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Securities (Tables)
3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:
($ in thousands)March 31, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
AFS debt securities:
U.S. Treasury securities$841,711 $328 $(15,697)$826,342 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,236,446 5,145 (47,586)1,194,005 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,178,238 16,407 (25,254)1,169,391 
Residential mortgage-backed securities2,271,645 17,026 (41,265)2,247,406 
Municipal securities417,676 7,348 (4,959)420,065 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities281,099 4,311 (4,383)281,027 
Residential mortgage-backed securities525,560 1,599 (3,659)523,500 
Corporate debt securities517,309 4,677 (25,343)496,643 
Foreign government bonds278,100 320 (2,092)276,328 
Asset-backed securities62,762 292 (14)63,040 
CLOs294,000 — (2,534)291,466 
Total AFS debt securities$7,904,546 $57,453 $(172,786)$7,789,213 
($ 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)$5,544,658 
Schedule of fair value and associated gross unrealized losses of AFS debt securities
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2021 and December 31, 2020.
($ in thousands)March 31, 2021
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$775,801 $(15,697)$— $— $775,801 $(15,697)
U.S. government agency and U.S. government sponsored enterprise debt securities954,894 (47,586)— — 954,894 (47,586)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities615,193 (25,203)3,474 (51)618,667 (25,254)
Residential mortgage-backed securities1,464,574 (41,264)358 (1)1,464,932 (41,265)
Municipal securities199,225 (4,959)— — 199,225 (4,959)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities114,971 (4,374)15,578 (9)130,549 (4,383)
Residential mortgage-backed securities391,444 (3,659)— — 391,444 (3,659)
Corporate debt securities347,934 (25,316)9,974 (27)357,908 (25,343)
Foreign government bonds155,299 (2,092)— — 155,299 (2,092)
Asset-backed securities11,904 (14)— — 11,904 (14)
CLOs— — 291,466 (2,534)291,466 (2,534)
Total AFS debt securities$5,031,239 $(170,164)$320,850 $(2,622)$5,352,089 $(172,786)
($ 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. Treasury 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 $(22,461)
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of AFS debt securities
The following table presents the gross realized gains and tax expense related to the sales of AFS debt securities for the three months ended March 31, 2021 and 2020:
($ in thousands)Three Months Ended March 31,
20212020
Gross realized gains$192 $1,529 
Related tax expense$57 $452 
Schedule of contractual maturities of AFS debt securities
The following table presents the contractual maturities of AFS debt securities as of March 31, 2021. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Amortized CostFair Value
Due within one year$1,403,404 $1,347,808 
Due after one year through five years688,387 681,602 
Due after five years through ten years1,427,893 1,414,362 
Due after ten years4,384,862 4,345,441 
Total AFS debt securities$7,904,546 $7,789,213 
Schedule of restricted equity securities
The following table presents the restricted equity securities on the Consolidated Balance Sheet as of March 31, 2021 and December 31, 2020:
($ in thousands)March 31, 2021December 31, 2020
Federal Reserve Bank of San Francisco (“FRBSF”) stock$59,453 $59,249 
FHLB stock23,797 23,797 
Total restricted equity securities$83,250 $83,046