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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
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 at March 31, 2019 were as follows:
 
March 31, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
$
242,921

 
$
1,607

 
$
(2,453
)
 
$
242,074

 
GNMA
2,060,377

 
727

 
(23,004
)
 
2,038,100

 
Private-label
877

 
1

 
—

 
878

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
20,309

 
346

 
—

 
20,655

 
GNMA
1,291,892

 
402

 
(44,512
)
 
1,247,782

 
FFELP asset backed securities
276,164

 
931

 
(195
)
 
276,899

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
3,895,540

 
$
4,013

 
$
(70,164
)
 
$
3,829,388

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
999

 
$
8

 
$
—

 
$
1,007

 
Obligations of state and political subdivisions (municipal securities)
1,922,792

 
39,043

 
(1,349
)
 
1,960,487

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
91,003

 
413

 
(601
)
 
90,815

 
GNMA
339,742

 
1,714

 
(3,314
)
 
338,141

 
GNMA commercial mortgage-related securities
492,154

 
7,112

 
(20,846
)
 
478,421

 
Total investment securities held to maturity
$
2,846,689

 
$
48,291

 
$
(26,109
)
 
$
2,868,870


The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
December 31, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,000

 
$
—

 
$
(1
)
 
$
999

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
296,296

 
2,466

 
(3,510
)
 
295,252

 
GNMA
2,169,943

 
473

 
(41,885
)
 
2,128,531

 
Private-label
1,007

 
—

 
(4
)
 
1,003

 
GNMA commercial mortgage-related securities
1,273,309

 
—

 
(52,512
)
 
1,220,797

 
FFELP asset backed securities
297,347


711


(698
)

297,360

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
4,041,902

 
$
3,649

 
$
(98,610
)
 
$
3,946,941

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,790,683

 
$
8,255

 
$
(15,279
)
 
$
1,783,659

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
92,788

 
169

 
(1,795
)
 
91,162

 
GNMA
351,606

 
1,611

 
(8,181
)
 
345,035

 
GNMA commercial mortgage-related securities
505,434


7,559


(22,579
)

490,414

 
Total investment securities held to maturity
$
2,740,511

 
$
17,593

 
$
(47,835
)
 
$
2,710,271
Investment securities held to maturity The amortized cost and fair values of securities available for sale and held to maturity at March 31, 2019 were as follows:
 
March 31, 2019
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
$
242,921

 
$
1,607

 
$
(2,453
)
 
$
242,074

 
GNMA
2,060,377

 
727

 
(23,004
)
 
2,038,100

 
Private-label
877

 
1

 
—

 
878

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
20,309

 
346

 
—

 
20,655

 
GNMA
1,291,892

 
402

 
(44,512
)
 
1,247,782

 
FFELP asset backed securities
276,164

 
931

 
(195
)
 
276,899

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
3,895,540

 
$
4,013

 
$
(70,164
)
 
$
3,829,388

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
999

 
$
8

 
$
—

 
$
1,007

 
Obligations of state and political subdivisions (municipal securities)
1,922,792

 
39,043

 
(1,349
)
 
1,960,487

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
91,003

 
413

 
(601
)
 
90,815

 
GNMA
339,742

 
1,714

 
(3,314
)
 
338,141

 
GNMA commercial mortgage-related securities
492,154

 
7,112

 
(20,846
)
 
478,421

 
Total investment securities held to maturity
$
2,846,689

 
$
48,291

 
$
(26,109
)
 
$
2,868,870


The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
December 31, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,000

 
$
—

 
$
(1
)
 
$
999

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
296,296

 
2,466

 
(3,510
)
 
295,252

 
GNMA
2,169,943

 
473

 
(41,885
)
 
2,128,531

 
Private-label
1,007

 
—

 
(4
)
 
1,003

 
GNMA commercial mortgage-related securities
1,273,309

 
—

 
(52,512
)
 
1,220,797

 
FFELP asset backed securities
297,347


711


(698
)

297,360

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
4,041,902

 
$
3,649

 
$
(98,610
)
 
$
3,946,941

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,790,683

 
$
8,255

 
$
(15,279
)
 
$
1,783,659

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
92,788

 
169

 
(1,795
)
 
91,162

 
GNMA
351,606

 
1,611

 
(8,181
)
 
345,035

 
GNMA commercial mortgage-related securities
505,434


7,559


(22,579
)

490,414

 
Total investment securities held to maturity
$
2,740,511

 
$
17,593

 
$
(47,835
)
 
$
2,710,271
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 March 31, 2019 are shown below:
 
Available for Sale
 
Held to Maturity
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
($ in Thousands)
Due in one year or less
$
1,000

