4   —   29   2,799   2,828   35   2,863  
Auto 15   3   —   18   1,389   1,407   9   1,416  
Other consumer 5   3   2   10   1,044   1,054   2   1,056  
Total consumer 213   52   9   274   26,697   26,971   225   27,196  
Total loans and leases $ 755   $ 159   $ 244   $ 1,158   $ 145,465   $ 146,623   $ 1,307   $ 147,930  

(1)     Accrued interest that was deducted from interest income when the loan was moved to nonaccrual status was $ 5 million for the three months ended March 31, 2026 and $ 7 million for the three months ended March 31, 2025.
(2)     Nonaccrual loans for which there was no related ALLL totaled $ 343 million at March 31, 2026 and $ 415 million at December 31, 2025. Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for discussion of loans individually evaluated to determine the ALLL.

Other real estate owned (“OREO”) and repossessed assets were $ 116 million as of March 31, 2026 and $ 124 million as of December 31, 2025.

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Credit Quality Indicators
Loans and leases are monitored for credit quality on a recurring basis. Commercial loans and leases and consumer loans have different credit quality indicators as a result of the unique characteristics of the loan classes being evaluated. The credit quality indicators for commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated periodically with more frequent evaluations done on criticized loans. The indicators as of the date presented are based on the most recent assessment performed and are defined below:

Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification.

Special mention – A special mention asset has potential weaknesses which deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification.

Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected.

Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values.

Loss – Assets classified as loss are considered uncollectible and of such little value it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future.

Ungraded – Ungraded loans represent loans not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at March 31, 2026 and December 31, 2025, relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit.

The credit quality indicator for consumer loans is based on delinquency status of the borrower as of the end of the period. As the borrower becomes more delinquent, the likelihood of loss increases. An exemption is applied to government guaranteed loans as the principal repayments are insured by the Federal Housing Administration and U.S. Department of Veterans Affairs and thus remain on accrual status regardless of delinquency status.

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The following tables summarize the commercial loans disaggregated by year of origination and by risk rating. The consumer loan delinquency status by year of origination is also presented below. The tables reflect the amortized cost of the loans and include PCD loans.

Commercial Loans - Risk Classifications by Class

March 31, 2026
Risk Classification: Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total
Commercial and industrial
Pass $ 5,282   $ 10,795   $ 6,883   $ 3,182   $ 2,450   $ 2,712   $ 10,792   $ 72   $ 42,168  
Special Mention 74   139   347   64   80   199   177   —   1,080  
Substandard 91   417   284   205   441   339   377   8   2,162  
Doubtful 9   69   18   24   32   15   25   —   192  
Ungraded —   —   —   —   —   —   151   —   151  
Total commercial and industrial 5,456   11,420   7,532   3,475   3,003   3,265   11,522   80   45,753  
Capital call lines
Pass 40   —   —   —   —   —   32,191   43   32,274  

Total capital call lines 40   —   —   —   —   —   32,191   43   32,274  
Owner occupied commercial mortgage
Pass 678   2,651   2,569   2,116   2,331   5,872   253   28   16,498  
Special Mention 18   7   49   37   98   69   1   —   279  
Substandard 14   44   66   129   168   280   9   3   713  
Doubtful —   —   —   12   —   —   —   —   12  

Total owner occupied commercial mortgage 710   2,702   2,684   2,294   2,597   6,221   263   31   17,502  
Investor dependent
Pass 182   986   522   84   61   —   302   —   2,137  
Special Mention —   26   17   4   3   —   5   —   55  
Substandard 7   140   202   77   7   3   53   —   489  
Doubtful —   8   11   10   2   —   2   —   33  

Total Investor dependent 189   1,160   752   175   73   3   362   —   2,714  
Commercial real estate
Pass 1,496   4,854   4,561   3,875   2,643   3,970   688   —   22,087  
Special Mention 27   50   20   144   28   22   —   —   291  
Substandard 16   479   211   175   118   243   1   —   1,243  
Doubtful 12   13   27   1   19   14   —   —   86  

Total commercial real estate 1,551   5,396   4,819   4,195   2,808   4,249   689   —   23,707  
Total commercial
Pass 7,678   19,286   14,535   9,257   7,485   12,554   44,226   143   115,164  
Special Mention 119   222   433   249   209   290   183   —   1,705  
Substandard 128   1,080   763   586   734   865   440   11   4,607  
Doubtful 21   90   56   47   53   29   27   —   323  
Ungraded —   —   —   —   —   —   151   —   151  
Total commercial $ 7,946   $ 20,678   $ 15,787   $ 10,139   $ 8,481   $ 13,738   $ 45,027   $ 154   $ 121,950  

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Consumer Loans - Delinquency Status by Class

