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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale
A portion of the portfolio is also comprised of asset-backed securities backed by student loans made under the Federal Family Education Loan Program ("FFELP"). The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
March 31, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,002

 
$
—

 
$
(7
)
 
$
995

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
427,480

 
7,331

 
(4,738
)
 
430,073

 
GNMA
2,364,339

 
21

 
(54,054
)
 
2,310,306

 
Private-label
1,051

 
—

 
(7
)
 
1,044

 
GNMA commercial mortgage-related securities
1,497,573

 
—

 
(49,204
)
 
1,448,369

 
FFELP asset backed securities
288,519

 
1,835

 
(54
)
 
290,300

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,599


—


—


1,599

 
Total investment securities available for sale
$
4,584,763

 
$
9,186

 
$
(108,076
)
 
$
4,485,875

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,424,925

 
$
4,110

 
$
(16,579
)
 
$
1,412,456

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
76,069

 
227

 
(1,665
)
 
74,631

 
GNMA
410,275

 
2,210

 
(11,624
)
 
400,861

 
GNMA commercial mortgage-related securities
531,934

 
9,008

 
(21,694
)
 
519,248

 
Total investment securities held to maturity
$
2,443,203

 
$
15,555

 
$
(51,561
)
 
$
2,407,197

 
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,003

 
$
—

 
$
(7
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
457,680

 
9,722

 
(2,634
)
 
464,768

 
GNMA
1,944,453

 
275

 
(31,378
)
 
1,913,350

 
Private-label
1,067

 
—

 
(8
)
 
1,059

 
GNMA commercial mortgage-related securities
1,547,173

 
5

 
(33,901
)
 
1,513,277

 
FFELP asset backed securities
144,322


867


(13
)

145,176

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,519


127


(14
)

1,632

 
Total investment securities available for sale
$
4,100,417

 
$
10,996

 
$
(67,967
)
 
$
4,043,446

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)

$
1,281,320

 
$
13,899

 
$
(3,177
)
 
$
1,292,042

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
40,995

 
398

 
(489
)
 
40,904

 
GNMA
414,440

 
2,700

 
(6,400
)
 
410,740

 
GNMA commercial mortgage-related securities
546,098


9,546


(15,756
)

539,888

 
Total investment securities held to maturity
$
2,282,853

 
$
26,543

 
$
(25,822
)
 
$
2,283,574
Investment securities held to maturity
A portion of the portfolio is also comprised of asset-backed securities backed by student loans made under the Federal Family Education Loan Program ("FFELP"). The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
March 31, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,002

 
$
—

 
$
(7
)
 
$
995

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
427,480

 
7,331

 
(4,738
)
 
430,073

 
GNMA
2,364,339

 
21

 
(54,054
)
 
2,310,306

 
Private-label
1,051

 
—

 
(7
)
 
1,044

 
GNMA commercial mortgage-related securities
1,497,573

 
—

 
(49,204
)
 
1,448,369

 
FFELP asset backed securities
288,519

 
1,835

 
(54
)
 
290,300

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,599


—


—


1,599

 
Total investment securities available for sale
$
4,584,763

 
$
9,186

 
$
(108,076
)
 
$
4,485,875

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,424,925

 
$
4,110

 
$
(16,579
)
 
$
1,412,456

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
76,069

 
227

 
(1,665
)
 
74,631

 
GNMA
410,275

 
2,210

 
(11,624
)
 
400,861

 
GNMA commercial mortgage-related securities
531,934

 
9,008

 
(21,694
)
 
519,248

 
Total investment securities held to maturity
$
2,443,203

 
$
15,555

 
$
(51,561
)
 
$
2,407,197

 
December 31, 2017
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,003

 
$
—

 
$
(7
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
457,680

 
9,722

 
(2,634
)
 
464,768

 
GNMA
1,944,453

 
275

 
(31,378
)
 
1,913,350

 
Private-label
1,067

 
—

 
(8
)
 
1,059

 
GNMA commercial mortgage-related securities
1,547,173

 
5

 
(33,901
)
 
