XML 22 R13.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Securities | 9 Months Ended
--- | ---
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract] |
Securities | Note 4. Securities 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, 2022 and December 31, 2021:
|  |  | September 30, 2022 |
(in millions) |  |  | Amortized Cost |  |  |  | Gross Unrealized Gain |  |  |  | Gross Unrealized Loss |  |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ |  | 1,115 |  |  | $ |  | — |  |  | $ |  | 171 |  |  | $ |  | 944 |
GSE CMOs |  |  |  | 1,562 |  |  |  |  | — |  |  |  |  | 276 |  |  |  |  | 1,286 |
Total mortgage-related debt securities |  | $ |  | 2,677 |  |  | $ |  | — |  |  | $ |  | 447 |  |  | $ |  | 2,230 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ |  | 1,677 |  |  | $ |  | — |  |  | $ |  | 5 |  |  | $ |  | 1,672 |
GSE debentures |  |  |  | 1,749 |  |  |  |  | — |  |  |  |  | 343 |  |  |  |  | 1,406 |
Asset-backed securities (1) |  |  |  | 401 |  |  |  |  | — |  |  |  |  | 10 |  |  |  |  | 391 |
Corporate bonds |  |  |  | 884 |  |  |  |  | 2 |  |  |  |  | 31 |  |  |  |  | 855 |
Municipal bonds |  |  |  | 18 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 18 |
Foreign notes |  |  |  | 25 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 25 |
Capital trust notes |  |  |  | 96 |  |  |  |  | 6 |  |  |  |  | 10 |  |  |  |  | 92 |
Total other debt securities |  | $ |  | 4,850 |  |  | $ |  | 8 |  |  | $ |  | 399 |  |  | $ |  | 4,459 |
Total debt securities available for sale |  | $ |  | 7,527 |  |  | $ |  | 8 |  |  | $ |  | 846 |  |  | $ |  | 6,689 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  | $ |  | 16 |  |  | $ |  | — |  |  | $ |  | 2 |  |  | $ |  | 14 |
Total equity securities |  | $ |  | 16 |  |  | $ |  | — |  |  | $ |  | 2 |  |  | $ |  | 14 |
Total securities (2) |  | $ |  | 7,543 |  |  | $ |  | 8 |  |  | $ |  | 848 |  |  | $ |  | 6,703 |
(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $23 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 |
Corporate bonds |  |  | 821 |  |  |  | 18 |  |  |  | 1 |  |  |  | 838 |
Municipal bonds |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |
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. At September 30, 2022 and December 31, 2021, respectively, the Company had $630 million and $734 million of FHLB-NY stock, at cost. The Company maintains an investment in FHLB-NY stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. Net losses on equity securities recognized in earnings for the nine months ended September 30, 2022 and 2021 were $2 and $0, respectively. The following table summarizes, by contractual maturity, the amortized cost of securities at September 30, 2022:
|  |  | Mortgage- Related Securities |  |  |  | U.S. Government and GSE Obligations |  |  |  | State, County, and Municipal |  |  |  | Other Debt Securities (1) |  |  |  | Fair Value |
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ |  | 4 |  |  | $ |  | 1,677 |  |  | $ |  | — |  |  | $ |  | 25 |  |  | $ |  | 1,701 |
Due from one to five years |  |  |  | 143 |  |  |  |  | 247 |  |  |  |  | — |  |  |  |  | 428 |  |  |  |  | 807 |
Due from five to ten years |  |  |  | 219 |  |  |  |  | 1,077 |  |  |  |  | 18 |  |  |  |  | 527 |  |  |  |  | 1,544 |
Due after ten years |  |  |  | 2,311 |  |  |  |  | 425 |  |  |  |  | — |  |  |  |  | 426 |  |  |  |  | 2,637 |
Total debt securities available for sale |  | $ |  | 2,677 |  |  | $ |  | 3,426 |  |  | $ |  | 18 |  |  | $ |  | 1,406 |  |  | $ |  | 6,689 |
(1) Includes corporate bonds, capital trust notes, foreign notes and asset-backed securities. 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, 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 |  | $ |  | 1,476 |  |  | $ |  | 5 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 1,476 |  |  | $ |  | 5 |
GSE certificates |  |  |  | 572 |  |  |  |  | 62 |  |  |  |  | 371 |  |  |  |  | 109 |  |  |  |  | 943 |  |  |  |  | 171 |
