HELD-TO-MATURITY SECURITIES (Tables)
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9 Months Ended |
Sep. 30, 2016 |
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| Held-to-maturity Securities [Abstract] |
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| Contractual maturities of held-to-maturity securities |
Listed below are the contractual maturities (1 year or less, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at September 30, 2016 and December 31, 2015:
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September 30, 2016 |
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December 31, 2015 |
(dollar amounts in thousands) |
Amortized
Cost
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Fair
Value
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Amortized
Cost
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Fair
Value
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Federal agencies: mortgage-backed securities: |
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1 year or less |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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After 1 year through 5 years |
— |
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— |
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— |
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— |
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After 5 years through 10 years |
42,431 |
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43,449 |
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25,909 |
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|
25,227 |
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After 10 years |
4,677,662 |
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4,752,132 |
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5,506,592 |
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5,484,407 |
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Total Federal agencies: mortgage-backed securities |
4,720,093 |
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4,795,581 |
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5,532,501 |
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5,509,634 |
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Other agencies: |
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1 year or less |
— |
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— |
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— |
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— |
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After 1 year through 5 years |
— |
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— |
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— |
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— |
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After 5 years through 10 years |
311,223 |
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317,298 |
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283,960 |
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284,907 |
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After 10 years |
263,697 |
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269,841 |
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336,092 |
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|
334,004 |
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Total other agencies |
574,920 |
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587,139 |
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620,052 |
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618,911 |
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Total U.S. Government backed agencies |
5,295,013 |
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5,382,720 |
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6,152,553 |
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6,128,545 |
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Municipal securities: |
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1 year or less |
— |
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— |
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— |
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— |
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After 1 year through 5 years |
— |
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— |
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— |
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— |
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After 5 years through 10 years |
— |
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— |
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— |
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— |
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After 10 years |
6,374 |
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6,373 |
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7,037 |
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6,913 |
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Total municipal securities |
6,374 |
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6,373 |
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7,037 |
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6,913 |
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Total held-to-maturity securities |
$ |
5,301,387 |
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$ |
5,389,093 |
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$ |
6,159,590 |
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$ |
6,135,458 |
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| 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, 2016 and December 31, 2015:
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Unrealized |
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(dollar amounts in thousands) |
Amortized
Cost
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Gross
Gains
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Gross
Losses
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Fair Value |
September 30, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
4,720,093 |
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$ |
78,826 |
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$ |
(3,338 |
) |
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$ |
4,795,581 |
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Other agencies |
574,920 |
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|
12,219 |
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— |
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|
587,139 |
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Total U.S. Government backed agencies |
5,295,013 |
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|
91,045 |
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(3,338 |
) |
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5,382,720 |
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Municipal securities |
6,374 |
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— |
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(1 |
) |
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6,373 |
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Total held-to-maturity securities |
$ |
5,301,387 |
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$ |
91,045 |
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|
$ |
(3,339 |
) |
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$ |
5,389,093 |
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Unrealized |
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(dollar amounts in thousands) |
Amortized
Cost
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Gross
Gains
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Gross
Losses
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Fair Value |
December 31, 2015 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
5,532,501 |
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$ |
14,637 |
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$ |
(37,504 |
) |
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$ |
5,509,634 |
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Other agencies |
620,052 |
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1,645 |
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(2,786 |
) |
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618,911 |
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Total U.S. Government backed agencies |
6,152,553 |
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16,282 |
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(40,290 |
) |
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6,128,545 |
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Municipal securities |
7,037 |
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— |
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(124 |
) |
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6,913 |
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Total held-to-maturity securities |
$ |
6,159,590 |
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$ |
16,282 |
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$ |
(40,414 |
) |
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$ |
6,135,458 |
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| Investment securities in an unrealized loss position |
The following tables provide detail on held-to-maturity securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at September 30, 2016 and December 31, 2015:
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Less than 12 Months |
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Over 12 Months |
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Total |
(dollar amounts in thousands) |
Fair
Value
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Unrealized
Losses
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Fair
Value
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Unrealized
Losses
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Fair
Value
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Unrealized
Losses
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September 30, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
273,593 |
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$ |
(1,862 |
) |
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$ |
150,218 |
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$ |
(1,476 |
) |
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$ |
423,811 |
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$ |
(3,338 |
) |
Other agencies |
— |
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— |
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— |
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— |
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— |
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— |
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Total U.S. Government backed securities |
273,593 |
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(1,862 |
) |
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150,218 |
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(1,476 |
) |
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423,811 |
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(3,338 |
) |
Municipal securities |
6,372 |
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(1 |
) |
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— |
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— |
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6,372 |
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(1 |
) |
Total temporarily impaired securities |
$ |
279,965 |
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$ |
(1,863 |
) |
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$ |
150,218 |
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$ |
(1,476 |
) |
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$ |
430,183 |
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$ |
(3,339 |
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Less than 12 Months |
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Over 12 Months |
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Total |
(dollar amounts in thousands) |
Fair
Value
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Unrealized
Losses
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Fair
Value
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Unrealized
Losses
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Fair
Value
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Unrealized
Losses
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December 31, 2015 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
3,692,890 |
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$ |
(25,418 |
) |
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$ |
519,872 |
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$ |
(12,086 |
) |
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$ |
4,212,762 |
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$ |
(37,504 |
) |
Other agencies |
425,410 |
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(2,689 |
) |
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6,647 |
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(97 |
) |
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432,057 |
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(2,786 |
) |
Total U.S. Government backed securities |
4,118,300 |
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(28,107 |
) |
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526,519 |
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(12,183 |
) |
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4,644,819 |
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(40,290 |
) |
Municipal securities |
— |
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— |
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6,913 |
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(124 |
) |
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6,913 |
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(124 |
) |
Total temporarily impaired securities |
$ |
4,118,300 |
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$ |
(28,107 |
) |
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$ |
533,432 |
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$ |
(12,307 |
) |
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$ |
4,651,732 |
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$ |
(40,414 |
) |
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