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Investment Securities (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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		$	4,363,026		$	42,842		$	(40,802	)	$	4,365,066		$	4,365,066
Obligations of states and political subdivisions		269,210			16,567			(6,481		)	279,296			279,296
Equity securities		28,075			1,256			(221		)	29,110			29,110
Total investment securities		$	4,660,311		$	60,665		$	(47,504	)	$	4,673,472		$	4,673,472

(1) Included in the carrying value of residential mortgage-backed securities are $1,367,593 of mortgage-backed securities issued by Ginnie Mae, $2,974,777 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $22,696 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
Equity securities		28,075			1,425			(185		)	29,315			29,315
Total investment securities		$	4,894,428		$	68,516		$	(50,981	)	$	4,911,963		$	4,911,963

(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		—			—			749			823
Due after ten years		—			—			268,461			278,473
Residential mortgage-backed securities		—			—			4,363,026			4,365,066
Equity securities		—			—			28,075			29,110
Total investment securities		$	2,400		$	2,400		$	4,660,311		$	4,673,472

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 June 30, 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		$	705,681		$	(5,033	)	$	1,556,390		$	(35,769	)	$	2,262,071		$	(40,802	)
Obligations of states and political subdivisions		20,252			(355		)	25,113			(6,126		)	45,365			(6,481		)
Equity securities		4,979			(21		)	5,550			(200		)	10,529			(221		)
		$	730,912		$	(5,409	)	$	1,587,053		$	(42,095	)	$	2,317,965		$	(47,504	)

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

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the three months ended June 30, 2015 (Dollars in Thousands):

Balance at March 31, 2015		$	12,850
Impairment charges recognized during period		224
Balance at June 30, 2015		$	13,074

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investments recognized in earnings for the six months ended June 30, 2015 (Dollars in Thousands):

Balance at December 31, 2014		$	12,623
Impairment charges recognized during period		451
Balance at June 30, 2015		$	13,074

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the three months ended June 30, 2014 (Dollars in Thousands):

Balance at March 31, 2014		$	11,896
Impairment charges recognized during period		189
Balance at June 30, 2014		$	12,085

The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the six months ended June 30, 2014 (Dollars in Thousands):

Balance at December 31, 2013		$	11,806
Impairment charges recognized during period		279
Balance at June 30, 2014		$	12,085

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