March 31, 2026
Days Past Due: Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total
Residential mortgage
Current $ 371   $ 1,549   $ 1,597   $ 2,412   $ 4,703   $ 10,741   $ 4   $ —   $ 21,377  
30-59 days —   5   2   8   25   125   —   —   165  
60-89 days —   1   2   8   8   19   —   —   38  
90 days or greater —   2   5   7   16   88   —   —   118  
Total residential mortgage 371   1,557   1,606   2,435   4,752   10,973   4   —   21,698  
Revolving mortgage
Current —   —   —   —   —   —   2,678   134   2,812  
30-59 days —   —   —   —   —   —   18   8   26  
60-89 days —   —   —   —   —   —   1   4   5  
90 days or greater —   —   —   —   —   —   4   16   20  
Total revolving mortgage —   —   —   —   —   —   2,701   162   2,863  
Auto
Current 109   436   360   188   134   86   —   —   1,313  
30-59 days —   2   3   2   2   2   —   —   11  
60-89 days —   1   1   1   1   —   —   —   4  
90 days or greater —   1   1   1   1   —   —   —   4  
Total consumer auto 109   440   365   192   138   88   —   —   1,332  
Other consumer
Current 42   164   81   51   44   17   443   —   842  
30-59 days —   —   —   —   —   —   3   —   3  
60-89 days —   —   —   —   —   —   2   —   2  
90 days or greater —   —   —   —   —   —   2   —   2  
Total consumer other 42   164   81   51   44   17   450   —   849  
Total consumer $ 522   $ 2,161   $ 2,052   $ 2,678   $ 4,934   $ 11,078   $ 3,155   $ 162   $ 26,742  

 

20

The following tables represent current credit quality indicators by origination year as of December 31, 2025:

Commercial Loans - Risk Classifications by Class

December 31, 2025
Risk Classification: Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total
Commercial and industrial
Pass $ 13,484   $ 7,906   $ 3,552   $ 2,963   $ 1,428   $ 1,539   $ 10,143   $ 76   $ 41,091  
Special Mention 213   264   113   97   143   60   181   —   1,071  
Substandard 451   296   215   475   347   65   416   5   2,270  
Doubtful 18   24   27   35   10   —   32   —   146  
Ungraded —   —   —   —   —   —   143   —   143  
Total Commercial and industrial 14,166   8,490   3,907   3,570   1,928   1,664   10,915   81   44,721  
Capital call lines
Pass —   —   —   —   —   —   31,758   33   31,791  

Total capital call lines —   —   —   —   —   —   31,758   33   31,791  
Owner occupied commercial mortgage
Pass 2,816   2,739   2,177   2,430   2,290   3,954   248   28   16,682  
Special Mention 26   34   49   78   24   27   2   —   240  
Substandard 41   55   128   179   88   222   8   3   724  
Doubtful —   4   10   —   —   —   —   —   14  

Total owner occupied commercial mortgage 2,883   2,832   2,364   2,687   2,402   4,203   258   31   17,660  
Investor dependent
Pass 981   648   110   67   —   —   326   —   2,132  
Special Mention 29   78   1   19   —   —   19   —   146  
Substandard 104   164   117   14   4   —   50   —   453  
Doubtful 13   11   16   5   —   —   2   —   47  

Total investor dependent 1,127   901   244   105   4   —   397   —   2,778  
Commercial real estate
Pass 5,005   4,720   4,512   2,791   1,614   2,631   732   —   22,005  
Special Mention 202   19   139   25   2   31   —   —   418  
Substandard 409   249   221   145   70   193   1   —   1,288  
Doubtful 29   3   —   18   1   22   —   —   73  

Total commercial real estate 5,645   4,991   4,872   2,979   1,687   2,877   733   —   23,784  
Total commercial
Pass 22,286   16,013   10,351   8,251   5,332   8,124   43,207   137   113,701  
Special Mention 470   395   302   219   169   118   202   —   1,875  
Substandard 1,005   764   681   813   509   480   475   8   4,735  
Doubtful 60   42   53   58   11   22   34   —   280  
Ungraded —   —   —   —   —   —   143   —   143  
Total commercial $ 23,821   $ 17,214   $ 11,387   $ 9,341   $ 6,021   $ 8,744   $ 44,061   $ 145   $ 120,734  

