v3.26.1
Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2026
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, 2026Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
Available for sale securities
U.S. agency mortgage-backed securities$40,938 $— $3,197 $37,741 
U.S. Treasury securities12,097 — 146 11,951 
Corporate debt securities (1)
5,346 — 329 5,017 
Asset-backed securities (2)
7,335 1 132 7,204 
U.S. state and municipal securities459 — 35 424 
Non-agency commercial mortgage-backed securities120 — 8 112 
Other21 — 3 18 
Unallocated portfolio layer method (PLM) fair value basis adjustments (3)
(4)— (4)— 
Total available for sale securities (4)
$66,312 $1 $3,846 $62,467 
Held to maturity securities
U.S. agency mortgage-backed securities$128,551 $631 $9,962 $119,220 
U.S. Treasury securities2,017 — 31 1,986 
Total held to maturity securities$130,568 $631 $9,993 $121,206 
December 31, 2025
Available for sale securities
U.S. agency mortgage-backed securities$44,585 $— $3,151 $41,434 
U.S. Treasury securities11,543 3 182 11,364 
Corporate debt securities (1)
5,027 — 360 4,667 
Asset-backed securities (2)
4,332 — 133 4,199 
U.S. state and municipal securities595 — 34 561 
Non-agency commercial mortgage-backed securities120 — 7 113 
Other21 — 2 19 
Unallocated PLM fair value basis adjustments (3)
2 — 2 — 
Total available for sale securities (4)
$66,225 $3 $3,871 $62,357 
Held to maturity securities
U.S. agency mortgage-backed securities$133,563 $1,732 $9,646 $125,649 
U.S. Treasury securities406 — — 406 
Total held to maturity securities$133,969 $1,732 $9,646 $126,055 
(1) As of June 30, 2026, approximately 28%, 25%, and 20% of total AFS corporate debt securities were issued by institutions in the information technology, consumer staples, and healthcare industries, respectively. As of December 31, 2025, approximately 28%, 27%, and 19% of total AFS corporate debt securities were issued by institutions in the information technology, consumer staples, and healthcare industries, respectively.
(2) As of June 30, 2026, approximately 38% and 33% of total AFS asset-backed securities were collateralized by Federal Family Education Loan Program asset-backed securities and credit card receivables, respectively. As of December 31, 2025, approximately 70% and 21% of total AFS asset-backed securities were collateralized by Federal Family Education Loan Program asset-backed securities and credit card receivables, respectively.
(3) This represents the amount of PLM fair value hedge basis adjustments related to AFS securities hedged in a closed portfolio. See Note 12 for more information on PLM hedge accounting.
(4) Included in cash and cash equivalents on the condensed consolidated balance sheets, but excluded from this table, is $2.0 billion of AFS U.S. Treasury securities as of December 31, 2025 (none as of June 30, 2026). These holdings had maturities of three months or less at the time of acquisition, and an aggregate market value equal to amortized cost.
Securities with Unrealized Losses, Aggregated by Category and Period of Continuous Unrealized Loss
AFS investment securities with unrealized losses, aggregated by category and period of continuous unrealized loss, are as follows:
Less than 12 months12 months or longerTotal
June 30, 2026Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
Available for sale securities
U.S. agency mortgage-backed securities$82 $1 $37,618 $3,196 $37,700 $3,197 
U.S. Treasury securities8,964 26 2,621 120 11,585 146 
Corporate debt securities405 2 4,591 327 4,996 329 
Asset-backed securities2,787 11 3,640 121 6,427 132 
U.S. state and municipal securities (1)
25 — 399 35 424 35 
Non-agency commercial mortgage-backed securities— — 112 8 112 8 
Other— — 18 3 18 3 
Total (2)
$12,263 $40 $48,999 $3,810 $61,262 $3,850 
December 31, 2025
Available for sale securities
U.S. agency mortgage-backed securities (1)
$4 $— $41,394 $3,151 $41,398 $3,151 
U.S. Treasury securities (1)
1,558 — 5,424 182 6,982 182 
Corporate debt securities— — 4,667 360 4,667 360 
Asset-backed securities (1)
147 — 4,046 133 4,193 133 
U.S. state and municipal securities27 2 534 32 561 34 
Non-agency commercial mortgage-backed securities— — 113 7 113 7 
Other— — 19 2 19 2 
Total (2)
$1,736 $2 $56,197 $3,867 $57,933 $3,869 
(1) Amounts of unrealized losses less than 12 months 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 $(4) million and $2 million at June 30, 2026 and December 31, 2025, 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, 2026:
In years
Estimated effective duration, exclusive of derivatives:
AFS investment securities portfolio
2.3
AFS and HTM investment securities portfolios3.6
Estimated effective duration, inclusive of derivatives (1):
AFS investment securities portfolio
1.9
AFS and HTM investment securities portfolios3.5
(1) See Note 12 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, 2026Within
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 $1,124 $6,756 $23,687 $6,174 $37,741 
U.S. Treasury securities4,092 7,859 — — 11,951 
Corporate debt securities1,064 3,953 — — 5,017 
Asset-backed securities— 3,774 955 2,475 7,204 
U.S. state and municipal securities27 206 191 — 424 
Non-agency commercial mortgage-backed securities— — — 112 112 
Other — — — 18 18 
Total fair value$6,307 $22,548 $24,833 $8,779 $62,467 
Total amortized cost (1)
$6,333 $23,504 $27,410 $9,069 $66,316 
Held to maturity securities
U.S. agency mortgage-backed securities 
$626 $27,980 $24,460 $66,154 $119,220 
U.S. Treasury securities— 1,986 — — 1,986 
Total fair value$626 $29,966 $24,460 $66,154 $121,206 
Total amortized cost$628 $30,952 $25,206 $73,782 $130,568 
(1) For purposes of this table, the amortized cost of AFS securities excludes the unallocated PLM fair value hedge basis adjustments of $(4) million at June 30, 2026.
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,
2026202520262025
Proceeds$4,550 $2,584 $6,091 $4,205 
Gross realized gains— — 1 — 
Gross realized losses25 30 26 40