XML 115 R51.htm IDEA: XBRL DOCUMENT v3.25.0.1

Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Financial Instruments

The following tables set forth information regarding the Company’s derivative financial instruments:

			December 31, 2024
									Fair Value
(in millions)			Notional Amount						Other Assets						Other Liabilities						Expiration Dates
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards			$	186					$	7					$	—					2025
Rate lock commitments			476						3						—						2025
Interest rate swaps and swaptions			1,541						15						—						2024-2041
Liabilities
Mortgage-backed securities forwards			$	158					$	—					$	2					2025
Rate lock commitments			87						—						3						2025
Interest rate swaps and swaptions			1,782						—						30						2024-2041

			December 31, 2023
									Fair Value
(in millions)			Notional Amount						Other Assets						Other Liabilities						Expiration Date
Derivatives designated as cash flow hedging instruments:
Interest rate swaps on FHLB advances			$	5,500					$	—					$	2					2025-2028
Derivatives designated as fair value hedging instruments:
Interest rate swaps on multi-family loans held for investment			$	2,000					$	—					$	1					2025-2027
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards			$	1,012					$	11					$	—					2024
Rate lock commitments			1,490						12						—						2024
Interest rate swaps and swaptions			5,431						115						—						2024-2041
Liabilities
Futures			$	2,235					$	—					$	1					2024
Mortgage-backed securities forwards			1,048						—						32						2024
Rate lock commitments			77						—						3						2024
Interest rate swaps and swaptions			2,720						—						59						2024-2054

Schedule of Offsetting Liabilities

The tables below present the gross derivative assets and liabilities, and the related cash pledged as collateral at December 31, 2024 and 2023. No amounts were netted in the Statement of Condition.

			December 31, 2024
						Gross Amounts Not Offset in the Statements of Condition
(in millions)						Financial Instruments						Cash Collateral Pledged (Received)
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards						$	7					$	(2)
Interest rate swaptions						15						(3)
Total derivative assets						$	22					$	(5)
Liabilities
Mortgage-backed securities forwards						$	2					$	10
Interest rate swaps (1)						30						47
Total derivative liabilities						$	32					$	57

(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.

			December 31, 2023
						Gross Amounts Not Offset in the Statements of Condition
(in millions)						Financial Instruments						Cash Collateral Pledged (Received)
Derivatives designated hedging instruments:
Interest rate swaps on FHLB advances						$	2					$	75
Interest rate swaps on multi-family loans held for investment (1)						1						27
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards						$	11					$	(1)
Interest rate swaptions						115						(34)
Total derivative assets						$	126					$	(35)
Liabilities
Futures						$	1					$	3
Mortgage-backed securities forwards						32						57
Interest rate swaps (1)						59						42
Total derivative liabilities						$	92					$	102

(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.

Schedule of Offsetting Assets

The tables below present the gross derivative assets and liabilities, and the related cash pledged as collateral at December 31, 2024 and 2023. No amounts were netted in the Statement of Condition.

			December 31, 2024
						Gross Amounts Not Offset in the Statements of Condition
(in millions)						Financial Instruments						Cash Collateral Pledged (Received)
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards						$	7					$	(2)
Interest rate swaptions						15						(3)
Total derivative assets						$	22					$	(5)
Liabilities
Mortgage-backed securities forwards						$	2					$	10
Interest rate swaps (1)						30						47
Total derivative liabilities						$	32					$	57

(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.

			December 31, 2023
						Gross Amounts Not Offset in the Statements of Condition
(in millions)						Financial Instruments						Cash Collateral Pledged (Received)
Derivatives designated hedging instruments:
Interest rate swaps on FHLB advances						$	2					$	75
Interest rate swaps on multi-family loans held for investment (1)						1						27
Derivatives not designated as hedging instruments:
Assets
Mortgage-backed securities forwards						$	11					$	(1)
Interest rate swaptions						115						(34)
Total derivative assets						$	126					$	(35)
Liabilities
Futures						$	1					$	3
Mortgage-backed securities forwards						32						57
Interest rate swaps (1)						59						42
Total derivative liabilities						$	92					$	102

(1)Variation margin pledged to, or received from, a Central Counterparty Clearing House to cover the prior days fair value of open positions is considered settlement of the derivative position for accounting purposes.

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The following table presents the effect of the Company’s cash flow derivative instruments on accumulated other comprehensive loss:

			Year Ended December 31,
(in millions)			2024						2023						2022
Amount of gain (loss) recognized in accumulated other comprehensive loss			$	143					$	9					$	88
Amount of reclassified from accumulated other comprehensive loss to interest expense			$	(93)					$	(65)					$	(4)

Schedule of Net Gain (Loss) Recognized in Income on Derivative Instruments

The following table presents the net gain (loss) recognized in income on derivatives not designated as hedging instruments, net of the impact of offsetting positions:

						Year Ended December 31,
(dollars in millions)						2024						2023						2022
Derivatives not designated as hedging instruments			Location of Gain (Loss)
Futures			Net return on mortgage servicing rights			$	2					$	1					$	(1)
Interest rate swaps and swaptions			Net return on mortgage servicing rights			(38)						(34)						(11)
Mortgage-backed securities forwards			Net return on mortgage servicing rights			(18)						(15)						(4)
Rate lock commitments and US Treasury futures			Net gain on loan sales			23						2						28
Forward commitments			Other noninterest income			—						—						(1)
Interest rate swaps (1)			Other non-interest income			—						(1)						—
Total derivative (loss) gain						$	(31)					$	(47)		$	(47)		$	11

(1) Includes customer-initiated commercial interest rate swaps.

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingAssetsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-4

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3

+ Details

Name:	us-gaap_OffsettingLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfCashFlowHedgesIncludedInAccumulatedOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1B

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-1

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-5

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration