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Investment Securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investment Securities | Investment 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. At March 31, 2025, the Company had $587 million of FHLB-NY stock, at cost and $255 million of FHLB-Indianapolis stock, at cost. At December 31, 2024, the Company had $598 million of FHLB-NY stock, at cost and $329 million of FHLB-Indianapolis stock, at cost. The Company maintains an investment in FHLB stock partly in conjunction with its membership in the FHLB and partly related to its access to the FHLB funding it utilizes. In addition, at March 31, 2025, the Company had $219 million of Federal Reserve Bank stock, at cost. The Company had $219 million of Federal Reserve Bank stock, at December 31, 2024. There were no realized gains and losses on sales of available-for-sale securities during the three months ended March 31, 2025 and 2024. No available-for-sale securities were sold during the three month periods ended March 31, 2025 and 2024. 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 |
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 |
The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an allowance for credit losses is required. We also assess whether (i) we intend to sell, or (ii) it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of these criteria is met, any previously recognized allowances are charged off and the security’s amortized cost basis is written down to fair value through income. Otherwise, we evaluate whether the decline in fair value has resulted from credit losses or other factors. If a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the amount to be collected is less than the amortized cost, an allowance for credit losses is established for the difference, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income.

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