Investment Securities Available for Sale (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 are summarized below.


	March 31, 2020
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	19,918	$	—	$	—	$	19,918
U.S. Government agency securities	72,424		2,469		(37)		74,856
Mortgage-backed securities issued by U.S. Government agencies	53,557		1,866		(1)		55,422
Mortgage-backed securities issued by U.S. Government sponsored enterprises	5,312,698		237,127		—		5,549,825
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	601,585		27,297		(2)		628,880
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	311,235		24,502		—		335,737
State and municipal securities	1,007		2		(4)		1,005
Asset-backed securities	154,954		150		(9,129)		145,975
Corporate debt securities and other debt securities	129,376		921		(4,675)		125,622
Total investment securities available for sale	$	6,656,754	$	294,334	$	(13,848)	$	6,937,240

	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 securities 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

Schedule of Gross Unrealized Losses on Investment Securities and Fair Value

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 March 31, 2020 and December 31, 2019 are presented below.


	March 31, 2020
	Less than 12 Months						12 Months of Longer						Total
(in thousands)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
U.S. Government agency securities	$	38,502	$	(37)	$	—	$	—	$	38,502	$	(37)
Mortgage-backed securities issued by U.S. Government agencies	6		(1)		—		—		6		(1)
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	320		(1)		32		(1)		352		(2)
State and municipal securities	503		(4)		—		—		503		(4)
Asset-backed securities	140,993		(9,129)		—		—		140,993		(9,129)
Corporate debt securities and other debt securities	105,446		(4,675)		—		—		105,446		(4,675)
Total	$	285,770	$	(13,847)	$	32	$	(1)	$	285,802	$	(13,848)

	December 31, 2019
	Less than 12 Months						12 Months of 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 securities and other debt securities	9,505		(2)		—		—		9,505		(2)
Total	$	891,914	$	(2,468)	$	5,309	$	(38)	$	897,223	$	(2,506)

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 March 31, 2020
(in thousands)	Within One Year		1 to 5 Years		5 to 10 Years		More Than 10 Years		Total
Amortized Cost
U.S. Treasury securities	$	19,918	$	—	$	—	$	—	$	19,918
U.S. Government agency securities	568		3,367		43,501		24,988		72,424
Mortgage-backed securities issued by U.S. Government agencies	—		1,542		803		51,212		53,557
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		517		86,523		5,225,658		5,312,698
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		296		601,289		601,585
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		109,774		116,210		85,251		311,235
State and municipal securities	—		—		—		1,007		1,007
Asset-backed securities	—		—		154,954		—		154,954
Corporate debt securities and other debt securities	24,127		94,619		8,630		2,000		129,376
Total amortized cost	$	44,613	$	209,819	$	410,917	$	5,991,405	$	6,656,754

Fair Value
U.S. Treasury securities	$	19,918	$	—	$	—	$	—	$	19,918
U.S. Government agency securities	578		3,426		45,897		24,955		74,856
Mortgage-backed securities issued by U.S. Government agencies	—		1,588		831		53,003		55,422
Mortgage-backed securities issued by U.S. Government sponsored enterprises	—		536		92,059		5,457,230		5,549,825
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—		309		628,571		628,880
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises	—		116,257		129,175		90,305		335,737
State and municipal securities	—		—		—		1,005		1,005
Asset-backed securities	—		—		145,975		—		145,975
Corporate debt securities and other debt securities	24,068		92,574		7,418		1,562		125,622
Total fair value	$	44,564	$	214,381	$	421,664	$	6,256,631	$	6,937,240

Schedule of Sales Activities of Available-for-Sale Securities

Proceeds from sales, gross gains, and gross losses on sales of securities available for sale for the three months ended March 31, 2020 and 2019 are presented below. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.


	Three Months Ended March 31,
(in thousands)	2020		2019
Proceeds from sales of investment securities available for sale	$	413,180	$	1,642,239
Gross realized gains on sales	8,734		9,130
Gross realized losses on sales	—		(9,055)
Investment securities gains, net	$	8,734	$	75