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Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Schedule of adjusted cost and approximate fair value of investment securities available for sale and investments held to maturity
The following tables present the adjusted cost and approximate fair value of debt securities available for sale and debt securities held to maturity.
 
March 31, 2018
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
4,908,132

 
$
2,753

 
$
116,553

 
$
4,794,332

Agency mortgage-backed securities
2,666,049

 
9,961

 
54,132

 
2,621,878

Agency collateralized mortgage obligations
4,105,306

 
4,739

 
93,756

 
4,016,289

States and political subdivisions
1,568

 
85

 
—

 
1,653

Total
$
11,681,055

 
$
17,538

 
$
264,441

 
$
11,434,152

Debt securities held to maturity:
 
 
 
 
 
 
 
Collateralized mortgage obligations:


 


 


 


Agency
$
949,177

 
$
—

 
$
14,829

 
$
934,348

Non-agency
60,491

 
5,896

 
2,591

 
63,796

Asset-backed securities
8,316

 
1,686

 
540

 
9,462

States and political subdivisions
897,084

 
9,183

 
7,374

 
898,893

Other
60,661

 
1,371

 
535

 
61,497

Total
$
1,975,729

 
$
18,136

 
$
25,869

 
$
1,967,996

 
December 31, 2017
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
4,265,296

 
$
996

 
$
61,854

 
$
4,204,438

Agency mortgage-backed securities
2,841,584

 
14,312

 
43,096

 
2,812,800

Agency collateralized mortgage obligations
5,302,531

 
4,203

 
106,723

 
5,200,011

States and political subdivisions
2,278

 
105

 
—

 
2,383

Total
$
12,411,689

 
$
19,616

 
$
211,673

 
$
12,219,632

Debt securities held to maturity:
 
 
 
 
 
 
 
Non-agency collateralized mortgage obligations
$
64,140

 
$
5,262

 
$
1,605

 
$
67,797

Asset-backed securities
9,308

 
1,747

 
628

 
10,427

States and political subdivisions
911,393

 
3,951

 
12,853

 
902,491

Other
61,252

 
243

 
1,667

 
59,828

Total
$
1,046,093

 
$
11,203

 
$
16,753

 
$
1,040,543
Schedule of fair value and gross unrealized losses of available for sale and held to maturity securities that were in a loss position
The following tables disclose the fair value and the gross unrealized losses of the Company’s available for sale debt securities and held to maturity debt securities that were in a loss position at March 31, 2018 and December 31, 2017. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position.
 
March 31, 2018
 
Securities in a loss position for less than 12 months
 
Securities in a loss position for 12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
2,842,522

 
$
68,207

 
$
1,347,030

 
$
48,346

 
$
4,189,552

 
$
116,553

Agency mortgage-backed securities
439,002

 
5,363

 
1,575,272

 
48,769

 
2,014,274

 
54,132

Agency collateralized mortgage obligations
1,091,296

 
11,567

 
2,261,506

 
82,189

 
3,352,802

 
93,756

Total
$
4,372,820

 
$
85,137

 
$
5,183,808

 
$
179,304

 
$
9,556,628

 
$
264,441

 
 
 
 
 
 
 
 
 
 
 
 
Debt securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Collateralized mortgage obligations:


 


 


 


 


 


Agency
$
—

 
$
—

 
$
934,348

 
$
14,829

 
$
934,348

 
$
14,829

Non-agency
2,003

 
257

 
23,039

 
2,334

 
25,042

 
2,591

Asset-backed securities
—

 
—

 
5,753

 
540

 
5,753

 
540

States and political subdivisions
66,653

 
605

 
291,117

 
6,769

 
357,770

 
7,374

Other
—

 
—

 
13,389

 
535

 
13,389

 
535

Total
$
68,656

 
$
862

 
$
1,267,646

 
$
25,007

 
$
1,336,302

 
$
25,869

 
December 31, 2017
 
Securities in a loss position for less than 12 months
 
Securities in a loss position for 12 months or longer
 
Total
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
Fair Value
 
Unrealized Losses
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
2,532,439

 
$
28,308

 
$
1,325,975

 
$
33,546

 
$
3,858,414

 
$
61,854

Agency mortgage-backed securities
390,106

 
2,731

 
1,666,045

 
40,365

 
2,056,151

 
43,096

Agency collateralized mortgage obligations
1,244,416

 
6,522

 
3,297,278

 
100,201

 
4,541,694

 
106,723

Total
$
4,166,961

 
$
37,561

 
$
6,289,298

 
$
174,112

 
$
10,456,259

 
$
211,673

 
 
 
 
 
 
 
 
 
 
 
 
Debt securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Non-agency collateralized mortgage obligations
$
9,776

 
$
25

 
$
22,439

 
$
1,580

 
$
32,215

 
$
1,605

Asset-backed securities
—

 
—

 
6,243

 
628

 
6,243

 
628

States and political subdivisions
236,207

 
4,365

 
341,090

 
8,488

 
577,297

 
12,853

Other
19,048

 
98

 
20,736

 
1,569

 
39,784

 
1,667

Total
$
265,031

 
$
4,488

 
$
390,508

 
$
12,265

 
$
655,539

 
$
16,753
Schedule of activity related to credit losses for debt securities where other than temporary impairments was recognized in other comprehensive income
The following table discloses activity related to credit losses for debt securities where a portion of the OTTI was recognized in other comprehensive income.
 
Three Months Ended 
 March 31,
 
2018

2017
 
(In Thousands)
Balance at beginning of period
$
22,824

 
$
22,582

Reductions for securities paid off during the period (realized)
—

 
—

Additions for the credit component on debt securities in which OTTI was not previously recognized
—

 
242

Additions for the credit component on debt securities in which OTTI was previously recognized
309

 
—

Balance at end of period
$
23,133

 
$
22,824
Schedule of investments classified by contractual maturity date
The contractual maturities of the securities portfolios are presented in the following table.
March 31, 2018
 
Amortized Cost
 
Fair Value
 
 
(In Thousands)
Debt securities available for sale:
 
 
Maturing within one year
 
$
250,930

 
$
250,048

Maturing after one but within five years
 
2,338,348

 
2,275,290

Maturing after five but within ten years
 
1,492,547

 
1,473,277

Maturing after ten years
 
827,875

 
797,370

 
 
4,909,700

 
4,795,985

Mortgage-backed securities and collateralized mortgage obligations
 
6,771,355

 
6,638,167

Total
 
$
11,681,055

 
$
11,434,152

 
 
 
 
 
Debt securities held to maturity:
 
 
 
 
Maturing within one year
 
$
107,667

 
$
107,742

Maturing after one but within five years
 
182,436

 
183,167

Maturing after five but within ten years
 
206,061

 
206,733

Maturing after ten years
 
469,897

 
472,210

 
 
966,061

 
969,852

Collateralized mortgage obligations
 
1,009,668

 
998,144

Total
 
$
1,975,729

 
$
1,967,996