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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities

The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of June 30, 2020, and December 31, 2019, were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

June 30, 2020
 
 
 

 
 

 
 

Available-for-Sale:
 
 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
189,337

 
$
163

 
$
(1,551
)
 
$
187,949

Debt Securities Issued by States and Political Subdivisions
54,274

 
1,328

 
—

 
55,602

Debt Securities Issued by U.S. Government-Sponsored Enterprises
936


78


—

 
1,014

Debt Securities Issued by Corporations
223,147

 
3,890

 
(1,657
)
 
225,380

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
1,271,399

 
41,364

 
(416
)
 
1,312,347

    Residential - U.S. Government-Sponsored Enterprises
641,094

 
22,206

 
(25
)
 
663,275

    Commercial - Government Agencies
268,052

 
12,859

 
—

 
280,911

Total Mortgage-Backed Securities
2,180,545

 
76,429

 
(441
)
 
2,256,533

Total
$
2,648,239

 
$
81,888

 
$
(3,649
)
 
$
2,726,478

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
144,841

 
$
892

 
$
—

 
$
145,733

Debt Securities Issued by States and Political Subdivisions
54,273

 
1,286

 
—

 
55,559

Debt Securities Issued by Corporations
13,509

 
210

 
—

 
13,719

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
910,231

 
38,360

 
(10
)
 
948,581

    Residential - U.S. Government-Sponsored Enterprises
2,082,380

 
54,263

 
(420
)
 
2,136,223

    Commercial - Government Agencies
71,595

 
2,884

 
—

 
74,479

Total Mortgage-Backed Securities
3,064,206

 
95,507


(430
)

3,159,283

Total
$
3,276,829

 
$
97,895

 
$
(430
)
 
$
3,374,294

 
 
 
 
 
 
 
 
December 31, 2019
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
222,365

 
$
213

 
$
(1,447
)
 
$
221,131

Debt Securities Issued by States and Political Subdivisions
54,480

 
631

 
(14
)
 
55,097

Debt Securities Issued by U.S. Government-Sponsored Enterprises
22,128

 
19

 
—

 
22,147

Debt Securities Issued by Corporations
335,553

 
1,401

 
(633
)
 
336,321

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,164,466

 
11,627

 
(3,267
)
 
1,172,826

    Residential - U.S. Government-Sponsored Enterprises
584,272

 
4,363

 
(1,874
)
 
586,761

    Commercial - Government Agencies
224,372

 
2,889

 
(2,541
)
 
224,720

Total Mortgage-Backed Securities
1,973,110

 
18,879

 
(7,682
)
 
1,984,307

Total
$
2,607,636

 
$
21,143

 
$
(9,776
)
 
$
2,619,003

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
274,375

 
$
1,319

 
$
(31
)
 
$
275,663

Debt Securities Issued by States and Political Subdivisions
54,811

 
1,236

 
—

 
56,047

Debt Securities Issued by Corporations
14,975

 
—

 
(138
)
 
14,837

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,067,416

 
13,247

 
(5,348
)
 
1,075,315

    Residential - U.S. Government-Sponsored Enterprises
1,546,479

 
13,871

 
(2,478
)
 
1,557,872

    Commercial - Government Agencies
84,238

 
317

 
(1,407
)
 
83,148

Total Mortgage-Backed Securities
2,698,133

 
27,435

 
(9,233
)
 
2,716,335

Total
$
3,042,294

 
$
29,990

 
$
(9,402
)
 
$
3,062,882
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of June 30, 2020.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
16,418

 
$
16,457

Due After One Year Through Five Years
103,115

 
103,407

Due After Five Years Through Ten Years
159,864

 
163,197

Due After Ten Years
50

 
50

 
279,447

 
283,111

 
 
 
 
Debt Securities Issued by Government Agencies
188,247

 
186,834

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
1,271,399

 
1,312,347

    Residential - U.S. Government-Sponsored Enterprises
641,094

 
663,275

    Commercial - Government Agencies
268,052

 
280,911

Total Mortgage-Backed Securities
2,180,545

 
2,256,533

Total
$
2,648,239

 
$
2,726,478

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
165,017

 
166,085

Due After One Year Through Five Years
47,606

 
48,926

 
212,623

 
215,011

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
910,231

 
948,581

    Residential - U.S. Government-Sponsored Enterprises
2,082,380

 
2,136,223

    Commercial - Government Agencies
71,595

 
74,479

Total Mortgage-Backed Securities
3,064,206

 
3,159,283

Total
$
3,276,829

 
$
3,374,294
Schedule of gains (losses) on sale of investment securities
The table below presents the gains and losses from the sales of investment securities for the three and six months ended June 30, 2020, and June 30, 2019:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollars in thousands)
2020

 
2019

 
2020

 
2019

Gross Gains on Sales of Investment Securities
$
14,180

 
$
5,633

 
$
14,257

 
$
7,663

Gross Losses on Sales of Investment Securities
(964
)
 
(6,409
)
 
(2,011
)
 
(9,274
)
Net Gains (Losses) on Sales of Investment Securities
$
13,216

 
$
(776
)
 
$
12,246

 
$
(1,611
)
Schedule of investment securities in an unrealized loss position
The following table summarizes the Company’s AFS debt securities in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by major security type and length of time in a continuous unrealized loss position:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

June 30, 2020
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
92,619

 
$
(1,257
)
 
$
74,224

 
$
(294
)
 
$
166,843

 
$
(1,551
)
Debt Securities Issued by States
   and Political Subdivisions
—

 
—

 
86

 
—

 
86

 
—

Debt Securities Issued by Corporations
75,000

 
(1,009
)
 
90,000

 
(648
)
 
165,000

 
(1,657
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
51,649

 
(416
)
 
8,278

 
—

 
59,927

 
(416
)
    Residential - U.S. Government-Sponsored Enterprises
—

 
—

 
10,491

 
(25
)
 
10,491

 
(25
)
Total Mortgage-Backed Securities
51,649

 
(416
)
 
18,769

 
(25
)
 
70,418

 
(441
)
Total
$
219,268

 
$
(2,682
)
 
$
183,079

 
$
(967
)
 
$
402,347

 
$
(3,649
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
65,479

 
$
(188
)
 
$
101,761

 
$
(1,259
)
 
$
167,240

 
$
(1,447
)
Debt Securities Issued by States
     and Political Subdivisions
6,788

 
(14
)
 
440

 
—

 
7,228

 
(14
)
Debt Securities Issued by Corporations
25,892

 
(326
)
 
74,693

 
(307
)
 
100,585

 
(633
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
119,271

 
(526
)
 
170,805

 
(2,741
)
 
290,076

 
(3,267
)
     Residential - U.S. Government-Sponsored Enterprises
187,861

 
(816
)
 
73,720

 
(1,058
)
 
261,581

 
(1,874
)
     Commercial - Government Agencies
59,826

 
(319
)
 
52,965

 
(2,222
)
 
112,791

 
(2,541
)
Total Mortgage-Backed Securities
366,958

 
(1,661
)
 
297,490

 
(6,021
)
 
664,448

 
(7,682
)
Total
$
465,117

 
$
(2,189
)
 
$
474,384

 
$
(7,587
)
 
$
939,501

 
$
(9,776
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three and six months ended June 30, 2020, and June 30, 2019, were as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(dollars in thousands)
2020

 
2019

 
2020

 
2019

Taxable
$
30,729

 
$
35,336

 
$
66,122

 
$
67,328

Non-Taxable
570

 
1,885

 
1,140

 
5,246

Total Interest Income from Investment Securities
$
31,299

 
$
37,221

 
$
67,262

 
$
72,574
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of June 30, 2020, and December 31, 2019, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:
(dollars in thousands)
June 30,
2020

 
December 31,
2019

Federal Home Loan Bank Stock
$
12,000

 
$
13,000

Federal Reserve Bank Stock
21,236

 
21,093

Total
$
33,236

 
$
34,093