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Investment Securities (Tables)

9 Months Ended

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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