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Securities | 12 Months Ended
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Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS investment securities as of December 31, 2019 and 2018:
($ in thousands) |  | December 31, 2019
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS investment securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 177,215 |  |  | $ | — |  |  | $ | (793 | ) |  | $ | 176,422 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 584,275 |  |  | 1,377 |  |  | (4,407 | ) |  | 581,245 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 599,814 |  |  | 8,551 |  |  | (4,894 | ) |  | 603,471 |
Residential mortgage-backed securities |  | 998,447 |  |  | 6,927 |  |  | (1,477 | ) |  | 1,003,897 |
Municipal securities |  | 101,621 |  |  | 790 |  |  | (109 | ) |  | 102,302 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 86,609 |  |  | 1,947 |  |  | (6 | ) |  | 88,550 |
Residential mortgage-backed securities |  | 46,830 |  |  | 3 |  |  | (285 | ) |  | 46,548 |
Corporate debt securities |  | 11,250 |  |  | 12 |  |  | (113 | ) |  | 11,149 |
Foreign bonds |  | 354,481 |  |  | 198 |  |  | (507 | ) |  | 354,172 |
Asset-backed securities |  | 66,106 |  |  | — |  |  | (1,354 | ) |  | 64,752 |
CLOs |  | 294,000 |  |  | — |  |  | (9,294 | ) |  | 284,706 |
Total AFS investment securities |  | $ | 3,320,648 |  |  | $ | 19,805 |  |  | $ | (23,239 | ) |  | $ | 3,317,214 |
($ in thousands) |  | December 31, 2018
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS investment securities: |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 577,561 |  |  | $ | 153 |  |  | $ | (12,899 | ) |  | $ | 564,815 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 219,485 |  |  | 382 |  |  | (2,694 | ) |  | 217,173 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 420,486 |  |  | 811 |  |  | (12,694 | ) |  | 408,603 |
Residential mortgage-backed securities |  | 957,219 |  |  | 4,026 |  |  | (14,552 | ) |  | 946,693 |
Municipal securities |  | 82,965 |  |  | 87 |  |  | (1,032 | ) |  | 82,020 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 25,826 |  |  | 226 |  |  | — |  |  | 26,052 |
Residential mortgage-backed securities |  | 10,109 |  |  | 7 |  |  | (185 | ) |  | 9,931 |
Corporate debt securities |  | 11,250 |  |  | — |  |  | (381 | ) |  | 10,869 |
Foreign bonds |  | 489,378 |  |  | — |  |  | (26,330 | ) |  | 463,048 |
Asset-backed securities |  | 12,621 |  |  | 22 |  |  | — |  |  | 12,643 |
Total AFS investment securities |  | $ | 2,806,900 |  |  | $ | 5,714 |  |  | $ | (70,767 | ) |  | $ | 2,741,847 |
Unrealized Losses The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS investment 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, 2019 and 2018:
($ in thousands) |  | December 31, 2019
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 176,422 |  |  | $ | (793 | ) |  | $ | 176,422 |  |  | $ | (793 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 310,349 |  |  | (4,407 | ) |  | — |  |  | — |  |  | 310,349 |  |  | (4,407 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 204,675 |  |  | (2,346 | ) |  | 108,314 |  |  | (2,548 | ) |  | 312,989 |  |  | (4,894 | )
Residential mortgage-backed securities |  | 325,354 |  |  | (1,234 | ) |  | 34,337 |  |  | (243 | ) |  | 359,691 |  |  | (1,477 | )
Municipal securities |  | 31,130 |  |  | (109 | ) |  | — |  |  | — |  |  | 31,130 |  |  | (109 | )
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 7,914 |  |  | (6 | ) |  | — |  |  | — |  |  | 7,914 |  |  | (6 | )
Residential mortgage-backed securities |  | 42,894 |  |  | (285 | ) |  | — |  |  | — |  |  | 42,894 |  |  | (285 | )
Corporate debt securities |  | — |  |  | — |  |  | 9,888 |  |  | (113 | ) |  | 9,888 |  |  | (113 | )
Foreign bonds |  | 129,074 |  |  | (407 | ) |  | 9,900 |  |  | (100 | ) |  | 138,974 |  |  | (507 | )
Asset-backed securities |  | 52,565 |  |  | (902 | ) |  | 12,187 |  |  | (452 | ) |  | 64,752 |  |  | (1,354 | )
CLOs |  | 284,706 |  |  | (9,294 | ) |  | — |  |  | — |  |  | 284,706 |  |  | (9,294 | )
Total AFS investment securities |  | $ | 1,388,661 |  |  | $ | (18,990 | ) |  | $ | 351,048 |  |  | $ | (4,249 | ) |  | $ | 1,739,709 |  |  | $ | (23,239 | )
($ in thousands) |  | December 31, 2018
| Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 516,520 |  |  | $ | (12,899 | ) |  | $ | 516,520 |  |  | $ | (12,899 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 22,755 |  |  | (238 | ) |  | 159,814 |  |  | (2,456 | ) |  | 182,569 |  |  | (2,694 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 26,886 |  |  | (245 | ) |  | 274,666 |  |  | (12,449 | ) |  | 301,552 |  |  | (12,694 | )
