XML 68 R12.htm IDEA: XBRL DOCUMENT
v3.25.2

Investment Securities | 6 Months Ended
--- | ---
Jun. 30, 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:
| June 30, 2025
| Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
Debt securities available for sale |  |  |  |  |  |  |
Mortgage-Related Debt Securities: |  |  |  |  |  |  |
GSE CMOs | $ | 11,279 |  |  | $ | 64 |  |  | $ | 401 |  |  | $ | 10,942 |
GSE certificates | 1,151 |  |  | 1 |  |  | 141 |  |  | 1,011 |
Private label CMOs | 153 |  |  | 7 |  |  | 1 |  |  | 159 |
Total mortgage-related debt securities | $ | 12,583 |  |  | $ | 72 |  |  | $ | 543 |  |  | $ | 12,112 |
Other Debt Securities: |  |  |  |  |  |  |
GSE debentures | $ | 1,502 |  |  | $ | — |  |  | $ | 240 |  |  | $ | 1,262 |
U. S. Treasury obligations | 1,001 |  |  | 12 |  |  | — |  |  | 1,013 |
Asset-backed securities (1) | 227 |  |  | — |  |  | 5 |  |  | 222 |
Corporate bonds | 174 |  |  | — |  |  | 7 |  |  | 167 |
Capital trust notes | 47 |  |  | 5 |  |  | 10 |  |  | 42 |
Municipal bonds | 5 |  |  | — |  |  | — |  |  | 5 |
Total debt securities | $ | 2,956 |  |  | $ | 17 |  |  | $ | 262 |  |  | $ | 2,711 |
Total debt securities available for sale, net of allowance(2)(3)(4) | $ | 15,539 |  |  | $ | 89 |  |  | $ | 805 |  |  | $ | 14,823 |
(1)At June 30, 2025, substantially all of our debt securities available for sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government. (2)As of June 30, 2025, the ACL was $3 million. (3)Excludes accrued interest receivable of $56 million included in Other assets in the Condensed Consolidated Statements of Condition. (4)We pledged investment securities of $14.5 billion as collateral for certain borrowings.
| 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 CMOs | 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 (1) | 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(2)(3)(4) | $ | 11,295 |  |  | $ | 39 |  |  | $ | 932 |  |  | $ | 10,402 |
(1)At December 31, 2024, substantially all of our debt securities available for sale are comprised of securities issued by GSEs or are explicitly guaranteed by the U.S. government. (2)As of December 31, 2024, the ACL was $3 million. (3)Excludes accrued interest receivable of $35 million included in Other assets in the Condensed Consolidated Statements of Condition. (4)We pledged investment securities of $10.2 billion as collateral for certain borrowings. There were $75 million of available-for-sale securities sold during the three and six months ended June 30, 2025 and no available-for-sale securities sold during the three and six months ended June 30, 2024. Additionally there were no realized gains and losses on sales of available-for-sale securities during the three and six months ended June 30, 2025 and 2024. The following table summarizes, by contractual maturity, the fair value of securities at June 30, 2025:
| Mortgage- Related Securities |  | U.S. Government and GSE Obligations |  |  |  | Corporate and Other Bonds |  | Asset-Backed Securities |  |  |  | Total
Available-for-Sale Debt Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Due within one year | $ | 1 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | 1 |
Due from one to five years | 123 |  |  | 1,013 |  |  |  |  | 152 |  |  | — |  |  |  |  | 1,288 |
Due from five to ten years | 240 |  |  | 1,262 |  |  |  |  | 25 |  |  | — |  |  |  |  | 1,527 |
Due after ten years | 11,748 |  |  | — |  |  |  |  | 37 |  |  | 222 |  |  |  |  | 12,007 |
Total debt securities available for sale, net of allowance | $ | 12,112 |  |  | $ | 2,275 |  |  |  |  | $ | 214 |  |  | $ | 222 |  |  |  |  | $ | 14,823 |
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 June 30, 2025:
| Number of Debt Securities(1) |  | 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 CMOs | 219 |  |  | $ | 2,012 |  |  | $ | 8 |  |  | $ | 2,800 |  |  | $ | 394 |  |  | $ | 4,812 |  |  | $ | 402 |
U.S. Government agency and GSE obligations | 33 |  |  | — |  |  | — |  |  | 1,262 |  |  | 240 |  |  | 1,262 |  |  | 240 |
GSE certificates | 323 |  |  | 10 |  |  | — |  |  | 949 |  |  | 141 |  |  | 959 |  |  | 141 |
U. S. Treasury obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Corporate bonds | 7 |  |  | — |  |  | — |  |  | 167 |  |  | 7 |  |  | 167 |  |  | 7 |
Asset-backed securities | 5 |  |  | 21 |  |  | — |  |  | 145 |  |  | 4 |  |  | 166 |  |  | 4 |
Capital trust notes | 5 |  |  | — |  |  | — |  |  | 33 |  |  | 10 |  |  | 33 |  |  | 10 |
Private Label CMOs | 2 |  |  | 4 |  |  | — |  |  | 16 |  |  | 1 |  |  | 20 |  |  | 1 |
Foreign notes | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Municipal bonds | 1 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 5 |  |  | — |
Total debt securities in a continuous unrealized loss position | 595 |  |  | $ | 2,047 |  |  | $ | 8 |  |  | $ | 5,377 |  |  | $ | 797 |  |  | $ | 7,424 |  |  | $ | 805 |
(1)Count of securities that have been in a loss position for twelve or more months. 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(1) |  | 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 CMOs | 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 CMOs | 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 |
(1)Count of securities that have been in a loss position for twelve or more months. The Company evaluates available-for-sale debt securities in unrealized loss positions at least quarterly to determine if an ACL 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 and recorded in Provision for credit losses on the Condensed Consolidated Statements of (Loss) 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 expected amount to be collected is less than the amortized cost, an ACL is established for the shortfall, but not in excess of the difference between the amortized cost and the fair value. Any unrealized loss that has not been recorded through an ACL is recognized in Other comprehensive (loss) income. The Company also carries the following shares at cost:
|  | June 30, 2025 |  | December 31, 2024
FHLB-Indianapolis |  | $ | 255 |  |  | $ | 329 |
FHLB-New York |  | 542 |  |  | 598
Federal Reserve Bank stock |  | 220 |  |  | 219

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/940-320/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1403 -Paragraph b -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-10 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/942-320/tableOfContent + Details
Name: | us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration