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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
September 30, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
40,996

 
$
5

 
$
(740
)
 
$
40,261

Obligations of state and political subdivisions
265,565

 
694

 
(4,852
)
 
261,407

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
3,654,417

 
68

 
(140,816
)
 
3,513,669

          Commercial agency
721,899

 
—

 
(26,513
)
 
695,386

Other securities
126,098

 
—

 
(2,697
)
 
123,401

Total securities available for sale
$
4,808,975

 
$
767

 
$
(175,618
)
 
$
4,634,124

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
194,382

 
$
349

 
$
(5,277
)
 
$
189,454

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
19,179

 
28

 
(1,352
)
 
17,855

Total securities held to maturity
$
213,561

 
$
377

 
$
(6,629
)
 
$
207,309



 
December 31, 2017
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
41,003

 
$
18

 
$
(406
)
 
$
40,615

Obligations of state and political subdivisions
271,451

 
4,246

 
(1,493
)
 
274,204

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
3,675,367

 
1,233

 
(52,090
)
 
3,624,510

           Commercial agency
546,105

 
228

 
(8,938
)
 
537,395

Other securities
114,005

 
247

 
(914
)
 
113,338

Total securities available for sale
$
4,647,931

 
$
5,972

 
$
(63,841
)
 
$
4,590,062

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
206,736

 
$
1,530

 
$
(275
)
 
$
207,991

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
20,582

 
41

 
(650
)
 
19,973

Total securities held to maturity
$
227,318

 
$
1,571

 
$
(925
)
 
$
227,964

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
 
September 30, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(740
)
 
$
39,259

 
$
(740
)
 
$
39,259

Obligations of state and political subdivisions
(839
)
 
107,014

 
(4,013
)
 
90,761

 
(4,852
)
 
197,775

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(23,673
)
 
1,009,754

 
(117,143
)
 
2,482,730

 
(140,816
)
 
3,492,484

           Commercial agency
(4,657
)
 
268,207

 
(21,856
)
 
418,295

 
(26,513
)
 
686,502

Other securities
(1,310
)
 
93,529

 
(1,387
)
 
29,872

 
(2,697
)
 
123,401

Total securities available for sale
$
(30,479
)
 
$
1,478,504

 
$
(145,139
)
 
$
3,060,917

 
$
(175,618
)
 
$
4,539,421

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3,725
)
 
$
115,138

 
$
(1,552
)
 
$
40,960

 
$
(5,277
)
 
$
156,098

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
—

 
—

 
(1,352
)
 
17,544

 
(1,352
)
 
17,544

Total securities held to maturity
$
(3,725
)
 
$
115,138

 
$
(2,904
)
 
$
58,504

 
$
(6,629
)
 
$
173,642


 
December 31, 2017
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
(254
)
 
$
29,744

 
$
(152
)
 
$
9,848

 
$
(406
)
 
$
39,592

Obligations of state and political subdivisions
(326
)
 
31,601

 
(1,167
)
 
68,609

 
(1,493
)
 
100,210

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(22,760
)
 
2,366,569

 
(29,330
)
 
1,061,588

 
(52,090
)
 
3,428,157

           Commercial agency
(3,503
)
 
310,769

 
(5,435
)
 
164,470

 
(8,938
)
 
475,239

Other securities
(914
)
 
75,302

 
—

 
—

 
(914
)
 
75,302

Total securities available for sale
$
(27,757
)
 
$
2,813,985

 
$
(36,084
)
 
$
1,304,515

 
$
(63,841
)
 
$
4,118,500

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(263
)
 
$
65,817

 
$
(12
)
 
$
3,031

 
$
(275
)
 
$
68,848

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
(2
)
 
333

 
(648
)
 
19,269

 
(650
)
 
19,602

Total securities held to maturity
$
(265
)
 
$
66,150

 
$
(660
)
 
$
22,300

 
$
(925
)
 
$
88,450
Held-to-maturity Securities
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
 
September 30, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
—

 
$
—

 
$
(740
)
 
$
39,259

 
$
(740
)
 
$
39,259

Obligations of state and political subdivisions
(839
)
 
107,014

 
(4,013
)
 
90,761

 
(4,852
)
 
197,775

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(23,673
)
 
1,009,754

 
(117,143
)
 
2,482,730

 
(140,816
)
 
3,492,484

           Commercial agency
(4,657
)
 
268,207

 
(21,856
)
 
418,295

 
(26,513
)
 
686,502

Other securities
(1,310
)
 
93,529

 
(1,387
)
 
29,872

 
(2,697
)
 
123,401

Total securities available for sale
$
(30,479
)
 
$
1,478,504

 
$
(145,139
)
 
$
3,060,917

 
$
(175,618
)
 
$
4,539,421

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3,725
)
 
$
115,138

 
$
(1,552
)
 
$
40,960

 
$
(5,277
)
 
$
156,098

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
—

 
—

 
(1,352
)
 
17,544

 
(1,352
)
 
17,544

Total securities held to maturity
$
(3,725
)
 
$
115,138

 
$
(2,904
)
 
$
58,504

 
$
(6,629
)
 
$
173,642


 
December 31, 2017
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(Dollars in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
(254
)
 
$
29,744

 
$
(152
)
 
$
9,848

 
$
(406
)
 
$
39,592

Obligations of state and political subdivisions
(326
)
 
31,601

 
(1,167
)
 
68,609

 
(1,493
)
 
100,210

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(22,760
)
 
2,366,569

 
(29,330
)
 
1,061,588

 
(52,090
)
 
3,428,157

           Commercial agency
(3,503
)
 
310,769

 
(5,435
)
 
164,470

 
(8,938
)
 
475,239

Other securities
(914
)
 
75,302

 
—

 
—

 
(914
)
 
75,302

Total securities available for sale
$
(27,757
)
 
$
2,813,985

 
$
(36,084
)
 
$
1,304,515

 
$
(63,841
)
 
$
4,118,500

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(263
)
 
$
65,817

 
$
(12
)
 
$
3,031

 
$
(275
)
 
$
68,848

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
(2
)
 
333

 
(648
)
 
19,269

 
(650
)
 
19,602

Total securities held to maturity
$
(265
)
 
$
66,150

 
$
(660
)
 
$
22,300

 
$
(925
)
 
$
88,450

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
September 30, 2018
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
40,996

 
$
5

 
$
(740
)
 
$
40,261

Obligations of state and political subdivisions
265,565

 
694

 
(4,852
)
 
261,407

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
3,654,417

 
68

 
(140,816
)
 
3,513,669

          Commercial agency
721,899

 
—

 
(26,513
)
 
695,386

Other securities
126,098

 
—

 
(2,697
)
 
123,401

Total securities available for sale
$
4,808,975

 
$
767

 
$
(175,618
)
 
$
4,634,124

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
194,382

 
$
349

 
$
(5,277
)
 
$
189,454

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
19,179

 
28

 
(1,352
)
 
17,855

Total securities held to maturity
$
213,561

 
$
377

 
$
(6,629
)
 
$
207,309



 
December 31, 2017
(Dollars in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
41,003

 
$
18

 
$
(406
)
 
$
40,615

Obligations of state and political subdivisions
271,451

 
4,246

 
(1,493
)
 
274,204

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
3,675,367

 
1,233

 
(52,090
)
 
3,624,510

           Commercial agency
546,105

 
228

 
(8,938
)
 
537,395

Other securities
114,005

 
247

 
(914
)
 
113,338

Total securities available for sale
$
4,647,931

 
$
5,972

 
$
(63,841
)
 
$
4,590,062

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
206,736

 
$
1,530

 
$
(275
)
 
$
207,991

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
20,582

 
41

 
(650
)
 
19,973

Total securities held to maturity
$
227,318

 
$
1,571

 
$
(925
)
 
$
227,964
Additional Information on Securities in a Continuous Loss Position
Additional information on securities that have been in a continuous loss position for over twelve months at September 30, 2018 and December 31, 2017 is presented in the following table:
(Dollars in thousands)
September 30, 2018
 
December 31, 2017
Number of securities:
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
336

 
153

          Commercial agency
65

 
28

Obligations of state and political subdivisions
53

 
28

U.S. Government-sponsored enterprise obligations
3

 
1

Other securities
7

 
—

 
464

 
210

Amortized Cost Basis:
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
2,618,769

 
$
1,110,834

          Commercial agency
440,151

 
169,905

Obligations of state and political subdivisions
137,286

 
72,820

U.S. Government-sponsored enterprise obligations
39,999

 
10,000

Other securities
31,259

 
—

 
$
3,267,464

 
$
1,363,559

Unrealized Loss:
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
118,495

 
$
29,977

          Commercial agency
21,856

 
5,435

Obligations of state and political subdivisions
5,565

 
1,180

U.S. Government-sponsored enterprise obligations
740

 
152

Other securities
1,387

 
—

 
$
148,043

 
$
36,744
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity
The amortized cost and estimated fair value of investment securities by maturity at September 30, 2018 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
 
Securities Available for Sale
 
Securities Held to Maturity
(Dollars in thousands)
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
Within one year or less
1.90
%
 
$
19,161

 
$
19,056

 
4.00
%
 
$
435

 
$
436

One through five years
2.25

 
150,119

 
147,472

 
2.80

 
8,776

 
8,751

After five through ten years
2.47

 
1,104,969

 
1,069,983

 
2.58

 
45,368

 
44,690

Over ten years
2.45

 
3,534,726

 
3,397,613

 
2.60

 
158,982

 
153,432

 
2.44
%
 
$
4,808,975

 
$
4,634,124

 
2.61
%
 
$
213,561

 
$
207,309
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in thousands)
2018
 
2017
 
2018
 
2017
Realized gains
$
—

 
$
667

 
$
39

 
$
909

Realized losses
—

 
(909
)
 
(95
)
 
(1,092
)
 
$
—

 
$
(242
)
 
$
(56
)
 
$
(183
)
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other Equity Securities, which are presented in “other assets” on the consolidated balance sheets, are as follows:
(Dollars in thousands)
September 30, 2018
 
December 31, 2017
Federal Home Loan Bank (FHLB) stock
$
102,508

 
$
95,171

Federal Reserve Bank (FRB) stock
85,630

 
79,191

CRA and Community Development Investment Funds
1,866

 
—

Other investments
9,838

 
3,008

 
$
199,842

 
$
177,370