Residential mortgage-backed securities |  | 75,675 |  |  | (491 | ) |  | 653,660 |  |  | (14,061 | ) |  | 729,335 |  |  | (14,552 | )
Municipal securities |  | 9,458 |  |  | (104 | ) |  | 30,295 |  |  | (928 | ) |  | 39,753 |  |  | (1,032 | )
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | 3,067 |  |  | (19 | ) |  | 3,949 |  |  | (166 | ) |  | 7,016 |  |  | (185 | )
Corporate debt securities |  | 10,869 |  |  | (381 | ) |  | — |  |  | — |  |  | 10,869 |  |  | (381 | )
Foreign bonds |  | 14,418 |  |  | (40 | ) |  | 448,630 |  |  | (26,290 | ) |  | 463,048 |  |  | (26,330 | )
Total AFS investment securities |  | $ | 163,128 |  |  | $ | (1,518 | ) |  | $ | 2,087,534 |  |  | $ | (69,249 | ) |  | $ | 2,250,662 |  |  | $ | (70,767 | )
Other-Than-Temporary Impairment For each reporting period, the Company assesses individual securities that are in an unrealized loss position for OTTI. For a discussion of the factors and criteria the Company uses in analyzing securities for OTTI, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Securities to the Consolidated Financial Statements in this Form 10-K. The unrealized losses were primarily attributable to the movement in the yield curve, in addition to widened liquidity and credit spreads. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. These securities have fluctuated in value since their purchase dates because of changes in market interest rates. The Company believes that the gross unrealized losses presented in the previous tables are temporary and no credit losses are expected. As a result, the Company expects to recover the entire amortized cost basis of these securities. The Company has the intent to hold these securities through the anticipated recovery period and it is not more-likely-than-not that the Company will have to sell these securities before recovery of their amortized cost. As of December 31, 2019, the Company had 101 AFS investment securities in a gross unrealized loss position with no credit impairment, primarily consisting of three CLOs, 57 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities and 14 U.S. government agency and U.S. government sponsored enterprise debt securities. In comparison, as of December 31, 2018, the Company had 184 AFS investment securities in a gross unrealized loss position with no credit impairment, primarily consisting of 108 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities, 16 foreign bonds and 19 U.S. Treasury securities. There were no OTTI credit losses recognized for the years ended December 31, 2019, 2018 and 2017. Realized Gains and Losses The following table presents the proceeds, gross realized gains and losses, and tax expense related to the sales of AFS investment securities for the years ended December 31, 2019, 2018 and 2017:
($ in thousands) |  | Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Proceeds from sales |  | $ | 627,110 |  |  | $ | 364,270 |  |  | $ | 832,844 |
Gross realized gains |  | $ | 3,930 |  |  | $ | 2,535 |  |  | $ | 8,037 |
Related tax expense |  | $ | 1,162 |  |  | $ | 749 |  |  | $ | 3,380 |
Contractual Maturities of Investment Securities The following table presents the contractual maturities of AFS investment securities as of December 31, 2019:
($ in thousands) |  | Amortized Cost |  | Fair Value
Due within one year |  | $ | 721,607 |  |  | $ | 719,179 |
Due after one year through five years |  | 395,468 |  |  | 392,891 |
Due after five years through ten years |  | 143,029 |  |  | 145,901 |
Due after ten years |  | 2,060,544 |  |  | 2,059,243 |
Total AFS investment securities |  | $ | 3,320,648 |  |  | $ | 3,317,214 |
Actual maturities of mortgage-backed securities can differ from contractual maturities as the borrowers have the right to prepay obligations. In addition, factors such as prepayments and interest rates may affect the yields on the carrying values of mortgage-backed securities. As of December 31, 2019 and 2018, AFS investment securities with fair value of $479.4 million and $435.8 million, respectively, were primarily pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities included in Other Assets on the Consolidated Balance Sheet as of December 31, 2019 and 2018:
($ in thousands) |  | December 31,
| 2019 |  | 2018
FRB stock |  | $ | 58,330 |  |  | $ | 56,819 |
FHLB stock |  | 20,250 |  |  | 17,250 |
Total restricted equity securities |  | $ | 78,580 |  |  | $ | 74,069 |

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