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Investment Securities (Tables) | 12 Months Ended
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Dec. 31, 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 December 31, 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 |  | $ | 5,186,652 |  | $ | 94,585 |  | $ | (16,033 | ) | $ | 5,265,204 |  | $ | 5,265,204 |
Obligations of states and political subdivisions |  |  | 216,962 |  |  | 23,504 |  |  | (1,791 | ) |  | 238,675 |  |  | 238,675 |
Equity securities |  |  | 19,575 |  |  | 1,581 |  |  | (20 | ) |  | 21,136 |  |  | 21,136 |
Total investment securities |  | $ | 5,423,189 |  | $ | 119,670 |  | $ | (17,844 | ) | $ | 5,525,015 |  | $ | 5,525,015 |
(1) Included in the carrying value of residential mortgage-backed securities are $2,035,742 of mortgage-backed securities issued by Ginnie Mae, $3,196,602 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $32,860 issued by non-government entities
Amortized cost and fair value of investment securities, by contractual maturity | The amortized cost and estimated fair value of investment securities at December 31, 2012, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.
|  | 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 |  | $ | 1,200 |  | $ | 1,200 |  | $ | — |  | $ | — |
Due after one year through five years |  |  | 1,200 |  |  | 1,200 |  |  | — |  |  | — |
Due after five years through ten years |  |  | — |  |  | — |  |  | 674 |  |  | 765 |
Due after ten years |  |  | — |  |  | — |  |  | 216,288 |  |  | 237,910 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  | 5,186,652 |  |  | 5,265,204 |
Equity securities |  |  | — |  |  | — |  |  | 19,575 |  |  | 21,136 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 5,423,189 |  | $ | 5,525,015 |
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
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, 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 |  | $ | 738,492 |  | $ | (5,476 | ) | $ | 32,860 |  | $ | (10,557 | ) | $ | 771,352 |  | $ | (16,033 | )
Obligations of states and political subdivisions |  |  | 5,117 |  |  | (114 | ) |  | 10,437 |  |  | (1,677 | ) |  | 15,554 |  |  | (1,791 | )
Equity securities |  |  | — |  |  | — |  |  | 56 |  |  | (20 | ) |  | 56 |  |  | (20 | )
|  | $ | 743,609 |  | $ | (5,590 | ) | $ | 43,353 |  | $ | (12,254 | ) | $ | 786,962 |  | $ | (17,844 | )
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, 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 twelve months ended December 31, 2012 (in Thousands):
Balance at December 31, 2011 |  | $ | 9,393 |
Impairment charges recognized during period |  |  | 1,039 |
Balance at December 31, 2012 |  | $ | 10,432 |
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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