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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 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		$	4,976,280		$	52,022		$	(95,797	)	$	4,932,505		$	4,932,505
Obligations of states and political subdivisions		255,085			12,780			(6,740		)	261,125			261,125
Equity securities		28,075			1,243			(391		)	28,927			28,927
Total investment securities		$	5,259,440		$	66,045		$	(102,928	)	$	5,222,557		$	5,222,557

(1) Included in the carrying value of residential mortgage-backed securities are $ 1,639,116,000 of mortgage-backed securities issued by Ginnie Mae, $3,266,433,000, of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $26,956,000 issued by non-government entities

The amortized cost and estimated fair value by type of investment security at December 31, 2013 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		$	5,096,165		$	56,110		$	(124,574	)	$	5,027,701		$	5,027,701
Obligations of states and political subdivisions		248,354			8,063			(8,007		)	248,410			248,410
Equity securities		28,075			931			(538		)	28,468			28,468
Total investment securities		$	5,372,594		$	65,104		$	(133,119	)	$	5,304,579		$	5,304,579

(1) Included in the carrying value of residential mortgage-backed securities are $1,799,807 of mortgage-backed securities issued by Ginnie Mae, $3,200,042 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $27,852 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 March 31, 2014, 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		—			—			712			777
Due after ten years		—			—			254,373			260,348
Residential mortgage-backed securities		—			—			4,976,280			4,932,505
Equity securities		—			—			28,075			28,927
Total investment securities		$	2,400		$	2,400		$	5,259,440		$	5,222,557

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 March 31, 2014, 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		$	1,028,459		$	(22,666	)	$	1,747,859		$	(73,131	)	$	2,776,318		$	(95,797	)
Obligations of states and political subdivisions		35,096			(1,166		)	22,377			(5,574		)	57,473			(6,740		)
Other equity securities		14,816			(184		)	4,042			(207		)	18,858			(391		)
		$	1,078,371		$	(24,016	)	$	1,774,278		$	(78,912	)	$	2,852,649		$	(102,928	)

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, 2013 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		$	2,459,565		$	(98,022	)	$	420,262		$	(26,552	)	$	2,879,827		$	(124,574	)
Obligations of states and political subdivisions		55,327			(3,025		)	14,292			(4,982		)	69,619			(8,007		)
Equity securities		19,462			(538		)	—			—			19,462			(538		)
		$	2,534,354		$	(101,585	)	$	434,554		$	(31,534	)	$	2,968,908		$	(133,119	)

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 March 31, 2014 and 2013, respectively (Dollars in Thousands):

Balance at December 31, 2013		$	11,806
Impairment charges recognized in earnings during period		90
Balance at March 31, 2014		$	11,896
Balance at December 31, 2012		$	10,432
Impairment charges recognized in earnings during period		310
Balance at March 31, 2013		$	10,742

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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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