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Investment Securities (Tables)

12 Months Ended

Dec. 31, 2019

Amortized cost and estimated fair value by type of investment security

The amortized cost and estimated fair value by type of investment security at December 31, 2019 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		$	3,285,623		$	16,534		$	(16,609)		$	3,285,548		$	3,285,548
Obligations of states and political subdivisions			90,447			2,933			(5)			93,375			93,375
Total investment securities		$	3,376,070		$	19,467		$	(16,614)		$	3,378,923		$	3,378,923

Included in the carrying value of residential mortgage- backed securities are $571,247 of mortgage-backed securities issued by Ginnie Mae and $2,714,301 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, 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		$	1,200		$	—		$	—		$	1,200		$	1,200
Total investment securities		$	1,200		$	—		$	—		$	1,200		$	1,200


		Available for Sale
					Gross			Gross			Estimated
		Amortized			unrealized			unrealized			fair			Carrying
		cost			gains			losses			value			value⁽¹⁾
		(Dollars in Thousands)
Residential mortgage-backed securities		$	3,295,366		$	6,813		$	(79,169)		$	3,223,010		$	3,223,010
Obligations of states and political subdivisions			185,799			2,646			(105)			188,340			188,340
Total investment securities		$	3,481,165		$	9,459		$	(79,274)		$	3,411,350		$	3,411,350

Included in the carrying value of residential mortgage- backed securities are $501,293 of mortgage-backed securities issued by Ginnie Mae, $2,721,717 of mortgage-backed securities issued by Fannie Mae and Freddie Mac

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		$	1,075		$	1,075		$	—		$	—
Due after one year through five years			1,325			1,325			—			—
Due after five years through ten years			—			—			2,241			2,249
Due after ten years			—			—			88,206			91,126
Residential mortgage-backed securities			—			—			3,285,623			3,285,548
Total investment securities		$	2,400		$	2,400		$	3,376,070		$	3,378,923

Gross unrealized losses on investment securities and the related fair value

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, 2019 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		$	523,031		$	(2,269)		$	1,448,109		$	(14,340)		$	1,971,140		$	(16,609)
Obligations of states and political subdivisions			766			(5)			—			—			766			(5)
		$	523,797		$	(2,274)		$	1,448,109		$	(14,340)		$	1,971,906		$	(16,614)

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 loss position, at December 31, 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		$	208,384		$	(2,124)		$	2,537,181		$	(77,045)		$	2,745,565		$	(79,169)
Obligations of states and political subdivisions			12,756			(99)			512			(6)			13,268			(105)
		$	221,140		$	(2,223)		$	2,537,693		$	(77,051)		$	2,758,833		$	(79,274)

Summary of unrealized and realized gains and losses recognized in net income on equity securities


		Year Ended
		December 31, 2019
		(Dollars in Thousands)

Net gains recognized during the period on equity securities		$		158
Less: Net gains and (losses) recognized during the period on equity securities sold during the period				—

Unrealized gains recognized during the reporting period on equity securities still held at the reporting date		$		158


		Year Ended
		December 31, 2018
		(Dollars in Thousands)

Net losses recognized during the period on equity securities		$		(388)
Less: Net gains and (losses) recognized during the period on equity securities sold during the period				—

Unrealized losses recognized during the reporting period on equity securities still held at the reporting date		$		(388)