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Securities (Tables)
 6 Months Ended
Jun. 30, 2026
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, allowance for credit losses, and fair value by major categories of AFS and HTM debt securities as of June 30, 2026 and December 31, 2025:
June 30, 2026
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,452,946 $234 $(21,839)$1,431,341 
U.S. government agency and U.S. government-sponsored enterprise debt securities286,666 — (32,266)254,400 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities249,683 97 (25,383)224,397 
Residential mortgage-backed securities11,420,269 39,019 (228,460)11,230,828 
Municipal securities271,422 17 (30,751)240,688 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities196,228 — (21,622)174,606 
Residential mortgage-backed securities420,959 — (59,324)361,635 
Corporate debt securities506,125 — (84,823)421,302 
Foreign government bonds251,260 435 (9,346)242,349 
Total AFS debt securities15,055,558 39,802 (513,814)14,581,546 
HTM debt securities:
U.S. Treasury securities543,466 — (15,031)528,435 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,008,313 — (154,607)853,706 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities466,903 — (71,161)395,742 
Residential mortgage-backed securities642,441 — (125,412)517,029 
Municipal securities184,241 — (35,659)148,582 
Total HTM debt securities2,845,364 — (401,870)2,443,494 
Total debt securities$17,900,922 $39,802 $(915,684)$17,025,040 
Refer to table footnotes on the following page.
December 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized Losses
Allowance for Credit Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,010,053 $837 $(16,977)$— $993,913 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 — (30,033)— 257,654 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities292,564 86 (27,312)— 265,338 
Residential mortgage-backed securities10,251,714 68,588 (187,649)— 10,132,653 
Municipal securities277,275 20 (34,193)— 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities214,987 — (22,139)(1,900)190,948 
Residential mortgage-backed securities452,208 — (58,421)— 393,787 
Corporate debt securities554,158 6 (89,183)— 464,981 
Foreign government bonds247,249 437 (9,231)— 238,455 
Asset-backed securities31,886 — (497)— 31,389 
Total AFS debt securities 13,619,781 69,974 (475,635)(1,900)13,212,220 
HTM debt securities:
U.S. Treasury securities540,666 — (15,779)— 524,887 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 — (146,921)— 860,134 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities474,747 — (69,471)— 405,276 
Residential mortgage-backed securities662,127 — (124,176)— 537,951 
Municipal securities185,463 — (33,965)— 151,498 
Total HTM debt securities2,870,058 — (390,312)— 2,479,746 
Total debt securities$16,489,839 $69,974 $(865,947)$(1,900)$15,691,966 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of June 30, 2026 and December 31, 2025, the accrued interest receivables were $64 million and $54 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 2025 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $10.0 billion of amortized cost and $9.9 billion of fair value as of June 30, 2026, and amortized cost and fair value both totaling $9.6 billion as of December 31, 2025.
(3)Includes GNMA HTM debt securities totaling $76 million of amortized cost and $61 million of fair value as of June 30, 2026, and $79 million of amortized cost and $65 million of fair value as of December 31, 2025.
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value by major categories of AFS and HTM debt securities as of June 30, 2026 and December 31, 2025:
June 30, 2026
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,452,946 $234 $(21,839)$1,431,341 
U.S. government agency and U.S. government-sponsored enterprise debt securities286,666 — (32,266)254,400 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities249,683 97 (25,383)224,397 
Residential mortgage-backed securities11,420,269 39,019 (228,460)11,230,828 
Municipal securities271,422 17 (30,751)240,688 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities196,228 — (21,622)174,606 
Residential mortgage-backed securities420,959 — (59,324)361,635 
Corporate debt securities506,125 — (84,823)421,302 
Foreign government bonds251,260 435 (9,346)242,349 
Total AFS debt securities15,055,558 39,802 (513,814)14,581,546 
HTM debt securities:
U.S. Treasury securities543,466 — (15,031)528,435 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,008,313 — (154,607)853,706 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities466,903 — (71,161)395,742 
Residential mortgage-backed securities642,441 — (125,412)517,029 
Municipal securities184,241 — (35,659)148,582 
Total HTM debt securities2,845,364 — (401,870)2,443,494 
Total debt securities$17,900,922 $39,802 $(915,684)$17,025,040 
Refer to table footnotes on the following page.
December 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized Losses
Allowance for Credit Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,010,053 $837 $(16,977)$— $993,913 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 — (30,033)— 257,654 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities292,564 86 (27,312)— 265,338 
Residential mortgage-backed securities10,251,714 68,588 (187,649)— 10,132,653 
Municipal securities277,275 20 (34,193)— 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities214,987 — (22,139)(1,900)190,948 
Residential mortgage-backed securities452,208 — (58,421)— 393,787 
Corporate debt securities554,158 6 (89,183)— 464,981 
Foreign government bonds247,249 437 (9,231)— 238,455 
Asset-backed securities31,886 — (497)— 31,389 
Total AFS debt securities 13,619,781 69,974 (475,635)(1,900)13,212,220 
HTM debt securities:
U.S. Treasury securities540,666 — (15,779)— 524,887 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 — (146,921)— 860,134 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities474,747 — (69,471)— 405,276 
Residential mortgage-backed securities662,127 — (124,176)— 537,951 
Municipal securities185,463 — (33,965)— 151,498 
Total HTM debt securities2,870,058 — (390,312)— 2,479,746 
Total debt securities$16,489,839 $69,974 $(865,947)$(1,900)$15,691,966 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of June 30, 2026 and December 31, 2025, the accrued interest receivables were $64 million and $54 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 2025 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $10.0 billion of amortized cost and $9.9 billion of fair value as of June 30, 2026, and amortized cost and fair value both totaling $9.6 billion as of December 31, 2025.