1,513,277

 
FFELP asset backed securities
144,322


867


(13
)

145,176

 
Other debt securities
3,200

 
—

 
(12
)
 
3,188

 
Other equity securities
1,519


127


(14
)

1,632

 
Total investment securities available for sale
$
4,100,417

 
$
10,996

 
$
(67,967
)
 
$
4,043,446

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)

$
1,281,320

 
$
13,899

 
$
(3,177
)
 
$
1,292,042

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
40,995

 
398

 
(489
)
 
40,904

 
GNMA
414,440

 
2,700

 
(6,400
)
 
410,740

 
GNMA commercial mortgage-related securities
546,098


9,546


(15,756
)

539,888

 
Total investment securities held to maturity
$
2,282,853

 
$
26,543

 
$
(25,822
)
 
$
2,283,574
Amortized cost and fair values of investment securities by contractual maturity
The expected maturities of investment securities available for sale and held to maturity at March 31, 2018, are shown below. Expected maturities may 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
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
($ in Thousands)
Due in one year or less
$
2,002

 
$
1,995

 
$
44,019

 
$
44,261

Due after one year through five years
2,200

 
2,188

 
221,411

 
219,411

Due after five years through ten years
—

 
—

 
346,521

 
341,147

Due after ten years
—

 
—

 
812,974

 
807,638

Total debt securities
4,202

 
4,183

 
1,424,925

 
1,412,456

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
427,480

 
430,073

 
76,069

 
74,631

GNMA
2,364,339

 
2,310,306

 
410,275

 
400,861

Private-label
1,051

 
1,044

 
—

 
—

GNMA commercial mortgage-related securities
1,497,573

 
1,448,369

 
531,934

 
519,248

FFELP asset backed securities
288,519

 
290,300

 
—

 
—

Equity securities
1,599

 
1,599

 
—

 
—

Total investment securities
$
4,584,763

 
$
4,485,875

 
$
2,443,203

 
$
2,407,197

Ratio of Fair Value to Amortized Cost
 
 
97.8
%
 
 
 
98.5
%
Realized gains and losses and proceeds from sale
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 March 31, 2018.
 
Less than 12 months
 
12 months or more
 
Total
March 31, 2018
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

 
$
(7
)
 
$
995

 
—

 
$
—

 
$
—

 
$
(7
)
 
$
995

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
12

 
(1,389
)
 
94,231

 
9

 
(3,349
)
 
135,316

 
(4,738
)
 
229,547

GNMA
65

 
(25,956
)
 
1,590,545

 
26

 
(28,098
)
 
718,971

 
(54,054
)
 
2,309,516

Private-label
—

 
—

 
—

 
1

 
(7
)
 
1,044

 
(7
)
 
1,044

GNMA commercial mortgage-related securities
28

 
(9,895
)
 
385,319

 
76

 
(39,309
)
 
1,063,082

 
(49,204
)
 
1,448,401

FFELP asset backed securities
6

 
(54
)

86,988


—


—


—


(54
)

86,988

Other debt securities
1

 
(12
)

188


—


—


—


(12
)

188

Total
113

 
$
(37,313
)

$
2,158,266


112


$
(70,763
)

$
1,918,413


$
(108,076
)

$
4,076,679

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)

821

 
$
(9,876
)
 
$
523,716

 
132

 
$
(6,703
)
 
$
122,632

 
$
(16,579
)
 
$
646,348

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
19

 
(939
)
 
54,122

 
10

 
(725
)
 
15,230

 
(1,665
)
 
69,352

GNMA
58

 
(7,239
)
 
279,707

 
18

 
(4,385
)
 
113,561

 
(11,624
)
 
393,268

GNMA commercial mortgage-related securities
2

 
(837
)
 
49,711

 
23

 
(20,857
)
 
469,538

 
(21,694
)
 
519,249

Total
900

 
$
(18,891
)
 
$
907,256

 
183

 
$
(32,670
)
 
$
720,961

 
$
(51,561
)
 
$
1,628,217
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 March 31, 2018.
 
