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v3.23.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Held-to-Maturity and Available-for-Sale Securities | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values:
| March 31, 2023
(in millions) | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |
GSE certificates | $ | 1,388 |  |  | $ | 1 |  |  | $ | 143 |  |  | $ | 1,246 |
GSE CMOs | 3,562 |  |  | 4 |  |  | 284 |  |  | 3,282 |
Private Label CMOs | 183 |  |  | 6 |  |  | 1 |  |  | 188 |
Total mortgage-related debt securities | $ | 5,133 |  |  | $ | 11 |  |  | $ | 428 |  |  | $ | 4,716 |
Other Debt Securities: |  |  |  |  |  |  |
U. S. Treasury obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
GSE debentures | 1,899 |  |  | — |  |  | 310 |  |  | 1,589 |
Asset-backed securities (1) | 345 |  |  | — |  |  | 10 |  |  | 335 |
Municipal bonds | 18 |  |  | — |  |  | — |  |  | 18 |
Corporate bonds | 864 |  |  | 2 |  |  | 33 |  |  | 833 |
Foreign notes | 20 |  |  | — |  |  | 1 |  |  | 19 |
Capital trust notes | 97 |  |  | 5 |  |  | 13 |  |  | 89 |
Total other debt securities | $ | 3,243 |  |  | $ | 7 |  |  | $ | 367 |  |  | $ | 2,883 |
Total debt securities available for sale | $ | 8,376 |  |  | $ | 18 |  |  | $ | 795 |  |  | $ | 7,599 |
Equity securities: |  |  |  |  |  |  |
Mutual funds | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total equity securities | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total securities (2) | $ | 8,392 |  |  | $ | 18 |  |  | $ | 797 |  |  | $ | 7,613 |
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2)Excludes accrued interest receivable of $30 million included in other assets in the Consolidated Statements of Condition.
| 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 other 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.
Summary of Unrealized Loss Positions on Investment Securities Held-to-Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2023:
| 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 | $ | 21 |  |  | $ | 97 |  |  | $ | — |  |  | $ | 20 |  |  | $ | 136 |
Due from one to five years | 175 |  |  | 300 |  |  | — |  |  | 459 |  |  | 926 |
Due from five to ten years | 328 |  |  | 1,377 |  |  | 18 |  |  | 469 |  |  | 1,839 |
Due after ten years | 4,609 |  |  | 125 |  |  | — |  |  | 378 |  |  | 4,698 |
Total debt securities available for sale | $ | 5,133 |  |  | $ | 1,899 |  |  | $ | 18 |  |  | $ | 1,326 |  |  | $ | 7,599 |
(1)Includes corporate bonds, capital trust notes, foreign notes, and asset-backed securities.
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The following table presents securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2023:
| 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. Government agency and GSE obligations | $ | 343 |  |  | $ | 4 |  |  | $ | 1,196 |  |  | $ | 306 |  |  | $ | 1,539 |  |  | $ | 310 |
GSE certificates | 239 |  |  | 5 |  |  | 757 |  |  | 138 |  |  | 996 |  |  | 143 |
Private Label CMOs | 4 |  |  | 1 |  |  | — |  |  | — |  |  | 4 |  |  | 1 |
GSE CMOs | 1,378 |  |  | 17 |  |  | 1,215 |  |  | 267 |  |  | 2,593 |  |  | 284 |
Asset-backed securities | 94 |  |  | 1 |  |  | 241 |  |  | 9 |  |  | 335 |  |  | 10 |
Municipal bonds | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |  |  | — |
Corporate bonds | 334 |  |  | 3 |  |  | 373 |  |  | 30 |  |  | 707 |  |  | 33 |
Foreign notes | 19 |  |  | 1 |  |  | — |  |  | — |  |  | 19 |  |  | 1 |
Capital trust notes | 23 |  |  | 1 |  |  | 56 |  |  | 12 |  |  | 79 |  |  | 13 |
Equity securities | — |  |  | — |  |  | 14 |  |  | 2 |  |  | 14 |  |  | 2 |
Total temporarily impaired securities | $ | 2,434 |  |  | $ | 33 |  |  | $ | 3,859 |  |  | $ | 764 |  |  | $ | 6,293 |  |  | $ | 797 |
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 |  |  | 31 |
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 |  |  | $ | 874 |

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