XML 37 R24.htm IDEA: XBRL DOCUMENT v3.3.0.814

Investment Securities (Tables)

9 Months Ended

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

X

- Definition

A table of investments, shown as a text block.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher SEC



-Name Regulation S-X (SX)



-Number 210



-Article 6



-Section 10



-Paragraph (c)



-Subparagraph (1)

+ Details

Name:	invest_InvestmentTableTextBlock
Namespace Prefix:	invest_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



-Paragraph 8



-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563

+ Details

Name:	us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef



-Publisher FASB



-Name Accounting Standards Codification



-Topic 320



-SubTopic 10



-Section 50



-Paragraph 6



-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27290-111563

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration