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Investment Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2017
Investments [Abstract]  
Summary of Available-for-Sale Investment Securities
The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2017 and 2016 are summarized below.
 
 
December 31, 2017
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
 Fair Value
U.S. Treasury securities
 
$
83,608

 
$
—

 
$
(934
)
 
$
82,674

U.S. Government agency securities
 
10,771

 
91

 
—

 
10,862

Mortgage-backed securities issued by U.S. Government agencies
 
121,283

 
519

 
(1,362
)
 
120,440

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,666,818

 
5,059

 
(31,354
)
 
2,640,523

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
1,135,259

 
144

 
(23,404
)
 
1,111,999

State and municipal securities
 
180

 
—

 
—

 
180

Corporate debt and other securities
 
20,320

 
294

 
(223
)
 
20,391

Total investment securities available for sale
 
$
4,038,239

 
$
6,107

 
$
(57,277
)
 
$
3,987,069

 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasury securities
 
$
108,221

 
$
225

 
$
(644
)
 
$
107,802

U.S. Government agency securities
 
12,727

 
266

 
—

 
12,993

Mortgage-backed securities issued by U.S. Government agencies
 
174,440

 
1,116

 
(1,354
)
 
174,202

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,543,495

 
5,416

 
(42,571
)
 
2,506,340

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
905,789

 
1,214

 
(16,561
)
 
890,442

State and municipal securities
 
2,780

 
14

 
—

 
2,794

Equity securities
 
919

 
2,863

 
—

 
3,782

Corporate debt and other securities
 
20,247

 
—

 
(407
)
 
19,840

Total investment securities available for sale
 
$
3,768,618

 
$
11,114

 
$
(61,537
)
 
$
3,718,195

 
 
 
 
 
 
 
 
 
Schedule of Unrealized Loss on Investments
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017 and December 31, 2016 are presented below.
 
 
December 31, 2017
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
U.S. Treasury securities
 
$
34,243

 
$
443

 
$
29,562

 
$
491

 
$
63,805

 
$
934

Mortgage-backed securities issued by U.S. Government agencies
 
36,810

 
357

 
55,740

 
1,005

 
92,550

 
1,362

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
1,271,012

 
10,263

 
929,223

 
21,091

 
2,200,235

 
31,354

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
653,781

 
9,497

 
426,237

 
13,907

 
1,080,018

 
23,404

Corporate debt and other securities
 
—

 
—

 
5,097

 
223

 
5,097

 
223

Total
 
$
1,995,846

 
$
20,560

 
$
1,445,859

 
$
36,717

 
$
3,441,705

 
$
57,277

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
Less than 12 Months
 
12 Months or Longer
 
Total
(in thousands)
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
 
Fair
Value
 
Gross Unrealized
Losses
U.S Treasury securities
 
$
64,023

 
$
644

 
$
—

 
$
—

 
$
64,023

 
$
644

Mortgage-backed securities issued by U.S. Government agencies
 
128,121

 
1,240

 
3,626

 
114

 
131,747

 
1,354

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,123,181

 
42,571

 
—

 
—

 
2,123,181

 
42,571

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
682,492

 
15,653

 
24,801

 
908

 
707,293

 
16,561

Corporate debt and other securities
 
14,952

 
48

 
4,888

 
359

 
19,840

 
407

Total
 
$
3,012,769

 
$
60,156

 
$
33,315

 
$
1,381

 
$
3,046,084

 
$
61,537

 
 
 
 
 
 
 
 
 
 
 
 
 
Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale
For purposes of the maturity table, mortgage-backed securities and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.
 
 
Distribution of Maturities at December 31, 2017
(in thousands)
 
Within One
Year
 
1 to 5
Years
 
5 to 10
Years
 
More Than
10 Years
 
No Stated
Maturity
 
Total
Amortized Cost
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
18,870

 
$
64,738

 
$
—

 
$
—

 
$
—

 
$
83,608

U.S. Government agency securities
 
2,331

 
6,437

 
2,003

 
—

 
—

 
10,771

Mortgage-backed securities issued by U.S. Government agencies
 
—

 
—

 
31,259

 
90,024

 
—

 
121,283

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
18

 
1,838

 
434,603

 
2,230,359

 
—

 
2,666,818

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
19,769

 
1,115,490

 
—

 
1,135,259

State and municipal securities
 
180

 
—

 
—

 
—

 
—

 
180

Corporate debt and other securities
 
—

 
—

 
15,000

 
2,000

 
3,320

 
20,320

Total amortized cost
 
$
21,399

 
$
73,013

 
$
502,634

 
$
3,437,873

 
$
3,320

 
$
4,038,239

Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
18,870

 
$
63,804

 
$
—

 
$
—

 
$
—

 
$
82,674

U.S. Government agency securities
 
2,360

 
6,459

 
2,043

 
—

 
—

 
10,862

Mortgage-backed securities issued by U.S. Government agencies
 
—

 
—

 
31,193

 
89,247

 
—

 
120,440

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
18

 
1,928

 
430,140

 
2,208,437

 
—

 
2,640,523

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
19,366

 
1,092,633

 
—

 
1,111,999

State and municipal securities
 
180

 
—

 
—

 
—

 
—

 
180

Corporate debt and other securities
 
—

 
—

 
15,294

 
1,935

 
3,162

 
20,391

Total fair value
 
$
21,428

 
$
72,191

 
$
498,036

 
$
3,392,252

 
$
3,162

 
$
3,987,069

 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio
The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.
(in thousands)
 
2017
 
2016
 
2015
Proceeds from sales of investment securities available for sale
 
$
812,293

 
$
968,606

 
$
347,954

Gross realized gains on sales (1)
 
$
7,942

 
$
9,586

 
$
4,356

Gross realized losses on sales
 
(8,231
)
 
(3,575
)
 
(1,587
)
Investment securities (losses) gains, net
 
$
(289
)
 
$
6,011

 
$
2,769

 
 
 
 
 
 
 
(1) Includes $1.4 million in gains in 2016 from the transfer of $1.9 million of investment securities available for sale to trading account assets.