21

Consumer Loans - Delinquency Status by Class

December 31, 2025
Days Past Due: Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total
Residential mortgage
Current $ 1,601   $ 1,609   $ 2,512   $ 4,783   $ 4,715   $ 6,295   $ 2   $ —   $ 21,517  
30-59 days 3   4   12   32   32   94   2   —   179  
60-89 days —   1   3   9   3   38   —   —   54  
90 days or greater 1   5   6   10   7   82   —   —   111  
Total residential mortgage 1,605   1,619   2,533   4,834   4,757   6,509   4   —   21,861  
Revolving mortgage
Current —   —   —   —   —   —   2,686   125   2,811  
30-59 days —   —   —   —   —   —   20   9   29  
60-89 days —   —   —   —   —   —   —   6   6  
90 days or greater —   —   —   —   —   —   3   14   17  
Total revolving mortgage —   —   —   —   —   —   2,709   154   2,863  
Auto
Current 504   405   217   157   77   33   —   —   1,393  
30-59 days 3   4   3   3   2   1   —   —   16  
60-89 days —   1   1   1   1   —   —   —   4  
90 days or greater —   1   1   1   —   —   —   —   3  
Total consumer auto 507   411   222   162   80   34   —   —   1,416  
Other consumer
Current 176   100   65   53   15   6   630   —   1,045  
30-59 days 1   1   —   —   —   —   4   —   6  
60-89 days —   —   —   —   —   —   2   —   2  
90 days or greater 1   —   —   —   —   —   2   —   3  
Total consumer other 178   101   65   53   15   6   638   —   1,056  
Total consumer $ 2,290   $ 2,131   $ 2,820   $ 5,049   $ 4,852   $ 6,549   $ 3,351   $ 154   $ 27,196  

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Gross Charge-offs

Gross charge-off disclosures by origination year and loan class are summarized in the following tables:

Three Months Ended March 31, 2026
Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2026 2025 2024 2023 2022 2021 & Prior Revolving Total
Commercial
Commercial and industrial $ 1   $ 7   $ 19   $ 8   $ 7   $ 5   $ 47   $ 1   $ 95  
Capital call lines —   —   —   —   —   —   —   —   —  
Owner occupied commercial mortgage —   —   4   —   —   —   —   —   4  
Investor dependent —   6   —   —   3   2   1   —   12  
Commercial real estate —   6   —   —   —   6   —   —   12  
Total commercial 1   19   23   8   10   13   48   1   123  
Consumer
Residential mortgage —   —   —   —   —   —   —   —   —  
Revolving mortgage —   —   —   —   —   —   —   —   —  
Auto —   1   —   1   —   —   —   —   2  
Other consumer —   1   1   —   —   —   5   —   7  
Total consumer —   2   1   1   —   —   5   —   9  
Total loans and leases $ 1   $ 21   $ 24   $ 9   $ 10   $ 13   $ 53   $ 1   $ 132  

Three Months Ended March 31, 2025
Term Loans by Origination Year Revolving Converted to Term Loans
dollars in millions 2025 2024 2023 2022 2021 2020 & Prior Revolving Total
Commercial
Commercial and industrial $ —   $ 7   $ 20   $ 11   $ 5   $ 6   $ 30   $ 1   $ 80  
Capital call lines —   —   —   —   —   —   —   —   —  
Owner occupied commercial mortgage —   —   —   —   —   —   —   —   —  
Investor dependent —   4   14   12   6   2   1   —   39  
Commercial real estate —   10   3   10   —   17   —   —   40  
Total commercial —   21   37   33   11   25   31   1   159  
Consumer
Residential mortgage —   —   —   —   —   —   —   —   —  
Revolving mortgage —   —   —   —   —   —   —   —   —  
Auto —   1   1   1   —   —   —   —   3  
Other consumer —   —   1   —   —   —   4   —   5  
Total consumer —   1   2   1   —   —   4   —   8  
Total loans and leases
$ —   $ 22   $ 39   $ 34   $ 11   $ 25   $ 35   $ 1   $ 167  

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Loan Modifications for Borrowers Experiencing Financial Difficulties
As part of BancShares’ ongoing credit risk management practices, BancShares attempts to work with borrowers when necessary to extend or modify loan terms to better align with the borrowers’ current ability to repay. BancShares’ modifications granted to debtors experiencing financial difficulties typically take the form of term extensions, payment delays, interest rate reductions, principal forgiveness, or a combination thereof. Modifications are made in accordance with internal policies and guidelines to conform to regulatory guidance.

The following tables present the amortized cost of loan modifications made to debtors experiencing financial difficulty, disaggregated by class and type of loan modification. The tables also provide financial effects by type of such loan modifications for the respective loan class. Loan modifications for principal forgiveness round to less than $ 1  million for all loan classes in all periods presented and are not presented in the following tables.

Amortized Cost of Loans Modified during the three months ended March 31, 2026

dollars in millions Term Extension (1)
Payment Delay Interest Rate Reduction Term Extension (1) and Interest Rate Reduction
Term Extension (1) and Payment Delay
Total Percent of Total Loan Class
Commercial
Commercial and industrial $ 228   $ 70   $ 3   $ 1   $ 22   $ 324   0.71   %

Owner occupied commercial mortgage 26   —   13   18   8   65   0.38  
Investor dependent 7   37   —   —   —   44   1.64  
Commercial real estate 8   —   —   15   3   26   0.11  
Total commercial 269   107   16   34   33   459   0.38  
Consumer
Residential mortgage 4   —   1   —   —   5   0.02  
Revolving mortgage 1   —   —   —   —   1   0.02  
Auto —   —   —   —   —   —   0.01  
Other consumer —   —   —   —   —   —   —  
Total consumer 5   —   1   —   —   6   0.02  
Total loans and leases
$ 274   $ 107   $ 17   $ 34   $ 33   $ 465   0.31   %

(1) Term extensions include modifications which extended the maturity date or amortization period, and modifications that deferred lump-sum principal payments to a later date.

