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Investment Securities (Tables) | 6 Months Ended
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Jun. 30, 2016
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, 2016 are as follows:
|  | Held to Maturity |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated |  | Carrying |
|  | Cost |  | Gains |  | Losses |  | Fair Value |  | Value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
Total investment securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
|  | Available for Sale |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated |  | Carrying |
|  | Cost |  | Gains |  | Losses |  | Fair Value |  | Value(1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 3,883,171 |  | $ | 50,219 |  | $ | (7,596) |  | $ | 3,925,794 |  | $ | 3,925,794 |
Obligations of states and political subdivisions |  |  | 258,558 |  |  | 20,038 |  |  | — |  |  | 278,596 |  |  | 278,596 |
Equity securities |  |  | 28,075 |  |  | 961 |  |  | (107) |  |  | 28,929 |  |  | 28,929 |
Total investment securities |  | $ | 4,169,804 |  | $ | 71,218 |  | $ | (7,703) |  | $ | 4,233,319 |  | $ | 4,233,319 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $1,044,110 of mortgage-backed securities issued by Ginnie Mae, $2,862,311 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $19,373 issued by non-government entities.
The amortized cost and estimated fair value by type of investment security at December 31, 2015 are as follows:
|  | Held to Maturity |
|  |  |  |  | Gross |  | Gross |  |  |  |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Estimated |  | Carrying |
|  | Cost |  | Gains |  | Losses |  | Fair Value |  | Value |
|  | (Dollars in Thousands) |
Other securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
Total investment securities |  | $ | 2,400 |  | $ | — |  | $ | — |  | $ | 2,400 |  | $ | 2,400 |
|  | Available for Sale |
|  |  |  |  | Gross |  | Gross |  | Estimated |  |  |  |
|  | Amortized |  | Unrealized |  | Unrealized |  | Fair |  | Carrying |
|  | Cost |  | Gains |  | Losses |  | Value |  | Value(1) |
|  | (Dollars in Thousands) |
Residential mortgage-backed securities |  | $ | 3,908,809 |  | $ | 30,959 |  | $ | (46,557) |  | $ | 3,893,211 |  | $ | 3,893,211 |
Obligations of states and political subdivisions |  |  | 259,150 |  |  | 18,579 |  |  | (25) |  |  | 277,704 |  |  | 277,704 |
Equity securities |  |  | 28,075 |  |  | 627 |  |  | (245) |  |  | 28,457 |  |  | 28,457 |
Total investment securities |  | $ | 4,196,034 |  | $ | 50,165 |  | $ | (46,827) |  | $ | 4,199,372 |  | $ | 4,199,372 |
| (1) |  | Included in the carrying value of residential mortgage-backed securities are $1,147,143 of mortgage-backed securities issued by Ginnie Mae, $2,724,839 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $21,229 issued by non-government entities.
Amortized cost and fair value of investment securities, by contractual maturity |
|  | Held to Maturity |  | Available for Sale |
|  | Amortized |  | Estimated |  | Amortized |  | Estimated |
|  | Cost |  | Fair Value |  | Cost |  | Fair Value |
|  | (Dollars in Thousands) |
Due in one year or less |  | $ | 1,200 |  | $ | 1,200 |  | $ | — |  | $ | — |
Due after one year through five years |  |  | 1,200 |  |  | 1,200 |  |  | — |  |  | — |
Due after five years through ten years |  |  | — |  |  | — |  |  | — |  |  | — |
Due after ten years |  |  | — |  |  | — |  |  | 258,558 |  |  | 278,596 |
Residential mortgage-backed securities |  |  | — |  |  | — |  |  | 3,883,171 |  |  | 3,925,794 |
Equity securities |  |  | — |  |  | — |  |  | 28,075 |  |  | 28,929 |
Total investment securities |  | $ | 2,400 |  | $ | 2,400 |  | $ | 4,169,804 |  | $ | 4,233,319 |
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, 2016, were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  |  |  |  | Unrealized |  |  |  |  | Unrealized |  |  |  |  | Unrealized |
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 183,205 |  | $ | (571) |  | $ | 518,607 |  | $ | (7,025) |  | $ | 701,812 |  | $ | (7,596) |
Equity securities |  |  | 65 |  |  | (10) |  |  | 5,653 |  |  | (97) |  |  | 5,718 |  |  | (107) |
|  | $ | 183,270 |  | $ | (581) |  | $ | 524,260 |  | $ | (7,122) |  | $ | 707,530 |  | $ | (7,703) |
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, 2015 were as follows:
|  | Less than 12 months |  | 12 months or more |  | Total |
|  |  |  |  | Unrealized |  |  |  |  | Unrealized |  |  |  |  | Unrealized |
|  | Fair Value |  | Losses |  | Fair Value |  | Losses |  | Fair Value |  | Losses |
|  | (Dollars in Thousands) |
Available for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage-backed securities |  | $ | 1,083,137 |  | $ | (9,333) |  | $ | 1,454,550 |  | $ | (37,224) |  | $ | 2,537,687 |  | $ | (46,557) |
Obligations of states and political subdivisions |  |  | 6,814 |  |  | (19) |  |  | 544 |  |  | (6) |  |  | 7,358 |  |  | (25) |
Equity securities |  |  | 5,041 |  |  | (35) |  |  | 5,540 |  |  | (210) |  |  | 10,581 |  |  | (245) |
|  | $ | 1,094,992 |  | $ | (9,387) |  | $ | 1,460,634 |  | $ | (37,440) |  | $ | 2,555,626 |  | $ | (46,827) |
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 and six months ended June 30, 2016 (Dollars in Thousands):
Balance at March 31, 2016 |  | $ | 13,701
Impairment charges recognized during period |  |  | 67
Balance at June 30, 2016 |  | $ | 13,768
Balance at December 31, 2015 |  | $ | 13,577
Impairment charges recognized during period |  |  | 191
Balance at June 30, 2016 |  | $ | 13,768
The following table presents a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the three and six 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
Balance at December 31, 2014 |  | $ | 12,623
Impairment charges recognized during period |  |  | 451
Balance at June 30, 2015 |  | $ | 13,074

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- 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
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