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v3.25.1

Investment Securities (Tables) | 3 Months Ended
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Mar. 31, 2025
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:
| March 31, 2025
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Cumulative Amount of Fair Value Hedging Adjustment |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |  |  |
GSE CMOs | $ | 9,096 |  |  | $ | 53 |  |  | $ | 405 |  |  | $ | — |  |  | $ | 8,744 |
GSE certificates | 1,254 |  |  | 1 |  |  | 145 |  |  | — |  |  | 1,110 |
Private Label collateralized mortgage obligations | 156 |  |  | 7 |  |  | 1 |  |  | — |  |  | 162 |
Total mortgage-related debt securities | $ | 10,506 |  |  | $ | 61 |  |  | $ | 551 |  |  | $ | — |  |  | $ | 10,016 |
Other Debt Securities: |  |  |  |  |  |  |  |  |
GSE debentures | $ | 1,502 |  |  | $ | — |  |  | $ | 261 |  |  | $ | — |  |  | $ | 1,241 |
U. S. Treasury obligations | 1,002 |  |  | — |  |  | 1 |  |  | 7 |  |  | 1,008 |
Corporate bonds | 259 |  |  | — |  |  | 10 |  |  | — |  |  | 249 |
Asset-backed securities (2) | 232 |  |  | — |  |  | 3 |  |  | — |  |  | 229 |
Capital trust notes | 47 |  |  | 5 |  |  | 9 |  |  | — |  |  | 43 |
Foreign notes | 35 |  |  | — |  |  | — |  |  | — |  |  | 35 |
Municipal bonds | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |
Total debt securities | $ | 3,082 |  |  | $ | 5 |  |  | $ | 284 |  |  | $ | 7 |  |  | $ | 2,810 |
Total debt securities available for sale, net of allowance(1)(3) | $ | 13,588 |  |  | $ | 66 |  |  | $ | 835 |  |  | $ | 7 |  |  | $ | 12,826 |
(1)As of March 31, 2025, the allowance for credit losses was $3 million. (2)At March 31, 2025, substantially all of our debt securities available-for-sale are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. (3)Excludes accrued interest receivable of $40 million included in Other assets in the Condensed Consolidated Statements of Condition.
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Debt securities available-for-sale |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |
GSE CMOs | $ | 7,724 |  |  | $ | 27 |  |  | $ | 447 |  |  | $ | 7,304 |
GSE certificates | 1,273 |  |  | — |  |  | 167 |  |  | 1,106 |
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 |
Corporate bonds | 314 |  |  | — |  |  | 6 |  |  | 308 |
Asset-backed securities (2) | 237 |  |  | 1 |  |  | 2 |  |  | 236 |
Capital trust notes | 47 |  |  | 5 |  |  | 10 |  |  | 42 |
Foreign Notes | 35 |  |  | — |  |  | — |  |  | 35 |
Municipal bonds | 5 |  |  | — |  |  | — |  |  | 5 |
Total debt securities | $ | 2,140 |  |  | $ | 6 |  |  | $ | 317 |  |  | $ | 1,829 |
Total securities available for sale, net of allowance(1)(3) | $ | 11,295 |  |  | $ | 39 |  |  | $ | 932 |  |  | $ | 10,402 |
(1)As of December 31, 2024, the allowance for credit losses was $3 million. (2)At December 31, 2024, substantially all of our debt securities available-for-sale are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. (3)Excludes accrued interest receivable of $35 million included in Other assets in the Condensed Consolidated Statements of Condition.
