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Investment Securities (Tables)

9 Months Ended

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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A table of investments, shown as a text block.

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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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-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.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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