Amortized Cost of Loans Modified during the three months ended March 31, 2025

dollars in millions Term Extension (1)
Payment Delay Interest Rate Reduction Term Extension (1) and Interest Rate Reduction
Term Extension (1) and Payment Delay
Total Percent of Total Loan Class
Commercial
Commercial and industrial $ 58   $ 17   $ —   $ 2   $ 20   $ 97   1.75   %

Owner occupied commercial mortgage 12   2   —   —   14   28   0.17  
Investor dependent 4   21   —   —   —   25   0.08  
Commercial real estate 37   —   —   —   67   104   5.14  
Total commercial 111   40   —   2   101   254   0.35  
Consumer
Residential mortgage 4   —   —   1   3   8   0.04  
Revolving mortgage —   —   —   —   —   —   0.03  
Auto —   —   —   —   —   —   0.01  
Other consumer —   —   —   —   —   —   0.01  
Total consumer 4   —   —   1   3   8   0.03  
Total loans and leases $ 115   $ 40   $ —   $ 3   $ 104   $ 262   0.19   %
(1) Term extensions include modifications which extended the maturity date or amortization period, and modifications that deferred lump-sum principal payments to a later date.

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Financial Effects of Loan Modifications made during the three months ended March 31, 2026

Weighted Average Term Extension (in Months) Weighted Average Interest Rate Reduction Weighted Average Payment Delay (in Months)
Commercial
Commercial and industrial 9  1.76   % 9 

Owner occupied commercial mortgage 8  1.75   10 
Investor dependent 12  —   7 
Commercial real estate 17  0.05   9 
Total commercial 10  1.25   9 
Consumer
Residential mortgage 11  1.63   4 
Revolving mortgage 39  3.49   — 
Auto 24  0.24   — 
Other consumer —  11.80   — 
Total consumer 14  2.20   4 
Total loans and leases
10  1.27   % 9 

Financial Effects of Loan Modifications made during the three months ended March 31, 2025

Weighted Average Term Extension (in Months) Weighted Average Interest Rate Reduction Weighted Average Payment Delay (in Months)
Commercial
Commercial and industrial 17  1.65   % 10 

Owner occupied commercial mortgage 8  —   6 
Investor dependent 12  —   5 
Commercial real estate 6  —   6 
Total commercial 10  1.65   7 
Consumer
Residential mortgage 22  1.87   5 
Revolving mortgage 60  3.21   5 
Auto 20  —   4 
Other consumer —  9.97   — 
Total consumer 24  2.41   5 
Total loans and leases
11  2.06   % 7 

Note: The financial effects of loan modifications for certain loan classes reported in the tables above were not reported in the preceding tables as the total amortized cost of loans modified during the period for such loan classes rounded to less than $ 1  million.

Borrowers experiencing financial difficulties are typically identified in our credit risk management process and are consequently addressed in our methodology to estimate the ALLL, which incorporates delinquencies, probability of obligor default, and loss given default. Therefore, a change to the ALLL is generally not recorded upon modification. An assessment of whether a borrower is experiencing financial difficulty is reassessed or performed on the date of a modification. Upon BancShares’ determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is charged off.

At March 31, 2026, there were $ 174  million of loans modified in the twelve-months ended March 31, 2026, which defaulted subsequent to modification.

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The following tables present the amortized cost and performance of loans to borrowers experiencing financial difficulties for which the terms of the loan were modified during the referenced periods. The period of delinquency is based on the number of days the scheduled payment is contractually past due.

Modified Loans Payment Status (twelve months ended March 31, 2026)

dollars in millions Current 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Past Due Total
Commercial
Commercial and industrial $ 549   $ 62   $ 7   $ 32   $ 650  
Capital call lines —   —   —   —   —  
Owner occupied commercial mortgage 76   5   —   2   83  
Investor dependent 67   —   8   —   75  
Commercial real estate 197   1   1   60   259  
Total commercial 889   68   16   94   1,067  
Consumer
Residential mortgage 33   2   1   6   42  
Revolving mortgage 2   —   —   1   3  
Auto —   —   —   —   —  
Other consumer 4   —   —   —   4  
Total consumer 39   2   1   7   49  
Total loans and leases
$ 928   $ 70   $ 17   $ 101   $ 1,116  

