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Securities (Tables) | 12 Months Ended
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Dec. 31, 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:
|  |  | December 31, 2022 |
(in millions) |  |  | Amortized Cost |  |  |  | Gross Unrealized Gain |  |  |  | Gross Unrealized Loss |  |  |  | Fair Value |
Debt securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GSE certificates |  | $ |  | 1,457 |  |  | $ |  | — |  |  | $ |  | 160 |  |  | $ |  | 1,297 |
GSE CMOs |  |  |  | 3,600 |  |  |  |  | 1 |  |  |  |  | 300 |  |  |  |  | 3,301 |
Private Label CMOs |  |  |  | 185 |  |  |  |  | 6 |  |  |  |  | — |  |  |  |  | 191 |
Total mortgage-related debt securities |  | $ |  | 5,242 |  |  | $ |  | 7 |  |  | $ |  | 460 |  |  | $ |  | 4,789 |
Other Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. Treasury obligations |  | $ |  | 1,491 |  |  | $ |  | — |  |  | $ |  | 4 |  |  | $ |  | 1,487 |
GSE debentures |  |  |  | 1,749 |  |  |  |  | — |  |  |  |  | 351 |  |  |  |  | 1,398 |
Asset-backed securities (1) |  |  |  | 375 |  |  |  |  | — |  |  |  |  | 14 |  |  |  |  | 361 |
Municipal bonds |  |  |  | 30 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 30 |
Corporate bonds |  |  |  | 913 |  |  |  |  | 2 |  |  |  |  | 30 |  |  |  |  | 885 |
Foreign notes |  |  |  | 20 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 20 |
Capital trust notes |  |  |  | 97 |  |  |  |  | 5 |  |  |  |  | 12 |  |  |  |  | 90 |
Total other debt securities |  | $ |  | 4,675 |  |  | $ |  | 7 |  |  | $ |  | 411 |  |  | $ |  | 4,271 |
Total debt securities available for sale |  | $ |  | 9,917 |  |  | $ |  | 14 |  |  | $ |  | 871 |  |  | $ |  | 9,060 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual funds |  |  |  | 16 |  |  |  |  | — |  |  |  |  | 2 |  |  |  |  | 14 |
Total equity securities |  | $ |  | 16 |  |  | $ |  | — |  |  | $ |  | 2 |  |  | $ |  | 14 |
Total securities (2) |  | $ |  | 9,933 |  |  | $ |  | 14 |  |  | $ |  | 873 |  |  | $ |  | 9,074 |
(1) The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2) Excludes accrued interest receivable of $31 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 |
Municipal bonds |  |  | 25 |  |  |  | — |  |  |  | — |  |  |  | 25 |
Corporate bonds |  |  | 821 |  |  |  | 18 |  |  |  | 1 |  |  |  | 838 |
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 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 years-ended:
|  | December 31, |
(in millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Gross proceeds |  | $ | 228 |  |  | $ | — |  |  | $ | 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 December 31, 2022:
|  |  | Mortgage- Related Securities |  |  |  | U.S. Government and GSE Obligations |  |  |  | State, County, and Municipal |  |  |  | Other Debt Securities (1) |  |  |  | Fair Value |
(dollars in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year |  | $ |  | 52 |  |  | $ |  | 1,588 |  |  | $ |  | 2 |  |  | $ |  | 20 |  |  | $ |  | 1,657 |
Due from one to five years |  |  |  | 195 |  |  |  |  | 150 |  |  |  |  | — |  |  |  |  | 472 |  |  |  |  | 804 |
Due from five to ten years |  |  |  | 277 |  |  |  |  | 1,177 |  |  |  |  | 18 |  |  |  |  | 509 |  |  |  |  | 1,656 |
Due after ten years |  |  |  | 4,718 |  |  |  |  | 325 |  |  |  |  | 10 |  |  |  |  | 404 |  |  |  |  | 4,943 |
Total debt securities available for sale |  | $ |  | 5,242 |  |  | $ |  | 3,240 |  |  | $ |  | 30 |  |  | $ |  | 1,405 |  |  | $ |  | 9,060 |
(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 having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 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 |  | $ |  | 1,487 |  |  | $ |  | 4 |  |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | 1,487 |  |  | $ |  | 4 |
U.S. Government agency and GSE obligations |  |  |  | 243 |  |  |  |  | 5 |  |  |  |  | 1,156 |  |  |  |  | 346 |  |  |  |  | 1,399 |  |  |  |  | 351 |
GSE certificates |  |  |  | 871 |  |  |  |  | 46 |  |  |  |  | 420 |  |  |  |  | 114 |  |  |  |  | 1,291 |  |  |  |  | 160 |
GSE CMOs |  |  |  | 2,219 |  |  |  |  | 36 |  |  |  |  | 925 |  |  |  |  | 264 |  |  |  |  | 3,144 |  |  |  |  | 300 |
Asset-backed securities |  |  |  | 61 |  |  |  |  | 2 |  |  |  |  | 262 |  |  |  |  | 12 |  |  |  |  | 323 |  |  |  |  | 14 |
Municipal bonds |  |  |  | 9 |  |  |  |  | — |  |  |  |  | 7 |  |  |  |  | — |  |  |  |  | 16 |  |  |  |  | — |
Corporate bonds |  |  |  | 698 |  |  |  |  | 27 |  |  |  |  | 97 |  |  |  |  | 4 |  |  |  |  | 795 |  |  |  |  | 30 |
Foreign notes |  |  |  | 20 |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 20 |  |  |  |  | — |
Capital trust notes |  |  |  | 46 |  |  |  |  | 2 |  |  |  |  | 34 |  |  |  |  | 10 |  |  |  |  | 80 |  |  |  |  | 12 |
Equity securities |  |  |  | 4 |  |  |  |  | — |  |  |  |  | 10 |  |  |  |  | 2 |  |  |  |  | 14 |  |  |  |  | 2 |
Total temporarily impaired securities |  | $ |  | 5,658 |  |  | $ |  | 122 |  |  | $ |  | 2,911 |  |  | $ |  | 752 |  |  | $ |  | 8,569 |  |  | $ |  | 873 |
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 |
Municipal bonds |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |  |  |  | — |
Corporate bonds |  |  | — |  |  |  | — |  |  |  | 99 |  |  |  | 1 |  |  |  | 99 |  |  |  | 1 |
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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