Securities Held-to-Maturity

9 Months Ended

Sep. 30, 2022

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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, 2022		December 31, 2021
Debt instruments: Pass-through GSEs (amortized cost)	$	267	$	308

During the nine months ended September 30, 2022 and 2021, the Company received proceeds of $38 and $114, respectively, from held-to-maturity securities maturing or being called prior to maturity.

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

	September 30, 2022		December 31, 2021
Cost/amortized cost	$	267	$	308
Gross unrealized gains		—		13
Gross unrealized losses		(23)		—
Fair value	$	244	$	321

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 maturity date:

	September 30, 2022		December 31, 2021
Due within one year	$	—	$	—
Due one year through five years		—		—
Due five years through ten years		29		—
Due over ten years		238		308
Total	$	267	$	308