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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Gain (loss) on securities The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
September 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(4
)
 
$
997

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
320,148

 
2,658

 
(6,132
)
 
316,674

 
GNMA
2,259,538

 
—

 
(79,528
)
 
2,180,010

 
Private-label
1,022

 
—

 
(4
)
 
1,018

 
GNMA commercial mortgage-related securities
1,306,802

 
—

 
(55,824
)
 
1,250,978

 
FFELP asset backed securities
298,282

 
1,766

 
(101
)
 
299,947

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,573


—


—


1,573

 
Total investment securities available for sale
$
4,191,366

 
$
4,424

 
$
(141,593
)
 
$
4,054,197

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,682,162

 
$
1,216

 
$
(33,332
)
 
$
1,650,046

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
95,603

 
162

 
(3,266
)
 
92,499

 
GNMA
367,536

 
1,753

 
(15,337
)
 
353,952

 
GNMA commercial mortgage-related securities
516,454

 
8,092

 
(26,026
)
 
498,520

 
Total investment securities held to maturity
$
2,661,755

 
$
11,223

 
$
(77,961
)
 
$
2,595,017

The proceeds from the sale of investment securities for the nine months ended September 30, 2018 and 2017 are shown below.
 
Nine Months Ended September 30,
 
2018
 
2017
 
($ in Thousands)
Gross gains on available for sale securities
$
1,954

 
$
—

Gross gains on held to maturity securities
—

 
364

Total gains
1,954

 
364

Gross losses on available for sale securities
(3,938
)
 
—

Gross losses on held to maturity securities
$
—

 
$
(5
)
Total losses
$
(3,938
)
 
$
(5
)
Investment securities gains (losses), net
$
(1,985
)
 
$
359

Proceeds from sales of investment securities
$
601,130

 
$
16,059
Investment securities available for sale A portion of the portfolio is also comprised of asset-backed securities backed by student loans made under the Federal Family Education Loan Program ("FFELP"). The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
September 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(4
)
 
$
997

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
320,148

 
2,658

 
(6,132
)
 
316,674

 
GNMA
2,259,538

 
—

 
(79,528
)
 
2,180,010

 
Private-label
1,022

 
—

 
(4
)
 
1,018

 
GNMA commercial mortgage-related securities
1,306,802

 
—

 
(55,824
)
 
1,250,978

 
FFELP asset backed securities
298,282

 
1,766

 
(101
)
 
299,947

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,573


—


—


1,573

 
Total investment securities available for sale
$
4,191,366

 
$
4,424

 
$
(141,593
)
 
$
4,054,197

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,682,162

 
$
1,216

 
$
(33,332
)
 
$
1,650,046

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
95,603

 
162

 
(3,266
)
 
92,499

 
GNMA
367,536

 
1,753

 
(15,337
)
 
353,952

 
GNMA commercial mortgage-related securities
516,454

 
8,092

 
(26,026
)
 
498,520

 
Total investment securities held to maturity
$
2,661,755

 
$
11,223

 
$
(77,961
)
 
$
2,595,017

 
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,003

 
$
—

 
$
(7
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
457,680

 
9,722

 
(2,634
)
 
464,768

 
GNMA
1,944,453

 
275

 
(31,378
)
 
1,913,350

 
Private-label
1,067

 
—

 
(8
)
 
1,059

 
GNMA commercial mortgage-related securities
1,547,173

 
5

 
(33,901
)
 
1,513,277

 
FFELP asset backed securities
144,322


867


(13
)

145,176

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,519


127


(14
)

1,632

 
Total investment securities available for sale
$
4,100,417

 
$
10,996

 
$
(67,967
)
 
$
4,043,446

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,281,320

 
$
13,899

 
$
(3,177
)
 
$
1,292,042

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
40,995

 
398

 
(489
)
 
40,904

 
GNMA
414,440

 
2,700

 
(6,400
)
 
410,740

 
GNMA commercial mortgage-related securities
546,098


9,546


(15,756
)

539,888

 
Total investment securities held to maturity
$
2,282,853

 
$
26,543

 
$
(25,822
)
 
$
2,283,574
Investment securities held to maturity A portion of the portfolio is also comprised of asset-backed securities backed by student loans made under the Federal Family Education Loan Program ("FFELP"). The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
September 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(4
)
 
$
997

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
320,148

 
2,658

 
(6,132
)
 
316,674

 
GNMA
2,259,538

 
—

 
(79,528
)
 
