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Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Marketable Securities [Abstract]  
Trading Securities [Table Text Block] The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):
 
 
 
December 31, 2018
 
December 31, 2017
 
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair Value
 
Net Unrealized Gain (Loss)
U.S. government agency debentures
 
$
63,765

 
$
254

 
$
21,196

 
$
8

U.S. government agency residential mortgage-backed securities
 
1,791,584

 
9,966

 
392,673

 
(517
)
Municipal and other tax-exempt securities
 
34,507

 
(1
)
 
13,559

 
83

Asset-backed securities
 
42,656

 
685

 
23,885

 
(26
)
Other trading securities
 
24,411

 
65

 
11,363

 
4

Total trading securities
 
$
1,956,923

 
$
10,969

 
$
462,676

 
$
(448
)
Investment Securities (Held-to-Maturity) [Table Text Block] The amortized cost and fair values of investment securities are as follows (in thousands):

 
 
December 31, 2018
 
 
Amortized
 
Fair
 
Gross Unrealized
 
 
Cost
 
Value
 
Gain
 
Loss
Municipal and other tax-exempt securities
 
$
137,296

 
$
138,562

 
$
1,858

 
$
(592
)
U.S. government agency residential mortgage-backed securities
 
12,612

 
12,770

 
293

 
(135
)
Other debt securities
 
205,279

 
215,966

 
12,257

 
(1,570
)
Total investment securities
 
$
355,187

 
$
367,298

 
$
14,408

 
$
(2,297
)

 
 
December 31, 2017
 
 
Amortized
 
Fair
 
Gross Unrealized
 
 
Cost
 
Value
 
Gain
 
Loss
Municipal and other tax-exempt securities
 
$
228,186

 
$
230,349

 
$
2,967

 
$
(804
)
U.S. government agency residential mortgage-backed securities
 
15,891

 
16,242

 
446

 
(95
)
Other debt securities
 
217,716

 
233,444

 
17,095

 
(1,367
)
Total investment securities
 
$
461,793

 
$
480,035

 
$
20,508

 
$
(2,266
)


The amortized cost and fair values of investment securities at December 31, 2018, by contractual maturity, are as shown in the following table (dollars in thousands):
 
 
Less than
One Year
 
One to
Five Years
 
Six to
Ten Years
 
Over
Ten Years
 
Total
 
Weighted
Average
Maturity²
Municipal and other tax-exempt securities:
 
 
 
 
 
 
 
 
 
 
 
 
Carrying value
 
$
41,475

 
$
46,363

 
$
35,077

 
$
14,381

 
$
137,296

 
4.73

Fair value
 
41,371

 
46,123

 
36,471

 
14,597

 
138,562

 
 
Nominal yield¹
 
2.25
%
 
3.94
%
 
6.00
%
 
4.32
%
 
4.00
%
 
 
Other debt securities:
 
 

 
 

 
 

 
 

 
 

 
 
Carrying value
 
$
16,282

 
$
61,830

 
$
115,606

 
$
11,561

 
$
205,279

 
5.50

Fair value
 
16,327

 
63,923

 
125,050

 
10,666

 
215,966

 
 
Nominal yield
 
3.88
%
 
4.69
%
 
5.76
%
 
4.33
%
 
5.21
%
 
 
Total fixed maturity securities:
 
 

 
 

 
 

 
 

 
 

 
 
Carrying value
 
$
57,757

 
$
108,193

 
$
150,683

 
$
25,942

 
$
342,575

 
5.19

Fair value
 
57,698

 
110,046

 
161,521

 
25,263

 
354,528

 
 

Nominal yield
 
2.71
%
 
4.37
%
 
5.82
%
 
4.32
%
 
4.73
%
 
 

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

 
 

Carrying value
 
 

 
 

 
 

 
 

 
$
12,612

 
³
Fair value
 
 

 
 

 
 

 
 

 
12,770

 
 

Nominal yield4
 
 

 
 

 
 

 
 

 
2.77
%
 
 

Total investment securities:
 
 

 
 

 
 

 
 

 
 

 
 

Carrying value
 
 

 
 

 
 

 
 

 
$
355,187

 
 

Fair value
 
 

 
 

 
 

 
 

 
367,298

 
 

Nominal yield
 
 

 
 

 
 

 
 

 
4.65
%
 
 

1 
Calculated on a taxable equivalent basis using a 25 percent effective tax rate.
2 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
3 
The average expected lives of residential mortgage-backed securities were 4.7 years based upon current prepayment assumptions.
4 
The nominal yield on residential mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary - Unaudited for current yields on the investment securities portfolio.
Available for Sale Securities [Table Text Block] The amortized cost and fair value of available for sale securities are as follows (in thousands):
 
 
December 31, 2018
 
 
Amortized
 
Fair
 
Gross Unrealized
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI
U.S. Treasury securities
 
$
496

 
$
493

 
$
—

 
$
(3
)
 
$
—

Municipal and other tax-exempt securities
 
2,782

 
2,864

 
82

 
—

 
—

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

U.S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
3,414,573

 
3,367,124

 
10,559

 
(58,008
)
 
—

FHLMC
 
1,723,399

 
1,699,779

 
5,189

 
(28,809
)
 
—

GNMA
 
748,351

 
737,805

 
401

 
(10,947
)
 
—

Total U.S. government agencies
 
5,886,323

 
5,804,708

 
16,149

 
(97,764
)
 
—

Private issue
 
40,948

 
59,736

 
18,788

 
—

 
—

Total residential mortgage-backed securities
 
5,927,271


5,864,444

 
34,937

 
(97,764
)
 
—

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,986,297

 
2,953,889

 
7,955

 
(40,363
)
 
—

Other debt securities
 
35,545

 
35,430

 
12

 
(127
)
 
—

Total available for sale securities
 
$
8,952,391

 
$
8,857,120

 
$
42,986

 
$
(138,257
)
 
$
—



 
 
December 31, 2017
 
 
Amortized
 
Fair
 
Gross Unrealized
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI
U.S. Treasury securities
 
$
1,000

 
$
1,000

 
$
—

 
$
—

 
$
—

Municipal and other tax-exempt securities
 
27,182

 
27,080

 
181

 
(283
)
 
—

Residential mortgage-backed securities:
 
 
 
 

 
 

 
 

 
 

U.S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
3,021,551

 
2,997,563

 
11,549

 
(35,537
)
 
—

FHLMC
 
1,545,971

 
1,531,009

 
3,148

 
(18,110
)
 
—

GNMA
 
787,626

 
780,580

 
1,607

 
(8,653
)
 
—

Total U.S. government agencies
 
5,355,148

 
5,309,152

 
16,304

 
(62,300
)
 
—

Private issue
 
74,311

 
93,221

 
19,301

 
—

 
(391
)
Total residential mortgage-backed securities
 
5,429,459

 
5,402,373

 
35,605

 
(62,300
)
 
(391
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,858,885

 
2,834,961

 
1,963

 
(25,887
)
 
—

Other debt securities
 
25,500

 
25,481

 
50

 
(69
)
 
—

Perpetual preferred stock
 
12,562

 
15,767

 
3,205

 
—

 
—

Equity securities and mutual funds
 
14,487

 
14,916

 
515

 
(86
)
 
—

Total available for sale securities
 
$
8,369,075

 
$
8,321,578

 
$
41,519

 
$
(88,625
)
 
$
(391
)



The amortized cost and fair values of available for sale securities at December 31, 2018, by contractual maturity, are as shown in the following table (dollars in thousands):
 
Less than
One Year
 
One to
Five Years
 
Six to
Ten Years
 
Over
Ten Years
 
Total
 
Weighted
Average
Maturity4
U.S. Treasury securities:
 
