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Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Marketable Securities [Abstract]  
Trading Securities [Table Text Block]
The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):
 
 
 
March 31, 2017
 
December 31, 2016
 
March 31, 2016
 
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair
Value
 
Net Unrealized Gain (Loss)
U.S. government agency debentures
 
$
18,365

 
$
(74
)
 
$
6,234

 
$
(4
)
 
$
59,733

 
$
71

U.S. government agency residential mortgage-backed securities
 
578,977

 
1,575

 
310,067

 
635

 
146,896

 
821

Municipal and other tax-exempt securities
 
45,114

 
171

 
14,427

 
50

 
58,797

 
546

Other trading securities
 
34,700

 
36

 
6,900

 
57

 
14,113

 
107

Total trading securities
 
$
677,156

 
$
1,708

 
$
337,628

 
$
738

 
$
279,539

 
$
1,545
Investment Securities (Held-to-Maturity) [Table Text Block]
The amortized cost and fair values of investment securities are as follows (in thousands):

 
 
March 31, 2017
 
 
Amortized
 
Carrying
 
Fair
 
Gross Unrealized1
 
 
Cost
 
Value
 
Value
 
Gain
 
Loss
Municipal and other tax-exempt
 
$
298,811

 
$
298,811

 
$
301,128

 
$
2,872

 
$
(555
)
U.S. government agency residential mortgage-backed securities – Other
 
19,378

 
19,378

 
19,967

 
669

 
(80
)
Other debt securities
 
201,213

 
201,213

 
219,568

 
19,172

 
(817
)
Total investment securities
 
$
519,402

 
$
519,402

 
$
540,663

 
$
22,713

 
$
(1,452
)

1 
Gross unrealized gains and losses are not recognized in Accumulated Other Comprehensive Income "AOCI" in the Consolidated Balance Sheets.
 
 
December 31, 2016
 
 
Amortized
 
Carrying
 
Fair
 
Gross Unrealized1
 
 
Cost
 
Value
 
Value
 
Gain
 
Loss
Municipal and other tax-exempt
 
$
320,364

 
$
320,364

 
$
321,225

 
$
2,272

 
$
(1,411
)
U.S. government agency residential mortgage-backed securities – Other
 
20,777

 
20,777

 
21,473

 
767

 
(71
)
Other debt securities
 
205,004

 
205,004

 
222,795

 
18,115

 
(324
)
Total investment securities
 
$
546,145

 
$
546,145

 
$
565,493

 
$
21,154

 
$
(1,806
)

1 
Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.
 
 
March 31, 2016
 
 
Amortized
 
Carrying
 
Fair
 
Gross Unrealized1
 
 
Cost
 
Value
 
Value
 
Gain
 
Loss
Municipal and other tax-exempt
 
$
347,684

 
$
347,684

 
$
352,542

 
$
4,952

 
$
(94
)
U.S. government agency residential mortgage-backed securities – Other
 
25,323

 
25,366

 
26,794

 
1,428

 
—

Other debt securities
 
202,997

 
202,997

 
230,407

 
27,448

 
(38
)
Total investment securities
 
$
576,004

 
$
576,047

 
$
609,743

 
$
33,828

 
$
(132
)

1 
Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.
The amortized cost and fair values of investment securities at March 31, 2017, by contractual maturity, are as shown in the following table (dollars in thousands):
 
 
Less than
One Year
 
One to
Five Years
 
Six to
Ten Years
 
Over
Ten Years
 
Total
 
Weighted
Average
Maturity²
Municipal and other tax-exempt:
 
 
 
 
 
 
 
 
 
 
 
 
Carrying value
 
$
89,707

 
$
151,490

 
$
12,314

 
$
45,300

 
$
298,811

 
3.49

Fair value
 
89,749

 
151,869

 
12,699

 
46,811

 
301,128

 
 
Nominal yield¹
 
1.62
%
 
2.16
%
 
4.73
%
 
5.02
%
 
2.54
%
 
 
Other debt securities:
 
 

 
 

 
 

 
 

 
 

 
 
Carrying value
 
14,536

 
45,388

 
125,874

 
15,415

 
201,213

 
6.75

Fair value
 
14,803

 
48,677

 
141,292

 
14,796

 
219,568

 
 
Nominal yield
 
3.74
%
 
4.98
%
 
5.81
%
 
4.46
%
 
5.37
%
 
 
Total fixed maturity securities:
 
