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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]  
Gain (loss) on securities The amortized cost and fair values of securities available for sale and held to maturity were as follows.
 
June 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(6
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
396,368

 
5,573

 
(5,232
)
 
396,709

 
GNMA
2,275,481

 
23

 
(65,315
)
 
2,210,189

 
Private-label
1,037

 
—

 
(5
)
 
1,031

 
GNMA commercial mortgage-related securities
1,400,680

 
—

 
(52,399
)
 
1,348,282

 
FFELP asset backed securities
298,263

 
1,679

 
(111
)
 
299,831

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,613


—


—


1,613

 
Total investment securities available for sale
$
4,377,443

 
$
7,275

 
$
(123,068
)
 
$
4,261,651

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,593,147

 
$
4,851

 
$
(17,698
)
 
$
1,580,300

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
97,822

 
191

 
(2,306
)
 
95,707

 
GNMA
388,174

 
1,969

 
(13,020
)
 
377,123

 
GNMA commercial mortgage-related securities
523,103

 
8,542

 
(23,832
)
 
507,813

 
Total investment securities held to maturity
$
2,602,247

 
$
15,553

 
$
(56,856
)
 
$
2,560,943

The proceeds from the sale of investment securities for the six months ended June 30, 2018 and 2017 are shown below.
 
Six Months Ended June 30,
 
2018
 
2017
 
($ in Thousands)
Gross gains on available for sale securities
$
—

 
$
—

Gross gains on held to maturity securities
—

 
361

Total gains
—

 
361

Gross losses on available for sale securities
(2,015
)
 
—

Gross losses on held to maturity securities
$
—

 
$
(5
)
Total losses
$
(2,015
)
 
$
(5
)
Investment securities gains (losses), net
$
(2,015
)
 
$
356

Proceeds from sales of investment securities
$
493,060

 
$
16,059
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.
 
June 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(6
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
396,368

 
5,573

 
(5,232
)
 
396,709

 
GNMA
2,275,481

 
23

 
(65,315
)
 
2,210,189

 
Private-label
1,037

 
—

 
(5
)
 
1,031

 
GNMA commercial mortgage-related securities
1,400,680

 
—

 
(52,399
)
 
1,348,282

 
FFELP asset backed securities
298,263

 
1,679

 
(111
)
 
299,831

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,613


—


—


1,613

 
Total investment securities available for sale
$
4,377,443

 
$
7,275

 
$
(123,068
)
 
$
4,261,651

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,593,147

 
$
4,851

 
$
(17,698
)
 
$
1,580,300

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
97,822

 
191

 
(2,306
)
 
95,707

 
GNMA
388,174

 
1,969

 
(13,020
)
 
377,123

 
GNMA commercial mortgage-related securities
523,103

 
8,542

 
(23,832
)
 
507,813

 
Total investment securities held to maturity
$
2,602,247

 
$
15,553

 
$
(56,856
)
 
$
2,560,943

 
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.
 
June 30, 2018
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
 
 
 
U. S. Treasury securities
$
1,001

 
$
—

 
$
(6
)
 
$
996

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
396,368

 
5,573

 
(5,232
)
 
396,709

 
GNMA
2,275,481

 
23

 
(65,315
)
 
2,210,189

 
Private-label
1,037

 
—

 
(5
)
 
1,031

 
GNMA commercial mortgage-related securities
1,400,680

 
—

 
(52,399
)
 
1,348,282

 
FFELP asset backed securities
298,263

 
1,679

 
(111
)
 
299,831

 
Other debt securities
3,000

 
—

 
—

 
3,000

 
Other equity securities
1,613


—


—


1,613

 
Total investment securities available for sale
$
4,377,443

 
$
7,275

 
$
(123,068
)
 
$
4,261,651

 
Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,593,147

 
$
4,851

 
$
(17,698
)
 
$
1,580,300

 
Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
97,822

 
191

 
(2,306
)
 
95,707

 
GNMA
388,174

 
1,969

 
(13,020
)
 
377,123

 
GNMA commercial mortgage-related securities
523,103

 
8,542

 
(23,832
)
 
507,813

 
Total investment securities held to maturity
$
2,602,247

 
$
15,553

 
$
(56,856
)
 
$
2,560,943

 
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 June 30, 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
$
3,001

