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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale
The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
December 31, 2016
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,000

 
$
—

 
$
—

 
$
1,000

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
625,234

 
17,298

 
(2,602
)
 
639,930

 
GNMA
2,028,301

 
1,372

 
(25,198
)
 
2,004,475

 
Private-label
1,134

 
1

 
(14
)
 
1,121

 
GNMA commercial mortgage-related securities
2,064,508

 
356

 
(35,966
)
 
2,028,898

 
Other securities (debt and equity)
4,718

 
105

 
(21
)
 
4,802

 
Total investment securities available for sale
$
4,724,895

 
$
19,132

 
$
(63,801
)
 
$
4,680,226

 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
$
1,145,843

 
$
3,868

 
$
(12,036
)
 
$
1,137,675

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
37,697

 
439

 
(693
)
 
37,443

 
GNMA
89,996

 
216

 
(656
)
 
89,556

 
Total investment securities held to maturity
$
1,273,536

 
$
4,523

 
$
(13,385
)
 
$
1,264,674


 
December 31, 2015
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
999

 
$
—

 
$
(2
)
 
$
997

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
1,388,995

 
33,791

 
(8,160
)
 
1,414,626

 
GNMA
1,605,956

 
507

 
(16,460
)
 
1,590,003

 
Private-label
1,722

 
1

 
(14
)
 
1,709

 
GNMA commercial mortgage-related securities
1,982,477

 
1,334

 
(28,501
)
 
1,955,310

 
Other securities (debt and equity)
4,718

 
51

 
—

 
4,769

 
Total investment securities available for sale
$
4,984,867

 
$
35,684

 
$
(53,137
)
 
$
4,967,414

 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
$
1,043,767

 
$
16,803

 
$
(339
)
 
$
1,060,231

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
41,469

 
513

 
(645
)
 
41,337

 
GNMA
82,994

 
189

 
(309
)
 
82,874

 
Total investment securities held to maturity
$
1,168,230

 
$
17,505

 
$
(1,293
)
 
$
1,184,442
Investment securities held to maturity
The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
December 31, 2016
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,000

 
$
—

 
$
—

 
$
1,000

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
625,234

 
17,298

 
(2,602
)
 
639,930

 
GNMA
2,028,301

 
1,372

 
(25,198
)
 
2,004,475

 
Private-label
1,134

 
1

 
(14
)
 
1,121

 
GNMA commercial mortgage-related securities
2,064,508

 
356

 
(35,966
)
 
2,028,898

 
Other securities (debt and equity)
4,718

 
105

 
(21
)
 
4,802

 
Total investment securities available for sale
$
4,724,895

 
$
19,132

 
$
(63,801
)
 
$
4,680,226

 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
$
1,145,843

 
$
3,868

 
$
(12,036
)
 
$
1,137,675

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
37,697

 
439

 
(693
)
 
37,443

 
GNMA
89,996

 
216

 
(656
)
 
89,556

 
Total investment securities held to maturity
$
1,273,536

 
$
4,523

 
$
(13,385
)
 
$
1,264,674


 
December 31, 2015
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale:
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
999

 
$
—

 
$
(2
)
 
$
997

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
1,388,995

 
33,791

 
(8,160
)
 
1,414,626

 
GNMA
1,605,956

 
507

 
(16,460
)
 
1,590,003

 
Private-label
1,722

 
1

 
(14
)
 
1,709

 
GNMA commercial mortgage-related securities
1,982,477

 
1,334

 
(28,501
)
 
1,955,310

 
Other securities (debt and equity)
4,718

 
51

 
—

 
4,769

 
Total investment securities available for sale
$
4,984,867

 
$
35,684

 
$
(53,137
)
 
$
4,967,414

 
Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
$
1,043,767

 
$
16,803

 
$
(339
)
 
$
1,060,231

 
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
41,469

 
513

 
(645
)
 
41,337

 
GNMA
82,994

 
189

 
(309
)
 
82,874

 
Total investment securities held to maturity
$
1,168,230

 
$
17,505

 
$
(1,293
)
 
$
1,184,442
Amortized cost and fair values of investment securities available for sale by contractual maturity
The amortized cost and fair values of investment securities available for sale and held to maturity at December 31, 2016, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
 
Available for Sale
 
Held to Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
($ in Thousands)
Due in one year or less
$
4,500