 

 
 

 
 

 
 

 
 

 
 
Carrying value
 
$
104,243

 
$
196,878

 
$
138,188

 
$
60,715

 
$
500,024

 
4.80

Fair value
 
104,552

 
200,546

 
153,991

 
61,607

 
520,696

 
 

Nominal yield
 
1.91
%
 
2.81
%
 
5.71
%
 
4.88
%
 
3.68
%
 
 

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

 
 

Carrying value
 
 

 
 

 
 

 
 

 
$
19,378

 
³

Fair value
 
 

 
 

 
 

 
 

 
19,967

 
 

Nominal yield4
 
 

 
 

 
 

 
 

 
2.76
%
 
 

Total investment securities:
 
 

 
 

 
 

 
 

 
 

 
 

Carrying value
 
 

 
 

 
 

 
 

 
$
519,402

 
 

Fair value
 
 

 
 

 
 

 
 

 
540,663

 
 

Nominal yield
 
 

 
 

 
 

 
 

 
3.64
%
 
 

1 
Calculated on a taxable equivalent basis using a 39 percent effective tax rate.
2 
Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
3 
The average expected lives of residential mortgage-backed securities were 4.6 years based upon current prepayment assumptions.
4 
The nominal yield on residential mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary - Unaudited for current yields on the investment securities portfolio.
Available For Sale Securities [Table Text Block]
The amortized cost and fair value of available for sale securities are as follows (in thousands):
 
 
March 31, 2017
 
 
Amortized
 
Fair
 
Gross Unrealized1
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,000

 
$
999

 
$
—

 
$
(1
)
 
$
—

Municipal and other tax-exempt
 
35,555

 
35,453

 
343

 
(445
)
 
—

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
3,126,933

 
3,126,083

 
26,304

 
(27,154
)
 
—

FHLMC
 
1,401,752

 
1,399,011

 
7,836

 
(10,577
)
 
—

GNMA
 
851,498

 
847,822

 
2,499

 
(6,175
)
 
—

Total U.S. government agencies
 
5,380,183

 
5,372,916

 
36,639

 
(43,906
)
 
—

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
41,090

 
48,883

 
7,857

 
—

 
(64
)
Jumbo-A loans
 
52,282

 
59,743

 
7,475

 
(14
)
 
—

Total private issue
 
93,372

 
108,626

 
15,332

 
(14
)
 
(64
)
Total residential mortgage-backed securities
 
5,473,555

 
5,481,542

 
51,971

 
(43,920
)
 
(64
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,895,258

 
2,877,028

 
4,883

 
(23,113
)
 
—

Other debt securities
 
4,400

 
4,153

 
—

 
(247
)
 
—

Perpetual preferred stock
 
15,562

 
19,272

 
3,710

 
—

 
—

Equity securities and mutual funds
 
17,498

 
18,844

 
1,433

 
(87
)
 
—

Total available for sale securities
 
$
8,442,828

 
$
8,437,291

 
$
62,340

 
$
(67,813
)
 
$
(64
)
1 Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.
2 Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.
 
 
December 31, 2016
 
 
Amortized
 
Fair
 
Gross Unrealized¹
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,000

 
$
999

 
$
—

 
$
(1
)
 
$
—

Municipal and other tax-exempt
 
41,050

 
40,993

 
343

 
(400
)
 
—

Residential mortgage-backed securities:
 
 
 
 

 
 

 
 

 
 

U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
3,062,525

 
3,055,676

 
25,066

 
(31,915
)
 
—

FHLMC
 
1,534,451

 
1,531,116

 
8,475

 
(11,810
)
 
—

GNMA
 
878,375

 
873,594

 
2,259

 
(7,040
)
 
—

Total U.S. government agencies
 
5,475,351

 
5,460,386

 
35,800

 
(50,765
)
 
—

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
44,245

 
51,512

 
7,485

 
—

 
(218
)
Jumbo-A loans
 
56,947

 
64,023

 
7,092

 
(16
)
 
—

Total private issue
 
101,192

 
115,535

 
14,577

 
(16
)
 
(218
)
Total residential mortgage-backed securities
 
5,576,543

 
5,575,921

 
50,377

 
(50,781
)
 
(218
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
3,035,750

 
3,017,933

 
5,472

 
(23,289
)
 
—

Other debt securities
 
4,400

 
4,152

 
—

 
(248
)
 
