v3.25.3
Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Held-to-Maturity and Available-for-Sale Securities
The following tables summarize our portfolio of debt securities available for sale:

September 30, 2025

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs$11,476 $56 $371 $11,161 
GSE certificates1,130 1 126 1,005 
Private label CMOs
150 11 — 161 
Total mortgage-related debt securities$12,756 $68 $497 $12,327 
Other Debt Securities:
GSE debentures$1,502 $— $216 $1,286 
U. S. treasury obligations
1,000 14 — 1,014 
Asset-backed securities (1)
222 — 4 218 
Corporate bonds164 — 7 157 
Capital trust notes47 6 8 45 
Municipal bonds5 — — 5 
Total debt securities
$2,940 $20 $235 $2,725 
Total debt securities available for sale, net of allowance(2)(3)(4)
$15,696 $88 $732 $15,052 
(1)At September 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 September 30, 2025, the ACL was $2 million.
(3)Excludes accrued interest receivable of $43 million included in Other assets in the Condensed Consolidated Statements of Condition.
(4)We pledged investment securities of $14.8 billion as collateral for certain borrowings.

December 31, 2024

Amortized Cost
Gross Unrealized GainGross Unrealized LossFair Value
Debt securities available for sale
Mortgage-Related Debt Securities:
GSE CMOs$7,724 $27 $447 $7,304 
GSE certificates1,273 — 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 bonds314 — 6 308 
Asset-backed securities (1)
237 1 2 236 
Capital trust notes47 5 10 42 
Foreign notes35 — — 35 
Municipal bonds5 — — 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.
Schedule of Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity
The following table summarizes, by contractual maturity, the fair value of securities at September 30, 2025:

Mortgage- Related SecuritiesU.S. Government and GSE ObligationsCorporate and Other Bonds
Asset-Backed Securities
Total
Available-for-Sale Debt Securities:
Due within one year$1 $— $— $— $1 
Due from one to five years122 1,080 143 — 1,345 
Due from five to ten years240 1,220 26 — 1,486 
Due after ten years11,964 — 38 218 12,220 
Total debt securities available for sale, net of allowance
$12,327 $2,300 $207 $218 $15,052 
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 September 30, 2025:

Number of Debt Securities(1)
Less than Twelve MonthsTwelve Months or LongerTotal

Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
Debt securities in a continuous unrealized loss position:
GSE CMOs
230 $899 $1 $3,037 $370 $3,936 $371 
U.S. Government agency and GSE obligations33 — — 1,287 216 1,287 216 
GSE certificates326 — — 948 126 948 126 
Corporate bonds6 — — 157 7 157 7 
Asset-backed securities5 14 — 142 4 156 4 
Capital trust notes5 — — 35 8 35 8 
Private Label CMOs
1 — — 14 — 14 — 
Municipal bonds1 — — 5 — 5 — 
Total debt securities in a continuous unrealized loss position
607 $913 $1 $5,625 $731 $6,538 $732 
(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 MonthsTwelve Months or LongerTotal
Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized 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 obligations33 — — 1,203 299 1,203 299 
GSE certificates328 38 — 1,040 167 1,078 167 
Corporate bonds11 — — 308 6 308 6 
Asset-backed securities5 — — 154 2 154 2 
Capital trust notes5 — — 33 10 33 10 
Private Label CMOs
2 — — 17 1 17 1 
Foreign notes1 — — 10 — 10 — 
Municipal bonds1 — — 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.
Schedule of Company Holding Shares of FHLB-NY Stock and FHLB-Indianapolis Stock
We also carry shares in the following entities at cost:

September 30, 2025December 31, 2024
FHLB-Indianapolis
$255 $329 
FHLB-New York
542 598
Federal Reserve Bank stock
221 219