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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investment Securities  
Amortized cost and estimated fair value by type of investment security

The amortized cost and estimated fair value by type of investment security at December 31, 2018 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

unrealized

 

unrealized

 

Estimated

 

Carrying

 

 

 

cost

 

gains

 

losses

 

fair value

 

value

 

 

 

(Dollars in Thousands)

 

Other securities

    

$

1,200

    

$

 —

    

$

 —

    

$

1,200

    

$

1,200

 

Total investment securities

 

$

1,200

 

$

 —

 

$

 —

 

$

1,200

 

$

1,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale Debt Securities

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

unrealized

 

unrealized

 

Estimated

 

Carrying

 

 

 

cost

 

gains

 

losses

 

fair value

 

value(1)

 

 

 

(Dollars in Thousands)

 

Residential mortgage-backed securities

    

$

3,295,366

    

$

6,813

    

$

(79,169)

    

$

3,223,010

    

$

3,223,010

 

Obligations of states and political subdivisions

 

 

185,799

 

 

2,646

 

 

(105)

 

 

188,340

 

 

188,340

 

Total investment securities

 

$

3,481,165

 

$

9,459

 

$

(79,274)

 

$

3,411,350

 

$

3,411,350

 

(1)

Included in the carrying value of residential mortgage‑ backed securities are $501,293 of mortgage‑backed securities issued by Ginnie Mae and $2,721,717 of mortgage‑backed securities issued by Fannie Mae and Freddie Mac

 

The amortized cost and estimated fair value by type of investment security at December 31, 2017  are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity

 

 

 

 

 

 

Gross

 

Gross

 

 

 

 

 

 

 

 

 

Amortized

 

unrealized

 

unrealized

 

Estimated

 

Carrying

 

 

 

cost

 

gains

 

losses

 

fair value

 

value

 

 

 

(Dollars in Thousands)

 

Other securities

    

$

2,400

    

$

—

    

$

—

    

$

2,400

    

$

2,400

 

Total investment securities

 

$

2,400

 

$

 —

 

$

 —

 

$

2,400

 

$

2,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available for Sale

 

 

 

 

 

 

Gross

 

Gross

 

Estimated

 

 

 

 

 

 

Amortized

 

unrealized

 

unrealized

 

fair

 

Carrying

 

 

 

cost

 

gains

 

losses

 

value

 

value(1)

 

 

 

(Dollars in Thousands)

 

Residential mortgage-backed securities

    

$

3,943,092

    

$

14,110

    

$

(65,969)

    

$

3,891,233

    

$

3,891,233

 

Obligations of states and political subdivisions

 

 

225,096

 

 

7,871

 

 

(16)

 

 

232,951

 

 

232,951

 

Equity securities

 

 

28,075

 

 

293

 

 

(482)

 

 

27,886

 

 

27,886

 

Total investment securities

 

$

4,196,263

 

$

22,274

 

$

(66,467)

 

$

4,152,070

 

$

4,152,070

 

(1)

Included in the carrying value of residential mortgage‑ backed securities are $654,063 of mortgage‑backed securities issued by Ginnie Mae and  $3,237,170 of mortgage‑backed securities issued by Fannie Mae and Freddie Mac

Amortized cost and fair value of investment securities, by contractual maturity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Held to Maturity

 

Available for Sale

 

 

 

Amortized

 

Estimated

 

Amortized

 

Estimated

 

 

 

Cost

 

fair value

 

Cost

 

fair value

 

 

 

(Dollars in Thousands)

 

Due in one year or less

    

$

 —

    

$

 —

    

$

 —

    

$

 —

 

Due after one year through five years

 

 

1,200

 

 

1,200

 

 

 —

 

 

 —

 

Due after five years through ten years

 

 

 —

 

 

 —

 

 

500

 

 

502

 

Due after ten years

 

 

 —

 

 

 —

 

 

185,299

 

 

187,838

 

Residential mortgage-backed securities

 

 

 —

 

 

 —

 

 

3,295,366

 

 

3,223,010

 

Total investment securities

 

$

1,200

 

$

1,200

 

$

3,481,165

 

$

3,411,350

 

 

Gross unrealized losses on investment securities and the related 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 December 31, 2018 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

12 months or more

 

Total

 

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

 

 

(Dollars in Thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

    

$

208,384

    

$

(2,124)

    

$

2,537,181

    

$

(77,045)

    

$

2,745,565

    

$

(79,169)

 

Obligations of states and political subdivisions

 

 

12,756

 

 

(99)

 

 

512

 

 

(6)

 

 

13,268

 

 

(105)

 

 

 

$

221,140

 

$

(2,223)

 

$

2,537,693

 

$

(77,051)

 

$

2,758,833

 

$

(79,274)

 

 

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 loss position, at December 31, 2017 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than 12 months

 

12 months or more

 

Total

 

 

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

Fair Value

 

Losses

 

 

 

(Dollars in Thousands)

 

Available for sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities

    

$

1,061,577

    

$

(13,157)

    

$

2,029,455

    

$

(52,812)

    

$

3,091,032

    

$

(65,969)

 

Obligations of states and political subdivisions

 

 

5,534

 

 

(9)

 

 

522

 

 

(7)

 

 

6,056

 

 

(16)

 

Equity securities

 

 

11,499

 

 

(251)

 

 

8,019

 

 

(231)

 

 

19,518

 

 

(482)

 

 

 

$

1,078,610

 

$

(13,417)

 

$

2,037,996

 

$

(53,050)

 

$

3,116,606

 

$

(66,467)

 

 

Reconciliation of credit-related impairment charges on available-for-sale investment

The following table presents a reconciliation of credit‑related impairment charges on available‑for‑sale investments recognized in earnings for the twelve months ended December 31, 2017 (in Thousands):

 

 

 

 

 

Balance at December 31, 2016

    

$
13,931

Sale of other-than-temporarily impaired available-for-sale securities during period

 

 

(13,931)

Balance at December 31, 2017

 

$

 —

 

The following table presents a reconciliation of credit‑related impairment charges on available‑for‑sale investments recognized in earnings for the twelve months ended December 31, 2016 (in Thousands):

 

 

 

 

 

Balance at December 31, 2015

    

$
13,577

Impairment charges recognized during period

 

 
354

Balance at December 31, 2016

 

$
13,931

 

Summary of unrealized and realized gains and losses recognized in net income on equity securities

 

 

 

 

 

 

 

Year Ended

 

 

December 31,

 

 

(Dollars in Thousands)

 

 

2018

Net losses recognized during the period on equity securities

    

$

 

(388)

Less:  Net gains and (losses) recognized during the period on equity securities sold during the period

 

 

 

 —

 

 

 

 

 

Unrealized losses recognized during the reporting period on equity securities still held at the reporting date

 

$

 

(388)