Modified Loans Payment Status (twelve months ended March 31, 2025)

dollars in millions Current 30–59 Days Past Due 60–89 Days Past Due 90 Days or Greater Past Due Total
Commercial
Commercial and industrial $ 314   $ 4   $ 1   $ 5   $ 324  
Capital call lines —   —   —   —   —  
Owner occupied commercial mortgage 61   3   1   —   65  
Investor dependent 63   3   —   —   66  
Commercial real estate 238   9   —   23   270  
Total commercial 676   19   2   28   725  
Consumer
Residential mortgage 12   1   1   3   17  
Revolving mortgage 8   —   —   —   8  
Auto —   —   —   —   —  
Other consumer —   —   —   —   —  
Total consumer 20   1   1   3   25  
Total loans and leases
$ 696   $ 20   $ 3   $ 31   $ 750  

At March 31, 2026, there were $ 19 million of commitments to lend additional funds to debtors experiencing financial difficulty for which the terms of the loan were modified during the three months ended March 31, 2026. At December 31, 2025, there were $ 60 million of commitments to lend additional funds to debtors experiencing financial difficulty for which the terms of the loan were modified during the year ended December 31, 2025 .
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Loans Pledged

The following table provides information regarding loans pledged as collateral for borrowing capacity through the FHLB of Atlanta and the Federal Reserve Bank (“FRB”), and loans pledged as collateral for the Purchase Money Note to the FDIC.

Loans Pledged

dollars in millions March 31, 2026 December 31, 2025
FHLB of Atlanta
Lendable collateral value of pledged non-PCD loans $ 18,799   $ 19,225  
Less: advances —   —  
Less: letters of credit 1,450   1,450  
Available borrowing capacity $ 17,349   $ 17,775  
Pledged non-PCD loans $ 31,368   $ 31,713  

FRB
Lendable collateral value of pledged non-PCD loans $ 12,944   $ 12,962  
Less: advances —   —  
Available borrowing capacity $ 12,944   $ 12,962  
Pledged non-PCD loans $ 13,924   $ 13,640  

FDIC
Lendable collateral value of pledged loans $ 33,756   $ 35,705  
Less: advances —   —  
Less: principal amount of the Purchase Money Note 31,000   33,500  
Available borrowing capacity (1)
$ —   $ —  
Pledged loans (2)
$ 32,516   $ 34,465  

(1) The draw period for the Advance Facility Agreement (an expired funding agreement between FCB and the FDIC in connection with the SVBB Acquisition) ended on March 27, 2025 so there was no available borrowing capacity at March 31, 2026 or December 31, 2025.
(2) Carrying value, net of remaining discount, for loans pledged as collateral for the Purchase Money Note.

As a member of the FHLB, FCB can access financing based on an evaluation of its creditworthiness, statement of financial position, size and eligibility of collateral. FCB may at any time grant a security interest in, sell, convey or otherwise dispose of any of the assets used for collateral, provided that FCB is in compliance with the collateral maintenance requirement immediately following such disposition. There were no outstanding advances from the FHLB at March 31, 2026 or December 31, 2025.

Under borrowing arrangements with the FRB, BancShares has access to the FRB Discount Window on a secured basis. There were no outstanding borrowings with the FRB Discount Window at March 31, 2026 or December 31, 2025.

NOTE 6 — ALLOWANCE FOR LOAN AND LEASE LOSSES

The ALLL is reported as a separate line item on the Consolidated Balance Sheets, while the reserve for off-balance sheet credit exposure of $ 228  million and $ 260  million at March 31, 2026 and December 31, 2025, respectively, is included in other liabilities. The provision or benefit for credit losses related to (i) loans and leases (ii) off-balance sheet credit exposure, and (iii) other receivables or investment securities available for sale, if any, is reported in the Consolidated Statements of Income as provision or benefit for credit losses.

The ALLL activity for loans and leases is summarized in the following table:

Allowance for Loan and Lease Losses

dollars in millions Three Months Ended March 31, 2026 Three Months Ended March 31, 2025
Commercial Consumer Total Commercial Consumer Total
Balance at beginning of period $ 1,436   $ 130   $ 1,566   $ 1,518   $ 158   $ 1,676  

Provision for loan and lease losses
97   6   103   138   10   148  

Charge-offs
( 123 ) ( 9 ) ( 132 ) ( 159 ) ( 8 ) ( 167 )
Recoveries 18   3   21   20   3   23  

Balance at end of period $ 1,428   $ 130   $ 1,558   $ 1,517   $ 163   $ 1,680  

27

The decrease of $ 8  million in the ALLL at March 31, 2026 compared to December 31, 2025, was mainly driven by loan growth concentrated in capital call lines which have a significantly lower loss rate relative to our other loan portfolios, and changes in the macroeconomic scenarios, partially offset by higher reserves for individually evaluated loans.

