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