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Securities (Tables)
9 Months Ended
Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and 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 September 30, 2020 and December 31, 2019:
($ in thousands)September 30, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
AFS debt securities:
U.S. Treasury securities$50,410 $588 $— $50,998 
U.S. government agency and U.S. government-sponsored enterprise debt securities
718,907 10,565 (2,410)727,062 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities937,078 34,292 (4,261)967,109 
Residential mortgage-backed securities1,206,488 32,578 (1,057)1,238,009 
Municipal securities327,422 7,199 (1,346)333,275 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities210,343 5,556 (1,223)214,676 
Residential mortgage-backed securities277,306 782 (475)277,613 
Corporate debt securities251,253 1,327 (1,403)251,177 
Foreign government bonds134,179 26 (1,534)132,671 
Asset-backed securities64,308 — (1,160)63,148 
CLOs294,000 — (10,578)283,422 
Total AFS debt securities$4,471,694 $92,913 $(25,447)$4,539,160 
($ 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 (285)46,548 
Corporate debt securities11,250 12 (113)11,149 
Foreign government 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)$3,317,214 
Schedule of fair value and associated gross unrealized losses of AFS debt securities
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019.
($ in thousands)September 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
$336,399 $(2,410)$— $— $336,399 $(2,410)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities224,593 (4,194)10,456 (67)235,049 (4,261)
Residential mortgage-backed securities62,150 (1,057)— — 62,150 (1,057)
Municipal securities151,283 (1,346)— — 151,283 (1,346)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities66,469 (1,210)7,907 (13)74,376 (1,223)
Residential mortgage-backed securities135,192 (475)— — 135,192 (475)
Corporate debt securities145,134 (866)9,463 (537)154,597 (1,403)
Foreign government bonds102,350 (1,534)— — 102,350 (1,534)
Asset-backed securities— — 63,148 (1,160)63,148 (1,160)
CLOs283,422 (10,578)— — 283,422 (10,578)
Total AFS debt securities
$1,506,992 $(23,670)$90,974 $(1,777)$1,597,966 $(25,447)
($ 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 government 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 $(23,239)
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of AFS debt securities
The following table presents the proceeds, gross realized gains and tax expense related to the sales of AFS debt securities for the three and nine months ended September 30, 2020 and 2019:
($ in thousands)Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Proceeds from sales$10,497 $101,129 $494,877 $476,231 
Gross realized gains$698 $58 $11,867 $3,066 
Related tax expense$206 $17 $3,508 $906 
Schedule of contractual maturities of AFS debt securities
The following table presents the contractual maturities of AFS debt securities as of September 30, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Amortized CostFair Value
Due within one year$756,955 $757,035 
Due after one year through five years383,722 388,413 
Due after five years through ten years440,452 451,219 
Due after ten years2,890,565 2,942,493 
Total AFS debt securities$4,471,694 $4,539,160 
Schedule of restricted equity securities
The following table presents the restricted equity securities on the Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019:
($ in thousands)September 30, 2020December 31, 2019
Federal Reserve Bank (“FRB”) stock$58,990 $58,330 
FHLB stock20,182 20,250 
Total restricted equity securities$79,172 $78,580