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Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Securities | Securities 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 September 30, 2025 and December 31, 2024:
|  | September 30, 2025
($ in thousands) |  | Amortized Cost (1) |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Allowance for Credit Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 875,577 |  |  |  |  | $ | 640 |  |  | $ | (20,002) |  |  | $ | — |  |  | $ | 856,215 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 288,368 |  |  |  |  | — |  |  | (31,982) |  |  | — |  |  | 256,386 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2): |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 359,373 |  |  |  |  | 97 |  |  | (31,039) |  |  | — |  |  | 328,431 |
Residential mortgage-backed securities |  | 9,816,928 |  |  |  |  | 56,707 |  |  | (190,200) |  |  | — |  |  | 9,683,435 |
Municipal securities |  | 282,015 |  |  |  |  | 21 |  |  | (36,854) |  |  | — |  |  | 245,182 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 224,699 |  |  |  |  | — |  |  | (23,706) |  |  | (3,000) |  |  | 197,993 |
Residential mortgage-backed securities |  | 466,826 |  |  |  |  | — |  |  | (63,148) |  |  | — |  |  | 403,678 |
Corporate debt securities |  | 596,900 |  |  |  |  | — |  |  | (96,030) |  |  | — |  |  | 500,870 |
Foreign government bonds |  | 245,978 |  |  |  |  | 617 |  |  | (9,576) |  |  | — |  |  | 237,019 |
Asset-backed securities |  | 32,649 |  |  |  |  | — |  |  | (706) |  |  | — |  |  | 31,943 |
Total AFS debt securities |  | 13,189,313 |  |  |  |  | 58,082 |  |  | (503,243) |  |  | (3,000) |  |  | 12,741,152 |
HTM debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 539,255 |  |  |  |  | — |  |  | (19,455) |  |  | — |  |  | 519,800 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,006,602 |  |  |  |  | — |  |  | (152,505) |  |  | — |  |  | 854,097 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 476,530 |  |  |  |  | — |  |  | (71,706) |  |  | — |  |  | 404,824 |
Residential mortgage-backed securities |  | 672,283 |  |  |  |  | — |  |  | (129,010) |  |  | — |  |  | 543,273 |
Municipal securities |  | 186,012 |  |  |  |  | — |  |  | (40,644) |  |  | — |  |  | 145,368 |
Total HTM debt securities |  | 2,880,682 |  |  |  |  | — |  |  | (413,320) |  |  | — |  |  | 2,467,362 |
Total debt securities |  | $ | 16,069,995 |  |  |  |  | $ | 58,082 |  |  | $ | (916,563) |  |  | $ | (3,000) |  |  | $ | 15,208,514 |
Refer to table footnotes on the following page.
|  | December 31, 2024
($ in thousands) |  | Amortized Cost (1) |  |  |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
AFS debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 676,300 |  |  |  |  | $ | — |  |  | $ | (38,035) |  |  | $ | 638,265 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 308,220 |  |  |  |  | — |  |  | (45,633) |  |  | 262,587 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 472,535 |  |  |  |  | 886 |  |  | (47,207) |  |  | 426,214 |
Residential mortgage-backed securities |  | 7,974,768 |  |  |  |  | 12,278 |  |  | (248,786) |  |  | 7,738,260 |
Municipal securities |  | 287,301 |  |  |  |  | 38 |  |  | (37,186) |  |  | 250,153 |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 294,235 |  |  |  |  | 2 |  |  | (35,767) |  |  | 258,470 |
Residential mortgage-backed securities |  | 514,527 |  |  |  |  | — |  |  | (80,919) |  |  | 433,608 |
Corporate debt securities |  | 653,500 |  |  |  |  | — |  |  | (127,334) |  |  | 526,166 |
Foreign government bonds |  | 244,803 |  |  |  |  | 2,069 |  |  | (12,992) |  |  | 233,880 |
Asset-backed securities |  | 35,086 |  |  |  |  | — |  |  | (371) |  |  | 34,715 |
CLOs |  | 44,500 |  |  |  |  | — |  |  | (7) |  |  | 44,493 |
Total AFS debt securities |  | 11,505,775 |  |  |  |  | 15,273 |  |  | (674,237) |  |  | 10,846,811 |
HTM debt securities: |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | 535,080 |  |  |  |  | — |  |  | (35,222) |  |  | 499,858 |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | 1,004,479 |  |  |  |  | — |  |  | (200,259) |  |  | 804,220 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3): |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 486,388 |  |  |  |  | — |  |  | (91,461) |  |  | 394,927 |
Residential mortgage-backed securities |  | 703,833 |  |  |  |  | — |  |  | (155,626) |  |  | 548,207 |
Municipal securities |  | 187,633 |  |  |  |  | — |  |  | (47,091) |  |  | 140,542 |
Total HTM debt securities |  | 2,917,413 |  |  |  |  | — |  |  | (529,659) |  |  | 2,387,754 |
Total debt securities |  | $ | 14,423,188 |  |  |  |  | $ | 15,273 |  |  | $ | (1,203,896) |  |  | $ | 13,234,565 |
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of September 30, 2025 and December 31, 2024, the accrued interest receivables were $47 million and $45 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 2024 Form 10-K. (2)Includes GNMA AFS debt securities totaling $9.1 billion of both amortized cost and fair value as of September 30, 2025, and $7.3 billion of amortized cost and $7.2 billion of fair value as of December 31, 2024. (3)Includes GNMA HTM debt securities totaling $81 million of amortized cost and $66 million of fair value as of September 30, 2025, and $86 million of amortized cost and $68 million of fair value as of December 31, 2024. Unrealized Losses of Available-for-Sale Debt Securities The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities in a continuous unrealized loss position, aggregated by investment category and loss duration as of September 30, 2025 and December 31, 2024.
