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Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2019
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, 2019 and December 31, 2018 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

September 30, 2019
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
236,794

 
$
283

 
$
(1,392
)
 
$
235,685

Debt Securities Issued by States and Political Subdivisions
53,211

 
772

 
(1
)
 
53,982

Debt Securities Issued by U.S. Government-Sponsored Enterprises
21,969


18


(92
)
 
21,895

Debt Securities Issued by Corporations
348,006

 
1,550

 
(1,115
)
 
348,441

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
1,215,859

 
15,731

 
(2,953
)
 
1,228,637

    Residential - U.S. Government-Sponsored Enterprises
532,885

 
5,769

 
(1,318
)
 
537,336

    Commercial - Government Agencies
166,306

 
3,689

 
(1,577
)
 
168,418

Total Mortgage-Backed Securities
1,915,050

 
25,189

 
(5,848
)
 
1,934,391

Total
$
2,575,030

 
$
27,812

 
$
(8,448
)
 
$
2,594,394

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
354,073

 
$
1,502

 
$
(133
)
 
$
355,442

Debt Securities Issued by States and Political Subdivisions
65,109

 
1,254

 
—

 
66,363

Debt Securities Issued by Corporations
15,703

 
—

 
(143
)
 
15,560

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,144,257

 
16,945

 
(5,137
)
 
1,156,065

    Residential - U.S. Government-Sponsored Enterprises
1,282,944

 
13,456

 
(2,105
)
 
1,294,295

    Commercial - Government Agencies
84,824

 
474

 
(750
)
 
84,548

Total Mortgage-Backed Securities
2,512,025

 
30,875


(7,992
)

2,534,908

Total
$
2,946,910

 
$
33,631

 
$
(8,268
)
 
$
2,972,273

 
 
 
 
 
 
 
 
December 31, 2018
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
394,485

 
$
493

 
$
(2,577
)
 
$
392,401

Debt Securities Issued by States and Political Subdivisions
559,800

 
5,227

 
(1,031
)
 
563,996

Debt Securities Issued by U.S. Government-Sponsored Enterprises
56

 
—

 
—

 
56

Debt Securities Issued by Corporations
224,997

 
—

 
(1,857
)
 
223,140

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
189,645

 
1,726

 
(929
)
 
190,442

    Residential - U.S. Government-Sponsored Enterprises
589,311

 
1,779

 
(12,563
)
 
578,527

    Commercial - Government Agencies
63,864

 
—

 
(4,484
)
 
59,380

Total Mortgage-Backed Securities
842,820

 
3,505

 
(17,976
)
 
828,349

Total
$
2,022,158

 
$
9,225

 
$
(23,441
)
 
$
2,007,942

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
353,122

 
$
186

 
$
(1,093
)
 
$
352,215

Debt Securities Issued by States and Political Subdivisions
234,602

 
6,150

 
—

 
240,752

Debt Securities Issued by Corporations
97,266

 
—

 
(1,755
)
 
95,511

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,861,874

 
3,886

 
(51,773
)
 
1,813,987

    Residential - U.S. Government-Sponsored Enterprises
758,835

 
1,590

 
(20,259
)
 
740,166

    Commercial - Government Agencies
176,393

 
147

 
(5,177
)
 
171,363

Total Mortgage-Backed Securities
2,797,102

 
5,623

 
(77,209
)
 
2,725,516

Total
$
3,482,092

 
$
11,959

 
$
(80,057
)
 
$
3,413,994
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, 2019.  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
$
169,544

 
$
169,762

Due After One Year Through Five Years
120,351

 
120,126

Due After Five Years Through Ten Years
134,235

 
135,383

Due After Ten Years
51

 
52

 
424,181

 
425,323

 
 
 
 
Debt Securities Issued by Government Agencies
235,799

 
234,680

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
1,215,859

 
1,228,637

    Residential - U.S. Government-Sponsored Enterprises
532,885

 
537,336

    Commercial - Government Agencies
166,306

 
168,418

Total Mortgage-Backed Securities
1,915,050

 
1,934,391

Total
$
2,575,030

 
$
2,594,394

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
304,243

 
$
305,141

Due After One Year Through Five Years
119,592

 
121,302

Due After Five Years Through Ten Years
11,050

 
10,922

 
434,885

 
437,365

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
1,144,257

 
1,156,065

    Residential - U.S. Government-Sponsored Enterprises
1,282,944

 
1,294,295

    Commercial - Government Agencies
84,824

 
84,548

Total Mortgage-Backed Securities
2,512,025

 
2,534,908

Total
$
2,946,910

 
$
2,972,273
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, 2019 and 2018.
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollars in thousands)
2019

 
2018

 
2019

 
2018

Gross Gains on Sales of Investment Securities
$
38

 
$
—

 
$
7,701

 
$
—

Gross Losses on Sales of Investment Securities
(1,507
)
 
(729
)
 
(10,781
)
 
(3,097
)
Net Gains (Losses) on Sales of Investment Securities
$
(1,469
)
 
$
(729
)
 
$
(3,080
)
 
