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Securities | 9 Months Ended
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Sep. 30, 2024
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 September 30, 2024 and December 31, 2023:
|  | September 30, 2024
($ in thousands) |  | Amortized Cost (1) |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 676,294 |  |  |  |  | $ | — |  |  | $ | (34,721) |  |  | $ | 641,573 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 309,277 |  |  |  |  | — |  |  | (36,829) |  |  | 272,448 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 482,291 |  |  |  |  | 770 |  |  | (38,184) |  |  | 444,877 |
Residential mortgage-backed securities |  | 7,028,428 |  |  |  |  | 35,106 |  |  | (195,610) |  |  | 6,867,924 |
Municipal securities |  | 292,041 |  |  |  |  | 97 |  |  | (31,840) |  |  | 260,298 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 348,749 |  |  |  |  | — |  |  | (32,236) |  |  | 316,513 |
Residential mortgage-backed securities |  | 548,110 |  |  |  |  | — |  |  | (68,783) |  |  | 479,327 |
Corporate debt securities |  | 653,501 |  |  |  |  | — |  |  | (121,682) |  |  | 531,819 |
Foreign government bonds |  | 247,907 |  |  |  |  | 1,671 |  |  | (10,709) |  |  | 238,869 |
Asset-backed securities |  | 36,195 |  |  |  |  | — |  |  | (460) |  |  | 35,735 |
CLOs |  | 44,500 |  |  |  |  | — |  |  | (6) |  |  | 44,494 |
Total AFS debt securities |  | 10,667,293 |  |  |  |  | 37,644 |  |  | (571,060) |  |  | 10,133,877 |
HTM debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 533,683 |  |  |  |  | — |  |  | (28,539) |  |  | 505,144 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,003,947 |  |  |  |  | — |  |  | (155,147) |  |  | 848,800 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 489,133 |  |  |  |  | — |  |  | (69,765) |  |  | 419,368 |
Residential mortgage-backed securities |  | 713,634 |  |  |  |  | — |  |  | (124,829) |  |  | 588,805 |
Municipal securities |  | 188,002 |  |  |  |  | — |  |  | (39,767) |  |  | 148,235 |
Total HTM debt securities |  | 2,928,399 |  |  |  |  | — |  |  | (418,047) |  |  | 2,510,352 |
Total debt securities |  | $ | 13,595,692 |  |  |  |  | $ | 37,644 |  |  | $ | (989,107) |  |  | $ | 12,644,229 |
|  | December 31, 2023
($ in thousands) |  | Amortized Cost (1) |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 1,112,587 |  |  |  |  | $ | 101 |  |  | $ | (52,313) |  |  | $ | 1,060,375 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 412,086 |  |  |  |  | — |  |  | (47,640) |  |  | 364,446 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 531,377 |  |  |  |  | 158 |  |  | (63,276) |  |  | 468,259 |
Residential mortgage-backed securities |  | 1,956,927 |  |  |  |  | 380 |  |  | (229,713) |  |  | 1,727,594 |
Municipal securities |  | 297,283 |  |  |  |  | 75 |  |  | (36,342) |  |  | 261,016 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 409,578 |  |  |  |  | — |  |  | (42,062) |  |  | 367,516 |
Residential mortgage-backed securities |  | 643,335 |  |  |  |  | — |  |  | (89,664) |  |  | 553,671 |
Corporate debt securities |  | 653,501 |  |  |  |  | — |  |  | (151,076) |  |  | 502,425 |
Foreign government bonds |  | 239,333 |  |  |  |  | 69 |  |  | (11,528) |  |  | 227,874 |
Asset-backed securities |  | 43,234 |  |  |  |  | — |  |  | (934) |  |  | 42,300 |
CLOs |  | 617,250 |  |  |  |  | — |  |  | (4,389) |  |  | 612,861 |
Total AFS debt securities |  | 6,916,491 |  |  |  |  | 783 |  |  | (728,937) |  |  | 6,188,337 |
HTM debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 529,548 |  |  |  |  | — |  |  | (40,997) |  |  | 488,551 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,001,836 |  |  |  |  | — |  |  | (186,904) |  |  | 814,932 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 493,348 |  |  |  |  | — |  |  | (88,968) |  |  | 404,380 |
Residential mortgage-backed securities |  | 742,436 |  |  |  |  | — |  |  | (142,119) |  |  | 600,317 |
Municipal securities |  | 188,872 |  |  |  |  | — |  |  | (43,081) |  |  | 145,791 |
Total HTM debt securities |  | 2,956,040 |  |  |  |  | — |  |  | (502,069) |  |  | 2,453,971 |
Total debt securities |  | $ | 9,872,531 |  |  |  |  | $ | 783 |  |  | $ | (1,231,006) |  |  | $ | 8,642,308 |
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of September 30, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 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 2023 Form 10-K. (2)Includes GNMA AFS debt securities totaling $6.4 billion of amortized cost and $6.3 billion of fair value as of September 30, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023. (3)Includes GNMA HTM debt securities totaling $88 million of amortized cost and $72 million of fair value as of September 30, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023. Unrealized Losses of Available-for-Sale Debt Securities The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2024 and December 31, 2023.
