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v3.22.2.2

Securities (Tables) | 9 Months Ended
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Sep. 30, 2022
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, 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.
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, 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.
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, 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 |

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