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Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2019
Investments, Debt and Equity Securities [Abstract]  
Available-for-sale Securities
The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
40,822

 
$
130

 
$
—

 
$
40,952

Obligations of state and political subdivisions
175,271

 
4,740

 
(32
)
 
179,979

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
3,757,469

 
16,972

 
(29,763
)
 
3,744,678

          Commercial agency
779,487

 
6,656

 
(7,716
)
 
778,427

Other securities
128,380

 
1,876

 
(514
)
 
129,742

Total securities available for sale
$
4,881,429

 
$
30,374

 
$
(38,025
)
 
$
4,873,778

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
180,472

 
$
2,365

 
$
(42
)
 
$
182,795

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
18,486

 
29

 
(742
)
 
17,773

Total securities held to maturity
$
198,958

 
$
2,394

 
$
(784
)
 
$
200,568



 
December 31, 2018
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
995

 
$
3

 
$
—

 
$
998

Obligations of state and political subdivisions
177,566

 
2,045

 
(723
)
 
178,888

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
3,837,584

 
8,886

 
(57,073
)
 
3,789,397

           Commercial agency
730,148

 
2,363

 
(14,799
)
 
717,712

Other securities
97,020

 
351

 
(787
)
 
96,584

Total securities available for sale
$
4,843,313

 
$
13,648

 
$
(73,382
)
 
$
4,783,579

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
188,684

 
$
309

 
$
(2,497
)
 
$
186,496

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
18,762

 
30

 
(1,011
)
 
17,781

Total securities held to maturity
$
207,446

 
$
339

 
$
(3,508
)
 
$
204,277

Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
 
March 31, 2019
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
—

 
$
(32
)
 
$
11,925

 
$
(32
)
 
$
11,925

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(71
)
 
40,608

 
(29,692
)
 
2,081,552

 
(29,763
)
 
2,122,160

           Commercial agency
(5
)
 
7,001

 
(7,711
)
 
434,500

 
(7,716
)
 
441,501

Other securities
(4
)
 
4,382

 
(510
)
 
33,543

 
(514
)
 
37,925

Total securities available for sale
$
(80
)
 
$
51,991

 
$
(37,945
)
 
$
2,561,520

 
$
(38,025
)
 
$
2,613,511

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
—

 
$
(42
)
 
$
13,160

 
$
(42
)
 
$
13,160

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
—

 
—

 
(742
)
 
17,480

 
(742
)
 
17,480

Total securities held to maturity
$
—

 
$
—

 
$
(784
)
 
$
30,640

 
$
(784
)
 
$
30,640


 
December 31, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
4,112

 
$
(714
)
 
$
30,268

 
$
(723
)
 
$
34,380

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(816
)
 
197,057

 
(56,257
)
 
2,193,862

 
(57,073
)
 
2,390,919

           Commercial agency
(43
)
 
18,190

 
(14,756
)
 
483,565

 
(14,799
)
 
501,755

Other securities
(94
)
 
18,025

 
(693
)
 
32,577

 
(787
)
 
50,602

Total securities available for sale
$
(962
)
 
$
237,384

 
$
(72,420
)
 
$
2,740,272

 
$
(73,382
)
 
$
2,977,656

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3
)
 
$
2,059

 
$
(2,494
)
 
$
151,699

 
$
(2,497
)
 
$
153,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
—

 
—

 
(1,011
)
 
17,478

 
(1,011
)
 
17,478

Total securities held to maturity
$
(3
)
 
$
2,059

 
$
(3,505
)
 
$
169,177

 
$
(3,508
)
 
$
171,236
Held-to-maturity Securities
Information pertaining to securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, is as follows:
 
March 31, 2019
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
—

 
$
(32
)
 
$
11,925

 
$
(32
)
 
$
11,925

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(71
)
 
40,608

 
(29,692
)
 
2,081,552

 
(29,763
)
 
2,122,160

           Commercial agency
(5
)
 
7,001

 
(7,711
)
 
434,500

 
(7,716
)
 
441,501

Other securities
(4
)
 
4,382

 
(510
)
 
33,543

 
(514
)
 
37,925

Total securities available for sale
$
(80
)
 
$
51,991

 
$
(37,945
)
 
$
2,561,520

 
$
(38,025
)
 
$
2,613,511

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
—

 
$
—

 
$
(42
)
 
$
13,160

 
$
(42
)
 
$
13,160

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
—

 
—

 
(742
)
 
17,480

 
(742
)
 
17,480

Total securities held to maturity
$
—

 
$
—

 
$
(784
)
 
$
30,640

 
$
(784
)
 
$
30,640


 
December 31, 2018
 
Less Than Twelve Months
 
Twelve Months or More
 
Total
(in thousands)
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
 
Gross Unrealized Losses
 
Estimated Fair Value
Securities available for sale:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(9
)
 
$
4,112

 
$
(714
)
 
$
30,268

 
$
(723
)
 
$
34,380

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
           Residential agency
(816
)
 
197,057

 
(56,257
)
 
2,193,862

 
(57,073
)
 
2,390,919

           Commercial agency
(43
)
 
18,190

 
(14,756
)
 
483,565

 
(14,799
)
 
501,755

Other securities
(94
)
 
18,025

 
(693
)
 
32,577

 
(787
)
 
50,602

Total securities available for sale
$
(962
)
 
$
237,384

 
$
(72,420
)
 
$
2,740,272

 
$
(73,382
)
 
$
2,977,656

 
 
 
 
 
 
 
 
 
 
 
 
Securities held to maturity:
 
 
 
 
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
(3
)
 
$
2,059

 
$
(2,494
)
 
$
151,699

 
$
(2,497
)
 
$
153,758

Mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
          Residential agency
—

 
—

 
(1,011
)
 
17,478

 
(1,011
)
 
17,478

Total securities held to maturity
$
(3
)
 
$
2,059

 
$
(3,505
)
 
$
169,177

 
$
(3,508
)
 
$
171,236

The amortized cost and fair values of investment securities, with gross unrealized gains and losses, consist of the following:
 
March 31, 2019
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
40,822

 
$
130

 
$
—

 
$
40,952

Obligations of state and political subdivisions
175,271

 
4,740

 
(32
)
 
179,979

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
3,757,469

 
16,972

 
(29,763
)
 
3,744,678

          Commercial agency
779,487

 
6,656

 
(7,716
)
 
778,427

Other securities
128,380

 
1,876

 
(514
)
 
129,742

Total securities available for sale
$
4,881,429

 
$
30,374

 
$
(38,025
)
 
$
4,873,778

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
180,472

 
$
2,365

 
$
(42
)
 
$
182,795

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
18,486

 
29

 
(742
)
 
17,773

Total securities held to maturity
$
198,958

 
$
2,394

 
$
(784
)
 
$
200,568



 
December 31, 2018
(in thousands)
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Estimated
Fair
Value
Securities available for sale:
 
 
 
 
 
 
 
U.S. Government-sponsored enterprise obligations
$
995

 
$
3

 
$
—

 
$
998

Obligations of state and political subdivisions
177,566

 
2,045

 
(723
)
 
178,888

Mortgage-backed securities:
 
 
 
 
 
 
 
           Residential agency
3,837,584

 
8,886

 
(57,073
)
 
3,789,397

           Commercial agency
730,148

 
2,363

 
(14,799
)
 
717,712

Other securities
97,020

 
351

 
(787
)
 
96,584

Total securities available for sale
$
4,843,313

 
$
13,648

 
$
(73,382
)
 
$
4,783,579

Securities held to maturity:
 
 
 
 
 
 
 
Obligations of state and political subdivisions
$
188,684

 
$
309

 
$
(2,497
)
 
$
186,496

Mortgage-backed securities:
 
 
 
 
 
 
 
          Residential agency
18,762

 
30

 
(1,011
)
 
17,781

Total securities held to maturity
$
207,446

 
$
339

 
$
(3,508
)
 
$
204,277
Additional Information on Securities in a Continuous Loss Position
Additional information on securities that have been in a continuous loss position for over twelve months at March 31, 2019 and December 31, 2018 is presented in the following table.
(in thousands)
March 31, 2019
 
December 31, 2018
Number of securities
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
289

 
302

          Commercial agency
65

 
72

Obligations of state and political subdivisions
17

 
60

Other securities
8

 
7

 
379

 
441

Amortized Cost Basis
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
2,129,466

 
$
2,268,608

          Commercial agency
442,211

 
498,321

Obligations of state and political subdivisions
25,159

 
185,175

Other securities
34,053

 
33,270

 
$
2,630,889

 
$
2,985,374

Unrealized Loss
 
 
 
Mortgage-backed securities:
 
 
 
          Residential agency
$
30,434

 
$
57,268

          Commercial agency
7,711

 
14,756

Obligations of state and political subdivisions
74

 
3,208

Other securities
510

 
693

 
$
38,729

 
$
75,925
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Maturity
The amortized cost and estimated fair value of investment securities by maturity at March 31, 2019 are presented in the following table. Securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities. Weighted average yields are calculated on the basis of the yield to maturity based on the amortized cost of each security.
 
Securities Available for Sale
 
Securities Held to Maturity
(in thousands)
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
 
Weighted
Average
Yield
 
Amortized
Cost
 
Estimated
Fair
Value
Within one year or less
3.86
%
 
$
2,536

 
$
2,542

 
2.33
%
 
$
955

 
$
959

One through five years
2.66

 
113,924

 
114,533

 
2.42

 
6,100

 
6,114

After five through ten years
2.71

 
863,166

 
867,609

 
2.58

 
42,885

 
43,419

Over ten years
2.97

 
3,901,803

 
3,889,094

 
2.63

 
149,018

 
150,076

 
2.92
%
 
$
4,881,429

 
$
4,873,778

 
2.61
%
 
$
198,958

 
$
200,568
Schedule of Realized Gains and Losses from Sale of Securities Classified as Available for Sale
The following is a summary of realized gains and losses from the sale of securities classified as available for sale. Gains or losses on securities sold are recorded on the trade date, using the specific identification method.
 
Three Months Ended March 31,
(in thousands)
2019
 
2018
Realized gains
$
—

 
$
9

Realized losses
—

 
(68
)
 
$
—

 
$
(59
)
Schedule of Securities in Other Assets on Company's Consolidated Balance Sheets
The Company accounts for the following securities at cost less impairment plus or minus any observable price changes, which approximates fair value, with the exception of CRA and Community Development Investment Funds, which are recorded at fair value. Other equity securities, which are presented in other assets on the consolidated balance sheets, are as follows:
(in thousands)
March 31, 2019
 
December 31, 2018
Federal Home Loan Bank stock
$
107,122

 
$
95,213

Federal Reserve Bank stock
85,630

 
85,630

CRA and Community Development Investment Funds
1,914

 
1,884

Other investments
13,864

 
9,709

 
$
208,530

 
$
192,436