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Investment Securities and Equity Securities with Readily Determinable Fair Values (Tables) | 9 Months Ended
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Sep. 30, 2018
Investment Securities and Equity Securities with Readily Determinable Fair Values |
Amortized cost and estimated fair value by type of investment security | The amortized cost and estimated fair value by type of investment security at September 30, 2018 are as follows:
|  | Held to Maturity |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Estimated |  | Carrying |
|  | cost |  | gains |  | losses |  | fair value |  | value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
Total investment securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
|  | Available for Sale Debt Securities |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Estimated |  | Carrying |
|  | cost |  | gains |  | losses |  | fair value |  | value(1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 3,444,855 |  | $ | 5,396 |  | $ | (129,523) |  | $ | 3,320,727 |  | $ | 3,320,727 |
Obligations of states and political subdivisions |  |  | 186,564 |  |  | 2,873 |  |  | (269) |  |  | 189,169 |  |  | 189,169 |
Total investment securities |  | $ | 3,631,419 |  | $ | 8,269 |  | $ | (129,792) |  | $ | 3,509,896 |  | $ | 3,509,896 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $529,985 of mortgage-backed securities issued by Ginnie Mae and $2,790,742 of mortgage-backed securities issued by Fannie Mae and Freddie Mac.
The amortized cost and estimated fair value by type of investment security at December 31, 2017 are as follows:
|  | Held to Maturity |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | Estimated |  | Carrying |
|  | cost |  | gains |  | losses |  | fair value |  | value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
Total investment securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
|  | Available for Sale |
|  |  |  |  | Gross |  | Gross |  | Estimated |  |  |  |
|  | Amortized |  | unrealized |  | unrealized |  | fair |  | Carrying |
|  | cost |  | gains |  | losses |  | value |  | value(1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 3,943,092 |  | $ | 14,110 |  | $ | (65,969) |  | $ | 3,891,233 |  | $ | 3,891,233 |
Obligations of states and political subdivisions |  |  | 225,096 |  |  | 7,871 |  |  | (16) |  |  | 232,951 |  |  | 232,951 |
Equity securities |  |  | 28,075 |  |  | 293 |  |  | (482) |  |  | 27,886 |  |  | 27,886 |
Total investment securities |  | $ | 4,196,263 |  | $ | 22,274 |  | $ | (66,467) |  | $ | 4,152,070 |  | $ | 4,152,070 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $654,063 of mortgage-backed securities issued by Ginnie Mae and $3,237,170 of mortgage-backed securities issued by Fannie Mae and Freddie.
Amortized cost and fair value of investment securities, by contractual maturity |
|  | Held to Maturity |  | Available for Sale |
|  | Amortized |  | Estimated |  | Amortized |  | Estimated |
|  | Cost |  | fair value |  | Cost |  | fair value |
|  | (Dollars in Thousands) |
Due in one year or less |  | $ | 1,200 |  | $ | 1,200 |  | $ | — |  | $ | — |
Due after one year through five years |  |  | 1,200 |  |  | 1,200 |  |  | — |  |  | — |
Due after five years through ten years |  |  | — |  |  | — |  |  | 500 |  |  | 506 |
Due after ten years |  |  | — |  |  | — |  |  | 186,064 |  |  | 188,663 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  | 3,444,855 |  |  | 3,320,727 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 3,631,419 |  | $ | 3,509,896 |
Gross unrealized losses on investment securities and the related fair value | Gross unrealized losses on debt investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual debt securities have been in a continuous unrealized loss position at September 30, 2018, were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  |  |  |  | Unrealized |  |  |  |  | Unrealized |  |  |  |  | Unrealized |
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 812,981 |  | $ | (18,128) |  | $ | 2,210,870 |  | $ | (111,395) |  | $ | 3,023,851 |  | $ | (129,523) |
Obligations of states and political subdivisions |  |  | 19,958 |  |  | (261) |  |  | 513 |  |  | (8) |  |  | 20,471 |  |  | (269) |
|  | $ | 832,939 |  | $ | (18,389) |  | $ | 2,211,383 |  | $ | (111,403) |  | $ | 3,044,322 |  | $ | (129,792) |
Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2017 were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  |  |  |  | Unrealized |  |  |  |  | Unrealized |  |  |  |  | Unrealized |
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,061,577 |  | $ | (13,157) |  | $ | 2,029,455 |  | $ | (52,812) |  | $ | 3,091,032 |  | $ | (65,969) |
Obligations of states and political subdivisions |  |  | 5,534 |  |  | (9) |  |  | 522 |  |  | (7) |  |  | 6,056 |  |  | (16) |
Equity securities |  |  | 11,499 |  |  | (251) |  |  | 8,019 |  |  | (231) |  |  | 19,518 |  |  | (482) |
|  | $ | 1,078,610 |  | $ | (13,417) |  | $ | 2,037,996 |  | $ | (53,050) |  | $ | 3,116,606 |  | $ | (66,467) |
Summary of unrealized and realized gains and losses recognized in net income on equity securities |
|  | Three Months Ended |
|  | September 30, |
|  | (Dollars in Thousands) |
|  | 2018 |
Net losses recognized during the period on equity securities |  | $ |  | (62) |
Less: Net gains and (losses) recognized during the period on equity securities sold during the period |  |  |  | (771) |
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date |  | $ |  | 709 |
|  | Nine Months Ended
|  | September 30,
|  | (Dollars in Thousands)
|  | 2018
Net losses recognized during the period on equity securities |  | $ |  | (1,083)
Less: Net gains and (losses) recognized during the period on equity securities sold during the period |  |  |  | (771)
Unrealized losses recognized during the reporting period on equity securities still held at the reporting date |  | $ |  | (312)

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