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Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
A summary of the Company's securities portfolio by category and maturity is presented in the following tables.
Securities Portfolio
(Dollar amounts in thousands)
 
 
As of December 31,
 
 
2018
 
2017
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
Gains
 
Losses
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
37,925

 
$
17

 
$
(175
)
 
$
37,767

 
$
46,529

 
$
—

 
$
(184
)
 
$
46,345

U.S. agency securities
 
144,125

 
45

 
(1,607
)
 
142,563

 
157,636

 
197

 
(986
)
 
156,847

Collateralized mortgage
obligations ("CMOs")
 
1,336,531

 
3,362

 
(24,684
)
 
1,315,209

 
1,113,019

 
121

 
(17,954
)
 
1,095,186

Other mortgage-backed
securities ("MBSs")
 
477,665

 
520

 
(11,251
)
 
466,934

 
373,676

 
201

 
(4,334
)
 
369,543

Municipal securities
 
229,600

 
461

 
(2,874
)
 
227,187

 
209,558

 
693

 
(1,260
)
 
208,991

Corporate debt securities
 
86,074

 
—

 
(3,725
)
 
82,349

 
—

 
—

 
—

 
—

Equity securities(1)
 
—

 
—

 
—

 
—

 
7,408

 
194

 
(305
)
 
7,297

Total securities
  available-for-sale
 
$
2,311,920

 
$
4,405

 
$
(44,316
)
 
$
2,272,009

 
$
1,907,826

 
$
1,406

 
$
(25,023
)
 
$
1,884,209

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
10,176

 
$
—

 
$
(305
)
 
$
9,871

 
$
13,760

 
$
—

 
$
(1,747
)
 
$
12,013

Equity Securities(1)
 
 
 
 
 
 
 
$
30,806

 
 
 
 
 
 
 
$
—

Trading Securities(1)
 
 

 
 

 
 

 
$
—

 
 

 
 

 
 

 
$
20,447


(1) 
As a result of accounting guidance adopted in 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2. "Recent Accounting Pronouncements."
Securities Available-for-Sale
A summary of the Company's securities portfolio by category and maturity is presented in the following tables.
Securities Portfolio
(Dollar amounts in thousands)
 
 
As of December 31,
 
 
2018
 
2017
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
Gains
 
Losses
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
37,925

 
$
17

 
$
(175
)
 
$
37,767

 
$
46,529

 
$
—

 
$
(184
)
 
$
46,345

U.S. agency securities
 
144,125

 
45

 
(1,607
)
 
142,563

 
157,636

 
197

 
(986
)
 
156,847

Collateralized mortgage
obligations ("CMOs")
 
1,336,531

 
3,362

 
(24,684
)
 
1,315,209

 
1,113,019

 
121

 
(17,954
)
 
1,095,186

Other mortgage-backed
securities ("MBSs")
 
477,665

 
520

 
(11,251
)
 
466,934

 
373,676

 
201

 
(4,334
)
 
369,543

Municipal securities
 
229,600

 
461

 
(2,874
)
 
227,187

 
209,558

 
693

 
(1,260
)
 
208,991

Corporate debt securities
 
86,074

 
—

 
(3,725
)
 
82,349

 
—

 
—

 
—

 
—

Equity securities(1)
 
—

 
—

 
—

 
—

 
7,408

 
194

 
(305
)
 
7,297

Total securities
  available-for-sale
 
$
2,311,920

 
$
4,405

 
$
(44,316
)
 
$
2,272,009

 
$
1,907,826

 
$
1,406

 
$
(25,023
)
 
$
1,884,209

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
10,176

 
$
—

 
$
(305
)
 
$
9,871

 
$
13,760

 
$
—

 
$
(1,747
)
 
$
12,013

Equity Securities(1)
 
 
 
 
 
 
 
$
30,806

 
 
 
 
 
 
 
$
—

Trading Securities(1)
 
 

 
 

 
 

 
$
—

 
 

 
 

 
 

 
$
20,447


(1) 
As a result of accounting guidance adopted in 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2. "Recent Accounting Pronouncements."
Securities Held-to-Maturity
A summary of the Company's securities portfolio by category and maturity is presented in the following tables.
Securities Portfolio
(Dollar amounts in thousands)
 
 
As of December 31,
 
 
2018
 
2017
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
Gains
 
Losses
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
37,925

 
$
17

 
$
(175
)
 
