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Securities Held-to-Maturity

9 Months Ended

Sep. 30, 2023

Securities Held-to-Maturity [Abstract]

Securities Held-to-Maturity

6. Securities Held-to-Maturity

The following table is a summary of the Company’s securities held-to-maturity:

September 30,

2023

December 31,

2022

Debt instruments: Pass-through GSEs (amortized cost)

237

259

During the nine months ended September 30, 2023 and 2022, the Company received proceeds of $22 and $38, respectively, from held-to-maturity securities maturing or being called prior to maturity.

The following table summarizes unrealized losses, gains and fair value (classified as Level 2 within the fair value hierarchy) of securities held-to-maturity:

	September 30, 2023			December 31, 2022
Cost/amortized cost	$	237		$	259
Gross unrealized losses		(27	)		(20	)
Fair value	$	210		$	239

An allowance for credit losses was not provided on the Company’s held-to-maturity securities as all securities are investments in pass-through GSEs which are determined to have an estimated loss rate of zero due to an implicit U.S. government guarantee.

The following table sets forth the maturity profile of the securities held-to-maturity; however, these securities may be called prior to the maturity date:

	September 30, 2023		December 31, 2022
Due within one year	$	—	$	—
Due one year through five years		—		—
Due five years through ten years		23		27
Due over ten years		214		232
Total	$	237	$	259