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Investment Securities (Tables) | 9 Months Ended
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Sep. 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:
September 30, 2025 |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available for sale securities |  |  |  |  |  |  |  |
U.S. agency mortgage-backed securities |  | $ | 48,011 |  |  | $ | — |  |  | $ | 3,555 |  |  | $ | 44,456 |
U.S. Treasury securities |  | 8,009 |  |  | 3 |  |  | 226 |  |  | 7,786 |
Corporate debt securities (1) |  | 5,502 |  |  | — |  |  | 411 |  |  | 5,091 |
Asset-backed securities (2) |  | 4,429 |  |  | — |  |  | 148 |  |  | 4,281 |
U.S. state and municipal securities |  | 597 |  |  | — |  |  | 35 |  |  | 562 |
Non-agency commercial mortgage-backed securities |  | 121 |  |  | — |  |  | 8 |  |  | 113 |
Other |  | 21 |  |  | — |  |  | 2 |  |  | 19 |
Unallocated portfolio layer method (PLM) fair value basis adjustments (3) |  | 8 |  |  | — |  |  | 8 |  |  | — |
Total available for sale securities |  | $ | 66,698 |  |  | $ | 3 |  |  | $ | 4,393 |  |  | $ | 62,308 |
Held to maturity securities |  |  |  |  |  |  |  |
U.S. agency mortgage-backed securities |  | $ | 136,693 |  |  | $ | 1,672 |  |  | $ | 10,106 |  |  | $ | 128,259 |
Total held to maturity securities |  | $ | 136,693 |  |  | $ | 1,672 |  |  | $ | 10,106 |  |  | $ | 128,259 |
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 PLM 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 September 30, 2025 and December 31, 2024, approximately 15% and 35%, respectively, of the total AFS in corporate debt securities were issued by institutions in the financial services industry. Approximately 25% and 16% of the holdings of these securities were issued by institutions in the information technology industry as of September 30, 2025 and December 31, 2024, respectively. Approximately 24% and 18% of the holdings of these securities were issued by companies in the consumer staples industry as of September 30, 2025 and December 31, 2024, respectively. (2) Approximately 71% and 62% of asset-backed securities held as of September 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 21% and 25% of the asset-backed securities held as of September 30, 2025 and December 31, 2024, respectively. (3) This represents the amount of 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
September 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) | $ | 4 |  |  | $ | — |  |  | $ | 44,416 |  |  | $ | 3,555 |  |  | $ | 44,420 |  |  | $ | 3,555 |
U.S. Treasury securities (1) | 757 |  |  | — |  |  | 5,380 |  |  | 226 |  |  | 6,137 |  |  | 226 |
Corporate debt securities | — |  |  | — |  |  | 5,092 |  |  | 411 |  |  | 5,092 |  |  | 411 |
Asset-backed securities (1) | 114 |  |  | — |  |  | 4,164 |  |  | 148 |  |  | 4,278 |  |  | 148 |
U.S. state and municipal securities | 27 |  |  | 3 |  |  | 535 |  |  | 32 |  |  | 562 |  |  | 35 |
Non-agency commercial mortgage-backed securities | — |  |  | — |  |  | 113 |  |  | 8 |  |  | 113 |  |  | 8 |
Other | — |  |  | — |  |  | 19 |  |  | 2 |  |  | 19 |  |  | 2 |
Total (2) | $ | 902 |  |  | $ | 3 |  |  | $ | 59,719 |  |  | $ | 4,382 |  |  | $ | 60,621 |  |  | $ | 4,385 |
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 $8 million and $(47) million at September 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 September 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:
September 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 | $ | 1,433 |  |  | $ | 7,445 |  |  | $ | 14,476 |  |  | $ | 21,102 |  |  | $ | 44,456 |
U.S. Treasury securities | 4,021 |  |  | 3,765 |  |  | — |  |  | — |  |  | 7,786 |
Corporate debt securities | 877 |  |  | 3,744 |  |  | 470 |  |  | — |  |  | 5,091 |
Asset-backed securities | 132 |  |  | 1,001 |  |  | 446 |  |  | 2,702 |  |  | 4,281 |
U.S. state and municipal securities | 2 |  |  | 231 |  |  | 318 |  |  | 11 |  |  | 562 |
Non-agency commercial mortgage-backed securities | — |  |  | — |  |  | — |  |  | 113 |  |  | 113 |
Other | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Total fair value | $ | 6,465 |  |  | $ | 16,186 |  |  | $ | 15,710 |  |  | $ | 23,947 |  |  | $ | 62,308 |
Total amortized cost (1) | $ | 6,543 |  |  | $ | 17,192 |  |  | $ | 16,981 |  |  | $ | 25,974 |  |  | $ | 66,690 |
Held to maturity securities |  |  |  |  |  |  |  |  |
U.S. agency mortgage-backed securities | $ | 588 |  |  | $ | 19,789 |  |  | $ | 26,519 |  |  | $ | 81,363 |  |  | $ | 128,259 |
Total fair value | $ | 588 |  |  | $ | 19,789 |  |  | $ | 26,519 |  |  | $ | 81,363 |  |  | $ | 128,259 |
Total amortized cost | $ | 592 |  |  | $ | 20,357 |  |  | $ | 27,439 |  |  | $ | 88,305 |  |  | $ | 136,693 |
(1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $8 million at September 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 September 30, |  |  |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  |  |  |  |  | 2025 |  | 2024
Proceeds | $ | 1,206 |  |  | $ | 886 |  |  |  |  |  |  | $ | 5,411 |  |  | $ | 2,929 |
Gross realized gains | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Gross realized losses | 10 |  |  | 10 |  |  |  |  |  |  | 50 |  |  | 30 |

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