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 unrealized losses on available-for-sale (AFS) and held-to-maturity (HTM) securities equal at least 0.2 (20%) of total equity, and surfaces the top 50 by that combined share. Field sources: FFIEC Call Report Schedule RI-A unrealized-loss columns for the AFS and HTM securities portfolios, divided by total equity from Schedule RC-R Part II. The 20% threshold marks meaningful capital pressure: once unrealized losses reach a fifth of equity, a bank's ability to sell securities for liquidity is materially constrained. SVB-style stress was at 50%+ combined.