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Securities (Tables)
 6 Months Ended
Jun. 30, 2019
Investments Debt And Equity Securities [Abstract]  
Schedule of Amortized Cost and Fair Value of Investment Securities

The amortized cost and fair value of investment securities were as follows:

 

 

 

June 30, 2019

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

469

 

 

$

1

 

 

$

—

 

 

$

470

 

Collateralized mortgage obligations

 

 

244,256

 

 

 

796

 

 

 

(130

)

 

 

244,922

 

Mortgage-backed securities

 

 

60,441

 

 

 

946

 

 

 

(2

)

 

 

61,385

 

Total

 

$

305,166

 

 

$

1,743

 

 

$

(132

)

 

$

306,777

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

22,867

 

 

$

43

 

 

$

(3

)

 

$

22,907

 

States and political subdivisions

 

 

215,871

 

 

 

6,088

 

 

 

(144

)

 

 

221,815

 

Collateralized mortgage obligations

 

 

462

 

 

 

5

 

 

 

(1

)

 

 

466

 

Mortgage-backed securities

 

 

8,405,963

 

 

 

50,480

 

 

 

(45,222

)

 

 

8,411,221

 

Total

 

$

8,645,163

 

 

$

56,616

 

 

$

(45,370

)

 

$

8,656,409

 

 

 

 

December 31, 2018

 

 

 

Amortized Cost

 

 

Gross Unrealized Gains

 

 

Gross Unrealized Losses

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

States and political subdivisions

 

$

1,159

 

 

$

7

 

 

$

—

 

 

$

1,166

 

Collateralized mortgage obligations

 

 

12,724

 

 

 

69

 

 

 

(37

)

 

 

12,756

 

Mortgage-backed securities

 

 

69,880

 

 

 

553

 

 

 

(200

)

 

 

70,233

 

Total

 

$

83,763

 

 

$

629

 

 

$

(237

)

 

$

84,155

 

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

25,778

 

 

$

—

 

 

$

(100

)

 

$

25,678

 

States and political subdivisions

 

 

253,198

 

 

 

3,440

 

 

 

(777

)

 

 

255,861

 

Collateralized mortgage obligations

 

 

509

 

 

 

1

 

 

 

(2

)

 

 

508

 

Mortgage-backed securities

 

 

9,045,326

 

 

 

5,798

 

 

 

(251,935

)

 

 

8,799,189

 

Total

 

$

9,324,811

 

 

$

9,239

 

 

$

(252,814

)

 

$

9,081,236

 
Securities in Continuous Loss Position

Securities with unrealized losses, segregated by length of time, that have been in a continuous loss position were as follows:

 

 

 

June 30, 2019

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations

 

$

37,871

 

 

$

(106

)

 

$

1,899

 

 

$

(24

)

 

$

39,770

 

 

$

(130

)

Mortgage-backed securities

 

 

67

 

 

 

(1

)

 

 

48

 

 

 

(1

)

 

 

115

 

 

 

(2

)

Total

 

$

37,938

 

 

$

(107

)

 

$

1,947

 

 

$

(25

)

 

$

39,885

 

 

$

(132

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

—

 

 

$

—

 

 

$

8,990

 

 

$

(3

)

 

$

8,990

 

 

$

(3

)

States and political subdivisions

 

 

43,370

 

 

 

(87

)

 

 

26,552

 

 

 

(57

)

 

 

69,922

 

 

 

(144

)

Collateralized mortgage obligations

 

 

79

 

 

 

(1

)

 

 

—

 

 

 

—

 

 

 

79

 

 

 

(1

)

Mortgage-backed securities

 

 

131,659

 

 

 

(356

)

 

 

4,271,546

 

 

 

(44,866

)

 

 

4,403,205

 

 

 

(45,222

)

Total

 

$

175,108

 

 

$

(444

)

 

$

4,307,088

 

 

$

(44,926

)

 

$

4,482,196

 

 

$

(45,370

)

 

 

 

December 31, 2018

 

 

 

Less than 12 Months

 

 

12 Months or More

 

 

Total

 

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

Estimated Fair Value

 

 

Unrealized Losses

 

 

 

(Dollars in thousands)

 

Available for Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations

 

$

12

 

 

$

—

 

 

$

2,096

 

 

$

(37

)

 

$

2,108

 

 

$

(37

)

Mortgage-backed securities

 

 

50,950

 

 

 

(197

)

 

 

2,091

 

 

 

(3

)

 

 

53,041

 

 

 

(200

)

Total

 

$

50,962

 

 

$

(197

)

 

$

4,187

 

 

$

(40

)

 

$

55,149

 

 

$

(237

)

Held to Maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury securities and obligations of U.S. Government agencies

 

$

20,720

 

 

$

(76

)

 

$

4,957

 

 

$

(24

)

 

$

25,677

 

 

$

(100

)

States and political subdivisions

 

 

89,407

 

 

 

(328

)

 

 

58,262

 

 

 

(449

)

 

 

147,669

 

 

 

(777

)

Collateralized mortgage obligations

 

 

—

 

 

 

—

 

 

 

292

 

 

 

(2

)

 

 

292

 

 

 

(2

)

Mortgage-backed securities

 

 

1,003,089

 

 

 

(8,401

)

 

 

6,873,948

 

 

 

(243,534

)

 

 

7,877,037

 

 

 

(251,935

)

Total

 

$

1,113,216

 

 

$

(8,805

)

 

$

6,937,459

 

 

$

(244,009

)

 

$

8,050,675

 

 

$

(252,814

)
Investment Securities by Contractual Maturity

The amortized cost and fair value of investment securities at June 30, 2019, by contractual maturity, are shown below. Actual maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations at any time with or without call or prepayment penalties.

 

 

 

Held to Maturity

 

 

Available for Sale

 

 

 

Amortized Cost

 

 

Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

 

(Dollars in thousands)

 

Due in one year or less

 

$

48,722

 

 

$

48,797

 

 

$

165

 

 

$

165

 

Due after one year through five years

 

 

117,183

 

 

 

118,201

 

 

 

304

 

 

 

305

 

Due after five years through ten years

 

 

68,317

 

 

 

73,134

 

 

 

—

 

 

 

—

 

Due after ten years

 

 

4,516

 

 

 

4,590

 

 

 

—

 

 

 

—

 

Subtotal

 

 

238,738

 

 

 

244,722

 

 

 

469

 

 

 

470

 

Mortgage-backed securities and collateralized mortgage obligations

 

 

8,406,425

 

 

 

8,411,687

 

 

 

304,697

 

 

 

306,307

 

Total

 

$

8,645,163

 

 

$

8,656,409

 

 

$

305,166

 

 

$

306,777