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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 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:
 
December 31, 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
$
995

 
$
3

 
$
—

 
$
998

Obligations of state and political subdivisions
177,566

 
2,045

 
(723
)
 
178,888

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
3,837,584

 
8,886

 
(57,073
)
 
3,789,397

         Commercial agency
730,148

 
2,363

 
(14,799
)
 
717,712

Other securities
97,020

 
351

 
(787
)
 
96,584

Total securities available for sale
$
4,843,313

 
$
13,648

 
$
(73,382
)
 
$
4,783,579

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
188,684

 
$
309

 
$
(2,497
)
 
$
186,496

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
18,762

 
30

 
(1,011
)
 
17,781

Total securities held to maturity
$
207,446

 
$
339

 
$
(3,508
)
 
$
204,277



 
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:
 
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
4,112

 
$
(714
)
 
$
30,268

 
$
(723
)
 
$
34,380

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
(816
)
 
197,057

 
(56,257
)
 
2,193,862

 
(57,073
)
 
2,390,919

         Commercial agency
(43
)
 
18,190

 
(14,756
)
 
483,565

 
(14,799
)
 
501,755

Other securities
(94
)
 
18,025

 
(693
)
 
32,577

 
(787
)
 
50,602

Total securities available for sale
$
(962
)
 
$
237,384

 
$
(72,420
)
 
$
2,740,272

 
$
(73,382
)
 
$
2,977,656

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3
)
 
$
2,059

 
$
(2,494
)
 
$
151,699

 
$
(2,497
)
 
$
153,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
—

 
—

 
(1,011
)
 
17,478

 
(1,011
)
 
17,478

Total securities held to maturity
$
(3
)
 
$
2,059

 
$
(3,505
)
 
$
169,177

 
$
(3,508
)
 
$
171,236


 
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:
 
December 31, 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:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
4,112

 
$
(714
)
 
$
30,268

 
$
(723
)
 
$
34,380

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
(816
)
 
197,057

 
(56,257
)
 
2,193,862

 
(57,073
)
 
2,390,919

         Commercial agency
(43
)
 
18,190

 
(14,756
)
 
483,565

 
(14,799
)
 
501,755

Other securities
(94
)
 
18,025

 
(693
)
 
32,577

 
(787
)
 
50,602

Total securities available for sale
$
(962
)
 
$
237,384

 
$
(72,420
)
 
$
2,740,272

 
$
(73,382
)
 
$
2,977,656

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3
)
 
$
2,059

 
$
(2,494
)
 
$
151,699

 
$
(2,497
)
 
$
153,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
         Residential agency
—

 
—

 
(1,011
)
 
17,478

 
(1,011
)
 
17,478

Total securities held to maturity
$
(3
)
 
$
2,059

 
$
(3,505
)
 
$
169,177

 
$
(3,508
)
 
$
171,236


 
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:
 
December 31, 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
$
995

 
$
3

 
$
—

 
$
998

Obligations of state and political subdivisions
177,566

 
2,045

 
(723
)
 
178,888

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
3,837,584

 
8,886

 
(57,073
)
 
3,789,397

         Commercial agency
730,148

 
2,363

 
(14,799
)
 
717,712

Other securities
97,020

 
351

 
(787
)
 
96,584

Total securities available for sale
$
4,843,313

 
$
13,648

 
$
(73,382
)
 
$
4,783,579

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
188,684

 
$
309

 
$
(2,497
)
 
$
186,496

Mortgage-backed securities:
 
 
 
 
 
 
 
         Residential agency
18,762

 
30

 
(1,011
)
 
17,781

Total securities held to maturity
$
207,446

 
$
339

 
$
(3,508
)
 
$
204,277



 
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 December 31 is presented in the following table.
(Dollars in thousands)
2018
 
2017
Number of securities
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
302

 
153

         Commercial agency
72

 
28

Obligations of state and political subdivisions
60

 
28

U.S. Government-sponsored enterprise obligations
—

 
1

Other securities
7

 
—

 
441

 
210

Amortized Cost Basis
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
$
2,268,608

 
$
1,110,834

         Commercial agency
498,321

 
169,905

Obligations of state and political subdivisions
185,175

 
72,820

U.S. Government-sponsored enterprise obligations
—

 
10,000

Other securities
33,270

 
—

 
$
2,985,374

 
$
1,363,559

Unrealized Loss
 
 
 
Mortgage-backed securities:
 
 
 
         Residential agency
$
57,268

 
$
29,977

         Commercial agency
14,756

 
5,435

Obligations of state and political subdivisions
3,208

 
1,180

U.S. Government-sponsored enterprise obligations
—

 
152

Other securities
693

 
—

 
$
75,925

 
$
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 December 31, 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
3.84
%
 
$
2,958

 
$
2,967

 
2.77
%
 
$
1,309

 
$
1,313

One through five years
2.68

 
63,397

 
63,183

 
2.47

 
6,303

 
6,291

After five through ten years
2.67

 
829,027

 
819,056

 
2.56

 
42,827

 
42,571

Over ten years
2.94

 
3,947,931

 
3,898,373

 
2.62

 
157,007

 
154,102

 
2.89
%
 
$
4,843,313

 
$
4,783,579

 
2.60
%
 
$
207,446

 
$
204,277
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.
 
Years Ended December 31
(Dollars in thousands)
2018
 
2017
 
2016
Realized gains
$
40

 
$
1,651

 
$
2,949

Realized losses
(49,940
)
 
(1,799
)
 
(948
)
 
$
(49,900
)
 
$
(148
)
 
$
2,001
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)
2018
 
2017
Federal Home Loan Bank (FHLB) stock
$
95,213

 
$
95,171

Federal Reserve Bank (FRB) stock
85,630

 
79,191

CRA and Community Development Investment Funds
1,884

 
—

Other investments
9,709

 
3,008

 
$
192,436

 
$
177,370