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Securities (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021 and December 31, 2020:
|  | September 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 |  | $ | 1,117 |  |  | $ | 28 |  |  | $ | 15 |  |  | $ | 1,130 |
GSE CMOs |  |  | 1,865 |  |  |  | 19 |  |  |  | 35 |  |  |  | 1,849 |
Total mortgage-related debt securities |  | $ | 2,982 |  |  | $ | 47 |  |  | $ | 50 |  |  | $ | 2,979 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ | 65 |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
GSE debentures |  |  | 1,413 |  |  |  | 2 |  |  |  | 43 |  |  |  | 1,372 |
Asset-backed securities (1) |  |  | 493 |  |  |  | 4 |  |  |  | 2 |  |  |  | 495 |
Municipal bonds |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |
Corporate bonds |  |  | 821 |  |  |  | 21 |  |  |  | 1 |  |  |  | 841 |
Foreign notes |  |  | 25 |  |  |  | 1 |  |  |  | — |  |  |  | 26 |
Capital trust notes |  |  | 96 |  |  |  | 7 |  |  |  | 8 |  |  |  | 95 |
Total other debt securities |  | $ | 2,938 |  |  | $ | 35 |  |  | $ | 54 |  |  | $ | 2,919 |
Total debt securities available for sale |  | $ | 5,920 |  |  | $ | 82 |  |  | $ | 104 |  |  | $ | 5,898 |
Equity Securities: |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Total equity securities |  | $ | 16 |  |  | $ | — |  |  | $ | — |  |  | $ | 16 |
Total securities (2) |  | $ | 5,936 |  |  | $ | 82 |  |  | $ | 104 |  |  | $ | 5,914 |
(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $14 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 nine months ended September 30, 2021 and 2020:
|  | For the Nine Months Ended September 30, |
(dollars in millions) |  | 2021 |  |  | 2020 |
Gross proceeds |  | $ | - |  |  | $ | 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 September 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 |  | $ | 26 |  |  |  | 2.72 |  | % | $ | 69 |  |  |  | 0.17 |  | % | $ | — |  |  |  | — |  | % | $ | — |  |  |  | — |  | % | $ | 95 |
Due from one to five years |  |  | 193 |  |  |  | 3.25 |  |  |  | 22 |  |  |  | 3.52 |  |  |  | — |  |  |  | — |  |  |  | 403 |  |  |  | 1.62 |  |  |  | 646 |
Due from five to ten years |  |  | 197 |  |  |  | 2.52 |  |  |  | 317 |  |  |  | 1.58 |  |  |  | 19 |  |  |  | 3.52 |  |  |  | 523 |  |  |  | 2.26 |  |  |  | 1,065 |
Due after ten years |  |  | 2,566 |  |  |  | 1.85 |  |  |  | 1,070 |  |  |  | 1.54 |  |  |  | 6 |  |  |  | 3.33 |  |  |  | 509 |  |  |  | 1.18 |  |  |  | 4,092 |
Total debt securities available for sale |  | $ | 2,982 |  |  |  | 1.99 |  | % | $ | 1,478 |  |  |  | 1.51 |  | % | $ | 25 |  |  |  | 3.48 |  | % | $ | 1,435 |  |  |  | 1.70 |  | % | $ | 5,898 |
(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 September 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 |  | $ | 497 |  |  | $ | 15 |  |  | $ | — |  |  | $ | — |  |  | $ | 497 |  |  | $ | 15 |
US Treasuries |  |  | 45 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 45 |  |  |  | — |
GSE CMOs |  |  | 969 |  |  |  | 35 |  |  |  | — |  |  |  | — |  |  |  | 969 |  |  |  | 35 |
GSE debentures |  |  | 927 |  |  |  | 26 |  |  |  | 393 |  |  |  | 17 |  |  |  | 1,320 |  |  |  | 43 |
Asset-backed securities |  |  | 138 |  |  |  | — |  |  |  | 141 |  |  |  | 2 |  |  |  | 279 |  |  |  | 2 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | — |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 249 |  |  |  | 1 |  |  |  | 249 |  |  |  | 1 |
Capital trust notes |  |  | — |  |  |  | — |  |  |  | 36 |  |  |  | 8 |  |  |  | 36 |  |  |  | 8 |
Equity securities |  |  | 12 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12 |  |  |  | — |
Total temporarily impaired securities |  | $ | 2,588 |  |  | $ | 76 |  |  | $ | 827 |  |  | $ | 28 |  |  | $ | 3,415 |  |  | $ | 104 |
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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