Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2022 and December 31, 2021:

		June 30, 2022
(in millions)		Amortized Cost			Gross Unrealized Gain			Gross Unrealized Loss			Fair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates	$		1,161	$		1	$		112	$		1,050
GSE CMOs			1,611			—			195			1,416
Total mortgage-related debt securities	$		2,772	$		1	$		307	$		2,466
Other Debt Securities:
U. S. Treasury obligations	$		295	$		—	$		1	$		294
GSE debentures			1,750			—			248			1,502
Asset-backed securities (1)			422			—			15			407
Corporate bonds			881			4			26			859
Municipal bonds			19			—			1			18
Foreign notes			25			—			—			25
Capital trust notes			96			6			9			93
Total other debt securities	$		3,488	$		10	$		300	$		3,198
Total debt securities available for sale	$		6,260	$		11	$		607	$		5,664
Equity securities:
Mutual funds	$		15	$		—	$		1	$		14
Total equity securities	$		15	$		—	$		1	$		14
Total securities (2)	$		6,275	$		11	$		608	$		5,678

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

(2)Excludes accrued interest receivable of $18 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
Corporate bonds		821		18		1		838
Municipal bonds		25		—		—		25
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 June 30, 2022:

		Mortgage- Related Securities			U.S. Government and GSE Obligations			State, County, and Municipal			Other Debt Securities (1)			Fair Value
(in millions)
Available-for-Sale Debt    Securities:
Due within one year	$		28	$		295	$		—	$		5	$		327
Due from one to five years			141			247			—			458			844
Due from five to ten years			241			674			19			517			1,305
Due after ten years			2,362			829			—			444			3,188
Total debt securities available    for sale	$		2,772	$		2,045	$		19	$		1,424	$		5,664

(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 June 30, 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	$		197	$		1	$		—	$		—	$		197	$		1
GSE certificates			683			58			252			54			935			112
GSE CMOs			800			73			596			122			1,396			195
U.S. Government agency and GSE obligations			421			44			959			204			1,380			248
Asset-backed securities			227			7			180			8			407			15
Corporate bonds			713			21			95			5			808			26
Municipal bonds			—			—			7			1			7			1
Foreign notes			5			—			—			—			5			—
Capital trust notes			46			1			36			8			82			9
Equity securities			4			—			11			1			15			1
Total temporarily impaired    securities	$		3,096	$		205	$		2,136	$		403	$		5,232	$		608

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
Corporate bonds			—			—			99			1			99			1
Municipal bonds			—			—			8			—			8			—
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