Investment Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Held-to-Maturity and Available-for-Sale Securities

The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values:

	June 30, 2023
(in millions)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,366	$	—	$	162	$	1,204
GSE CMOs	3,942		—		369		3,573
Private Label CMOs	180		4		1		183
Total mortgage-related debt securities	$	5,488	$	4	$	532	$	4,960
Other Debt Securities:
U. S. Treasury obligations	$	—	$	—	$	—	$	—
GSE debentures	1,974		—		330		1,644
Asset-backed securities (1)	332		—		9		323
Municipal bonds	7		—		—		7
Corporate bonds	789		3		39		753
Foreign notes	10		—		2		8
Capital trust notes	96		5		14		87
Total other debt securities	$	3,208	$	8	$	394	$	2,822
Total debt securities available for sale	$	8,696	$	12	$	926	$	7,782
Equity securities:
Mutual funds	$	16	$	—	$	2	$	14
Total equity securities	$	16	$	—	$	2	$	14
Total securities (2)	$	8,712	$	12	$	928	$	7,796

(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2)Excludes accrued interest receivable of $32 million included in other assets in the Consolidated Statements of Condition.

	December 31, 2022
(in millions)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,457	$	—	$	160	$	1,297
GSE CMOs	3,600		1		300		3,301
Private Label CMOs	185		6		—		191
Total mortgage-related debt securities	$	5,242	$	7	$	460	$	4,789
Other Debt Securities:
U. S. Treasury obligations	$	1,491	$	—	$	4	$	1,487
GSE debentures	1,749		—		351		1,398
Asset-backed securities (1)	375		—		14		361
Municipal bonds	30		—		—		30
Corporate bonds	913		2		30		885
Foreign Notes	20		—		—		20
Capital trust notes	97		5		12		90
Total other debt securities	$	4,675	$	7	$	411	$	4,271
Total other securities available for sale	$	9,917	$	14	$	871	$	9,060
Equity securities:
Mutual funds	$	16	$	—	$	2	$	14
Total equity securities	$	16	$	—	$	2	$	14
Total securities (2)	$	9,933	$	14	$	873	$	9,074

(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.

(2)Excludes accrued interest receivable of $31 million included in other assets in the Consolidated Statements of Condition.

Summary of Unrealized Loss Positions on Investment Securities Held-to-Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 2023:

	Mortgage- Related Securities		U.S. Government and GSE Obligations		State, County, and Municipal		Other Debt Securities (1)		Fair Value
( in millions)
Available-for-Sale Debt Securities:
Due within one year	$	20	$	247	$	—	$	20	$	283
Due from one to five years	175		200		—		432		795
Due from five to ten years	322		1,377		7		409		1,738
Due after ten years	4,971		150		—		367		4,966
Total debt securities available for sale	$	5,488	$	1,974	$	7	$	1,228	$	7,782

(1)Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities.

Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2023:

	Less than Twelve Months				Twelve Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations	$	—	$	—	$	—	$	—	$	—	$	—
U.S. Government agency and GSE obligations	$	221	$	1	$	1,399	$	328	$	1,620	$	329
GSE certificates	458		14		739		148		1,197		162
Private Label CMOs	20		1		—		—		20		1
GSE CMOs	2,391		81		1,182		288		3,573		369
Asset-backed securities	34		—		289		9		323		9
Municipal bonds	—		—		6		1		6		1
Corporate bonds	38		5		383		34		421		39
Foreign notes	8		2		—		—		8		2
Capital trust notes	1		—		78		14		79		14
Equity securities	—		—		14		2		14		2
Total temporarily impaired securities	$	3,171	$	104	$	4,090	$	824	$	7,261	$	928

The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2022:

	Less than Twelve Months				Twelve Months or Longer				Total
(in millions)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations	$	1,487	$	4	$	—	$	—	$	1,487	$	4
U.S. Government agency and GSE obligations	243		5		1,156		346		1,399		351
GSE certificates	871		46		420		114		1,291		160
GSE CMOs	2,219		36		925		264		3,144		300
Asset-backed securities	61		2		262		12		323		14
Municipal bonds	9		—		7		—		16		—
Corporate bonds	698		27		97		4		795		31
Foreign notes	20		—		—		—		20		—
Capital trust notes	46		2		34		10		80		12
Equity securities	4		—		10		2		14		2
Total temporarily impaired securities	$	5,658	$	122	$	2,911	$	752	$	8,569	$	874