Securities Held-to-Maturity

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Debt instruments: Pass-through GSEs (amortized cost)	$	212	$	230

During the nine months ended September 30, 2024 and 2023, the Company received proceeds of $18 and $22, respectively, from held-to-maturity securities maturing or being called prior to maturity.

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

	September 30, 2024			December 31, 2023
Cost/amortized cost	$	212		$	230
Gross unrealized losses		(13	)		(15	)
Fair value	$	199		$	215

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, 2024		December 31, 2023
Due within one year	$	—	$	—
Due one year through five years		—		—
Due five years through ten years		19		22
Due over ten years		193		208
Total	$	212	$	230