Less than 12 months
 
12 months or more
 
Total
March 31, 2018
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

 
$
(7
)
 
$
995

 
—

 
$
—

 
$
—

 
$
(7
)
 
$
995

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
12

 
(1,389
)
 
94,231

 
9

 
(3,349
)
 
135,316

 
(4,738
)
 
229,547

GNMA
65

 
(25,956
)
 
1,590,545

 
26

 
(28,098
)
 
718,971

 
(54,054
)
 
2,309,516

Private-label
—

 
—

 
—

 
1

 
(7
)
 
1,044

 
(7
)
 
1,044

GNMA commercial mortgage-related securities
28

 
(9,895
)
 
385,319

 
76

 
(39,309
)
 
1,063,082

 
(49,204
)
 
1,448,401

FFELP asset backed securities
6

 
(54
)

86,988


—


—


—


(54
)

86,988

Other debt securities
1

 
(12
)

188


—


—


—


(12
)

188

Total
113

 
$
(37,313
)

$
2,158,266


112


$
(70,763
)

$
1,918,413


$
(108,076
)

$
4,076,679

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)

821

 
$
(9,876
)
 
$
523,716

 
132

 
$
(6,703
)
 
$
122,632

 
$
(16,579
)
 
$
646,348

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
19

 
(939
)
 
54,122

 
10

 
(725
)
 
15,230

 
(1,665
)
 
69,352

GNMA
58

 
(7,239
)
 
279,707

 
18

 
(4,385
)
 
113,561

 
(11,624
)
 
393,268

GNMA commercial mortgage-related securities
2

 
(837
)
 
49,711

 
23

 
(20,857
)
 
469,538

 
(21,694
)
 
519,249

Total
900

 
$
(18,891
)
 
$
907,256

 
183

 
$
(32,670
)
 
$
720,961

 
$
(51,561
)
 
$
1,628,217


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, 2017.
 
Less than 12 months
 
12 months or more
 
Total
December 31, 2017
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

 
$
(7
)
 
$
996

 
—

 
$
—

 
$
—

 
$
(7
)
 
$
996

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
9

 
(572
)
 
69,939

 
9

 
(2,062
)
 
142,093

 
(2,634
)
 
212,032

GNMA
44

 
(8,927
)
 
1,028,221

 
25

 
(22,451
)
 
737,198

 
(31,378
)
 
1,765,419

Private-label
—

 
—

 
—

 
1

 
(8
)
 
1,059

 
(8
)
 
1,059

GNMA commercial mortgage-related securities
33

 
(5,554
)
 
480,514

 
70

 
(28,347
)
 
1,026,642

 
(33,901
)
 
1,507,156

FFELP asset backed securities
1

 
(13
)
 
12,158

 
—

—

—

 
—

 
(13
)
 
12,158

Other debt securities
1

 
(12
)
 
188

 
—

 
—

 
—

 
(12
)
 
188

Other equity securities
3

 
(14
)
 
1,487

 
—

 
—

 
—

 
(14
)
 
1,487

Total
92

 
$
(15,099
)
 
$
1,593,503

 
105

 
$
(52,868
)
 
$
1,906,992

 
$
(67,967
)
 
$
3,500,495

Investment securities held to maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)

157

 
$
(746
)
 
$
122,761

 
132

 
$
(2,431
)
 
$
127,043

 
$
(3,177
)
 
$
249,804

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
8

 
(73
)
 
13,143

 
10

 
(417
)
 
16,262

 
(490
)
 
29,405

GNMA
35

 
(3,373
)
 
268,388

 
18

 
(3,026
)
 
120,892

 
(6,399
)
 
389,280

GNMA commercial mortgage-related securities
2

 
(299
)
 
52,997

 
23

 
(15,457
)
 
486,891

 
(15,756
)
 
539,888

Total
202

 
$
(4,491
)
 
$
457,289

 
183

 
$
(21,331
)
 
$
751,088

 
$
(25,822
)
 
$
1,208,377