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v3.23.3

Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 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:
| September 30, 2023
(in millions) | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |
GSE certificates | $ | 1,378 |  |  | $ | — |  |  | $ | 214 |  |  | $ | 1,164 |
GSE CMOs | 4,883 |  |  | — |  |  | 532 |  |  | 4,351 |
Private Label CMOs | 177 |  |  | — |  |  | 3 |  |  | 174 |
Total mortgage-related debt securities | $ | 6,438 |  |  | $ | — |  |  | $ | 749 |  |  | $ | 5,689 |
Other Debt Securities: |  |  |  |  |  |  |
U. S. Treasury obligations | $ | 195 |  |  | $ | — |  |  | $ | — |  |  | $ | 195 |
GSE debentures | 2,041 |  |  | 1 |  |  | 383 |  |  | 1,659 |
Asset-backed securities (1) | 319 |  |  | — |  |  | 6 |  |  | 313 |
Municipal bonds | 7 |  |  | — |  |  | 1 |  |  | 6 |
Corporate bonds | 769 |  |  | 3 |  |  | 35 |  |  | 737 |
Foreign notes | 35 |  |  | — |  |  | 2 |  |  | 33 |
Capital trust notes | 97 |  |  | 5 |  |  | 11 |  |  | 91 |
Total other debt securities | $ | 3,463 |  |  | $ | 9 |  |  | $ | 438 |  |  | $ | 3,034 |
Total debt securities available for sale | $ | 9,901 |  |  | $ | 9 |  |  | $ | 1,187 |  |  | $ | 8,723 |
Equity securities: |  |  |  |  |  |  |
Mutual funds | $ | 16 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 13 |
Total equity securities | $ | 16 |  |  | $ | — |  |  | $ | 3 |  |  | $ | 13 |
Total securities (2) | $ | 9,917 |  |  | $ | 9 |  |  | $ | 1,190 |  |  | $ | 8,736 |
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2)Excludes accrued interest receivable of $39 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 September 30, 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 | $ | 20 |  |  | $ | 492 |  |  | $ | — |  |  | $ | — |  |  | $ | 508 |
Due from one to five years | 179 |  |  | 150 |  |  | — |  |  | 457 |  |  | 776 |
Due from five to ten years | 319 |  |  | 1,427 |  |  | 7 |  |  | 407 |  |  | 1,714 |
Due after ten years | 5,920 |  |  | 167 |  |  | — |  |  | 356 |  |  | 5,725 |
Total debt securities available for sale | $ | 6,438 |  |  | $ | 2,236 |  |  | $ | 7 |  |  | $ | 1,220 |  |  | $ | 8,723 |
(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 September 30, 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. Treasury obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. Government agency and GSE obligations | 216 |  |  | 1 |  |  | 1,367 |  |  | 382 |  |  | 1,583 |  |  | 383 |
GSE certificates | 341 |  |  | 23 |  |  | 823 |  |  | 191 |  |  | 1,164 |  |  | 214 |
Private Label CMOs | 140 |  |  | 3 |  |  | — |  |  | — |  |  | 140 |  |  | 3 |
GSE CMOs | 3,234 |  |  | 180 |  |  | 1,117 |  |  | 352 |  |  | 4,351 |  |  | 532 |
Asset-backed securities | — |  |  | — |  |  | 280 |  |  | 6 |  |  | 280 |  |  | 6 |
Municipal bonds | — |  |  | — |  |  | 6 |  |  | 1 |  |  | 6 |  |  | 1 |
Corporate bonds | — |  |  | — |  |  | 405 |  |  | 35 |  |  | 405 |  |  | 35 |
Foreign notes | 24 |  |  | 1 |  |  | 9 |  |  | 1 |  |  | 33 |  |  | 2 |
Capital trust notes | — |  |  | — |  |  | 81 |  |  | 11 |  |  | 81 |  |  | 11 |
Equity securities | — |  |  | — |  |  | 13 |  |  | 3 |  |  | 13 |  |  | 3 |
Total temporarily impaired securities | $ | 3,955 |  |  | $ | 208 |  |  | $ | 4,101 |  |  | $ | 982 |  |  | $ | 8,056 |  |  | $ | 1,190 |
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 |  |  | 3 |  |  | 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 |  |  | $ | 751 |  |  | $ | 8,569 |  |  | $ | 873 |

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