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Securities (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2020 and 2019:
($ in thousands)December 31, 2020
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
AFS debt securities:
U.S. Treasury securities$50,310 $451 $— $50,761 
U.S. government agency and U.S. government-sponsored enterprise debt securities806,814 8,765 (1,260)814,319 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,125,174 34,306 (5,710)1,153,770 
Residential mortgage-backed securities1,634,553 27,952 (1,611)1,660,894 
Municipal securities382,573 13,588 (88)396,073 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities234,965 6,107 (1,230)239,842 
Residential mortgage-backed securities288,520 1,761 (506)289,775 
Corporate debt securities406,323 3,493 (3,848)405,968 
Foreign government bonds183,828 163 (1,460)182,531 
Asset-backed securities63,463 10 (242)63,231 
CLOs294,000 — (6,506)287,494 
Total AFS debt securities$5,470,523 $96,596 $(22,461)$5,544,658 
($ 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 securities584,275 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)$3,317,214 
Schedule of fair value and associated gross unrealized losses of AFS debt securities
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2020 and 2019:
($ in thousands)December 31, 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$352,521 $(1,260)$— $— $352,521 $(1,260)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities292,596 (5,656)3,543 (54)296,139 (5,710)
Residential mortgage-backed securities342,561 (1,611)— — 342,561 (1,611)
Municipal securities24,529 (88)— — 24,529 (88)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities58,738 (1,230)7,920 — 66,658 (1,230)
Residential mortgage-backed securities90,156 (506)— — 90,156 (506)
Corporate debt securities251,674 (3,645)9,798 (203)261,472 (3,848)
Foreign government bonds106,828 (1,460)— — 106,828 (1,460)
Asset-backed securities— — 34,104 (242)34,104 (242)
CLOs— — 287,494 (6,506)287,494 (6,506)
Total AFS debt securities$1,519,603 $(15,456)$342,859 $(7,005)$1,862,462 $(22,461)
($ 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 securities310,349 (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 $(23,239)
Schedule of the gross realized gains and tax expense related to the sales of AFS debt securities
The following table presents gross realized gains and tax expense related to the sales of AFS debt securities for the years ended December 31, 2020, 2019 and 2018:
($ in thousands)Year Ended December 31,
202020192018
Gross realized gains$12,299 $3,930 $2,535 
Related tax expense$3,636 $1,162 $749 
Schedule of contractual maturities of AFS debt securities
The following table presents the contractual maturities of AFS debt securities as of December 31, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Amortized CostFair Value
Due within one year$893,162 $892,648 
Due after one year through five years639,543 646,245 
Due after five years through ten years483,606 499,880 
Due after ten years3,454,212 3,505,885 
Total AFS debt securities$5,470,523 $5,544,658 
Schedule of restricted equity securities
The following table presents the restricted equity securities on the Consolidated Balance Sheet as of December 31, 2020 and 2019:
($ in thousands)December 31,
20202019
FRBSF stock
$59,249 $58,330 
FHLB stock23,797 20,250 
Total restricted equity securities$83,046 $78,580