 
$
1,000

 
$
46,085

 
$
46,262

Due after one year through five years
2,000

 
2,000

 
190,810

 
191,172

Due after five years through ten years
—

 
—

 
444,710

 
450,417

Due after ten years
—

 
—

 
1,242,186

 
1,273,642

Total debt securities
3,000

 
3,000

 
1,923,790

 
1,961,493

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
242,921

 
242,074

 
91,003

 
90,815

GNMA
2,060,377

 
2,038,100

 
339,742

 
338,141

Private-label
877

 
878

 
—

 
—

Commercial mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
20,309

 
20,655

 
—

 
—

GNMA
1,291,892

 
1,247,782

 
492,154

 
478,421

FFELP asset backed securities
276,164

 
276,899

 
—

 
—

Total investment securities
$
3,895,540

 
$
3,829,388

 
$
2,846,689

 
$
2,868,870

Ratio of fair value to amortized cost
 
 
98.3
%
 
 
 
100.8
%
Realized gains and losses and proceeds from sale The proceeds from the sale of investment securities for the three months ended March 31, 2019 and 2018 are shown below:
 
Three Months Ended March 31,
 
2019
 
2018
 
($ in Thousands)
Gross gains on available for sale securities
$
1,680

 
$
—

Gross gains on held to maturity securities
—

 
—

Total gains
1,680

 
—

Gross losses on available for sale securities
—

 
—

Gross losses on held to maturity securities
—

 
—

Total losses
—

 
—

Investment securities gains (losses), net
$
1,680

 
$
—

Proceeds from sales of investment securities
$
131,122

 
$
452,867
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 March 31, 2019:
 
Less than 12 months
 
12 months or more
 
Total
March 31, 2019
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
9

 
$
(5
)
 
$
6,468

 
17

 
$
(2,448
)
 
$
172,018

 
$
(2,453
)
 
$
178,486

GNMA
9

 
(1,760
)
 
110,619

 
73

 
(21,245
)
 
1,660,128

 
(23,004
)
 
1,770,747

GNMA commercial mortgage-related securities
—

 
—

 
—

 
92

 
(44,512
)
 
1,197,896

 
(44,512
)
 
1,197,896

FFELP asset backed securities
10

 
(195
)

128,657


—


—


—


(195
)

128,657

Total
28

 
$
(1,959
)

$
245,744


182


$
(68,205
)

$
3,030,042


$
(70,164
)

$
3,275,786

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
7

 
$
(13
)
 
$
5,599

 
193

 
$
(1,336
)
 
$
136,727

 
$
(1,349
)
 
$
142,326

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
1

 
(3
)
 
1,664

 
22

 
(598
)
 
51,691

 
(601
)
 
53,356

GNMA
—

 
—

 
—

 
63

 
(3,314
)
 
283,774

 
(3,314
)
 
283,774

GNMA commercial mortgage-related securities
—

 
—

 
—

 
25

 
(20,846
)
 
478,421

 
(20,846
)
 
478,421

Total
8

 
$
(16
)
 
$
7,264

 
303

 
$
(26,093
)
 
$
950,613

 
$
(26,109
)
 
$
957,877


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, 2018:
 
Less than 12 months
 
12 months or more
 
Total
December 31, 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

 
$
(1
)
 
$
999

 
$
(1
)
 
$
999

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
15

 
(31
)
 
17,993

 
17

 
(3,479
)
 
189,405

 
(3,510
)
 
207,398

GNMA
12

 
(4,529
)
 
452,183

 
79

 
(37,355
)
 
1,598,159

 
(41,885
)
 
2,050,342

Private-label
1

 
(4
)
 
1,003

 
—

 
—

 
—

 
(4
)
 
1,003

GNMA commercial mortgage-related securities
—

 
—

 
—

 
93

 
(52,512
)
 
1,220,854

 
(52,512
)
 
1,220,854

FFELP asset backed securities
13

 
(698
)
 
142,432

 
—

 
—

 
—

 
(698
)
 
142,432

Total
41

 
$
(5,262
)
 
$
613,612

 
190

 
$
(93,347
)
 
$
3,009,417

 
$
(98,610
)
 
$
3,623,028

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
272

 
$
(2,860
)
 
$
313,212

 
752

 
$
(12,419
)
 
$
509,374

 
$
(15,279
)
 
$
822,586

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
13

 
(780
)
 
57,896

 
22

 
(1,015
)
 
28,888

 
(1,795
)
 
86,784

GNMA
13

 
(414
)
 
19,822

 
66

 
(7,767
)
 
320,387

 
(8,181
)
 
340,209

GNMA commercial mortgage-related securities
—

 
—

 
—

 
25

 
(22,579
)
 
490,414

 
(22,579
)
 
490,414

Total
298

 
$
(4,053
)
 
$
390,929

 
865

 
$
(43,780
)
 
$
1,349,063

 
$
(47,835
)
 
$
1,739,992