 
$
2,996

 
$
46,938

 
$
47,269

Due after one year through five years
1,000

 
1,000

 
200,725

 
199,266

Due after five years through ten years
—

 
—

 
366,997

 
361,260

Due after ten years
—

 
—

 
978,487

 
972,504

Total debt securities
4,001

 
3,996

 
1,593,147

 
1,580,300

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
396,368

 
396,709

 
97,822

 
95,707

GNMA
2,275,481

 
2,210,189

 
388,174

 
377,123

Private-label
1,037

 
1,031

 
—

 
—

GNMA commercial mortgage-related securities
1,400,680

 
1,348,282

 
523,103

 
507,813

FFELP asset backed securities
298,263

 
299,831

 
—

 
—

Equity securities
1,613

 
1,613

 
—

 
—

Total investment securities
$
4,377,443

 
$
4,261,651

 
$
2,602,247

 
$
2,560,943

Ratio of Fair Value to Amortized Cost
 
 
97.4
%
 
 
 
98.4
%
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 June 30, 2018.
 
Less than 12 months
 
12 months or more
 
Total
June 30, 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

 
$
(6
)
 
$
996

 
$
(6
)
 
$
996

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
19

 
(1,613
)
 
100,946

 
9

 
(3,620
)
 
128,509

 
(5,233
)
 
229,455

GNMA
62

 
(31,430
)
 
1,453,394

 
29

 
(33,885
)
 
756,061

 
(65,315
)
 
2,209,455

Private-label
—

 
—

 
—

 
1

 
(5
)
 
1,031

 
(5
)
 
1,031

GNMA commercial mortgage-related securities
22

 
(8,821
)
 
284,733

 
80

 
(43,577
)
 
1,063,701

 
(52,398
)
 
1,348,434

FFELP asset backed securities
7

 
(111
)

100,757


—


—


—


(111
)

100,757

Total
110

 
$
(41,975
)

$
1,939,830


120


$
(81,093
)

$
1,950,298


$
(123,068
)

$
3,890,128

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

890

 
$
(10,814
)
 
$
609,381

 
142

 
$
(6,884
)
 
$
128,244

 
$
(17,698
)
 
$
737,625

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
25

 
(1,518
)
 
76,046

 
10

 
(788
)
 
14,728

 
(2,306
)
 
90,774

GNMA
61

 
(7,062
)
 
236,008

 
20

 
(5,957
)
 
137,093

 
(13,019
)
 
373,101

GNMA commercial mortgage-related securities
1

 
(813
)
 
29,243

 
24

 
(23,019
)
 
478,570

 
(23,832
)
 
507,813

Total
977

 
$
(20,207
)
 
$
950,678

 
196

 
$
(36,648
)
 
$
758,635

 
$
(56,856
)
 
$
1,709,313
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 June 30, 2018.
 
Less than 12 months
 
12 months or more
 
Total
June 30, 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

 
$
(6
)
 
$
996

 
$
(6
)
 
$
996

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
19

 
(1,613
)
 
100,946

 
9

 
(3,620
)
 
128,509

 
(5,233
)
 
229,455

GNMA
62

 
(31,430
)
 
1,453,394

 
29

 
(33,885
)
 
756,061

 
(65,315
)
 
2,209,455

Private-label
—

 
—

 
—

 
1

 
(5
)
 
1,031

 
(5
)
 
1,031

GNMA commercial mortgage-related securities
22

 
(8,821
)
 
284,733

 
80

 
(43,577
)
 
1,063,701

 
(52,398
)
 
1,348,434

FFELP asset backed securities
7

 
(111
)

100,757


—


—


—


(111
)

100,757

Total
110

 
$
(41,975
)

$
1,939,830


120


$
(81,093
)

$
1,950,298


$
(123,068
)

$
3,890,128

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

890

 
$
(10,814
)
 
$
609,381

 
142

 
$
(6,884
)
 
$
128,244

 
$
(17,698
)
 
$
737,625

Residential mortgage-related securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FNMA / FHLMC
25

 
(1,518
)
 
76,046

 
10

 
(788
)
 
14,728

 
(2,306
)
 
90,774

GNMA
61

 
(7,062
)
 
236,008

 
20

 
(5,957
)
 
137,093

 
(13,019
)
 
373,101

GNMA commercial mortgage-related securities
1

 
(813
)
 
29,243

 
24

 
(23,019
)
 
478,570

 
(23,832
)
 
507,813

Total
977

 
$
(20,207
)
 
$
950,678

 
196

 
$
(36,648
)
 
$
758,635

 
$
(56,856
)
 
$
1,709,313


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