Securities (Tables)

9 Months Ended

Sep. 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 September 30, 2022 and December 31, 2021:

		September 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	$		1,115	$		—	$		171	$		944
GSE CMOs			1,562			—			276			1,286
Total mortgage-related debt securities	$		2,677	$		—	$		447	$		2,230
Other Debt Securities:
U. S. Treasury obligations	$		1,677	$		—	$		5	$		1,672
GSE debentures			1,749			—			343			1,406
Asset-backed securities (1)			401			—			10			391
Corporate bonds			884			2			31			855
Municipal bonds			18			—			—			18
Foreign notes			25			—			—			25
Capital trust notes			96			6			10			92
Total other debt securities	$		4,850	$		8	$		399	$		4,459
Total debt securities available for sale	$		7,527	$		8	$		846	$		6,689
Equity securities:
Mutual funds	$		16	$		—	$		2	$		14
Total equity securities	$		16	$		—	$		2	$		14
Total securities (2)	$		7,543	$		8	$		848	$		6,703

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

(2)Excludes accrued interest receivable of $23 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 September 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	$		4	$		1,677	$		—	$		25	$		1,701
Due from one to five years			143			247			—			428			807
Due from five to ten years			219			1,077			18			527			1,544
Due after ten years			2,311			425			—			426			2,637
Total debt securities available    for sale	$		2,677	$		3,426	$		18	$		1,406	$		6,689

(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 September 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	$		1,476	$		5	$		—	$		—	$		1,476	$		5
GSE certificates			572			62			371			109			943			171
GSE CMOs			448			41			838			235			1,286			276
U.S. Government agency and GSE obligations			394			43			1,012			300			1,406			343
Asset-backed securities			125			2			224			8			349			10
Corporate bonds			720			27			95			4			815			31
Municipal bonds			11			—			7			1			18			1
Foreign notes			25			—			—			—			25			—
Capital trust notes			46			1			36			8			82			9
Equity securities			4			—			11			2			15			2
Total temporarily impaired    securities	$		3,821	$		181	$		2,594	$		667	$		6,415	$		848

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