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Investment Securities (Tables) | 9 Months Ended
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Sep. 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:
| September 30, 2024
(in millions) | Amortized Cost (1) |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |
GSE certificates | $ | 1,296 |  |  | $ | 2 |  |  | $ | 123 |  |  | $ | 1,175 |
GSE CMOs | 7,452 |  |  | 67 |  |  | 341 |  |  | 7,178 |
Private Label collateralized mortgage obligations | 160 |  |  | 12 |  |  | — |  |  | 172 |
Total mortgage-related debt securities | $ | 8,908 |  |  | $ | 81 |  |  | $ | 464 |  |  | $ | 8,525 |
Other Debt Securities: |  |  |  |  |  |  |
GSE debentures | 1,502 |  |  | — |  |  | 248 |  |  | 1,254 |
Asset-backed securities (2) | 246 |  |  | — |  |  | 3 |  |  | 243 |
Municipal bonds | 6 |  |  | — |  |  | — |  |  | 6 |
Corporate bonds | 364 |  |  | — |  |  | 7 |  |  | 357 |
Foreign notes | 35 |  |  | — |  |  | — |  |  | 35 |
Capital trust notes | 95 |  |  | 6 |  |  | 10 |  |  | 91 |
Total other debt securities | $ | 2,248 |  |  | $ | 6 |  |  | $ | 268 |  |  | $ | 1,986 |
Total debt securities available for sale | $ | 11,156 |  |  | $ | 87 |  |  | $ | 732 |  |  | $ | 10,511 |
Equity securities: |  |  |  |  |  |  |
Mutual funds | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total equity securities | $ | 16 |  |  | $ | — |  |  | $ | 2 |  |  | $ | 14 |
Total securities (3) | $ | 11,172 |  |  | $ | 87 |  |  | $ | 734 |  |  | $ | 10,525 |
(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 $35 million included in other assets in the Consolidated Statements of Condition.
| December 31, 2023
(in millions) | Amortized Cost (1) |  | 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 collateralized mortgage obligations | 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 (2) | 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 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 | $ | 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 September 30, 2024:
| 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 | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | 50 |  |  | $ | 129 |
Due from one to five years | 115 |  |  | — |  |  | — |  |  | 303 |  |  | 414 |
Due from five to ten years | 276 |  |  | 1,502 |  |  | 6 |  |  | 101 |  |  | 1,604 |
Due after ten years | 8,437 |  |  | — |  |  | — |  |  | 285 |  |  | 8,364 |
Total debt securities available for sale | $ | 8,908 |  |  | $ | 1,502 |  |  | $ | 6 |  |  | $ | 739 |  |  | $ | 10,511 |
(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 September 30, 2024:
| Less than Twelve Months |  | Twelve Months or Longer |  | Total
(in millions) | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Securities in a continuous unrealized loss position: |  |  |  |  |  |  |  |  |  |  |
U.S. Government agency and GSE obligations | $ | — |  |  | $ | — |  |  | $ | 1,254 |  |  | $ | 248 |  |  | $ | 1,254 |  |  | $ | 248 |
GSE certificates | — |  |  | — |  |  | 1,104 |  |  | 123 |  |  | 1,104 |  |  | 123 |
Private Label collateralized mortgage obligations | — |  |  | — |  |  | 17 |  |  | — |  |  | 17 |  |  | — |
GSE collateralized mortgage obligations | 1 |  |  | — |  |  | 2,958 |  |  | 341 |  |  | 2,959 |  |  | 341 |
Asset-backed securities | — |  |  | — |  |  | 175 |  |  | 3 |  |  | 175 |  |  | 3 |
Municipal bonds | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |  |  | — |
Corporate bonds | — |  |  | — |  |  | 356 |  |  | 7 |  |  | 356 |  |  | 7 |
Foreign notes | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Capital trust notes | — |  |  | — |  |  | 33 |  |  | 10 |  |  | 33 |  |  | 10 |
Equity securities | — |  |  | — |  |  | 14 |  |  | 2 |  |  | 14 |  |  | 2 |
Total securities in a continuous unrealized loss position | $ | 1 |  |  | $ | — |  |  | $ | 5,927 |  |  | $ | 734 |  |  | $ | 5,928 |  |  | $ | 734 |
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
Securities in a continuous unrealized loss position: |  |  |  |  |  |  |  |  |  |  |
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 collateralized mortgage obligations | 29 |  |  | 1 |  |  | — |  |  | — |  |  | 29 |  |  | 1 |
GSE collateralized mortgage obligations | 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 securities in a continuous unrealized loss position | $ | 2,357 |  |  | $ | 84 |  |  | $ | 4,198 |  |  | $ | 777 |  |  | $ | 6,555 |  |  | $ | 861 |

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