—

Perpetual preferred stock
 
15,561

 
18,474

 
2,913

 
—

 
—

Equity securities and mutual funds
 
17,424

 
18,357

 
1,060

 
(127
)
 
—

Total available for sale securities
 
$
8,691,728

 
$
8,676,829

 
$
60,165

 
$
(74,846
)
 
$
(218
)
1 Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.
2 Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

 
 
March 31, 2016
 
 
Amortized
 
Fair
 
Gross Unrealized1
 
 
 
 
Cost
 
Value
 
Gain
 
Loss
 
OTTI²
U.S. Treasury
 
$
1,000

 
$
1,003

 
$
3

 
$
—

 
$
—

Municipal and other tax-exempt
 
51,197

 
51,308

 
814

 
(703
)
 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

FNMA
 
2,983,694

 
3,051,280

 
68,479

 
(893
)
 
—

FHLMC
 
1,870,002

 
1,903,789

 
34,098

 
(311
)
 
—

GNMA
 
758,979

 
761,456

 
3,558

 
(1,081
)
 
—

Total U.S. government agencies
 
5,612,675

 
5,716,525

 
106,135

 
(2,285
)
 
—

Private issue:
 
 

 
 

 
 

 
 

 
 

Alt-A loans
 
54,288

 
59,049

 
5,434

 
—

 
(673
)
Jumbo-A loans
 
68,725

 
73,981

 
5,919

 
(59
)
 
(604
)
Total private issue
 
123,013

 
133,030

 
11,353

 
(59
)
 
(1,277
)
Total residential mortgage-backed securities
 
5,735,688

 
5,849,555

 
117,488

 
(2,344
)
 
(1,277
)
Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
2,904,149

 
2,942,404

 
39,518

 
(1,263
)
 
—

Other debt securities
 
4,400

 
4,151

 
—

 
(249
)
 
—

Perpetual preferred stock
 
17,171

 
19,575

 
2,404

 
—

 
—

Equity securities and mutual funds
 
17,195

 
18,040

 
915

 
(70
)
 
—

Total available for sale securities
 
$
8,730,800

 
$
8,886,036

 
$
161,142

 
$
(4,629
)
 
$
(1,277
)
1 
Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.
2 
Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

The amortized cost and fair values of available for sale securities at March 31, 2017, by contractual maturity, are as shown in the following table (dollars in thousands):
 
Less than
One Year
 
One to
Five Years
 
Six to
Ten Years
 
Over
Ten Years
 
Total
 
Weighted
Average
Maturity5
U.S. Treasuries:
 
 
 
 
 
 
 
 
 
 
 
Amortized cost
$
1,000

 
$
—

 
$
—

 
$
—

 
$
1,000

 
0.79

Fair value
999

 
—

 
—

 
—

 
999

 
 
Nominal yield
0.87
%
 
—
%
 
—
%
 
—
%
 
0.87
%
 
 
Municipal and other tax-exempt:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
8,310

 
$
8,289

 
$
2,113

 
$
16,843

 
$
35,555

 
8.88

Fair value
8,379

 
8,415

 
2,167

 
16,492

 
35,453

 
 
Nominal yield¹
4.40
%
 
3.51
%
 
3.49
%
 
2.28
%
6 
3.13
%
 
 
Commercial mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Amortized cost
$
43,799

 
$
887,330

 
$
1,701,202

 
$
262,927

 
$
2,895,258

 
6.87

Fair value
43,637

 
883,337

 
1,690,697

 
259,357

 
2,877,028

 
 
Nominal yield
0.99
%
 
1.75
%
 
1.87
%
 
1.87
%
 
1.82
%
 
 
Other debt securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
—

 
$
—

 
$
—

 
$
4,400

 
$
4,400

 
30.41

Fair value
—

 
—

 
—

 
4,153

 
4,153

 
 
Nominal yield
—
%
 
—
%
 
—
%
 
1.71
%
6 
1.71
%
 
 
Total fixed maturity securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
$
53,109

 
$
895,619

 
$
1,703,315

 
$
284,170

 
$
2,936,213

 
6.93

Fair value
53,015

 
891,752

 
1,692,864

 
280,002

 
2,917,633

 
 
Nominal yield
1.52
%
 
1.76
%
 
1.87
%
 
1.92
%
 
1.82
%
 
 
Residential mortgage-backed securities:
 

 
 

