XML 32 R22.htm IDEA: XBRL DOCUMENT
v3.19.2

Securities (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Marketable Securities [Abstract] |
Trading Securities, [Table Text Block] | The fair value and net unrealized gain (loss) included in trading securities are as follows (in thousands):
|  | June 30, 2019 |  | December 31, 2018
|  | Fair Value |  | Net Unrealized Gain (Loss) |  | Fair Value |  | Net Unrealized Gain (Loss)
U.S. government agency debentures |  | $ | 83,148 |  |  | $ | 127 |  |  | $ | 63,765 |  |  | $ | 254 |
U.S. government agency residential mortgage-backed securities |  | 1,620,613 |  |  | 7,558 |  |  | 1,791,584 |  |  | 9,966 |
Municipal and other tax-exempt securities |  | 49,718 |  |  | 191 |  |  | 34,507 |  |  | (1 | )
Asset-backed securities |  | 93,546 |  |  | 548 |  |  | 42,656 |  |  | 685 |
Other trading securities |  | 53,370 |  |  | 202 |  |  | 24,411 |  |  | 65 |
Total trading securities |  | $ | 1,900,395 |  |  | $ | 8,626 |  |  | $ | 1,956,923 |  |  | $ | 10,969 |
Investment Securities (Held-to-Maturity) [Table Text Block] | The amortized cost and fair values of investment securities are as follows (in thousands):
|  | June 30, 2019
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
Municipal and other tax-exempt |  | $ | 124,822 |  |  | $ | 128,009 |  |  | $ | 3,221 |  |  | $ | (34 | )
U.S. government agency residential mortgage-backed securities |  | 11,599 |  |  | 12,099 |  |  | 500 |  |  | — |
Other debt securities |  | 191,256 |  |  | 206,907 |  |  | 16,312 |  |  | (661 | )
Total investment securities |  | $ | 327,677 |  |  | $ | 347,015 |  |  | $ | 20,033 |  |  | $ | (695 | )
|  | December 31, 2018
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
Municipal and other tax-exempt |  | $ | 137,296 |  |  | $ | 138,562 |  |  | $ | 1,858 |  |  | $ | (592 | )
U.S. government agency residential mortgage-backed securities |  | 12,612 |  |  | 12,770 |  |  | 293 |  |  | (135 | )
Other debt securities |  | 205,279 |  |  | 215,966 |  |  | 12,257 |  |  | (1,570 | )
Total investment securities |  | $ | 355,187 |  |  | $ | 367,298 |  |  | $ | 14,408 |  |  | $ | (2,297 | )
The amortized cost and fair values of investment securities at June 30, 2019, 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 Maturity 1
Fixed maturity debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  | $ | 51,600 |  |  | $ | 104,247 |  |  | $ | 144,405 |  |  | $ | 15,826 |  |  | $ | 316,078 |  |  | 5.03 |
Fair value |  | 51,791 |  |  | 108,001 |  |  | 159,416 |  |  | 15,708 |  |  | 334,916 |  |  |  |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 11,599 |  |  | 2
Fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | 12,099 |  |  |  |
Total investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 327,677 |  |  |  |
Fair value |  |  |  |  |  |  |  |  |  |  |  |  |  | 347,015 |  |  |  |
1 | Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.
2 | The average expected lives of residential mortgage-backed securities were 4.6 years based upon current prepayment assumptions.
Temporarily Impaired Investment Securities (in thousands):
|  | June 30, 2019
|  | 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 |  | 25 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,433 |  |  | $ | 34 |  |  | $ | 16,433 |  |  | $ | 34 |
Other debt securities |  | 24 |  |  | 25 |  |  | 1 |  |  | 13,607 |  |  | 660 |  |  | 13,632 |  |  | 661 |
Total investment securities |  | 49 |  |  | $ | 25 |  |  | $ | 1 |  |  | $ | 30,040 |  |  | $ | 694 |  |  | $ | 30,065 |  |  | $ | 695 |
|  | December 31, 2018
|  | 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 |  | 72 |  |  | $ | 18,255 |  |  | $ | 69 |  |  | $ | 66,141 |  |  | $ | 523 |  |  | $ | 84,396 |  |  | $ | 592 |
U.S. government agency residential mortgage-backed securities |  | 2 |  |  | — |  |  | — |  |  | 5,633 |  |  | 135 |  |  | 5,633 |  |  | 135 |
Other debt securities |  | 72 |  |  | 13,372 |  |  | 64 |  |  | 23,028 |  |  | 1,506 |  |  | 36,400 |  |  | 1,570 |
Total investment securities |  | 146 |  |  | $ | 31,627 |  |  | $ | 133 |  |  | $ | 94,802 |  |  | $ | 2,164 |  |  | $ | 126,429 |  |  | $ | 2,297 |
Available For Sale Securities [Table Text Block] | The amortized cost and fair value of available for sale securities are as follows (in thousands):
|  | June 30, 2019
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
U.S. Treasury |  | $ | 1,887 |  |  | $ | 1,889 |  |  | $ | 3 |  |  | $ | (1 | )
Municipal and other tax-exempt |  | 2,386 |  |  | 2,470 |  |  | 84 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 7,280,092 |  |  | 7,354,741 |  |  | 90,111 |  |  | (15,462 | )
Residential non-agency |  | 31,327 |  |  | 47,057 |  |  | 15,730 |  |  | — |
Commercial agency |  | 3,066,442 |  |  | 3,107,785 |  |  | 44,783 |  |  | (3,440 | )
Other debt securities |  | 500 |  |  | 472 |  |  | — |  |  | (28 | )
Total available for sale securities |  | $ | 10,382,634 |  |  | $ | 10,514,414 |  |  | $ | 150,711 |  |  | $ | (18,931 | )
|  | December 31, 2018
|  | Amortized |  | Fair |  | Gross Unrealized
|  | Cost |  | Value |  | Gain |  | Loss
U.S. Treasury |  | $ | 496 |  |  | $ | 493 |  |  | $ | — |  |  | $ | (3 | )
Municipal and other tax-exempt |  | 2,782 |  |  | 2,864 |  |  | 82 |  |  | — |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 5,886,323 |  |  | 5,804,708 |  |  | 16,149 |  |  | (97,764 | )
Residential non-agency |  | 40,948 |  |  | 59,736 |  |  | 18,788 |  |  | — |
Commercial agency |  | 2,986,297 |  |  | 2,953,889 |  |  | 7,955 |  |  | (40,363 | )
Other debt securities |  | 35,545 |  |  | 35,430 |  |  | 12 |  |  | (127 | )
Total available for sale securities |  | $ | 8,952,391 |  |  | $ | 8,857,120 |  |  | $ | 42,986 |  |  | $ | (138,257 | )
The amortized cost and fair values of available for sale securities at June 30, 2019, 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 Maturity 1
Fixed maturity debt securities: |  |  |  |  |  |  |  |  |  |  |
Amortized cost | $ | 90,708 |  |  | $ | 968,503 |  |  | $ | 1,571,395 |  |  | $ | 440,609 |  |  | $ | 3,071,215 |  |  | 7.35 |
Fair value | 90,536 |  |  | 974,073 |  |  | 1,600,106 |  |  | 447,901 |  |  | 3,112,616 |  |  |
Residential mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  | $ | 7,311,419 |  |  | 2
Fair value |  |  |  |  |  |  |  |  | 7,401,798 |  |  |
Total available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  |  |  |  |  |  |  | $ | 10,382,634 |  |  |
Fair value |  |  |  |  |  |  |  |  | 10,514,414 |  |  |
1 | Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.
2 | The average expected lives of residential mortgage-backed securities were 4.0 years based upon current prepayment assumptions.
Sales of available for sale securities resulted in gains and losses as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2019 |  | 2018 |  | 2019 |  | 2018
Proceeds | $ | 122,098 |  |  | $ | 142,743 |  |  | $ | 367,357 |  |  | $ | 187,533 |
Gross realized gains | 1,029 |  |  | 257 |  |  | 6,327 |  |  | 450 |
Gross realized losses | — |  |  | (1,019 | ) |  | (5,222 | ) |  | (1,502 | )
Related federal and state income tax expense (benefit) | 262 |  |  | (194 | ) |  | 281 |  |  | (268 | )
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Temporarily Impaired Available for Sale Securities (in thousands)
|  | June 30, 2019
|  | 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 |  |  | $ | — |  |  | $ | — |  |  | $ | 498 |  |  | $ | 1 |  |  | $ | 498 |  |  | $ | 1 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 125 |  |  | 267,481 |  |  | 898 |  |  | 1,317,121 |  |  | 14,564 |  |  | 1,584,602 |  |  | 15,462 |
Commercial agency |  | 78 |  |  | 440,095 |  |  | 895 |  |  | 595,351 |  |  | 2,545 |  |  | 1,035,446 |  |  | 3,440 |
Other debt securities |  | 1 |  |  | — |  |  | — |  |  | 472 |  |  | 28 |  |  | 472 |  |  | 28 |
Total available for sale securities |  | 205 |  |  | $ | 707,576 |  |  | $ | 1,793 |  |  | $ | 1,913,442 |  |  | $ | 17,138 |  |  | $ | 2,621,018 |  |  | $ | 18,931 |
|  | December 31, 2018
|  | 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 |  |  | $ | — |  |  | $ | — |  |  | $ | 493 |  |  | $ | 3 |  |  | $ | 493 |  |  | $ | 3 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential agency |  | 289 |  |  | 510,824 |  |  | 1,158 |  |  | 3,641,370 |  |  | 96,606 |  |  | 4,152,194 |  |  | 97,764 |
Commercial agency |  | 197 |  |  | 179,258 |  |  | 394 |  |  | 1,969,504 |  |  | 39,969 |  |  | 2,148,762 |  |  | 40,363 |
Other debt securities |  | 3 |  |  | 9,982 |  |  | 63 |  |  | 20,436 |  |  | 64 |  |  | 30,418 |  |  | 127 |
Total available for sale securities |  | 490 |  |  | $ | 700,064 |  |  | $ | 1,615 |  |  | $ | 5,631,803 |  |  | $ | 136,642 |  |  | $ | 6,331,867 |  |  | $ | 138,257 |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=118942371&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118955579&loc=SL82922888-210455 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=118939692&loc=d3e27232-111563 + Details
Name: | us-gaap_HeldToMaturitySecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References No definition available. + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration