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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2015

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, 2015 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		$	4,624,803		$	59,442		$	(23,638	)	$	4,660,607		$	4,660,607
Obligations of states and political subdivisions		263,617			19,981			(5,844		)	277,754			277,754
Other debt securities		20,000			—			—			20,000			20,000
Equity securities		28,075			1,877			(133		)	29,819			29,819
Total investment securities		$	4,936,495		$	81,300		$	(29,615	)	$	4,988,180		$	4,988,180

(1) Included in the carrying value of residential mortgage-backed securities are $1,456,096 of mortgage-backed securities issued by Ginnie Mae, $3,181,089 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $23,422 issued by non-government entities

The amortized cost and estimated fair value by type of investment security at December 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		$	4,597,590		$	47,960		$	(45,178	)	$	4,600,372		$	4,600,372
Obligations of states and political subdivisions		268,763			19,131			(5,618		)	282,276			282,276
Other debt securities		20,000			—			—			20,000			20,000
Equity securities		28,075			1,425			(185		)	29,315			29,315
Total investment securities		$	4,914,428		$	68,516		$	(50,981	)	$	4,931,963		$	4,931,963

(1) Included in the carrying value of residential mortgage-backed securities are $1,503,774 of mortgage-backed securities issued by Ginnie Mae, $3,072,535 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $24,063 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		$	—		$	—		$	—		$	—
Due after one year through five years		2,400			2,400			—			—
Due after five years through ten years		—			—			742			830
Due after ten years		—			—			282,875			296,924
Residential mortgage-backed securities		—			—			4,624,803			4,660,607
Equity securities		—			—			28,075			29,819
Total investment securities		$	2,400		$	2,400		$	4,936,495		$	4,988,180

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, 2015, 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		$	347,877		$	(1,280	)	$	1,650,360		$	(22,358	)	$	1,998,237		$	(23,638	)
Obligations of states and political subdivisions		8,727			(88		)	25,230			(5,756		)	33,957			(5,844		)
Equity securities		70			(5		)	5,622			(128		)	5,692			(133		)
		$	356,674		$	(1,373	)	$	1,681,212		$	(28,242	)	$	2,037,886		$	(29,615	)

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, 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		$	808,072		$	(4,910	)	$	1,836,218		$	(40,268	)	$	2,644,290		$	(45,178	)
Obligations of states and political subdivisions		8,833			(97		)	27,793			(5,521		)	36,626			(5,618		)
Equity securities		74			(1		)	8,066			(184		)	8,140			(185		)
		$	816,979		$	(5,008	)	$	1,872,077		$	(45,973	)	$	2,689,056		$	(50,981	)

Reconciliation of credit-related impairment charges on available-for-sale investment

Balance at December 31, 2014		$	12,623
Impairment charges recognized in earnings during period		227
Balance at March 31, 2015		$	12,850

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

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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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