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Investment Securities
 6 Months Ended
Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment 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, 2024
(in millions)
Amortized Cost (1)
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,319 $— $166 $1,153 
GSE CMOs7,551 24 445 7,130 
Private Label collateralized mortgage obligations163 6 1 168 
Total mortgage-related debt securities$9,033 $30 $612 $8,451 
Other Debt Securities:
U. S. Treasury obligations$— $— $— $— 
GSE debentures1,652 — 308 1,344 
Asset-backed securities (2)
271 1 3 269 
Municipal bonds6 — — 6 
Corporate bonds364 — 23 341 
Foreign notes35 — — 35 
Capital trust notes95 5 11 89 
Total other debt securities$2,423 $6 $345 $2,084 
Total debt securities available for sale$11,456 $36 $957 $10,535 
Equity securities:
Mutual funds$16 $— $2 $14 
Total equity securities$16 $— $2 $14 
Total securities (3)
$11,472 $36 $959 $10,549 
(1)The amortized cost of investment securities is reported net of allowance for credit losses of $3 million.
(2)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(3)Excludes accrued interest receivable of $41 million included in other assets in the Consolidated Statements of Condition.
December 31, 2023
(in millions)
Amortized Cost (1)
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,366 $1 $146 $1,221 
GSE CMOs5,495 48 381 5,162 
Private Label collateralized mortgage obligations174 7 1 180 
Total mortgage-related debt securities$7,035 $56 $528 $6,563 
Other Debt Securities:
U. S. Treasury obligations$198 $— $— $198 
GSE debentures1,899 1 291 1,609 
Asset-backed securities (2)
307 — 5 302 
Municipal bonds6 — — 6 
Corporate bonds365 — 22 343 
Foreign Notes35 — 1 34 
Capital trust notes97 5 12 90 
Total other debt securities$2,907 $6 $331 $2,582 
Total other securities available for sale$9,942 $62 $859 $9,145 
Equity securities:
Mutual funds$16 $— $2 $14 
Total equity securities$16 $— $2 $14 
Total securities (3)
$9,958 $62 $861 $9,159 
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(2)Excludes accrued interest receivable of $38 million included in other assets in the Consolidated Statements of Condition.

At June 30, 2024, the Company had $1.0 billion of FHLB-NY stock, at cost and $329 million of FHLB-Indianapolis stock, at cost. At December 31, 2023, the Company had $861 million of FHLB-NY stock, at cost and $329 million of FHLB-Indianapolis stock, at cost. The Company maintains an investment in FHLB stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. In addition, at June 30, 2024, the Company had $218 million of Federal Reserve Bank stock, at cost. The Company had $203 million of Federal Reserve Bank stock, at December 31, 2023.

Gross realized gains and gross realized losses on sales of available-for-sale securities were less than $1 million for both the three and six periods ended June 30, 2024 . No available-for-sale securities were sold during the three and six month periods ended June 30, 2023.

The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 2024:

Mortgage- Related SecuritiesU.S. Government and GSE ObligationsState, County, and Municipal
Other Debt Securities (1)
Fair Value
( in millions)
Available-for-Sale Debt Securities:
Due within one year$82 $150 $— $50 $279 
Due from one to five years92 — — 306 380 
Due from five to ten years305 1,502 6 104 1,561 
Due after ten years8,554 — — 305 8,315 
Total debt securities available for sale$9,033 $1,652 $6 $765 $10,535 
(1)Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities.
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, 2024:

Less than Twelve MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Temporarily Impaired Securities:
U.S. Government agency and GSE obligations$— $— $1,345 $308 $1,345 $308 
GSE certificates46 — 1,085 166 1,131 166 
Private Label collateralized mortgage obligations— — 17 1 17 1 
GSE collateralized mortgage obligations761 2 2,925 443 3,686 445 
Asset-backed securities— — 193 3 193 3 
Municipal bonds— — 5 — 5 — 
Corporate bonds— — 341 23 341 23 
Foreign notes— — 10 — 10 — 
Capital trust notes— — 80 11 80 11 
Equity securities— — 14 2 14 2 
Total temporarily impaired securities$807 $2 $6,015 $957 $6,822 $959 

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, 2023:

Less than Twelve MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Temporarily Impaired Securities:
U.S. Government agency and GSE obligations$181 $1 $1,362 $290 $1,543 $291 
GSE certificates312 5 843 141 1,155 146 
Private Label collateralized mortgage obligations29 1 — — 29 1 
GSE collateralized mortgage obligations1,835 77 1,312 304 3,147 381 
Asset-backed securities— — 228 5 228 5 
Municipal bonds— — 6 — 6 — 
Corporate bonds— — 343 22 343 22 
Foreign notes— — 9 1 9 1 
Capital trust notes— — 81 12 81 12 
Equity securities— — 14 2 14 2 
Total temporarily impaired securities$2,357 $84 $4,198 $777 $6,555 $861 

The investment securities having a continuous loss position for twelve months or more at June 30, 2024 consisted of two hundred thirty-seven agency collateralized mortgage obligations, six capital trusts notes, six asset-backed securities, twelve corporate bonds, thirty-six US government agency bonds, three hundred thirty-four mortgage-backed securities, one mutual fund, one municipal bond, two private collateralized mortgage obligations and one foreign note. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2023 consisted of eighty-four agency collateralized mortgage obligations, six capital trusts notes, eight asset-backed securities, twelve corporate bonds, thirty-seven US government agency bonds, three hundred two mortgage-backed securities, one mutual fund, one foreign debt and one municipal bond.

The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. We also assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell, the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of these criteria are met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount
that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

During the three months ended June 30, 2024 the Company recorded a $3 million allowance for credit losses related to a corporate debt security compared to $1 million recorded during the three months ended March 31, 2024.
None of the remaining unrealized losses identified as of June 30, 2024 or December 31, 2023 relate to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell, the positions before the recovery of their amortized cost basis, which may be at maturity.