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Investment Securities (Tables)
12 Months Ended
Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Investment securities available for sale The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2019 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities available for sale
Obligations of state and political subdivisions (municipal securities)(a)
$529,908  $16,269  $(18) $546,160  
Residential mortgage-related securities
FNMA / FHLMC131,158  1,562  (59) 132,660  
GNMA982,941  3,887  (1,689) 985,139  
Commercial mortgage-related securities
FNMA / FHLMC19,929  1,799  —  21,728  
GNMA1,314,836  7,403  (12,032) 1,310,207  
FFELP asset-backed securities270,178  —  (6,485) 263,693  
Other debt securities3,000  —  —  3,000  
Total investment securities available for sale$3,251,950  $30,920  $(20,284) $3,262,586  
Investment securities held to maturity
U.S. Treasury securities$999  $19  $—  $1,018  
Obligations of state and political subdivisions (municipal securities)(a)
1,418,569  69,775  (1,118) 1,487,227  
Residential mortgage-related securities
FNMA / FHLMC81,676  1,759  (15) 83,420  
GNMA269,523  1,882  (1,108) 270,296  
GNMA commercial mortgage-related securities434,317  6,308  (6,122) 434,503  
Total investment securities held to maturity$2,205,083  $79,744  $(8,363) $2,276,465  
(a) As permitted by ASU 2019-04, which was adopted during the third quarter of 2019, the Corporation made a one-time election during the third quarter of 2019 to transfer municipal securities with an amortized cost of $692 million from held to maturity to available for sale.
The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:

($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities available for sale
U.S. Treasury securities$1,000  $—  $(1) $999  
Residential mortgage-related securities:
FNMA / FHLMC296,296  2,466  (3,510) 295,252  
GNMA2,169,943  473  (41,885) 2,128,531  
Private-label1,007  —  (4) 1,003  
GNMA commercial mortgage-related securities1,273,309  —  (52,512) 1,220,797  
FFELP asset-backed securities297,347  711  (698) 297,360  
Other debt securities3,000  —  —  3,000  
Total investment securities available for sale$4,041,902  $3,649  $(98,610) $3,946,941  
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 / FHLMC92,788  169  (1,795) 91,162  
GNMA351,606  1,611  (8,181) 345,035  
GNMA commercial mortgage-related securities505,434  7,559  (22,579) 490,414  
Total investment securities held to maturity$2,740,511  $17,593  $(47,835) $2,710,271  
Investment securities held to maturity The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2019 were as follows:
($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities available for sale
Obligations of state and political subdivisions (municipal securities)(a)
$529,908  $16,269  $(18) $546,160  
Residential mortgage-related securities
FNMA / FHLMC131,158  1,562  (59) 132,660  
GNMA982,941  3,887  (1,689) 985,139  
Commercial mortgage-related securities
FNMA / FHLMC19,929  1,799  —  21,728  
GNMA1,314,836  7,403  (12,032) 1,310,207  
FFELP asset-backed securities270,178  —  (6,485) 263,693  
Other debt securities3,000  —  —  3,000  
Total investment securities available for sale$3,251,950  $30,920  $(20,284) $3,262,586  
Investment securities held to maturity
U.S. Treasury securities$999  $19  $—  $1,018  
Obligations of state and political subdivisions (municipal securities)(a)
1,418,569  69,775  (1,118) 1,487,227  
Residential mortgage-related securities
FNMA / FHLMC81,676  1,759  (15) 83,420  
GNMA269,523  1,882  (1,108) 270,296  
GNMA commercial mortgage-related securities434,317  6,308  (6,122) 434,503  
Total investment securities held to maturity$2,205,083  $79,744  $(8,363) $2,276,465  
(a) As permitted by ASU 2019-04, which was adopted during the third quarter of 2019, the Corporation made a one-time election during the third quarter of 2019 to transfer municipal securities with an amortized cost of $692 million from held to maturity to available for sale.
