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Securities (Tables) | 6 Months Ended
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Jun. 30, 2021
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 June 30, 2021 and December 31, 2020:
|  | June 30, 2021 |
(dollars in millions) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,037 |  |  | $ | 32 |  |  | $ | 9 |  |  | $ | 1,060 |
GSE CMOs |  |  | 1,940 |  |  |  | 25 |  |  |  | 32 |  |  |  | 1,933 |
Total mortgage-related debt securities |  | $ | 2,977 |  |  | $ | 57 |  |  | $ | 41 |  |  | $ | 2,993 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 65 |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
GSE debentures |  |  | 1,502 |  |  |  | 2 |  |  |  | 30 |  |  |  | 1,474 |
Asset-backed securities (1) |  |  | 507 |  |  |  | 4 |  |  |  | 2 |  |  |  | 509 |
Municipal bonds |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |
Corporate bonds |  |  | 871 |  |  |  | 21 |  |  |  | 2 |  |  |  | 890 |
Foreign notes |  |  | 25 |  |  |  | 1 |  |  |  | — |  |  |  | 26 |
Capital trust notes |  |  | 96 |  |  |  | 7 |  |  |  | 8 |  |  |  | 95 |
Total other debt securities |  | $ | 3,091 |  |  | $ | 35 |  |  | $ | 42 |  |  | $ | 3,084 |
Total debt securities available for sale |  | $ | 6,068 |  |  | $ | 92 |  |  | $ | 83 |  |  | $ | 6,077 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Total equity securities |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Total securities (2) |  | $ | 6,084 |  |  | $ | 92 |  |  | $ | 83 |  |  | $ | 6,093 |
(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $16 million included in other assets in the Consolidated Statements of Condition.
|  | December 31, 2020 |
(dollars in millions) |  | Amortized Cost |  |  | Gross Unrealized Gain |  |  | Gross Unrealized Loss |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 1,155 |  |  | $ | 54 |  |  | $ | — |  |  | $ | 1,209 |
GSE CMOs |  |  | 1,787 |  |  |  | 45 |  |  |  | 3 |  |  |  | 1,829 |
Total mortgage-related debt securities |  | $ | 2,942 |  |  | $ | 99 |  |  | $ | 3 |  |  | $ | 3,038 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury obligations |  | $ | 65 |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
GSE debentures |  |  | 1,158 |  |  |  | 4 |  |  |  | 4 |  |  |  | 1,158 |
Asset-backed securities (1) |  |  | 530 |  |  |  | 2 |  |  |  | 6 |  |  |  | 526 |
Municipal bonds |  |  | 26 |  |  |  | 1 |  |  |  | — |  |  |  | 27 |
Corporate bonds |  |  | 871 |  |  |  | 18 |  |  |  | 6 |  |  |  | 883 |
Foreign notes |  |  | 25 |  |  |  | 1 |  |  |  | — |  |  |  | 26 |
Capital trust notes |  |  | 96 |  |  |  | 6 |  |  |  | 11 |  |  |  | 91 |
Total other debt securities |  | $ | 2,771 |  |  | $ | 32 |  |  | $ | 27 |  |  | $ | 2,776 |
Total other securities available for sale |  | $ | 5,713 |  |  | $ | 131 |  |  | $ | 30 |  |  | $ | 5,814 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 15 |
Mutual funds |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Total equity securities |  | $ | 31 |  |  | $ | — |  |  | $ | — |  |  | $ | 31 |
Total securities(2) |  | $ | 5,744 |  |  | $ | 131 |  |  | $ | 30 |  |  | $ | 5,845 |
(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 six months ended June 30, 2021 and 2020:
|  | For the Six Months Ended June 30, |
(dollars in millions) |  | 2021 |  |  | 2020 |
Gross proceeds |  |  | — |  |  | $ | 442 |
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 June 30, 2021:
