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Securities | 6 Months Ended
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Jun. 30, 2022
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 and HTM debt securities as of June 30, 2022 and December 31, 2021:
($ in thousands) |  | June 30, 2022
| Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 676,320 |  |  |  |  | $ | — |  |  | $ | (51,634) |  |  | $ | 624,686 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 324,463 |  |  |  |  | — |  |  | (39,218) |  |  | 285,245 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 614,135 |  |  |  |  | 125 |  |  | (50,428) |  |  | 563,832 |
Residential mortgage-backed securities |  | 2,097,339 |  |  |  |  | 193 |  |  | (187,292) |  |  | 1,910,240 |
Municipal securities |  | 306,419 |  |  |  |  | 22 |  |  | (39,708) |  |  | 266,733 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 451,200 |  |  |  |  | 247 |  |  | (39,679) |  |  | 411,768 |
Residential mortgage-backed securities |  | 808,012 |  |  |  |  | — |  |  | (81,023) |  |  | 726,989 |
Corporate debt securities |  | 673,502 |  |  |  |  | 105 |  |  | (114,314) |  |  | 559,293 |
Foreign government bonds |  | 253,118 |  |  |  |  | 648 |  |  | (10,769) |  |  | 242,997 |
Asset-backed securities |  | 69,764 |  |  |  |  | — |  |  | (2,414) |  |  | 67,350 |
CLOs |  | 617,250 |  |  |  |  | — |  |  | (20,879) |  |  | 596,371 |
Total AFS debt securities |  | 6,891,522 |  |  |  |  | 1,340 |  |  | (637,358) |  |  | 6,255,504 |
HTM debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 521,352 |  |  |  |  | — |  |  | (34,831) |  |  | 486,521 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 997,369 |  |  |  |  | — |  |  | (144,291) |  |  | 853,078 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 512,391 |  |  |  |  | — |  |  | (62,563) |  |  | 449,828 |
Residential mortgage-backed securities |  | 807,111 |  |  |  |  | — |  |  | (96,637) |  |  | 710,474 |
Municipal securities |  | 190,079 |  |  |  |  | — |  |  | (33,431) |  |  | 156,648 |
Total HTM debt securities |  | 3,028,302 |  |  |  |  | — |  |  | (371,753) |  |  | 2,656,549 |
Total debt securities |  | $ | 9,919,824 |  |  |  |  | $ | 1,340 |  |  | $ | (1,009,111) |  |  | $ | 8,912,053 |
($ in thousands) |  | December 31, 2021
| Amortized Cost |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,049,238 |  |  |  |  | $ | 130 |  |  | $ | (16,687) |  |  | $ | 1,032,681 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,333,984 |  |  |  |  | 2,697 |  |  | (34,710) |  |  | 1,301,971 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 1,242,043 |  |  |  |  | 15,791 |  |  | (28,854) |  |  | 1,228,980 |
Residential mortgage-backed securities |  | 2,968,789 |  |  |  |  | 8,629 |  |  | (49,135) |  |  | 2,928,283 |
Municipal securities |  | 519,381 |  |  |  |  | 10,065 |  |  | (6,288) |  |  | 523,158 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 498,920 |  |  |  |  | 3,000 |  |  | (5,477) |  |  | 496,443 |
Residential mortgage-backed securities |  | 889,937 |  |  |  |  | 971 |  |  | (8,977) |  |  | 881,931 |
Corporate debt securities |  | 657,516 |  |  |  |  | 8,738 |  |  | (16,589) |  |  | 649,665 |
Foreign government bonds |  | 260,447 |  |  |  |  | 767 |  |  | (3,481) |  |  | 257,733 |
Asset-backed securities |  | 74,674 |  |  |  |  | 185 |  |  | (301) |  |  | 74,558 |
CLOs |  | 592,250 |  |  |  |  | 52 |  |  | (2,352) |  |  | 589,950 |
Total AFS debt securities |  | $ | 10,087,179 |  |  |  |  | $ | 51,025 |  |  | $ | (172,851) |  |  | $ | 9,965,353 |
During the first quarter of 2022, the Company transferred $3.01 billion in fair value of debt securities from AFS to HTM. At the time of the transfer, $113.0 million of unrealized losses, net of tax, was retained in AOCI. As of June 30, 2022 and December 31, 2021, the amortized cost of debt securities excluded accrued interest receivables of $34.9 million and $33.1 million, respectively, which are included in Other assets on the Consolidated Balance Sheet. For the Company’s accounting policy related to debt securities’ accrued interest receivable, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2021 Form 10-K and Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-Q. Unrealized Losses of Available-for-Sale Debt Securities The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of June 30, 2022 and December 31, 2021.
