Debt securities available-for-sale (Tables)

3 Months Ended

Mar. 31, 2024

Investments [Abstract]

Debt Securities, Available-For-Sale

At March 31, 2024

Allowance

Gross

Gross

Weighted

Amortized

for credit

unrealized

unrealized

Fair 

average

(In thousands)

cost

losses

gains 

losses

value

yield

U.S. Treasury securities

Within 1 year

$

9,394,716

$

-

68

$

60,864

$

9,333,920

3.90

%

After 1 to 5 years

2,825,336

-

-

140,775

2,684,561

1.32

After 5 to 10 years

307,174

-

-

36,444

270,730

1.63

Total U.S. Treasury securities

12,527,226

-

68

238,083

12,289,211

3.26

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

15,883

-

-

813

15,070

1.54

After 5 to 10 years

19,189

-

-

1,337

17,852

2.29

After 10 years

104,671

-

21

10,006

94,686

2.55

Total collateralized mortgage obligations - federal agencies

139,743

-

21

12,156

127,608

2.40

Mortgage-backed securities - federal agencies

Within 1 year

457

-

-

5

452

2.06

After 1 to 5 years

78,628

-

6

3,683

74,951

2.36

After 5 to 10 years

817,332

-

181

56,576

760,937

2.33

After 10 years

5,897,090

-

449

1,135,279

4,762,260

1.65

Total mortgage-backed securities - federal agencies

6,793,507

-

636

1,195,543

5,598,600

1.74

Other

Within 1 year

1,005

500

-

-

505

4.00

After 1 to 5 years

1,500

-

-

-

1,500

8.50

Total other 

2,505

500

-

-

2,005

6.69

Total debt securities available-for-sale

[1]

$

19,462,981

$

500

725

$

1,445,782

$

18,017,424

2.72

%

[1]

 Includes $

11.8

 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan servicing

agreements that the secured parties are not permitted to sell or repledge the collateral, of which $

11

.0 billion serve as collateral for public funds. The

Corporation had unpledged Available for Sale securities with a fair value of $

6.2

 billion that could be used to increase its borrowing facilities.

At December 31, 2023

Gross 

Gross 

Weighted 

Amortized 

unrealized

unrealized

Fair 

average 

(In thousands)

cost

gains 

losses

value

yield

U.S. Treasury securities 

Within 1 year

$

7,103,518

$

526

$

59,415

$

7,044,629

3.51

%

After 1 to 5 years

3,598,209

84

170,209

3,428,084

1.35

After 5 to 10 years

307,512

-

33,164

274,348

1.63

Total U.S. Treasury securities

11,009,239

610

262,788

10,747,061

2.75

Collateralized mortgage obligations - federal agencies

After 1 to 5 years

17,899

-

838

17,061

1.55

After 5 to 10 years

20,503

2

1,321

19,184

2.28

After 10 years

108,280

29

9,868

98,441

2.54

Total collateralized mortgage obligations - federal agencies

146,682

31

12,027

134,686

2.38

Mortgage-backed securities - federal agencies

Within 1 year

637

-

3

634

3.72

After 1 to 5 years

82,310

11

3,536

78,785

2.34

After 5 to 10 years

792,431

75

48,250

744,256

2.28

After 10 years

6,067,353

667

1,046,909

5,021,111

1.64

Total mortgage-backed securities - federal agencies

6,942,731

753

1,098,698

5,844,786

1.72

Other

Within 1 year

1,011

-

-

1,011

4.00

After 1 to 5 years

1,500

-

-

1,500

8.50

Total other 

2,511

-

-

2,511

6.69

Total debt securities available-for-sale

[1]

$

18,101,163

$

1,394

$

1,373,513

$

16,729,044

2.35

%

[1]

Includes $

12

 billion pledged to secure government and trust deposits, assets sold under agreements to repurchase, credit facilities and loan

servicing agreements that the secured parties are not permitted to sell or repledge the collateral, of which $

11.1

 billion serve as collateral for

public funds. The Corporation had unpledged Available for Sale securities with a fair value of $

4.6

 billion that could be used to increase its

borrowing facilities.

Debt Securities Available For Sale Unrealized Loss Position Fair Value

At March 31, 2024

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

4,845,109

$

3,713

$

5,809,606

$

234,370

$

10,654,715

$

238,083

Collateralized mortgage obligations - federal agencies 

2,127

2

123,238

12,154

125,365

12,156

Mortgage-backed securities

45,988

428

5,523,133

1,195,115

5,569,121

1,195,543

Total debt securities available-for-sale in an unrealized loss position 

$

4,893,224

$

4,143

$

11,455,977

$

1,441,639

$

16,349,201

$

1,445,782

At December 31, 2023

Less than 12 months

12 months or more

Total

Gross

Gross

Gross

Fair 

 unrealized

Fair 

 unrealized

Fair 

 unrealized

(In thousands)

value 

losses

value 

losses

value 

losses

U.S. Treasury securities

$

244,925

$

5,126

$

6,550,941

$

257,662

$

6,795,866

$

262,788

Collateralized mortgage obligations - federal agencies 

5,234

35

124,930

11,992

130,164

12,027

Mortgage-backed securities

37,118

405

5,779,260

1,098,293

5,816,378

1,098,698

Total debt securities available-for-sale in an unrealized loss position 

$

287,277

$

5,566

$

12,455,131

$

1,367,947

$

12,742,408

$

1,373,513