Debt securities available-for-sale (Tables)

9 Months Ended

Sep. 30, 2024

Investments [Abstract]

Debt Securities, Available-For-Sale

At September 30, 2024

Gross

Gross

Weighted

Amortized

unrealized

unrealized

Fair 

average

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities

Within 1 year

$

8,914,560

$

1,555

$

45,154

$

8,870,961

3.77

%

After 1 to 5 years

2,715,749

3,393

65,673

2,653,469

2.35

Total U.S. Treasury securities

11,630,309

4,948

110,827

11,524,430

3.44

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

12,176

-

393

11,783

1.54

After 5 to 10 years

16,512

-

763

15,749

2.25

After 10 years

107,656

403

7,038

101,021

2.76

Total collateralized mortgage obligations - federal agencies

136,344

403

8,194

128,553

2.59

Mortgage-backed securities - federal agencies

Within 1 year

1,393

-

14

1,379

1.69

After 1 to 5 years

74,263

11

1,993

72,281

2.39

After 5 to 10 years

781,628

244

33,408

748,464

2.36

After 10 years

5,603,282

1,480

895,746

4,709,016

1.67

Total mortgage-backed securities - federal agencies

6,460,566

1,735

931,161

5,531,140

1.76

Other

Within 1 year

500

-

-

500

4.00

After 1 to 5 years

1,500

-

-

1,500

8.50

Total other 

2,000

-

-

2,000

7.38

Total debt securities available-for-sale

[1]

$

18,229,219

$

7,086

$

1,050,182

$

17,186,123

2.84

%

[1]

 Includes $

12.9

 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan

servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $

12.1

 billion serve as collateral for

public funds. The Corporation had unpledged Available for Sale securities with a fair value of $

4.2

 billion that could be used to increase its

borrowing facilities.

At December 31, 2023

Gross 

Gross 

Weighted 

Amortized 

unrealized

unrealized

Fair 

average 

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

7,103,518

$

526

$

59,415

$

7,044,629

3.51

%

After 1 to 5 years

3,598,209

84

170,209

3,428,084

1.35

After 5 to 10 years

307,512

-

33,164

274,348

1.63

Total U.S. Treasury securities

11,009,239

610

262,788

10,747,061

2.75

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

17,899

-

838

17,061

1.55

After 5 to 10 years

20,503

2

1,321

19,184

2.28

After 10 years

108,280

29

9,868

98,441

2.54

Total collateralized mortgage obligations - federal agencies

146,682

31

12,027

134,686

2.38

Mortgage-backed securities - federal agencies

Within 1 year

637

-

3

634

3.72

After 1 to 5 years

82,310

11

3,536

78,785

2.34

After 5 to 10 years

792,431

75

48,250

744,256

2.28

After 10 years

6,067,353

667

1,046,909

5,021,111

1.64

Total mortgage-backed securities - federal agencies

6,942,731

753

1,098,698

5,844,786

1.72

Other

Within 1 year

1,011

-

-

1,011

4.00

After 1 to 5 years

1,500

-

-

1,500

8.50

Total other 

2,511

-

-

2,511

6.69

Total debt securities available-for-sale

[1]

$

18,101,163

$

1,394

$

1,373,513

$

16,729,044

2.35

%

[1]

Includes $

12

 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan

servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $

11.1

 billion serve as collateral for

public funds. The Corporation had unpledged Available for Sale securities with a fair value of $

4.6

 billion that could be used to increase its

borrowing facilities.

Debt Securities Available For Sale Unrealized Loss Position Fair Value

The following tables present the Corporation’s fair value and gross unrealized losses of debt securities available-for-sale,

aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at

September 30, 2024 and December 31, 2023.

At September 30, 2024

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

651,502

$

2,369

$

4,457,595

$

108,458

$

5,109,097

$

110,827

Collateralized mortgage obligations - federal agencies 

1,909

2

109,743

8,192

111,652

8,194

Mortgage-backed securities

27,420

569

5,428,612

930,592

5,456,032

931,161

Total debt securities available-for-sale in an unrealized loss position 

$

680,831

$

2,940

$

9,995,950

$

1,047,242

$

10,676,781

$

1,050,182

At December 31, 2023

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

244,925

$

5,126

$

6,550,941

$

257,662

$

6,795,866

$

262,788

Collateralized mortgage obligations - federal agencies 

5,234

35

124,930

11,992

130,164

12,027

Mortgage-backed securities

37,118

405

5,779,260

1,098,293

5,816,378

1,098,698

Total debt securities available-for-sale in an unrealized loss position 

$

287,277

$

5,566

$

12,455,131

$

1,367,947

$

12,742,408

$

1,373,513