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Derivative and Hedging Activities (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Financial Instruments | The following tables set forth information regarding the Company’s derivative financial instruments:
| December 31, 2023 |  |
|  |  | Fair Value |  |
(in millions) | Notional Amount |  | Other Assets |  | Other Liabilities |  | Expiration Dates
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |
Interest rate swaps on FHLB advances | $ | 5,500 |  |  | $ | — |  |  | $ | 2 |  |  | 2025-2028
Total | 5,500 |  |  | — |  |  | 2 |  |  |
Derivatives designated as fair value hedging instruments: |  |  |  |  |  |  |
Interest rate swaps on multi-family loans held for investment | $ | 2,000 |  |  | $ | — |  |  | $ | 1 |  |  | 2025-2027
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 1,012 |  |  | $ | 11 |  |  | $ | — |  |  | 2024
Rate lock commitments | 1,490 |  |  | 12 |  |  | — |  |  | 2024
Interest rate swaps and swaptions | 5,431 |  |  | 115 |  |  | — |  |  | 2024-2041
Total | $ | 7,933 |  |  | $ | 138 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |
Futures | $ | 2,235 |  |  | $ | — |  |  | $ | 1 |  |  | 2024
Mortgage-backed securities forwards | 1,048 |  |  | $ | — |  |  | 32 |  |  | 2024
Rate lock commitments | 77 |  | — |  | 3 |  |  | 2024
Interest rate swaps and swaptions | 2,720 |  | — |  | 59 |  |  | 2024-2054
Total derivatives not designated as hedging instruments | $ | 6,080 |  |  | $ | — |  |  | $ | 95 |  |  |
| December 31, 2022 |  |
|  |  | Fair Value |  |
(in millions) | Notional Amount |  | Other Assets |  | Other Liabilities |  | Expiration Date
Derivatives designated as cash flow hedging instruments: |  |  |  |  |  |  |
Interest rate swaps | $ | 3,750 |  |  | $ | 5 |  |  | $ | — |  |  | 2023-2027
Total | 3,750 |  |  | 5 |  |  | — |  |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Futures | $ | 1,205 |  |  | $ | 2 |  |  | $ | — |  |  | 2023
Mortgage-backed securities forwards | 1,065 |  | 36 |  | — |  | 2023
Rate lock commitments | 1,539 |  | 9 |  | — |  | 2023
Interest rate swaps and swaptions | 7,594 |  | 182 |  | — |  | 2023-2032
Total | $ | 11,403 |  |  | $ | 229 |  |  | $ | — |  |  |
Liabilities |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 739 |  |  | $ | — |  |  | $ | 61 |  |  | 2023
Rate lock commitments | 527 |  | — |  | 10 |  | 2023
Interest rate swaps and swaptions | 2,445 |  | — |  | 65 |  | 2023-2053
Total derivatives not designated as hedging instruments | $ | 3,711 |  |  | $ | — |  |  | $ | 136 |  |  |
Offsetting Liabilities | The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
| December 31, 2023
|  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition
(in millions) | Gross Amount |  | Gross Amounts Netted in the Statements of Condition |  | Net Amount Presented in the Statements of Condition |  | Financial Instruments |  | Cash Collateral Pledged (Received)
Derivatives designated hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLB advances | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 75 |
Interest rate swaps on multi-family loans held for investment(1) | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 27 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | (1) |
Interest rate swaptions | 115 |  |  | — |  |  | 115 |  |  | — |  |  | (34) |
Total derivative assets | $ | 126 |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | (35) |
Liabilities |  |  |  |  |  |  |  |  |
Futures | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |
Mortgage-backed securities forwards | 32 |  |  | — |  |  | 32 |  |  | — |  |  | 57 |
Interest rate swaps (1) | 59 |  |  | — |  |  | 59 |  |  | — |  |  | 42 |
Total derivative liabilities | $ | 92 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | 102 |
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
| December 31, 2022
|  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition
(in millions) | Gross Amount |  | Gross Amounts Netted in the Statements of Condition |  | Net Amount Presented in the Statements of Condition |  | Financial Instruments |  | Cash Collateral Pledged (Received)
Derivatives designated hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLB advances | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 27 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | (9) |
Interest rate swaptions | 182 |  |  | — |  |  | 182 |  |  | — |  |  | (36) |
Futures | 2 |  |  |  |  | 2 |  |  |  |  | 1 |
Total derivative assets | $ | 220 |  |  | $ | — |  |  | $ | 220 |  |  | $ | — |  |  | $ | (44) |
Liabilities |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |  |  | $ | 54 |
Interest rate swaps (1) | 65 |  |  | — |  |  | 65 |  |  | — |  |  | 29 |
Total derivative liabilities | $ | 126 |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 83 |
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.
