XML 45 R27.htm IDEA: XBRL DOCUMENT v3.21.2
Securities (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2021 and December 31, 2020:
($ in thousands)September 30, 2021
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
AFS debt securities:
U.S. Treasury securities$950,260 $233 $(8,769)$941,724 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,386,236 4,401 (27,528)1,363,109 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,277,989 19,063 (22,585)1,274,467 
Residential mortgage-backed securities2,814,111 13,875 (36,922)2,791,064 
Municipal securities500,907 8,194 (7,612)501,489 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities463,358 4,704 (3,292)464,770 
Residential mortgage-backed securities902,002 2,490 (3,236)901,256 
Corporate debt securities626,531 9,445 (17,305)618,671 
Foreign government bonds258,119 657 (3,928)254,848 
Asset-backed securities76,417 437 (55)76,799 
CLOs527,250 (2,446)524,809 
Total AFS debt securities$9,783,180 $63,504 $(133,678)$9,713,006 
($ 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)$5,544,658 
Schedule of fair value and associated gross unrealized losses of AFS debt securities
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2021 and December 31, 2020.
($ in thousands)September 30, 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$768,909 $(8,769)$— $— $768,909 $(8,769)
U.S. government agency and U.S. government- sponsored enterprise debt securities1,008,979 (21,747)144,196 (5,781)1,153,175 (27,528)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities603,554 (17,164)107,752 (5,421)711,306 (22,585)
Residential mortgage-backed securities1,904,559 (35,792)17,591 (1,130)1,922,150 (36,922)
Municipal securities249,055 (7,612)— — 249,055 (7,612)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities151,915 (2,158)40,233 (1,134)192,148 (3,292)
Residential mortgage-backed securities561,635 (3,233)8,145 (3)569,780 (3,236)
Corporate debt securities207,861 (6,139)178,833 (11,166)386,694 (17,305)
Foreign government bonds54,228 (3,514)84,977 (414)139,205 (3,928)
Asset-backed securities21,631 (55)— — 21,631 (55)
CLOs183,192 (58)291,612 (2,388)474,804 (2,446)
Total AFS debt securities$5,715,518 $(106,241)$873,339 $(27,437)$6,588,857 $(133,678)
($ 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 $(22,461)
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of AFS debt securities
The following table presents the gross realized gains and tax expense related to the sales of AFS debt securities for the three and nine months ended September 30, 2021 and 2020:
($ in thousands)Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Gross realized gains$354 $698 $1,178 $11,867 
Related tax expense$104 $206 $348 $3,508 
Schedule of contractual maturities of AFS debt securities
The following table presents the contractual maturities of AFS debt securities as of September 30, 2021. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Amortized CostFair Value
Due within one year$1,522,146 $1,486,148 
Due after one year through five years845,850 848,562 
Due after five years through ten years1,618,344 1,618,061 
Due after ten years5,796,840 5,760,235 
Total AFS debt securities$9,783,180 $9,713,006 
Schedule of restricted equity securities
The following table presents the restricted equity securities on the Consolidated Balance Sheet as of September 30, 2021 and December 31, 2020:
($ in thousands)September 30, 2021December 31, 2020
Federal Reserve Bank of San Francisco (“FRBSF”) stock$59,950 $59,249 
FHLB stock17,250 23,797 
Total restricted equity securities$77,200 $83,046