Investment Securities (Tables)

9 Months Ended

Sep. 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:

	September 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	$	1,378	$	—	$	214	$	1,164
GSE CMOs	4,883		—		532		4,351
Private Label CMOs	177		—		3		174
Total mortgage-related debt securities	$	6,438	$	—	$	749	$	5,689
Other Debt Securities:
U. S. Treasury obligations	$	195	$	—	$	—	$	195
GSE debentures	2,041		1		383		1,659
Asset-backed securities (1)	319		—		6		313
Municipal bonds	7		—		1		6
Corporate bonds	769		3		35		737
Foreign notes	35		—		2		33
Capital trust notes	97		5		11		91
Total other debt securities	$	3,463	$	9	$	438	$	3,034
Total debt securities available for sale	$	9,901	$	9	$	1,187	$	8,723
Equity securities:
Mutual funds	$	16	$	—	$	3	$	13
Total equity securities	$	16	$	—	$	3	$	13
Total securities (2)	$	9,917	$	9	$	1,190	$	8,736

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

(2)Excludes accrued interest receivable of $39 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 September 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	$	492	$	—	$	—	$	508
Due from one to five years	179		150		—		457		776
Due from five to ten years	319		1,427		7		407		1,714
Due after ten years	5,920		167		—		356		5,725
Total debt securities available for sale	$	6,438	$	2,236	$	7	$	1,220	$	8,723

(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 September 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	216		1		1,367		382		1,583		383
GSE certificates	341		23		823		191		1,164		214
Private Label CMOs	140		3		—		—		140		3
GSE CMOs	3,234		180		1,117		352		4,351		532
Asset-backed securities	—		—		280		6		280		6
Municipal bonds	—		—		6		1		6		1
Corporate bonds	—		—		405		35		405		35
Foreign notes	24		1		9		1		33		2
Capital trust notes	—		—		81		11		81		11
Equity securities	—		—		13		3		13		3
Total temporarily impaired securities	$	3,955	$	208	$	4,101	$	982	$	8,056	$	1,190

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		3		795		30
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	$	751	$	8,569	$	873