Investment Securities (Tables)

3 Months Ended

Mar. 31, 2018

Investments, Debt and Equity Securities [Abstract]

Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Securities Held to Maturity

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



March 31, 2018	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale securities:
U.S. agency mortgage-backed securities	$	21,077	$	49	$	65	$	21,061
U.S. Treasury securities	10,964		—		137		10,827
Asset-backed securities ⁽¹⁾	9,622		25		11		9,636
Corporate debt securities ⁽²⁾	6,546		12		6		6,552
Certificates of deposit	1,790		2		1		1,791
U.S. agency notes	1,565		—		8		1,557
Commercial paper ⁽²⁾	315		—		—		315
Foreign government agency securities	50		—		2		48
Non-agency commercial mortgage-backed securities	40		—		—		40
Total available for sale securities	$	51,969	$	88	$	230	$	51,827
Held to maturity securities:
U.S. agency mortgage-backed securities	$	103,967	$	82	$	2,377	$	101,672
Asset-backed securities ⁽¹⁾	14,625		126		7		14,744
Corporate debt securities ⁽²⁾	4,340		8		44		4,304
U.S. state and municipal securities	1,245		20		3		1,262
Non-agency commercial mortgage-backed securities	1,033		3		19		1,017
U.S. Treasury securities	223		—		8		215
Certificates of deposit	200		—		—		200
Foreign government agency securities	50		—		1		49
Total held to maturity securities	$	125,683	$	239	$	2,459	$	123,463



December 31, 2017
Available for sale securities:
U.S. agency mortgage-backed securities	$	20,915	$	53	$	39	$	20,929
U.S. Treasury securities	9,583		—		83		9,500
Asset-backed securities ⁽¹⁾	9,019		34		6		9,047
Corporate debt securities ⁽²⁾	6,154		16		1		6,169
Certificates of deposit	2,040		2		1		2,041
U.S. agency notes	1,914		—		8		1,906
Commercial paper ⁽²⁾	313		—		—		313
Foreign government agency securities	51		—		1		50
Non-agency commercial mortgage-backed securities	40		—		—		40
Total available for sale securities	$	50,029	$	105	$	139	$	49,995
Held to maturity securities:
U.S. agency mortgage-backed securities	$	101,197	$	290	$	1,034	$	100,453
Asset-backed securities ⁽¹⁾	12,937		127		2		13,062
Corporate debt securities ⁽²⁾	4,078		13		5		4,086
U.S. state and municipal securities	1,247		57		—		1,304
Non-agency commercial mortgage-backed securities	994		10		5		999
U.S. Treasury securities	223		—		3		220
Certificates of deposit	200		—		—		200
Foreign government agency securities	50		—		1		49
Total held to maturity securities	$	120,926	$	497	$	1,050	$	120,373

⁽¹⁾Approximately 40% and 42% of Asset-backed securities held as of March 31, 2018 and December 31, 2017, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 42% and 40% of the asset-backed securities held as of March 31, 2018 and December 31, 2017, respectively.

⁽²⁾As of March 31, 2018 and December 31, 2017, approximately 38% and 41%, respectively, of the total AFS and HTM investments in Corporate debt securities and Commercial paper were issued by institutions in the financial services industry. Approximately 22% of the holdings of these securities were issued by institutions in the information technology industry as of both March 31, 2018 and December 31, 2017.

Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss

Securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:



	Less than				12 months
	12 months				or longer				Total
March 31, 2018	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale securities:
U.S. agency mortgage-backed securities	$	6,308	$	52	$	2,339	$	13	$	8,647	$	65
U.S. Treasury securities	5,522		45		5,305		92		10,827		137
Asset-backed securities	1,594		7		422		4		2,016		11
Corporate debt securities	1,503		6		20		—		1,523		6
Certificates of deposit	1,019		1		—		—		1,019		1
U.S. agency notes	—		—		1,557		8		1,557		8
Foreign government agency securities	48		2		—		—		48		2
Total	$	15,994	$	113	$	9,643	$	117	$	25,637	$	230
Held to maturity securities:
U.S. agency mortgage-backed securities	$	60,892	$	1,166	$	24,742	$	1,211	$	85,634	$	2,377
Asset-backed securities	1,249		7		100		—		1,349		7
Corporate debt securities	2,743		44		—		—		2,743		44
U.S. state and municipal securities	96		3		—		—		96		3
Non-agency commercial mortgage-backed securities	764		19		—		—		764		19
U.S. Treasury securities	215		8		—		—		215		8
Foreign government agency securities	49		1		—		—		49		1
Total	$	66,008	$	1,248	$	24,842	$	1,211	$	90,850	$	2,459
Total securities with unrealized losses ⁽¹⁾	$	82,002	$	1,361	$	34,485	$	1,328	$	116,487	$	2,689



