XML 42 R33.htm IDEA: XBRL DOCUMENT v3.23.3
Securities Available for Sale (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-sale Securities Reconciliation
The amortized cost, gross unrealized gains and losses, and fair value of available for sale (AFS) securities were as follows:
September 30, 2023Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Senior asset-backed securities related to Structured Program transactions$413,850 $— $(1,453)$412,397 
U.S. agency residential mortgage-backed securities263,568 — (52,331)211,237 
U.S. agency securities93,451 — (18,372)75,079 
Mortgage-backed securities43,162 — (7,013)36,149 
Other asset-backed securities related to Structured Program transactions (1)
26,831 4,540 (309)31,062 
Other asset-backed securities28,217 34 (787)27,464 
Municipal securities3,262 — (981)2,281 
Total securities available for sale (2)
$872,341 $4,574 $(81,246)$795,669 
December 31, 2022Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
U.S. agency residential mortgage-backed securities$255,675 $— $(41,248)$214,427 
U.S. agency securities90,447 — (16,053)74,394 
Mortgage-backed securities26,988 — (4,470)22,518 
Asset-backed securities related to Structured Program transactions8,322 9,395 — 17,717 
Other asset-backed securities14,959 29 (785)14,203 
Municipal securities3,277 — (834)2,443 
Total securities available for sale (2)
$399,668 $9,424 $(63,390)$345,702 
(1)    As of September 30, 2023, $24.8 million of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules.
(2)    As of September 30, 2023 and December 31, 2022, includes $341.6 million and $319.0 million, respectively, of fair value securities pledged as collateral.
Schedule of Available-for-sale Securities, Continuous Unrealized Loss Position
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, 2023Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Senior asset-backed securities related to Structured Program transactions$372,388 $(1,453)$— $— $372,388 $(1,453)
U.S. agency residential mortgage-backed securities21,064 (892)190,173 (51,439)211,237 (52,331)
U.S. agency securities2,960 (40)72,119 (18,332)75,079 (18,372)
Mortgage-backed securities16,278 (1,387)19,871 (5,626)36,149 (7,013)
Other asset-backed securities14,112 (47)8,233 (740)22,345 (787)
Other asset-backed securities related to Structured Program transactions21,486 (309)— — 21,486 (309)
Municipal securities— — 2,281 (981)2,281 (981)
Total securities with unrealized losses$448,288 $(4,128)$292,677 $(77,118)$740,965 $(81,246)
Less than
12 months		12 months
or longer		Total
December 31, 2022Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. agency residential mortgage-backed securities$111,843 $(15,831)$102,584 $(25,417)$214,427 $(41,248)
U.S. agency securities50,352 (7,213)24,042 (8,840)74,394 (16,053)
Mortgage-backed securities2,441 (229)20,077 (4,241)22,518 (4,470)
Other asset-backed securities4,086 (73)6,945 (712)11,031 (785)
Municipal securities— — 2,443 (834)2,443 (834)
Total securities with unrealized losses$168,722 $(23,346)$156,091 $(40,044)$324,813 $(63,390)
Schedule of Available-for-sale Securities by Contractual Maturity
The contractual maturities of AFS securities were as follows:
September 30, 2023Amortized CostFair Value
Weighted-
average
Yield (1)
Due within 1 year:
Senior asset-backed securities related to Structured Program transactions$230 $230 
Total due within 1 year230 230 46.15 %
Due after 1 year through 5 years:
Senior asset-backed securities related to Structured Program transactions413,620 412,167 
Other asset-backed securities related to Structured Program transactions26,831 31,062 
U.S. agency securities9,000 8,567 
Mortgage-backed securities1,774 1,556 
Other asset-backed securities441 443 
U.S. agency residential mortgage-backed securities4 3 
Total due after 1 year through 5 years451,670 453,798 3.17 %
Due after 5 years through 10 years:
U.S. agency securities18,848 16,768 
Other asset-backed securities15,567 15,545 
U.S. agency residential mortgage-backed securities5,177 4,696 
Mortgage-backed securities2,036 1,634 
Municipal securities621 516 
Total due after 5 years through 10 years42,249 39,159 4.27 %
Due after 10 years:
U.S. agency residential mortgage-backed securities258,387 206,538 
U.S. agency securities65,603 49,744 
Mortgage-backed securities39,352 32,959 
Other asset-backed securities12,209 11,476 
Municipal securities2,641 1,765 
Total due after 10 years378,192 302,482 2.80 %
Total securities available for sale$872,341 $795,669 3.07 %
(1)    The weighted-average yield is computed using the amortized cost at September 30, 2023.