XML 45 R35.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2024
(in millions)
Amortized Cost (1)
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,319 $— $166 $1,153 
GSE CMOs7,551 24 445 7,130 
Private Label collateralized mortgage obligations163 6 1 168 
Total mortgage-related debt securities$9,033 $30 $612 $8,451 
Other Debt Securities:
U. S. Treasury obligations$— $— $— $— 
GSE debentures1,652 — 308 1,344 
Asset-backed securities (2)
271 1 3 269 
Municipal bonds6 — — 6 
Corporate bonds364 — 23 341 
Foreign notes35 — — 35 
Capital trust notes95 5 11 89 
Total other debt securities$2,423 $6 $345 $2,084 
Total debt securities available for sale$11,456 $36 $957 $10,535 
Equity securities:
Mutual funds$16 $— $2 $14 
Total equity securities$16 $— $2 $14 
Total securities (3)
$11,472 $36 $959 $10,549 
(1)The amortized cost of investment securities is reported net of allowance for credit losses of $3 million.
(2)The underlying assets of the asset-backed securities are substantially guaranteed by the U.S. Government.
(3)Excludes accrued interest receivable of $41 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 collateralized mortgage obligations174 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.
Schedule of Unrealized Loss Positions on Investment Securities Held-to-Maturity
The following table summarizes, by contractual maturity, the amortized cost of securities at June 30, 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$82 $150 $— $50 $279 
Due from one to five years92 — — 306 380 
Due from five to ten years305 1,502 6 104 1,561 
Due after ten years8,554 — — 305 8,315 
Total debt securities available for sale$9,033 $1,652 $6 $765 $10,535 
(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 June 30, 2024:

Less than Twelve MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Temporarily Impaired Securities:
U.S. Government agency and GSE obligations$— $— $1,345 $308 $1,345 $308 
GSE certificates46 — 1,085 166 1,131 166 
Private Label collateralized mortgage obligations— — 17 1 17 1 
GSE collateralized mortgage obligations761 2 2,925 443 3,686 445 
Asset-backed securities— — 193 3 193 3 
Municipal bonds— — 5 — 5 — 
Corporate bonds— — 341 23 341 23 
Foreign notes— — 10 — 10 — 
Capital trust notes— — 80 11 80 11 
Equity securities— — 14 2 14 2 
Total temporarily impaired securities$807 $2 $6,015 $957 $6,822 $959 

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. Government agency and GSE obligations$181 $1 $1,362 $290 $1,543 $291 
GSE certificates312 5 843 141 1,155 146 
Private Label collateralized mortgage obligations29 1 — — 29 1 
GSE collateralized mortgage obligations1,835 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