Investment Securities (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Investment securities available for sale |
The amortized cost and fair values of securities available for sale and held to maturity were as follows. | | | | | | | | | | | | | | | | | | | | September 30, 2016 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | ($ in Thousands) | | | Investment securities available for sale: | | | | | | | | | | U. S. Treasury securities | $ | 1,000 |
| | $ | 1 |
| | $ | — |
| | $ | 1,001 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 882,951 |
| | 29,941 |
| | (32 | ) | | 912,860 |
| | | GNMA | 1,798,096 |
| | 14,183 |
| | (750 | ) | | 1,811,529 |
| | | Private-label | 1,215 |
| | — |
| | (15 | ) | | 1,200 |
| | | GNMA commercial mortgage-related securities | 2,121,913 |
| | 4,218 |
| | (11,462 | ) | | 2,114,669 |
| | | Other securities (debt and equity) | 4,718 |
| | 111 |
| | — |
| | 4,829 |
| | | Total investment securities available for sale | $ | 4,809,893 |
| | $ | 48,454 |
| | $ | (12,259 | ) | | $ | 4,846,088 |
| | | Investment securities held to maturity: | | | | | | | | | | Obligations of state and political subdivisions (municipal securities) | $ | 1,129,056 |
| | $ | 31,897 |
| | $ | (233 | ) | | $ | 1,160,720 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 38,297 |
| | 1,009 |
| | (16 | ) | | 39,290 |
| | | GNMA | 86,141 |
| | 1,703 |
| | (24 | ) | | 87,820 |
| | | Total investment securities held to maturity | $ | 1,253,494 |
| | $ | 34,609 |
| | $ | (273 | ) | | $ | 1,287,830 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2015 | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | | | | | | | ($ in Thousands) | | | Investment securities available for sale: | | | | | | | | | | U. S. Treasury securities | $ | 999 |
| | $ | — |
| | $ | (2 | ) | | $ | 997 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 1,388,995 |
| | 33,791 |
| | (8,160 | ) | | 1,414,626 |
| | | GNMA | 1,605,956 |
| | 507 |
| | (16,460 | ) | | 1,590,003 |
| | | Private-label | 1,722 |
| | 1 |
| | (14 | ) | | 1,709 |
| | | GNMA commercial mortgage-related securities | 1,982,477 |
| | 1,334 |
| | (28,501 | ) | | 1,955,310 |
| | | Other securities (debt and equity) | 4,718 |
| | 51 |
| | — |
| | 4,769 |
| | | Total investment securities available for sale | $ | 4,984,867 |
| | $ | 35,684 |
| | $ | (53,137 | ) | | $ | 4,967,414 |
| | | Investment securities held to maturity: | | | | | | | | | | Municipal securities | $ | 1,043,767 |
| | $ | 16,803 |
| | $ | (339 | ) | | $ | 1,060,231 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 41,469 |
| | 513 |
| | (645 | ) | | 41,337 |
| | | GNMA | 82,994 |
| | 189 |
| | (309 | ) | | 82,874 |
| | | Total investment securities held to maturity | $ | 1,168,230 |
| | $ | 17,505 |
| | $ | (1,293 | ) | | $ | 1,184,442 |
|
|
| Investment securities held to maturity |
The amortized cost and fair values of securities available for sale and held to maturity were as follows. | | | | | | | | | | | | | | | | | | | | September 30, 2016 | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | | | | | | | ($ in Thousands) | | | Investment securities available for sale: | | | | | | | | | | U. S. Treasury securities | $ | 1,000 |
| | $ | 1 |
| | $ | — |
| | $ | 1,001 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 882,951 |
| | 29,941 |
| | (32 | ) | | 912,860 |
| | | GNMA | 1,798,096 |
| | 14,183 |
| | (750 | ) | | 1,811,529 |
| | | Private-label | 1,215 |
| | — |
| | (15 | ) | | 1,200 |
| | | GNMA commercial mortgage-related securities | 2,121,913 |
| | 4,218 |
| | (11,462 | ) | | 2,114,669 |
| | | Other securities (debt and equity) | 4,718 |
| | 111 |
| | — |
| | 4,829 |
| | | Total investment securities available for sale | $ | 4,809,893 |
| | $ | 48,454 |
| | $ | (12,259 | ) | | $ | 4,846,088 |
