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Investment Securities (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
Total investment securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
|  | Available for Sale |
|  | Amortized cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Estimated fair value |  | Carrying value (1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 5,360,990 |  | $ | 118,970 |  | $ | (12,652 | ) | $ | 5,467,308 |  | $ | 5,467,308 |
Obligations of states and political subdivisions |  | 215,354 |  | 22,564 |  | (1,449 | ) | 236,469 |  | 236,469 |
Equity securities |  | 19,575 |  | 1,705 |  | (22 | ) | 21,258 |  | 21,258 |
Total investment securities |  | $ | 5,595,919 |  | $ | 143,239 |  | $ | (14,123 | ) | $ | 5,725,035 |  | $ | 5,725,035 |
(1) Included in the carrying value of residential mortgage-backed securities are $2,182,038 of mortgage-backed securities issued by Ginnie Mae, $3,250,982 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $34,288 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 |  | $ | — |  | $ | — |  | $ | — |  | $ | — |
Due after one year through five years |  | 2,400 |  | 2,400 |  | — |  | — |
Due after five years through ten years |  | — |  | — |  | 1,281 |  | 1,387 |
Due after ten years |  | — |  | — |  | 214,073 |  | 235,082 |
Residential mortgage-backed securities |  | — |  | — |  | 5,360,990 |  | 5,467,308 |
Equity securities |  | — |  | — |  | 19,575 |  | 21,258 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 5,595,919 |  | $ | 5,725,035 |
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, 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 |  | $ | 231,625 |  | $ | (1,672 | ) | $ | 34,288 |  | $ | (10,980 | ) | $ | 265,913 |  | $ | (12,652 | )
Obligations of states and political subdivisions |  | 4,441 |  | (91 | ) | 8,386 |  | (1,358 | ) | 12,827 |  | (1,449 | )
Other equity securities |  | — |  | — |  | 54 |  | (22 | ) | 54 |  | (22 | )
|  | $ | 236,066 |  | $ | (1,763 | ) | $ | 42,728 |  | $ | (12,360 | ) | $ | 278,794 |  | $ | (14,123 | )
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 September 30, 2012 (Dollars in Thousands):
Balance at June 30, 2012 |  | $ | 9,801 |
Impairment charges recognized during period |  | 239 |
Balance at September 30, 2012 |  | $ | 10,040 |
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the nine months ended September 30, 2012 (Dollars in Thousands):
Balance at December 31, 2011 |  | $ | 9,393 |
Impairment charges recognized during period |  | 647 |
Balance at September 30, 2012 |  | $ | 10,040 |
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the three months ended September 30, 2011 (Dollars in Thousands):
Balance at June 30, 2011 |  | $ | 8,831 |
Impairment charges recognized during period |  | 286 |
Balance at September 30, 2011 |  | $ | 9,117 |
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the nine months ended September 30, 2011 (Dollars in Thousands):
Balance at December 31, 2010 |  | $ | 8,416 |
Impairment charges recognized during period |  | 701 |
Balance at September 30, 2011 |  | $ | 9,117 |

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