v3.23.2

Securities Available for Sale (Tables)

6 Months Ended

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.

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479106/326-30-50-4

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Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

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