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Investment Securities
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Securities Investment Securities
The following tables summarize the Company’s portfolio of debt securities available for sale:

June 30, 2025

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs$11,279 $64 $401 $10,942 
GSE certificates1,151 1 141 1,011 
Private label CMOs
153 7 1 159 
Total mortgage-related debt securities$12,583 $72 $543 $12,112 
Other Debt Securities:
GSE debentures$1,502 $— $240 $1,262 
U. S. Treasury obligations1,001 12 — 1,013 
Asset-backed securities (1)
227 — 5 222 
Corporate bonds174 — 7 167 
Capital trust notes47 5 10 42 
Municipal bonds5 — — 5 
Total debt securities
$2,956 $17 $262 $2,711 
Total debt securities available for sale, net of allowance(2)(3)(4)
$15,539 $89 $805 $14,823 
(1)At June 30, 2025, substantially all of our debt securities available for sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.
(2)As of June 30, 2025, the ACL was $3 million.
(3)Excludes accrued interest receivable of $56 million included in Other assets in the Condensed Consolidated Statements of Condition.
(4)We pledged investment securities of $14.5 billion as collateral for certain borrowings.

December 31, 2024

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs$7,724 $27 $447 $7,304 
GSE certificates1,273 — 167 1,106 
Private label CMOs
158 6 1 163 
Total mortgage-related debt securities$9,155 $33 $615 $8,573 
Other Debt Securities:
GSE debentures$1,502 $— $299 $1,203 
Corporate bonds314 — 6 308 
Asset-backed securities (1)
237 1 2 236 
Capital trust notes47 5 10 42 
Foreign notes35 — — 35 
Municipal bonds5 — — 5 
Total debt securities
$2,140 $6 $317 $1,829 
Total securities available for sale, net of allowance(2)(3)(4)
$11,295 $39 $932 $10,402 
(1)At December 31, 2024, substantially all of our debt securities available for sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government.
(2)As of December 31, 2024, the ACL was $3 million.
(3)Excludes accrued interest receivable of $35 million included in Other assets in the Condensed Consolidated Statements of Condition.
(4)We pledged investment securities of $10.2 billion as collateral for certain borrowings.
There were $75 million of available-for-sale securities sold during the three and six months ended June 30, 2025 and no available-for-sale securities sold during the three and six months ended June 30, 2024. Additionally there were no realized gains and losses on sales of available-for-sale securities during the three and six months ended June 30, 2025 and 2024.

The following table summarizes, by contractual maturity, the fair value of securities at June 30, 2025:

Mortgage- Related SecuritiesU.S. Government and GSE ObligationsCorporate and Other Bonds
Asset-Backed Securities
Total
Available-for-Sale Debt Securities:
Due within one year$1 $— $— $— $1 
Due from one to five years123 1,013 152 — 1,288 
Due from five to ten years240 1,262 25 — 1,527 
Due after ten years11,748 — 37 222 12,007 
Total debt securities available for sale, net of allowance
$12,112 $2,275 $214 $222 $14,823 

The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of June 30, 2025:

Number of Debt Securities(1)
Less than Twelve MonthsTwelve Months or LongerTotal

Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Debt securities in a continuous unrealized loss position:
GSE CMOs
219 $2,012 $8 $2,800 $394 $4,812 $402 
U.S. Government agency and GSE obligations33 — — 1,262 240 1,262 240 
GSE certificates323 10 — 949 141 959 141 
U. S. Treasury obligations— — — — — — — 
Corporate bonds7 — — 167 7 167 7 
Asset-backed securities5 21 — 145 4 166 4 
Capital trust notes5 — — 33 10 33 10 
Private Label CMOs
2 4 — 16 1 20 1 
Foreign notes— — — — — — — 
Municipal bonds1 — — 5 — 5 — 
Total debt securities in a continuous unrealized loss position
595 $2,047 $8 $5,377 $797 $7,424 $805 
(1)Count of securities that have been in a loss position for twelve or more months.
The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2024:

Number of Debt Securities(1)
Less than Twelve MonthsTwelve Months or LongerTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Debt securities in a continuous unrealized loss position:
GSE CMOs
223 $1,636 $3 $2,822 $444 $4,458 $447 
U.S. Government agency and GSE obligations33 — — 1,203 299 1,203 299 
GSE certificates328 38 — 1,040 167 1,078 167 
Corporate bonds11 — — 308 6 308 6 
Asset-backed securities5 — — 154 2 154 2 
Capital trust notes5 — — 33 10 33 10 
Private Label CMOs
2 — — 17 1 17 1 
Foreign notes1 — — 10 — 10 — 
Municipal bonds1 — — 5 — 5 — 
Total debt securities in a continuous unrealized loss position
609 $1,674 $3 $5,592 $929 $7,266 $932 
(1)Count of securities that have been in a loss position for twelve or more months.

The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an ACL 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 and recorded in Provision for credit losses on the Condensed Consolidated Statements of (Loss) Income. Otherwise, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If 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 expected amount to be collected is less than the amortized cost, an ACL is established for the shortfall, but not in excess of the difference between the amortized cost and the fair value. Any unrealized loss that has not been recorded through an ACL is recognized in Other comprehensive (loss) income.

The Company also carries the following shares at cost:

June 30, 2025December 31, 2024
FHLB-Indianapolis
$255 $329 
FHLB-New York
542 598
Federal Reserve Bank stock
220 219