Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

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:

	June 30, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs	$	11,279	$	64	$	401	$	10,942
GSE certificates	1,151		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 obligations	1,001		12		—		1,013
Asset-backed securities (1)	227		—		5		222
Corporate bonds	174		—		7		167
Capital trust notes	47		5		10		42
Municipal bonds	5		—		—		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 Gain		Gross Unrealized Loss		Fair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs	$	7,724	$	27	$	447	$	7,304
GSE certificates	1,273		—		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 bonds	314		—		6		308
Asset-backed securities (1)	237		1		2		236
Capital trust notes	47		5		10		42
Foreign notes	35		—		—		35
Municipal bonds	5		—		—		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.

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

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

	Mortgage- Related Securities		U.S. Government and GSE Obligations		Corporate and Other Bonds		Asset-Backed Securities		Total
Available-for-Sale Debt Securities:
Due within one year	$	1	$	—	$	—	$	—	$	1
Due from one to five years	123		1,013		152		—		1,288
Due from five to ten years	240		1,262		25		—		1,527
Due after ten years	11,748		—		37		222		12,007
Total debt securities available for sale, net of allowance	$	12,112	$	2,275	$	214	$	222	$	14,823

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

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 Months				Twelve Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized 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 obligations	33	—		—		1,262		240		1,262		240
GSE certificates	323	10		—		949		141		959		141
U. S. Treasury obligations	—	—		—		—		—		—		—
Corporate bonds	7	—		—		167		7		167		7
Asset-backed securities	5	21		—		145		4		166		4
Capital trust notes	5	—		—		33		10		33		10
Private Label CMOs	2	4		—		16		1		20		1
Foreign notes	—	—		—		—		—		—		—
Municipal bonds	1	—		—		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 Months				Twelve Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized 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 obligations	33	—		—		1,203		299		1,203		299
GSE certificates	328	38		—		1,040		167		1,078		167
Corporate bonds	11	—		—		308		6		308		6
Asset-backed securities	5	—		—		154		2		154		2
Capital trust notes	5	—		—		33		10		33		10
Private Label CMOs	2	—		—		17		1		17		1
Foreign notes	1	—		—		10		—		10		—
Municipal bonds	1	—		—		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.

Schedule of Company Holding Shares of FHLB-NY Stock and FHLB-Indianapolis Stock

The Company also carries the following shares at cost:

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