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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 2011
Investment Securities |
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, 2011 are as follows:
|  | Held to Maturity |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Carrying value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,575 |  | — |  | — |  | $ | 2,575 |  | $ | 2,575 |
Total investment securities |  | $ | 2,575 |  | — |  | — |  | $ | 2,575 |  | $ | 2,575 |
|  | Available for Sale |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Carrying value (1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 4,616,720 |  | $ | 144,020 |  | $ | (11,159 | ) | $ | 4,749,581 |  | $ | 4,749,581 |
Obligations of states and political subdivisions |  | 210,178 |  | 15,257 |  | (920 | ) | 224,515 |  | 224,515 |
Equity securities |  | 13,825 |  | 1,031 |  | (39 | ) | 14,817 |  | 14,817 |
Total investment securities |  | $ | 4,840,723 |  | $ | 160,308 |  | $ | (12,118 | ) | $ | 4,988,913 |  | $ | 4,988,913 |
(1) Included in the carrying value of residential mortgage-backed securities are $2,958,000 of mortgage-backed securities issued by Ginnie Mae, $1,751,104 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $40,477 issued by non-government entities The amortized cost and estimated fair value by type of investment security at December 31, 2010 are as follows:
|  | Held to Maturity |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Carrying value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,450 |  | $ | — |  | $ | — |  | $ | 2,450 |  | $ | 2,450 |
Total investment securities |  | $ | 2,450 |  | $ | — |  | $ | — |  | $ | 2,450 |  | $ | 2,450 |
|  | Available for Sale |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Carrying value (1) |
|  | (Dollars in Thousands) |
U.S. Treasury securities |  | $ | 1,327 |  | $ | — |  | $ | — |  | $ | 1,327 |  | $ | 1,327 |
Residential mortgage-backed securities |  | 4,876,573 |  | 77,741 |  | (29,846 | ) | 4,924,468 |  | 4,924,468 |
Obligations of states and political subdivisions |  | 150,122 |  | 636 |  | (4,761 | ) | 145,997 |  | 145,997 |
Equity securities |  | 13,825 |  | 864 |  | (24 | ) | 14,665 |  | 14,665 |
Total investment securities |  | $ | 5,041,847 |  | $ | 79,241 |  | $ | (34,631 | ) | $ | 5,086,457 |  | $ | 5,086,457 |
(1) Included in the carrying value of residential mortgage-backed securities are $2,326,378 of mortgage-backed securities issued by Ginnie Mae, $2,552,062 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $46,028 issued by non-government entities
Amortized cost and fair value of investment securities, by contractual maturity |
|  | Held to Maturity |  | Available for Sale |
|  | Amortized Cost |  | Estimated fair value |  | Amortized Cost |  | Estimated fair value |
|  | (Dollars in Thousands) |
Due in one year or less |  | $ | 1,250 |  | $ | 1,250 |  | $ | — |  | $ | — |
Due after one year through five years |  | 1,325 |  | 1,325 |  | — |  | — |
Due after five years through ten years |  | — |  | — |  | 4,795 |  | 4,882 |
Due after ten years |  | — |  | — |  | 205,383 |  | 219,633 |
Residential mortgage-backed securities |  | — |  | — |  | 4,616,720 |  | 4,749,581 |
Equity securities |  | — |  | — |  | 13,825 |  | 14,817 |
Total investment securities |  | $ | 2,575 |  | $ | 2,575 |  | $ | 4,840,723 |  | $ | 4,988,913 |
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 September 30, 2011, were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | — |  | $ | — |  | $ | 40,477 |  | $ | (11,159 | ) | $ | 40,477 |  | $ | (11,159 | )
Obligations of states and political subdivisions |  | 5,519 |  | (202 | ) | 3,208 |  | (718 | ) | 8,727 |  | (920 | )
Other equity securities |  | — |  | — |  | 37 |  | (39 | ) | 37 |  | (39 | )
|  | $ | 5,519 |  | $ | (202 | ) | $ | 43,722 |  | $ | (11,916 | ) | $ | 49,241 |  | $ | (12,118 | )
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, 2010 were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,166,720 |  | $ | (19,192 | ) | $ | 46,028 |  | $ | (10,654 | ) | $ | 1,212,748 |  | $ | (29,846 | )
Obligations of states and political subdivisions |  | 97,701 |  | (4,666 | ) | 355 |  | (95 | ) | 98,056 |  | (4,761 | )
Equity securities |  | 4,988 |  | (12 | ) | 63 |  | (12 | ) | 5,051 |  | (24 | )
|  | $ | 1,269,409 |  | $ | (23,870 | ) | $ | 46,446 |  | $ | (10,761 | ) | $ | 1,315,855 |  | $ | (34,631 | )
Reconciliation of credit-related impairment charges on available-for-sale investment |
Balance at June 30, 2011 |  | $ | 8,831 |
Impairment charges recognized during period |  | 286 |
Balance at September 30, 2011 |  | $ | 9,117 |
Balance at December 31, 2010 |  | $ | 8,416 |
Impairment charges recognized during period |  | 701 |
Balance at September 30, 2011 |  | $ | 9,117 |
Balance at June 30, 2010 |  | $ | 7,461 |
Impairment charges recognized during period |  | 531 |
Balance at September 30, 2010 |  | $ | 7,992 |
Balance at December 31, 2009 |  | $ | — |
Impairment charges recognized during period |  | 7,992 |
Balance at September 30, 2010 |  | $ | 7,992 |

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- Definition Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Section 50 -Paragraph 8 -SubTopic 10 -Topic 320 -URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27340-111563 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS115-1/124-1 -Paragraph 18B -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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