|  | Mortgage- Related Securities |  |  | Average Yield |  |  | U.S. Government and GSE Obligations |  |  | Average Yield |  |  | State, County, and Municipal |  |  | Average Yield (1) |  |  | Other Debt Securities (2) |  |  | Average Yield |  |  | Fair Value |
(dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ | — |  |  |  | - |  | % | $ | 69 |  |  |  | 0.17 |  | % | $ | — |  |  |  | - |  | % | $ | 50 |  |  |  | 2.97 |  | % | $ | 119 |
Due from one to five years |  |  | 242 |  |  |  | 3.19 |  |  |  | 22 |  |  |  | 3.52 |  |  |  | — |  |  |  | — |  |  |  | 303 |  |  |  | 1.74 |  |  |  | 595 |
Due from five to ten years |  |  | 163 |  |  |  | 2.47 |  |  |  | 380 |  |  |  | 1.95 |  |  |  | 19 |  |  |  | 3.52 |  |  |  | 625 |  |  |  | 2.24 |  |  |  | 1,200 |
Due after ten years |  |  | 2,572 |  |  |  | 1.93 |  |  |  | 1,096 |  |  |  | 1.56 |  |  |  | 6 |  |  |  | 3.33 |  |  |  | 521 |  |  |  | 1.21 |  |  |  | 4,163 |
Total debt securities available for sale |  | $ | 2,977 |  |  | 2.06 |  | % | $ | 1,567 |  |  | 1.62 |  | % | $ | 25 |  |  | 3.48 |  | % | $ | 1,499 |  |  | 1.81 |  | % | $ | 6,077 |
(1) Not presented on a tax-equivalent basis. (2) 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 June 30, 2021:
|  | Less than Twelve Months |  |  | Twelve Months or Longer |  |  | Total |
(dollars in millions) |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Temporarily Impaired Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ | 336 |  |  | $ | 9 |  |  | $ | — |  |  | $ | — |  |  | $ | 336 |  |  | $ | 9 |
US Treasuries |  |  | 65 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 65 |  |  |  | — |
GSE CMOs |  |  | 913 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 913 |  |  |  | 32 |
GSE debentures |  |  | 1,132 |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | 1,132 |  |  |  | 30 |
Asset-backed securities |  |  | 68 |  |  |  | — |  |  |  | 146 |  |  |  | 2 |  |  |  | 214 |  |  |  | 2 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 2 |  |  |  | 8 |  |  |  | 2 |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 323 |  |  |  | — |  |  |  | 323 |  |  |  | — |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 8 |  |  |  | 36 |  |  |  | 8 |
Equity securities |  |  | 11,709 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11,709 |  |  |  | — |
Total temporarily impaired securities |  | $ | 14,223 |  |  | $ | 71 |  |  | $ | 513 |  |  | $ | 12 |  |  | $ | 14,736 |  |  | $ | 83 |
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, 2020:
|  | Less than Twelve Months |  |  | Twelve Months or Longer |  |  | Total |
(dollars in millions) |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
Temporarily Impaired Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U. S. Government agency and GSE obligations |  |  | 59 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | — |
GSE certificates |  |  | 442 |  |  |  | 3 |  |  |  | 74 |  |  |  | — |  |  |  | 516 |  |  |  | 3 |
GSE CMOs |  |  | 522 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 522 |  |  |  | 4 |
Asset-backed securities |  |  | — |  |  |  | — |  |  |  | 364 |  |  |  | 6 |  |  |  | 364 |  |  |  | 6 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | 9 |  |  |  | — |
Corporate bonds |  |  | 72 |  |  |  | 3 |  |  |  | 246 |  |  |  | 3 |  |  |  | 318 |  |  |  | 6 |
Foreign notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 33 |  |  |  | 11 |  |  |  | 33 |  |  |  | 11 |
Equity securities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total temporarily impaired securities |  | $ | 1,095 |  |  | $ | 10 |  |  | $ | 726 |  |  | $ | 20 |  |  | $ | 1,821 |  |  | $ | 30 |

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