Debt securities available-for-sale |
12 Months Ended |
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Dec. 31, 2022 | |
Debt securities available-for-sale | |
Schedule of Available-for-sale Securities [Line Items] | |
Investments in debt and marketable equity securities | Note 6 – Debt securities available-for-sale The following tables present and contractual maturities of debt securities available-for-sale At December 31, 2022 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 4,576,127 $ 506 $ 47,156 $ 4,529,477 2.42 % After 1 to 5 years 6,793,739 - 410,858 6,382,881 1.35 After 5 to 10 years 308,854 - 40,264 268,590 1.63 Total U.S. Treasury 11,678,720 506 498,278 11,180,948 1.78 Collateralized mortgage obligations - federal agencies After 1 to 5 years 3,914 - 213 3,701 1.77 After 5 to 10 years 47,979 - 3,428 44,551 1.73 After 10 years 127,639 24 10,719 116,944 2.53 Total collateralized 179,532 24 14,360 165,196 2.30 Mortgage-backed securities After 1 to 5 years 74,328 11 3,428 70,911 2.33 After 5 to 10 years 866,757 43 58,997 807,803 2.16 After 10 years 6,762,150 932 1,184,626 5,578,456 1.61 Total mortgage-backed 7,703,235 986 1,247,051 6,457,170 1.68 Other After 1 to 5 years 1,062 - 2 1,060 3.98 Total other 1,062 - 2 1,060 3.98 Total debt securities [1] $ 19,562,549 $ 1,516 $ 1,759,691 $ 17,804,374 1.75 % [1] 11.3 servicing agreements that the secured parties are not permitted 10.3 public funds. At December 31, 2021 Gross Gross Weighted Amortized unrealized unrealized Fair average (In thousands) cost gains losses value yield U.S. Treasury securities Within 1 year $ 1,225,558 $ 13,556 $ 69 $ 1,239,045 2.33 % After 1 to 5 years 10,059,163 98,808 65,186 10,092,785 1.18 After 5 to 10 years 4,563,265 739 36,804 4,527,200 1.22 Total U.S. Treasury 15,847,986 113,103 102,059 15,859,030 1.27 Obligations of U.S. Government sponsored entities Within 1 year 70 - - 70 5.63 Total obligations of 70 - - 70 5.63 Collateralized mortgage obligations - federal agencies After 1 to 5 years 2,433 42 - 2,475 2.16 After 5 to 10 years 43,241 295 6 43,530 1.54 After 10 years 172,176 3,441 357 175,260 2.13 Total collateralized 217,850 3,778 363 221,265 2.01 Mortgage-backed securities Within 1 year 11 1 - 12 4.79 After 1 to 5 years 65,749 2,380 11 68,118 2.23 After 5 to 10 years 665,600 17,998 5 683,593 1.97 After 10 years 8,263,835 68,128 195,910 8,136,053 1.67 Total mortgage-backed 8,995,195 88,507 195,926 8,887,776 1.69 Other After 1 to 5 years 123 5 - 128 3.62 Total other 123 5 - 128 3.62 Total debt securities [1] $ 25,061,224 $ 205,393 $ 298,348 $ 24,968,269 1.42 % [1] Includes $ 22 .0 billion pledged to secure government and trust deposits, servicing agreements that the secured parties are not permitted 20.9 public funds. The weighted changes in fair value. Securities obligations, are classified mortgage-backed securities and certain other securities may prepayments or may be called by the issuer. The following table presents the by contractual maturity. (In thousands) Amortized cost Fair value Within 1 year $ 4,576,127 $ 4,529,477 After 1 to 5 years 6,873,043 6,458,553 After 5 to 10 years 1,223,590 1,120,944 After 10 years 6,889,789 5,695,400 Total debt securities $ 19,562,549 $ 17,804,374 There were no 31, 2021, 236 losses on the sale of debt securities available-for-sale (In thousands) 2022 2021 2020 Gross realized gains $ - $ 695 $ 41 Gross realized losses - (672) - Net realized gains (losses) on sale of debt securities available $ - $ 23 $ 41 The aggregated by investment category at December 31, 2022 and 2021. At December 31, 2022 Less than 12 months 12 months or more Total Gross Gross Gross Fair Fair Fair (In thousands) value losses value losses value losses U.S. Treasury securities $ 6,027,786 $ 288,582 $ 3,244,572 $ 209,696 $ 9,272,358 $ 498,278 Collateralized mortgage obligations - federal agencies 139,845 10,655 22,661 3,705 162,506 14,360 Mortgage-backed securities 1,740,214 138,071 4,662,195 1,108,980 6,402,409 1,247,051 Other 60 2 - - 60 2 Total debt securities $ 7,907,905 $ 437,310 $ 7,929,428 $ 1,322,381 $ 15,837,333 $ 1,759,691 At December 31, 2021 Less than 12 months 12 months or more Total Gross Gross Gross Fair Fair Fair (In thousands) value losses value losses value losses U.S. Treasury securities $ 9,590,448 $ 102,059 $ - $ - $ 9,590,448 $ 102,059 Collateralized mortgage obligations - federal agencies 35,533 334 1,084 29 36,617 363 Mortgage-backed securities 5,767,556 170,614 595,051 25,312 6,362,607 195,926 Total debt securities $ 15,393,537 $ 273,007 $ 596,135 $ 25,341 $ 15,989,672 $ 298,348 As of 1.8 billion, driven mainly by fixed-rate U.S. Treasury Securities and mortgage-backed securities, in fair value as of FHMLC and GNMA. guarantee Accordingly, the Corporation applies a zero-credit loss assumption and no ACL for In October 2022, the 6.5 7.4 its available-for-sale portfolio to its held-to-maturity portfolio. to maturity income (loss) (“AOCI”) and time of 873.0 This fair value discount is being accreted to interest income and the unrealized loss remaining in AOCI is being amortized, offsetting each other through the remaining life of the securities. |