v3.25.1
Debt securities available-for-sale
 3 Months Ended
Mar. 31, 2025
Debt securities available-for-sale  
Schedule of Available-for-sale Securities [Line Items]  
Investments in debt and marketable equity securities
Note 5 – Debt securities available-for-sale
The
 
following
 
tables
 
present
 
the
 
amortized
 
cost,
 
gross
 
unrealized
 
gains
 
and
 
losses,
 
fair
 
value,
 
weighted
 
average
 
yield
 
and
contractual maturities of debt securities available-for-sale at March 31, 2025 and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2025
Gross
Gross
Weighted
Amortized
unrealized
unrealized
Fair
 
average
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
Within 1 year
$
11,412,148
$
62
$
39,477
$
11,372,733
3.48
%
After 1 to 5 years
2,922,974
9,072
30,811
2,901,235
3.73
Total U.S. Treasury securities
14,335,122
9,134
70,288
14,273,968
3.53
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
9,013
-
256
8,757
1.53
After 5 to 10 years
14,070
-
715
13,355
2.50
After 10 years
101,244
179
7,676
93,747
2.91
Total collateralized mortgage obligations - federal agencies
124,327
179
8,647
115,859
2.76
Mortgage-backed securities - federal agencies
Within 1 year
15,640
-
181
15,459
2.67
After 1 to 5 years
65,153
8
2,060
63,101
2.25
After 5 to 10 years
714,425
127
35,368
679,184
2.38
After 10 years
5,340,748
764
996,653
4,344,859
1.67
Total mortgage-backed securities - federal agencies
6,135,966
899
1,034,262
5,102,603
1.77
Other
Within 1 year
500
-
-
500
4.43
After 1 to 5 years
250
-
-
250
4.90
Total other
 
750
-
-
750
4.59
Total debt securities available-for-sale
[1]
$
20,596,165
$
10,212
$
1,113,197
$
19,493,180
3.00
%
[1]
 
Includes $
14.3
 
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 $
13.3
 
billion serve as collateral for
public funds.
 
The Corporation had unpledged Available for Sale securities with a fair value of
 
$
5.1
 
billion that could be used to increase its
borrowing facilities.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 31, 2024
Gross
 
Gross
 
Weighted
 
Amortized
 
unrealized
unrealized
Fair
 
average
 
(In thousands)
cost
gains
 
losses
value
yield
U.S. Treasury securities
 
Within 1 year
$
10,555,397
$
1,282
$
46,275
$
10,510,404
3.33
%
After 1 to 5 years
2,547,936
151
63,381
2,484,706
3.07
Total U.S. Treasury securities
13,103,333
1,433
109,656
12,995,110
3.28
Collateralized mortgage obligations - federal agencies
After 1 to 5 years
10,538
-
345
10,193
1.53
After 5 to 10 years
15,334
-
904
14,430
2.24
After 10 years
104,168
132
8,639
95,661
2.76
Total collateralized mortgage obligations - federal agencies
130,040
132
9,888
120,284
2.60
Mortgage-backed securities - federal agencies
Within 1 year
776
-
5
771
1.65
After 1 to 5 years
79,542
8
2,700
76,850
2.35
After 5 to 10 years
733,506
82
45,078
688,510
2.37
After 10 years
5,468,448
337
1,106,657
4,362,128
1.67
Total mortgage-backed securities - federal agencies
6,282,272
427
1,154,440
5,128,259
1.75
Other
Within 1 year
500
-
-
500
5.00
After 1 to 5 years
1,750
-
-
1,750
5.50
Total other
 
2,250
-
-
2,250
5.39
Total debt securities available-for-sale
[1]
$
19,517,895
$
1,992
$
1,273,984
$
18,245,903
2.78
%
[1]
Includes $
13.9
 
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 $
12.9
 
billion serve as collateral for
public funds. The Corporation had unpledged Available for Sale securities with a fair value of
 
