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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Trading 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:
December 31, 2024
(in millions)
Amortized Cost (1)
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available-for-sale
Mortgage-Related Debt Securities:
GSE certificates$1,273 $— $167 $1,106 
GSE CMOs
7,724 27 447 7,304 
Private label collateralized mortgage obligations
158 6 1 163 
Total mortgage-related debt securities$9,155 $33 $615 $8,573 
Other Debt Securities:
GSE debentures$1,502 $— $299 $1,203 
Asset-backed securities (2)
237 1 2 236 
Municipal bonds5 — — 5 
Corporate bonds314 — 6 308 
Foreign notes35 — — 35 
Capital trust notes47 5 10 42 
Total other debt securities$2,140 $6 $317 $1,829 
Total debt securities available for sale$11,295 $39 $932 $10,402 
Equity securities with readily determinable fair values:
Mutual funds$16 $— $2 $14 
Total equity securities with readily determinable fair values
$16 $— $2 $14 
Total securities, net of allowance for credit losses
$11,311 $39 $934 $10,416 
(1)The amortized cost of investment securities is reported net of an 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 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 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 with readily determinable fair values:
Mutual funds$16 $— $2 $14 
Total equity securities with readily determinable fair values
$16 $— $2 $14 
Total securities, net of allowance for credit losses
$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 December 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$81 $— $— $50 $130 
Due from one to five years113 — 5 222 334 
Due from five to ten years290 1,502 — 84 1,535 
Due after ten years8,671 — — 277 8,403 
Total debt securities available for sale$9,155 $1,502 $5 $633 $10,402 
(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, 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$— $— $1,203 $299 $1,203 $299 
GSE certificates38 — 1,040 167 1,078 167 
Private Label collateralized mortgage obligations — — 17 1 17 1 
GSE collateralized mortgage obligations1,636 3 2,822 444 4,458 447 
Asset-backed securities — — 154 2 154 2 
Municipal bonds— — 5 — 5 — 
Corporate bonds— — 308 6 308 6 
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$1,674 $3 $5,606 $931 $7,280 $934 
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 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 
Schedule of Company Holding Shares of FHLB-NY Stock and FHLB-Indianapolis Stock
The Company also holds shares of FHLB-NY stock and FHLB-Indianapolis stock, which are carried at cost, and evaluated for impairment:
December 31,
(dollars in millions)20242023
FHLB-Indianapolis
$329 $328 
FHLB-NY
598861
Federal Reserve Bank Stock
219203