| | | Investment securities held to maturity: | | | | | | | | | | Obligations of state and political subdivisions (municipal securities) | $ | 1,129,056 |
| | $ | 31,897 |
| | $ | (233 | ) | | $ | 1,160,720 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 38,297 |
| | 1,009 |
| | (16 | ) | | 39,290 |
| | | GNMA | 86,141 |
| | 1,703 |
| | (24 | ) | | 87,820 |
| | | Total investment securities held to maturity | $ | 1,253,494 |
| | $ | 34,609 |
| | $ | (273 | ) | | $ | 1,287,830 |
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| | | | | | | | | | | | | | | | | | | | December 31, 2015 | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | | | | | | | ($ in Thousands) | | | Investment securities available for sale: | | | | | | | | | | U. S. Treasury securities | $ | 999 |
| | $ | — |
| | $ | (2 | ) | | $ | 997 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 1,388,995 |
| | 33,791 |
| | (8,160 | ) | | 1,414,626 |
| | | GNMA | 1,605,956 |
| | 507 |
| | (16,460 | ) | | 1,590,003 |
| | | Private-label | 1,722 |
| | 1 |
| | (14 | ) | | 1,709 |
| | | GNMA commercial mortgage-related securities | 1,982,477 |
| | 1,334 |
| | (28,501 | ) | | 1,955,310 |
| | | Other securities (debt and equity) | 4,718 |
| | 51 |
| | — |
| | 4,769 |
| | | Total investment securities available for sale | $ | 4,984,867 |
| | $ | 35,684 |
| | $ | (53,137 | ) | | $ | 4,967,414 |
| | | Investment securities held to maturity: | | | | | | | | | | Municipal securities | $ | 1,043,767 |
| | $ | 16,803 |
| | $ | (339 | ) | | $ | 1,060,231 |
| | | Residential mortgage-related securities: | | | | | | | | | | FNMA / FHLMC | 41,469 |
| | 513 |
| | (645 | ) | | 41,337 |
| | | GNMA | 82,994 |
| | 189 |
| | (309 | ) | | 82,874 |
| | | Total investment securities held to maturity | $ | 1,168,230 |
| | $ | 17,505 |
| | $ | (1,293 | ) | | $ | 1,184,442 |
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| Amortized cost and fair values of investment securities available for sale by contractual maturity |
The amortized cost and fair values of investment securities available for sale and held to maturity at September 30, 2016, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | | Available for Sale | | Held to Maturity | ($ in Thousands) | Amortized Cost | | Fair Value | | Amortized Cost | | Fair Value | Due in one year or less | $ | 4,500 |
| | $ | 4,535 |
| | $ | 38,786 |
| | $ | 27,004 |
| Due after one year through five years | 1,200 |
| | 1,200 |
| | 250,221 |
| | 260,817 |
| Due after five years through ten years | — |
| | — |
| | 234,104 |
| | 243,746 |
| Due after ten years | — |
| | — |
| | 605,945 |
| | 629,153 |
| Total debt securities | 5,700 |
| | 5,735 |
| | 1,129,056 |
| | 1,160,720 |
| Residential mortgage-related securities: | | | | | | | | FNMA / FHLMC | 882,951 |
| | 912,860 |
| | 38,297 |
| | 39,290 |
| GNMA | 1,798,096 |
| | 1,811,529 |
| | 86,141 |
| | 87,820 |
| Private-label | 1,215 |
| | 1,200 |
| | — |
| | — |
| GNMA commercial mortgage-related securities | 2,121,913 |
| | 2,114,669 |
| | — |
| | — |
| Equity securities | 18 |
| | 95 |
| | — |
| | — |
| Total investment securities | $ | 4,809,893 |
| | $ | 4,846,088 |
| | $ | 1,253,494 |
| | $ | 1,287,830 |
| Ratio of Fair Value to Amortized Cost | | | 100.8 | % | | | | 102.7 | % |
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| Realized gains and losses and proceeds from sale |
During the first nine months of 2016, the Corporation sold approximately $360 million of FNMA and FHLMC mortgage-related securities and reinvested into GNMA mortgage-related securities, generating a $6 million net gain on sale. This sale of FNMA and FHLMC mortgage-related securities and the subsequent purchase of GNMA mortgage-related securities lowered risk weighted assets and related capital requirements. | | | | | | | | | | Nine Months Ended September 30, | | 2016 | | 2015 | | ($ in Thousands) | Gross gains | $ | 6,403 |