The following table presents the components of the provision for credit losses:

Provision for Credit Losses

dollars in millions Three Months Ended March 31,
2026 2025

Provision for loan and lease losses
$ 103   $ 148  

(Benefit) provision for off-balance sheet credit exposure ( 32 ) 6  

Provision for other receivables 1   —  
Provision for credit losses $ 72   $ 154  

NOTE 7 — LEASES

Lessee
BancShares’ leases primarily include administrative offices and bank locations. Substantially all of our operating lease liabilities relate to United States real estate leases. Our finance lease liabilities mainly relate to equipment leases, including the lease of certain ATMs. Our real estate leases have remaining lease terms of up to 32 years. Our lease terms may include options to extend or terminate the lease, and our operating leases have renewal terms that can extend from 1 to 25 years. The options are included in the lease term when it is determined that it is reasonably certain the option will be exercised.

The following table presents supplemental balance sheet information and remaining weighted average lease terms and discount rates:

Supplemental Lease Information

dollars in millions Classification March 31, 2026 December 31, 2025
Lease assets:
Operating lease ROU assets Other assets $ 285   $ 294  
Finance leases Premises and equipment 71   71  
Total lease assets $ 356   $ 365  
Lease liabilities:
Operating leases Other liabilities $ 317   $ 329  
Finance leases Other borrowings 73   72  
Total lease liabilities $ 390   $ 401  
Weighted-average remaining lease terms:
Operating leases 7.0 years 7.2 years
Finance leases 7.4 years 7.7 years
Weighted-average discount rate:
Operating leases 3.10   % 3.10   %
Finance leases 4.21   4.20  

As of March 31, 2026, there were no leases that have not yet commenced that would have a material impact on BancShares’ consolidated financial statements.

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The following table presents components of lease cost:

Components of Net Lease Cost

dollars in millions Three Months Ended March 31,
Classification 2026 2025
Operating lease cost
Occupancy expense $ 17   $ 18  

Finance lease ROU asset amortization Equipment expense 3   1  
Interest on lease liabilities Interest expense - other borrowings 1   —  
Variable lease cost (1)
Occupancy expense 5   7  
Sublease income Occupancy expense ( 1 ) ( 2 )
Net lease cost (1)
$ 25   $ 24  

(1) Includes short-term lease cost.

Operating lease cost is recognized as a single lease cost on a straight-line basis over the lease term.

For finance leases, the right of use (“ROU”) asset is amortized straight-line over the lease term as equipment expense and interest on the lease liability is recognized separately.

Variable lease cost includes common area maintenance, property taxes, utilities, and other operating expenses related to leased premises recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured because of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred.

Sublease income results from leasing excess building space that BancShares is no longer utilizing under operating leases, which have remaining lease terms of up to 11 years.

The following table presents supplemental cash flow information related to leases:

Supplemental Cash Flow Information

dollars in millions Three Months Ended March 31,
2026 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 19   $ 19  
Operating cash flows from finance leases 1   —  
Financing cash flows from finance leases 2   1  
ROU assets obtained in exchange for new operating lease liabilities 6   3  
ROU assets obtained in exchange for new finance lease liabilities 3   22  

Lessor
BancShares leases equipment to commercial end-users under operating lease and finance lease arrangements. The majority of operating lease equipment is long-lived rail equipment, which is typically leased several times over its life. We also lease technology and office equipment, and large and small industrial, medical, and transportation equipment under both operating leases and finance leases.

Our Rail operating leases typically do not include purchase options. Many of our finance leases, and other equipment operating leases, offer the lessee the option to purchase the equipment at fair market value or for a nominal fixed purchase option. Many of the leases that do not have a nominal purchase option include renewal provisions resulting in some leases continuing beyond the initial contractual term. Our leases typically do not include early termination options. Continued rent payments are due if leased equipment is not returned at the end of the lease.

29

The following table presents lease income related to BancShares’ equipment leases:

Lease Income

dollars in millions Three Months Ended March 31,
2026 2025
Lease income – operating leases $ 268   $ 254  
Variable lease income – operating leases (1)
13   16  
Rental income on operating leases 281   270  
Interest income – sales type and direct financing leases 42   43  
Variable lease income included in other noninterest income (2)
14   14  
Interest income – leveraged leases 1   1  
Total lease income $ 338   $ 328  

(1)      Primarily includes per diem railcar operating lease rental income earned on a time or mileage usage basis.
(2) Includes revenue related to insurance coverage on leased equipment and leased equipment property tax reimbursements due from customers.

NOTE 8 — GOODWILL AND CORE DEPOSIT INTANGIBLES

Goodwill
BancShares had goodwill of $ 346 million at March 31, 2026 and 2025. There was no goodwill impairment during the three months ended March 31, 2026 or 2025. Goodwill relates to the General Bank reporting segment.

