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Securities (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:
March 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$961,291 $— $(30,310)$930,981 
U.S. government agency and U.S. government-sponsored enterprise debt securities306,428 — (38,022)268,406 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities455,534 2,616 (39,600)418,550 
Residential mortgage-backed securities9,204,823 23,770 (223,031)9,005,562 
Municipal securities286,374 — (40,520)245,854 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities268,913 1 (32,314)236,600 
Residential mortgage-backed securities502,410 — (72,342)430,068 
Corporate debt securities653,500 — (116,958)536,542 
Foreign government bonds244,459 985 (11,253)234,191 
Asset-backed securities34,237 — (502)33,735 
CLOs44,500 — (77)44,423 
Total AFS debt securities12,962,469 27,372 (604,929)12,384,912 
HTM debt securities:
U.S. Treasury securities536,459 — (27,846)508,613 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,005,347 — (173,991)831,356 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities481,507 — (78,425)403,082 
Residential mortgage-backed securities694,808 — (141,240)553,568 
Municipal securities187,220 — (48,547)138,673 
Total HTM debt securities2,905,341 — (470,049)2,435,292 
Total debt securities$15,867,810 $27,372 $(1,074,978)$14,820,204 
December 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,300 $— $(38,035)$638,265 
U.S. government agency and U.S. government-sponsored enterprise debt securities308,220 — (45,633)262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities472,535 886 (47,207)426,214 
Residential mortgage-backed securities7,974,768 12,278 (248,786)7,738,260 
Municipal securities287,301 38 (37,186)250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities294,235 2 (35,767)258,470 
Residential mortgage-backed securities514,527 — (80,919)433,608 
Corporate debt securities653,500 — (127,334)526,166 
Foreign government bonds244,803 2,069 (12,992)233,880 
Asset-backed securities35,086 — (371)34,715 
CLOs44,500 — (7)44,493 
Total AFS debt securities 11,505,775 15,273 (674,237)10,846,811 
HTM debt securities:
U.S. Treasury securities535,080 — (35,222)499,858 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,004,479 — (200,259)804,220 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities486,388 — (91,461)394,927 
Residential mortgage-backed securities703,833 — (155,626)548,207 
Municipal securities187,633 — (47,091)140,542 
Total HTM debt securities2,917,413 — (529,659)2,387,754 
Total debt securities$14,423,188 $15,273 $(1,203,896)$13,234,565 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2025 and December 31, 2024, the accrued interest receivables were $44 million and $45 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $8.6 billion of amortized cost and $8.5 billion of fair value as of March 31, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.
(3)Includes GNMA HTM debt securities totaling $84 million of amortized cost and $68 million of fair value as of March 31, 2025, and $86 million of amortized cost and $68 million of fair value of as of December 31, 2024.
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2025 and December 31, 2024:
March 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$961,291 $— $(30,310)$930,981 
U.S. government agency and U.S. government-sponsored enterprise debt securities306,428 — (38,022)268,406 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities455,534 2,616 (39,600)418,550 
Residential mortgage-backed securities9,204,823 23,770 (223,031)9,005,562 
Municipal securities286,374 — (40,520)245,854 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities268,913 1 (32,314)236,600 
Residential mortgage-backed securities502,410 — (72,342)430,068 
Corporate debt securities653,500 — (116,958)536,542 
Foreign government bonds244,459 985 (11,253)234,191 
Asset-backed securities34,237 — (502)33,735 
CLOs44,500 — (77)44,423 
Total AFS debt securities12,962,469 27,372 (604,929)12,384,912 
HTM debt securities:
U.S. Treasury securities536,459 — (27,846)508,613 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,005,347 — (173,991)831,356 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities481,507 — (78,425)403,082 
Residential mortgage-backed securities694,808 — (141,240)553,568 
Municipal securities187,220 — (48,547)138,673 
Total HTM debt securities2,905,341 — (470,049)2,435,292 
Total debt securities$15,867,810 $27,372 $(1,074,978)$14,820,204 
December 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,300 $— $(38,035)$638,265 
U.S. government agency and U.S. government-sponsored enterprise debt securities308,220 — (45,633)262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities472,535 886 (47,207)426,214 
Residential mortgage-backed securities7,974,768 12,278 (248,786)7,738,260 
Municipal securities287,301 38 (37,186)250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities294,235 2 (35,767)258,470 
Residential mortgage-backed securities514,527 — (80,919)433,608 
Corporate debt securities653,500 — (127,334)526,166 
Foreign government bonds244,803 2,069 (12,992)233,880 
Asset-backed securities35,086 — (371)34,715 
CLOs44,500 — (7)44,493 
Total AFS debt securities 11,505,775 15,273 (674,237)10,846,811 
HTM debt securities:
U.S. Treasury securities535,080 — (35,222)499,858 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,004,479 — (200,259)804,220 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities486,388 — (91,461)394,927 
Residential mortgage-backed securities703,833 — (155,626)548,207 
Municipal securities187,633 — (47,091)140,542 
Total HTM debt securities2,917,413 — (529,659)2,387,754 
Total debt securities$14,423,188 $15,273 $(1,203,896)$13,234,565 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2025 and December 31, 2024, the accrued interest receivables were $44 million and $45 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $8.6 billion of amortized cost and $8.5 billion of fair value as of March 31, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024.
(3)Includes GNMA HTM debt securities totaling $84 million of amortized cost and $68 million of fair value as of March 31, 2025, and $86 million of amortized cost and $68 million of fair value of as of December 31, 2024.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2025 and December 31, 2024.
