Investment Securities (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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

The following tables summarize our portfolio of debt securities available for sale:

	September 30, 2025
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs	$	11,476	$	56	$	371	$	11,161
GSE certificates	1,130		1		126		1,005
Private label CMOs	150		11		—		161
Total mortgage-related debt securities	$	12,756	$	68	$	497	$	12,327
Other Debt Securities:
GSE debentures	$	1,502	$	—	$	216	$	1,286
U. S. treasury obligations	1,000		14		—		1,014
Asset-backed securities (1)	222		—		4		218
Corporate bonds	164		—		7		157
Capital trust notes	47		6		8		45
Municipal bonds	5		—		—		5
Total debt securities	$	2,940	$	20	$	235	$	2,725
Total debt securities available for sale, net of allowance(2)(3)(4)	$	15,696	$	88	$	732	$	15,052

(1)At September 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 September 30, 2025, the ACL was $2 million.

(3)Excludes accrued interest receivable of $43 million included in Other assets in the Condensed Consolidated Statements of Condition.

(4)We pledged investment securities of $14.8 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 September 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	122		1,080		143		—		1,345
Due from five to ten years	240		1,220		26		—		1,486
Due after ten years	11,964		—		38		218		12,220
Total debt securities available for sale, net of allowance	$	12,327	$	2,300	$	207	$	218	$	15,052

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 September 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	230	$	899	$	1	$	3,037	$	370	$	3,936	$	371
U.S. Government agency and GSE obligations	33	—		—		1,287		216		1,287		216
GSE certificates	326	—		—		948		126		948		126
Corporate bonds	6	—		—		157		7		157		7
Asset-backed securities	5	14		—		142		4		156		4
Capital trust notes	5	—		—		35		8		35		8
Private Label CMOs	1	—		—		14		—		14		—
Municipal bonds	1	—		—		5		—		5		—
Total debt securities in a continuous unrealized loss position	607	$	913	$	1	$	5,625	$	731	$	6,538	$	732

(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

We also carry shares in the following entities at cost:

	September 30, 2025		December 31, 2024
FHLB-Indianapolis	$	255	$	329
FHLB-New York	542		598
Federal Reserve Bank stock	221		219