v3.26.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025:
March 31, 2026
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,256,350 $495 $(19,058)$1,237,787 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,503 — (31,640)255,863 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities277,947 74 (27,359)250,662 
Residential mortgage-backed securities11,004,372 53,571 (213,506)10,844,437 
Municipal securities275,348 5 (37,394)237,959 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities197,286 — (22,416)174,870 
Residential mortgage-backed securities431,846 — (58,349)373,497 
Corporate debt securities535,158 — (87,575)447,583 
Foreign government bonds249,263 461 (9,329)240,395 
Asset-backed securities30,965 — (535)30,430 
Total AFS debt securities14,546,038 54,606 (507,161)14,093,483 
HTM debt securities:
U.S. Treasury securities542,059 — (16,011)526,048 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,937 — (152,476)855,461 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities470,484 — (70,288)400,196 
Residential mortgage-backed securities653,648 — (125,740)527,908 
Municipal securities184,850 — (41,460)143,390 
Total HTM debt securities2,858,978 — (405,975)2,453,003 
Total debt securities$17,405,016 $54,606 $(913,136)$16,546,486 
Refer to table footnotes on the following page.
December 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized Losses
Allowance for Credit Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,010,053 $837 $(16,977)$— $993,913 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 — (30,033)— 257,654 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities292,564 86 (27,312)— 265,338 
Residential mortgage-backed securities10,251,714 68,588 (187,649)— 10,132,653 
Municipal securities277,275 20 (34,193)— 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities214,987 — (22,139)(1,900)190,948 
Residential mortgage-backed securities452,208 — (58,421)— 393,787 
Corporate debt securities554,158 6 (89,183)— 464,981 
Foreign government bonds247,249 437 (9,231)— 238,455 
Asset-backed securities31,886 — (497)— 31,389 
Total AFS debt securities 13,619,781 69,974 (475,635)(1,900)13,212,220 
HTM debt securities:
U.S. Treasury securities540,666 — (15,779)— 524,887 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 — (146,921)— 860,134 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities474,747 — (69,471)— 405,276 
Residential mortgage-backed securities662,127 — (124,176)— 537,951 
Municipal securities185,463 — (33,965)— 151,498 
Total HTM debt securities2,870,058 — (390,312)— 2,479,746 
Total debt securities$16,489,839 $69,974 $(865,947)$(1,900)$15,691,966 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of both March 31, 2026 and December 31, 2025, the accrued interest receivables were $54 million. 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 2025 Form 10-K.
(2)Includes GNMA AFS debt securities with amortized cost and fair value both totaling $10.3 billion and $9.6 billion as of March 31, 2026 and December 31, 2025, respectively.
(3)Includes GNMA HTM debt securities totaling $77 million of amortized cost and $63 million of fair value as of March 31, 2026, and $79 million of amortized cost and $65 million of fair value as of December 31, 2025.
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses, allowance for credit losses, and fair value by major categories of AFS and HTM debt securities as of March 31, 2026 and December 31, 2025:
March 31, 2026
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,256,350 $495 $(19,058)$1,237,787 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,503 — (31,640)255,863 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities277,947 74 (27,359)250,662 
Residential mortgage-backed securities11,004,372 53,571 (213,506)10,844,437 
Municipal securities275,348 5 (37,394)237,959 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities197,286 — (22,416)174,870 
Residential mortgage-backed securities431,846 — (58,349)373,497 
Corporate debt securities535,158 — (87,575)447,583 
Foreign government bonds249,263 461 (9,329)240,395 
Asset-backed securities30,965 — (535)30,430 
Total AFS debt securities14,546,038 54,606 (507,161)14,093,483 
HTM debt securities:
U.S. Treasury securities542,059 — (16,011)526,048 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,937 — (152,476)855,461 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities470,484 — (70,288)400,196 
Residential mortgage-backed securities653,648 — (125,740)527,908 
Municipal securities184,850 — (41,460)143,390 
Total HTM debt securities2,858,978 — (405,975)2,453,003 
Total debt securities$17,405,016 $54,606 $(913,136)$16,546,486 
Refer to table footnotes on the following page.
December 31, 2025
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized Losses
Allowance for Credit Losses
Fair Value
AFS debt securities:
U.S. Treasury securities$1,010,053 $837 $(16,977)$— $993,913 
U.S. government agency and U.S. government-sponsored enterprise debt securities287,687 — (30,033)— 257,654 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities292,564 86 (27,312)— 265,338 
Residential mortgage-backed securities10,251,714 68,588 (187,649)— 10,132,653 
Municipal securities277,275 20 (34,193)— 243,102 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities214,987 — (22,139)(1,900)190,948 
Residential mortgage-backed securities452,208 — (58,421)— 393,787 
Corporate debt securities554,158 6 (89,183)— 464,981 
Foreign government bonds247,249 437 (9,231)— 238,455 
Asset-backed securities31,886 — (497)— 31,389 
Total AFS debt securities 13,619,781 69,974 (475,635)(1,900)13,212,220 
HTM debt securities:
U.S. Treasury securities540,666 — (15,779)— 524,887 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,007,055 — (146,921)— 860,134 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities474,747 — (69,471)— 405,276 
Residential mortgage-backed securities662,127 — (124,176)— 537,951 
Municipal securities185,463 — (33,965)— 151,498 
Total HTM debt securities2,870,058 — (390,312)— 2,479,746 
Total debt securities$16,489,839 $69,974 $(865,947)$(1,900)$15,691,966 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of both March 31, 2026 and December 31, 2025, the accrued interest receivables were $54 million. 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 2025 Form 10-K.
(2)Includes GNMA AFS debt securities with amortized cost and fair value both totaling $10.3 billion and $9.6 billion as of March 31, 2026 and December 31, 2025, respectively.
