XML 50 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of AFS debt securities
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS debt securities as of June 30, 2020 and December 31, 2019:
($ in thousands)June 30, 2020
Amortized
CostGross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$250,494  $707  $—  $251,201  
U.S. government agency and U.S. government-sponsored enterprise debt securities
433,923  8,853  (132) 442,644  
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities827,929  34,585  (4,074) 858,440  
Residential mortgage-backed securities1,246,609  34,445  (159) 1,280,895  
Municipal securities208,333  7,002  (151) 215,184  
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities148,322  3,989  (943) 151,368  
Residential mortgage-backed securities113,548  804  (14) 114,338  
Corporate debt securities31,254  74  (502) 30,826  
Foreign bonds204,540  106  (566) 204,080  
Asset-backed securities64,762  —  (3,143) 61,619  
CLOs294,000  —  (20,021) 273,979  
Total AFS debt securities$3,823,714  $90,565  $(29,705) $3,884,574  
($ in thousands)December 31, 2019
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$177,215  $—  $(793) $176,422  
U.S. government agency and U.S. government-sponsored enterprise debt securities
584,275  1,377  (4,407) 581,245  
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities599,814  8,551  (4,894) 603,471  
Residential mortgage-backed securities998,447  6,927  (1,477) 1,003,897  
Municipal securities101,621  790  (109) 102,302  
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities86,609  1,947  (6) 88,550  
Residential mortgage-backed securities46,830  3  (285) 46,548  
Corporate debt securities11,250  12  (113) 11,149  
Foreign bonds354,481  198  (507) 354,172  
Asset-backed securities66,106  —  (1,354) 64,752  
CLOs294,000  —  (9,294) 284,706  
Total AFS debt securities $3,320,648  $19,805  $(23,239) $3,317,214  
Schedule of fair value and associated gross unrealized losses of AFS debt securities
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of June 30, 2020 and December 31, 2019.
($ in thousands)June 30, 2020
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. government agency and U.S. government sponsored enterprise debt securities
$24,868  $(132) $—  $—  $24,868  $(132) 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities139,097  (3,477) 11,572  (597) 150,669  (4,074) 
Residential mortgage-backed securities91,491  (157) 195  (2) 91,686  (159) 
Municipal securities8,617  (151) —  —  8,617  (151) 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities59,418  (943) —  —  59,418  (943) 
Residential mortgage-backed securities23,720  (14) —  —  23,720  (14) 
Corporate debt securities1,002  (2) 9,500  (500) 10,502  (502) 
Foreign bonds85,274  (566) —  —  85,274  (566) 
Asset-backed securities18,359  (483) 43,260  (2,660) 61,619  (3,143) 
CLOs273,979  (20,021) —  —  273,979  (20,021) 
Total AFS debt securities
$725,825  $(25,946) $64,527  $(3,759) $790,352  $(29,705) 
($ in thousands)December 31, 2019
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. Treasury securities$—  $—  $176,422  $(793) $176,422  $(793) 
U.S. government agency and U.S. government-sponsored enterprise debt securities
310,349  (4,407) —  —  310,349  (4,407) 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities204,675  (2,346) 108,314  (2,548) 312,989  (4,894) 
Residential mortgage-backed securities325,354  (1,234) 34,337  (243) 359,691  (1,477) 
Municipal securities31,130  (109) —  —  31,130  (109) 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities7,914  (6) —  —  7,914  (6) 
Residential mortgage-backed securities42,894  (285) —  —  42,894  (285) 
Corporate debt securities—  —  9,888  (113) 9,888  (113) 
Foreign bonds129,074  (407) 9,900  (100) 138,974  (507) 
Asset-backed securities52,565  (902) 12,187  (452) 64,752  (1,354) 
CLOs284,706  (9,294) —  —  284,706  (9,294) 
Total AFS debt securities
$1,388,661  $(18,990) $351,048  $(4,249) $1,739,709  $(23,239) 
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of AFS debt securities
The following table presents the proceeds, gross realized gains and tax expense related to the sales of AFS debt securities for the three and six months ended June 30, 2020 and 2019:
($ in thousands)Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Proceeds from sales$177,917  $223,763  $484,380  $375,102  
Gross realized gains$9,640  $1,447  $11,169  $3,008  
Related tax expense$2,850  $428  $3,302  $889  
Schedule of contractual maturities of AFS debt securities
The following table presents the contractual maturities of AFS debt securities as of June 30, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Amortized CostFair Value
Due within one year$561,935  $562,869  
Due after one year through five years366,403  371,895  
Due after five years through ten years277,823  289,730  
Due after ten years2,617,553  2,660,080  
Total AFS debt securities$3,823,714  $3,884,574  
Schedule of restricted equity securities
The following table presents the restricted equity securities on the Consolidated Balance Sheet as of June 30, 2020 and December 31, 2019:
($ in thousands)June 30, 2020December 31, 2019
Federal Reserve Bank (“FRB”) stock$58,781  $58,330  
FHLB stock20,182  20,250  
Total restricted equity securities$78,963  $78,580