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Securities (Tables) | 6 Months Ended
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Jun. 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 June 30, 2021 and December 31, 2020:
($ in thousands) |  | June 30, 2021
| Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 841,890 |  |  |  |  | $ | 1,148 |  |  | $ | (6,098) |  |  | $ | 836,940 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,237,278 |  |  |  |  | 5,835 |  |  | (18,602) |  |  | 1,224,511 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 1,177,949 |  |  |  |  | 23,374 |  |  | (12,683) |  |  | 1,188,640 |
Residential mortgage-backed securities |  | 2,375,536 |  |  |  |  | 18,186 |  |  | (25,170) |  |  | 2,368,552 |
Municipal securities |  | 445,028 |  |  |  |  | 11,532 |  |  | (1,637) |  |  | 454,923 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 360,704 |  |  |  |  | 5,282 |  |  | (1,814) |  |  | 364,172 |
Residential mortgage-backed securities |  | 772,382 |  |  |  |  | 2,308 |  |  | (2,216) |  |  | 772,474 |
Corporate debt securities |  | 558,295 |  |  |  |  | 8,597 |  |  | (14,177) |  |  | 552,715 |
Foreign government bonds |  | 286,579 |  |  |  |  | 512 |  |  | (3,916) |  |  | 283,175 |
Asset-backed securities |  | 61,501 |  |  |  |  | 335 |  |  | (7) |  |  | 61,829 |
CLOs |  | 294,000 |  |  |  |  | — |  |  | (2,471) |  |  | 291,529 |
Total AFS debt securities |  | $ | 8,411,142 |  |  |  |  | $ | 77,109 |  |  | $ | (88,791) |  |  | $ | 8,399,460 |
($ 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 securities |  | 806,814 |  |  |  |  | 8,765 |  |  | (1,260) |  |  | 814,319 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 1,125,174 |  |  |  |  | 34,306 |  |  | (5,710) |  |  | 1,153,770 |
Residential mortgage-backed securities |  | 1,634,553 |  |  |  |  | 27,952 |  |  | (1,611) |  |  | 1,660,894 |
Municipal securities |  | 382,573 |  |  |  |  | 13,588 |  |  | (88) |  |  | 396,073 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 234,965 |  |  |  |  | 6,107 |  |  | (1,230) |  |  | 239,842 |
Residential mortgage-backed securities |  | 288,520 |  |  |  |  | 1,761 |  |  | (506) |  |  | 289,775 |
Corporate debt securities |  | 406,323 |  |  |  |  | 3,493 |  |  | (3,848) |  |  | 405,968 |
Foreign government bonds |  | 183,828 |  |  |  |  | 163 |  |  | (1,460) |  |  | 182,531 |
Asset-backed securities |  | 63,463 |  |  |  |  | 10 |  |  | (242) |  |  | 63,231 |
CLOs |  | 294,000 |  |  |  |  | — |  |  | (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 June 30, 2021 and December 31, 2020.
($ in thousands) |  | June 30, 2021
| 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 debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 544,599 |  |  | $ | (6,098) |  |  | $ | — |  |  | $ | — |  |  | $ | 544,599 |  |  | $ | (6,098) |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 782,327 |  |  | (17,402) |  |  | 23,776 |  |  | (1,200) |  |  | 806,103 |  |  | (18,602) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 491,515 |  |  | (11,487) |  |  | 28,399 |  |  | (1,196) |  |  | 519,914 |  |  | (12,683) |
Residential mortgage-backed securities |  | 1,346,061 |  |  | (25,170) |  |  | — |  |  | — |  |  | 1,346,061 |  |  | (25,170) |
Municipal securities |  | 108,695 |  |  | (1,637) |  |  | — |  |  | — |  |  | 108,695 |  |  | (1,637) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 102,043 |  |  | (1,806) |  |  | 15,579 |  |  | (8) |  |  | 117,622 |  |  | (1,814) |
Residential mortgage-backed securities |  | 464,404 |  |  | (2,216) |  |  | — |  |  | — |  |  | 464,404 |  |  | (2,216) |
Corporate debt securities |  | 254,723 |  |  | (11,277) |  |  | 57,100 |  |  | (2,900) |  |  | 311,823 |  |  | (14,177) |
Foreign government bonds |  | 59,189 |  |  | (3,146) |  |  | 92,844 |  |  | (770) |  |  | 152,033 |  |  | (3,916) |
Asset-backed securities |  | 15,948 |  |  | (7) |  |  | — |  |  | — |  |  | 15,948 |  |  | (7) |
CLOs |  | — |  |  | — |  |  | 291,529 |  |  | (2,471) |  |  | 291,529 |  |  | (2,471) |
Total AFS debt securities |  | $ | 4,169,504 |  |  | $ | (80,246) |  |  | $ | 509,227 |  |  | $ | (8,545) |  |  | $ | 4,678,731 |  |  | $ | (88,791) |
($ in thousands) |  | December 31, 2020
| 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 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 securities |  | 292,596 |  |  | (5,656) |  |  | 3,543 |  |  | (54) |  |  | 296,139 |  |  | (5,710) |
Residential mortgage-backed securities |  | 342,561 |  |  | (1,611) |  |  | — |  |  | — |  |  | 342,561 |  |  | (1,611) |
Municipal securities |  | 24,529 |  |  | (88) |  |  | — |  |  | — |  |  | 24,529 |  |  | (88) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 58,738 |  |  | (1,230) |  |  | 7,920 |  |  | — |  |  | 66,658 |  |  | (1,230) |
Residential mortgage-backed securities |  | 90,156 |  |  | (506) |  |  | — |  |  | — |  |  | 90,156 |  |  | (506) |
Corporate debt securities |  | 251,674 |  |  | (3,645) |  |  | 9,798 |  |  | (203) |  |  | 261,472 |  |  | (3,848) |
Foreign government bonds |  | 106,828 |  |  | (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 six months ended June 30, 2021 and 2020:
($ in thousands) |  | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
Gross realized gains |  | $ | 632 |  |  | $ | 9,640 |  |  | $ | 824 |  |  | $ | 11,169 |
Related tax expense |  | $ | 187 |  |  | $ | 2,850 |  |  | $ | 244 |  |  | $ | 3,302 |
Schedule of contractual maturities of AFS debt securities | The following table presents the contractual maturities of AFS debt securities as of June 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 Cost |  | Fair Value
Due within one year |  | $ | 1,379,762 |  |  | $ | 1,353,523 |
Due after one year through five years |  | 785,678 |  |  | 790,794 |
Due after five years through ten years |  | 1,483,790 |  |  | 1,491,799 |
Due after ten years |  | 4,761,912 |  |  | 4,763,344 |
Total AFS debt securities |  | $ | 8,411,142 |  |  | $ | 8,399,460 |
Schedule of restricted equity securities | The following table presents the restricted equity securities on the Consolidated Balance Sheet as of June 30, 2021 and December 31, 2020:
($ in thousands) |  | June 30, 2021 |  | December 31, 2020
Federal Reserve Bank of San Francisco (“FRBSF”) stock |  | $ | 59,681 |  |  | $ | 59,249 |
FHLB stock |  | 17,250 |  |  | 23,797 |
Total restricted equity securities |  | $ | 76,931 |  |  | $ | 83,046 |

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