$
37,767

 
$
46,529

 
$
—

 
$
(184
)
 
$
46,345

U.S. agency securities
 
144,125

 
45

 
(1,607
)
 
142,563

 
157,636

 
197

 
(986
)
 
156,847

Collateralized mortgage
obligations ("CMOs")
 
1,336,531

 
3,362

 
(24,684
)
 
1,315,209

 
1,113,019

 
121

 
(17,954
)
 
1,095,186

Other mortgage-backed
securities ("MBSs")
 
477,665

 
520

 
(11,251
)
 
466,934

 
373,676

 
201

 
(4,334
)
 
369,543

Municipal securities
 
229,600

 
461

 
(2,874
)
 
227,187

 
209,558

 
693

 
(1,260
)
 
208,991

Corporate debt securities
 
86,074

 
—

 
(3,725
)
 
82,349

 
—

 
—

 
—

 
—

Equity securities(1)
 
—

 
—

 
—

 
—

 
7,408

 
194

 
(305
)
 
7,297

Total securities
  available-for-sale
 
$
2,311,920

 
$
4,405

 
$
(44,316
)
 
$
2,272,009

 
$
1,907,826

 
$
1,406

 
$
(25,023
)
 
$
1,884,209

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
10,176

 
$
—

 
$
(305
)
 
$
9,871

 
$
13,760

 
$
—

 
$
(1,747
)
 
$
12,013

Equity Securities(1)
 
 
 
 
 
 
 
$
30,806

 
 
 
 
 
 
 
$
—

Trading Securities(1)
 
 

 
 

 
 

 
$
—

 
 

 
 

 
 

 
$
20,447


(1) 
As a result of accounting guidance adopted in 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2. "Recent Accounting Pronouncements."

Trading Securities
A summary of the Company's securities portfolio by category and maturity is presented in the following tables.
Securities Portfolio
(Dollar amounts in thousands)
 
 
As of December 31,
 
 
2018
 
2017
 
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
 
 
Gains
 
Losses
 
Gains
 
Losses
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
37,925

 
$
17

 
$
(175
)
 
$
37,767

 
$
46,529

 
$
—

 
$
(184
)
 
$
46,345

U.S. agency securities
 
144,125

 
45

 
(1,607
)
 
142,563

 
157,636

 
197

 
(986
)
 
156,847

Collateralized mortgage
obligations ("CMOs")
 
1,336,531

 
3,362

 
(24,684
)
 
1,315,209

 
1,113,019

 
121

 
(17,954
)
 
1,095,186

Other mortgage-backed
securities ("MBSs")
 
477,665

 
520

 
(11,251
)
 
466,934

 
373,676

 
201

 
(4,334
)
 
369,543

Municipal securities
 
229,600

 
461

 
(2,874
)
 
227,187

 
209,558

 
693

 
(1,260
)
 
208,991

Corporate debt securities
 
86,074

 
—

 
(3,725
)
 
82,349

 
—

 
—

 
—

 
—

Equity securities(1)
 
—

 
—

 
—

 
—

 
7,408

 
194

 
(305
)
 
7,297

Total securities
  available-for-sale
 
$
2,311,920

 
$
4,405

 
$
(44,316
)
 
$
2,272,009

 
$
1,907,826

 
$
1,406

 
$
(25,023
)
 
$
1,884,209

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
$
10,176

 
$
—

 
$
(305
)
 
$
9,871

 
$
13,760

 
$
—

 
$
(1,747
)
 
$
12,013

Equity Securities(1)
 
 
 
 
 
 
 
$
30,806

 
 
 
 
 
 
 
$
—

Trading Securities(1)
 
 

 
 

 
 

 
$
—

 
 

 
 

 
 

 
$
20,447


(1) 
As a result of accounting guidance adopted in 2018, equity securities are no longer presented within trading securities or securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2. "Recent Accounting Pronouncements."

Remaining Contractual Maturity of Securities
Remaining Contractual Maturity of Securities
(Dollar amounts in thousands)
 
 
As of December 31, 2018
 
 
Available-for-Sale
 
Held-to-Maturity
 
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
One year or less
 
$
113,548

 
$
111,755

 
$
7,580

 
$
7,353

After one year to five years
 
176,349

 
173,565

 
2,236

 
2,169

After five years to ten years
 
207,827

 
204,546

 
360

 
349

After ten years
 
—

 
—

 
—

 
—

Securities that do not have a single contractual maturity date
 
1,814,196

 
1,782,143

 
—

 
—

Total
 
$
2,311,920

 
$
2,272,009

 
$
10,176

 
$
9,871
Securities Available-for-Sale (Losses) Gains
The following table presents net realized gains (losses) on securities available-for-sale for the three years ended December 31, 2018.
Securities Available-for-Sale Gains (Losses)
(Dollar amounts in thousands)
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
Gains (losses) on sales of securities:
 
 
 
 
 
 
Gross realized gains
 
$
—

 
$
5,478

 
$
1,589

Gross realized losses
 
—

 
(7,354
)
 
(169
)
Net realized gains (losses) on sales of securities
 
—

 
(1,876
)
 
1,420

Non-cash impairment charges:
 
 
 
 
 
 
OTTI
 
—

 
—

 
—

Net realized gains (losses)
 
$
—

 
$
(1,876
)
 
$
1,420
Changes in OTTI Recognized in Earnings
The following table presents a rollforward of life-to-date OTTI recognized in earnings related to all securities available-for-sale held by the Company for the years ended December 31, 2018, 2017, and 2016.
Changes in OTTI Recognized in Earnings
(Dollar amounts in thousands)
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
Beginning balance
 
$
—

 
$
23,345

 
$
23,345

OTTI included in earnings(1):
 
 
 
 
 
 
Reduction for securities sales(2)
 
—

 
(23,345
)
 
—

Ending balance
 
$
—

 
$
—

 
$
23,345

(1) 
Included in net securities gains (losses) in the Consolidated Statements of Income.
(2) 
These reductions were driven by the sale of 11 CDOs with a carrying value of $47.7 million during the year ended December 31, 2017.
Securities in an Unrealized Loss Position
The following table presents the aggregate amount of unrealized losses and the aggregate related fair values of securities with unrealized losses as of December 31, 2018 and 2017.
Securities in an Unrealized Loss Position
(Dollar amounts in thousands)
 
 
 
 
Less Than 12 Months
 
Greater Than 12 Months
 
Total
 
 
Number of
Securities
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
As of December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
17

 
$
15,894

 
$
57

 
$
13,886

 
$
118

 
$
29,780

 
$
175

U.S. agency securities
 
74

 
34,263

 
320

 
93,227

 
1,287

 
127,490

 
1,607

CMOs
 
234

 
171,901

 
1,671

 
863,747

 
23,013

 
1,035,648

 
24,684

MBSs
 
118

 
135,791

 
1,715

 
284,273

 
9,536

 
420,064

 
11,251

Municipal securities
 
423

 
60,863

 
558

 
109,935

 
2,316

 
170,798

 
2,874

Corporate debt securities
 
16

 
82,349

 
3,725

 
—

 
—

 
82,349

 
3,725

Total
 
882

 
$
501,061

 
$
8,046

 
$
1,365,068

 
$
36,270

 
$
1,866,129

 
$
44,316

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
5

 
$
—

 
$
—

 
$
9,871

 
$
305

 
$
9,871

 
$
305

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities Available-for-Sale
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
20

 
$
19,918

 
$
87

 
$
26,427

 
$
97

 
$
46,345

 
$
184

U.S. agency securities
 
72

 
66,899

 
300

 
58,021

 
686

 
124,920

 
986

CMOs
 
211

 
365,131

 
3,265

 
633,227

 
14,689

 
998,358

 
17,954

MBSs
 
86

 
126,136

 
902

 
210,017

 
3,432

 
336,153

 
4,334

Municipal securities
 
265

 
35,500

 
479

 
81,360

 
781

 
116,860

 
1,260

Equity securities(1)
 
2

 
391

 
214

 
6,386

 
91

 
6,777

 
305

Total
 
656

 
$
613,975

 
$
5,247

 
$
1,015,438

 
$
19,776

 
$
1,629,413

 
$
25,023

Securities Held-to-Maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal securities
 
8

 
$
—

 
$
—

 
$
12,013

 
$
1,747

 
$
12,013

 
$
1,747


(1) 
As a result of accounting guidance adopted in 2018, equity securities are no longer presented within securities available-for-sale and are now presented within equity securities in the Consolidated Statements of Financial Condition for the current period. For further discussion of this guidance, see Note 2, "Recent Accounting Pronouncements."