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Investment Securities (Tables)
 9 Months Ended
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 GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,296 $2 $123 $1,175 
GSE CMOs7,452 67 341 7,178 
Private Label collateralized mortgage obligations160 12 — 172 
Total mortgage-related debt securities$8,908 $81 $464 $8,525 
Other Debt Securities:
GSE debentures1,502 — 248 1,254 
Asset-backed securities (2)
246 — 3 243 
Municipal bonds6 — — 6 
Corporate bonds364 — 7 357 
Foreign notes35 — — 35 
Capital trust notes95 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 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
$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 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$80 $— $— $50 $129 
Due from one to five years115 — — 303 414 
Due from five to ten years276 1,502 6 101 1,604 
Due after ten years8,437 — — 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 MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized 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 obligations1 — 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 MonthsTwelve Months or LongerTotal
(in millions)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Securities in a continuous unrealized loss position:
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 securities in a continuous unrealized loss position
$2,357 $84 $4,198 $777 $6,555 $861