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v3.25.2

Derivative and Hedging Activities (Tables) | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Financial Instruments | The following tables set forth information regarding our derivative financial instruments:
| June 30, 2025 |  | December 31, 2024
|  |  | Fair Value |  |  |  |  |  | Fair Value |  |
| Notional Amount |  | Other Assets |  | Other Liabilities |  | Expiration Dates |  | Notional Amount |  | Other Assets |  | Other Liabilities |  | Expiration Dates
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps (fair value hedge) | $ | 2,993 |  |  | $ | — |  |  | $ | — |  |  | 2028-2029 |  | — |  | — |  | — |  |
Interest rate caps (cash flow hedge) (1) | $ | 2,000 |  |  | $ | — |  |  | $ | — |  |  | 2028 |  | — |  | — |  | — |  |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rate lock commitments (2) | $ | 439 |  |  | $ | 4 |  |  | $ | 3 |  |  | 2025 |  | $ | 563 |  |  | $ | 3 |  |  | $ | 3 |  |  | 2025
Mortgage-backed securities forwards (2) | 269 |  |  | — |  |  | 5 |  |  | 2025 |  | 344 |  |  | 7 |  |  | 2 |  |  | 2025
Interest rate swaps (3) | 3,229 |  |  | 17 |  |  | 22 |  |  | 2025-2041 |  | 3,323 |  |  | 15 |  |  | 30 |  |  | 2024-2041
(1)Refer to Note 3 - Accumulated Other Comprehensive Loss for additional information related to the change in fair value and the amount recognized in income. (2)During the three months ended June 30, 2025 and 2024, the amount recorded in Net gain on loan sales and securitizations in the Condensed Consolidated Statement of Income was immaterial. During the six months ended June 30, 2025 and 2024, the amount recorded in Net gain on loan sales and securitizations in the Condensed Consolidated Statement of Income was $(9) million and $23 million, respectively. (3)During the three and six months ended June 30, 2025 and during the three and six months ended June 30, 2024, the amount recorded in Fee income in the Condensed Consolidated Statement of Income was immaterial.
Schedule of Company's Carrying Amounts on our Hedged Loans | The following amounts were recorded in the Condensed Consolidated Statements of Condition related to items designated and qualifying as hedges items in a fair value hedging relationship:
| June 30, 2025 |  | December 31, 2024
| Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments |  | Carrying Amount of Hedged Items |  | Cumulative Amount of Fair Value Hedging Adjustments
U.S. treasury obligations | $ | 1,013 |  |  | $ | 14 |  |  | $ | — |  |  | $ | — |
GSE CMOs | 1,999 |  |  | 10 |  |  | — |  |  | — |
GSE debentures | 1,262 |  |  | 7 |  |  | — |  |  | — |
Debt securities available-for-sale(1) | $ | 4,274 |  |  | $ | 31 |  |  | $ | — |  |  | $ | — |
Loans and leases held-for-investment(2) | $ | 3,401 |  |  | $ | (9) |  |  | $ | 5,861 |  |  | $ | (18) |
(1)During the three and six months ended June 30, 2025 and 2024, the amount recorded in Interest income - Securities and money market investments in the Condensed Consolidated Statement of Income was immaterial. (2)Relates to discontinued hedges on multi-family loans. During the three months ended June 30, 2025 and 2024, the amount recorded to Interest income - Loans and leases in the Condensed Consolidated Statement of Income was immaterial. During the six months ended June 30, 2025 and 2024, the amount recorded to Interest income - Loans and leases was $7 million and $17 million, respectively.
Schedule of Offsetting Assets | The tables below present the gross derivative assets and liabilities, and the related cash pledged as collateral at June 30, 2025 and December 31, 2024. No amounts were netted in the Condensed Consolidated Statements of Condition.
|  | June 30, 2025
|  | Gross Amounts Not Offset in the Statements of Condition |  | Cash Collateral Pledged (Received)
Derivatives designated as hedging instruments: |  |  |  |
Interest rate swaps (fair value hedge) |  | $ | — |  |  | $ | 66 |
Interest rate caps (cash flow hedge) |  | — |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |
Assets |  |  |  |
Interest rate swaptions |  | $ | 17 |  |  | $ | (1) |
Total derivative assets |  | $ | 17 |  |  | $ | (1) |
Liabilities |  |  |  |
Mortgage-backed securities forwards |  | $ | 5 |  |  | $ | 1 |
Interest rate swaps |  | 22 |  |  | 38 |
Total derivative liabilities |  | $ | 27 |  |  | $ | 39 |
|  | December 31, 2024
|  | Gross Amounts Not Offset in the Statements of Condition |  | 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 |  | 30 |  |  | 47 |
Total derivative liabilities |  | $ | 32 |  |  | $ | 57 |
Schedule of Offsetting Liabilities | The tables below present the gross derivative assets and liabilities, and the related cash pledged as collateral at June 30, 2025 and December 31, 2024. No amounts were netted in the Condensed Consolidated Statements of Condition.
|  | June 30, 2025
|  | Gross Amounts Not Offset in the Statements of Condition |  | Cash Collateral Pledged (Received)
Derivatives designated as hedging instruments: |  |  |  |
Interest rate swaps (fair value hedge) |  | $ | — |  |  | $ | 66 |
Interest rate caps (cash flow hedge) |  | — |  |  | — |
Derivatives not designated as hedging instruments: |  |  |  |
Assets |  |  |  |
Interest rate swaptions |  | $ | 17 |  |  | $ | (1) |
Total derivative assets |  | $ | 17 |  |  | $ | (1) |
Liabilities |  |  |  |
Mortgage-backed securities forwards |  | $ | 5 |  |  | $ | 1 |
Interest rate swaps |  | 22 |  |  | 38 |
Total derivative liabilities |  | $ | 27 |  |  | $ | 39 |
|  | December 31, 2024
|  | Gross Amounts Not Offset in the Statements of Condition |  | 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 |  | 30 |  |  | 47 |
Total derivative liabilities |  | $ | 32 |  |  | $ | 57 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash within the Condensed Consolidated Statements of Condition that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
| June 30, 2025
Cash and cash equivalents | $ | 8,094 |
Restricted cash included in other assets | 77 |
Total | $ | 8,171 |
Schedule of Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash within the Condensed Consolidated Statements of Condition that sum to the total of the same amounts shown in the Condensed Consolidated Statements of Cash Flows:
| June 30, 2025
Cash and cash equivalents | $ | 8,094 |
Restricted cash included in other assets | 77 |
Total | $ | 8,171 |

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