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Investment Securities (Tables)
 12 Months Ended
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 CostGross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,366 $1 $146 $1,221 
GSE CMOs5,495 48 381 5,162 
Private Label CMOs174 7 1 180 
Total mortgage-related debt securities$7,035 $56 $528 $6,563 
Other Debt Securities:
U. S. Treasury obligations$198 $— $— $198 
GSE debentures1,899 1 291 1,609 
Asset-backed securities (1)
307 — 5 302 
Municipal bonds6 — — 6 
Corporate bonds365 — 22 343 
Foreign notes35 — 1 34 
Capital trust notes97 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 CostGross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,457 $— $160 $1,297 
GSE CMOs3,600 1 300 3,301 
Private Label CMOs185 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 debentures1,749 — 351 1,398 
Asset-backed securities (1)
375 — 14 361 
Municipal bonds30 — — 30 
Corporate bonds913 2 30 885 
Foreign Notes20 — — 20 
Capital trust notes97 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)202320222021
Gross proceeds$1,637 $228 $— 
Gross realized gains2 — — 
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 SecuritiesU.S. Government and GSE ObligationsState, 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 years178 50 — 353 560 
Due from five to ten years316 1,502 6 105 1,597 
Due after ten years6,541 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 MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations$— $— $— $— $— $— 
U.S. Government agency and GSE obligations181 1 1,362 290 1,543 291 
GSE certificates312 5 843 141 1,155 146 
Private Label CMOs29 1 — — 29 1 
GSE CMOs1,835 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 MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Temporarily Impaired Securities:
U. S. Treasury obligations$1,487 $4 $— $— $1,487 $4 
U.S. Government agency and GSE obligations243 5 1,156 346 1,399 351 
GSE certificates871 46 420 114 1,291 160 
GSE CMOs2,219 36 925 264 3,144 300 
Asset-backed securities61 2 262 12 323 14 
Municipal bonds9 — 7 — 16 — 
Corporate bonds698 27 97 3 795 30 
Foreign notes20 — — — 20 — 
Capital trust notes46 2 34 10 80 12 
Equity securities4 — 10 2 14 2 
Total temporarily impaired securities$5,658 $122 $2,911 $751 $8,569 $873