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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024
(in millions)
Amortized Cost (1)
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,342 $1 $163 $1,180 
GSE CMOs6,167 25 412 5,780 
Private Label CMOs171 5 — 176 
Total mortgage-related debt securities$7,680 $31 $575 $7,136 
Other Debt Securities:
U. S. Treasury obligations$— $— $— $— 
GSE debentures1,752 — 312 1,440 
Asset-backed securities (2)
291 — 4 287 
Municipal bonds6 — — 6 
Corporate bonds364 — 24 340 
Foreign notes35 — — 35 
Capital trust notes97 5 10 92 
Total other debt securities$2,545 $5 $350 $2,200 
Total debt securities available for sale$10,225 $36 $925 $9,336 
Equity securities:
Mutual funds$16 $— $2 $14 
Total equity securities$16 $— $2 $14 
Total securities (3)
$10,241 $36 $927 $9,350 
(1)The amortized cost of investment securities is reported net of allowance for credit losses of $1 million.
(2)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(3)Excludes accrued interest receivable of $35 million included in other assets in the Consolidated Statements of Condition.
December 31, 2023
(in millions)
Amortized Cost (1)
Gross 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 (2)
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 other 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 (3)
$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.
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, 2024:

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$2 $250 $— $50 $299 
Due from one to five years172 — — 304 455 
Due from five to ten years311 1,502 6 102 1,565 
Due after ten years7,195 — — 331 7,017 
Total debt securities available for sale$7,680 $1,752 $6 $787 $9,336 
(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, 2024:

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 obligations— — 1,441 311 1,441 311 
GSE certificates53 1 1,087 163 1,140 164 
Private Label CMOs15 — 3 — 18 — 
GSE CMOs1,292 27 2,340 385 3,632 412 
Asset-backed securities— — 207 4 207 4 
Municipal bonds— — 6 — 6 — 
Corporate bonds— — 341 24 341 24 
Foreign notes— — 10 — 10 — 
Capital trust notes— — 82 10 82 10 
Equity securities— — 14 2 14 2 
Total temporarily impaired securities$1,360 $28 $5,531 $899 $6,891 $927 

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