Core Deposit Intangibles
Core deposit intangibles represent the estimated fair value of core deposits and other customer relationships acquired. Core deposit intangibles are being amortized over their estimated useful lives. The following tables summarize the activity for core deposit intangibles:

Core Deposit Intangibles

Three Months Ended March 31,
dollars in millions 2026
Balance at beginning of period, net of accumulated amortization $ 195  

Less: amortization for the period 13  
Balance at end of period, net of accumulated amortization $ 182  

The following table summarizes the accumulated amortization balance for core deposit intangibles:

Core Deposit Intangible Accumulated Amortization

dollars in millions March 31, 2026 December 31, 2025
Gross balance $ 501   $ 501  
Less: accumulated amortization 319   306  
Balance, net of accumulated amortization $ 182   $ 195  

The following table summarizes the expected amortization expense as of March 31, 2026 in subsequent periods for core deposit intangibles:

Core Deposit Intangible Expected Amortization

dollars in millions
Remainder 2026 $ 33  
2027 39  
2028 34  
2029 30  
2030 28  
2031 18  

Balance, net of accumulated amortization $ 182  

30

NOTE 9 — VARIABLE INTEREST ENTITIES

Unconsolidated VIEs
Unconsolidated VIEs include limited partnership interests and joint ventures.  The table below provides a summary of the assets and liabilities included on the Consolidated Balance Sheets associated with unconsolidated VIEs. The maximum exposure to loss for unconsolidated VIEs is generally limited to the sum of the unconsolidated VIE investment balance and off-balance sheet funding commitments. The maximum exposure to loss represents potential losses that would be incurred under hypothetical circumstances, such that the value of BancShares’ interests and any associated collateral declines to zero and assuming no recovery. BancShares believes the possibility is remote under this hypothetical scenario; accordingly, this disclosure is not an indication of expected loss.

Refer to Note 19—Commitments and Contingencies for off-balance sheet commitments to fund other tax credit investments and other unconsolidated investments.

Unconsolidated VIEs Carrying Value and Liabilities for Funding Commitments

dollars in millions March 31, 2026 December 31, 2025
Affordable housing tax credit investments $ 2,682   $ 2,761  

Other tax credit investments 28   —  
Total tax credit equity investments $ 2,710   $ 2,761  
Other unconsolidated investments 199   194  
Total unconsolidated VIE investments (1)
$ 2,909   $ 2,955  
Liabilities for commitments to fund tax credit investments (2)
$ 1,234   $ 1,321  

(1) Included in other assets.
(2)     Represents commitments to invest in qualified affordable housing investments. These commitments are payable on demand and included in other liabilities.

The table below summarizes the tax benefits, recognized in income tax expense on the Consolidated Statements of Income, for the affordable housing tax credit investments accounted for under the PAM.

Tax Benefits - PAM

dollars in millions Three Months Ended March 31,
2026 2025
Amortization of affordable housing tax credit investments (1)
$ 80   $ 64  
Tax credits from affordable housing tax credit investments ( 80 ) ( 68 )

Other tax benefits from affordable housing tax credit investments ( 17 ) ( 7 )
Net income tax benefit from affordable housing tax credit investments (2)
$ ( 17 ) $ ( 11 )

(1) Amortization is included in depreciation, amortization, and accretion, net, in cash flows from operating activities on the Consolidated Statements of Cash Flows.
(2) The net income tax benefit is included in cash flows from operating activities on the Consolidated Statements of Cash Flows. Changes in income taxes payable are reported in net change in other liabilities in cash flows from operating activities on the Consolidated Statements of Cash Flows.

Other Tax Credit Investments
Other tax credit investments at March 31, 2026 consisted of renewable energy tax credit investments accounted for under the HLBVM. We elected the deferral method for the tax credits and deferred tax assets (“DTAs”) related to HLBVM tax credit investments.

Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for further discussion of the PAM, HLBVM, and deferral method.

NOTE 10 — BORROWINGS

Short-term Borrowings
Securities Sold under Agreements to Repurchase
BancShares held $ 170 million and $ 224 million at March 31, 2026 and December 31, 2025, respectively, of securities sold under agreements to repurchase that have overnight contractual maturities and are collateralized by government agency securities. The weighted average interest rate for securities sold under agreements to repurchase was 0.33 % and 0.41 % at March 31, 2026 and December 31, 2025, respectively.

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BancShares utilizes securities sold under agreements to repurchase to facilitate the needs for collateralization of commercial customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon purchase price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price and interest rate. These agreements are recorded at the amount of cash received in connection with the transactions and are reflected as securities sold under customer repurchase agreements.

BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s fractional interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities pledged as collateral under repurchase agreements was $ 207 million and $ 230 million at March 31, 2026 and December 31, 2025, respectively.

Long-term Borrowings
On March 3, 2026, the Parent Company issued and sold $ 500 million aggregate principal amount of its 4.869 % Fixed-to-Floating Rate Senior Notes due in 2032.

In the first quarter of 2026, FCB made prepayments of $ 2.50 billion on the Purchase Money Note and recognized a loss on extinguishment of debt of $ 8  million. In April 2026, we made an additional prepayment of $ 500 million.

