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Investment Securities (Tables)

12 Months Ended

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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