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Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
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 GainsGross 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 securities288,368 — (31,982)— 256,386 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities359,373 97 (31,039)— 328,431 
Residential mortgage-backed securities9,816,928 56,707 (190,200)— 9,683,435 
Municipal securities282,015 21 (36,854)— 245,182 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities224,699 — (23,706)(3,000)197,993 
Residential mortgage-backed securities466,826 — (63,148)— 403,678 
Corporate debt securities596,900 — (96,030)— 500,870 
Foreign government bonds245,978 617 (9,576)— 237,019 
Asset-backed securities32,649 — (706)— 31,943 
Total AFS debt securities13,189,313 58,082 (503,243)(3,000)12,741,152 
HTM debt securities:
U.S. Treasury securities539,255 — (19,455)— 519,800 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,006,602 — (152,505)— 854,097 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities476,530 — (71,706)— 404,824 
Residential mortgage-backed securities672,283 — (129,010)— 543,273 
Municipal securities186,012 — (40,644)— 145,368 
Total HTM debt securities2,880,682 — (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 GainsGross Unrealized LossesFair 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 securities308,220 — (45,633)262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities472,535 886 (47,207)426,214 
Residential mortgage-backed securities7,974,768 12,278 (248,786)7,738,260 
Municipal securities287,301 38 (37,186)250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities294,235 2 (35,767)258,470 
Residential mortgage-backed securities514,527 — (80,919)433,608 
Corporate debt securities653,500 — (127,334)526,166 
Foreign government bonds244,803 2,069 (12,992)233,880 
Asset-backed securities35,086 — (371)34,715 
CLOs44,500 — (7)44,493 
Total AFS debt securities 11,505,775 15,273 (674,237)10,846,811 
HTM debt securities:
U.S. Treasury securities535,080 — (35,222)499,858 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,004,479 — (200,259)804,220 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities486,388 — (91,461)394,927 
Residential mortgage-backed securities703,833 — (155,626)548,207 
Municipal securities187,633 — (47,091)140,542 
Total HTM debt securities2,917,413 — (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 $68 million of fair value as of December 31, 2024.
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value by major categories of AFS and HTM debt securities as of September 30, 2025 and December 31, 2024:
September 30, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross 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 securities288,368 — (31,982)— 256,386 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities359,373 97 (31,039)— 328,431 
Residential mortgage-backed securities9,816,928 56,707 (190,200)— 9,683,435 
Municipal securities282,015 21 (36,854)— 245,182 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities224,699 — (23,706)(3,000)197,993 
Residential mortgage-backed securities466,826 — (63,148)— 403,678 
Corporate debt securities596,900 — (96,030)— 500,870 
Foreign government bonds245,978 617 (9,576)— 237,019 
Asset-backed securities32,649 — (706)— 31,943 
Total AFS debt securities13,189,313 58,082 (503,243)(3,000)12,741,152 
HTM debt securities:
U.S. Treasury securities539,255 — (19,455)— 519,800 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,006,602 — (152,505)— 854,097 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities476,530 — (71,706)— 404,824 
Residential mortgage-backed securities672,283 — (129,010)— 543,273 
Municipal securities186,012 — (40,644)— 145,368 
Total HTM debt securities2,880,682 — (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 GainsGross Unrealized LossesFair 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 securities308,220 — (45,633)262,587 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities472,535 886 (47,207)426,214 
Residential mortgage-backed securities7,974,768 12,278 (248,786)7,738,260 
Municipal securities287,301 38 (37,186)250,153 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities294,235 2 (35,767)258,470 
Residential mortgage-backed securities514,527 — (80,919)433,608 
Corporate debt securities653,500 — (127,334)526,166 
Foreign government bonds244,803 2,069 (12,992)233,880 
Asset-backed securities35,086 — (371)34,715 
CLOs44,500 — (7)44,493 
Total AFS debt securities 11,505,775 15,273 (674,237)10,846,811 
HTM debt securities:
U.S. Treasury securities535,080 — (35,222)499,858 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,004,479 — (200,259)804,220 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities486,388 — (91,461)394,927 
Residential mortgage-backed securities703,833 — (155,626)548,207 
Municipal securities187,633 — (47,091)140,542 
Total HTM debt securities2,917,413 — (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 $68 million of fair value as of December 31, 2024.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities in a continuous unrealized loss position, aggregated by investment category and loss duration as of September 30, 2025 and December 31, 2024.
September 30, 2025
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 securities122,698 (503)1,631,531 (189,697)1,754,229 (190,200)
Municipal securities1,949 (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 securities2,389 (11)479,481 (96,019)481,870 (96,030)
Foreign government bonds7,027 (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 $(503,243)
December 31, 2024
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 securities2,741 (30)377,756 (47,177)380,497 (47,207)
Residential mortgage-backed securities2,719,228 (16,404)1,528,252 (232,382)4,247,480 (248,786)
Municipal securities2,763 (95)245,360 (37,091)248,123 (37,186)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities10,767 (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 $(674,237)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales of AFS debt securities (pre-tax), credit losses and the related tax (benefit) expense included in earnings for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Gross realized gains from sales$57 $145 $934 $1,979 
Credit losses
$(3,000)$— $(3,000)$— 
Related tax (benefit) expense
$(858)$43 $(611)$585 
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
($ in thousands)2025202420252024
Taxable interest$154,893 $118,985 $449,155 $296,003 
Nontaxable interest3,669 4,998 10,979 15,104 
Total interest income on debt securities$158,562 $123,983 $460,134 $311,107 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of September 30, 2025. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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 value336,058 470,466 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 cost4,755 83,696 111,891 9,975,959 10,176,301 
Fair value4,741 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 cost9,098 21,298 22,629 228,990 282,015 
Fair value8,987 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 cost3,970 2,899 1,955 682,701 691,525 
Fair value3,924 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 cost35,900 4,000 382,000 175,000 596,900 
Fair value35,785 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 cost117,677 28,301 50,000 50,000 245,978 
Fair value118,134 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 YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$539,255$—$—$539,255
Fair value—519,800——519,800
Weighted-average yield (1)
—%1.05%—%—%1.05%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost—105,322467,017434,2631,006,602
Fair value—96,630403,405354,062854,097
Weighted-average yield (1)
—%1.37%1.93%1.98%1.90%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—41,604168,827938,3821,148,813
Fair value—38,162145,755764,180948,097
Weighted-average yield (1) (2)
—%1.54%1.77%1.68%1.68%
Municipal securities
Amortized cost———186,012186,012
Fair value———145,368145,368
Weighted-average yield (1) (2)
—%—%—%2.02%2.02%
Total HTM debt securities
Amortized cost$—$686,181$635,844$1,558,657$2,880,682
Fair value$—$654,592$549,160$1,263,610$2,467,362
Weighted-average yield (1)
—%1.13%1.89%1.80%1.66%
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of September 30, 2025 and December 31, 2024:
($ in thousands)September 30, 2025December 31, 2024
FRB of San Francisco stock
$65,095 $63,930 
FHLB stock87,441 101,329 
Total restricted equity securities$152,536 $165,259