|  | September 30, 2025
|  | Less Than 12 Months |  | 12 Months or More |  | Total
($ in thousands) |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
AFS debt securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | — |  |  | $ | — |  |  | $ | 596,197 |  |  | $ | (20,002) |  |  | $ | 596,197 |  |  | $ | (20,002) |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | — |  |  | — |  |  | 256,386 |  |  | (31,982) |  |  | 256,386 |  |  | (31,982) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 319,280 |  |  | (31,039) |  |  | 319,280 |  |  | (31,039) |
Residential mortgage-backed securities |  | 122,698 |  |  | (503) |  |  | 1,631,531 |  |  | (189,697) |  |  | 1,754,229 |  |  | (190,200) |
Municipal securities |  | 1,949 |  |  | (43) |  |  | 240,342 |  |  | (36,811) |  |  | 242,291 |  |  | (36,854) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | — |  |  | — |  |  | 196,038 |  |  | (23,706) |  |  | 196,038 |  |  | (23,706) |
Residential mortgage-backed securities |  | — |  |  | — |  |  | 403,678 |  |  | (63,148) |  |  | 403,678 |  |  | (63,148) |
Corporate debt securities |  | 2,389 |  |  | (11) |  |  | 479,481 |  |  | (96,019) |  |  | 481,870 |  |  | (96,030) |
Foreign government bonds |  | 7,027 |  |  | (16) |  |  | 90,440 |  |  | (9,560) |  |  | 97,467 |  |  | (9,576) |
Asset-backed securities |  | — |  |  | — |  |  | 31,943 |  |  | (706) |  |  | 31,943 |  |  | (706) |
Total AFS debt securities |  | $ | 134,063 |  |  | $ | (573) |  |  | $ | 4,245,316 |  |  | $ | (502,670) |  |  | $ | 4,379,379 |  |  | $ | (503,243) |
|  | December 31, 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 |  | $ | — |  |  | $ | — |  |  | $ | 638,265 |  |  | $ | (38,035) |  |  | $ | 638,265 |  |  | $ | (38,035) |
U.S. government agency and U.S. government-sponsored enterprise debt securities |  | — |  |  | — |  |  | 262,587 |  |  | (45,633) |  |  | 262,587 |  |  | (45,633) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 2,741 |  |  | (30) |  |  | 377,756 |  |  | (47,177) |  |  | 380,497 |  |  | (47,207) |
Residential mortgage-backed securities |  | 2,719,228 |  |  | (16,404) |  |  | 1,528,252 |  |  | (232,382) |  |  | 4,247,480 |  |  | (248,786) |
Municipal securities |  | 2,763 |  |  | (95) |  |  | 245,360 |  |  | (37,091) |  |  | 248,123 |  |  | (37,186) |
Non-agency mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 10,767 |  |  | (332) |  |  | 235,668 |  |  | (35,435) |  |  | 246,435 |  |  | (35,767) |
Residential mortgage-backed securities |  | — |  |  | — |  |  | 433,608 |  |  | (80,919) |  |  | 433,608 |  |  | (80,919) |
Corporate debt securities |  | — |  |  | — |  |  | 526,166 |  |  | (127,334) |  |  | 526,166 |  |  | (127,334) |
Foreign government bonds |  | — |  |  | — |  |  | 87,008 |  |  | (12,992) |  |  | 87,008 |  |  | (12,992) |
Asset-backed securities |  | — |  |  | — |  |  | 34,715 |  |  | (371) |  |  | 34,715 |  |  | (371) |
CLOs |  | — |  |  | — |  |  | 44,493 |  |  | (7) |  |  | 44,493 |  |  | (7) |
Total AFS debt securities |  | $ | 2,735,499 |  |  | $ | (16,861) |  |  | $ | 4,413,878 |  |  | $ | (657,376) |  |  | $ | 7,149,377 |  |  | $ | (674,237) |
As of September 30, 2025, the Company had 446 AFS debt securities in a gross unrealized loss position, primarily consisting of 228 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 53 corporate debt securities and 71 non-agency mortgage-backed securities. In comparison, as of December 31, 2024, the Company had 541 AFS debt securities in a gross unrealized loss position, primarily consisting of 290 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities and 83 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 2024 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, 2025 were mainly comprised of the following: •Corporate debt securities — The market value movement as of September 30, 2025 was primarily due to interest rate movement and spread change. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. 