(3)Includes GNMA HTM debt securities totaling $76 million of amortized cost and $61 million of fair value as of June 30, 2026, and $79 million of amortized cost and $65 million of fair value as of December 31, 2025.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities in a continuous unrealized loss position, aggregated by investment category and loss duration as of June 30, 2026 and December 31, 2025.
June 30, 2026
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$752,995 $(11,871)$580,436 $(9,968)$1,333,431 

$(21,839)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 254,400 (32,266)254,400 (32,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities3,473 (85)216,352 (25,298)219,825 (25,383)
Residential mortgage-backed securities4,518,493 (49,168)1,324,514 (179,292)5,843,007 (228,460)
Municipal securities10,112 (71)225,102 (30,680)235,214 (30,751)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 174,606 (21,622)174,606 (21,622)
Residential mortgage-backed securities— — 361,635 (59,324)361,635 (59,324)
Corporate debt securities— — 421,302 (84,823)421,302 (84,823)
Foreign government bonds18,922 (11)40,665 (9,335)59,587 (9,346)
Total AFS debt securities$5,303,995 $(61,206)$3,599,012 $(452,608)$8,903,007 $(513,814)
December 31, 2025
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$323,019 $(1,627)$575,638 $(15,350)$898,657 $(16,977)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 257,654 (30,033)257,654 (30,033)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 256,503 (27,312)256,503 (27,312)
Residential mortgage-backed securities1,052,833 (5,480)1,582,952 (182,169)2,635,785 (187,649)
Municipal securities— — 237,214 (34,193)237,214 (34,193)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 190,948 (22,139)190,948 (22,139)
Residential mortgage-backed securities— — 393,787 (58,421)393,787 (58,421)
Corporate debt securities— — 454,975 (89,183)454,975 (89,183)
Foreign government bonds— — 90,769 (9,231)90,769 (9,231)
Asset-backed securities— — 31,389 (497)31,389 (497)
Total AFS debt securities$1,375,852 $(7,107)$4,071,829 $(468,528)$5,447,681 $(475,635)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales of AFS debt securities (pre-tax), the reversal of credit losses, and the related tax expense included in earnings for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Gross realized gains from sales$2,931 $746 $3,547 $877 
Reversal of credit losses
$— $— $192 $— 
Related tax expense
$866 $208 $1,105 $247 
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three and six months ended June 30, 2026 and 2025:
Three Months Ended June 30,Six Months Ended June 30,
($ in thousands)2026202520262025
Taxable interest$166,773 $151,372 $323,340 $294,262 
Nontaxable interest3,556 2,416 7,167 7,310 
Total interest income on debt securities$170,329 $153,788 $330,507 $301,572 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of June 30, 2026. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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$490,491 $890,422 $72,033 $— $1,452,946 
Fair value485,561 875,488 70,292 — 1,431,341 
Weighted-average yield (1)
1.13%3.47%3.78%—%2.70%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost1,677 75,000 153,065 56,924 286,666 
Fair value1,659 69,868 134,895 47,978 254,400 
Weighted-average yield (1)
2.85%1.88%2.15%2.15%2.08%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost81 56,177 75,152 11,538,542 11,669,952 
Fair value80 53,954 68,889 11,332,302 11,455,225 
Weighted-average yield (1) (2)
2.57%2.87%2.82%4.74%4.72%
Municipal securities
Amortized cost17,453 6,359 23,584 224,026 271,422 
Fair value17,301 5,986 20,140 197,261 240,688 
Weighted-average yield (1) (2)
2.52%1.80%2.41%2.25%2.28%
Non-agency mortgage-backed securities
Amortized cost— — — 617,187 617,187 
Fair value— — — 536,241 536,241 
Weighted-average yield (1)
—%—%—%2.23%2.23%
Corporate debt securities
Amortized cost7,375 62,250 411,500 25,000 506,125 
Fair value7,201 58,683 334,487 20,931 421,302 
Weighted-average yield (1)
6.28%4.33%2.26%1.80%2.55%
Foreign government bonds
Amortized cost41,031 160,229 50,000 — 251,260 
Fair value41,154 160,531 40,664 — 242,349 
Weighted-average yield (1)
2.16%2.21%1.75%—%2.11%
Total AFS debt securities
Amortized cost$558,108 $1,250,437 $785,334 $12,461,679 $15,055,558 
Fair value$552,956 $1,224,510 $669,367 $12,134,713 $14,581,546 
Weighted-average yield (1)
1.32%3.22%2.40%4.55%4.21%
($ 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$223,023$320,443 $—$—$543,466
Fair value218,507309,928 ——528,435
Weighted-average yield (1)
0.93%1.13%—%—%1.05%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost—130,134812,87165,3081,008,313
Fair value—118,579682,05353,074853,706
Weighted-average yield (1)
—%1.37%1.96%2.12%1.90%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—68,086214,143827,1151,109,344
Fair value—62,082182,459668,230912,771
Weighted-average yield (1) (2)
—%1.60%1.72%1.67%1.68%
Municipal securities
Amortized cost——13,812170,429184,241
Fair value——12,080136,502148,582
Weighted-average yield (1) (2)
—%—%2.35%1.99%2.02%
Total HTM debt securities
Amortized cost$223,023$518,663$1,040,826$1,062,852$2,845,364
Fair value$218,507$490,589$876,592$857,806$2,443,494
Weighted-average yield (1)
0.93%1.25%1.92%1.75%1.66%
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of June 30, 2026 and December 31, 2025:
($ in thousands)June 30, 2026December 31, 2025
FRB of San Francisco stock
$66,589 $66,179 
FHLB stock92,424 87,305 
Total restricted equity securities$159,013 $153,484