XML 89 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Investment Securities Available for Sale (Tables)
 12 Months Ended
Dec. 31, 2019
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, 2019 and 2018 are summarized below.
 
 
December 31, 2019
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasury securities
 
$
19,855

 
$
—

 
$
—

 
$
19,855

U.S. Government agency securities
 
35,499

 
1,042

 
—

 
36,541

Mortgage-backed securities issued by U.S. Government agencies
 
56,328

 
560

 
(72
)
 
56,816

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
5,079,396

 
103,495

 
(2,076
)
 
5,180,815

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
629,706

 
7,349

 
(204
)
 
636,851

Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
 
357,291

 
14,301

 
—

 
371,592

State and municipal securities
 
2,069

 
6

 
—

 
2,075

Asset-backed securities
 
323,237

 
4,315

 
(152
)
 
327,400

Corporate debt and other debt securities
 
144,410

 
2,317

 
(2
)
 
146,725

Total investment securities available for sale
 
$
6,647,791

 
$
133,385

 
$
(2,506
)
 
$
6,778,670

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
(in thousands)
 
Amortized Cost
 
Gross Unrealized Gains
 
Gross Unrealized Losses
 
Fair Value
U.S. Treasury securities
 
$
123,436

 
$
—

 
$
(1,359
)
 
$
122,077

U.S. Government agency securities
 
38,021

 
361

 
—

 
38,382

Mortgage-backed securities issued by U.S. Government agencies
 
100,060

 
172

 
(3,027
)
 
97,205

Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
2,460,498

 
1,981

 
(63,829
)
 
2,398,650

Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
1,215,406

 
2,997

 
(29,885
)
 
1,188,518

Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
 
131,492

 
613

 
(2,240
)
 
129,865

Corporate debt and other debt securities
 
17,000

 
150

 
(215
)
 
16,935

Total investment securities available for sale
 
$
4,085,913

 
$
6,274

 
$
(100,555
)
 
$
3,991,632

 
 
 
 
 
 
 
 
 
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, 2019 and December 31, 2018 are presented below.
 
 
December 31, 2019
 
 
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
Mortgage-backed securities issued by U.S. Government agencies
 
$
19,543

 
$
(70
)
 
$
355

 
$
(2
)
 
$
19,898

 
$
(72
)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
768,040

 
(2,076
)
 
—

 
—

 
768,040

 
(2,076
)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
57,670

 
(204
)
 
—

 
—

 
57,670

 
(204
)
Asset-backed securities
 
37,156

 
(116
)
 
4,954

 
(36
)
 
42,110

 
(152
)
Corporate debt and other debt securities
 
9,505

 
(2
)
 
—

 
—

 
9,505

 
(2
)
Total
 
$
891,914

 
$
(2,468
)
 
$
5,309

 
$
(38
)
 
$
897,223

 
$
(2,506
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
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
 
$
39,031

 
$
(118
)
 
$
63,570

 
$
(1,241
)
 
$
102,601

 
$
(1,359
)
Mortgage-backed securities issued by U.S. Government agencies
 
2,059

 
(2
)
 
79,736

 
(3,025
)
 
81,795

 
(3,027
)
Mortgage-backed securities issued by U.S. Government sponsored enterprises
 
130,432

 
(700
)
 
2,105,358

 
(63,129
)
 
2,235,790

 
(63,829
)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises
 
—

 
—

 
964,732

 
(29,885
)
 
964,732

 
(29,885
)
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
 
58,998

 
(1,298
)
 
44,220

 
(942
)
 
103,218

 
(2,240
)
Corporate debt and other debt securities
 
—

 
—

 
1,785

 
(215
)
 
1,785

 
(215
)
Total
 
$
230,520

 
$
(2,118
)
 
$
3,259,401

 
$
(98,437
)
 
$
3,489,921

 
$
(100,555
)
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2019
(in thousands)
 
Within One
Year
 
1 to 5
Years
 
5 to 10
Years
 
More Than
10 Years
 
Total
Amortized Cost
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
19,855

 
$
—

 
$
—

 
$
—

 
$
19,855

U.S. Government agency securities
 
585

 
4,927

 
29,987

 
—

 
35,499

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

 
1,625

 
1,022

 
53,681

 
56,328

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

 
622

 
100,462

 
4,978,312

 
5,079,396

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

 
—

 
320

 
629,386

 
629,706

Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
 
—

 
141,867

 
129,205

 
86,219

 
357,291

State and municipal securities
 
—

 
—

 
1,059

 
1,010

 
2,069

Asset-backed securities
 
—

 
—

 
281,429

 
41,808

 
323,237

Corporate debt and other debt securities
 
24,204

 
109,601

 
8,605

 
2,000

 
144,410

Total amortized cost
 
$
44,644

 
$
258,642

 
$
552,089

 
$
5,792,416

 
$
6,647,791

 
 
 
 
 
 
 
 
 
 
 
Fair Value
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities
 
$
19,855

 
$
—

 
$
—

 
$
—

 
$
19,855

U.S. Government agency securities
 
587

 
4,951

 
31,003

 
—

 
36,541

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

 
1,649

 
1,046

 
54,121

 
56,816

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

 
639

 
102,866

 
5,077,310

 
5,180,815

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

 
—

 
327

 
636,524

 
636,851

Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises
 
—

 
145,129

 
135,899

 
90,564

 
371,592

State and municipal securities
 
—

 
—

 
1,060

 
1,015

 
2,075

Asset-backed securities
 
—

 
—

 
284,976

 
42,424

 
327,400

Corporate debt and other debt securities
 
24,266

 
111,511

 
8,843

 
2,105

 
146,725

Total fair value
 
$
44,708

 
$
263,879

 
$
566,020

 
$
5,904,063

 
$
6,778,670

 
 
 
 
 
 
 
 
 
 
 
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)
 
2019
 
2018
 
2017
Proceeds from sales of investment securities available for sale
 
$
2,923,787

 
$
35,066

 
$
812,293

Gross realized gains on sales
 
$
10,370

 
$
—

 
$
7,942

Gross realized losses on sales
 
(18,029
)
 
(1,296
)
 
(8,231
)
Investment securities (losses) gains, net
 
$
(7,659
)
 
$
(1,296
)
 
$
(289
)