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Investment Securities (Tables)
 9 Months Ended
Sep. 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 September 30, 2019 were as follows:
 
($ in Thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)(a)
$
535,977

 
$
17,441

 
$
—

 
$
553,418

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
141,678

 
1,657

 
(326
)
 
143,009

 
GNMA
1,075,922

 
5,983

 
(1,322
)
 
1,080,584

 
Private-label
749

 
9

 
—

 
758

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
19,996

 
1,795

 
—

 
21,791

 
GNMA
1,363,848

 
10,095

 
(9,996
)
 
1,363,948

 
FFELP asset backed securities
272,871

 
40

 
(3,123
)
 
269,789

 
Other debt securities
3,000

 
—

 
(7
)
 
2,993

 
Total investment securities available for sale
$
3,414,042

 
$
37,021

 
$
(14,774
)
 
$
3,436,289

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

 
$
21

 
$
—

 
$
1,019

 
Obligations of state and political subdivisions (municipal securities)(a)
1,346,234

 
73,235

 
(733
)
 
1,418,736

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
86,140

 
1,467

 
(17
)
 
87,590

 
GNMA
295,370

 
4,832

 
(94
)
 
300,108

 
GNMA commercial mortgage-related securities
471,675

 
7,115

 
(4,959
)
 
473,832

 
Total investment securities held to maturity
$
2,200,419

 
$
86,669

 
$
(5,803
)
 
$
2,281,285

(a) As permitted by ASU 2019-04, which was adopted during the third quarter of 2019, the Corporation made a one-time election to transfer municipal securities with an amortized cost of $692 million from held to maturity to available for sale.

The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
($ in Thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
 
 
 
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 September 30, 2019 were as follows:
 
($ in Thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
 
 
 
Investment securities available for sale
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)(a)
$
535,977

 
$
17,441

 
$
—

 
$
553,418

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
141,678

 
1,657

 
(326
)
 
143,009

 
GNMA
1,075,922

 
5,983

 
(1,322
)
 
1,080,584

 
Private-label
749

 
9

 
—

 
758

 
Commercial mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
19,996

 
1,795

 
—

 
21,791

 
GNMA
1,363,848

 
10,095

 
(9,996
)
 
1,363,948

 
FFELP asset backed securities
272,871

 
40

 
(3,123
)
 
269,789

 
Other debt securities
3,000

 
—

 
(7
)
 
2,993

 
Total investment securities available for sale
$
3,414,042

 
$
37,021

 
$
(14,774
)
 
$
3,436,289

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

 
$
21

 
$
—

 
$
1,019

 
Obligations of state and political subdivisions (municipal securities)(a)
1,346,234

 
73,235

 
(733
)
 
1,418,736

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
86,140

 
1,467

 
(17
)
 
87,590

 
GNMA
295,370

 
4,832

 
(94
)
 
300,108

 
GNMA commercial mortgage-related securities
471,675

 
7,115

 
(4,959
)
 
473,832

 
Total investment securities held to maturity
$
2,200,419

 
$
86,669

 
$
(5,803
)
 
$
2,281,285

(a) As permitted by ASU 2019-04, which was adopted during the third quarter of 2019, the Corporation made a one-time election to transfer municipal securities with an amortized cost of $692 million from held to maturity to available for sale.

The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:
 
($ in Thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
(Losses)
 
Fair Value
 
 
 
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 September 30, 2019 are shown below:
 
Available for Sale
 
Held to Maturity
($ in Thousands)
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
Due in one year or less
$
3,045

 
$
3,049

 
$
29,063

 
$
29,208

Due after one year through five years
24,894

 
25,227

 
91,045

 
92,075

Due after five years through ten years
295,533

 
304,383

 
128,365

 
132,716

Due after ten years
215,505

 
223,752

 
1,098,760

 
1,165,757

Total debt securities
538,977

 
556,411

 
1,347,233

 
1,419,755

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
141,678

 
143,009

 
86,140

 
87,590

GNMA
1,075,922

 
1,080,584

 
295,370

 
300,108

Private-label
749

 
758

 
—

 
—

Commercial mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
19,996

 
21,791

 
—

 
—

GNMA
1,363,848

 
1,363,948

 
471,675

 
473,832

FFELP asset backed securities
272,871

 
269,789

 
—

 
—

Total investment securities
$
3,414,042

 
$
3,436,289

 
$
2,200,419

 
$
2,281,285

Ratio of fair value to amortized cost
 
 
100.7
%
 
 
 
103.7
%
Realized gains and losses and proceeds from sale The proceeds from the sale and write-up of investment securities for the nine months ended September 30, 2019 and 2018 are shown below:
 
Nine Months Ended September 30,
($ in Thousands)
2019
 
2018
Gross gains on available for sale securities
$
6,347

 
$
1,954

Gross gains on held to maturity securities
—

 
—

Total gains
6,347

 
1,954

Gross (losses) on available for sale securities
(13,861
)
 
(3,938
)
Gross (losses) on held to maturity securities
—

 
—

Total (losses)
(13,861
)
 
(3,938
)
Write-up of equity securities without readily determinable fair values
13,444

 
—

Investment securities gains (losses), net
$
5,931

 
$
(1,985
)
Proceeds from sales of investment securities
$
1,367,450

 
$
601,130
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, 2019:
 
Less than 12 months
 
12 months or more
 
Total
($ in Thousands)
Number
of
Securities
 
Unrealized
(Losses)
 
Fair
Value
 
Number
of
Securities
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
Investment securities available for sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
1

 
$
—

 
$
348

 
—

 
$
—

 
$
—

 
$
—

 
$
348

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
6

 
(38
)
 
21,554

 
10

 
(289
)
 
65,798

 
(326
)
 
87,352

GNMA
4

 
(440
)
 
67,563

 
3

 
(881
)
 
86,930

 
(1,322
)
 
154,493

GNMA commercial mortgage-related securities
15

 
(420
)
 
179,281

 
44

 
(9,576
)
 
653,148

 
(9,996
)
 
832,429

FFELP asset backed securities
18

 
(2,853
)
 
241,852

 
2

 
(270
)
 
13,213

 
(3,123
)
 
255,065

Other debt securities
3

 
(7
)
 
2,993

 
—

 
—

 
—

 
(7
)
 
2,993

Total
47

 
$
(3,758
)
 
$
513,592

 
59

 
$
(11,016
)
 
$
819,089

 
$
(14,774
)
 
$
1,332,681

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
25

 
$
(705
)
 
$
34,087

 
10

 
$
(28
)
 
$
3,846

 
$
(733
)
 
$
37,934

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
3

 
(8
)
 
3,674

 
1

 
(9
)
 
840

 
(17
)
 
4,514

GNMA
1

 
(25
)
 
6,490

 
8

 
(69
)
 
6,938

 
(94
)
 
13,429

GNMA commercial mortgage-related securities
2

 
(56
)
 
29,467

 
21

 
(4,903
)
 
390,602

 
(4,959
)
 
420,069

Total
31

 
$
(794
)
 
$
73,718

 
40

 
$
(5,009
)
 
$
402,227

 
$
(5,803
)
 
$
475,945


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
($ in Thousands)
Number
of
Securities
 
Unrealized
(Losses)
 
Fair
Value
 
Number
of
Securities
 
Unrealized
(Losses)
 
Fair
Value
 
Unrealized
(Losses)
 
Fair
Value
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