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Securities
 12 Months Ended
Dec. 31, 2021
Marketable Securities [Abstract]  
Securities [Text Block] Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):
 
 December 31, 2021December 31, 2020
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$23,610 $40 $9,183 $— 
Residential agency mortgage-backed securities
9,068,900 (9,338)4,669,148 (3,624)
Municipal securities25,783 34 19,172 42 
Other debt securities18,520 (26)10,472 22 
Total trading securities$9,136,813 $(9,290)$4,707,975 $(3,560)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 December 31, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$203,772 $223,609 $19,851 $(14)
Residential agency mortgage-backed securities
6,939 7,500 561 — 
Other debt securities288 286 — (2)
Total investment securities$210,999 $231,395 $20,412 $(16)
Allowance for credit losses1
(555)
Investment securities, net of allowance$210,444 $231,395 $20,412 $(16)
1 Effective with the adoption of FASB ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) on January 1, 2020.
 December 31, 2020
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$229,245 $255,270 $26,169 $(144)
Residential agency mortgage-backed securities
8,913 9,790 877 — 
Other debt securities7,373 7,371 — (2)
Total investment securities$245,531 $272,431 $27,046 $(146)
Allowance for credit losses1
(688)
Investment securities, net of allowance$244,843 $272,431 $27,046 $(146)
1 Effective with the adoption of FASB ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) on January 1, 2020.
The amortized cost and fair values of investment securities at December 31, 2021, 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
Maturity1
Fixed maturity debt securities:     
Amortized cost$21,800 $103,923 $72,262 $6,075 $204,060 4.45 
Fair value21,960 117,750 78,053 6,132 223,895  
Residential mortgage-backed securities:      
Amortized cost    $6,939 
2
Fair value    7,500  
Total investment securities:      
Amortized cost    $210,999  
Fair value    231,395  
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.1 years based upon current prepayment assumptions.


Temporarily Impaired Investment Securities
(in thousands):
December 31, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities1 $— $— $587 $14 $587 $14 
Other debt securities2 $273 $2 $— $— $273 $2 
Total investment securities3 $273 $2 $587 $14 $860 $16 

December 31, 2020
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities6 $2,451 $40 $2,043 $104 $4,494 $144 
Other debt securities2 250 1 25 1 275 2 
Total investment securities8 $2,701 $41 $2,068 $105 $4,769 $146 
Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 December 31, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$1,001 $1,000 $— $(1)
Municipal securities515,551 508,365 1,302 (8,488)
Mortgage-backed securities:    
Residential agency7,908,587 8,006,616 155,477 (57,448)
Residential non-agency10,625 24,339 13,714 — 
Commercial agency4,628,172 4,617,025 36,868 (48,015)
Other debt securities500 472 — (28)
Total available for sale securities$13,064,436 $13,157,817 $207,361 $(113,980)
 December 31, 2020
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$500 $508 $8 $— 
Municipal securities165,318 167,979 2,666 (5)
Mortgage-backed securities:   
Residential agency9,019,013 9,340,471 328,183 (6,725)
Residential non-agency17,563 32,770 15,207 — 
Commercial agency3,406,956 3,508,465 103,590 (2,081)
Other debt securities500 472 — (28)
Total available for sale securities$12,609,850 $13,050,665 $449,654 $(8,839)

The amortized cost and fair values of available for sale securities at December 31, 2021, 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
Maturity1
Fixed maturity debt securities: 
Amortized cost$74,454 $1,881,944 $2,695,022 $493,804 $5,145,224 6.76 
Fair value74,874 1,898,237 2,657,759 495,992 5,126,862 
Residential mortgage-backed securities:     
Amortized cost    $7,919,212 
2
Fair value    8,030,955 
Total available-for-sale securities:      
Amortized cost    $13,064,436  
Fair value    13,157,817  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 3.7 years based upon current prepayment assumptions.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
Year Ended December 31,
 202120202019
Proceeds$622,881 $384,507 $1,211,718 
Gross realized gains5,702 9,976 14,996 
Gross realized losses(1,998)(66)(9,399)
Related federal and state income tax expense889 2,524 1,425 

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $10.2 billion at December 31, 2021 and $11.6 billion at December 31, 2020.

The secured parties do not have the right to sell or re-pledge these securities.


Temporarily Impaired Available for Sale Securities
(In thousands)
December 31, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:       
U.S. Treasury
1 $1,000 $1 $— $— $1,000 $1 
Municipal securities175 423,575 7,762 22,476 726 446,051 8,488 
Mortgage-backed securities:
Residential agency120 $2,382,094 $37,121 $750,044 $20,327 $3,132,138 $57,448 
Commercial agency
165 2,104,689 35,488 703,216 12,527 2,807,905 48,015 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities462 $4,911,358 $80,372 $1,476,208 $33,608 $6,387,566 $113,980 
December 31, 2020
Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:     
Municipal securities1 6,166 5 — — 6,166 5 
Mortgage-backed securities:
     
Residential agency38 $786,890 $6,605 $160,747 $120 $947,637 $6,725 
Commercial agency
37 350,506 1,587 277,627 494 628,133 2,081 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities77 $1,143,562 $8,197 $438,846 $642 $1,582,408 $8,839 

No credit impairment of available for sale securities was identified in 2021. Unrealized losses related to changes in interest rates subsequent to purchase and are not attributable to credit. Based on evaluations of impaired securities as of December 31, 2021, the Company does not intend to sell any impaired available for sale securities before fair value recovers to the current amortized cost and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.
Fair Value Option Securities
 
Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets with changes in the fair value recognized in earnings as they occur. Certain residential mortgage-backed securities issued by U.S. government agencies and derivative contracts are held as an economic hedge of the mortgage servicing rights. 
The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 December 31, 2021December 31, 2020
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities43,770 1,591 114,982 4,463