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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2019 were as follows:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
$
182,893

 
$
1,646

 
$
(817
)
 
$
183,722

 
GNMA
1,325,739

 
7,942

 
(2,048
)
 
1,331,633

 
Private-label
805

 
9

 
—

 
814

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
20,244

 
858

 
—

 
21,102

 
GNMA
1,483,392

 
6,217

 
(19,562
)
 
1,470,048

 
FFELP asset backed securities
274,520

 
152

 
(1,535
)
 
273,137

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
3,290,593

 
$
16,825

 
$
(23,962
)
 
$
3,283,456

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

 
$
20

 
$
—

 
$
1,019

 
Obligations of state and political subdivisions (municipal securities)
1,913,737

 
68,372

 
(152
)
 
1,981,957

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
89,078

 
1,143

 
(145
)
 
90,076

 
GNMA
321,046

 
3,430

 
(292
)
 
324,184

 
GNMA commercial mortgage-related securities
481,205

 
7,264

 
(10,948
)
 
477,521

 
Total investment securities held to maturity
$
2,806,064

 
$
80,230

 
$
(11,537
)
 
$
2,874,758


The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
 
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 June 30, 2019 were as follows:
 
 
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
$
182,893

 
$
1,646

 
$
(817
)
 
$
183,722

 
GNMA
1,325,739

 
7,942

 
(2,048
)
 
1,331,633

 
Private-label
805

 
9

 
—

 
814

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
20,244

 
858

 
—

 
21,102

 
GNMA
1,483,392

 
6,217

 
(19,562
)
 
1,470,048

 
FFELP asset backed securities
274,520

 
152

 
(1,535
)
 
273,137

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Total investment securities available for sale
$
3,290,593

 
$
16,825

 
$
(23,962
)
 
$
3,283,456

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

 
$
20

 
$
—

 
$
1,019

 
Obligations of state and political subdivisions (municipal securities)
1,913,737

 
68,372

 
(152
)
 
1,981,957

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
89,078

 
1,143

 
(145
)
 
90,076

 
GNMA
321,046

 
3,430

 
(292
)
 
324,184

 
GNMA commercial mortgage-related securities
481,205

 
7,264

 
(10,948
)
 
477,521

 
Total investment securities held to maturity
$
2,806,064

 
$
80,230

 
$
(11,537
)
 
$
2,874,758


The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
 
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 June 30, 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

 
$
48,235

 
$
48,393

Due after one year through five years
2,000

 
2,000

 
184,581

 
185,909

Due after five years through ten years
—

 
—

 
479,215

 
491,122

Due after ten years
—

 
—

 
1,202,705

 
1,257,552

Total debt securities
3,000

 
3,000

 
1,914,735

 
1,982,976

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
182,893

 
183,722

 
89,078

 
90,076

GNMA
1,325,739

 
1,331,633

 
321,046

 
324,184

Private-label
805

 
814

 
—

 
—

Commercial mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
20,244

 
21,102

 
—

 
—

GNMA
1,483,392

 
1,470,048

 
481,205

 
477,521

FFELP asset backed securities
274,520

 
273,137

 
—

 
—

Total investment securities
$
3,290,593

 
$
3,283,456

 
$
2,806,064

 
$
2,874,758

Ratio of fair value to amortized cost
 
 
99.8
%
 
 
 
102.4
%
Realized gains and losses and proceeds from sale nvestment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale and write-up of investment securities for the six months ended June 30, 2019 and 2018 are shown below:
 
Six Months Ended June 30,
 
2019
 
2018
 
($ in Thousands)
Gross gains on available for sale securities
$
2,334

 
$
—

Gross gains on held to maturity securities
—

 
—

Total gains
2,334

 
—

Gross losses on available for sale securities
(13,636
)
 
(2,015
)
Gross losses on held to maturity securities
—

 
—

Total losses
(13,636
)
 
(2,015
)
Write-up of equity securities without readily determinable fair values
13,444

 
—

Investment securities gains (losses), net
$
2,143

 
$
(2,015
)
Proceeds from sales of investment securities
$
934,228

 
$
493,060
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 June 30, 2019:
 
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
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
3

 
$
—

 
$
781

 
14

 
$
(817
)
 
$
121,661

 
$
(817
)
 
$
122,441

GNMA
2

 
(602
)
 
53,013

 
13

 
(1,446
)
 
316,714

 
(2,048
)
 
369,727

GNMA commercial mortgage-related securities
—

 
—

 
—

 
70

 
(19,562
)
 
1,002,980

 
(19,562
)
 
1,002,980

FFELP asset backed securities
16

 
(1,380
)
 
205,710

 
1

 
(155
)
 
5,839

 
(1,535
)
 
211,550

Other debt securities
3

 
—

 
3,000

 
—

 
—

 
—

 
—

 
3,000

Total
24

 
$
(1,982
)
 
$
262,504

 
98

 
$
(21,979
)
 
$
1,447,194

 
$
(23,962
)
 
$
1,709,698

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
8

 
$
(12
)
 
$
3,962

 
50

 
$
(140
)
 
$
25,109

 
$
(152
)
 
$
29,071

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
—

 
—

 
—

 
10

 
(145
)
 
18,474

 
(145
)
 
18,474

GNMA
1

 
(51
)
 
6,956

 
27

 
(241
)
 
35,339

 
(292
)
 
42,295

GNMA commercial mortgage-related securities
—

 
—

 
—

 
22

 
(10,948
)
 
404,790

 
(10,948
)
 
404,790

Total
9

 
$
(63
)
 
$
10,918

 
109

 
$
(11,474
)
 
$
483,712

 
$
(11,537
)
 
$
494,630


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
 
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