Securities (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 and December 31, 2021:

		March 31, 2022
(in millions)		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$		1,126	$		3	$		66	$		1,063
GSE CMOs			1,680			1			128			1,553
Total mortgage-related debt securities	$		2,806	$		4	$		194	$		2,616
Other Debt Securities:
U. S. Treasury obligations	$		144	$		—	$		—	$		144
GSE debentures			1,524			1			152			1,373
Asset-backed securities (1)			461			1			6			456
Municipal bonds			25			—			1			24
Corporate bonds			881			8			11			878
Foreign notes			25			1			—			26
Capital trust notes			96			6			7			95
Total other debt securities	$		3,156	$		17	$		177	$		2,996
Total debt securities available for sale	$		5,962	$		21	$		371	$		5,612
Equity securities:
Mutual funds	$		16	$		—	$		1	$		15
Total equity securities	$		16	$		—	$		1	$		15
Total securities (2)	$		5,978	$		21	$		372	$		5,627

(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, 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 other securities available for sale	$	5,834	$	62	$	116	$	5,780
Equity securities:
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.

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 March 31, 2022:

		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	$		30	$		144	$		—	$		5	$		179
Due from one to five years			131			22			—			458			620
Due from five to ten years			267			673			19			519			1,395
Due after ten years			2,378			829			6			481			3,418
Total debt securities available    for sale	$		2,806	$		1,668	$		25	$		1,463	$		5,612

(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 with no related allowance having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2022:

		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	$		144	$		—	$		—	$		—	$		144	$		—
U.S. Government agency and GSE obligations			313			27			1,037			125			1,350			152
GSE certificates			598			31			259			34			857			65
GSE CMOs			792			41			647			88			1,439			129
Asset-backed securities			188			3			128			3			316			6
Municipal bonds			—			—			7			1			7			1
Corporate bonds			313			9			99			1			412			10
Foreign notes			5			—			—			—			5			—
Capital trust notes			47			1			37			7			84			8
Equity securities			4			—			11			1			15			1
Total temporarily impaired    securities	$		2,404	$		112	$		2,225	$		260	$		4,629	$		372

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