| | $ | 8,047 |
| Gross losses | (202 | ) | | (4,009 | ) | Investment securities gains, net | $ | 6,201 |
| | $ | 4,038 |
| Proceeds from sales of investment securities | $ | 359,591 |
| | $ | 1,206,242 |
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| Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length |
The following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2016. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Number of Securities | | Unrealized Losses | | Fair Value | | Number of Securities | | Unrealized Losses | | Fair Value | | Unrealized Losses | | Fair Value | | ($ in Thousands) | Investment securities available for sale: | | | | | | | | | | | | | | | | Residential mortgage-related securities: | | | | | | | | | | | | | | | | FNMA / FHLMC | 3 |
| | $ | (32 | ) | | $ | 14,694 |
| | — |
| | $ | — |
| | $ | — |
| | $ | (32 | ) | | $ | 14,694 |
| GNMA | 8 |
| | (750 | ) | | 280,378 |
| | — |
| | — |
| | — |
| | (750 | ) | | 280,378 |
| Private-label | — |
| | — |
| | — |
| | 1 |
| | (15 | ) | | 1,197 |
| | (15 | ) | | 1,197 |
| GNMA commercial mortgage-related securities | 40 |
| | (2,035 | ) | | 828,434 |
| | 21 |
| | (9,427 | ) | | 466,898 |
| | (11,462 | ) | | 1,295,332 |
| Total | 51 |
| | $ | (2,817 | ) | | $ | 1,123,506 |
| | 22 |
| | $ | (9,442 | ) | | $ | 468,095 |
| | $ | (12,259 | ) | | $ | 1,591,601 |
| Investment securities held to maturity: | | | | | | | | | | | | | | | | Municipal securities | 37 |
| | $ | (224 | ) | | $ | 37,317 |
| | 4 |
| | $ | (9 | ) | | $ | 1,842 |
| | $ | (233 | ) | | $ | 39,159 |
| Residential mortgage-related securities: | | | | | | | | | | | | | | | | FNMA / FHLMC | 1 |
| | (8 | ) | | 1,108 |
| | 1 |
| | (8 | ) | | 6,834 |
| | (16 | ) | | 7,942 |
| GNMA | 5 |
| | (24 | ) | | 6,317 |
| | — |
| | — |
| | — |
| | (24 | ) | | 6,317 |
| Total | 43 |
| | $ | (256 | ) | | $ | 44,742 |
| | 5 |
| | $ | (17 | ) | | $ | 8,676 |
| | $ | (273 | ) | | $ | 53,418 |
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For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Less than 12 months | | 12 months or more | | Total | | Number
of
Securities | | Unrealized
Losses | | Fair
Value | | Number
of
Securities | | Unrealized
Losses | | Fair
Value | | Unrealized
Losses | | Fair
Value | | ($ in Thousands) | Investment securities available for sale: | | | | | | | | | | | | | | | | U.S. Treasury securities | 1 |
| | $ | (2 | ) | | $ | 997 |
| | — |
| | $ | — |
| | $ | — |
| | $ | (2 | ) | | $ | 997 |
| Residential mortgage-related securities: | | | | | | | | | | | | | | | | FNMA / FHLMC | 17 |
| | (1,548 | ) | | 220,852 |
| | 14 |
| | (6,612 | ) | | 338,186 |
| | (8,160 | ) | | 559,038 |
| GNMA | 46 |
| | (16,460 | ) | | 1,434,484 |
| | — |
| | — |
| | — |
| | (16,460 | ) | | 1,434,484 |
| Private-label | 1 |
| | (1 | ) | | 83 |
| | 3 |
| | (13 | ) | | 1,565 |
| | (14 | ) | | 1,648 |
| GNMA commercial mortgage-related securities | 40 |
| | (9,610 | ) | | 1,132,844 |
| | 21 |
| | (18,891 | ) | | 448,218 |
| | (28,501 | ) | | 1,581,062 |
| Total | 105 |
| | $ | (27,621 | ) | | $ | 2,789,260 |
| | 38 |
| | $ | (25,516 | ) | | $ | 787,969 |
| | $ | (53,137 | ) | | $ | 3,577,229 |
| Investment securities held to maturity: | | | | | | | | | | | | | | | | Municipal securities | 53 |
| | $ | (146 | ) | | $ | 23,137 |
| | 24 |
| | $ | (193 | ) | | $ | 9,254 |
| | $ | (339 | ) | | $ | 32,391 |
| Residential mortgage-related securities: | | | | | | | | | | | | | | | | FNMA / FHLMC | 10 |
| | (177 | ) | | 12,754 |
| | 3 |
| | (468 | ) | | 11,106 |
| | (645 | ) | | 23,860 |
| GNMA | 21 |
| | (201 | ) | | 45,499 |
| | 3 |
| | (108 | ) | | 6,797 |
| | (309 | ) | | 52,296 |
| Total | 84 |
| | $ | (524 | ) | | $ | 81,390 |
| | 30 |
| | $ | (769 | ) | | $ | 27,157 |
| | $ | (1,293 | ) | | $ | 108,547 |
|
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