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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2024
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:
September 30, 2024Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale securities    
U.S. agency mortgage-backed securities$60,837 $— $4,557 $56,280 
U.S. Treasury securities16,137 2 516 15,623 
Corporate debt securities (1)
10,790 — 544 10,246 
Asset-backed securities (2)
6,818 — 188 6,630 
Foreign government agency securities533 — 10 523 
U.S. state and municipal securities627 — 42 585 
Non-agency commercial mortgage-backed securities122 — 10 112 
Other21 — 2 19 
Unallocated portfolio layer method fair value basis adjustments (3)
(14)— (14)— 
Total available for sale securities
$95,871 $2 $5,855 $90,018 
Held to maturity securities    
U.S. agency mortgage-backed securities$149,862 $2,365 $11,230 $140,997 
Total held to maturity securities$149,862 $2,365 $11,230 $140,997 
December 31, 2023
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
$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 
(1) As of September 30, 2024 and December 31, 2023, approximately 34% and 36%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry.
(2) Approximately 57% and 61% of asset-backed securities held as of September 30, 2024 and December 31, 2023, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 28% and 24% of the asset-backed securities held as of September 30, 2024 and December 31, 2023, respectively.
(3) This represents the amount of portfolio layer method (PLM) fair value hedge basis adjustments related to AFS securities hedged in a closed portfolio. See Note 11 for more information on PLM hedge accounting.
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss
AFS securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:
Less than 12 months12 months or longerTotal
September 30, 2024Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Available for sale securities      
U.S. agency mortgage-backed securities
$— $— $56,280 $4,557 $56,280 $4,557 
U.S. Treasury securities (1)
242 — 13,878 516 14,120 516 
Corporate debt securities— — 10,246 544 10,246 544 
Asset-backed securities
— — 6,618 188 6,618 188 
Foreign government agency securities— — 523 10 523 10 
U.S. state and municipal securities— — 585 42 585 42 
Non-agency commercial mortgage-backed securities— — 112 10 112 10 
Other— — 19 2 19 2 
Total (2)
$242 $— $88,261 $5,869 $88,503 $5,869 
December 31, 2023   
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 
(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 $14 million and $19 million at September 30, 2024 and December 31, 2023, respectively.
Schedule of Estimated Effective Duration, Investments
The following table presents the Company’s estimated effective duration, which reflects anticipated future payments, by category at September 30, 2024:
In years
Estimated effective duration, exclusive of derivatives:
AFS investment securities portfolio
2.3
AFS and HTM investment securities portfolio3.9
Estimated effective duration, inclusive of derivatives (1):
AFS investment securities portfolio
2.0
AFS and HTM investment securities portfolio3.8
(1) See Note 11 for additional discussion on the Company’s derivatives.
Maturities of Securities Available for Sale and Held to Maturity
The maturities of AFS and HTM investment securities are as follows:
September 30, 2024Within
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$3,200 $8,202 $9,941 $34,937 $56,280 
U.S. Treasury securities9,254 6,369 — — 15,623 
Corporate debt securities4,651 4,075 1,520 — 10,246 
Asset-backed securities9 1,944 1,282 3,395 6,630 
Foreign government agency securities523 — — — 523 
U.S. state and municipal securities— 106 436 43 585 
Non-agency commercial mortgage-backed securities— — — 112 112 
Other — — — 19 19 
Total fair value$17,637 $20,696 $13,179 $38,506 $90,018 
Total amortized cost (1)
$17,861 $21,752 $14,326 $41,946 $95,885 
Held to maturity securities     
U.S. agency mortgage-backed securities$1,646 $9,686 $35,593 $94,072 $140,997 
Total fair value$1,646 $9,686 $35,593 $94,072 $140,997 
Total amortized cost$1,667 $10,037 $37,043 $101,115 $149,862 
(1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $14 million at September 30, 2024.
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:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Proceeds$886 $3,485 $2,929 $6,385 
Gross realized gains— 1 — 1 
Gross realized losses10 25 30 45