2,180,010

 
Private-label
1,022

 
—

 
(4
)
 
1,018

 
GNMA commercial mortgage-related securities
1,306,802

 
—

 
(55,824
)
 
1,250,978

 
FFELP asset backed securities
298,282

 
1,766

 
(101
)
 
299,947

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,573


—


—


1,573

 
Total investment securities available for sale
$
4,191,366

 
$
4,424

 
$
(141,593
)
 
$
4,054,197

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,682,162

 
$
1,216

 
$
(33,332
)
 
$
1,650,046

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
95,603

 
162

 
(3,266
)
 
92,499

 
GNMA
367,536

 
1,753

 
(15,337
)
 
353,952

 
GNMA commercial mortgage-related securities
516,454

 
8,092

 
(26,026
)
 
498,520

 
Total investment securities held to maturity
$
2,661,755

 
$
11,223

 
$
(77,961
)
 
$
2,595,017

 
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,003

 
$
—

 
$
(7
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
457,680

 
9,722

 
(2,634
)
 
464,768

 
GNMA
1,944,453

 
275

 
(31,378
)
 
1,913,350

 
Private-label
1,067

 
—

 
(8
)
 
1,059

 
GNMA commercial mortgage-related securities
1,547,173

 
5

 
(33,901
)
 
1,513,277

 
FFELP asset backed securities
144,322


867


(13
)

145,176

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,519


127


(14
)

1,632

 
Total investment securities available for sale
$
4,100,417

 
$
10,996

 
$
(67,967
)
 
$
4,043,446

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,281,320

 
$
13,899

 
$
(3,177
)
 
$
1,292,042

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
40,995

 
398

 
(489
)
 
40,904

 
GNMA
414,440

 
2,700

 
(6,400
)
 
410,740

 
GNMA commercial mortgage-related securities
546,098


9,546


(15,756
)

539,888

 
Total investment securities held to maturity
$
2,282,853

 
$
26,543

 
$
(25,822
)
 
$
2,283,574
Amortized cost and fair values of investment securities by contractual maturity The expected maturities of investment securities available for sale and held to maturity at September 30, 2018 are shown below. Expected maturities may 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
$
2,001

 
$
1,997

 
$
48,561

 
$
48,871

Due after one year through five years
2,000

 
2,000

 
188,337

 
186,335

Due after five years through ten years
—

 
—

 
385,908

 
377,705

Due after ten years
—

 
—

 
1,059,355

 
1,037,135

Total debt securities
4,001

 
3,997

 
1,682,162

 
1,650,046

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
320,148

 
316,674

 
95,603

 
92,499

GNMA
2,259,538

 
2,180,010

 
367,536

 
353,952

Private-label
1,022

 
1,018

 
—

 
—

GNMA commercial mortgage-related securities
1,306,802

 
1,250,978

 
516,454

 
498,520

FFELP asset backed securities
298,282

 
299,947

 
—

 
—

Equity securities
1,573

 
1,573

 
—

 
—

Total investment securities
$
4,191,366

 
$
4,054,197

 
$
2,661,755

 
$
2,595,017

Ratio of Fair Value to Amortized Cost
 
 
96.7
%
 
 
 
97.5
%
Realized gains and losses and proceeds from sale 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 September 30, 2018.
 
Less than 12 months
 
12 months or more
 
Total
September 30, 2018
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

 
$
(4
)
 
$
997

 
$
(4
)
 
$
997

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
18

 
(583
)
 
60,527

 
14

 
(5,549
)
 
172,119

 
(6,132
)
 
232,646

GNMA
47

 
(29,687
)
 
1,150,098

 
47

 
(49,841
)
 
1,029,912

 
(79,528
)
 
2,180,010

Private-label
—

 
—

 
—

 
1

 
(4
)
 
1,018

 
(4
)
 
1,018

GNMA commercial mortgage-related securities
4

 
(2,397
)
 
63,846

 
89

 
(53,427
)
 
1,187,406

 
(55,824
)
 
1,251,252

FFELP asset backed securities
6

 
(101
)

67,798


—


—


—


(101
)

67,798

Total
75

 
$
(32,768
)

$
1,342,269


152


$
(108,825
)

$
2,391,452


$
(141,593
)

$
3,733,721

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
1,288

 
$
(22,552
)
 
$
1,026,504

 
228

 
$
(10,779
)
 
$
187,493

 
$
(33,332
)
 
$
1,213,997

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
22

 
(1,798
)
 
64,876

 
18

 
(1,469
)
 
25,980

 
(3,266
)
 
90,856

GNMA
39

 
(2,676
)
 
89,367

 
46

 
(12,662
)
 
262,952

 
(15,337
)
 
352,319

GNMA commercial mortgage-related securities
1

 
(951
)
 
28,308

 
24

 
(25,074
)
 
470,212

 
(26,026
)
 
498,520

Total
1,350

 
$
(27,976
)
 
$
1,209,055

 
316

 
$
(49,983
)
 
$
946,637

 
$
(77,961
)
 
$
2,155,692
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 September 30, 2018.
 