GSE CMOs |  |  |  | 448 |  |  |  |  | 41 |  |  |  |  | 838 |  |  |  |  | 235 |  |  |  |  | 1,286 |  |  |  |  | 276 |
U.S. Government agency and GSE obligations |  |  |  | 394 |  |  |  |  | 43 |  |  |  |  | 1,012 |  |  |  |  | 300 |  |  |  |  | 1,406 |  |  |  |  | 343 |
Asset-backed securities |  |  |  | 125 |  |  |  |  | 2 |  |  |  |  | 224 |  |  |  |  | 8 |  |  |  |  | 349 |  |  |  |  | 10 |
Corporate bonds |  |  |  | 720 |  |  |  |  | 27 |  |  |  |  | 95 |  |  |  |  | 4 |  |  |  |  | 815 |  |  |  |  | 31 |
Municipal bonds |  |  |  | 11 |  |  |  |  | — |  |  |  |  | 7 |  |  |  |  | 1 |  |  |  |  | 18 |  |  |  |  | 1 |
Foreign notes |  |  |  | 25 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 25 |  |  |  |  | — |
Capital trust notes |  |  |  | 46 |  |  |  |  | 1 |  |  |  |  | 36 |  |  |  |  | 8 |  |  |  |  | 82 |  |  |  |  | 9 |
Equity securities |  |  |  | 4 |  |  |  |  | — |  |  |  |  | 11 |  |  |  |  | 2 |  |  |  |  | 15 |  |  |  |  | 2 |
Total temporarily impaired securities |  | $ |  | 3,821 |  |  | $ |  | 181 |  |  | $ |  | 2,594 |  |  | $ |  | 667 |  |  | $ |  | 6,415 |  |  | $ |  | 848 |
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 |
Corporate bonds |  |  | — |  |  |  |  | — |  |  |  |  | 99 |  |  |  |  | 1 |  |  |  |  | 99 |  |  |  |  | 1 |
Municipal bonds |  |  | — |  |  |  |  | — |  |  |  |  | 8 |  |  |  |  | — |  |  |  |  | 8 |  |  |  |  | — |
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 |
The investment securities designated as having a continuous loss position for twelve months or more at September 30, 2022 consisted of 103 agency MBS, 18 agency CMOs, five capital trust notes, six asset-backed securities, two corporate bonds, 28 U.S. government agency bonds, one municipal bond and one equity security. The investment securities designated as having a continuous loss position for twelve months or more at December 31, 2021 consisted of four agency collateralized mortgage obligations, five capital trusts notes, four asset-backed securities, two corporate bonds, 20 US government agency bonds, 21 agency mortgage-backed securities and one municipal bond. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. Based on an evaluation of available information about past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability, the Company has concluded that it expects to receive all contractual cash flows from each security held in its available-for-sale securities portfolio. We first assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. If neither of the aforementioned criteria is met, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. None of the unrealized losses identified as of September 30, 2022 or December 31, 2021 relates to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. Management based this conclusion on an analysis of each issuer including a detailed credit assessment of each issuer. The Company does not intend to sell, and it is not more likely than not that the Company will be required to sell the positions before the recovery of their amortized cost basis, which may be at maturity. As such, no allowance for credit losses was recorded with respect to debt securities as of or during the nine months ended September 30, 2022. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Available-for-sale debt securities are placed on non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status.

X
- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 321 -URI https://asc.fasb.org/topic&trid=75115024 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI https://asc.fasb.org/topic&trid=2196928 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 325 -URI https://asc.fasb.org/topic&trid=2197064 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI https://asc.fasb.org/topic&trid=2196965 + Details
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration