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Securities (Tables)
 12 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS and HTM debt securities as of December 31, 2023 and 2022:
December 31, 2023
($ in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities:297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities6,916,491 783 (728,937)6,188,337 
HTM debt securities
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
December 31, 2022
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,306 $— $(70,103)$606,203 
U.S. government agency and U.S. government-sponsored enterprise debt securities517,806 67 (56,266)461,607 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities577,392 — (77,123)500,269 
Residential mortgage-backed securities2,011,054 41 (248,900)1,762,195 
Municipal securities303,884 3 (46,788)257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities447,512 213 (49,396)398,329 
Residential mortgage-backed securities762,202 — (112,978)649,224 
Corporate debt securities673,502 — (147,228)526,274 
Foreign government bonds241,165 174 (14,286)227,053 
Asset-backed securities51,152 — (2,076)49,076 
CLOs617,250 — (19,586)597,664 
Total AFS debt securities6,879,225 498 (844,730)6,034,993 
HTM debt securities:
U.S. Treasury securities524,081 — (52,612)471,469 
U.S. government agency and U.S. government-sponsored enterprise debt securities998,972 — (209,560)789,412 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities506,965 — (98,566)408,399 
Residential mortgage-backed securities782,141 — (148,230)633,911 
Municipal securities189,709 — (37,729)151,980 
Total HTM debt securities3,001,868 — (546,697)2,455,171 
Total debt securities$9,881,093 $498 $(1,391,427)$8,490,164 
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS and HTM debt securities as of December 31, 2023 and 2022:
December 31, 2023
($ in thousands)
Amortized Cost
Gross Unrealized Gains
Gross Unrealized Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities:297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities6,916,491 783 (728,937)6,188,337 
HTM debt securities
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
December 31, 2022
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,306 $— $(70,103)$606,203 
U.S. government agency and U.S. government-sponsored enterprise debt securities517,806 67 (56,266)461,607 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities577,392 — (77,123)500,269 
Residential mortgage-backed securities2,011,054 41 (248,900)1,762,195 
Municipal securities303,884 3 (46,788)257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities447,512 213 (49,396)398,329 
Residential mortgage-backed securities762,202 — (112,978)649,224 
Corporate debt securities673,502 — (147,228)526,274 
Foreign government bonds241,165 174 (14,286)227,053 
Asset-backed securities51,152 — (2,076)49,076 
CLOs617,250 — (19,586)597,664 
Total AFS debt securities6,879,225 498 (844,730)6,034,993 
HTM debt securities:
U.S. Treasury securities524,081 — (52,612)471,469 
U.S. government agency and U.S. government-sponsored enterprise debt securities998,972 — (209,560)789,412 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities506,965 — (98,566)408,399 
Residential mortgage-backed securities782,141 — (148,230)633,911 
Municipal securities189,709 — (37,729)151,980 
Total HTM debt securities3,001,868 — (546,697)2,455,171 
Total debt securities$9,881,093 $498 $(1,391,427)$8,490,164 
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2023 and 2022:
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $623,978 $(52,313)$623,978 $(52,313)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 364,446 (47,640)364,446 (47,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 463,572 (63,276)463,572 (63,276)
Residential mortgage-backed securities9,402 (558)1,661,112 (229,155)1,670,514 (229,713)
Municipal securities2,825 (15)254,773 (36,327)257,598 (36,342)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities2,742 (4)364,774 (42,058)367,516 (42,062)
Residential mortgage-backed securities— — 553,671 (89,664)553,671 (89,664)
Corporate debt securities— — 502,425 (151,076)502,425 (151,076)
Foreign government bonds110,955 (144)88,616 (11,384)199,571 (11,528)
Asset-backed securities— — 42,300 (934)42,300 (934)
CLOs— — 612,861 (4,389)612,861 (4,389)
Total AFS debt securities$125,924 $(721)$5,532,528 $(728,216)$5,658,452 $(728,937)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
($ in thousands)
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
Fair Value
Gross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$131,843 $(8,761)$474,360 $(61,342)$606,203 $(70,103)
U.S. government agency and U.S. government-sponsored enterprise debt securities97,403 (6,902)214,136 (49,364)311,539 (56,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities252,144 (30,029)248,125 (47,094)500,269 (77,123)
Residential mortgage-backed securities307,536 (20,346)1,448,658 (228,554)1,756,194 (248,900)
Municipal securities95,655 (10,194)159,439 (36,594)255,094 (46,788)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities106,184 (3,309)282,301 (46,087)388,485 (49,396)
Residential mortgage-backed securities22,715 (1,546)626,509 (111,432)649,224 (112,978)
Corporate debt securities173,595 (17,907)352,679 (129,321)526,274 (147,228)
Foreign government bonds107,576 (429)36,143 (13,857)143,719 (14,286)
Asset-backed securities12,450 (524)36,626 (1,552)49,076 (2,076)
CLOs144,365 (4,735)453,299 (14,851)597,664 (19,586)
Total AFS debt securities$1,451,466 $(104,682)$4,332,275 $(740,048)$5,783,741 $(844,730)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax (benefit) expense included in earnings for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
($ in thousands)202320222021
Gross realized gains from sales (1)
$3,138 $1,306 $1,568 
Impairment write-off (1)
$(10,000)$— $— 
Related tax (benefit) expense
$(2,029)$386 $464 
(1)During 2023, the Company recognized $7 million in net losses on AFS securities as a component of noninterest income in the Company’s Consolidated Statement of Income, consisting of a $10 million impairment write-off on a subordinated debt security, partially offset by a $3 million gain on the sale of the same security.
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31,
($ in thousands)202320222021
Taxable interest$255,475 $179,720 $131,985 
Nontaxable interest20,715 19,186 11,998 
Total interest income on debt securities$276,190 $198,906 $143,983 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted average yields of AFS and HTM debt securities as of December 31, 2023. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten Years After Ten Years Total
AFS debt securities:
U.S. Treasury securities
Amortized cost$436,296 $676,291 $— $— $1,112,587 
Fair value436,397 623,978 — — 1,060,375 
Weighted-average yield (1)
5.40 %1.20 %— %— %2.85 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost50,000 96,470 128,169 137,447 412,086 
Fair value49,882 93,182 109,134 112,248 364,446 
Weighted-average yield (1)
5.00 %3.08 %1.38 %2.33 %2.53 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 41,533 142,008 2,304,763 2,488,304 
Fair value— 39,930 130,528 2,025,395 2,195,853 
Weighted-average yield (1) (2)
— %3.13 %2.70 %3.68 %3.62 %
Municipal securities
Amortized cost2,240 35,100 9,624 250,319 297,283 
Fair value2,214 32,877 8,752 217,173 261,016 
Weighted-average yield (1) (2)
3.39 %2.24 %3.22 %2.23 %2.27 %
Non-agency mortgage-backed securities
Amortized cost96,990 77,046 — 878,877 1,052,913 
Fair value95,856 74,884 — 750,447 921,187 
Weighted-average yield (1)
6.74 %4.44 %— %2.59 %3.11 %
Corporate debt securities
Amortized cost— — 349,501 304,000 653,501 
Fair value— — 290,877 211,548 502,425 
Weighted average yield (1)
— %— %3.48 %1.97 %2.78 %
Foreign government bonds
Amortized cost33,262 106,071 50,000 50,000 239,333 
Fair value33,231 106,026 49,593 39,024 227,874 
Weighted-average yield (1)
3.02 %2.28 %5.73 %1.50 %2.94 %
Asset-backed securities
Amortized cost— — — 43,234 43,234 
Fair value— — — 42,300 42,300 
Weighted-average yield (1)
— %— %— %6.07 %6.07 %
CLOs
Amortized cost— — 319,000 298,250 617,250 
Fair value— — 315,410 297,451 612,861 
Weighted average yield (1)
— %— %6.80 %6.82 %6.81 %
Total AFS debt securities
Amortized cost$618,788 $1,032,511 $998,302 $4,266,890 $6,916,491 
Fair value$617,580 $970,877 $904,294 $3,695,586 $6,188,337 
Weighted-average yield (1)
5.44 %1.84 %4.27 %3.42 %3.49 %
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$529,548$—$—$529,548
Fair value—488,551——488,551
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——343,319658,5171,001,836
Fair value——296,124518,808814,932
Weighted-average yield (1)
— %— %1.90 %1.89 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost——99,4731,136,3111,235,784
Fair value——84,323920,3741,004,697
Weighted-average yield (1) (2)
— %— %1.61 %1.70 %1.69 %
Municipal securities
Amortized cost———188,872188,872
Fair value———145,791145,791
Weighted-average yield (1) (2)
— %— %— %1.99 %1.99 %
Total HTM debt securities
Amortized cost$—$529,548$442,792$1,983,700$2,956,040
Fair value$—$488,551$380,447$1,584,973$2,453,971
Weighted-average yield (1)
— %1.05 %1.83 %1.79 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of December 31, 2023 and 2022:
December 31,
($ in thousands)20232022
FRBSF stock
$62,561 $61,374 
FHLB stock17,250 17,250 
Total restricted equity securities$79,811 $78,624