HELD-TO-MATURITY SECURITIES (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| Schedule of Held-to-maturity Securities [Line Items] |
|
| Contractual maturities of held-to-maturity securities |
Listed below are the contractual maturities of held-to-maturity securities at September 30, 2017 and December 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2017 |
|
December 31, 2016 |
(dollar amounts in thousands) |
Amortized
Cost
|
|
Fair
Value
|
|
Amortized
Cost
|
|
Fair
Value
|
Federal agencies mortgage-backed securities: |
|
|
|
|
|
|
|
1 year or less |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
After 1 year through 5 years |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 5 years through 10 years |
68,668 |
|
|
68,478 |
|
|
41,261 |
|
|
40,791 |
|
After 10 years |
8,067,957 |
|
|
8,035,777 |
|
|
7,157,083 |
|
|
7,139,943 |
|
Total Federal agencies mortgage-backed securities |
8,136,625 |
|
|
8,104,255 |
|
|
7,198,344 |
|
|
7,180,734 |
|
Other agencies: |
|
|
|
|
|
|
|
1 year or less |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 1 year through 5 years |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 5 years through 10 years |
375,580 |
|
|
376,393 |
|
|
398,341 |
|
|
399,452 |
|
After 10 years |
170,628 |
|
|
169,741 |
|
|
204,083 |
|
|
201,180 |
|
Total other agencies |
546,208 |
|
|
546,134 |
|
|
602,424 |
|
|
600,632 |
|
Total Federal agencies |
8,682,833 |
|
|
8,650,389 |
|
|
7,800,768 |
|
|
7,781,366 |
|
Municipal securities: |
|
|
|
|
|
|
|
1 year or less |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 1 year through 5 years |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 5 years through 10 years |
— |
|
|
— |
|
|
— |
|
|
— |
|
After 10 years |
5,566 |
|
|
5,416 |
|
|
6,171 |
|
|
5,902 |
|
Total municipal securities |
5,566 |
|
|
5,416 |
|
|
6,171 |
|
|
5,902 |
|
Total held-to-maturity securities |
$ |
8,688,399 |
|
|
$ |
8,655,805 |
|
|
$ |
7,806,939 |
|
|
$ |
7,787,268 |
|
|
| Amortized cost, gross unrealized gains and losses, and fair value by investment category |
The following table provides amortized cost, gross unrealized gains and losses, and fair value by investment category at September 30, 2017 and December 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in thousands) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
September 30, 2017 |
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
Mortgage-backed securities |
$ |
8,136,625 |
|
|
$ |
14,868 |
|
|
$ |
(47,238 |
) |
|
$ |
8,104,255 |
|
Other agencies |
546,208 |
|
|
1,697 |
|
|
(1,771 |
) |
|
546,134 |
|
Total Federal agencies |
8,682,833 |
|
|
16,565 |
|
|
(49,009 |
) |
|
8,650,389 |
|
Municipal securities |
5,566 |
|
|
— |
|
|
(150 |
) |
|
5,416 |
|
Total held-to-maturity securities |
$ |
8,688,399 |
|
|
$ |
16,565 |
|
|
$ |
(49,159 |
) |
|
$ |
8,655,805 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized |
|
|
(dollar amounts in thousands) |
Amortized
Cost
|
|
Gross
Gains
|
|
Gross
Losses
|
|
Fair Value |
December 31, 2016 |
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
Mortgage-backed securities |
$ |
7,198,344 |
|
|
$ |
20,883 |
|
|
$ |
(38,493 |
) |
|
$ |
7,180,734 |
|
Other agencies |
602,424 |
|
|
1,690 |
|
|
(3,482 |
) |
|
600,632 |
|
Total Federal agencies |
7,800,768 |
|
|
22,573 |
|
|
(41,975 |
) |
|
7,781,366 |
|
Municipal securities |
6,171 |
|
|
— |
|
|
(269 |
) |
|
5,902 |
|
Total held-to-maturity securities |
$ |
7,806,939 |
|
|
$ |
22,573 |
|
|
$ |
(42,244 |
) |
|
$ |
7,787,268 |
|
|
| Investment securities in an unrealized loss position |
The following tables provide detail on held-to-maturity securities with unrealized gross losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at September 30, 2017 and December 31, 2016.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in thousands) |
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
September 30, 2017 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
$ |
5,729,896 |
|
|
$ |
(38,204 |
) |
|
$ |
301,637 |
|
|
$ |
(9,034 |
) |
|
$ |
6,031,533 |
|
|
$ |
(47,238 |
) |
Other agencies |
248,109 |
|
|
(1,771 |
) |
|
— |
|
|
— |
|
|
248,109 |
|
|
(1,771 |
) |
Total Federal agencies |
5,978,005 |
|
|
(39,975 |
) |
|
301,637 |
|
|
(9,034 |
) |
|
6,279,642 |
|
|
(49,009 |
) |
Municipal securities |
— |
|
|
— |
|
|
5,416 |
|
|
(150 |
) |
|
5,416 |
|
|
(150 |
) |
Total temporarily impaired securities |
$ |
5,978,005 |
|
|
$ |
(39,975 |
) |
|
$ |
307,053 |
|
|
$ |
(9,184 |
) |
|
$ |
6,285,058 |
|
|
$ |
(49,159 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 Months |
|
Over 12 Months |
|
Total |
(dollar amounts in thousands) |
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
|
Fair
Value
|
|
Unrealized
Losses
|
December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
Federal agencies: |
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities |
$ |
2,855,360 |
|
|
$ |
(31,470 |
) |
|
$ |
186,226 |
|
|
$ |
(7,023 |
) |
|
$ |
3,041,586 |
|
|
$ |
(38,493 |
) |
Other agencies |
413,207 |
|
|
(3,482 |
) |
|
— |
|
|
— |
|
|
413,207 |
|
|
(3,482 |
) |
Total Federal agencies |
3,268,567 |
|
|
(34,952 |
) |
|
186,226 |
|
|
(7,023 |
) |
|
3,454,793 |
|
|
(41,975 |
) |
Municipal securities |
5,902 |
|
|
(269 |
) |
|
— |
|
|
— |
|
|
5,902 |
|
|
(269 |
) |
Total temporarily impaired securities |
$ |
3,274,469 |
|
|
$ |
(35,221 |
) |
|
$ |
186,226 |
|
|
$ |
(7,023 |
) |
|
$ |
3,460,695 |
|
|
$ |
(42,244 |
) |
|