Securities (Tables)

12 Months Ended

Dec. 31, 2021

Investments Debt And Equity Securities [Abstract]

Summary of Portfolio of Securities Available for Sale

The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values at December 31, 2021 and 2020:

		December 31, 2021
(in millions)		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$		1,102	$		20	$		15	$		1,107
GSE CMOs			1,717			11			45			1,683
Total mortgage-related debt securities	$		2,819	$		31	$		60	$		2,790
Other Debt Securities:
U. S. Treasury obligations	$		45	$		—	$		—	$		45
GSE debentures			1,524			1			45			1,480
Asset-backed securities (1)			479			3			3			479
Municipal bonds			25			—			—			25
Corporate bonds			821			18			1			838
Foreign notes			25			1			—			26
Capital trust notes			96			8			7			97
Total other debt securities	$		3,015	$		31	$		56	$		2,990
Total debt securities available for sale	$		5,834	$		62	$		116	$		5,780
Equity securities:
Preferred stock			—			—			—			—
Mutual funds			16			—			—			16
Total equity securities	$		16	$		—	$		—	$		16
Total securities (2)	$		5,850	$		62	$		116	$		5,796

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

(2)Excludes accrued interest receivable of $15 million included in other assets in the Consolidated Statements of Condition.

	December 31, 2020
(in millions)	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$	1,155	$	54	$	—	$	1,209
GSE CMOs		1,787		45		3		1,829
Total mortgage-related debt securities	$	2,942	$	99	$	3	$	3,038
Other Debt Securities:
U. S. Treasury obligations	$	65	$	—	$	—	$	65
GSE debentures		1,158		4		4		1,158
Asset-backed securities (1)		530		2		6		526
Municipal bonds		26		1		—		27
Corporate bonds		871		18		6		883
Foreign Notes		25		1		—		26
'Capital trust notes		96		6		11		91
Total other debt securities	$	2,771	$	32	$	27	$	2,776
Total other securities available for sale	$	5,713	$	131	$	30	$	5,814
Equity securities:
Preferred stock		15		—		—	$	15
Mutual funds		16		—		—		16
Total equity securities	$	31	$	—	$	—	$	31
Total securities (2)	$	5,744	$	131	$	30	$	5,845

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

(2)Excludes accrued interest receivable of $15 million included in other assets in the Consolidated Statements of Condition.

Summary of Gross Proceeds and Gross Realized Gains and Losses from Sale of Available-for-Sale Securities

The following table summarizes the gross proceeds, gross realized gains, and gross realized losses from the sale of available-for-sale securities during the years ended December 31, 2021, 2020, and 2019:

	December 31,
(in millions)	2021		2020		2019
Gross proceeds	$	—	$	484	$	361
Gross realized gains		—		2		5
Gross realized losses		—		1		—

Summary of Amortized Cost of Available-for-Sale Securities by Contractual Maturity

The following table summarizes, by contractual maturity, the amortized cost of securities at December 31, 2021:

		Mortgage- Related Securities			U.S. Government and GSE Obligations			State, County, and Municipal			Other Debt Securities (1)			Fair Value
(dollars in millions)
Available-for-Sale Debt    Securities:
Due within one year	$		27	$		45	$		—	$		5	$		77
Due from one to five years			142			22			—			408			594
Due from five to ten years			271			423			19			512			1,226
Due after ten years			2,379			1,079			6			496			3,883
Total debt securities available    for sale	$		2,819	$		1,569	$		25	$		1,421	$		5,780

(1)Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities.

Summary of Held-to-Maturity and Available-for-Sale Securities having Continuous Unrealized Loss Position

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, 2021:

		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	$		45	$		—	$		—	$		—	$		45	$		—
U.S. Government agency and GSE obligations			317			7			185			8			502			15
GSE certificates			846			28			293			17			1,139			45
GSE CMOs			491			8			926			37			1,417			45
Asset-backed securities			130			1			135			2			265			3
Municipal bonds			—			—			8			—			8			—
Corporate bonds			—			—			99			1			99			1
Foreign notes			5			—			—			—			5			—
Capital trust notes			—			—			37			7			37			7
Equity securities			12			—			—			—			12			—
Total temporarily impaired    securities	$		1,846	$		44	$		1,683	$		72	$		3,529	$		116

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, 2020:

	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		59		—		—		—		59		—
GSE certificates		442		3		74		—		516		3
GSE CMOs		522		4		—		—		522		4
Asset-backed securities		—		—		364		6		364		6
Municipal bonds		—		—		9		—		9		—
Corporate bonds		72		3		246		3		318		6
Foreign notes		—		—		—		—		—		—
Capital trust notes		—		—		33		11		33		11
Equity securities		—		—		—		—		—		—
Total temporarily impaired    securities	$	1,095	$	10	$	726	$	20	$	1,821	$	30