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 movement for the majority of these securities as of September 30, 2025 was primarily due to interest rate movement and spread change. In contrast, one non-agency commercial mortgage-backed security experienced a deterioration in both its credit rating and expected cash flows, resulting in its fair value falling below its amortized cost. Consequently, a credit-related impairment of $3 million was recognized through allowance for credit losses as of September 30, 2025. For the remaining non-agency mortgage-backed securities, a substantial majority 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. Accordingly, the Company believes the risk of credit losses on the remaining securities is low. As of both September 30, 2025 and December 31, 2024, 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 majority of 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 majority of the amortized cost basis of these securities. The Company recorded $3 million in allowance for credit losses related to a non-agency commercial mortgage-backed security as of September 30, 2025, which was recognized as a provision for credit losses for each of the three and nine months ended September 30, 2025, compared with no allowance for credit losses as of December 31, 2024, and no provision for credit losses recognized for each of the three and nine months ended September 30, 2024. Allowance for Credit Losses on Held-to-Maturity Debt Securities The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2024 Form 10-K. The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of September 30, 2025, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of both September 30, 2025 and December 31, 2024. Overall, the Company believes that the credit support levels of the debt securities are strong, and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received. Realized Gains and Credit Losses The following table presents the gross realized gains from the sales of AFS debt securities (pre-tax), credit losses and the related tax (benefit) expense included in earnings for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Gross realized gains from sales |  | $ | 57 |  |  | $ | 145 |  |  | $ | 934 |  |  | $ | 1,979 |  |  |  |  |  |  |  |  |
Credit losses |  | $ | (3,000) |  |  | $ | — |  |  | $ | (3,000) |  |  | $ | — |  |  |  |  |  |  |  |  |
Related tax (benefit) expense |  | $ | (858) |  |  | $ | 43 |  |  | $ | (611) |  |  | $ | 585 |  |  |  |  |  |  |  |  |
Interest Income The following table presents the composition of interest income on debt securities for the three and nine months ended September 30, 2025 and 2024:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  |  |  |
($ in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |  |  |  |  |
Taxable interest |  | $ | 154,893 |  |  | $ | 118,985 |  |  | $ | 449,155 |  |  | $ | 296,003 |  |  |  |  |  |  |  |  |
Nontaxable interest |  | 3,669 |  |  | 4,998 |  |  | 10,979 |  |  | 15,104 |  |  |  |  |  |  |  |  |
Total interest income on debt securities |  | $ | 158,562 |  |  | $ | 123,983 |  |  | $ | 460,134 |  |  | $ | 311,107 |  |  |  |  |  |  |  |  |
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, 2025. 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 |  | $ | 339,871 |  |  | $ | 486,357 |  |  | $ | 49,349 |  |  | $ | — |  |  | $ | 875,577 |
Fair value |  | 336,058 |  |  | 470,466 |  |  | 49,691 |  |  | — |  |  | 856,215 |
Weighted-average yield (1) |  | 2.61 | % |  | 1.32 | % |  | 3.95 | % |  | — | % |  | 1.97 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | 26,677 |  |  | 200,833 |  |  | 60,858 |  |  | 288,368 |
Fair value |  | — |  |  | 26,066 |  |  | 178,519 |  |  | 51,801 |  |  | 256,386 |
Weighted-average yield (1) |  | — | % |  | 1.58 | % |  | 2.06 | % |  | 2.19 | % |  | 2.05 | %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 4,755 |  |  | 83,696 |  |  | 111,891 |  |  | 9,975,959 |  |  | 10,176,301 |
Fair value |  | 4,741 |  |  | 81,229 |  |  | 103,361 |  |  | 9,822,535 |  |  | 10,011,866 |
Weighted-average yield (1) (2) |  | 3.57 | % |  | 2.91 | % |  | 2.94 | % |  | 5.10 | % |  | 5.05 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 9,098 |  |  | 21,298 |  |  | 22,629 |  |  | 228,990 |  |  | 282,015 |
