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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2025

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:

June 30, 2025						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
Available for sale securities
U.S. agency mortgage-backed securities						$	50,282					$	—					$	3,992					$	46,290
U.S. Treasury securities						9,674						1						284						9,391
Corporate debt securities (1)						6,717						—						476						6,241
Asset-backed securities (2)						4,852						1						179						4,674
U.S. state and municipal securities						599						—						42						557
Foreign government agency securities						329						—						—						329
Non-agency commercial mortgage-backed securities						121						—						10						111
Other						21						—						2						19
Unallocated portfolio layer method fair value basis adjustments (3)						9						—						9						—
Total available for sale securities						$	72,604					$	2					$	4,994					$	67,612
Held to maturity securities
U.S. agency mortgage-backed securities						$	139,684					$	1,442					$	11,125					$	130,001
Total held to maturity securities						$	139,684					$	1,442					$	11,125					$	130,001
December 31, 2024
Available for sale securities
U.S. agency mortgage-backed securities						$	57,262					$	—					$	5,429					$	51,833
U.S. Treasury securities						14,939						1						471						14,469
Corporate debt securities (1)						10,166						—						587						9,579
Asset-backed securities (2)						6,106						—						196						5,910
U.S. state and municipal securities						603						—						54						549
Foreign government agency securities						533						—						6						527
Non-agency commercial mortgage-backed securities						121						—						12						109
Other						21						—						3						18
Unallocated portfolio layer method fair value basis adjustments (3)						(47)						—						(47)						—
Total available for sale securities						$	89,704					$	1					$	6,711					$	82,994
Held to maturity securities
U.S. agency mortgage-backed securities						$	146,453					$	146					$	13,994					$	132,605
Total held to maturity securities						$	146,453					$	146					$	13,994					$	132,605

(1) As of June 30, 2025 and December 31, 2024, approximately 26% and 35%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. Approximately 21% and 16% of the holdings of these securities were issued by institutions in the information technology industry as of June 30, 2025 and December 31, 2024, respectively. Approximately 20% and 18% of the holdings of these securities were issued by companies in the consumer staples industry as of June 30, 2025 and December 31, 2024, respectively.

(2) Approximately 74% and 62% of asset-backed securities held as of June 30, 2025 and December 31, 2024, respectively, were Federal Family Education Loan Program Asset-Backed Securities. Asset-backed securities collateralized by credit card receivables represented approximately 19% and 25% of the asset-backed securities held as of June 30, 2025 and December 31, 2024, 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 months												12 months or longer												Total
June 30, 2025			Fair Value						Unrealized Losses						Fair Value						Unrealized Losses						Fair Value						Unrealized Losses
Available for sale securities
U.S. agency mortgage-backed securities (1)			$	1					$	—					$	46,254					$	3,992					$	46,255					$	3,992
U.S. Treasury securities			2,024						1						6,994						283						9,018						284
Corporate debt securities			—						—						6,241						476						6,241						476
Asset-backed securities			119						1						4,324						178						4,443						179
U.S. state and municipal securities			27						3						530						39						557						42
Non-agency commercial mortgage-backed securities			—						—						111						10						111						10
Other			—						—						19						2						19						2
Total (2)			$	2,171					$	5					$	64,473					$	4,980					$	66,644					$	4,985

December 31, 2024
Available for sale securities
U.S. agency mortgage-backed securities			$	—					$	—					$	51,833					$	5,429					$	51,833					$	5,429
U.S. Treasury securities (1)			243						—						12,727						471						12,970						471
Corporate debt securities			—						—						9,579						587						9,579						587
Asset-backed securities (1)			12						—						5,888						196						5,900						196
U.S. state and municipal securities			—						—						549						54						549						54
Foreign government agency securities			—						—						527						6						527						6
Non-agency commercial mortgage-backed securities			—						—						109						12						109						12
Other			—						—						18						3						18						3
Total (2)			$	255					$	—					$	81,230					$	6,758					$	81,485					$	6,758

(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 $9 million and $(47) million at June 30, 2025 and December 31, 2024, 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 June 30, 2025:

			In years
Estimated effective duration, exclusive of derivatives:
AFS investment securities portfolio			2.5
AFS and HTM investment securities portfolio			4.0
Estimated effective duration, inclusive of derivatives (1):
AFS investment securities portfolio			2.0
AFS and HTM investment securities portfolio			3.8

(1) See Note 11 for additional discussion of 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:

June 30, 2025			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			$	348					$	8,449					$	10,857					$	26,636					$	46,290
U.S. Treasury securities			4,811						4,580						—						—						9,391
Corporate debt securities			1,531						3,589						1,121						—						6,241
Asset-backed securities			135						490						953						3,096						4,674
U.S. state and municipal securities			2						221						324						10						557
Foreign government agency securities			329						—						—						—						329
Non-agency commercial mortgage-backed securities			—						—						—						111						111
Other			—						—						—						19						19
Total fair value			$	7,156					$	17,329					$	13,255					$	29,872					$	67,612
Total amortized cost (1)			$	7,226					$	18,351					$	14,338					$	32,680					$	72,595
Held to maturity securities
U.S. agency mortgage-backed securities			$	390					$	16,952					$	28,376					$	84,283					$	130,001
Total fair value			$	390					$	16,952					$	28,376					$	84,283					$	130,001
Total amortized cost			$	394					$	17,507					$	29,655					$	92,128					$	139,684

(1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $9 million at June 30, 2025.

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 June 30,																		Six Months Ended June 30,
												2025						2024																											2025						2024
Proceeds			$	2,584					$	854																	$	4,205					$	2,043
Gross realized gains			—						—																		—						—
Gross realized losses			30						10																		40						20

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