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The following table summarizes, by contractual maturity, the amortized cost of securities at March 31, 2025:
| Mortgage- Related Securities |  | U.S. Government and GSE Obligations |  |  |  | Corporate and Other Bonds |  | Asset-Backed Securities |  |  |  | Total
(in millions) |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year | $ | 80 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 80 |
Due from one to five years | 112 |  |  | 1,002 |  |  |  |  | 222 |  |  | — |  |  |  |  | 1,336 |
Due from five to ten years | 287 |  |  | 1,502 |  |  |  |  | 84 |  |  | — |  |  |  |  | 1,873 |
Due after ten years | 10,027 |  |  | — |  |  |  |  | 40 |  |  | 232 |  |  |  |  | 10,299 |
Total debt securities available for sale, net of allowance | $ | 10,506 |  |  | $ | 2,504 |  |  |  |  | $ | 346 |  |  | $ | 232 |  |  |  |  | $ | 13,588 |
Schedule of Unrealized Loss Positions on Investment Securities Held-to-Maturity | The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of March 31, 2025:
| Number of Debt Securities |  | Less than Twelve Months |  | Twelve Months or Longer |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt securities in a continuous unrealized loss position: |  |  |  |  |  |  |  |  |  |  |  |  |
GSE collateralized mortgage obligations | 221 |  |  | $ | 1,869 |  |  | $ | 7 |  |  | $ | 2,829 |  |  | $ | 398 |  |  | $ | 4,698 |  |  | $ | 405 |
U.S. Government agency and GSE obligations | 33 |  |  | — |  |  | — |  |  | 1,241 |  |  | 261 |  |  | 1,241 |  |  | 261 |
GSE certificates | 328 |  |  | 11 |  |  | — |  |  | 1,045 |  |  | 145 |  |  | 1,056 |  |  | 145 |
U. S. Treasury obligations | — |  |  | 1,001 |  |  | 1 |  |  | — |  |  | — |  |  | 1,001 |  |  | 1 |
Corporate bonds | 8 |  |  | 73 |  |  | 2 |  |  | 175 |  |  | 8 |  |  | 248 |  |  | 10 |
Asset-backed securities | 5 |  |  | 15 |  |  | — |  |  | 150 |  |  | 3 |  |  | 165 |  |  | 3 |
Capital trust notes | 5 |  |  | — |  |  | — |  |  | 34 |  |  | 9 |  |  | 34 |  |  | 9 |
Private Label collateralized mortgage obligations | 2 |  |  | 4 |  |  | — |  |  | 16 |  |  | 1 |  |  | 20 |  |  | 1 |
Foreign notes | 1 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Municipal bonds | 1 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Total debt securities in a continuous unrealized loss position | 604 |  |  | $ | 2,973 |  |  | $ | 10 |  |  | $ | 5,505 |  |  | $ | 825 |  |  | $ | 8,478 |  |  | $ | 835 |
The following table presents debt securities having a continuous unrealized loss position for less than twelve months and for twelve months or longer as of December 31, 2024:
| Number of Debt Securities |  | Less than Twelve Months |  | Twelve Months or Longer |  | Total
|  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss |  | Fair Value |  | Unrealized Loss
Debt securities in a continuous unrealized loss position: |  |  |  |  |  |  |  |  |  |  |  |  |
GSE collateralized mortgage obligations | 223 |  |  | $ | 1,636 |  |  | $ | 3 |  |  | $ | 2,822 |  |  | $ | 444 |  |  | $ | 4,458 |  |  | $ | 447 |
U.S. Government agency and GSE obligations | 33 |  |  | — |  |  | — |  |  | 1,203 |  |  | 299 |  |  | 1,203 |  |  | 299 |
GSE certificates | 328 |  |  | 38 |  |  | — |  |  | 1,040 |  |  | 167 |  |  | 1,078 |  |  | 167 |
Corporate bonds | 11 |  |  | — |  |  | — |  |  | 308 |  |  | 6 |  |  | 308 |  |  | 6 |
Asset-backed securities | 5 |  |  | — |  |  | — |  |  | 154 |  |  | 2 |  |  | 154 |  |  | 2 |
Capital trust notes | 5 |  |  | — |  |  | — |  |  | 33 |  |  | 10 |  |  | 33 |  |  | 10 |
Private Label collateralized mortgage obligations | 2 |  |  | — |  |  | — |  |  | 17 |  |  | 1 |  |  | 17 |  |  | 1 |
Foreign notes | 1 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |
Municipal bonds | 1 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Total debt securities in a continuous unrealized loss position | 609 |  |  | $ | 1,674 |  |  | $ | 3 |  |  | $ | 5,592 |  |  | $ | 929 |  |  | $ | 7,266 |  |  | $ | 932 |

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