The amortized cost and fair values of securities available for sale and held to maturity at December 31, 2018 were as follows:

($ in Thousands)Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
(Losses)
Fair Value
Investment securities available for sale
U.S. Treasury securities$1,000  $—  $(1) $999  
Residential mortgage-related securities:
FNMA / FHLMC296,296  2,466  (3,510) 295,252  
GNMA2,169,943  473  (41,885) 2,128,531  
Private-label1,007  —  (4) 1,003  
GNMA commercial mortgage-related securities1,273,309  —  (52,512) 1,220,797  
FFELP asset-backed securities297,347  711  (698) 297,360  
Other debt securities3,000  —  —  3,000  
Total investment securities available for sale$4,041,902  $3,649  $(98,610) $3,946,941  
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 / FHLMC92,788  169  (1,795) 91,162  
GNMA351,606  1,611  (8,181) 345,035  
GNMA commercial mortgage-related securities505,434  7,559  (22,579) 490,414  
Total investment securities held to maturity$2,740,511  $17,593  $(47,835) $2,710,271  
Amortized cost and fair values of investment securities available for sale and held to maturity by contractual maturity
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities available for sale and held to maturity at December 31, 2019, are shown below:
 Available for SaleHeld to Maturity
($ in Thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in one year or less$2,795  $2,800  $29,033  $29,218  
Due after one year through five years32,399  32,901  82,023  83,245  
Due after five years through ten years317,292  326,361  136,138  140,704  
Due after ten years180,422  187,098  1,172,373  1,235,077  
Total debt securities532,908  549,160  1,419,568  1,488,245  
Residential mortgage-related securities
FNMA / FHLMC131,158  132,660  81,676  83,420  
GNMA982,941  985,139  269,523  270,296  
Commercial mortgage-related securities
FNMA / FHLMC19,929  21,728  —  —  
GNMA1,314,836  1,310,207  434,317  434,503  
FFELP asset-backed securities270,178  263,693  —  —  
Total investment securities$3,251,950  $3,262,586  $2,205,083  $2,276,465  
Ratio of Fair Value to Amortized Cost100.3 %103.2 %
Realized gains and losses and proceeds from sale
Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale and write-up of investment securities for each of the three years ended December 31 are shown below. There were no other-than-temporary impairment write-downs on investment securities for 2019, 2018, or 2017.
($ in Thousands)201920182017
Gross gains on available for sale securities$6,374  $1,954  $—  
Gross gains on held to maturity securities—  —  439  
Total gains6,374  1,954  439  
Gross (losses) on available for sale securities(13,861) (3,938) —  
Gross (losses) on held to maturity securities—  —  (5) 
Total (losses)(13,861) (3,938) (5) 
Write-up of equity securities without readily determinable fair values13,444  —  —  
Investment securities gains (losses), net$5,957  $(1,985) $434  
Proceeds from sales of investment securities$1,367,476  $601,130  $18,467  
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length
The following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2019:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized (Losses)Fair
Value
Investment securities available for sale
Obligations of state and political subdivisions (municipal securities) $(18) 1,225  —  $—  $—  $(18) $1,225  
Residential mortgage-related securities
FNMA / FHLMC—  —  —   (59) 34,807  (59) 34,807  
GNMA18  (924) 322,394   (766) 79,461  (1,689) 401,856  
GNMA commercial mortgage-related securities22  (810) 258,218  42  (11,222) 621,307  (12,032) 879,524  
FFELP asset-backed securities19  (6,092) 250,780   (393) 12,913  (6,485) 263,693  
Other debt securities —  2,000  —  —  —  —  2,000  
Total65  $(7,843) $834,616  51  $(12,440) $748,487  $(20,284) $1,583,104  
Investment securities held to maturity
Obligations of state and political subdivisions (municipal securities)52  $(1,105) $77,562   $(13) $2,378  $(1,118) $79,940  
Residential mortgage-related securities
FNMA / FHLMC (6) 1,242   (9) 833  (15) 2,075  
GNMA12  (1,059) 187,261   (49) 6,587  (1,108) 193,849  
GNMA commercial mortgage-related securities (29) 26,202  21  (6,093) 357,733  (6,122) 383,935  
Total67  $(2,199) $292,267  36  $(6,164) $367,532  $(8,363) $659,799  
For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities available for sale and held to maturity, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2018:
 Less than 12 months12 months or moreTotal
($ in Thousands)Number
of
Securities
Unrealized
(Losses)
Fair
Value
Number
of
Securities
Unrealized
(Losses)
Fair
Value
Unrealized
(Losses)
Fair
Value
Investment securities available for sale
U.S. Treasury securities—  $—  $—   $(1) $999  $(1) $999  
Residential mortgage-related securities
FNMA / FHLMC15  (31) 17,993  17  (3,479) 189,405  (3,510) 207,398  
GNMA12  (4,529) 452,183  79  (37,355) 1,598,159  (41,885) 2,050,342  
Private-label (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 securities13  (698) 142,432  —  —  —  (698) 142,432  
Total41  $(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 / FHLMC13  (780) 57,896  22  (1,015) 28,888  (1,795) 86,784  
GNMA13  (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  
Total298  $(4,053) $390,929  865  $(43,780) $1,349,063  $(47,835) $1,739,992