($ in thousands) |  | June 30, 2022
| 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 |  | $ | 466,095 |  |  | $ | (32,524) |  |  | $ | 158,591 |  |  | $ | (19,110) |  |  | $ | 624,686 |  |  | $ | (51,634) |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 249,274 |  |  | (35,689) |  |  | 35,971 |  |  | (3,529) |  |  | 285,245 |  |  | (39,218) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 440,235 |  |  | (34,101) |  |  | 110,670 |  |  | (16,327) |  |  | 550,905 |  |  | (50,428) |
Residential mortgage-backed securities |  | 1,433,558 |  |  | (122,567) |  |  | 463,552 |  |  | (64,725) |  |  | 1,897,110 |  |  | (187,292) |
Municipal securities |  | 265,197 |  |  | (39,708) |  |  | — |  |  | — |  |  | 265,197 |  |  | (39,708) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 335,199 |  |  | (28,436) |  |  | 65,175 |  |  | (11,243) |  |  | 400,374 |  |  | (39,679) |
Residential mortgage-backed securities |  | 616,819 |  |  | (67,098) |  |  | 110,170 |  |  | (13,925) |  |  | 726,989 |  |  | (81,023) |
Corporate debt securities |  | 295,000 |  |  | (35,503) |  |  | 236,189 |  |  | (78,811) |  |  | 531,189 |  |  | (114,314) |
Foreign government bonds |  | 18,887 |  |  | (165) |  |  | 67,798 |  |  | (10,604) |  |  | 86,685 |  |  | (10,769) |
Asset-backed securities |  | 57,469 |  |  | (1,888) |  |  | 9,881 |  |  | (526) |  |  | 67,350 |  |  | (2,414) |
CLOs |  | 312,368 |  |  | (10,882) |  |  | 284,003 |  |  | (9,997) |  |  | 596,371 |  |  | (20,879) |
Total AFS debt securities |  | $ | 4,490,101 |  |  | $ | (408,561) |  |  | $ | 1,542,000 |  |  | $ | (228,797) |  |  | $ | 6,032,101 |  |  | $ | (637,358) |
($ in thousands) |  | December 31, 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 |  | $ | 935,776 |  |  | $ | (14,689) |  |  | $ | 47,881 |  |  | $ | (1,998) |  |  | $ | 983,657 |  |  | $ | (16,687) |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 773,647 |  |  | (18,000) |  |  | 402,907 |  |  | (16,710) |  |  | 1,176,554 |  |  | (34,710) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 440,734 |  |  | (13,589) |  |  | 257,745 |  |  | (15,265) |  |  | 698,479 |  |  | (28,854) |
Residential mortgage-backed securities |  | 2,138,542 |  |  | (37,691) |  |  | 330,522 |  |  | (11,444) |  |  | 2,469,064 |  |  | (49,135) |
Municipal securities |  | 177,065 |  |  | (5,682) |  |  | 17,003 |  |  | (606) |  |  | 194,068 |  |  | (6,288) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 301,925 |  |  | (4,158) |  |  | 40,013 |  |  | (1,319) |  |  | 341,938 |  |  | (5,477) |
Residential mortgage-backed securities |  | 707,792 |  |  | (8,966) |  |  | 6,431 |  |  | (11) |  |  | 714,223 |  |  | (8,977) |
Corporate debt securities |  | 183,916 |  |  | (3,084) |  |  | 251,494 |  |  | (13,505) |  |  | 435,410 |  |  | (16,589) |
Foreign government bonds |  | 27,097 |  |  | (5) |  |  | 133,279 |  |  | (3,476) |  |  | 160,376 |  |  | (3,481) |
Asset-backed securities |  | 24,885 |  |  | (301) |  |  | — |  |  | — |  |  | 24,885 |  |  | (301) |
CLOs |  | 221,586 |  |  | (64) |  |  | 291,712 |  |  | (2,288) |  |  | 513,298 |  |  | (2,352) |
Total AFS debt securities |  | $ | 5,932,965 |  |  | $ | (106,229) |  |  | $ | 1,778,987 |  |  | $ | (66,622) |  |  | $ | 7,711,952 |  |  | $ | (172,851) |
As of June 30, 2022, the Company had a total of 531 AFS debt securities in a gross unrealized loss position with no credit impairment, consisting primarily of 244 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 100 non-agency mortgage-backed securities, and 63 corporate debt securities. In comparison, as of December 31, 2021, the Company had a total of 431 AFS debt securities in a gross unrealized loss position with no credit impairment, consisting primarily of 180 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 50 U.S. government agency and U.S. government-sponsored agency debt securities, 21 U.S. Treasury securities, and 30 corporate debt securities. Allowance for Credit Losses on Available-for-Sale Debt Securities Each reporting period, the Company assesses each AFS debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in