 
 
 
 
 
 
 
 
 
 
Amortized cost
$
—

 
$
496

 
$
—

 
$
—

 
$
496

 
1.08

Fair value
—

 
493

 
—

 
—

 
493

 
 
Nominal yield
—
%
 
1.99
%
 
—
%
 
—
%
 
1.99
%
 
 
Municipal and other tax-exempt securities:
 

 
 

 
 

 
 

 
 

 
 
Amortized cost
$
1,057

 
$
1,725

 
$
—

 
$
—

 
2,782

 
1.67

Fair value
1,063

 
1,801

 
—

 
—

 
2,864

 
 
Nominal yield¹
6.69
%
 
6.45
%
 
—
%
 
—
%
 
6.54
%
 
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 

 
 
Amortized cost
$
77,558

 
$
1,107,567

 
$
1,497,468

 
$
303,704

 
2,986,297

 
6.90

Fair value
76,902

 
1,088,991

 
1,486,939

 
301,057

 
2,953,889

 
 
Nominal yield
1.66
%
 
2.06
%
 
2.44
%
 
2.54
%
 
2.29
%
 
 
Other debt securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
—

 
$
—

 
$
—

 
$
35,545

 
35,545

 
13.61

Fair value
—

 
—

 
—

 
35,430

 
35,430

 
 
Nominal yield
—
%
 
—
%
 
—
%
 
1.94
%
5 
1.94
%
 
 
Total fixed maturity securities:
 

 
 

 
 

 
 

 
 

 
 
Amortized cost
$
78,615

 
$
1,109,788

 
$
1,497,468

 
$
339,249

 
$
3,025,120

 
6.98

Fair value
77,965

 
1,091,285

 
1,486,939

 
336,487

 
2,992,676

 
 
Nominal yield
1.73
%
 
2.07
%
 
2.44
%
 
2.48
%
 
2.29
%
 
 
Residential mortgage-backed securities:
 

 
 

 
 

 
 

 
 

 
 
Amortized cost
 

 
 

 
 

 
 

 
$
5,927,271

 
2 
Fair value
 

 
 

 
 

 
 

 
5,864,444

 
 
Nominal yield3
 

 
 

 
 

 
 

 
2.41
%
 
 
Total available-for-sale securities:
 

 
 

 
 

 
 

 
 
 
 

Amortized cost
 

 
 

 
 

 
 

 
$
8,952,391

 
 

Fair value
 

 
 

 
 

 
 

 
8,857,120

 
 

Nominal yield
 

 
 

 
 

 
 

 
2.37
%
 
 

1 
Calculated on a taxable equivalent basis using a 25 percent effective tax rate.
2 
The average expected lives of mortgage-backed securities were 4.1 years based upon current prepayment assumptions.
3 
The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.
4 
Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
5 
Nominal yield on other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.


Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 
Year Ended December 31,
 
2018
 
2017
 
2016
Proceeds
$
745,643

 
$
1,309,215

 
$
899,381

Gross realized gains
7,117

 
10,223

 
11,696

Gross realized losses
(9,918
)
 
(5,795
)
 
(21
)
Related federal and state income tax expense
(713
)
 
1,722

 
4,542
Schedule of Unrealized Loss on Investments [Table Text Block] Temporarily Impaired Securities as of December 31, 2018
(In thousands)
 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt securities
 
72

 
$
18,255

 
$
69

 
$
66,141

 
$
523

 
$
84,396

 
$
592

U.S. government agency residential mortgage-backed securities – Other
 
2

 
—

 
—

 
5,633

 
135

 
5,633

 
135

Other debt securities
 
72

 
13,372

 
64

 
23,028

 
1,506

 
36,400

 
1,570

Total investment securities
 
146

 
$
31,627

 
$
133

 
$
94,802

 
$
2,164

 
$
126,429

 
$
2,297


 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available for sale:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury securities
 
1

 
$
—

 
$
—

 
$
493

 
$
3

 
$
493

 
$
3

Municipal and other tax-exempt securities
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 

 
 

 
 

 
 

 


 


U.S. government agencies:
 
 
 
 

 
 

 
 

 
 

 


 


FNMA
 
162

 
161,089

 
542

 
2,135,377

 
57,466

 
2,296,466

 
58,008

FHLMC
 
85

 
71,205

 
328

 
1,129,730

 
28,481

 
1,200,935

 
28,809

GNMA
 
42

 
278,530

 
288

 
376,263

 
10,659

 
654,793

 
10,947

Total U.S. agencies
 
289

 
510,824

 
1,158

 
3,641,370

 
96,606

 
4,152,194

 
97,764

Private issue1
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total residential mortgage-backed securities
 
289

 
510,824

 
1,158

 
3,641,370

 
96,606

 
4,152,194

 
97,764

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
197

 
179,258

 
394

 
1,969,504

 
39,969

 
2,148,762

 
40,363

Other debt securities
 
3

 
9,982

 
63

 
20,436

 
64

 
30,418

 
127

Total available for sale securities
 
490

 
$
700,064

 
$
1,615

 
$
5,631,803

 
$
136,642

 
$
6,331,867

 
$
138,257

1 
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.

Temporarily Impaired Securities as of December 31, 2017
(In thousands)
 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax- exempt securities
 
100

 
$
145,960

 
$
643

 
$
5,833

 
$
161

 
$
151,793

 
$
804

U.S. government agency residential mortgage-backed securities – Other
 
1

 
—

 
—

 
3,356

 
95

 
3,356

 
95

Other debt securities
 
49

 
20,091

 
1,238

 
3,076

 
129

 
23,167

 
1,367

Total investment securities
 
150

 
$
166,051

 
$
1,881

 
$
12,265

 
$
385

 
$
178,316

 
$
2,266


 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available for sale:
 
 

 
 

 
 

 
 

 
 

 


 


U.S. Treasury securities
 
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Municipal and other tax-exempt securities
 
19

 
12,765

 
18

 
4,802

 
265

 
17,567

 
283

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

 


 


U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

 


 


FNMA
 
113

 
1,203,041

 
9,618

 
824,029

 
25,919

 
2,027,070

 
35,537

FHLMC
 
69

 
863,778

 
7,297

 
385,816

 
10,813

 
1,249,594

 
18,110

GNMA
 
27

 
201,887

 
1,452

 
248,742

 
7,201

 
450,629

 
8,653

Total U.S. agencies
 
209

 
2,268,706

 
18,367

 
1,458,587

 
43,933

 
3,727,293

 
62,300

Private issue1
 
8

 
5,898

 
391

 
—

 
—

 
5,898

 
391

Total residential mortgage-backed securities
 
217

 
2,274,604

 
18,758

 
1,458,587

 
43,933

 
3,733,191

 
62,691

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
185

 
1,465,703

 
11,824

 
652,296

 
14,063

 
2,117,999

 
25,887

Other debt securities
 
2

 
19,959

 
41

 
472

 
28

 
20,431

 
69

Perpetual preferred stock
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Equity securities and mutual funds
 
111

 
911

 
7

 
2,203

 
79

 
3,114

 
86

Total available for sale securities
 
534


$
3,773,942


$
30,648


$
2,118,360


$
58,368


$
5,892,302


$
89,016

1 
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.
Schedule of Fair Value Option Securities [Table Text Block] The fair value and net unrealized gain (loss) included in Fair value option securities is as follows (in thousands):
 
 
December 31, 2018
 
December 31, 2017
 
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair Value
 
Net Unrealized Gain (Loss)
U.S. government agency residential mortgage-backed securities
 
$
283,235

 
$
2,766

 
$
755,054

 
$
(1,877
)