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Investment Securities (Tables) | 9 Months Ended
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Sep. 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 September 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 |  | $ | 4,170,907 |  | $ | 48,841 |  | $ | (22,074 | ) | $ | 4,197,674 |  | $ | 4,197,674 |
Obligations of states and political subdivisions |  | 293,279 |  | 18,811 |  | (6,085 | ) | 306,005 |  | 306,005 |
Equity securities |  | 28,075 |  | 1,181 |  | (152 | ) | 29,104 |  | 29,104 |
Total investment securities |  | $ | 4,492,261 |  | $ | 68,833 |  | $ | (28,311 | ) | $ | 4,532,783 |  | $ | 4,532,783 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $1,287,276 of mortgage-backed securities issued by Ginnie Mae, $2,888,638 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $21,760 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 |  | — |  | — |  | 757 |  | 836 |
Due after ten years |  | — |  | — |  | 292,522 |  | 305,169 |
Residential mortgage-backed securities |  | — |  | — |  | 4,170,907 |  | 4,197,674 |
Equity securities |  | — |  | — |  | 28,075 |  | 29,104 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 4,492,261 |  | $ | 4,532,783 |
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, 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 |  | $ | 276,858 |  | $ | (1,190 | ) | $ | 1,485,041 |  | $ | (20,884 | ) | $ | 1,761,899 |  | $ | (22,074 | )
Obligations of states and political subdivisions |  | 9,306 |  | (111 | ) | 25,521 |  | (5,974 | ) | 34,827 |  | (6,085 | )
Equity securities |  | 72 |  | (4 | ) | 5,602 |  | (148 | ) | 5,674 |  | (152 | )
|  | $ | 286,236 |  | $ | (1,305 | ) | $ | 1,516,164 |  | $ | (27,006 | ) | $ | 1,802,400 |  | $ | (28,311 | )
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 September 30, 2015 (Dollars in Thousands):
Balance at June 30, 2015 |  | $ | 13,074 |
Impairment charges recognized during period |  | 249 |
Balance at September 30, 2015 |  | $ | 13,323 |
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, 2015 (Dollars in Thousands):
Balance at December 31, 2014 |  | $ | 12,623 |
Impairment charges recognized during period |  | 700 |
Balance at September 30, 2015 |  | $ | 13,323 |
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, 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 investment 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 |

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