Fair value |  | 8,987 |  |  | 20,689 |  |  | 19,446 |  |  | 196,060 |  |  | 245,182 |
Weighted-average yield (1) (2) |  | 1.85 | % |  | 2.41 | % |  | 2.40 | % |  | 2.26 | % |  | 2.27 | %
Non-agency mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 3,970 |  |  | 2,899 |  |  | 1,955 |  |  | 682,701 |  |  | 691,525 |
Fair value |  | 3,924 |  |  | 2,875 |  |  | 1,955 |  |  | 592,917 |  |  | 601,671 |
Weighted-average yield (1) |  | 5.21 | % |  | 3.21 | % |  | 5.34 | % |  | 2.28 | % |  | 2.30 | %
Corporate debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 35,900 |  |  | 4,000 |  |  | 382,000 |  |  | 175,000 |  |  | 596,900 |
Fair value |  | 35,785 |  |  | 3,975 |  |  | 326,549 |  |  | 134,561 |  |  | 500,870 |
Weighted-average yield (1) |  | 4.45 | % |  | 4.00 | % |  | 2.69 | % |  | 2.02 | % |  | 2.61 | %
Foreign government bonds |  |  |  |  |  |  |  |  |  |
Amortized cost |  | 117,677 |  |  | 28,301 |  |  | 50,000 |  |  | 50,000 |  |  | 245,978 |
Fair value |  | 118,134 |  |  | 28,445 |  |  | 49,846 |  |  | 40,594 |  |  | 237,019 |
Weighted-average yield (1) |  | 2.49 | % |  | 1.81 | % |  | 4.74 | % |  | 1.50 | % |  | 2.67 | %
Asset-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  |  | — |  |  | — |  |  | 32,649 |  |  | 32,649 |
Fair value |  | — |  |  | — |  |  | — |  |  | 31,943 |  |  | 31,943 |
Weighted-average yield (1) |  | — | % |  | — | % |  | — | % |  | 5.04 | % |  | 5.04 | %
Total AFS debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 511,271 |  |  | $ | 653,228 |  |  | $ | 818,657 |  |  | $ | 11,206,157 |  |  | $ | 13,189,313 |
Fair value |  | $ | 507,629 |  |  | $ | 633,745 |  |  | $ | 729,367 |  |  | $ | 10,870,411 |  |  | $ | 12,741,152 |
Weighted-average yield (1) |  | 2.73 | % |  | 1.61 | % |  | 2.77 | % |  | 4.79 | % |  | 4.42 | %
($ 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 |  | $ | — |  | $ | 539,255 |  | $ | — |  | $ | — |  | $ | 539,255
Fair value |  | — |  | 519,800 |  | — |  | — |  | 519,800
Weighted-average yield (1) |  | — | % |  | 1.05 | % |  | — | % |  | — | % |  | 1.05 | %
U.S. government agency and U.S. government-sponsored enterprise debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | 105,322 |  | 467,017 |  | 434,263 |  | 1,006,602
Fair value |  | — |  | 96,630 |  | 403,405 |  | 354,062 |  | 854,097
Weighted-average yield (1) |  | — | % |  | 1.37 | % |  | 1.93 | % |  | 1.98 | % |  | 1.90 | %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | 41,604 |  | 168,827 |  | 938,382 |  | 1,148,813
Fair value |  | — |  | 38,162 |  | 145,755 |  | 764,180 |  | 948,097
Weighted-average yield (1) (2) |  | — | % |  | 1.54 | % |  | 1.77 | % |  | 1.68 | % |  | 1.68 | %
Municipal securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | — |  | — |  | — |  | 186,012 |  | 186,012
Fair value |  | — |  | — |  | — |  | 145,368 |  | 145,368
Weighted-average yield (1) (2) |  | — | % |  | — | % |  | — | % |  | 2.02 | % |  | 2.02 | %
Total HTM debt securities |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | — |  | $ | 686,181 |  | $ | 635,844 |  | $ | 1,558,657 |  | $ | 2,880,682
Fair value |  | $ | — |  | $ | 654,592 |  | $ | 549,160 |  | $ | 1,263,610 |  | $ | 2,467,362
Weighted-average yield (1) |  | — | % |  | 1.13 | % |  | 1.89 | % |  | 1.80 | % |  | 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, 2025 and December 31, 2024, AFS and HTM debt securities with carrying valu es of $4.4 billion and $5.4 billion, respectively, were pledged to secure borrowings and for other purposes required or permitted by law. As of September 30, 2025, $2.5 billion of AFS and HTM debt securities were prepositioned for the Federal Reserve Bank (“FRB”) Standing Repurchase Agreement Facility. Restricted Equity Securities The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024:
($ in thousands) |  | September 30, 2025 |  | December 31, 2024
FRB of San Francisco stock |  | $ | 65,095 |  |  | $ | 63,930 |
FHLB stock |  | 87,441 |  |  | 101,329 |
Total restricted equity securities |  | $ | 152,536 |  |  | $ | 165,259 |

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