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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2017
Investment Securities  
Schedule of amortized cost and fair value of securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

2016

 

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

 

Amortized

 

Unrealized

 

Unrealized

 

Fair

(dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Value

    

Cost

    

Gains

    

Losses

    

Value

U.S. Treasury securities

 

$

404,376

 

$

 —

 

$

(12,121)

 

$

392,255

 

$

405,637

 

$

 —

 

$

(13,164)

 

$

392,473

Government-sponsored enterprises debt securities

 

 

249,712

 

 

 —

 

 

(7,111)

 

 

242,601

 

 

249,707

 

 

16

 

 

(7,056)

 

 

242,667

Government agency mortgage-backed securities

 

 

356,858

 

 

 —

 

 

(5,468)

 

 

351,390

 

 

190,485

 

 

 —

 

 

(4,822)

 

 

185,663

Government-sponsored enterprises mortgage-backed securities

 

 

178,702

 

 

169

 

 

(4,130)

 

 

174,741

 

 

208,034

 

 

385

 

 

(4,034)

 

 

204,385

Non-government asset-backed securities

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

12,592

 

 

 —

 

 

(9)

 

 

12,583

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government agency

 

 

3,367,173

 

 

47

 

 

(76,746)

 

 

3,290,474

 

 

3,409,822

 

 

794

 

 

(58,794)

 

 

3,351,822

Government-sponsored enterprises

 

 

779,911

 

 

25

 

 

(17,218)

 

 

762,718

 

 

700,338

 

 

789

 

 

(13,206)

 

 

687,921

Debt securities issued by states and political subdivisions

 

 

20,543

 

 

 —

 

 

(64)

 

 

20,479

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Total available-for-sale securities

 

$

5,357,275

 

$

241

 

$

(122,858)

 

$

5,234,658

 

$

5,176,615

 

$

1,984

 

$

(101,085)

 

$

5,077,514

 

Schedule of amortized cost and fair value of debt securities by contractual maturity

 

 

 

 

 

 

 

 

 

December 31, 2017

 

 

Amortized

 

Fair

(dollars in thousands)

    

Cost

    

Value

Due after one year through five years

 

$

356,451

 

$

345,162

Due after five years through ten years

 

 

297,637

 

 

289,694

Due after ten years

 

 

20,543

 

 

20,479

 

 

 

674,631

 

 

655,335

 

 

 

 

 

 

 

Government agency mortgage-backed securities

 

 

356,858

 

 

351,390

Government-sponsored enterprises mortgage-backed securities

 

 

178,702

 

 

174,741

Collateralized mortgage obligations:

 

 

 

 

 

 

Government agency

 

 

3,367,173

 

 

3,290,474

Government-sponsored enterprises

 

 

779,911

 

 

762,718

Total mortgage-backed securities and collateralized mortgage obligations

 

 

4,682,644

 

 

4,579,323

Total available-for-sale securities

 

$

5,357,275

 

$

5,234,658

 

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time in Continuous Loss as of December 31, 2017

 

 

Less Than 12 Months

 

12 Months or More

 

Total

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

(dollars in thousands)

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

U.S. Treasury securities

 

$

(994)

 

$

48,182

 

$

(11,127)

 

$

344,073

 

$

(12,121)

 

$

392,255

Government-sponsored enterprises debt securities

 

 

(642)

 

 

59,358

 

 

(6,469)

 

 

183,243

 

 

(7,111)

 

 

242,601

Government agency mortgage-backed securities

 

 

(976)

 

 

200,963

 

 

(4,492)

 

 

150,427

 

 

(5,468)

 

 

351,390

Government-sponsored enterprises mortgage-backed securities

 

 

(1)

 

 

63

 

 

(4,129)

 

 

168,342

 

 

(4,130)

 

 

168,405

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government agency

 

 

(23,236)

 

 

1,473,170

 

 

(53,510)

 

 

1,803,338

 

 

(76,746)

 

 

3,276,508

Government-sponsored enterprises

 

 

(3,203)

 

 

327,435

 

 

(14,015)

 

 

403,321

 

 

(17,218)

 

 

730,756

Debt securities issued by states and political subdivisions

 

 

(64)

 

 

10,641

 

 

 —

 

 

 —

 

 

(64)

 

 

10,641

Total available-for-sale securities with unrealized losses

 

$

(29,116)

 

$

2,119,812

 

$

(93,742)

 

$

3,052,744

 

$

(122,858)

 

$

5,172,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time in Continuous Loss as of December 31, 2016

 

 

Less Than 12 Months

 

12 Months or More

 

Total

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

 

Unrealized

 

 

 

(dollars in thousands)

    

Losses

    

Fair Value

    

Losses

    

Fair Value

    

Losses

    

Fair Value

U.S. Treasury securities

 

$

(13,164)

 

$

392,473

 

$

 —

 

$

 —

 

$

(13,164)

 

$

392,473

Government-sponsored enterprises debt securities

 

 

(7,056)

 

 

207,651

 

 

 —

 

 

 —

 

 

(7,056)

 

 

207,651

Government agency mortgage-backed securities

 

 

(4,822)

 

 

185,663

 

 

 —

 

 

 —

 

 

(4,822)

 

 

185,663

Government-sponsored enterprises mortgage-backed securities

 

 

(4,034)

 

 

195,848

 

 

 —

 

 

 —

 

 

(4,034)

 

 

195,848

Non-government asset-backed securities

 

 

(3)

 

 

5,202

 

 

(6)

 

 

7,381

 

 

(9)

 

 

12,583

Collateralized mortgage obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government agency

 

 

(51,484)

 

 

2,847,103

 

 

(7,310)

 

 

233,706

 

 

(58,794)

 

 

3,080,809

Government-sponsored enterprises

 

 

(1,807)

 

 

252,065

 

 

(11,399)

 

 

279,282

 

 

(13,206)

 

 

531,347

Total available-for-sale securities with unrealized losses

 

$

(82,370)

 

$

4,086,005

 

$

(18,715)

 

$

520,369

 

$

(101,085)

 

$

4,606,374