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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2017
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of September 30, 2017 and December 31, 2016 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

September 30, 2017
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
446,205

 
$
3,952

 
$
(953
)
 
$
449,204

Debt Securities Issued by States and Political Subdivisions
624,203

 
17,783

 
(23
)
 
641,963

Debt Securities Issued by Corporations
268,013

 
138

 
(2,305
)
 
265,846

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
247,418

 
3,605

 
(1,047
)
 
249,976

    Residential - U.S. Government-Sponsored Enterprises
646,013

 
1,056

 
(4,956
)
 
642,113

    Commercial - Government Agencies
76,260

 
—

 
(2,694
)
 
73,566

Total Mortgage-Backed Securities
969,691

 
4,661

 
(8,697
)
 
965,655

Total
$
2,308,112

 
$
26,534

 
$
(11,978
)
 
$
2,322,668

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
425,086

 
$
380

 
$
(735
)
 
$
424,731

Debt Securities Issued by States and Political Subdivisions
239,462

 
14,283

 
—

 
253,745

Debt Securities Issued by Corporations
123,660

 
478

 
(1,156
)
 
122,982

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
2,168,568

 
14,781

 
(21,313
)
 
2,162,036

    Residential - U.S. Government-Sponsored Enterprises
795,992

 
1,637

 
(6,918
)
 
790,711

    Commercial - Government Agencies
207,830

 
1,972

 
(3,051
)
 
206,751

Total Mortgage-Backed Securities
3,172,390

 
18,390


(31,282
)

3,159,498

Total
$
3,960,598

 
$
33,531

 
$
(33,173
)
 
$
3,960,956

 
 
 
 
 
 
 
 
December 31, 2016
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
407,478

 
$
2,531

 
$
(1,294
)
 
$
408,715

Debt Securities Issued by States and Political Subdivisions
662,231

 
11,455

 
(1,887
)
 
671,799

Debt Securities Issued by Corporations
273,044

 
5

 
(3,870
)
 
269,179

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
240,412

 
4,577

 
(1,145
)
 
243,844

    Residential - U.S. Government-Sponsored Enterprises
511,234

 
971

 
(5,218
)
 
506,987

    Commercial - Government Agencies
89,544

 
—

 
(4,027
)
 
85,517

Total Mortgage-Backed Securities
841,190

 
5,548

 
(10,390
)
 
836,348

Total
$
2,183,943

 
$
19,539

 
$
(17,441
)
 
$
2,186,041

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
530,149

 
$
1,562

 
$
(771
)
 
$
530,940

Debt Securities Issued by States and Political Subdivisions
242,295

 
9,991

 
—

 
252,286

Debt Securities Issued by Corporations
135,620

 
416

 
(1,528
)
 
134,508

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,940,076

 
20,567

 
(23,861
)
 
1,936,782

    Residential - U.S. Government-Sponsored Enterprises
752,768

 
798

 
(10,919
)
 
742,647

    Commercial - Government Agencies
232,089

 
940

 
(2,665
)
 
230,364

Total Mortgage-Backed Securities
2,924,933

 
22,305

 
(37,445
)
 
2,909,793

Total
$
3,832,997

 
$
34,274

 
$
(39,744
)
 
$
3,827,527
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of September 30, 2017.  Debt securities issued by government agencies (Small Business Administration securities) and mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
79,756

 
$
80,005

Due After One Year Through Five Years
622,846

 
628,796

Due After Five Years Through Ten Years
164,664

 
172,362

Due After Ten Years
25,501

 
27,186

 
892,767

 
908,349

 
 
 
 
Debt Securities Issued by Government Agencies
445,654

 
448,664

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
247,418

 
249,976

    Residential - U.S. Government-Sponsored Enterprises
646,013

 
642,113

    Commercial - Government Agencies
76,260

 
73,566

Total Mortgage-Backed Securities
969,691

 
965,655

Total
$
2,308,112

 
$
2,322,668

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
240,105

 
$
239,988

Due After One Year Through Five Years
255,274

 
257,753

Due After Five Years Through Ten Years
254,585

 
262,701

Due After Ten Years
38,244

 
41,016

 
788,208

 
801,458

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
2,168,568

 
2,162,036

    Residential - U.S. Government-Sponsored Enterprises
795,992

 
790,711

    Commercial - Government Agencies
207,830

 
206,751

Total Mortgage-Backed Securities
3,172,390

 
3,159,498

Total
$
3,960,598

 
$
3,960,956
Schedule of gains (losses) on sale of investment securities
The table below presents the gains and losses from the sales of investment securities for the three and nine months ended September 30, 2017 and 2016.
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollars in thousands)
2017

 
2016

 
2017

 
2016

Gross Gains on Sales of Investment Securities
$
—

 
$
—

 
$
12,467

 
$
11,180

Gross Losses on Sales of Investment Securities
(566
)
 
(328
)
 
(1,420
)
 
(640
)
Net Gains (Losses) on Sales of Investment Securities
$
(566
)
 
$
(328
)
 
$
11,047

 
$
10,540
Schedule of investment securities in an unrealized loss position
The Company’s investment securities in an unrealized loss position, segregated by continuous length of loss, were as follows:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

