Debt securities available-for-sale

12 Months Ended

Dec. 31, 2024

Debt securities available-for-sale

Schedule of Available-for-sale Securities [Line Items]

Investments in debt and marketable equity securities

Note 5 – Debt securities available-for-sale

The following tables present the amortized cost, gross unrealized gains and losses, fair value, weighted average yield and

contractual maturities of debt securities available-for-sale at December 31, 2024 and December 31, 2023.

At December 31, 2024

Gross

Gross

Weighted

Amortized

unrealized

unrealized

Fair 

average

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities

Within 1 year

$

10,555,397

$

1,282

$

46,275

$

10,510,404

3.33

%

After 1 to 5 years

2,547,936

151

63,381

2,484,706

3.07

Total U.S. Treasury securities

13,103,333

1,433

109,656

12,995,110

3.28

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

10,538

-

345

10,193

1.53

After 5 to 10 years

15,334

-

904

14,430

2.24

After 10 years

104,168

132

8,639

95,661

2.76

Total collateralized mortgage obligations - federal agencies

130,040

132

9,888

120,284

2.60

Mortgage-backed securities - federal agencies

Within 1 year

776

-

5

771

1.65

After 1 to 5 years

79,542

8

2,700

76,850

2.35

After 5 to 10 years

733,506

82

45,078

688,510

2.37

After 10 years

5,468,448

337

1,106,657

4,362,128

1.67

Total mortgage-backed securities - federal agencies

6,282,272

427

1,154,440

5,128,259

1.75

Other

Within 1 year

500

-

-

500

5.00

After 1 to 5 years

1,750

-

-

1,750

5.50

Total other 

2,250

-

-

2,250

5.39

Total debt securities available-for-sale

[1]

$

19,517,895

$

1,992

$

1,273,984

$

18,245,903

2.78

%

[1]

 Includes $

13.9

 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 $

12.9

 billion serve as collateral for

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

4.3

 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.

The weighted average yield on debt securities available-for-sale is based on amortized cost; therefore, it does not give effect to

changes in fair value.

Securities not due on a single contractual maturity date, such as mortgage-backed securities and collateralized mortgage

obligations, are classified in the period of final contractual maturity. The expected maturities of collateralized mortgage obligations,

mortgage-backed securities and certain other securities may differ from their contractual maturities because they may be subject to

prepayments or may be called by the issuer.

The following table presents the aggregate amortized cost and fair value of debt securities available-for-sale at December 31, 2024

by contractual maturity.

(In thousands)

Amortized cost 

Fair value

Within 1 year

$

10,556,673

$

10,511,675

After 1 to 5 years

2,639,766

2,573,499

After 5 to 10 years

748,840

702,940

After 10 years

5,572,616

4,457,789

Total debt securities available-for-sale

$

19,517,895

$

18,245,903

At December 31, 2024, the Corporation did not intend to sell or believed it was more likely than not that it would be required to sell

debt securities classified as available-for-sale. There were no debt securities available-for-sale sold during the years ended

December 31, 2024, December 31, 2023 and December 31, 2022.

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 December 31, 2024 and 2023.

At December 31, 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

$

2,309,894

$

24,646

$

3,638,092

$

85,010

$

5,947,986

$

109,656

Collateralized mortgage obligations - federal agencies 

4,878

27

102,160

9,861

107,038

9,888

Mortgage-backed securities -federal agencies

70,777

3,175

5,031,414

1,151,265

5,102,191

1,154,440

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

$

2,385,549

$

27,848

$

8,771,666

$

1,246,136

$

11,157,215

$

1,273,984

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 - federal agencies

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

As of December 31, 2024, the portfolio of available-for-sale debt securities reflects gross unrealized losses of $

1.3

 billion (December

31, 2023 - $

1.4

 billion), driven mainly by mortgage-backed securities, which have been impacted by a decline in fair value as a

result of the rising interest rate environment. The portfolio of available-for-sale debt securities is comprised mainly of U.S Treasuries

and obligations from the U.S. Government, its agencies or government sponsored entities, including Federal National Mortgage

Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”) and Government National Mortgage Association

(“GNMA”). These securities carry an explicit or implicit guarantee from the U.S. Government, are highly rated by major rating

agencies, and have a long history of no credit losses. Accordingly, the Corporation applies a zero-credit loss assumption.