 
$
4,479

 
$
38,791

 
$
28,517

Due after one year through five years
1,200

 
1,200

 
257,652

 
264,427

Due after five years through ten years
—

 
—

 
229,063

 
229,364

Due after ten years
—

 
—

 
620,337

 
615,367

Total debt securities
5,700

 
5,679

 
1,145,843

 
1,137,675

Residential mortgage-related securities:
 
 
 
 
 
 
 
FNMA / FHLMC
625,234

 
639,930

 
37,697

 
37,443

GNMA
2,028,301

 
2,004,475

 
89,996

 
89,556

Private-label
1,134

 
1,121

 
—

 
—

GNMA commercial mortgage-related securities
2,064,508

 
2,028,898

 
—

 
—

Equity securities
18

 
123

 
—

 
—

Total investment securities
$
4,724,895

 
$
4,680,226

 
$
1,273,536

 
$
1,264,674

Ratio of Fair Value to Amortized Cost
 
 
99.1
%
 
 
 
99.3
%
Realized gains and losses and proceeds from sale
Total proceeds and gross realized gains and losses from sales of investment securities for each of the three years ended December 31 were as follows. There were no other-than-temporary impairment write-downs on investment securities for 2016, 2015, or 2014.
 
2016
 
2015
 
2014
 
($ in Thousands)
Gross gains
$
9,518

 
$
12,270

 
$
1,184

Gross losses
(202
)
 
(4,137
)
 
(690
)
Investment securities gains, net
$
9,316

 
$
8,133

 
$
494

Proceeds from sales of investment securities
$
549,555

 
$
1,601,947

 
$
102,011
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length
The following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2016.
 
Less than 12 months
12 months or more
Total
 
Number
of
Securities
Unrealized
Losses
Fair
Value
Number
of
Securities
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
 
($ in Thousands)
Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
14

$
(2,602
)
$
244,252

—

$
—

$
—

$
(2,602
)
$
244,252

GNMA
54

(25,198
)
1,723,523

—

—

—

(25,198
)
1,723,523

Private-label
—

—

—

1

(14
)
1,119

(14
)
1,119

GNMA commercial mortgage-related securities
74

(16,445
)
1,427,889

21

(19,521
)
429,258

(35,966
)
1,857,147

Other securities (debt and equity)
3

(21
)
1,479

—

—

—

(21
)
1,479

Total
145

$
(44,266
)
$
3,397,143

22

$
(19,535
)
$
430,377

$
(63,801
)
$
3,827,520

Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
700

$
(11,937
)
$
414,186

4

$
(99
)
$
1,752

$
(12,036
)
$
415,938

Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
14

(441
)
17,477

1

(252
)
6,031

(693
)
23,508

GNMA
39

(656
)
64,633

—

—

—

(656
)
64,633

Total
753

$
(13,034
)
$
496,296

5

$
(351
)
$
7,783

$
(13,385
)
$
504,079


For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015.
 
Less than 12 months
12 months or more
Total
 
Number
of
Securities
Unrealized
Losses
Fair
Value
Number
of
Securities
Unrealized
Losses
Fair
Value
Unrealized
Losses
Fair
Value
 
($ in Thousands)
Investment securities available for sale:
 
 
 
 
 
 
 
 
U.S. Treasury securities
1

$
(2
)
$
997

—

$
—

$
—

$
(2
)
$
997

Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
17

(1,548
)
220,852

14

(6,612
)
338,186

(8,160
)
559,038

GNMA
46

(16,460
)
1,434,484

—

—

—

(16,460
)
1,434,484

Private-label
1

(1
)
83

3

(13
)
1,565

(14
)
1,648

GNMA commercial mortgage-related securities
40

(9,610
)
1,132,844

21

(18,891
)
448,218

(28,501
)
1,581,062

Total
105

$
(27,621
)
$
2,789,260

38

$
(25,516
)
$
787,969

$
(53,137
)
$
3,577,229

Investment securities held to maturity:
 
 
 
 
 
 
 
 
Municipal securities
53

$
(146
)
$
23,137

24

$
(193
)
$
9,254

$
(339
)
$
32,391

Residential mortgage-related securities:
 
 
 
 
 
 
 
 
FNMA / FHLMC
10

(177
)
12,754

3

(468
)
11,106

(645
)
23,860

GNMA
21

(201
)
45,499

3

(108
)
6,797

(309
)
52,296

Total
84

$
(524
)
$
81,390

30

$
(769
)
$
27,157

$
(1,293
)
$
108,547