XML 54 R34.htm IDEA: XBRL DOCUMENT v3.22.4
Securities (Tables)
12 Months Ended
Dec. 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:

 

 

 

 

December 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

 

$

 

1,457

 

 

$

 

 

 

$

 

160

 

 

$

 

1,297

 

GSE CMOs

 

 

 

3,600

 

 

 

 

1

 

 

 

 

300

 

 

 

 

3,301

 

Private Label CMOs

 

 

 

185

 

 

 

 

6

 

 

 

 

 

 

 

 

191

 

Total mortgage-related debt securities

 

$

 

5,242

 

 

$

 

7

 

 

$

 

460

 

 

$

 

4,789

 

Other Debt Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U. S. Treasury obligations

 

$

 

1,491

 

 

$

 

 

 

$

 

4

 

 

$

 

1,487

 

GSE debentures

 

 

 

1,749

 

 

 

 

 

 

 

 

351

 

 

 

 

1,398

 

Asset-backed securities (1)

 

 

 

375

 

 

 

 

 

 

 

 

14

 

 

 

 

361

 

Municipal bonds

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

30

 

Corporate bonds

 

 

 

913

 

 

 

 

2

 

 

 

 

30

 

 

 

 

885

 

Foreign notes

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Capital trust notes

 

 

 

97

 

 

 

 

5

 

 

 

 

12

 

 

 

 

90

 

Total other debt securities

 

$

 

4,675

 

 

$

 

7

 

 

$

 

411

 

 

$

 

4,271

 

Total debt securities available for sale

 

$

 

9,917

 

 

$

 

14

 

 

$

 

871

 

 

$

 

9,060

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds

 

 

 

16

 

 

 

 

 

 

 

 

2

 

 

 

 

14

 

Total equity securities

 

$

 

16

 

 

$

 

 

 

$

 

2

 

 

$

 

14

 

Total securities (2)

 

$

 

9,933

 

 

$

 

14

 

 

$

 

873

 

 

$

 

9,074

 

 

(1)
The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(2)
Excludes accrued interest receivable of $31 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 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,

 

(in millions)

 

2022

 

 

2021

 

 

2020

 

Gross proceeds

 

$

228

 

 

$

 

 

$

484

 

Gross realized gains

 

 

 

 

 

 

 

 

2

 

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, 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

 

$

 

52

 

 

$

 

1,588

 

 

$

 

2

 

 

$

 

20

 

 

$

 

1,657

 

Due from one to five years

 

 

 

195

 

 

 

 

150

 

 

 

 

 

 

 

 

472

 

 

 

 

804

 

Due from five to ten years

 

 

 

277

 

 

 

 

1,177

 

 

 

 

18

 

 

 

 

509

 

 

 

 

1,656

 

Due after ten years

 

 

 

4,718

 

 

 

 

325

 

 

 

 

10

 

 

 

 

404

 

 

 

 

4,943

 

Total debt securities available
   for sale

 

$

 

5,242

 

 

$

 

3,240

 

 

$

 

30

 

 

$

 

1,405

 

 

$

 

9,060

 

 

(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, 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

 

$

 

1,487

 

 

$

 

4

 

 

$

 

 

 

$

 

 

 

$

 

1,487

 

 

$

 

4

 

U.S. Government agency and GSE obligations

 

 

 

243

 

 

 

 

5

 

 

 

 

1,156

 

 

 

 

346

 

 

 

 

1,399

 

 

 

 

351

 

GSE certificates

 

 

 

871

 

 

 

 

46

 

 

 

 

420

 

 

 

 

114

 

 

 

 

1,291

 

 

 

 

160

 

GSE CMOs

 

 

 

2,219

 

 

 

 

36

 

 

 

 

925

 

 

 

 

264

 

 

 

 

3,144

 

 

 

 

300

 

Asset-backed securities

 

 

 

61

 

 

 

 

2

 

 

 

 

262

 

 

 

 

12

 

 

 

 

323

 

 

 

 

14

 

Municipal bonds

 

 

 

9

 

 

 

 

 

 

 

 

7

 

 

 

 

 

 

 

 

16

 

 

 

 

 

Corporate bonds

 

 

 

698

 

 

 

 

27

 

 

 

 

97

 

 

 

 

4

 

 

 

 

795

 

 

 

 

30

 

Foreign notes

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

 

 

 

 

Capital trust notes

 

 

 

46

 

 

 

 

2

 

 

 

 

34

 

 

 

 

10

 

 

 

 

80

 

 

 

 

12

 

Equity securities

 

 

 

4

 

 

 

 

 

 

 

 

10

 

 

 

 

2

 

 

 

 

14

 

 

 

 

2

 

Total temporarily impaired
   securities

 

$

 

5,658

 

 

$

 

122

 

 

$

 

2,911

 

 

$

 

752

 

 

$

 

8,569

 

 

$

 

873

 

 

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