(3)Includes GNMA HTM debt securities totaling $77 million of amortized cost and $63 million of fair value as of March 31, 2026, and $79 million of amortized cost and $65 million of fair value as of December 31, 2025.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities in a continuous unrealized loss position, aggregated by investment category and loss duration as of March 31, 2026 and December 31, 2025.
March 31, 2026
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$510,306 $(5,956)$577,595 $(13,102)$1,087,901 

$(19,058)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 255,863 (31,640)255,863 (31,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities3,512 (57)242,595 (27,302)246,107 (27,359)
Residential mortgage-backed securities2,834,504 (31,455)1,462,115 (182,051)4,296,619 (213,506)
Municipal securities1,950 (42)233,125 (37,352)235,075 (37,394)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 174,870 (22,416)174,870 (22,416)
Residential mortgage-backed securities— — 373,497 (58,349)373,497 (58,349)
Corporate debt securities— — 447,583 (87,575)447,583 (87,575)
Foreign government bonds— — 40,671 (9,329)40,671 (9,329)
Asset-backed securities— — 30,430 (535)30,430 (535)
Total AFS debt securities$3,350,272 $(37,510)$3,838,344 $(469,651)$7,188,616 $(507,161)
December 31, 2025
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$323,019 $(1,627)$575,638 $(15,350)$898,657 $(16,977)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 257,654 (30,033)257,654 (30,033)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 256,503 (27,312)256,503 (27,312)
Residential mortgage-backed securities1,052,833 (5,480)1,582,952 (182,169)2,635,785 (187,649)
Municipal securities— — 237,214 (34,193)237,214 (34,193)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 190,948 (22,139)190,948 (22,139)
Residential mortgage-backed securities— — 393,787 (58,421)393,787 (58,421)
Corporate debt securities— — 454,975 (89,183)454,975 (89,183)
Foreign government bonds— — 90,769 (9,231)90,769 (9,231)
Asset-backed securities— — 31,389 (497)31,389 (497)
Total AFS debt securities$1,375,852 $(7,107)$4,071,829 $(468,528)$5,447,681 $(475,635)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales of AFS debt securities (pre-tax), the reversal of credit losses, and the related tax expense included in earnings for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
($ in thousands)20262025
Gross realized gains from sales$616 $131 
Reversal of credit losses
$192 $— 
Related tax expense
$239 $39 
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
($ in thousands)20262025
Taxable interest$156,567 $142,890 
Nontaxable interest3,611 4,894 
Total interest income on debt securities$160,178 $147,784 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of March 31, 2026. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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$490,798 $597,938 $167,614 $— $1,256,350 
Fair value482,999 589,040 165,748 — 1,237,787 
Weighted-average yield (1)
1.13%3.22%3.79%—%2.48%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost1,677 50,000 178,331 57,495 287,503 
Fair value1,656 47,873 157,707 48,627 255,863 
Weighted-average yield (1)
2.85%2.00%2.08%2.16%2.09%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 48,534 90,730 11,143,055 11,282,319 
Fair value— 46,851 83,689 10,964,559 11,095,099 
Weighted-average yield (1) (2)
—%2.86%2.90%4.74%4.71%
Municipal securities
Amortized cost7,800 17,636 22,598 227,314 275,348 
Fair value7,720 17,155 19,344 193,740 237,959 
Weighted-average yield (1) (2)
1.21%2.58%2.40%2.26%2.26%
Non-agency mortgage-backed securities
Amortized cost— — — 629,132 629,132 
Fair value— — — 548,367 548,367 
Weighted-average yield (1)
—%—%—%2.24%2.24%
Corporate debt securities
Amortized cost15,158 46,000 449,000 25,000 535,158 
Fair value15,058 42,999 366,134 23,392 447,583 
Weighted-average yield (1)
4.70%4.31%2.36%1.80%2.57%
Foreign government bonds
Amortized cost69,648 129,615 50,000 — 249,263 
Fair value69,779 129,945 40,671 — 240,395 
Weighted-average yield (1)
2.29%2.46%1.75%—%2.27%
Asset-backed securities
Amortized cost— — — 30,965 30,965 
Fair value— — — 30,430 30,430 
Weighted-average yield (1)
—%—%—%4.36%4.36%
Total AFS debt securities
Amortized cost$585,081 $889,723 $958,273 $12,112,961 $14,546,038 
Fair value$577,212 $873,863 $833,293 $11,809,115 $14,093,483 
Weighted-average yield (1)
1.37%3.06%2.58%4.54%4.19%
($ 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$74,402$467,657$—$—$542,059
Fair value72,898453,150——526,048
Weighted-average yield (1)
0.83%1.08%—%—%1.05%
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost—129,956812,19165,7901,007,937
Fair value—118,920683,74252,799855,461
Weighted-average yield (1)
—%1.37%1.96%2.12%1.90%
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—55,823184,457883,8521,124,132
Fair value—51,287159,382717,435928,104
Weighted-average yield (1) (2)
—%1.51%1.81%1.67%1.69%
Municipal securities
Amortized cost——13,884170,966184,850
Fair value——11,791131,599143,390
Weighted-average yield (1) (2)
—%—%2.35%1.99%2.02%
Total HTM debt securities
Amortized cost$74,402$653,436$1,010,532$1,120,608$2,858,978
Fair value$72,898$623,357$854,915$901,833$2,453,003
Weighted-average yield (1)
0.83%1.17%1.94%1.75%1.66%
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2026 and December 31, 2025:
($ in thousands)March 31, 2026December 31, 2025
FRB of San Francisco stock
$66,586 $66,179 
FHLB stock87,111 87,305 
Total restricted equity securities$153,697 $153,484