v3.25.3
Derivative and Hedging Activities (Tables)
 9 Months Ended
Sep. 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:

September 30, 2025December 31, 2024
Fair ValueFair Value
Notional AmountOther AssetsOther LiabilitiesExpiration DatesNotional AmountOther AssetsOther LiabilitiesExpiration 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)
$345 $3 $— 2025$563 $3 $3 2025
Mortgage-backed securities forwards (2)
211 — 1 2025344 7 2 2025
Interest rate swaps (3)
3,843 20 21 2025-20413,323 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 September 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 nine months ended September 30, 2025 and 2024, the amount recorded in Net gain on loan sales and securitizations in the Condensed Consolidated Statement of Income was immaterial and $20 million, respectively.
(3)During the three and nine months ended September 30, 2025, the amount recorded in Fee income in the Condensed Consolidated Statement of Income was immaterial. During the three and nine months ended September 30, 2024, the amount recorded in Net return on mortgage servicing rights in the Condensed Consolidated Statement of Income was $45 million and immaterial, respectively.
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:
September 30, 2025December 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
$1,015 $15 $— $— 
GSE CMOs2,026 7 — — 
GSE debentures
1,287 11 — — 
Debt securities available-for-sale(1)
$4,328 $33 $— $— 
Loans and leases held-for-investment(2)
$3,389 $(6)$5,861 $(18)
(1)During the three and nine months ended September 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 September 30, 2025 and 2024, the amount recorded to Interest income - Loans and leases in the Condensed Consolidated Statement of Income was immaterial. During the nine months ended September 30, 2025 and 2024, the amount recorded to Interest income - Loans and leases was $10 million and $24 million, respectively.
Schedule of Offsetting Assets
The tables below present the gross derivative assets and liabilities, and the related cash pledged as collateral at September 30, 2025 and December 31, 2024. No amounts were netted in the Condensed Consolidated Statements of Condition.
September 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)
$— $65 
Interest rate caps (cash flow hedge)
— — 
Derivatives not designated as hedging instruments:
Assets
Interest rate swaptions$20 $— 
Total derivative assets$20 $— 
Liabilities
Mortgage-backed securities forwards$1 $1 
Interest rate swaps
21 40 
Total derivative liabilities$22 $41 
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 swaptions15 (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 September 30, 2025 and December 31, 2024. No amounts were netted in the Condensed Consolidated Statements of Condition.
September 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)
$— $65 
Interest rate caps (cash flow hedge)
— — 
Derivatives not designated as hedging instruments:
Assets
Interest rate swaptions$20 $— 
Total derivative assets$20 $— 
Liabilities
Mortgage-backed securities forwards$1 $1 
Interest rate swaps
21 40 
Total derivative liabilities$22 $41 
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 swaptions15 (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:

September 30, 2025
Cash and cash equivalents
$8,484 
Restricted cash included in other assets
75 
Total
$8,559 
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:

September 30, 2025
Cash and cash equivalents
$8,484 
Restricted cash included in other assets
75 
Total
$8,559