Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

The amortized cost, gross unrealized gains and losses, and fair value of AFS and HTM securities are as follows:



March 31, 2017	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale securities:
U.S. agency mortgage-backed securities	$	19,301	$	50	$	30	$	19,321
Asset-backed securities	11,418		39		10		11,447
Corporate debt securities	7,482		24		1		7,505
U.S. Treasury securities	8,480		5		55		8,430
Certificates of deposit	1,720		2		—		1,722
U.S. agency notes	1,915		—		8		1,907
Commercial paper	213		—		—		213
Non-agency commercial mortgage-backed securities	43		—		—		43
Total available for sale securities	$	50,572	$	120	$	104	$	50,588
Held to maturity securities:
U.S. agency mortgage-backed securities	$	90,154	$	397	$	1,040	$	89,511
Non-agency commercial mortgage-backed securities	996		10		5		1,001
Asset-backed securities	11,950		18		2		11,966
Corporate debt securities	3,179		16		—		3,195
U.S. Treasury securities	223		—		3		220
Commercial paper	99		—		—		99
U.S. state and municipal securities	1,170		20		—		1,190
Certificates of deposit	200		—		—		200
Total held to maturity securities	$	107,971	$	461	$	1,050	$	107,382



December 31, 2016
Available for sale securities:
U.S. agency mortgage-backed securities	$	33,167	$	120	$	92	$	33,195
Asset-backed securities	20,520		29		214		20,335
Corporate debt securities	9,850		20		18		9,852
U.S. Treasury securities	8,679		3		59		8,623
Certificates of deposit	2,070		2		1		2,071
U.S. agency notes	1,915		—		8		1,907
U.S. state and municipal securities	1,167		2		46		1,123
Commercial paper	214		—		—		214
Non-agency commercial mortgage-backed securities	45		—		—		45
Total available for sale securities	$	77,627	$	176	$	438	$	77,365
Held to maturity securities:
U.S. agency mortgage-backed securities	$	72,439	$	324	$	1,086	$	71,677
Non-agency commercial mortgage-backed securities	997		11		4		1,004
Asset-backed securities	941		—		—		941
Corporate debt securities	436		—		—		436
U.S. Treasury securities	223		—		4		219
Commercial paper	99		—		—		99
U.S. state and municipal securities	68		1		1		68
Total held to maturity securities	$	75,203	$	336	$	1,095	$	74,444

A summary of securities with unrealized losses, aggregated by category and period of continuous unrealized loss, is as follows:



	Less than				12 months
	12 months				or longer				Total
March 31, 2017	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale securities:
U.S. agency mortgage-backed securities	$	6,663	$	20	$	1,939	$	10	$	8,602	$	30
Asset-backed securities	975		1		959		9		1,934		10
Corporate debt securities	1,157		1		403		—		1,560		1
U.S. Treasury Notes	6,587		55		—		—		6,587		55
U.S. agency notes	1,907		8		—		—		1,907		8
Total	$	17,289	$	85	$	3,301	$	19	$	20,590	$	104
Held to maturity securities:
U.S. agency mortgage-backed securities	$	52,259	$	1,040	$	149	$	—	$	52,408	$	1,040
Non-agency commercial mortgage-backed securities	609		5		—		—		609		5
Asset-backed securities	723		—		3,524		2		4,247		2
U.S. Treasury securities	220		3		—		—		220		3
Total	$	53,811	$	1,048	$	3,673	$	2	$	57,484	$	1,050
Total securities with unrealized losses ⁽¹⁾	$	71,100	$	1,133	$	6,974	$	21	$	78,074	$	1,154



December 31, 2016
Available for sale securities:
U.S. agency mortgage-backed securities	$	14,816	$	69	$	2,931	$	23	$	17,747	$	92
Asset-backed securities	1,670		13		9,237		201		10,907		214
Corporate debt securities	2,407		17		653		1		3,060		18
U.S. Treasury securities	6,926		59		—		—		6,926		59
Certificates of deposit	474		—		100		1		574		1
U.S. agency notes	1,907		8		—		—		1,907		8
U.S. state and municipal securities	956		46		—		—		956		46
Total	$	29,156	$	212	$	12,921	$	226	$	42,077	$	438
Held to maturity securities:
U.S. agency mortgage-backed securities	$	51,361	$	1,086	$	—	$	—	$	51,361	$	1,086
Non-agency commercial mortgage-backed securities	591		4		—		—		591		4
U.S. Treasury securities	219		4		—		—		219		4
U.S. state and municipal securities	14		1		—		—		14		1
Total	$	52,185	$	1,095	$	—	$	—	$	52,185	$	1,095
Total securities with unrealized losses ⁽²⁾	$	81,341	$	1,307	$	12,921	$	226	$	94,262	$	1,533


⁽¹⁾	The number of investment positions with unrealized losses totaled 266 for AFS securities and 698 for HTM securities.


⁽²⁾	The number of investment positions with unrealized losses totaled 627 for AFS securities and 612 for HTM securities.

The maturities of AFS and HTM securities are as follows:



March 31, 2017	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total
Available for sale securities:
U.S. agency mortgage-backed securities ⁽¹⁾	$	114	$	2,614	$	6,629	$	9,964	$	19,321
Asset-backed securities	4		8,939		1,743		761		11,447
Corporate debt securities	2,299		5,206		—		—		7,505
U.S. Treasury securities	872		7,114		444		—		8,430
Certificates of deposit	851		871		—		—		1,722
U.S. agency notes	349		1,558		—		—		1,907
Commercial paper	213		—		—		—		213
Non-agency commercial mortgage-backed securities ⁽¹⁾	—		—		—		43		43
Total fair value	$	4,702	$	26,302	$	8,816	$	10,768	$	50,588
Total amortized cost	$	4,701	$	26,298	$	8,802	$	10,771	$	50,572
Held to maturity securities:
U.S. agency mortgage-backed securities ⁽¹⁾	$	—	$	8,012	$	31,625	$	49,874	$	89,511
Non-agency commercial mortgage-backed securities ⁽¹⁾	—		—		363		638		1,001
Asset-backed securities	—		949		4,166		6,851		11,966
Corporate debt securities	—		3,195		—		—		3,195
U.S. Treasury securities	—		—		220		—		220
Commercial paper	99		—		—		—		99
U.S. state and municipal securities	—		—		83		1,107		1,190
Certificates of deposit	—		200		—		—		200
Total fair value	$	99	$	12,356	$	36,457	$	58,470	$	107,382
Total amortized cost	$	99	$	12,224	$	36,557	$	59,091	$	107,971


⁽¹⁾	Mortgage-backed securities have been allocated to maturity groupings based on final contractual maturities. Actual maturities will differ from final contractual maturities because borrowers on a certain portion of loans underlying these securities have the right to prepay their obligations.

Proceeds and gross realized gains and losses from sales of AFS securities are as follows: