XML 36 R15.htm IDEA: XBRL DOCUMENT v3.25.2
Debt securities available-for-sale
 6 Months Ended
Jun. 30, 2025
Debt securities available-for-sale  
Schedule of Available-for-sale Securities [Line Items]  
Investments in debt and marketable equity securities
Note 5 – Debt securities available-for-sale
The
 
following
 
tables
 
present
 
the
 
amortized
 
cost,
 
gross
 
unrealized
 
gains
 
and
 
losses,
 
fair
 
value,
 
weighted
 
average
 
yield
 
and
contractual maturities of debt securities available-for-sale
 
at June 30, 2025 and December 31,
 
2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
 
average
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
11,617,164
$
81
$
23,332
$
11,593,913
3.66
%
After 1 to 5 years
3,823,444
20,739
25,300
3,818,883
3.80
Total U.S. Treasury
 
securities
15,440,608
20,820
48,632
15,412,796
3.69
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
7,520
-
199
7,321
1.52
After 5 to 10 years
13,024
-
626
12,398
2.52
After 10 years
97,807
99
7,193
90,713
2.90
Total collateralized
 
mortgage obligations - federal agencies
118,351
99
8,018
110,432
2.77
Mortgage-backed securities - federal agencies
Within 1 year
15,394
1
149
15,246
2.54
After 1 to 5 years
83,070
7
2,438
80,639
2.28
After 5 to 10 years
696,835
290
31,836
665,289
2.38
After 10 years
5,174,509
710
970,159
4,205,060
1.67
Total mortgage-backed
 
securities - federal agencies
5,969,808
1,008
1,004,582
4,966,234
1.77
Other
Within 1 year
500
-
-
500
4.38
After 1 to 5 years
250
-
-
250
4.84
Total other
 
750
-
-
750
4.53
Total debt securities
 
available-for-sale
[1]
$
21,529,517
$
21,927
$
1,061,232
$
20,490,212
3.15
%
[1]
 
Includes $
15.5
 
billion pledged to secure government and trust
 
deposits, assets sold under agreements to repurchase, credit
 
facilities and loan
servicing agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
14.3
 
billion serve as collateral for
public funds.
 
The Corporation had unpledged Available
 
for Sale securities with a fair value of $
5
.0 billion that could be used to increase its
borrowing facilities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Gross
 
Gross
 
Weighted
 
Amortized
 
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
10,555,397
$
1,282
$
46,275
$
10,510,404
3.33
%
After 1 to 5 years
2,547,936
151
63,381
2,484,706
3.07
Total U.S. Treasury
 
securities
13,103,333
1,433
109,656
12,995,110
3.28
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
10,538
-
345
10,193
1.53
After 5 to 10 years
15,334
-
904
14,430
2.24
After 10 years
104,168
132
8,639
95,661
2.76
Total collateralized
 
mortgage obligations - federal agencies
130,040
132
9,888
120,284
2.60
Mortgage-backed securities - federal agencies
Within 1 year
776
-
5
771
1.65
After 1 to 5 years
79,542
8
2,700
76,850
2.35
After 5 to 10 years
733,506
82
45,078
688,510
2.37
After 10 years
5,468,448
337
1,106,657
4,362,128
1.67
Total mortgage-backed
 
securities - federal agencies
6,282,272
427
1,154,440
5,128,259
1.75
Other
Within 1 year
500
-
-
500
5.00
After 1 to 5 years
1,750
-
-
1,750
5.50
Total other
 
2,250
-
-
2,250
5.39
Total debt securities
 
available-for-sale
[1]
$
19,517,895
$
1,992
$
1,273,984
$
18,245,903
2.78
%
[1]
Includes $
13.9
 
billion pledged to secure government and trust deposits,
 
assets sold under agreements to repurchase, credit facilities
 
and loan
servicing agreements that the secured parties are not permitted
 
to sell or repledge the collateral, of which $
12.9
 
billion serve as collateral for
public funds. The Corporation had unpledged Available
 
for Sale securities with a fair value of
 
$
4.3
 
billion that could be used to increase its
borrowing facilities.
The weighted
 
average yield
 
on debt
 
securities available-for-sale
 
is based
 
on amortized
 
cost; therefore,
 
it
 
does not
 
give
 
effect to
changes in fair value.
Securities
 
not
 
due
 
on
 
a
 
single
 
contractual
 
maturity
 
date,
 
such
 
as
 
mortgage-backed
 
securities
 
and
 
collateralized
 
mortgage
obligations,
 
are
 
classified
 
based
 
on
 
the
 
period
 
of
 
final
 
contractual
 
maturity.
 
