Investment Securities (Tables)

6 Months Ended

Jun. 30, 2020

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 the Company’s investment securities are as follows:



June 30, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale securities
U.S. agency mortgage-backed securities	$	230,102	$	7,162	$	177	$	237,087
Asset-backed securities ⁽¹⁾	22,234		167		282		22,119
Corporate debt securities ⁽²⁾	12,653		390		4		13,039
U.S. Treasury securities	4,733		38		—		4,771
U.S. state and municipal securities	1,489		131		—		1,620
Non-agency commercial mortgage-backed securities	1,214		40		—		1,254
Certificates of deposit	800		3		—		803
Commercial paper ^(2,3)	200		—		—		200
Foreign government agency securities	300		1		—		301
Other	22		—		—		22
Total available for sale securities	$	273,747	$	7,932	$	463	$	281,216



December 31, 2019
Available for sale securities
U.S. agency mortgage-backed securities	$	45,964	$	312	$	121	$	46,155
Corporate debt securities ⁽²⁾	5,427		57		—		5,484
Asset-backed securities ⁽¹⁾	4,970		30		13		4,987
U.S. Treasury securities	3,387		3		6		3,384
Certificates of deposit	1,000		4		—		1,004
Commercial paper ^(2,3)	394		1		—		395
Non-agency commercial mortgage-backed securities	13		—		—		13
Total available for sale securities	$	61,155	$	407	$	140	$	61,422
Held to maturity securities
U.S. agency mortgage-backed securities	$	109,325	$	1,521	$	280	$	110,566
Asset-backed securities ⁽¹⁾	17,806		50		85		17,771
Corporate debt securities ⁽²⁾	4,661		57		—		4,718
U.S. state and municipal securities	1,301		103		—		1,404
Non-agency commercial mortgage-backed securities	1,119		22		—		1,141
U.S. Treasury securities	223		5		—		228
Certificates of deposit	200		—		—		200
Foreign government agency securities	50		—		—		50
Other	21		—		—		21
Total held to maturity securities	$	134,706	$	1,758	$	365	$	136,099

⁽¹⁾Approximately 41% and 43% of asset-backed securities held as of June 30, 2020 and December 31, 2019, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 45% and 42% of the asset-backed securities held as of June 30, 2020 and December 31, 2019, respectively.

⁽²⁾As of June 30, 2020 approximately 49% of the total AFS, and as of December 31, 2019 approximately 32%, of the total AFS and HTM investments in corporate debt securities and commercial paper were issued by institutions in the financial services industry.

⁽³⁾ Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table is $2.5 billion of AFS commercial paper as of December 31, 2019 (none as of June 30, 2020). These holdings have maturities of three months or less and an aggregate market value equal to amortized cost.

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
	Less than 12 months				12 months or longer				Total
June 30, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale securities
Asset-backed securities	$	5,888	$	162	$	3,604	$	120	$	9,492	$	282
U.S. agency mortgage-backed securities	24,528		138		9,687		39		34,215		177
Corporate debt securities	928		4		—		—		928		4
Total	$	31,344	$	304	$	13,291	$	159	$	44,635	$	463



December 31, 2019
Available for sale securities
U.S. agency mortgage-backed securities	$	16,023	$	94	$	6,592	$	27	$	22,615	$	121
Asset-backed securities	960		6		298		7		1,258		13
U.S. Treasury securities	510		—		1,243		6		1,753		6
Total	$	17,493	$	100	$	8,133	$	40	$	25,626	$	140
Held to maturity securities
U.S. agency mortgage-backed securities	$	16,183	$	100	$	18,910	$	180	$	35,093	$	280
Asset-backed securities	7,507		63		2,898		22		10,405		85
Total	$	23,690	$	163	$	21,808	$	202	$	45,498	$	365
Total securities with unrealized losses	$	41,183	$	263	$	29,941	$	242	$	71,124	$	505

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
	Less than 12 months				12 months or longer				Total
June 30, 2020	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale securities
Asset-backed securities	$	5,888	$	162	$	3,604	$	120	$	9,492	$	282
U.S. agency mortgage-backed securities	24,528		138		9,687		39		34,215		177
Corporate debt securities	928		4		—		—		928		4
Total	$	31,344	$	304	$	13,291	$	159	$	44,635	$	463



December 31, 2019
Available for sale securities
U.S. agency mortgage-backed securities	$	16,023	$	94	$	6,592	$	27	$	22,615	$	121
Asset-backed securities	960		6		298		7		1,258		13
U.S. Treasury securities	510		—		1,243		6		1,753		6
Total	$	17,493	$	100	$	8,133	$	40	$	25,626	$	140
Held to maturity securities
U.S. agency mortgage-backed securities	$	16,183	$	100	$	18,910	$	180	$	35,093	$	280
Asset-backed securities	7,507		63		2,898		22		10,405		85
Total	$	23,690	$	163	$	21,808	$	202	$	45,498	$	365
Total securities with unrealized losses	$	41,183	$	263	$	29,941	$	242	$	71,124	$	505

Maturities of Securities Available for Sale and Securities Held to Maturity

The maturities of AFS securities are as follows:



June 30, 2020	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	$	1,090	$	22,122	$	55,851	$	158,024	$	237,087
Asset-backed securities	60		8,183		5,700		8,176		22,119
Corporate debt securities	2,750		8,628		1,661		—		13,039
U.S. Treasury securities	3,943		828		—		—		4,771
U.S. state and municipal securities	—		103		631		886		1,620
Non-agency commercial mortgage-backed securities	—		—		—		1,254		1,254
Certificates of deposit	803		—		—		—		803
Commercial paper	200		—		—		—		200
Foreign government agency securities	—		301		—		—		301
Other	—		—		—		22		22
Total fair value	$	8,846	$	40,165	$	63,843	$	168,362	$	281,216
Total amortized cost	$	25,912	$	36,951	$	57,237	$	153,647	$	273,747

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 June 30,				Six Months Ended June 30,
	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Proceeds	$	1	$	5,622	$	70	$	16,274
Gross realized gains	—		7		—		10
Gross realized losses	—		4		—		6