 
 

 
 

 
 
 
 
Amortized cost
 

 
 

 
 

 
 

 
$
5,473,555

 
2 

Fair value
 

 
 

 
 

 
 

 
5,481,542

 
 
Nominal yield4
 

 
 

 
 

 
 

 
1.88
%
 
 
Equity securities and mutual funds:
 

 
 

 
 

 
 

 
 

 
 

Amortized cost
 

 
 

 
 

 
 

 
$
33,060

 
³

Fair value
 

 
 

 
 

 
 

 
38,116

 
 

Nominal yield
 

 
 

 
 

 
 

 
—
%
 
 

Total available-for-sale securities:
 

 
 

 
 

 
 

 
 
 
 

Amortized cost
 

 
 

 
 

 
 

 
$
8,442,828

 
 

Fair value
 

 
 

 
 

 
 

 
8,437,291

 
 

Nominal yield
 

 
 

 
 

 
 

 
1.85
%
 
 

1 
Calculated on a taxable equivalent basis using a 39 percent effective tax rate.
2 
The average expected lives of mortgage-backed securities were 3.9 years years based upon current prepayment assumptions.
3 
Primarily common stock and preferred stock of corporate issuers with no stated maturity.
4 
The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.
5 
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
6 
Nominal yield on municipal and other tax-exempt securities and other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.

Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 
Three Months Ended
March 31,
 
2017
 
2016
Proceeds
$
240,010

 
$
469,382

Gross realized gains
2,092

 
3,964

Gross realized losses
(43
)
 
—

Related federal and state income tax expense
797

 
1,542
Securities Pledged As Collateral [Table Text Block]
A summary of investment and available for sale securities that have been pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was as follows (in thousands):
 
March 31, 2017
 
Dec. 31, 2016
 
March 31, 2016
Investment:
 
 
 
 
 
Carrying value
$
290,417

 
$
322,208

 
$
263,720

Fair value
293,352

 
323,808

 
268,422

 
 
 
 
 
 
Available for sale:
 
 
 
 
 
Amortized cost
6,647,659

 
7,353,116

 
7,307,788

Fair value
6,629,319

 
7,327,470

 
7,424,702
Schedule of Unrealized Loss on Investments [Table Text Block]
Temporarily Impaired Securities as of March 31, 2017
(in thousands):
 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt
 
102

 
$
127,374

 
$
515

 
$
1,563

 
$
40

 
$
128,937

 
$
555

U.S. government agency residential mortgage-backed securities – Other
 
1

 
4,055

 
80

 
—

 
—

 
4,055

 
80

Other debt securities
 
43

 
14,440

 
817

 
—

 
—

 
14,440

 
817

Total investment securities
 
146

 
$
145,869

 
$
1,412

 
$
1,563

 
$
40

 
$
147,432

 
$
1,452


 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available for sale:
 
 

 
 

 
 

 
 

 
 

 
 

 
 

U.S. Treasury
 
1

 
$
999

 
$
1

 
$
—

 
$
—

 
$
999

 
$
1

Municipal and other tax-exempt
 
12

 
$
1,407

 
$
1

 
$
4,623

 
$
444

 
$
6,030

 
$
445

Residential mortgage-backed securities:
 
 
 
 

 
 

 
 

 
 

 


 


U. S. government agencies:
 
 
 
 

 
 

 
 

 
 

 


 


FNMA
 
83

 
1,595,879

 
25,623

 
68,215

 
1,531

 
1,664,094

 
27,154

FHLMC
 
51

 
795,586

 
10,001

 
17,284

 
576

 
812,870

 
10,577

GNMA
 
25

 
325,565

 
4,402

 
69,563

 
1,773

 
395,128

 
6,175

Total U.S. government agencies
 
159

 
2,717,030

 
40,026

 
155,062

 
3,880

 
2,872,092

 
43,906

Private issue1:
 
 

 
 

 
 

 
 

 
 

 


 


Alt-A loans
 
5

 
6,805

 
37

 
7,848

 
27

 
14,653

 
64

Jumbo-A loans
 
1

 
—

 
—

 
5,613

 
14

 
5,613

 
14

Total private issue
 
6

 
6,805

 
37

 
13,461

 
41

 
20,266

 
78

Total residential mortgage-backed securities
 
165

 
2,723,835

 
40,063

 
168,523

 
3,921

 
2,892,358

 
43,984

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
161

 
1,828,685

 
22,758

 
36,305

 
355

 
1,864,990

 
23,113

Other debt securities
 
2

 
—

 
—

 
4,153

 
247

 
4,153

 
247

Perpetual preferred stocks
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Equity securities and mutual funds
 
104

 
2,116

 
40

 
856

 
47

 
2,972

 
87

Total available for sale securities
 
445

 
$
4,557,042


$
62,863


$
214,460


$
5,014


$
4,771,502


$
67,877

1 
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.

