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Investment Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2018
Investments [Abstract]  
Summary of Available-for-Sale Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2018 and 2017 are summarized below.
 
 
December 31, 2018
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasury securities
 
$
123,436

 
$
—

 
$
(1,359
)
 
$
122,077

U.S. Government agency securities
 
38,021

 
361

 
—

 
38,382

Mortgage-backed securities issued by U.S. Government agencies
 
100,060

 
172

 
(3,027
)
 
97,205

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,460,498

 
1,981

 
(63,829
)
 
2,398,650

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
1,215,406

 
2,997

 
(29,885
)
 
1,188,518

Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
131,492

 
613

 
(2,240
)
 
129,865

Corporate debt and other debt securities
 
17,000

 
150

 
(215
)
 
16,935

Total investment securities available for sale
 
$
4,085,913

 
$
6,274

 
$
(100,555
)
 
$
3,991,632

 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasury securities
 
$
83,608

 
$
—

 
$
(934
)
 
$
82,674

U.S. Government agency securities
 
10,771

 
91

 
—

 
10,862

Mortgage-backed securities issued by U.S. Government agencies
 
121,283

 
519

 
(1,362
)
 
120,440

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,621,694

 
5,037

 
(31,105
)
 
2,595,626

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
1,135,259

 
144

 
(23,404
)
 
1,111,999

Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
45,124

 
22

 
(249
)
 
44,897

State and municipal securities
 
180

 
—

 
—

 
180

Corporate debt and other securities
 
20,320

 
294

 
(223
)
 
20,391

Total investment securities available for sale
 
$
4,038,239

 
$
6,107

 
$
(57,277
)
 
$
3,987,069

 
 
 
 
 
 
 
 
 
Schedule of Unrealized Loss on Investments
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018 and December 31, 2017 are presented below.
 
 
December 31, 2018
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
U.S. Treasury securities
 
$
39,031

 
$
(118
)
 
$
63,570

 
$
(1,241
)
 
$
102,601

 
$
(1,359
)
Mortgage-backed securities issued by U.S. Government agencies
 
2,059

 
(2
)
 
79,736

 
(3,025
)
 
81,795

 
(3,027
)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
130,432

 
(700
)
 
2,105,358

 
(63,129
)
 
2,235,790

 
(63,829
)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
964,732

 
(29,885
)
 
964,732

 
(29,885
)
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
58,998

 
(1,298
)
 
44,220

 
(942
)
 
103,218

 
(2,240
)
Corporate debt and other debt securities
 
—

 
—

 
1,785

 
(215
)
 
1,785

 
(215
)
Total
 
$
230,520

 
$
(2,118
)
 
$
3,259,401

 
$
(98,437
)
 
$
3,489,921

 
$
(100,555
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2017
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
U.S Treasury securities
 
$
34,243

 
$
(443
)
 
$
29,562

 
$
(491
)
 
$
63,805

 
$
(934
)
Mortgage-backed securities issued by U.S. Government agencies
 
36,810

 
(357
)
 
55,740

 
(1,005
)
 
92,550

 
(1,362
)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
1,238,464

 
(10,014
)
 
929,223

 
(21,091
)
 
2,167,687

 
(31,105
)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
653,781

 
(9,497
)
 
426,237

 
(13,907
)
 
1,080,018

 
(23,404
)
Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
32,548

 
(249
)
 
—

 
—

 
32,548

 
(249
)
Corporate debt and other securities
 
—

 
—

 
5,097

 
(223
)
 
5,097

 
(223
)
Total
 
$
1,995,846

 
$
(20,560
)
 
$
1,445,859

 
$
(36,717
)
 
$
3,441,705

 
$
(57,277
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale
For purposes of the maturity table, mortgage-backed securities and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
 
 
Distribution of Maturities at December 31, 2018
(in thousands)
 
Within One
Year
 
1 to 5
Years
 
5 to 10
Years
 
More Than
10 Years
 
Total
Amortized Cost
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
19,476

 
$
103,960

 
$
—

 
$
—

 
$
123,436

U.S. Government agency securities
 
1,917

 
6,118

 
29,986

 
—

 
38,021

Mortgage-backed securities issued by U.S. Government agencies
 
—

 
—

 
24,076

 
75,984

 
100,060

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
—

 
52,656

 
414,265

 
1,993,577

 
2,460,498

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
26,950

 
1,188,456

 
1,215,406

Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
—

 
—

 
131,492

 
—

 
131,492

Corporate debt and other debt securities
 
—

 
—

 
15,000

 
2,000

 
17,000

Total amortized cost
 
$
21,393

 
$
162,734

 
$
641,769

 
$
3,260,017

 
$
4,085,913

 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
19,476

 
$
102,601

 
$
—

 
$
—

 
$
122,077

U.S. Government agency securities
 
1,922

 
6,161

 
30,299

 
—

 
38,382

Mortgage-backed securities issued by U.S. Government agencies
 
—

 
—

 
23,698

 
73,507

 
97,205

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
—

 
52,316

 
404,554

 
1,941,780

 
2,398,650

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
26,291

 
1,162,227

 
1,188,518

Commercial mortgage-backed securities issued by U.S. Government sponsored enterprises
 
—

 
—

 
129,865

 
—

 
129,865

Corporate debt and other securities
 
—

 
—

 
15,150

 
1,785

 
16,935

Total fair value
 
$
21,398

 
$
161,078

 
$
629,857

 
$
3,179,299

 
$
3,991,632

 
 
 
 
 
 
 
 
 
 
 
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio
The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
(in thousands)
 
2018
 
2017
 
2016
Proceeds from sales of investment securities available for sale
 
$
35,066

 
$
812,293

 
$
968,606

Gross realized gains on sales
 
$
—

 
$
7,942

 
$
9,586

Gross realized losses on sales
 
(1,296
)
 
(8,231
)
 
(3,575
)
Investment securities (losses) gains, net
 
$
(1,296
)
 
$
(289
)
 
$
6,011