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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2018
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale
 
December 31, 2018
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
U.S. Treasury securities
$
1,000

$
—

$
(1
)
$
999

 
Residential mortgage-related securities
 
 
 
 
 
FNMA / FHLMC
296,296

2,466

(3,510
)
295,252

 
GNMA
2,169,943

473

(41,885
)
2,128,531

 
Private-label
1,007

—

(4
)
1,003

 
GNMA commercial mortgage-related securities
1,273,309

—

(52,512
)
1,220,797

 
FFELP asset backed securities
297,347

711

(698
)
297,360

 
Other debt securities
3,000

—

—

3,000

 
Other equity securities
1,568

—

—

1,568

 
Total investment securities available for sale
$
4,043,470

$
3,649

$
(98,610
)
$
3,948,510

 
Investment securities held to maturity
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,790,683

$
8,255

$
(15,279
)
$
1,783,659

 
Residential mortgage-related securities
 
 
 
 
 
FNMA / FHLMC
92,788

169

(1,795
)
91,162

 
GNMA
351,606

1,611

(8,181
)
345,035

 
GNMA commercial mortgage-related securities
505,434

7,559

(22,579
)
490,414

 
Total investment securities held to maturity
$
2,740,511

$
17,593

$
(47,835
)
$
2,710,271


 
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
 
December 31, 2018
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
 
 
 
 
($ in Thousands)
 
Investment securities available for sale
 
 
 
 
 
U.S. Treasury securities
$
1,000

$
—

$
(1
)
$
999

 
Residential mortgage-related securities
 
 
 
 
 
FNMA / FHLMC
296,296

2,466

(3,510
)
295,252

 
GNMA
2,169,943

473

(41,885
)
2,128,531

 
Private-label
1,007

—

(4
)
1,003

 
GNMA commercial mortgage-related securities
1,273,309

—

(52,512
)
1,220,797

 
FFELP asset backed securities
297,347

711

(698
)
297,360

 
Other debt securities
3,000

—

—

3,000

 
Other equity securities
1,568

—

—

1,568

 
Total investment securities available for sale
$
4,043,470

$
3,649

$
(98,610
)
$
3,948,510

 
Investment securities held to maturity
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
$
1,790,683

$
8,255

$
(15,279
)
$
1,783,659

 
Residential mortgage-related securities
 
 
 
 
 
FNMA / FHLMC
92,788

169

(1,795
)
91,162

 
GNMA
351,606

1,611

(8,181
)
345,035

 
GNMA commercial mortgage-related securities
505,434

7,559

(22,579
)
490,414

 
Total investment securities held to maturity
$
2,740,511

$
17,593

$
(47,835
)
$
2,710,271


 
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 available for sale by contractual maturity The expected maturities of investment securities available for sale and held to maturity at December 31, 2018, 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
 
Amortized
Cost
 
Fair
Value
 
Amortized
Cost
 
Fair
Value
 
($ in Thousands)
Due in one year or less
$
2,000

 
$
1,999

 
$
48,865

 
$
49,128

Due after one year through five years
2,000

 
2,000

 
187,828

 
186,797

Due after five years through ten years
—

 
—

 
409,682

 
406,702

Due after ten years
—

 
—

 
1,144,309

 
1,141,032

Total debt securities
4,000

 
3,999

 
1,790,683

 
1,783,659

Residential mortgage-related securities
 
 
 
 
 
 
 
FNMA / FHLMC
296,296

 
295,252

 
92,788

 
91,162

GNMA
2,169,943

 
2,128,531

 
351,606

 
345,035

Private-label
1,007

 
1,003

 
—

 
—

GNMA commercial mortgage-related securities
1,273,309

 
1,220,797

 
505,434

 
490,414

FFELP asset backed securities
297,347

 
297,360

 
—

 
—

Equity securities
1,568

 
1,568

 
—

 
—

Total investment securities
$
4,043,470

 
$
3,948,510

 
$
2,740,511

 
$
2,710,271

Ratio of Fair Value to Amortized Cost
 
 
97.7
%
 
 
 
98.9
%
Realized gains and losses and proceeds from sale from the sale of investment securities for each of the three years ended December 31 were as follows. There were no other-than-temporary impairment write-downs on investment securities for 2018, 2017, or 2016.
 
2018
2017
2016
 
($ in Thousands)
Gross gains on available for sale securities
$
1,954

$
—

$
9,485

Gross gains on held to maturity securities
—

439

33

Total gains
1,954

439

9,518

Gross losses on available for sale securities
(3,938
)
—

(202
)
Gross losses on held to maturity securities
—

(5
)
—

Total losses
(3,938
)
(5
)
(202
)
Investment securities gains (losses), net
$
(1,985
)
$
434

$
9,316

Proceeds from sales of investment securities
$
601,130

$
18,467

$
549,555
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 December 31, 2018:
 
Less than 12 months
12 months or more
Total
December 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

$
(1
)
$
999

$
(1
)
$
999

Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
15

(31
)
17,993

17

(3,479
)
189,405

(3,510
)
207,398

GNMA
12

(4,529
)
452,183

79

(37,355
)
1,598,159

(41,885
)
2,050,342

Private-label
1

(4
)
1,003

—

—

—

(4
)
1,003

GNMA commercial mortgage-related securities
—

—

—

93

(52,512
)
1,220,854

(52,512
)
1,220,854

FFELP asset backed securities
13

(698
)
142,432

—

—

—

(698
)
142,432

Total
41

$
(5,262
)
$
613,612

190

$
(93,347
)
$
3,009,417

$
(98,610
)
$
3,623,028

Investment securities held to maturity
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions (municipal securities)
272

$
(2,860
)
$
313,212

752

$
(12,419
)
$
509,374

$
(15,279
)
$
822,586

Residential mortgage-related securities
 
 
 
 
 
 
 
 
FNMA / FHLMC
13

(780
)
57,896

22

(1,015
)
28,888

(1,795
)
86,784

GNMA
13

(414
)
19,822

66

(7,767
)
320,387

(8,181
)
340,209

GNMA commercial mortgage-related securities
—

—

—

25

(22,579
)
490,414

(22,579
)
490,414

Total
298

$
(4,053
)
$
390,929

865

$
(43,780
)
$
1,349,063

$
(47,835
)
$
1,739,992


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