Banks with the largest unrealized bond-portfolio losses relative to equity in Q4 2025
Banks where the combined unrealized losses on the available-for-sale (AFS) and held-to-maturity (HTM) securities portfolios — relative to total equity — exceed the capital-pressure threshold. Heavy mark-to-market losses constrain a bank's ability to sell securities for liquidity without crystallizing equity-eroding losses, and were the proximate trigger of the recent regional-bank failures.
Methodology
This card ranks banks whose combined AFS+HTM unrealized losses as a share of total equity meet or exceed 0.2 (20%) and surfaces the top 50 by combined ratio. Field sources: FFIEC Call Report Schedule RI-A unrealized-loss columns for AFS and HTM securities portfolios, divided by total equity from Schedule RC-R Part II. Stored in call_report_bank_specifics.afs_unrealized_losses_pct_equity and htm_unrealized_losses_pct_equity as decimal ratios after normalize-cdr.js. The 0.2 threshold corresponds to "meaningful capital pressure" — at 20% of equity in unrealized losses, a bank's ability to sell securities for liquidity becomes materially constrained. SVB-style stress was at 50%+ combined.