
June 30, 2021	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. agency mortgage-backed securities	$	312,045	$	4,862	$	2,139	$	314,768
Asset-backed securities (1)	17,436		136		44		17,528
Corporate debt securities (2)	12,882		268		57		13,093
U.S. Treasury securities	8,814		21		6		8,829
U.S. state and municipal securities	1,623		100		1		1,722
Foreign government agency securities	1,408		1		1		1,408
Non-agency commercial mortgage-backed securities	1,209		39		—		1,248
Certificates of deposit	1,000		—		—		1,000

Other	22		4		—		26
Total available for sale securities	$	356,439	$	5,431	$	2,248	$	359,622


December 31, 2020	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value

U.S. agency mortgage-backed securities	$	283,911	$	7,005	$	563	$	290,353
Asset-backed securities (1)	18,808		174		84		18,898
Corporate debt securities (2)	12,408		388		—		12,796
U.S. Treasury securities	10,631		25		—		10,656

U.S. state and municipal securities	1,544		153		—		1,697

Foreign government agency securities	1,411		2		—		1,413
Non-agency commercial mortgage-backed securities	1,213		52		—		1,265
Certificates of deposit	300		—		—		300
Other	22		—		—		22
Total available for sale securities	$	330,248	$	7,799	$	647	$	337,400

(1) Approximately 58% and 51% of asset-backed securities held as of June 30, 2021 and December 31, 2020, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 32% and 36% of the asset-backed securities held as of June 30, 2021 and December 31, 2020, respectively.

(2) As of June 30, 2021 and December 31, 2020, approximately 39% and 46%, respectively of the total AFS in corporate debt securities were issued by institutions in the financial services industry.

At June 30, 2021, our banking subsidiaries had pledged securities with a fair value of $43.6 billion as collateral to secure borrowing capacity on secured credit facilities with the Federal Home Loan Bank (FHLB) (see Note 9). Our banking subsidiaries also pledge investment securities as collateral to secure borrowing capacity at the Federal Reserve discount window, and had pledged securities with a fair value of $9.5 billion as collateral for this facility at June 30, 2021. The Company also pledges securities issued by federal agencies to secure certain trust deposits. The fair value of these pledged securities was $1.5 billion at June 30, 2021.


	Less than 12 months				12 months or longer				Total

June 30, 2021	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale securities
U.S. agency mortgage-backed securities	$	148,997	$	2,122	$	5,304	$	17	$	154,301	$	2,139
Corporate debt securities	2,227		57		—		—		2,227		57
Asset-backed securities	1,916		16		3,861		28		5,777		44
U.S. Treasury securities	3,872		6		—		—		3,872		6
U.S. state and municipal securities	65		1		—		—		65		1


Foreign government agency securities	705		1		—		—		705		1


Total	$	157,782	$	2,203	$	9,165	$	45	$	166,947	$	2,248


December 31, 2020

U.S. agency mortgage-backed securities	$	61,706	$	551	$	4,774	$	12	$	66,480	$	563
Asset-backed securities	1,398		13		5,822		71		7,220		84






Total	$	63,104	$	564	$	10,596	$	83	$	73,700	$	647

At June 30, 2021, substantially all rated securities in the investment portfolios were investment grade. U.S. agency mortgage-backed securities do not have explicit credit ratings; however, management considers these to be of the highest credit quality and rating given the guarantee of principal and interest by the U.S. government or U.S. government-sponsored enterprises.

For a description of management’s quarterly evaluation of AFS securities in unrealized loss positions see Item 8 – Note 2 in the 2020 Form 10-K. No amounts were recognized as credit loss expense and no securities were written down to fair value through earnings for the six months ended June 30, 2021 and the year ended December 31, 2020. None of the Company’s AFS securities held as of June 30, 2021 and December 31, 2020 had an allowance for credit losses.

The Company had $635 million and $634 million of accrued interest receivable as of June 30, 2021 and December 31, 2020, respectively, for AFS securities. These amounts are excluded from the amortized cost basis and fair market value of AFS securities and included in other assets on the condensed consolidated balance sheets. There were no write-offs of accrued interest receivable on AFS securities during the six months ended June 30, 2021, or the year ended December 31, 2020.

In the table below, mortgage-backed securities and other asset-backed securities have been allocated to maturity groupings based on final contractual maturities. As borrowers may have the right to call or prepay certain obligations underlying our investment securities, actual maturities may differ from the scheduled contractual maturities presented below.


June 30, 2021	Within 1 year		After 1 year through 5 years		After 5 years through 10 years		After 10 years		Total

U.S. agency mortgage-backed securities	$	2,790	$	20,758	$	65,817	$	225,403	$	314,768
Asset-backed securities	31		5,794		2,112		9,591		17,528
Corporate debt securities	2,986		6,240		3,867		—		13,093
U.S. Treasury securities	6,489		594		1,746		—		8,829
U.S. state and municipal securities	23		105		957		637		1,722
Foreign government agency securities	553		855		—		—		1,408
Non-agency commercial mortgage-backed securities	—		—		—		1,248		1,248
Certificates of deposit	200		800		—		—		1,000

Other	—		—		—		26		26
Total fair value	$	13,072	$	35,146	$	74,499	$	236,905	$	359,622
Total amortized cost	$	13,034	$	34,010	$	73,019	$	236,376	$	356,439


	Three Months Ended June 30,				Six Months Ended June 30,

	2021		2020		2021		2020
Proceeds	$	3,037	$	1	$	9,642	$	70
Gross realized gains	17		—		37		—
Gross realized losses	13		—		23		—