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Securities (Tables) | 3 Months Ended
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Mar. 31, 2018
Investments, Debt and Equity Securities [Abstract] |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale investment securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of available-for-sale investment securities carried at fair value, as of March 31, 2018 and December 31, 2017:
|  | As of March 31, 2018
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 668,670 |  |  | $ | 93 |  |  | $ | (16,933 | ) |  | $ | 651,830 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 235,776 |  |  | 175 |  |  | (2,935 | ) |  | 233,016 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 352,980 |  |  | 170 |  |  | (13,316 | ) |  | 339,834 |
Residential mortgage-backed securities |  | 1,008,235 |  |  | 1,844 |  |  | (20,626 | ) |  | 989,453 |
Municipal securities |  | 74,942 |  |  | 251 |  |  | (1,117 | ) |  | 74,076 |
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 8,547 |  |  | — |  |  | (143 | ) |  | 8,404 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 36,379 |  |  | 178 |  |  | (699 | ) |  | 35,858 |
Foreign bonds: |  |  |  |  |  |  |  |  |
Investment grade (1) (2) |  | 505,364 |  |  | — |  |  | (26,419 | ) |  | 478,945 |
Total available-for-sale investment securities |  | $ | 2,890,893 |  |  | $ | 2,711 |  |  | $ | (82,188 | ) |  | $ | 2,811,416 |
|  | As of December 31, 2017
($ in thousands) |  | Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 651,395 |  |  | $ | — |  |  | $ | (11,115 | ) |  | $ | 640,280 |
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 206,815 |  |  | 62 |  |  | (3,485 | ) |  | 203,392 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 328,348 |  |  | 141 |  |  | (9,532 | ) |  | 318,957 |
Residential mortgage-backed securities |  | 1,199,869 |  |  | 3,964 |  |  | (13,562 | ) |  | 1,190,271 |
Municipal securities |  | 99,636 |  |  | 655 |  |  | (309 | ) |  | 99,982 |
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 9,136 |  |  | 3 |  |  | (22 | ) |  | 9,117 |
Corporate debt securities: |  |  |  |  |  |  |  |  |
Investment grade (1) |  | 37,585 |  |  | 164 |  |  | (746 | ) |  | 37,003 |
Foreign bonds: |  |  |  |  |  |  |  |
Investment grade (1) (2) |  | 505,396 |  |  | 24 |  |  | (19,012 | ) |  | 486,408 |
Other securities (3) |  | 31,887 |  |  | — |  |  | (545 | ) |  | 31,342 |
Total available-for-sale investment securities |  | $ | 3,070,067 |  |  | $ | 5,013 |  |  | $ | (58,328 | ) |  | $ | 3,016,752 |
(1) | Available-for-sale investment securities rated BBB- or higher by Standard & Poor’s (“S&P”) or Baa3 or higher by Moody’s are considered investment grade. Conversely, available-for-sale investment securities rated lower than BBB- by S&P or lower than Baa3 by Moody’s are considered non-investment grade. Classifications are based on the lower of the credit ratings by S&P or Moody’s.
(2) | Fair value of foreign bonds include $448.5 million and $456.1 million of multilateral development bank bonds as of March 31, 2018 and December 31, 2017, respectively.
(3) | Other securities are comprised of mutual funds, which are equity securities with readily determinable fair value. Prior to the adoption of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, these securities were reported as available-for-sale investment securities with changes in fair value recorded through other comprehensive income. Upon adoption of ASU 2016-01, which became effective January 1, 2018, these securities were reclassified from Available-for-sale investment securities to Investments in tax credit and other investments, net, with changes in fair value recorded through net income.
