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Debt securities available-for-sale | 9 Months Ended
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Sep. 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 September 30, 2025 and December 31, 2024. At September 30, 2025 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 10,182,136 $ 2,162 $ 8,399 $ 10,175,899 3.68 % After 1 to 5 years 5,531,033 23,619 23,786 5,530,866 3.73 Total U.S. Treasury securities 15,713,169 25,781 32,185 15,706,765 3.70 Collateralized mortgage obligations - federal agencies After 1 to 5 years 6,213 - 135 6,078 1.52 After 5 to 10 years 12,050 - 549 11,501 2.51 After 10 years 93,542 119 6,540 87,121 2.92 Total collateralized mortgage obligations - federal agencies 111,805 119 7,224 104,700 2.80 Mortgage-backed securities - federal agencies Within 1 year 15,380 - 78 15,302 2.23 After 1 to 5 years 82,670 8 2,102 80,576 2.30 After 5 to 10 years 836,304 247 48,922 787,629 2.10 After 10 years 4,859,779 907 869,985 3,990,701 1.70 Total mortgage-backed securities - federal agencies 5,794,133 1,162 921,087 4,874,208 1.77 Other Within 1 year 500 - - 500 4.33 After 1 to 5 years 250 - - 250 4.79 Total other 750 - - 750 4.48 Total debt securities available-for-sale [1] $ 21,619,857 $ 27,062 $ 960,496 $ 20,686,423 3.18 % [1] Includes $ 14.9 billion pledged to secure government and trust deposits, credit facilities and loan servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $ 13.9 billion serve as collateral for public funds. The Corporation had unpledged Available for Sale securities with a fair value of $ 5.7 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 September 30, 2025, the Corporation did not intend to sell and did not believe that it was more likely than not that it would be required to sell debt securities classified as available-for-sale. There were no sales of debt securities classified as available-for-sale during the nine months ended September 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 September 30, 2025 and December 31, 2024. At September 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 $ 4,241,874 $ 9,041 $ 1,656,231 $ 23,144 $ 5,898,105 $ 32,185 Collateralized mortgage obligations - federal agencies 6,506 9 87,499 7,215 94,005 7,224 Mortgage-backed securities -federal agencies 18,000 480 4,798,315 920,607 4,816,315 921,087 Total debt securities available-for-sale in an unrealized loss position $ 4,266,380 $ 9,530 $ 6,542,045 $ 950,966 $ 10,808,425 $ 960,496 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 September 30, 2025, the portfolio of available-for-sale debt securities reflects gross unrealized losses of $ 1.0 billion (December 31, 2024 - $ 1.3 billion), driven mainly by mortgage-backed securities, impacted by the higher-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.

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