The
 
expected
 
maturities
 
of
 
collateralized
 
mortgage
obligations, mortgage-backed securities
 
and certain
 
other securities
 
may differ
 
from their
 
contractual maturities
 
because they
 
may
be subject to prepayments or may be called
 
by the issuer.
At June 30,
 
2025, the Corporation did not
 
intend to sell or
 
believed it was more
 
likely than not that
 
it would be required
 
to sell debt
securities classified
 
as available-for-sale. There
 
were
no
 
debt securities
 
classified as
 
available-for-sale sold during
 
the six
 
months
ended June 30, 2025 and 2024.
The
 
following
 
tables
 
present
 
the
 
Corporation’s
 
fair
 
value
 
and
 
gross
 
unrealized
 
losses
 
of
 
debt
 
securities
 
available-for-sale,
aggregated by investment category and length of
 
time that individual securities have been in a continuous
 
unrealized loss position at
June 30, 2025 and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At June 30, 2025
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
8,477,646
$
11,934
$
2,097,347
$
36,698
$
10,574,993
$
48,632
Collateralized mortgage obligations - federal agencies
 
6,592
21
92,871
7,997
99,463
8,018
Mortgage-backed securities -federal agencies
50,680
2,594
4,863,122
1,001,988
4,913,802
1,004,582
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
8,534,918
$
14,549
$
7,053,340
$
1,046,683
$
15,588,258
$
1,061,232
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Less than 12 months
12 months or more
Total
Gross
Gross
Gross
Fair
 
 
unrealized
Fair
 
 
unrealized
Fair
 
 
unrealized
(In thousands)
value
 
losses
value
 
losses
value
 
losses
U.S. Treasury securities
$
2,309,894
$
24,646
$
3,638,092
$
85,010
$
5,947,986
$
109,656
Collateralized mortgage obligations - federal agencies
 
4,878
27
102,160
9,861
107,038
9,888
Mortgage-backed securities - federal agencies
70,777
3,175
5,031,414
1,151,265
5,102,191
1,154,440
Total debt securities
 
available-for-sale in an unrealized loss position
 
$
2,385,549
$
27,848
$
8,771,666
$
1,246,136
$
11,157,215
$
1,273,984
As of June 30,
 
2025, the portfolio of
 
available-for-sale debt securities reflects gross unrealized losses
 
of $
1.1
 
billion (December 31,
2024 -
 
$
1.3
 
billion), driven mainly
 
by mortgage-backed securities,
 
which have
 
been impacted by
 
the-interest rate environment
 
and
the
 
portfolio’s
 
longer
 
duration.
 
The
 
portfolio
 
of
 
available-for-sale
 
debt
 
securities
 
is
 
comprised
 
mainly
 
of
 
U.S
 
Treasuries
 
and
obligations
 
from
 
the
 
U.S.
 
Government,
 
its
 
agencies
 
or
 
government
 
sponsored
 
entities,
 
including
 
Federal
 
National
 
Mortgage
Association
 
(“FNMA”),
 
Federal
 
Home
 
Loan
 
Mortgage
 
Corporation
 
(“FHLMC”)
 
and
 
Government
 
National
 
Mortgage
 
Association
(“GNMA”).
 
These
 
securities
 
carry
 
an
 
explicit
 
or
 
implicit
 
guarantee
 
from
 
the
 
U.S.
 
Government,
 
are
 
highly
 
rated
 
by
 
major
 
rating
agencies, and have a long history of no credit
 
losses. Accordingly, the Corporation applies a zero-credit loss assumption.