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Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

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 June 30, 2012 are as follows:

		Held to Maturity
		Amortized cost			Gross unrealized gains			Gross unrealized losses			Estimated fair value			Carrying value
		(Dollars in Thousands)
Other securities		$	2,425		$	—		$	—		$	2,425		$	2,425
Total investment securities		$	2,425		$	—		$	—		$	2,425		$	2,425

		Available for Sale
		Amortized cost			Gross unrealized gains			Gross unrealized losses			Estimated fair value			Carrying value (1)
		(Dollars in Thousands)
Residential mortgage-backed securities		$	4,841,592		$	126,267		$	(14,265	)	$	4,953,594		$	4,953,594
Obligations of states and political subdivisions		216,700			18,563			(1,364		)	233,899			233,899
Equity securities		19,575			1,560			(25		)	21,110			21,110
Total investment securities		$	5,077,867		$	146,390		$	(15,654	)	$	5,208,603		$	5,208,603

(1) Included in the carrying value of residential mortgage-backed securities are $2,654,113 of mortgage-backed securities issued by Ginnie Mae, $2,263,605 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $35,876 issued by non-government entities

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		$	25		$	25		$	—		$	—
Due after one year through five years		2,400			2,400			—			—
Due after five years through ten years		—			—			1,422			1,518
Due after ten years		—			—			215,278			232,381
Residential mortgage-backed securities		—			—			4,841,592			4,953,594
Equity securities		—			—			19,575			21,110
Total investment securities		$	2,425		$	2,425		$	5,077,867		$	5,208,603

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 June 30, 2012, 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		$	555,546		$	(2,644	)	$	35,877		$	(11,621	)	$	591,423		$	(14,265	)
Obligations of states and political subdivisions		20,884			(289		)	5,584			(1,075		)	26,468			(1,364		)
Other equity securities		—			—			50			(25		)	50			(25		)
		$	576,430		$	(2,933	)	$	41,511		$	(12,721	)	$	617,941		$	(15,654	)

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	)

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 three months ended June 30, 2012 (Dollars in Thousands):

Balance at March 31, 2012		$	9,579
Impairment charges recognized during period		222
Balance at June 30, 2012		$	9,801

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the six months ended June 30, 2012 (Dollars in Thousands):

Balance at December 31, 2011		$	9,393
Impairment charges recognized during period		408
Balance at June 30, 2012		$	9,801

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the three months ended June 30, 2011 (Dollars in Thousands):

Balance at March 31, 2011		$	8,665
Impairment charges recognized during period		166
Balance at June 30, 2011		$	8,831

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the six months ended June 30, 2011 (Dollars in Thousands):

Balance at December 31, 2010		$	8,416
Impairment charges recognized during period		415
Balance at June 30, 2011		$	8,831

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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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