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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Securities Available for Sale and Held to Maturity
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s AFS and HTM investment securities are as follows:
December 31, 2023Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Available for sale securities
U.S. agency mortgage-backed securities$69,173 $— $6,378 $62,795 
U.S. Treasury securities22,459 1 989 21,471 
Corporate debt securities (1)
13,344 — 860 12,484 
Asset-backed securities (2)
9,465 — 378 9,087 
Foreign government agency securities1,035 — 33 1,002 
U.S. state and municipal securities634 — 55 579 
Non-agency commercial mortgage-backed securities123 — 14 109 
Certificates of deposit100 — — 100 
Other22 — 3 19 
Unallocated portfolio layer method fair value basis adjustments (3)
(19)— (19)— 
Total available for sale securities (4)
$116,336 $1 $8,691 $107,646 
Held to maturity securities
U.S. agency mortgage-backed securities$159,452 $1,435 $13,796 $147,091 
Total held to maturity securities$159,452 $1,435 $13,796 $147,091 
December 31, 2022
Available for sale securities
U.S. agency mortgage-backed securities$85,994 $— $8,306 $77,688 
U.S. Treasury securities41,879 — 1,877 40,002 
Asset-backed securities (2)
13,672 — 649 13,023 
Corporate debt securities (1)
13,830 — 1,275 12,555 
Certificates of deposit2,245 — 14 2,231 
Foreign government agency securities1,033 — 64 969 
U.S. state and municipal securities713 — 75 638 
Non-agency commercial mortgage-backed securities
473 — 23 450 
Other323 — 8 315 
Total available for sale securities (4)
$160,162 $— $12,291 $147,871 
Held to maturity securities
U.S. agency mortgage-backed securities$173,074 $1,442 $15,580 $158,936 
Total held to maturity securities$173,074 $1,442 $15,580 $158,936 
(1) As of December 31, 2023 and 2022, approximately 36% and 37%, respectively, of the total AFS corporate debt securities were issued by institutions in the financial services industry.
(2) Approximately 61% and 57% of asset-backed securities held as of December 31, 2023 and 2022, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 24% and 18% of the asset-backed securities held as of December 31, 2023 and 2022, respectively.
(3) This represents the amount of PLM basis adjustments related to AFS securities hedged in a closed portfolio. See Notes 2 and 16 for more information on PLM hedge accounting.
(4) Included in cash and cash equivalents on the consolidated balance sheets, but excluded from this table, is $48 million of AFS commercial paper as of December 31, 2022 (none as of December 31, 2023). These holdings have maturities of three months or less at the time of acquisition, and an aggregate market value equal to amortized cost.
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss
AFS investment 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
December 31, 2023Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Available for sale securities      
U.S. agency mortgage-backed securities (1)
$1 $— $62,794 $6,378 $62,795 $6,378 
U.S. Treasury securities— — 19,450 989 19,450 989 
Corporate debt securities— — 12,484 860 12,484 860 
Asset-backed securities (1)
29 — 9,058 378 9,087 378 
Foreign government agency securities— — 1,002 33 1,002 33 
U.S. state and municipal securities— — 579 55 579 55 
Non-agency commercial mortgage-backed securities— — 109 14 109 14 
Other— — 19 3 19 3 
Total (2)
$30 $— $105,495 $8,710 $105,525 $8,710 
December 31, 2022
Available for sale securities
U.S. agency mortgage-backed securities$34,938 $2,025 $42,558 $6,281 $77,496 $8,306 
U.S. Treasury securities27,063 716 12,519 1,161 39,582 1,877 
Asset-backed securities6,717 217 6,299 432 13,016 649 
Corporate debt securities8,552 542 3,998 733 12,550 1,275 
Certificates of deposit2,033 10 196 4 2,229 14 
Foreign government agency securities756 50 214 14 970 64 
U.S. state and municipal securities482 31 157 44 639 75 
Non-agency commercial mortgage-backed securities443 23 — — 443 23 
Other315 8 — — 315 8 
Total$81,299 $3,622 $65,941 $8,669 $147,240 $12,291 
(1) Unrealized losses less than 12 months amounts were less than $500 thousand.
(2) For purposes of this table, unrealized losses on AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $19 million at December 31, 2023.
Maturities of Securities Available for Sale and Held to Maturity
The maturities of AFS and HTM investment securities are as follows:
December 31, 2023Within
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 $798 $11,126 $10,650 $40,221 $62,795 
U.S. Treasury securities9,142 12,329 — — 21,471 
Corporate debt securities2,708 8,306 1,470 — 12,484 
Asset-backed securities— 2,443 1,290 5,354 9,087 
Foreign government agency securities495 507 — — 1,002 
U.S. state and municipal securities— 71 396 112 579 
Non-agency commercial mortgage-backed securities — — — 109 109 
Certificates of deposit100 — — — 100 
Other— — — 19 19 
Total fair value$13,243 $34,782 $13,806 $45,815 $107,646 
Total amortized cost (1)
$13,427 $36,943 $15,345 $50,640 $116,355 
Weighted-average yield (2)
1.82 %1.84 %1.87 %2.62 %2.18 %
Held to maturity securities     
U.S. agency mortgage-backed securities $1,217 $7,765 $37,584 $100,525 $147,091 
Total fair value$1,217 $7,765 $37,584 $100,525 $147,091 
Total amortized cost$1,248 $8,198 $40,139 $109,867 $159,452 
Weighted-average yield (2)
2.61 %1.98 %1.76 %1.73 %1.75 %
(1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $19 million at December 31, 2023.
(2) The weighted-average yield is computed using the amortized cost at December 31, 2023.
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 investment securities are as follows:
Year Ended December 31,202320222021
Proceeds$8,465 $24,704 $13,306 
Gross realized gains1 157 40 
Gross realized losses62 166 36