Temporarily Impaired Securities as of December 31, 2016
(In thousands)
 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt
 
151

 
$
219,892

 
$
1,316

 
$
4,333

 
$
95

 
$
224,225

 
$
1,411

U.S. government agency residential mortgage-backed securities – Other
 
1

 
4,358

 
71

 
—

 
—

 
4,358

 
71

Other debt securities
 
41

 
11,820

 
322

 
855

 
2

 
12,675

 
324

Total investment securities
 
193

 
$
236,070

 
$
1,709

 
$
5,188

 
$
97

 
$
241,258

 
$
1,806


 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available for sale:
 
 

 
 

 
 

 
 

 
 

 


 


U.S. Treasury
 
1

 
$
999

 
$
1

 
$
—

 
$
—

 
$
999

 
$
1

Municipal and other tax-exempt
 
24

 
$
15,666

 
$
22

 
$
4,689

 
$
378

 
$
20,355

 
$
400

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

 


 


U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

 


 


FNMA
 
91

 
1,787,644

 
30,238

 
72,105

 
1,677

 
1,859,749

 
31,915

FHLMC
 
58

 
964,017

 
11,210

 
18,307

 
600

 
982,324

 
11,810

GNMA
 
31

 
548,637

 
6,145

 
25,796

 
895

 
574,433

 
7,040

Total U.S. government agencies
 
180

 
3,300,298

 
47,593

 
116,208

 
3,172

 
3,416,506

 
50,765

Private issue1:
 
 

 
 

 
 

 
 

 
 

 


 


Alt-A loans
 
5

 
7,931

 
174

 
7,410

 
44

 
15,341

 
218

Jumbo-A loans
 
1

 
—

 
—

 
6,098

 
16

 
6,098

 
16

Total private issue
 
6

 
7,931

 
174

 
13,508

 
60

 
21,439

 
234

Total residential mortgage-backed securities
 
186

 
3,308,229

 
47,767

 
129,716

 
3,232

 
3,437,945

 
50,999

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
171

 
1,904,584

 
22,987

 
38,875

 
302

 
1,943,459

 
23,289

Other debt securities
 
2

 
—

 
—

 
4,152

 
248

 
4,152

 
248

Perpetual preferred stocks
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Equity securities and mutual funds
 
104

 
2,127

 
41

 
817

 
86

 
2,944

 
127

Total available for sale securities
 
488

 
$
5,231,605


$
70,818


$
178,249


$
4,246


$
5,409,854


$
75,064

1 
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.


Temporarily Impaired Securities as of March 31, 2016
(In thousands)
 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Investment:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Municipal and other tax-exempt
 
19

 
$
14,175

 
$
8

 
$
4,364

 
$
86

 
$
18,539

 
$
94

U.S. government agency residential mortgage-backed securities – Other
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other debt securities
 
7

 
—

 
—

 
1,876

 
38

 
1,876

 
38

Total investment securities
 
26

 
$
14,175

 
$
8

 
$
6,240

 
$
124

 
$
20,415

 
$
132


 
 
Number of Securities
 
Less Than 12 Months
 
12 Months or Longer
 
Total
 
 
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
 
Fair
Value
 
Unrealized
Loss
Available for sale:
 
 

 
 

 
 

 
 

 
 

 


 


Municipal and other tax-exempt1
 
17

 
$
1,010

 
$
3

 
$
10,307

 
$
700

 
$
11,317

 
$
703

Residential mortgage-backed securities:
 
 

 
 

 
 

 
 

 
 

 


 


U. S. government agencies:
 
 

 
 

 
 

 
 

 
 

 


 


FNMA
 
4

 
70,069

 
794

 
57,457

 
99

 
127,526

 
893

FHLMC
 
1

 
—

 
—

 
23,914

 
311

 
23,914

 
311

GNMA
 
12

 
265,293

 
585

 
99,088

 
496

 
364,381

 
1,081

Total U.S. government agencies
 
17

 
335,362

 
1,379

 
180,459

 
906

 
515,821

 
2,285

Private issue1:
 