Offsetting Assets | The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
| December 31, 2023
|  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition
(in millions) | Gross Amount |  | Gross Amounts Netted in the Statements of Condition |  | Net Amount Presented in the Statements of Condition |  | Financial Instruments |  | Cash Collateral Pledged (Received)
Derivatives designated hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLB advances | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 75 |
Interest rate swaps on multi-family loans held for investment(1) | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 27 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 11 |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | (1) |
Interest rate swaptions | 115 |  |  | — |  |  | 115 |  |  | — |  |  | (34) |
Total derivative assets | $ | 126 |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | (35) |
Liabilities |  |  |  |  |  |  |  |  |
Futures | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 3 |
Mortgage-backed securities forwards | 32 |  |  | — |  |  | 32 |  |  | — |  |  | 57 |
Interest rate swaps (1) | 59 |  |  | — |  |  | 59 |  |  | — |  |  | 42 |
Total derivative liabilities | $ | 92 |  |  | $ | — |  |  | $ | 92 |  |  | $ | — |  |  | $ | 102 |
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes. The following table presents the derivatives subject to a master netting agreement, including the cash pledged as collateral:
| December 31, 2022
|  |  |  |  |  |  | Gross Amounts Not Offset in the Statements of Condition
(in millions) | Gross Amount |  | Gross Amounts Netted in the Statements of Condition |  | Net Amount Presented in the Statements of Condition |  | Financial Instruments |  | Cash Collateral Pledged (Received)
Derivatives designated hedging instruments: |  |  |  |  |  |  |  |  |
Interest rate swaps on FHLB advances | $ | 5 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 27 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 36 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | (9) |
Interest rate swaptions | 182 |  |  | — |  |  | 182 |  |  | — |  |  | (36) |
Futures | 2 |  |  |  |  | 2 |  |  |  |  | 1 |
Total derivative assets | $ | 220 |  |  | $ | — |  |  | $ | 220 |  |  | $ | — |  |  | $ | (44) |
Liabilities |  |  |  |  |  |  |  |  |
Mortgage-backed securities forwards | $ | 61 |  |  | $ | — |  |  | $ | 61 |  |  | $ | — |  |  | $ | 54 |
Interest rate swaps (1) | 65 |  |  | — |  |  | 65 |  |  | — |  |  | 29 |
Total derivative liabilities | $ | 126 |  |  | $ | — |  |  | $ | 126 |  |  | $ | — |  |  | $ | 83 |
(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Interest rate swaps with notional amounts totaling $5.5 billion and $3.8 billion as of December 31, 2023 and December 31, 2022, were designated as cash flow hedges of certain FHLB borrowings. The following table presents the effect of the Company’s cash flow derivative instruments on AOCL:
| For the Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Amount of gain (loss) recognized in AOCL | $ | 9 |  |  | $ | 88 |  |  | $ | 8 |
Amount of reclassified from AOCL to interest expense | $ | (65) |  |  | $ | (4) |  |  | $ | 25 |
Schedule of Net Gain (Loss) Recognized in Income on Derivative Instruments | The following table presents the net gain (loss) recognized in income on derivatives not designated as hedging instruments, net of the impact of offsetting positions:
|  | For the Years Ended December 31,
(dollars in millions) |  | 2023 |  | 2022 |  |
Derivatives not designated as hedging instruments | Location of Gain (Loss) |  |  |  |  |
Futures | Net return on mortgage servicing rights | $ | 1 |  |  | $ | (1) |  |  |
Interest rate swaps and swaptions | Net return on mortgage servicing rights | (34) |  |  | (11) |  |  |
Mortgage-backed securities forwards | Net return on mortgage servicing rights | (15) |  |  | (4) |  |  |
Rate lock commitments and US Treasury futures | Net gain on loan sales | 2 |  |  | 28 |  |  |
Forward commitments | Other noninterest income | — |  |  | (1) |  |  |
Interest rate swaps (1) | Other non-interest income | (1) |  |  | — |  |  |
Total derivative (loss) gain |  | $ | (47) |  |  | $ | 11 |  |  |
(1) Includes customer-initiated commercial interest rate swaps.

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