December 31, 2017
Available for sale securities:
U.S. agency mortgage-backed securities	$	5,696	$	21	$	2,548	$	18	$	8,244	$	39
U.S. Treasury securities	4,625		11		4,875		72		9,500		83
Asset-backed securities	904		3		424		3		1,328		6
Corporate debt securities	736		1		120		—		856		1
Certificates of deposit	799		1		—		—		799		1
U.S. agency notes	99		—		1,807		8		1,906		8
Foreign government agency securities	50		1		—		—		50		1
Total	$	12,909	$	38	$	9,774	$	101	$	22,683	$	139
Held to maturity securities:
U.S. agency mortgage-backed securities	$	42,102	$	310	$	24,753	$	724	$	66,855	$	1,034
Asset-backed securities	1,124		2		72		—		1,196		2
Corporate debt securities	1,078		5		—		—		1,078		5
Non-agency commercial mortgage-backed securities	607		5		—		—		607		5
U.S. Treasury securities	220		3		—		—		220		3
Foreign government agency securities	49		1		—		—		49		1
Total	$	45,180	$	326	$	24,825	$	724	$	70,005	$	1,050
Total securities with unrealized losses ⁽²⁾	$	58,089	$	364	$	34,599	$	825	$	92,688	$	1,189

⁽¹⁾The number of investment positions with unrealized losses totaled 314 for AFS securities and 1,353 for HTM securities.

⁽²⁾The number of investment positions with unrealized losses totaled 251 for AFS securities and 938 for HTM securities.

Maturities of Securities Available for Sale and Securities Held to Maturity

The maturities of AFS and HTM securities are as follows:



March 31, 2018	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⁾	$	35	$	3,454	$	7,846	$	9,726	$	21,061
U.S. Treasury securities	2,441		8,386		—		—		10,827
Asset-backed securities	250		7,844		959		583		9,636
Corporate debt securities	3,183		3,369		—		—		6,552
Certificates of deposit	772		1,019		—		—		1,791
U.S. agency notes	1,310		247		—		—		1,557
Commercial paper	315		—		—		—		315
Foreign government agency securities	—		48		—		—		48
Non-agency commercial mortgage-backed securities ⁽¹⁾	—		—		—		40		40
Total fair value	$	8,306	$	24,367	$	8,805	$	10,349	$	51,827
Total amortized cost	$	8,315	$	24,480	$	8,819	$	10,355	$	51,969
Held to maturity securities:
U.S. agency mortgage-backed securities ⁽¹⁾	$	418	$	13,032	$	30,343	$	57,879	$	101,672
Asset-backed securities	—		1,046		7,356		6,342		14,744
Corporate debt securities	351		3,368		585		—		4,304
U.S. state and municipal securities	—		—		173		1,089		1,262
Non-agency commercial mortgage-backed securities ⁽¹⁾	—		355		—		662		1,017
U.S. Treasury securities	—		—		215		—		215
Certificates of deposit	—		200		—		—		200
Foreign government agency securities	—		49		—		—		49
Total fair value	$	769	$	18,050	$	38,672	$	65,972	$	123,463
Total amortized cost	$	771	$	18,270	$	39,171	$	67,471	$	125,683

⁽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 Securities Available for Sale

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



	Three Months Ended March 31,
	Three Months Ended March 31,
	2018		2017
Proceeds	$	—	$	1,064
Gross realized gains	—		1