Less than 12 months
 
12 months or more
 
Total
September 30, 2018
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

 
$
(4
)
 
$
997

 
$
(4
)
 
$
997

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
18

 
(583
)
 
60,527

 
14

 
(5,549
)
 
172,119

 
(6,132
)
 
232,646

GNMA
47

 
(29,687
)
 
1,150,098

 
47

 
(49,841
)
 
1,029,912

 
(79,528
)
 
2,180,010

Private-label
—

 
—

 
—

 
1

 
(4
)
 
1,018

 
(4
)
 
1,018

GNMA commercial mortgage-related securities
4

 
(2,397
)
 
63,846

 
89

 
(53,427
)
 
1,187,406

 
(55,824
)
 
1,251,252

FFELP asset backed securities
6

 
(101
)

67,798


—


—


—


(101
)

67,798

Total
75

 
$
(32,768
)

$
1,342,269


152


$
(108,825
)

$
2,391,452


$
(141,593
)

$
3,733,721

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
1,288

 
$
(22,552
)
 
$
1,026,504

 
228

 
$
(10,779
)
 
$
187,493

 
$
(33,332
)
 
$
1,213,997

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
22

 
(1,798
)
 
64,876

 
18

 
(1,469
)
 
25,980

 
(3,266
)
 
90,856

GNMA
39

 
(2,676
)
 
89,367

 
46

 
(12,662
)
 
262,952

 
(15,337
)
 
352,319

GNMA commercial mortgage-related securities
1

 
(951
)
 
28,308

 
24

 
(25,074
)
 
470,212

 
(26,026
)
 
498,520

Total
1,350

 
$
(27,976
)
 
$
1,209,055

 
316

 
$
(49,983
)
 
$
946,637

 
$
(77,961
)
 
$
2,155,692


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, 2017.
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2017
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

 
$
(7
)
 
$
996

 
—

 
$
—

 
$
—

 
$
(7
)
 
$
996

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
9

 
(572
)
 
69,939

 
9

 
(2,062
)
 
142,093

 
(2,634
)
 
212,032

GNMA
44

 
(8,927
)
 
1,028,221

 
25

 
(22,451
)
 
737,198

 
(31,378
)
 
1,765,419

Private-label
—

 
—

 
—

 
1

 
(8
)
 
1,059

 
(8
)
 
1,059

GNMA commercial mortgage-related securities
33

 
(5,554
)
 
480,514

 
70

 
(28,347
)
 
1,026,642

 
(33,901
)
 
1,507,156

FFELP asset backed securities
1

 
(13
)
 
12,158

 
—

 
—

 
—

 
(13
)
 
12,158

Other debt securities
1

 
(12
)
 
188

 
—

 
—

 
—

 
(12
)
 
188

Other equity securities
3

 
(14
)
 
1,487

 
—

 
—

 
—

 
(14
)
 
1,487

Total
92

 
$
(15,099
)
 
$
1,593,503

 
105

 
$
(52,868
)
 
$
1,906,992

 
$
(67,967
)
 
$
3,500,495

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
157

 
$
(746
)
 
$
122,761

 
132

 
$
(2,431
)
 
$
127,043

 
$
(3,177
)
 
$
249,804

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
8

 
(73
)
 
13,143

 
10

 
(417
)
 
16,262

 
(490
)
 
29,405

GNMA
35

 
(3,373
)
 
268,388

 
18

 
(3,026
)
 
120,892

 
(6,399
)
 
389,280

GNMA commercial mortgage-related securities
2

 
(299
)
 
52,997

 
23

 
(15,457
)
 
486,891

 
(15,756
)
 
539,888

Total
202

 
$
(4,491
)
 
$
457,289

 
183

 
$
(21,331
)
 
$
751,088

 
$
(25,822
)
 
$
1,208,377