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Investment Securities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 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		$	2,450		$	—		$	—		$	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)
Residential mortgage-backed securities		$	4,851,747		$	128,196		$	(10,680	)	$	4,969,263		$	4,969,263
Obligations of states and political subdivisions			211,523			14,449			(1,211	)		224,761			224,761
Equity securities			18,825			1,115			(49	)		19,891			19,891
Total investment securities		$	5,082,095		$	143,760		$	(11,940	)	$	5,213,915		$	5,213,915

(1)

Included in the carrying value of residential mortgage-backed securities are $3,008,935 of mortgage-backed securities issued by Ginnie Mae, $1,920,723 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $39,605 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		$	1,125		$	1,125		$	—		$	—
Due after one year through five years			1,325			1,325			636			641
Due after five years through ten years			—			—			4,068			4,149
Due after ten years			—			—			206,819			219,971
Residential mortgage-backed securities			—			—			4,851,747			4,969,263
Equity securities			—			—			18,825			19,891
Total investment securities		$	2,450		$	2,450		$	5,082,095		$	5,213,915

		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

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, 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		$	—		$	—		$	39,605		$	(10,680	)	$	39,605		$	(10,680	)
Obligations of states and political subdivisions			9,531			(315	)		3,398			(896	)		12,929			(1,211	)
Equity securities			3,485			(16	)		42			(33	)		3,527			(49	)
		$	13,016		$	(331	)	$	43,045		$	(11,609	)	$	56,061		$	(11,940	)

        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, 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

        The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the twelve months ended December 31, 2011(in Thousands):

Balance at December 31, 2010		$	8,416
Impairment charges recognized during period			977
Balance at December 31, 2011		$	9,393

        The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the twelve months ended December 31, 2010 (in Thousands):

Balance at December 31, 2009		$	—
Impairment charges recognized during period			8,416
Balance at December 31, 2010		$	8,416

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