$
4.3
 
billion that could be used to increase its
borrowing facilities.
The
 
weighted
 
average
 
yield
 
on
 
debt
 
securities
 
available-for-sale
 
is
 
based
 
on
 
amortized
 
cost;
 
therefore,
 
it
 
does
 
not
 
give
 
effect
 
to
changes in fair value.
Debt
 
securities
 
not
 
due
 
on
 
a
 
single
 
contractual
 
maturity
 
date,
 
such
 
as
 
mortgage-backed
 
securities
 
and
 
collateralized
 
mortgage
obligations, are
 
classified in
 
the period
 
of final
 
contractual maturity.
 
The expected
 
maturities of
 
collateralized mortgage
 
obligations,
mortgage-backed securities and
 
certain other securities
 
may differ from
 
their contractual maturities
 
because they may
 
be subject to
prepayments or may be called by the issuer.
At March 31, 2025,
 
the Corporation did not
 
intend to sell or
 
believed it was more
 
likely than not that it
 
would be required to
 
sell debt
securities classified as available-for-sale. There were no debt securities sold during the quarters ended March 31, 2025 and 2024.
The
 
following
 
tables
 
present
 
the
 
Corporation’s
 
fair
 
value
 
and
 
gross
 
unrealized
 
losses
 
of
 
debt
 
securities
 
available-for-sale,
aggregated by investment category and length of time that individual securities have been in a continuous
 
unrealized loss position at
March 31, 2025 and December 31, 2024.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At March 31, 2025
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
$
9,272,746
$
12,743
$
2,908,217
$
57,545
$
12,180,963
$
70,288
Collateralized mortgage obligations - federal agencies
 
4,630
2
97,990
8,645
102,620
8,647
Mortgage-backed securities -federal agencies
49,654
2,015
4,996,855
1,032,247
5,046,509
1,034,262
Total debt securities available-for-sale in an unrealized loss position
 
$
9,327,030
$
14,760
$
8,003,062
$
1,098,437
$
17,330,092
$
1,113,197
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At December 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
$
2,309,894
$
24,646
$
3,638,092
$
85,010
$
5,947,986
$
109,656
Collateralized mortgage obligations - federal agencies
 
4,878
27
102,160
9,861
107,038
9,888
Mortgage-backed securities - federal agencies
70,777
3,175
5,031,414
1,151,265
5,102,191
1,154,440
Total debt securities available-for-sale in an unrealized loss position
 
$
2,385,549
$
27,848
$
8,771,666
$
1,246,136
$
11,157,215
$
1,273,984
As of March 31, 2025, the portfolio of available-for-sale
 
debt securities reflects gross unrealized losses of $
1.1
 
billion (December 31,
2024 -
 
$
1.3
 
billion), driven
 
mainly by
 
mortgage-backed securities,
 
which have
 
been impacted
 
by the-interest
 
rate environment
 
and
the portfolio’s
 
longer duration.
 
During the
 
first quarter
 
of 2025,
 
the unrealized
 
losses on
 
the available-for-sale
 
portfolio declined
 
by
approximately $
169
 
million due mainly to the
 
decrease in rates and portfolio runoff.
 
The portfolio of available-for-sale debt
 
securities
is comprised
 
mainly of
 
U.S Treasuries
 
and obligations
 
from the
 
U.S. Government,
 
its agencies
 
or government
 
sponsored entities,
including Federal National Mortgage
 
Association (“FNMA”), Federal
 
Home Loan Mortgage Corporation
 
(“FHLMC”) and Government
National
 
Mortgage
 
Association
 
(“GNMA”).
 
These
 
securities
 
carry an
 
explicit
 
or
 
implicit
 
guarantee
 
from
 
the
 
U.S.
 
Government,
 
are
highly rated by major rating
 
agencies, and have a long
 
history of no credit losses.
 
Accordingly, the
 
Corporation applies a zero-credit
loss assumption.