the Company’s 2021 Form 10-K. The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise mortgage-backed securities, are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The other securities that were in an unrealized loss position as of June 30, 2022 were mainly comprised of the following: •Non-agency mortgage-backed securities — The market value decline as of June 30, 2022 was primarily due to interest rate movement and spreads widening. Since these securities are rated investment grade by NRSROs, or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time, the Company believes the risk of credit losses on these securities is low. •Corporate debt securities — The market value decline as of June 30, 2022 was primarily due to interest rate movement and spreads widening. Since credit profiles of these securities are strong (rated investment grade by NRSROs) and the contractual payments from these bonds have been and are expected to be received on time, the Company believes that the risk of credit losses on these securities is low. As of June 30, 2022 and December 31, 2021, the Company had the intent to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company will not have to sell these securities before the recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities. Accordingly, there was no allowance for credit losses as of June 30, 2022 and December 31, 2021 provided against these securities. In addition, there was no provision for credit losses recognized for the three and six months ended June 30, 2022 and 2021. If a credit loss had been identified, the Company would record an impairment through the allowance for credit losses with a corresponding Provision for credit losses on the Consolidated Statement of Income. Allowance for Credit Losses on Held-to-Maturity Debt Securities The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. Any expected credit loss is recorded through the allowance for credit losses and is deducted from the amortized cost basis. The net amount the Company expects to collect is reflected on the Consolidated Balance Sheet. The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of June 30, 2022, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of June 30, 2022. Overall, the Company believes that the credit support levels of the debt securities are strong and, based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received. For more information on the Company’s credit loss methodology, refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-Q. Realized Gains and Losses 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, 2022 and 2021:
($ in thousands) |  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Gross realized gains |  | $ | 28 |  |  | $ | 632 |  |  | $ | 1,306 |  |  | $ | 824 |  |  |  |  |
Related tax expense |  | $ | 8 |  |  | $ | 187 |  |  | $ | 386 |  |  | $ | 244 |  |  |  |  |
Contractual Maturities of Available-for-Sale and Held-to-Maturity 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, 2022. 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 |  | $ | — |  |  | $ | 576,626 |  |  | $ | 99,694 |  |  | $ | — |  |  | $ | 676,320 |
Fair value |  | — |  |  | 536,698 |  |  | 87,988 |  |  | — |  |  | 624,686 |
Weighted-average yield (1) |  | — | % |  | 1.28 | % |  | 0.74 | % |  | — | % |  | 1.20 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | 29,193 |  |  | 125,001 |  |  | 170,269 |  |  | 324,463 |
Fair value |  | — |  |  | 27,700 |  |  | 110,199 |  |  | 147,346 |  |  | 285,245 |
Weighted-average yield (1) |  | — | % |  | 1.62 | % |  | 1.16 | % |  | 2.09 | % |  | 1.69 | %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | 13,289 |  |  | 192,287 |  |  | 2,505,898 |  |  | 2,711,474 |
Fair value |  | — |  |  | 13,205 |  |  | 182,832 |  |  | 2,278,035 |  |  | 2,474,072 |
Weighted-average yield (1) |  | — | % |  | 3.11 | % |  | 2.69 | % |  | 2.11 | % |  | 2.15 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | 39,712 |  |  | 6,498 |  |  | 260,209 |  |  | 306,419 |
Fair value |  | — |  |  | 37,800 |  |  | 5,758 |  |  | 223,175 |  |  | 266,733 |