|  | September 30, 2024
|  | Less Than 12 Months |  | 12 Months or More |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 641,573 |  |  | $ | (34,721) |  |  | $ | 641,573 |  |  | $ | (34,721) |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | — |  |  | — |  |  | 272,448 |  |  | (36,829) |  |  | 272,448 |  |  | (36,829) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 403,937 |  |  | (38,184) |  |  | 403,937 |  |  | (38,184) |
Residential mortgage-backed securities |  | 605,736 |  |  | (665) |  |  | 1,588,241 |  |  | (194,945) |  |  | 2,193,977 |  |  | (195,610) |
Municipal securities |  | — |  |  | — |  |  | 255,356 |  |  | (31,840) |  |  | 255,356 |  |  | (31,840) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 309,524 |  |  | (32,236) |  |  | 309,524 |  |  | (32,236) |
Residential mortgage-backed securities |  | — |  |  | — |  |  | 479,327 |  |  | (68,783) |  |  | 479,327 |  |  | (68,783) |
Corporate debt securities |  | — |  |  | — |  |  | 531,819 |  |  | (121,682) |  |  | 531,819 |  |  | (121,682) |
Foreign government bonds |  | — |  |  | — |  |  | 89,291 |  |  | (10,709) |  |  | 89,291 |  |  | (10,709) |
Asset-backed securities |  | — |  |  | — |  |  | 35,735 |  |  | (460) |  |  | 35,735 |  |  | (460) |
CLOs |  | — |  |  | — |  |  | 44,494 |  |  | (6) |  |  | 44,494 |  |  | (6) |
Total AFS debt securities |  | $ | 605,736 |  |  | $ | (665) |  |  | $ | 4,651,745 |  |  | $ | (570,395) |  |  | $ | 5,257,481 |  |  | $ | (571,060) |
|  | December 31, 2023
|  | Less Than 12 Months |  | 12 Months or More |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 623,978 |  |  | $ | (52,313) |  |  | $ | 623,978 |  |  | $ | (52,313) |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | — |  |  | — |  |  | 364,446 |  |  | (47,640) |  |  | 364,446 |  |  | (47,640) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 463,572 |  |  | (63,276) |  |  | 463,572 |  |  | (63,276) |
Residential mortgage-backed securities |  | 9,402 |  |  | (558) |  |  | 1,661,112 |  |  | (229,155) |  |  | 1,670,514 |  |  | (229,713) |
Municipal securities |  | 2,825 |  |  | (15) |  |  | 254,773 |  |  | (36,327) |  |  | 257,598 |  |  | (36,342) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 2,742 |  |  | (4) |  |  | 364,774 |  |  | (42,058) |  |  | 367,516 |  |  | (42,062) |
Residential mortgage-backed securities |  | — |  |  | — |  |  | 553,671 |  |  | (89,664) |  |  | 553,671 |  |  | (89,664) |
Corporate debt securities |  | — |  |  | — |  |  | 502,425 |  |  | (151,076) |  |  | 502,425 |  |  | (151,076) |
Foreign government bonds |  | 110,955 |  |  | (144) |  |  | 88,616 |  |  | (11,384) |  |  | 199,571 |  |  | (11,528) |
Asset-backed securities |  | — |  |  | — |  |  | 42,300 |  |  | (934) |  |  | 42,300 |  |  | (934) |
CLOs |  | — |  |  | — |  |  | 612,861 |  |  | (4,389) |  |  | 612,861 |  |  | (4,389) |
Total AFS debt securities |  | $ | 125,924 |  |  | $ | (721) |  |  | $ | 5,532,528 |  |  | $ | (728,216) |  |  | $ | 5,658,452 |  |  | $ | (728,937) |
As of September 30, 2024, the Company had 481 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 240 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 54 corporate debt securities and 88 non-agency mortgage-backed securities. In comparison, as of December 31, 2023, the Company had 547 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 255 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 99 non-agency mortgage-backed securities. Allowance for Credit Losses on Available-for-Sale Debt Securities The Company evaluates each AFS debt security where the fair value declines below amortized cost. 