September 30, 2017
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
77,995

 
$
(420
)
 
$
152,914

 
$
(533
)
 
$
230,909

 
$
(953
)
Debt Securities Issued by States
   and Political Subdivisions
11,064

 
(20
)
 
746

 
(3
)
 
11,810

 
(23
)
Debt Securities Issued by Corporations
22,995

 
(8
)
 
202,713

 
(2,297
)
 
225,708

 
(2,305
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
17,046

 
(4
)
 
12,048

 
(1,043
)
 
29,094

 
(1,047
)
    Residential - U.S. Government-Sponsored Enterprises
389,869

 
(3,512
)
 
55,238

 
(1,444
)
 
445,107

 
(4,956
)
    Commercial - Government Agencies
—

 
—

 
73,566

 
(2,694
)
 
73,566

 
(2,694
)
Total Mortgage-Backed Securities
406,915

 
(3,516
)
 
140,852

 
(5,181
)
 
547,767

 
(8,697
)
Total
$
518,969

 
$
(3,964
)
 
$
497,225

 
$
(8,014
)
 
$
1,016,194

 
$
(11,978
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
159,956

 
$
(238
)
 
$
49,804

 
$
(497
)
 
$
209,760

 
$
(735
)
Debt Securities Issued by Corporations
46,726

 
(716
)
 
14,589

 
(440
)
 
61,315

 
(1,156
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
897,044

 
(6,532
)
 
516,479

 
(14,781
)
 
1,413,523

 
(21,313
)
    Residential - U.S. Government-Sponsored Enterprises
508,545

 
(4,881
)
 
59,202

 
(2,037
)
 
567,747

 
(6,918
)
    Commercial - Government Agencies
32,799

 
(573
)
 
55,820

 
(2,478
)
 
88,619

 
(3,051
)
Total Mortgage-Backed Securities
1,438,388

 
(11,986
)
 
631,501

 
(19,296
)
 
2,069,889

 
(31,282
)
Total
$
1,645,070

 
$
(12,940
)
 
$
695,894

 
$
(20,233
)
 
$
2,340,964

 
$
(33,173
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
143,715

 
$
(562
)
 
$
89,211

 
$
(732
)
 
$
232,926

 
$
(1,294
)
Debt Securities Issued by States
     and Political Subdivisions
211,188

 
(1,873
)
 
6,725

 
(14
)
 
217,913

 
(1,887
)
Debt Securities Issued by Corporations
67,332

 
(714
)
 
196,838

 
(3,156
)
 
264,170

 
(3,870
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
38,355

 
(89
)
 
11,185

 
(1,056
)
 
49,540

 
(1,145
)
     Residential - U.S. Government-Sponsored Enterprises
397,385

 
(5,218
)
 
—

 
—

 
397,385

 
(5,218
)
     Commercial - Government Agencies
5,097

 
(164
)
 
80,420

 
(3,863
)
 
85,517

 
(4,027
)
Total Mortgage-Backed Securities
440,837

 
(5,471
)
 
91,605

 
(4,919
)
 
532,442

 
(10,390
)
Total
$
863,072

 
$
(8,620
)
 
$
384,379

 
$
(8,821
)
 
$
1,247,451

 
$
(17,441
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
and Government Agencies
$
169,926

 
$
(771
)
 
$
—

 
$
—

 
$
169,926

 
$
(771
)
Debt Securities Issued by Corporations
69,601

 
(971
)
 
15,933

 
(557
)
 
85,534

 
(1,528
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
835,227

 
(15,313
)
 
231,377

 
(8,548
)
 
1,066,604

 
(23,861
)
     Residential - U.S. Government-Sponsored Enterprises
693,047

 
(10,919
)
 
—

 
—

 
693,047

 
(10,919
)
     Commercial - Government Agencies
87,586

 
(2,597
)
 
18,653

 
(68
)
 
106,239

 
(2,665
)
Total Mortgage-Backed Securities
1,615,860

 
(28,829
)
 
250,030

 
(8,616
)
 
1,865,890

 
(37,445
)
Total
$
1,855,387

 
$
(30,571
)
 
$
265,963

 
$
(9,173
)
 
$
2,121,350

 
$
(39,744
)
Schedule of interest income from taxable and non-taxable investment securities
Interest income from taxable and non-taxable investment securities for the three and nine months ended September 30, 2017 and 2016 were as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollars in thousands)
2017

 
2016

 
2017

 
2016

Taxable
$
27,441

 
$
24,558

 
$
79,949

 
$
76,112

Non-Taxable
4,880

 
5,070

 
14,915

 
15,410

Total Interest Income from Investment Securities
$
32,321

 
$
29,628

 
$
94,864

 
$
91,522
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of September 30, 2017 and December 31, 2016, the carrying value of the Company’s Federal Home Loan Bank of Des Moines stock and Federal Reserve Bank stock was as follows:
(dollars in thousands)
September 30,
2017

 
December 31,
2016

Federal Home Loan Bank Stock
$
20,000

 
$
20,000

Federal Reserve Bank Stock
20,645

 
20,063

Total
$
40,645

 
$
40,063