The following table presents long-term borrowings, net of the respective unamortized purchase accounting adjustments and issuance costs:

Long-term Borrowings

dollars in millions Maturity March 31, 2026 December 31, 2025
Parent Company:
Senior:
Fixed-to-Floating Senior Notes at 5.231 % (1)
March 2031 $ 497   $ 497  
Fixed-to-Floating Senior Notes at 4.869 % (2)
March 2032 495   —  
Subordinated:
Fixed Rate Reset Subordinated Notes at 5.600 % (3)
September 2035 595   597  
Fixed-to-Fixed Subordinated Notes at 6.254 % (4)
March 2040 742   745  
Subsidiaries:
Senior:
Fixed Senior Unsecured Notes at 6.000 %
April 2036 58   58  
Subordinated:
Fixed Subordinated Notes at 6.125 %
March 2028 427   430  
Secured:
Purchase Money Note to FDIC fixed at 3.500 % (5)
March 2028 30,905   33,385  
Capital lease obligations Maturities through May 2057 73   72  
Total long-term borrowings $ 33,792   $ 35,784  

(1) The fixed rate period will end March 12, 2030, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded Secured Overnight Financing Rate (“SOFR”) Index Rate plus 141 basis points (“bps”) per annum until the maturity date (or date of earlier redemption).
(2) The fixed rate period will end March 3, 2031, and the notes will thereafter bear a floating interest rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 148.7 bps per annum until the maturity date (or date of earlier redemption).
(3) The interest rate will reset on September 5, 2030, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 185 bps per annum until the maturity date (or date of earlier redemption).
(4) The interest rate will reset on March 12, 2035, and the notes will thereafter bear a fixed interest rate equal to the Five-year U.S. Treasury Rate as of the day falling two business days prior to the notes reset date plus 197 bps per annum until the maturity date (or date of earlier redemption).
(5)     Issued in connection with the SVBB Acquisition. The unamortized discount was $ 95  million and $ 115 million at March 31, 2026 and December 31, 2025, respectively. Refer to Note 5—Loans and Leases for further information on loans pledged as collateral to secure borrowings.

Pledged Assets
Refer to the “Loans Pledged” section in Note 5—Loans and Leases for information on loans pledged as collateral to secure borrowings. Additionally, interest-earning deposits at banks included $ 194  million and $ 212  million at March 31, 2026 and December 31, 2025, respectively, that were required minimum deposits under the Purchase Money Note.

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NOTE 11 — DERIVATIVE FINANCIAL INSTRUMENTS

Our derivatives designated as hedging instruments include interest rate swap contracts utilized to manage our interest rate exposure for items on our Consolidated Balance Sheets. This includes floating-rate loan portfolio cash flow hedges and fair value hedges of our fixed-rate borrowings.

Our derivatives not designated as hedging instruments mainly include interest rate and foreign exchange contracts that our customers utilized for their risk management needs. We typically manage our exposure to these customer derivatives by entering into offsetting or “back-to-back” interest rate and foreign exchange contracts with third-party dealers.

Derivative instruments that are cleared through certain central counterparty clearing houses are settled-to-market and reported net of collateral positions.

Refer to Note 1—Significant Accounting Policies and Basis of Presentation of our 2025 Form 10-K for accounting policies for derivatives.

The following table presents notional amounts and fair values of derivative financial instruments:

Notional Amount and Fair Value of Derivative Financial Instruments

dollars in millions March 31, 2026 December 31, 2025
Notional Amount Asset Fair Value Liability Fair Value Notional Amount Asset Fair Value Liability Fair Value
Derivatives designated as hedging instruments (Qualifying hedges)
Fair Value Hedges

Interest rate contracts hedging long-term borrowings
$ 2,350   $ —   $ —   $ —   $ —   $ —  

Cash Flow Hedges
Interest rate contracts hedging loans (1) (2)
5,000   —   —   4,000   —   —  
Total derivatives designated as hedging instruments $ 7,350   $ —   $ —   $ 4,000   $ —   $ —  
Derivatives not designated as hedging instruments (Non-qualifying hedges)
Interest rate contracts (1) (2)
$ 29,886   $ 356   $ ( 366 ) $ 28,741   $ 385   $ ( 381 )
Foreign exchange contracts (3)
8,893   114   ( 82 ) 8,912   122   ( 113 )
Other contracts (4)
1,390   28   —   1,485   27   —  
Total derivatives not designated as hedging instruments $ 40,169   $ 498   $ ( 448 ) $ 39,138   $ 534   $ ( 494 )
Gross derivatives fair values presented in the Consolidated Balance Sheets $ 498   $ ( 448 ) $ 534   $ ( 494 )
Less: gross amount offset in the Consolidated Balance Sheets —   —   —   —  
Net amount included in other assets and other liabilities in the Consolidated Balance Sheets $ 498   $ ( 448 ) $ 534   $ ( 494 )