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 2023 Form 10-K. The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the 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 debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of September 30, 2024 were mainly comprised of the following: •Corporate debt securities — The market value decline as of September 30, 2024 was primarily due to interest rate movement and spread widening. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. Despite the reduction of the market value of these securities after the banking sector disruption in 2023, these securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) and issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities. •Non-agency mortgage-backed securities — The market value decline as of September 30, 2024 was primarily due to interest rate movement and spread 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. As of both September 30, 2024 and December 31, 2023, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would 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 provided against these securities as of both September 30, 2024 and December 31, 2023. In addition, there was no provision for credit losses recognized for the three and nine months ended September 30, 2024 and 2023. 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. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of September 30, 2024, 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 both September 30, 2024 and December 31, 2023. 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. Realized Gains and Losses The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Gross realized gains from sales |  | $ | 145 |  |  | $ | — |  |  | $ | 1,979 |  |  | $ | — |  |  |  |  |  |  |  |  |
Impairment write-off (1) |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (10,000) |  |  |  |  |  |  |  |  |
Related tax expense (benefit) |  | $ | 43 |  |  | $ | — |  |  | $ | 585 |  |  | $ | (2,956) |  |  |  |  |  |  |  |  |
(1)During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security as a component of Noninterest income in the Company’s Consolidated Statement of Income. Interest Income The following table presents the composition of interest income on debt securities for the three and nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
($ in thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |  |  |  |  |
Taxable interest |  | $ | 118,985 |  |  | $ | 63,877 |  |  | $ | 296,003 |  |  | $ | 189,065 |  |  |  |  |  |  |  |  |
Nontaxable interest |  | 4,998 |  |  | 5,901 |  |  | 15,104 |  |  | 15,614 |  |  |  |  |  |  |  |  |
Total interest income on debt securities |  | $ | 123,983 |  |  | $ | 69,778 |  |  | $ | 311,107 |  |  | $ | 204,679 |  |  |  |  |  |  |  |  |
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 September 30, 2024. 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 |  | $ | 59,430 |  |  | $ | 616,864 |  |  | $ | — |  |  | $ | — |  |  | $ | 676,294 |
Fair value |  | 58,770 |  |  | 582,803 |  |  | — |  |  | — |  |  | 641,573 |
Weighted-average yield (1) |  | 2.15 | % |  | 1.12 | % |  | — | % |  | — | % |  | 1.21 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 17,972 |  |  | 27,030 |  |  | 176,548 |  |  | 87,727 |  |  | 309,277 |
Fair value |  | 17,459 |  |  | 25,738 |  |  | 154,620 |  |  | 74,631 |  |  | 272,448 |
Weighted-average yield (1) |  | 1.06 | % |  | 1.13 | % |  | 1.92 | % |  | 2.17 | % |  | 1.88 | %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 3,537 |  |  | 46,592 |  |  | 133,018 |  |  | 7,327,572 |  |  | 7,510,719 |
Fair value |  | 3,494 |  |  | 45,121 |  |  | 124,704 |  |  | 7,139,482 |  |  | 7,312,801 |
Weighted-average yield (1) (2) |  | 2.72 | % |  | 2.91 | % |  | 2.80 | % |  | 5.49 | % |  | 5.42 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 3,140 |  |  | 32,928 |  |  | 8,116 |  |  | 247,857 |  |  | 292,041 |
Fair value |  | 3,077 |  |  | 31,538 |  |  | 7,728 |  |  | 217,955 |  |  | 260,298 |