March 31, 2025
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $610,981 $(30,310)$610,981 
(1)
$(30,310)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 268,406 (38,022)268,406 (38,022)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities2,476 (25)358,728 (39,575)361,204 (39,600)
Residential mortgage-backed securities3,179,008 (10,604)1,524,704 (212,427)4,703,712 (223,031)
Municipal securities4,814 (40)241,040 (40,480)245,854 (40,520)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities4,433 (1)221,078 (32,313)225,511 (32,314)
Residential mortgage-backed securities— — 430,068 (72,342)430,068 (72,342)
Corporate debt securities— — 536,542 (116,958)536,542 (116,958)
Foreign government bonds— — 88,747 (11,253)88,747 (11,253)
Asset-backed securities— — 33,735 (502)33,735 (502)
CLOs— — 44,423 (77)44,423 (77)
Total AFS debt securities$3,190,731 $(10,670)$4,358,452 $(594,259)$7,549,183 $(604,929)
(1)Excludes a short-term U.S. Treasury security of $320 million which had no unrealized gains or losses.
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $638,265 $(38,035)$638,265 $(38,035)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 262,587 (45,633)262,587 (45,633)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities2,741 (30)377,756 (47,177)380,497 (47,207)
Residential mortgage-backed securities2,719,228 (16,404)1,528,252 (232,382)4,247,480 (248,786)
Municipal securities2,763 (95)245,360 (37,091)248,123 (37,186)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities10,767 (332)235,668 (35,435)246,435 (35,767)
Residential mortgage-backed securities— — 433,608 (80,919)433,608 (80,919)
Corporate debt securities— — 526,166 (127,334)526,166 (127,334)
Foreign government bonds— — 87,008 (12,992)87,008 (12,992)
Asset-backed securities— — 34,715 (371)34,715 (371)
CLOs— — 44,493 (7)44,493 (7)
Total AFS debt securities$2,735,499 $(16,861)$4,413,878 $(657,376)$7,149,377 $(674,237)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales of AFS debt securities and the related tax expense included in earnings for the three months ended March 31, 2025 and 2024:
Three months ended March 31,
($ in thousands)20252024
Gross realized gains from sales$131 $49 
Related tax expense
$39 $14 
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three months ended March 31, 2025 and 2024:
Three months ended March 31,
($ in thousands)20252024
Taxable interest$142,890 $70,328 
Nontaxable interest4,894 5,064 
Total interest income on debt securities$147,784 $75,392 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of March 31, 2025. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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$369,423 $591,868 $— $— $961,291 
Fair value368,978 562,003 — — 930,981 
Weighted-average yield (1)
4.10 %1.06 %— %— %2.23 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost16,596 26,929 201,232 61,671 306,428 
Fair value16,367 25,806 174,409 51,824 268,406 
Weighted-average yield (1)
0.93 %1.36 %2.00 %2.00 %1.89 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost5,057 74,745 115,210 9,465,345 9,660,357 
Fair value5,018 71,910 105,670 9,241,514 9,424,112 
Weighted-average yield (1) (2)
3.56 %2.77 %2.86 %5.06 %5.02 %
Municipal securities
Amortized cost6,637 25,434 8,111 246,192 286,374 
Fair value6,551 24,365 7,591 207,347 245,854 
Weighted-average yield (1) (2)
2.09 %2.17 %3.38 %2.23 %2.25 %
Non-agency mortgage-backed securities
Amortized cost20,756 5,784 4,434 740,349 771,323 
Fair value20,558 5,641 4,433 636,036 666,668 
Weighted-average yield (1)
6.10 %3.10 %5.51 %2.38 %2.51 %
Corporate debt securities
Amortized cost— — 349,500 304,000 653,500 
Fair value— — 318,192 218,350 536,542 
Weighted-average yield (1)
— %— %3.50 %1.97 %2.79 %
Foreign government bonds
Amortized cost81,569 62,890 50,000 50,000 244,459 
Fair value82,030 63,414 49,749 38,998 234,191 
Weighted-average yield (1)
2.56 %2.16 %4.74 %1.50 %2.69 %
Asset-backed securities
Amortized cost— — — 34,237 34,237 
Fair value— — — 33,735 33,735 
Weighted-average yield (1)
— %— %— %5.05 %5.05 %
CLOs
Amortized cost— — 44,500 — 44,500 
Fair value— — 44,423 — 44,423 
Weighted-average yield (1)
— %— %5.75 %— %5.75 %
Total AFS debt securities
Amortized cost$500,038 $787,650 $772,987 $10,901,794 $12,962,469 
Fair value$499,502 $753,139 $704,467 $10,427,804 $12,384,912 
Weighted-average yield (1)
3.80 %1.37 %3.23 %4.70 %4.37 %
($ 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$—$536,459$—$—$536,459
Fair value—508,613——508,613
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——372,206633,1411,005,347
Fair value——325,760505,596831,356
Weighted-average yield (1)
— %— %1.89 %1.90 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—18,499127,0931,030,7231,176,315
Fair value—16,931108,560831,159956,650
Weighted-average yield (1) (2)
— %1.67 %1.66 %1.69 %1.69 %
Municipal securities
Amortized cost———187,220187,220
Fair value———138,673138,673
Weighted-average yield (1) (2)
— %— %— %2.01 %2.01 %
Total HTM debt securities
Amortized cost$—$554,958$499,299$1,851,084$2,905,341
Fair value$—$525,544$434,320$1,475,428$2,435,292
Weighted-average yield (1)
— %1.07 %1.83 %1.80 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2025 and December 31, 2024:
($ in thousands)March 31, 2025December 31, 2024
Federal Reserve Bank (“FRB”) of San Francisco stock
$64,265 $63,930 
FHLB stock101,329 101,329 
Total restricted equity securities$165,594 $165,259