$
(3,097
)
Schedule of investment securities in an unrealized loss position
The Company’s gross unrealized losses and the related fair value of investment securities, aggregated by investment category and length of time in a continuous unrealized loss position, 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, 2019
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
64,180

 
$
(115
)
 
$
107,800

 
$
(1,277
)
 
$
171,980

 
$
(1,392
)
Debt Securities Issued by States
   and Political Subdivisions
181

 
—

 
468

 
(1
)
 
649

 
(1
)
Debt Securities Issued by U.S.
   Government-Sponsored Enterprises
21,233

 
(92
)
 
—

 
—

 
21,233

 
(92
)
Debt Securities Issued by Corporations
25,808

 
(581
)
 
114,466

 
(534
)
 
140,274

 
(1,115
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


    Residential - Government Agencies
62,749

 
(173
)
 
182,660

 
(2,780
)
 
245,409

 
(2,953
)
    Residential - U.S. Government-Sponsored Enterprises
60,586

 
(408
)
 
82,390

 
(910
)
 
142,976

 
(1,318
)
    Commercial - Government Agencies
—

 
—

 
54,118

 
(1,577
)
 
54,118

 
(1,577
)
Total Mortgage-Backed Securities
123,335

 
(581
)
 
319,168

 
(5,267
)
 
442,503

 
(5,848
)
Total
$
234,737

 
$
(1,369
)
 
$
541,902

 
$
(7,079
)
 
$
776,639

 
$
(8,448
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
   and Government Agencies
$
—

 
$
—

 
$
39,912

 
$
(133
)
 
$
39,912

 
$
(133
)
Debt Securities Issued by Corporations
4,638

 
(15
)
 
10,922

 
(128
)
 
15,560

 
(143
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
76,076

 
(278
)
 
277,116

 
(4,859
)
 
353,192

 
(5,137
)
    Residential - U.S. Government-Sponsored Enterprises
160,448

 
(312
)
 
165,075

 
(1,793
)
 
325,523

 
(2,105
)
    Commercial - Government Agencies
—

 
—

 
53,014

 
(750
)
 
53,014

 
(750
)
Total Mortgage-Backed Securities
236,524

 
(590
)
 
495,205

 
(7,402
)
 
731,729

 
(7,992
)
Total
$
241,162

 
$
(605
)
 
$
546,039

 
$
(7,663
)
 
$
787,201

 
$
(8,268
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
157,058

 
$
(964
)
 
$
173,763

 
$
(1,613
)
 
$
330,821

 
$
(2,577
)
Debt Securities Issued by States
     and Political Subdivisions
38,138

 
(59
)
 
156,772

 
(972
)
 
194,910

 
(1,031
)
Debt Securities Issued by Corporations
59,770

 
(231
)
 
163,371

 
(1,626
)
 
223,141

 
(1,857
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
6,299

 
(10
)
 
19,011

 
(919
)
 
25,310

 
(929
)
     Residential - U.S. Government-Sponsored Enterprises
—

 
—

 
473,380

 
(12,563
)
 
473,380

 
(12,563
)
     Commercial - Government Agencies
—

 
—

 
59,380

 
(4,484
)
 
59,380

 
(4,484
)
Total Mortgage-Backed Securities
6,299

 
(10
)
 
551,771

 
(17,966
)
 
558,070

 
(17,976
)
Total
$
261,265

 
$
(1,264
)
 
$
1,045,677

 
$
(22,177
)
 
$
1,306,942

 
$
(23,441
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
and Government Agencies
$
99,440

 
$
(237
)
 
$
134,239

 
$
(856
)
 
$
233,679

 
$
(1,093
)
Debt Securities Issued by Corporations
—

 
—

 
95,511

 
(1,755
)
 
95,511

 
(1,755
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
12,974

 
(45
)
 
1,491,747

 
(51,728
)
 
1,504,721

 
(51,773
)
     Residential - U.S. Government-Sponsored Enterprises
—

 
—

 
617,000

 
(20,259
)
 
617,000

 
(20,259
)
     Commercial - Government Agencies
19,217

 
(61
)
 
145,715

 
(5,116
)
 
164,932

 
(5,177
)
Total Mortgage-Backed Securities
32,191

 
(106
)
 
2,254,462

 
(77,103
)
 
2,286,653

 
(77,209
)
Total
$
131,631

 
$
(343
)
 
$
2,484,212

 
$
(79,714
)
 
$
2,615,843

 
$
(80,057
)
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, 2019 and 2018 were as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
(dollars in thousands)
2019

 
2018

 
2019

 
2018

Taxable
$
35,584

 
$
28,855

 
$
102,912

 
$
85,931

Non-Taxable
724

 
4,554

 
5,970

 
14,006

Total Interest Income from Investment Securities
$
36,308

 
$
33,409

 
$
108,882

 
$
99,937
Schedule of carrying value of company's Federal Home Loan Bank and Federal Reserve Bank
As of September 30, 2019 and December 31, 2018, 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,
2019

 
December 31,
2018

Federal Home Loan Bank Stock
$
14,000

 
$
15,000

Federal Reserve Bank Stock
21,093

 
20,858

Total
$
35,093

 
$
35,858