Weighted-average yield (1) (2) |  | 0.88 | % |  | 2.37 | % |  | 3.38 | % |  | 2.23 | % |  | 2.26 | %
Non-agency mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 74,825 |  |  | 16,834 |  |  | 9,347 |  |  | 795,853 |  |  | 896,859 |
Fair value |  | 74,153 |  |  | 16,669 |  |  | 9,304 |  |  | 695,714 |  |  | 795,840 |
Weighted-average yield (1) |  | 4.44 | % |  | 3.60 | % |  | 6.04 | % |  | 2.46 | % |  | 2.68 | %
Corporate debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | 349,501 |  |  | 304,000 |  |  | 653,501 |
Fair value |  | — |  |  | — |  |  | 307,110 |  |  | 224,709 |  |  | 531,819 |
Weighted-average yield (1) |  | — | % |  | — | % |  | 3.50 | % |  | 1.97 | % |  | 2.79 | %
Foreign government bonds |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 26,238 |  |  | 121,669 |  |  | 50,000 |  |  | 50,000 |  |  | 247,907 |
Fair value |  | 26,303 |  |  | 123,275 |  |  | 49,744 |  |  | 39,547 |  |  | 238,869 |
Weighted-average yield (1) |  | 3.23 | % |  | 2.22 | % |  | 5.74 | % |  | 1.50 | % |  | 2.90 | %
Asset-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | — |  |  | 36,195 |  |  | 36,195 |
Fair value |  | — |  |  | — |  |  | — |  |  | 35,735 |  |  | 35,735 |
Weighted-average yield (1) |  | — | % |  | — | % |  | — | % |  | 6.01 | % |  | 6.01 | %
CLOs |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | 44,500 |  |  | — |  |  | 44,500 |
Fair value |  | — |  |  | — |  |  | 44,494 |  |  | — |  |  | 44,494 |
Weighted-average yield (1) |  | — | % |  | — | % |  | 6.74 | % |  | — | % |  | 6.74 | %
Total AFS debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 185,142 |  |  | $ | 861,917 |  |  | $ | 771,030 |  |  | $ | 8,849,204 |  |  | $ | 10,667,293 |
Fair value |  | $ | 183,256 |  |  | $ | 825,144 |  |  | $ | 697,704 |  |  | $ | 8,427,773 |  |  | $ | 10,133,877 |
Weighted-average yield (1) |  | 3.11 | % |  | 1.47 | % |  | 3.38 | % |  | 4.95 | % |  | 4.52 | %
($ 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 |  | $ | — |  | $ | 533,683 |  | $ | — |  | $ | — |  | $ | 533,683
Fair value |  | — |  | 505,144 |  | — |  | — |  | 505,144
Weighted-average yield (1) |  | — | % |  | 1.05 | % |  | — | % |  | — | % |  | 1.05 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | 368,217 |  | 635,730 |  | 1,003,947
Fair value |  | — |  | — |  | 326,454 |  | 522,346 |  | 848,800
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 |  | — |  | 4,703 |  | 94,465 |  | 1,103,599 |  | 1,202,767
Fair value |  | — |  | 4,402 |  | 83,151 |  | 920,620 |  | 1,008,173
Weighted-average yield (1) (2) |  | — | % |  | 1.43 | % |  | 1.61 | % |  | 1.70 | % |  | 1.69 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | — |  | 188,002 |  | 188,002
Fair value |  | — |  | — |  | — |  | 148,235 |  | 148,235
Weighted-average yield (1) (2) |  | — | % |  | — | % |  | — | % |  | 2.00 | % |  | 2.00 | %
Total HTM debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  | $ | 538,386 |  | $ | 462,682 |  | $ | 1,927,331 |  | $ | 2,928,399
Fair value |  | $ | — |  | $ | 509,546 |  | $ | 409,605 |  | $ | 1,591,201 |  | $ | 2,510,352
Weighted-average yield (1) |  | — | % |  | 1.05 | % |  | 1.83 | % |  | 1.79 | % |  | 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. As of September 30, 2024 and December 31, 2023, AFS and HTM debt securities with carrying valu es of $5.8 billion and $7.0 billion, respectively, were pledged to secure borrowings, public deposits and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of September 30, 2024 and December 31, 2023:
($ in thousands) |  | September 30, 2024 |  | December 31, 2023
Federal Reserve Bank (“FRB”) of San Francisco stock |  | $ | 63,608 |  |  | $ | 62,561 |
FHLB stock |  | 101,300 |  |  | 17,250 |
Total restricted equity securities |  | $ | 164,908 |  |  | $ | 79,811 |

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