Weighted-average yield (1) (2) |  | — | % |  | 2.47 | % |  | 1.79 | % |  | 2.23 | % |  | 2.25 | %
Non-agency mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 10,019 |  |  | 196,136 |  |  | 40,404 |  |  | 1,012,653 |  |  | 1,259,212 |
Fair value |  | 9,894 |  |  | 189,963 |  |  | 39,224 |  |  | 899,676 |  |  | 1,138,757 |
Weighted-average yield (1) |  | 4.47 | % |  | 3.56 | % |  | 1.19 | % |  | 2.23 | % |  | 2.42 | %
Corporate debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 10,000 |  |  | — |  |  | 334,502 |  |  | 329,000 |  |  | 673,502 |
Fair value |  | 9,847 |  |  | — |  |  | 309,395 |  |  | 240,051 |  |  | 559,293 |
Weighted average yield (1) |  | 3.26 | % |  | — | % |  | 3.59 | % |  | 1.98 | % |  | 2.80 | %
Foreign government bonds |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 108,712 |  |  | 44,406 |  |  | 50,000 |  |  | 50,000 |  |  | 253,118 |
Fair value |  | 108,660 |  |  | 44,832 |  |  | 50,081 |  |  | 39,424 |  |  | 242,997 |
Weighted-average yield (1) |  | 1.82 | % |  | 3.01 | % |  | 0.55 | % |  | 1.50 | % |  | 1.71 | %
Asset-backed securities: |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | — |  |  | 69,764 |  |  | 69,764 |
Fair value |  | — |  |  | — |  |  | — |  |  | 67,350 |  |  | 67,350 |
Weighted-average yield (1) |  | — | % |  | — | % |  | — | % |  | 2.74 | % |  | 2.74 | %
CLOs |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | — |  |  | 617,250 |  |  | 617,250 |
Fair value |  | — |  |  | — |  |  | — |  |  | 596,371 |  |  | 596,371 |
Weighted average yield (1) |  | — | % |  | — | % |  | — | % |  | 2.22 | % |  | 2.22 | %
Total AFS debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 128,731 |  |  | $ | 899,362 |  |  | $ | 848,386 |  |  | $ | 5,015,043 |  |  | $ | 6,891,522 |
Fair value |  | $ | 128,401 |  |  | $ | 850,198 |  |  | $ | 785,477 |  |  | $ | 4,491,428 |  |  | $ | 6,255,504 |
Weighted-average yield (1) |  | 2.14 | % |  | 1.95 | % |  | 2.39 | % |  | 2.15 | % |  | 2.15 | %
($ in thousands) |  | Within One Year |  | After One Year through Five Years |  | After Five Years through Ten Years |  | After Ten Years |  | Total
HTM debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  | $ | 166,856 |  | $ | 354,496 |  | $ | — |  | $ | 521,352
Fair value |  | — |  | 156,200 |  | 330,321 |  | — |  | 486,521
Weighted-average yield (1) |  | — | % |  | 0.90 | % |  | 1.12 | % |  | — | % |  | 1.05 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | 213,101 |  | 784,268 |  | 997,369
Fair value |  | — |  | — |  | 193,357 |  | 659,721 |  | 853,078
Weighted-average yield (1) |  | — | % |  | — | % |  | 2.03 | % |  | 1.86 | % |  | 1.90 | %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | 87,264 |  | 1,232,238 |  | 1,319,502
Fair value |  | — |  | — |  | 78,993 |  | 1,081,309 |  | 1,160,302
Weighted-average yield (1) |  | — | % |  | — | % |  | 1.60 | % |  | 1.59 | % |  | 1.59 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | — |  | 190,079 |  | 190,079
Fair value |  | — |  | — |  | — |  | 156,648 |  | 156,648
Weighted-average yield (1) (2) |  | — | % |  | — | % |  | — | % |  | 1.97 | % |  | 1.97 | %
Total HTM debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  | $ | 166,856 |  | $ | 654,861 |  | $ | 2,206,585 |  | $ | 3,028,302
Fair value |  | $ | — |  | $ | 156,200 |  | $ | 602,671 |  | $ | 1,897,678 |  | $ | 2,656,549
Weighted-average yield (1) |  | — | % |  | 0.90 | % |  | 1.48 | % |  | 1.72 | % |  | 1.62 | %
(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. As of June 30, 2022 and December 31, 2021, AFS and HTM debt securities with carrying valu es of $1.29 billion and $803.9 million, respectively, were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of June 30, 2022 and December 31, 2021:
($ in thousands) |  | June 30, 2022 |  | December 31, 2021
Federal Reserve Bank of San Francisco (“FRBSF”) stock |  | $ | 60,712 |  |  | $ | 60,184 |
FHLB stock |  | 17,250 |  |  | 17,250 |
Total restricted equity securities |  | $ | 77,962 |  |  | $ | 77,434 |

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