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Investment Securities (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 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 |  | $ | 4,513,064 |  | $ | 46,900 |  | $ | (60,700 | ) | $ | 4,499,264 |  | $ | 4,499,264 |
Obligations of states and political subdivisions |  | 262,021 |  | 18,662 |  | (5,563 | ) | 275,120 |  | 275,120 |
Equity securities |  | 28,075 |  | 1,101 |  | (270 | ) | 28,906 |  | 28,906 |
Total investment securities |  | $ | 4,803,160 |  | $ | 66,663 |  | $ | (66,533 | ) | $ | 4,803,290 |  | $ | 4,803,290 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $1,551,363 of mortgage-backed securities issued by Ginnie Mae, $2,922,948 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $24,953 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 |
|  | 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 |  | $ | 1,075 |  | $ | 1,075 |  | $ | — |  | $ | — |
Due after one year through five years |  | 1,325 |  | 1,325 |  | — |  | — |
Due after five years through ten years |  | — |  | — |  | 727 |  | 810 |
Due after ten years |  | — |  | — |  | 261,294 |  | 274,310 |
Residential mortgage-backed securities |  | — |  | — |  | 4,513,064 |  | 4,499,264 |
Equity securities |  | — |  | — |  | 28,075 |  | 28,906 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 4,803,160 |  | $ | 4,803,290 |
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, 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 |  | $ | 664,223 |  | $ | (3,327 | ) | $ | 1,889,249 |  | $ | (57,373 | ) | $ | 2,553,472 |  | $ | (60,700 | )
Obligations of states and political subdivisions |  | 1,595 |  | (51 | ) | 30,833 |  | (5,512 | ) | 32,428 |  | (5,563 | )
Other equity securities |  | — |  | — |  | 10,480 |  | (270 | ) | 10,480 |  | (270 | )
|  | $ | 665,818 |  | $ | (3,378 | ) | $ | 1,930,562 |  | $ | (63,155 | ) | $ | 2,596,380 |  | $ | (66,533 | )
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 September 30, 2014 (Dollars in Thousands):
Balance at June 30, 2014 |  | $ | 12,085 |
Impairment charges recognized during period |  | 273 |
Balance at September 30, 2014 |  | $ | 12,358 |
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, 2014 (Dollars in Thousands):
Balance at December 31, 2013 |  | $ | 11,806 |
Impairment charges recognized during period |  | 552 |
Balance at September 30, 2014 |  | $ | 12,358 |
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, 2013 (Dollars in Thousands):
Balance at June 30, 2013 |  | $ | 11,159 |
Impairment charges recognized during period |  | 573 |
Balance at September 30, 2013 |  | $ | 11,732 |
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, 2013 (Dollars in Thousands):
Balance at December 31, 2012 |  | $ | 10,432 |
Impairment charges recognized during period |  | 1,300 |
Balance at September 30, 2013 |  | $ | 11,732 |

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