v3.23.2

Securities Available for Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule of Available-for-sale Securities Reconciliation | The amortized cost, gross unrealized gains and losses, credit valuation allowance and fair value of available for sale (AFS) securities were as follows:
June 30, 2023 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
U.S. agency residential mortgage-backed securities | $ | 254,999 |  |  | $ | — |  |  | $ | (40,483) |  |  |  |  | $ | 214,516 |
Senior asset-backed securities related to Structured Program transactions | 144,529 |  |  | — |  |  | (605) |  |  |  |  | 143,924 |
U.S. agency securities | 93,449 |  |  | — |  |  | (14,409) |  |  |  |  | 79,040 |
Mortgage-backed securities | 43,723 |  |  | — |  |  | (5,580) |  |  |  |  | 38,143 |
Other asset-backed securities | 29,187 |  |  | 44 |  |  | (765) |  |  |  |  | 28,466 |
Other asset-backed securities related to Structured Program transactions (1) | 10,550 |  |  | 6,452 |  |  | (22) |  |  |  |  | 16,980 |
Municipal securities | 3,267 |  |  | — |  |  | (757) |  |  |  |  | 2,510 |
Total securities available for sale (2) | $ | 579,704 |  |  | $ | 6,496 |  |  | $ | (62,621) |  |  |  |  | $ | 523,579 |
December 31, 2022 | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  |  |  | Fair Value
U.S. agency residential mortgage-backed securities | $ | 255,675 |  |  | $ | — |  |  | $ | (41,248) |  |  |  |  | $ | 214,427 |
U.S. agency securities | 90,447 |  |  | — |  |  | (16,053) |  |  |  |  | 74,394 |
Mortgage-backed securities | 26,988 |  |  | — |  |  | (4,470) |  |  |  |  | 22,518 |
Asset-backed securities related to Structured Program transactions | 8,322 |  |  | 9,395 |  |  | — |  |  |  |  | 17,717 |
Other asset-backed securities | 14,959 |  |  | 29 |  |  | (785) |  |  |  |  | 14,203 |
Municipal securities | 3,277 |  |  | — |  |  | (834) |  |  |  |  | 2,443 |
Total securities available for sale (2) | $ | 399,668 |  |  | $ | 9,424 |  |  | $ | (63,390) |  |  |  |  | $ | 345,702 |
(1) As of June 30, 2023, $8.5 million of the other asset-backed securities related to Structured Program transactions at fair value are subject to restrictions on transfer pursuant to the Company’s obligations as a “sponsor” under the U.S. Risk Retention Rules. (2) As of June 30, 2023 and December 31, 2022, includes $352.1 million and $319.0 million, respectively, of fair value securities pledged as collateral.
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | A summary of AFS securities with unrealized losses for which a credit valuation allowance has not been recorded, aggregated by period of continuous unrealized loss, is as follows:
| Less than 12 months |  | 12 months or longer |  | Total
June 30, 2023 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. agency residential mortgage-backed securities | $ | 22,653 |  |  | $ | (1,331) |  |  | $ | 191,863 |  |  | $ | (39,152) |  |  | $ | 214,516 |  |  | $ | (40,483) |
Senior asset-backed securities related to Structured Program transactions | 94,552 |  |  | (605) |  |  | — |  |  | — |  |  | 94,552 |  |  | (605) |
U.S. agency securities | 5,878 |  |  | (122) |  |  | 73,162 |  |  | (14,287) |  |  | 79,040 |  |  | (14,409) |
Mortgage-backed securities | 16,946 |  |  | (787) |  |  | 21,197 |  |  | (4,793) |  |  | 38,143 |  |  | (5,580) |
Other asset-backed securities | 14,035 |  |  | (48) |  |  | 8,479 |  |  | (717) |  |  | 22,514 |  |  | (765) |
Other asset-backed securities related to Structured Program transactions | 5,703 |  |  | (22) |  |  | — |  |  | — |  |  | 5,703 |  |  | (22) |
Municipal securities | — |  |  | — |  |  | 2,510 |  |  | (757) |  |  | 2,510 |  |  | (757) |
Total securities with unrealized losses | $ | 159,767 |  |  | $ | (2,915) |  |  | $ | 297,211 |  |  | $ | (59,706) |  |  | $ | 456,978 |  |  | $ | (62,621) |
| Less than 12 months |  | 12 months or longer |  | Total
December 31, 2022 | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. agency residential mortgage-backed securities | $ | 111,843 |  |  | $ | (15,831) |  |  | $ | 102,584 |  |  | $ | (25,417) |  |  | $ | 214,427 |  |  | $ | (41,248) |
U.S. agency securities | 50,352 |  |  | (7,213) |  |  | 24,042 |  |  | (8,840) |  |  | 74,394 |  |  | (16,053) |
Mortgage-backed securities | 2,441 |  |  | (229) |  |  | 20,077 |  |  | (4,241) |  |  | 22,518 |  |  | (4,470) |
Other asset-backed securities | 4,086 |  |  | (73) |  |  | 6,945 |  |  | (712) |  |  | 11,031 |  |  | (785) |
Municipal securities | — |  |  | — |  |  | 2,443 |  |  | (834) |  |  | 2,443 |  |  | (834) |
Total securities with unrealized losses | $ | 168,722 |  |  | $ | (23,346) |  |  | $ | 156,091 |  |  | $ | (40,044) |  |  | $ | 324,813 |  |  | $ | (63,390) |
Available-for-sale Securities by Contractual Maturity | The contractual maturities of AFS securities were as follows:
June 30, 2023 | Amortized Cost |  | Fair Value |  | Weighted- average Yield (1)
Due after 1 year through 5 years: |  |  |  |  |
Senior asset-backed securities related to Structured Program transactions | $ | 144,529 |  |  | $ | 143,924 |  |  |
Other asset-backed securities related to Structured Program transactions | 10,550 |  |  | 16,980 |  |  |
U.S. agency securities | 9,000 |  |  | 8,595 |  |  |
Mortgage-backed securities | 1,788 |  |  | 1,583 |  |  |
U.S. agency residential mortgage-backed securities | 4 |  |  | 4 |  |  |
Total due after 1 year through 5 years | 165,871 |  |  | 171,086 |  |  | 5.19 | %
Due after 5 years through 10 years: |  |  |  |  |
U.S. agency securities | 18,847 |  |  | 17,257 |  |  |
Other asset-backed securities | 16,491 |  |  | 16,471 |  |  |
U.S. agency residential mortgage-backed securities | 5,512 |  |  | 5,127 |  |  |
Mortgage-backed securities | 2,047 |  |  | 1,693 |  |  |
Municipal securities | 622 |  |  | 541 |  |  |
Total due after 5 years through 10 years | 43,519 |  |  | 41,089 |  |  | 4.19 | %
Due after 10 years: |  |  |  |  |
U.S. agency residential mortgage-backed securities | 249,483 |  |  | 209,385 |  |  |
U.S. agency securities | 65,602 |  |  | 53,188 |  |  |
Mortgage-backed securities | 39,888 |  |  | 34,867 |  |  |
Other asset-backed securities | 12,696 |  |  | 11,995 |  |  |
Municipal securities | 2,645 |  |  | 1,969 |  |  |
Total due after 10 years | 370,314 |  |  | 311,404 |  |  | 2.69 | %
Total securities available for sale | $ | 579,704 |  |  | $ | 523,579 |  |  | 3.52 | %
(1) The weighted-average yield is computed using the amortized cost at June 30, 2023.

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