XML 12 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Debt Securities Available for Sale and Debt Securities Held to Maturity (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
2,534,159

 
$
62,833

 
$
26,679

 
$
2,570,313

Agency mortgage-backed securities
1,173,282

 
24,195

 
11,801

 
1,185,676

Agency collateralized mortgage obligations
2,541,103

 
50,649

 
3,642

 
2,588,110

States and political subdivisions
686

 
31

 
—

 
717

Total
$
6,249,230

 
$
137,708

 
$
42,122

 
$
6,344,816

Debt securities held to maturity:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
1,288,246

 
$
127,437

 
$
—

 
$
1,415,683

Collateralized mortgage obligations:


 


 


 


Agency
5,959,454

 
261,403

 
—

 
6,220,857

Non-agency
35,930

 
4,490

 
2,182

 
38,238

Asset-backed securities and other
51,503

 
1,423

 
4,230

 
48,696

States and political subdivisions (1)
543,025

 
8,536

 
7,642

 
543,919

Total
$
7,878,158

 
$
403,289

 
$
14,054

 
$
8,267,393

(1)
The Company recorded an allowance of $2 million, at March 31, 2020, related to state and political subdivisions, which is not included in the table above.
 
December 31, 2019
 
 
 
Gross Unrealized
 
 
 
Amortized Cost
 
Gains
 
Losses
 
Fair Value
 
(In Thousands)
Debt securities available for sale:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
3,145,331

 
$
16,888

 
$
34,694

 
$
3,127,525

Agency mortgage-backed securities
1,322,432

 
12,444

 
9,019

 
1,325,857

Agency collateralized mortgage obligations
2,783,003

 
7,744

 
9,622

 
2,781,125

States and political subdivisions
757

 
41

 
—

 
798

Total
$
7,251,523

 
$
37,117

 
$
53,335

 
$
7,235,305

Debt securities held to maturity:
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
$
1,287,049

 
$
53,399

 
$
—

 
$
1,340,448

Collateralized mortgage obligations:


 


 


 


Agency
4,846,862

 
82,105

 
16,568

 
4,912,399

Non-agency
37,705

 
5,923

 
1,154

 
42,474

Asset-backed securities and other
52,355

 
1,266

 
2,017

 
51,604

States and political subdivisions
573,075

 
8,652

 
7,494

 
574,233

Total
$
6,797,046

 
$
151,345

 
$
27,233

 
$
6,921,158
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 that were in a loss position at March 31, 2020 and December 31, 2019, for which an allowance for credit losses has not been recorded at March 31, 2020. This information is aggregated by investment category and the length of time the individual securities have been in an unrealized loss position.
 
March 31, 2020
 
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
$
257,286

 
$
57

 
$
385,446

 
$
26,622

 
$
642,732

 
$
26,679

Agency mortgage-backed securities
277,545

 
3,473

 
276,708

 
8,328

 
554,253

 
11,801

Agency collateralized mortgage obligations
94,112

 
111

 
346,121

 
3,531

 
440,233

 
3,642

Total
$
628,943

 
$
3,641

 
$
1,008,275

 
$
38,481

 
$
1,637,218

 
$
42,122

 
December 31, 2019
 
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
$
59,496

 
$
208

 
$
819,360

 
$
34,486

 
$
878,856

 
$
34,694

Agency mortgage-backed securities
245,191

 
851

 
592,312

 
8,168

 
837,503

 
9,019

Agency collateralized mortgage obligations
880,485

 
4,768

 
579,679

 
4,854

 
1,460,164

 
9,622

Total
$
1,185,172

 
$
5,827

 
$
1,991,351

 
$
47,508

 
$
3,176,523

 
$
53,335
Schedule of allowance for credit losses for debt securities held to maturity
The following table presents the activity in the allowance for debt securities held to maturity losses as of March 31, 2020.
 
Held to Maturity Debt Securities
 
(In Thousands)
Three months ended March 31, 2020
 
Allowance for debt securities held to maturity losses:
 
Balance at beginning of period
$
—

Impact of adopting ASC 326
1,847

Provision for credit losses
45

Securities charged off
—

Recoveries
—

Balance at end of period
$
1,892
Schedule of debt securities held to maturity through credit ratings
The Company monitors the credit quality of its HTM debt securities through credit ratings. The following table presents the amortized cost of HTM debt securities, as of March 31, 2020, aggregated by credit quality indicator.
 
 
March 31, 2020
 
 
 
 
Range of Ratings
 
 
 
 
AAA
 
AA+ / A -
 
BBB+ / B-
 
CCC+ / C
 
D
 
NR
 
Total
 
 
(In Thousands)
Debt securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury and other U.S. government agencies
 
$
1,288,246

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
1,288,246

Collateralized mortgage obligations:
 
 
 
 
 
 
 
 
 
 
 
 
Agency
 
5,959,454

 
—

 
—

 
—

 
—

 
—

 
5,959,454

Non-agency
 
75

 
11,515

 
10,770

 
6,095

 
3,160

 
4,315

 
35,930

Asset-backed securities and other
 
—

 
50,288

 
330

 
803

 
—

 
82

 
51,503

States and political subdivisions
 
—

 
337,789

 
205,236

 
—

 
—

 
—

 
543,025

 
 
$
7,247,775

 
$
399,592

 
$
216,336

 
$
6,898

 
$
3,160

 
$
4,397

 
$
7,878,158
Schedule of investments classified by contractual maturity date
The contractual maturities of the securities portfolios are presented in the following table.
March 31, 2020
 
Amortized Cost
 
Fair Value
 
 
(In Thousands)
Debt securities available for sale:
 
 
Maturing within one year
 
$
425,274

 
$
426,343

Maturing after one but within five years
 
1,646,452

 
1,706,765

Maturing after five but within ten years
 
21,114

 
21,833

Maturing after ten years
 
442,005

 
416,089

 
 
2,534,845

 
2,571,030

Mortgage-backed securities and collateralized mortgage obligations
 
3,714,385

 
3,773,786

Total
 
$
6,249,230

 
$
6,344,816

 
 
 
 
 
Debt securities held to maturity:
 
 
 
 
Maturing within one year
 
$
49,190

 
$
50,040

Maturing after one but within five years
 
1,391,311

 
1,519,329

Maturing after five but within ten years
 
272,817

 
274,289

Maturing after ten years
 
169,456

 
164,640

 
 
1,882,774

 
2,008,298

Collateralized mortgage obligations
 
5,995,384

 
6,259,095

Total
 
$
7,878,158

 
$
8,267,393
Schedule of gross realized gains and losses
The gross realized gains and losses recognized on sales of debt securities available for sale are shown in the table below.
 
Three Months Ended March 31,
 
2020
 
2019
 
(In Thousands)
Gross gains
$
19,139

 
$
8,958

Gross losses
—

 
—

Net realized gains
$
19,139

 
$
8,958