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Securities
 9 Months Ended
Sep. 30, 2021
Marketable Securities [Abstract]  
Securities [Text Block] Securities
Trading Securities
 
The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
 
 September 30, 2021December 31, 2020
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
U.S. government securities$8,863 $(6)$9,183 $— 
Residential agency mortgage-backed securities
5,469,676 (24,868)4,669,148 (3,624)
Municipal securities35,894 (261)19,172 42 
Other debt securities39,607 (73)10,472 22 
Total trading securities$5,554,040 $(25,208)$4,707,975 $(3,560)
Investment Securities
 
The amortized cost and fair values of investment securities are as follows (in thousands):
 September 30, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$207,393 $229,149 $21,778 $(22)
Residential agency mortgage-backed securities
7,412 8,084 672 — 
Other debt securities1,257 1,256 — (1)
Total investment securities216,062 238,489 22,450 (23)
Allowance for credit losses(470)
Investment securities, net of allowance$215,592 $238,489 $22,450 $(23)
 December 31, 2020
 AmortizedFairGross Unrealized
 CostValueGainLoss
Municipal securities$229,245 $255,270 $26,169 $(144)
Residential agency mortgage-backed securities
8,913 9,790 877 — 
Other debt securities7,373 7,371 — (2)
Total investment securities245,531 272,431 27,046 (146)
Allowance for credit losses(688)
Investment securities, net of allowance$244,843 $272,431 $27,046 $(146)
The amortized cost and fair values of investment securities at September 30, 2021, 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
Maturity1
Fixed maturity debt securities:     
Amortized cost$23,860 $106,035 $72,476 $6,279 $208,650 4.61 
Fair value24,270 121,113 78,661 6,361 230,405  
Residential mortgage-backed securities:      
Amortized cost    $7,412 2
Fair value    8,084  
Total investment securities:      
Amortized cost    $216,062  
Fair value    238,489  
1Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 4.2 years based upon current prepayment assumptions.

Temporarily Impaired Investment Securities
(in thousands):
September 30, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities2 $942 $2 $582 $20 $1,524 $22 
Other debt securities2 275 1 — — 275 1 
Total investment securities4 $1,217 $3 $582 $20 $1,799 $23 

December 31, 2020
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Investment:       
Municipal securities6 $2,451 $40 $2,043 $104 $4,494 $144 
Other debt securities2 250 1 25 1 275 2 
Total investment securities8 $2,701 $41 $2,068 $105 $4,769 $146 
Available for Sale Securities 

The amortized cost and fair value of available for sale securities are as follows (in thousands):
 September 30, 2021
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$500 $502 $2 $— 
Municipal securities464,368 461,619 1,396 (4,145)
Mortgage-backed securities:    
Residential agency7,988,834 8,168,025 217,045 (37,854)
Residential non-agency11,875 26,072 14,197 — 
Commercial agency4,654,549 4,685,423 60,223 (29,349)
Other debt securities500 472 — (28)
Total available for sale securities$13,120,626 $13,342,113 $292,863 $(71,376)
 December 31, 2020
 AmortizedFairGross Unrealized
 CostValueGainLoss
U.S. Treasury$500 $508 $8 $— 
Municipal securities165,318 167,979 2,666 (5)
Mortgage-backed securities:   
Residential agency9,019,013 9,340,471 328,183 (6,725)
Residential non-agency17,563 32,770 15,207 — 
Commercial agency3,406,956 3,508,465 103,590 (2,081)
Other debt securities500 472 — (28)
Total available for sale securities$12,609,850 $13,050,665 $449,654 $(8,839)

The amortized cost and fair values of available for sale securities at September 30, 2021, 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
Maturity1
Fixed maturity debt securities:
Amortized cost$62,357 $2,015,024 $2,495,766 $546,770 $5,119,917 6.89 
Fair value62,773 2,055,544 2,475,406 554,293 5,148,016 
Residential mortgage-backed securities:
Amortized cost$8,000,709 2
Fair value8,194,097 
Total available for sale securities:
Amortized cost$13,120,626 
Fair value13,342,113 
1Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2The average expected lives of residential mortgage-backed securities were 3.6 years based upon current prepayment assumptions.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
 Three Months Ended
September 30,		Nine Months Ended September 30,
 2021202020212020
Proceeds$94,128 $1,034 $488,274 $206,979 
Gross realized gains1,572 54 3,812 5,637 
Gross realized losses(317)(66)(660)(66)
Related federal and state income tax expense (benefit)301 (3)756 1,419 

The fair value of debt securities pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was $8.8 billion at September 30, 2021 and $11.6 billion at December 31, 2020. The secured parties do not have the right to sell or repledge these securities.

Temporarily Impaired Available for Sale Securities
(in thousands)
September 30, 2021
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:       
Municipal securities140 $362,508 $4,145 $— $— $362,508 $4,145 
Mortgage-backed securities:
    
Residential agency100 2,384,362 29,149 429,246 8,705 2,813,608 37,854 
Commercial agency147 2,117,039 26,802 406,327 2,547 2,523,366 29,349 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities388 $4,863,909 $60,096 $836,045 $11,280 $5,699,954 $71,376 

December 31, 2020
 Number of SecuritiesLess Than 12 Months12 Months or LongerTotal
Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss		Fair
Value		Unrealized
Loss
Available for sale:     
Municipal securities1 $6,166 $5 $— $— $6,166 $5 
Mortgage-backed securities:
     
Residential agency
38 786,890 6,605 160,747 120 947,637 6,725 
Commercial agency
37 350,506 1,587 277,627 494 628,133 2,081 
Other debt securities1 — — 472 28 472 28 
Total available for sale securities
77 $1,143,562 $8,197 $438,846 $642 $1,582,408 $8,839 

Based on evaluations of impaired securities as of September 30, 2021, the Company does not intend to sell any impaired available for sale debt securities before fair value recovers to the current amortized cost and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity.
Fair Value Option Securities
 
Fair value option securities represent securities which the Company has elected to carry at fair value and are separately identified on the Consolidated Balance Sheets. Changes in the fair value are recognized in earnings as they occur. Certain securities are held as an economic hedge of the mortgage servicing rights. 

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):
 September 30, 2021December 31, 2020
 Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Residential agency mortgage-backed securities
$51,019 $2,220 $114,982 $4,463