 

 
 

 
 

 
 

 
 

 


 


Alt-A loans
 
5

 
8,870

 
137

 
8,625

 
536

 
17,495

 
673

Jumbo-A loans
 
9

 
7,169

 
59

 
7,959

 
604

 
15,128

 
663

Total private issue
 
14

 
16,039

 
196

 
16,584

 
1,140

 
32,623

 
1,336

Total residential mortgage-backed securities
 
31

 
351,401

 
1,575

 
197,043

 
2,046

 
548,444

 
3,621

Commercial mortgage-backed securities guaranteed by U.S. government agencies
 
31

 
157,662

 
197

 
260,945

 
1,066

 
418,607

 
1,263

Other debt securities
 
2

 
—

 
—

 
4,151

 
249

 
4,151

 
249

Perpetual preferred stocks
 
—

 
—

 
—

 
—

 
—

 
—

 
—

Equity securities and mutual funds
 
37

 
3,241

 
49

 
1,029

 
21

 
4,270

 
70

Total available for sale securities
 
118

 
$
513,314

 
$
1,824

 
$
473,475

 
$
4,082

 
$
986,789

 
$
5,906

1 
Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.
Other-than-temporary impairement, Private Lable Mortgage-Backed Securities, Assumptions Used to Develop Projected Cash Flows [Table Text Block]
The primary assumptions used in this evaluation were:

 
March 31, 2017
 
Dec. 31, 2016
 
March 31, 2016
 
 
 
 
 
 
Unemployment rate
Moving down to 4.5 percent over the next 12 months and remain at 4.5 percent thereafter.
 
Decreasing to 4.6 percent over the next 12 months and remain at 4.6 percent thereafter.
 
Moving down to 4.8 percent over the next 12 months and remain at 4.8 percent thereafter.
Housing price appreciation/depreciation
Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.1 percent over the next 12 months, then flat for the following 12 months and then appreciating at 2 percent per year thereafter.
 
Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.1 percent over the next 12 months, then flat for the following 12 months and then appreciating at 2 percent per year thereafter.
 
Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.5 percent over the next 12 months, then flat for the following 12 months and then appreciating at 2 percent per year thereafter.
Estimated liquidation costs
Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.
 
Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.
 
Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.
Discount rates
Estimated cash flows were discounted at rates that range from 2.00 percent to 6.25 percent based on our current expected yields.
 
Estimated cash flows were discounted at rates that range from 2.00 percent to 6.25 percent based on our current expected yields.
 
Estimated cash flows were discounted at rates that range from 2.00 percent to 6.25 percent based on our current expected yields.

1 
Federal Housing Finance Agency
Rollforward Other-than-temporary Impairment Credit Losses Recognized in Earnings [Table Text Block]
The following is a tabular roll forward of the amount of credit-related OTTI recognized on available for sale debt securities in earnings (in thousands):
 
 
Three Months Ended
 
 
March 31,
 
 
2017
 
2016
Balance of credit-related OTTI recognized on available for sale debt securities, beginning of period
 
$
54,504

 
$
54,504

Additions for credit-related OTTI not previously recognized
 
—

 
—

Additions for increases in credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost
 
—

 
—

Reductions for change in intent to hold before recovery
 
—

 
—

Sales
 
—

 
—

Balance of credit-related OTTI recognized on available for sale debt securities, end of period
 
$
54,504

 
$
54,504
Fair Value Option Securities [Table Text Block]
The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 
 
March 31, 2017
 
Dec. 31, 2016
 
March 31, 2016
 
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair Value
 
Net Unrealized Gain (Loss)
 
Fair
Value
 
Net Unrealized Gain (Loss)
U.S. government agency residential mortgage-backed securities
 
$
441,714

 
$
(1,646
)
 
$
77,046

 
$
(1,777
)
 
$
418,887

 
$
4,136
Schedule of Restricted Equity Securities [Table Text Block]
 
March 31, 2017
 
Dec. 31, 2016
 
March 31, 2016
Federal Reserve stock
$
36,498

 
$
36,498

 
$
36,148

Federal Home Loan Bank stock
247,194

 
270,541

 
278,271

Other
244

 
201

 
171

Total
$
283,936


$
307,240


$
314,590