HELD-TO-MATURITY SECURITIES (Tables)
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6 Months Ended |
Jun. 30, 2017 |
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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 of held-to-maturity securities at June 30, 2017 and December 31, 2016:
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June 30, 2017 |
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December 31, 2016 |
(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 |
70,527 |
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|
70,355 |
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|
41,261 |
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|
40,791 |
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After 10 years |
7,634,775 |
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7,616,513 |
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7,157,083 |
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7,139,943 |
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Total Federal agencies: mortgage-backed securities |
7,705,302 |
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7,686,868 |
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7,198,344 |
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7,180,734 |
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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 |
376,837 |
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|
376,750 |
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398,341 |
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|
399,452 |
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After 10 years |
191,592 |
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190,149 |
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204,083 |
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|
201,180 |
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Total other agencies |
568,429 |
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566,899 |
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602,424 |
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|
600,632 |
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Total U.S. Government backed agencies |
8,273,731 |
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8,253,767 |
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7,800,768 |
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7,781,366 |
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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 |
5,846 |
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5,635 |
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6,171 |
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|
5,902 |
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Total municipal securities |
5,846 |
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5,635 |
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6,171 |
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5,902 |
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Total held-to-maturity securities |
$ |
8,279,577 |
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$ |
8,259,402 |
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$ |
7,806,939 |
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$ |
7,787,268 |
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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 June 30, 2017 and December 31, 2016:
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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 |
June 30, 2017 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
7,705,302 |
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$ |
17,950 |
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|
$ |
(36,384 |
) |
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$ |
7,686,868 |
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Other agencies |
568,429 |
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|
1,374 |
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(2,904 |
) |
|
566,899 |
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Total U.S. Government backed agencies |
8,273,731 |
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|
19,324 |
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(39,288 |
) |
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8,253,767 |
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Municipal securities |
5,846 |
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— |
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(211 |
) |
|
5,635 |
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Total held-to-maturity securities |
$ |
8,279,577 |
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|
$ |
19,324 |
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|
$ |
(39,499 |
) |
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$ |
8,259,402 |
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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, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
7,198,344 |
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$ |
20,883 |
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|
$ |
(38,493 |
) |
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$ |
7,180,734 |
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Other agencies |
602,424 |
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|
1,690 |
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(3,482 |
) |
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600,632 |
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Total U.S. Government backed agencies |
7,800,768 |
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|
22,573 |
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(41,975 |
) |
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7,781,366 |
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Municipal securities |
6,171 |
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— |
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(269 |
) |
|
5,902 |
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Total held-to-maturity securities |
$ |
7,806,939 |
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$ |
22,573 |
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|
$ |
(42,244 |
) |
|
$ |
7,787,268 |
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| 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 June 30, 2017 and December 31, 2016:
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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 |
June 30, 2017 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
4,606,283 |
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$ |
(31,348 |
) |
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$ |
160,437 |
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$ |
(5,036 |
) |
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$ |
4,766,720 |
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$ |
(36,384 |
) |
Other agencies |
375,023 |
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(2,904 |
) |
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— |
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— |
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|
375,023 |
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(2,904 |
) |
Total U.S. Government backed securities |
4,981,306 |
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(34,252 |
) |
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160,437 |
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(5,036 |
) |
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5,141,743 |
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(39,288 |
) |
Municipal securities |
5,635 |
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(211 |
) |
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— |
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— |
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5,635 |
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(211 |
) |
Total temporarily impaired securities |
$ |
4,986,941 |
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$ |
(34,463 |
) |
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$ |
160,437 |
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$ |
(5,036 |
) |
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$ |
5,147,378 |
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$ |
(39,499 |
) |
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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
|
December 31, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
2,855,360 |
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$ |
(31,470 |
) |
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$ |
186,226 |
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$ |
(7,023 |
) |
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$ |
3,041,586 |
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$ |
(38,493 |
) |
Other agencies |
413,207 |
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(3,482 |
) |
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— |
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— |
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|
413,207 |
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(3,482 |
) |
Total U.S. Government backed securities |
3,268,567 |
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(34,952 |
) |
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186,226 |
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(7,023 |
) |
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3,454,793 |
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(41,975 |
) |
Municipal securities |
5,902 |
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(269 |
) |
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— |
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— |
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|
5,902 |
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(269 |
) |
Total temporarily impaired securities |
$ |
3,274,469 |
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$ |
(35,221 |
) |
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$ |
186,226 |
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$ |
(7,023 |
) |
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$ |
3,460,695 |
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$ |
(42,244 |
) |
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