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Securities Available for Sale
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Available for Sale Securities Available for Sale
The amortized cost, gross unrealized gains and losses, credit valuation allowance, and fair value of available for sale (AFS) securities were as follows:
September 30, 2022Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. agency residential mortgage-backed securities$260,286 $— $(43,576)$216,710 
U.S. agency securities90,445 — (15,060)75,385 
Commercial mortgage-backed securities28,007 — (4,275)23,732 
Other asset-backed securities19,313 38 (818)18,533 
Asset-backed senior securities9,154 — — 9,154 
Asset-backed subordinated securities2,221 5,223 — 7,444 
CLUB Certificate asset-backed securities3,018 2,830 — 5,848 
Municipal securities3,282 — (931)2,351 
Total securities available for sale (1)
$415,726 $8,091 $(64,660)$359,157 
December 31, 2021Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. agency residential mortgage-backed securities$125,985 $— $(2,286)$123,699 
Asset-backed senior securities28,057 72 — 28,129 
U.S. agency securities26,902 1 (731)26,172 
Other asset-backed securities26,112 151 (130)26,133 
Commercial mortgage-backed securities26,649 1 (552)26,098 
CLUB Certificate asset-backed securities15,049 3,236 — 18,285 
Asset-backed subordinated securities4,119 7,643 — 11,762 
Municipal securities3,297 — (45)3,252 
Total securities available for sale (1)
$256,170 $11,104 $(3,744)$263,530 
(1)    As of September 30, 2022 and December 31, 2021, includes $325.9 million and $236.8 million, respectively, of fair value securities pledged as collateral.
A summary of AFS securities with unrealized losses for which a credit valuation allowance has not been recorded, aggregated by period of continuous unrealized loss, is as follows:
Less than
12 months		12 months
or longer		Total
September 30, 2022Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$142,629 $(23,204)$74,081 $(20,372)$216,710 $(43,576)
U.S. agency securities61,949 (9,608)13,436 (5,452)75,385 (15,060)
Commercial mortgage-backed securities6,388 (1,013)17,344 (3,262)23,732 (4,275)
Other asset-backed securities8,973 (156)5,388 (662)14,361 (818)
Municipal securities— — 2,351 (931)2,351 (931)
Total securities with unrealized losses$219,939 $(33,981)$112,600 $(30,679)$332,539 $(64,660)
Less than
12 months		12 months
or longer		Total
December 31, 2021Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$123,668 $(2,286)$— $— $123,668 $(2,286)
U.S. agency securities24,175 (731)— — 24,175 (731)
Other asset-backed securities13,224 (130)— — 13,224 (130)
Commercial mortgage-backed securities25,927 (552)— — 25,927 (552)
Municipal securities3,252 (45)— — 3,252 (45)
Total securities with unrealized losses$190,246 $(3,744)$— $— $190,246 $(3,744)

There was no activity in the allowance for AFS securities during the third quarter and first nine months of 2022. The following table presents the activity in the allowance for AFS securities, by major security type, during the third quarter and first nine months of 2021:
Credit Valuation AllowanceCLUB Certificate asset-backed securitiesAsset-backed subordinated securitiesTotal
Balance at June 30, 2021$(40)$(552)$(592)
Reversal of credit loss expense40 456 496 
Balance at September 30, 2021
$— $(96)$(96)
Credit Valuation AllowanceCLUB Certificate asset-backed securitiesAsset-backed subordinated securitiesTotal
Balance at December 31, 2020$(4,190)$(14,546)$(18,736)
Reversal of credit loss expense236 3,052 3,288 
Reversal of allowance arising from PCD financial assets3,954 11,398 15,352 
Balance at September 30, 2021
$— $(96)$(96)
The contractual maturities of AFS securities were as follows:
September 30, 2022Amortized CostFair Value
Weighted-
average
Yield(1)
Due after 1 year through 5 years:
U.S. agency securities9,000 8,640 
Commercial mortgage-backed securities1,042 919 
Total due after 1 year through 5 years10,042 9,559 3.33 %
Due after 5 years through 10 years:
U.S. agency residential mortgage-backed securities6,604 6,093 
U.S. agency securities12,847 11,287 
Commercial mortgage-backed securities2,871 2,367 
Other asset-backed securities649 656 
Municipal securities625 516 
Total due after 5 years through 10 years23,596 20,919 2.63 %
Due after 10 years:
U.S. agency residential mortgage-backed securities253,682 210,617 
U.S. agency securities68,598 55,458 
Commercial mortgage-backed securities24,094 20,446 
Other asset-backed securities18,664 17,877 
Municipal securities2,657 1,835 
Total due after 10 years367,695 306,233 2.44 %
Asset-backed securities related to Structured Program transactions
14,393 22,446 56.16 %
Total securities available for sale$415,726 $359,157 4.33 %
(1)    The weighted-average yield is computed using the amortized cost at September 30, 2022.

There were no sales of AFS securities during the third quarters of 2022 and 2021 or the first nine months of 2022. Proceeds and gross realized gains and losses from sales of AFS securities during the first nine months of 2021 were as follows:
Proceeds$106,192 
Gross realized gains$708 
Gross realized losses$(952)