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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Debt Securities, Trading, and Equity Securities, FV-NI | The following tables summarize the Company’s portfolio of debt securities available for sale and equity investments with readily determinable fair values:
| December 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 | $ | 1,366 |  |  | $ | 1 |  |  | $ | 146 |  |  | $ | 1,221 |
GSE CMOs | 5,495 |  |  | 48 |  |  | 381 |  |  | 5,162 |
Private Label CMOs | 174 |  |  | 7 |  |  | 1 |  |  | 180 |
Total mortgage-related debt securities | $ | 7,035 |  |  | $ | 56 |  |  | $ | 528 |  |  | $ | 6,563 |
Other Debt Securities: |  |  |  |  |  |  |
U. S. Treasury obligations | $ | 198 |  |  | $ | — |  |  | $ | — |  |  | $ | 198 |
GSE debentures | 1,899 |  |  | 1 |  |  | 291 |  |  | 1,609 |
Asset-backed securities (1) | 307 |  |  | — |  |  | 5 |  |  | 302 |
Municipal bonds | 6 |  |  | — |  |  | — |  |  | 6 |
Corporate bonds | 365 |  |  | — |  |  | 22 |  |  | 343 |
Foreign notes | 35 |  |  | — |  |  | 1 |  |  | 34 |
Capital trust notes | 97 |  |  | 5 |  |  | 12 |  |  | 90 |
Total other debt securities | $ | 2,907 |  |  | $ | 6 |  |  | $ | 331 |  |  | $ | 2,582 |
Total debt securities available for sale | $ | 9,942 |  |  | $ | 62 |  |  | $ | 859 |  |  | $ | 9,145 |
Equity securities: |  |  |  |  |  |  |
Mutual funds | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total equity securities | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total securities (2) | $ | 9,958 |  |  | $ | 62 |  |  | $ | 861 |  |  | $ | 9,159 |
(1)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government. (2)Excludes accrued interest receivable of $38 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.
Schedule of Realized Gain (Loss) | 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) | 2023 |  | 2022 |  | 2021
Gross proceeds | $ | 1,637 |  |  | $ | 228 |  |  | $ | — |
Gross realized gains | 2 |  |  | — |  |  | — |
Gross realized losses | (3) |  |  | — |  |  | — |
Summary of Unrealized Loss Positions on Investment Securities Held-to-Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at December 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 | $ | — |  |  | $ | 448 |  |  | $ | — |  |  | $ | — |  |  | $ | 446 |
Due from one to five years | 178 |  |  | 50 |  |  | — |  |  | 353 |  |  | 560 |
Due from five to ten years | 316 |  |  | 1,502 |  |  | 6 |  |  | 105 |  |  | 1,597 |
Due after ten years | 6,541 |  |  | 96 |  |  | — |  |  | 345 |  |  | 6,542 |
Total debt securities available for sale | $ | 7,035 |  |  | $ | 2,096 |  |  | $ | 6 |  |  | $ | 803 |  |  | $ | 9,145 |
(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 December 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. Treasury obligations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. Government agency and GSE obligations | 181 |  |  | 1 |  |  | 1,362 |  |  | 290 |  |  | 1,543 |  |  | 291 |
GSE certificates | 312 |  |  | 5 |  |  | 843 |  |  | 141 |  |  | 1,155 |  |  | 146 |
Private Label CMOs | 29 |  |  | 1 |  |  | — |  |  | — |  |  | 29 |  |  | 1 |
GSE CMOs | 1,835 |  |  | 77 |  |  | 1,312 |  |  | 304 |  |  | 3,147 |  |  | 381 |
Asset-backed securities | — |  |  | — |  |  | 228 |  |  | 5 |  |  | 228 |  |  | 5 |
Municipal bonds | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
Corporate bonds | — |  |  | — |  |  | 343 |  |  | 22 |  |  | 343 |  |  | 22 |
Foreign notes | — |  |  | — |  |  | 9 |  |  | 1 |  |  | 9 |  |  | 1 |
Capital trust notes | — |  |  | — |  |  | 81 |  |  | 12 |  |  | 81 |  |  | 12 |
Equity securities | — |  |  | — |  |  | 14 |  |  | 2 |  |  | 14 |  |  | 2 |
Total temporarily impaired securities | $ | 2,357 |  |  | $ | 84 |  |  | $ | 4,198 |  |  | $ | 777 |  |  | $ | 6,555 |  |  | $ | 861 |
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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