Schedule of gross unrealized losses and related fair value of investment securities | The following tables present the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of March 31, 2018 and December 31, 2017:
|  | As of March 31, 2018
($ in thousands) |  | Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 170,103 |  |  | $ | (3,130 | ) |  | $ | 457,952 |  |  | $ | (13,803 | ) |  | $ | 628,055 |  |  | $ | (16,933 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 133,861 |  |  | (2,157 | ) |  | 86,549 |  |  | (778 | ) |  | 220,410 |  |  | (2,935 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 117,057 |  |  | (3,255 | ) |  | 192,874 |  |  | (10,061 | ) |  | 309,931 |  |  | (13,316 | )
Residential mortgage-backed securities |  | 461,197 |  |  | (8,362 | ) |  | 339,157 |  |  | (12,264 | ) |  | 800,354 |  |  | (20,626 | )
Municipal securities |  | 24,618 |  |  | (671 | ) |  | 8,323 |  |  | (446 | ) |  | 32,941 |  |  | (1,117 | )
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 8,404 |  |  | (143 | ) |  | — |  |  | — |  |  | 8,404 |  |  | (143 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  |  | — |  |  | 10,742 |  |  | (699 | ) |  | 10,742 |  |  | (699 | )
Foreign bonds: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 130,436 |  |  | (5,010 | ) |  | 348,510 |  |  | (21,409 | ) |  | 478,946 |  |  | (26,419 | )
Total available-for-sale investment securities |  | $ | 1,045,676 |  |  | $ | (22,728 | ) |  | $ | 1,444,107 |  |  | $ | (59,460 | ) |  | $ | 2,489,783 |  |  | $ | (82,188 | )
|  | As of December 31, 2017
($ in thousands) |  | Less Than 12 Months |  | 12 Months or More |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 168,061 |  |  | $ | (1,005 | ) |  | $ | 472,219 |  |  | $ | (10,110 | ) |  | $ | 640,280 |  |  | $ | (11,115 | )
U.S. government agency and U.S. government sponsored enterprise debt securities |  | 99,935 |  |  | (623 | ) |  | 85,281 |  |  | (2,862 | ) |  | 185,216 |  |  | (3,485 | )
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial mortgage-backed securities |  | 113,775 |  |  | (2,071 | ) |  | 191,827 |  |  | (7,461 | ) |  | 305,602 |  |  | (9,532 | )
Residential mortgage-backed securities |  | 413,621 |  |  | (4,205 | ) |  | 361,809 |  |  | (9,357 | ) |  | 775,430 |  |  | (13,562 | )
Municipal securities |  | 8,490 |  |  | (123 | ) |  | 8,588 |  |  | (186 | ) |  | 17,078 |  |  | (309 | )
Non-agency residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 4,599 |  |  | (22 | ) |  | — |  |  | — |  |  | 4,599 |  |  | (22 | )
Corporate debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | — |  |  | — |  |  | 11,905 |  |  | (746 | ) |  | 11,905 |  |  | (746 | )
Foreign bonds: |  |  |  |  |  |  |  |  |  |  |  |
Investment grade |  | 103,149 |  |  | (1,325 | ) |  | 352,239 |  |  | (17,687 | ) |  | 455,388 |  |  | (19,012 | )
Other securities(1) |  | 31,215 |  |  | (545 | ) |  | — |  |  | — |  |  | 31,215 |  |  | (545 | )
Total available-for-sale investment securities |  | $ | 942,845 |  |  | $ | (9,919 | ) |  | $ | 1,483,868 |  |  | $ | (48,409 | ) |  | $ | 2,426,713 |  |  | $ | (58,328 | )
(1) | Other securities are comprised of mutual funds, which are equity securities with readily determinable fair value. Prior to the adoption of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, these securities were reported as available-for-sale investment securities with changes in fair value recorded through other comprehensive income. Upon adoption of ASU 2016-01, which became effective January 1, 2018, these securities were reclassified from Available-for-sale investment securities, at fair value to Investments in tax credit and other investments, net, with changes in fair value recorded through net income.
Schedule of the proceeds, gross realized gains and losses, and tax expense related to the sales of available-for-sale investment securities | The following table presents the proceeds, gross realized gains and tax expense related to the sales of available-for-sale investment securities for the three months ended March 31, 2018 and 2017:
($ in thousands) |  | Three Months Ended March 31,
| 2018 |  | 2017
Proceeds from sales |  | $ | 214,790 |  |  | $ | 302,656 |
Gross realized gains |  | $ | 2,129 |  |  | $ | 2,474 |
Related tax expense |  | $ | 628 |  |  | $ | 1,040 |
Schedule of maturities of available-for-sale investment securities | The following table presents the scheduled maturities of available-for-sale investment securities as of March 31, 2018:
($ in thousands) |  | Amortized Cost |  | Fair Value
Due within one year |  | $ | 573,138 |  |  | $ | 549,190 |
Due after one year through five years |  | 818,412 |  |  | 796,717 |
Due after five years through ten years |  | 188,149 |  |  | 184,944 |
Due after ten years |  | 1,311,194 |  |  | 1,280,565 |
Total available-for-sale investment securities |  | $ | 2,890,893 |  |  | $ | 2,811,416 |
Schedule of restricted equity securities | The following table presents the restricted equity securities as of March 31, 2018 and December 31, 2017:
($ in thousands) |  | March 31, 2018 |  | December 31, 2017
FRB stock |  | $ | 56,537 |  |  | $ | 56,271 |
FHLB stock |  | 17,250 |  |  | 17,250 |
Total |  | $ | 73,787 |  |  | $ | 73,521 |

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