HELD-TO-MATURITY SECURITIES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
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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 (under 1 year, 1-5 years, 6-10 years, and over 10 years) of held-to-maturity securities at December 31, 2015 and December 31, 2014:
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December 31, 2015 |
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December 31, 2014 |
(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 |
25,909 |
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25,227 |
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24,901 |
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24,263 |
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After 10 years |
5,506,592 |
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5,484,407 |
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3,136,460 |
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3,140,194 |
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Total Federal agencies: mortgage-backed securities |
5,532,501 |
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5,509,634 |
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3,161,361 |
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3,164,457 |
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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 |
283,960 |
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284,907 |
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54,010 |
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54,843 |
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After 10 years |
336,092 |
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334,004 |
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156,553 |
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155,821 |
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Total other agencies |
620,052 |
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618,911 |
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210,563 |
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210,664 |
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Total U.S. Government backed agencies |
6,152,553 |
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6,128,545 |
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3,371,924 |
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3,375,121 |
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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 |
7,037 |
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6,913 |
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7,981 |
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7,594 |
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Total municipal securities |
7,037 |
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6,913 |
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7,981 |
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7,594 |
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Total held-to-maturity securities |
$ |
6,159,590 |
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$ |
6,135,458 |
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$ |
3,379,905 |
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$ |
3,382,715 |
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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 December 31, 2015 and 2014:
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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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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, 2014 |
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Federal Agencies: |
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Mortgage-backed securities |
$ |
3,161,361 |
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$ |
24,832 |
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$ |
(21,736 |
) |
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$ |
3,164,457 |
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Other agencies |
210,563 |
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1,251 |
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(1,150 |
) |
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210,664 |
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Total U.S. Government backed agencies |
3,371,924 |
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26,083 |
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(22,886 |
) |
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3,375,121 |
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Municipal securities |
7,981 |
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— |
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(387 |
) |
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7,594 |
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Total held-to-maturity securities |
$ |
3,379,905 |
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$ |
26,083 |
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$ |
(23,273 |
) |
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$ |
3,382,715 |
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| Investment securities in an unrealized loss position |
The following tables provide detail on HTM securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at December 31, 2015 and 2014:
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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, 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 |
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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 |
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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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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, 2014 |
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Federal Agencies: |
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Mortgage-backed securities |
$ |
707,934 |
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$ |
(5,550 |
) |
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$ |
622,026 |
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$ |
(16,186 |
) |
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$ |
1,329,960 |
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$ |
(21,736 |
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Other agencies |
36,956 |
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(198 |
) |
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71,731 |
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(952 |
) |
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108,687 |
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(1,150 |
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Total U.S. Government backed securities |
744,890 |
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(5,748 |
) |
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693,757 |
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(17,138 |
) |
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1,438,647 |
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(22,886 |
) |
Municipal securities |
7,594 |
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(387 |
) |
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— |
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— |
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7,594 |
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(387 |
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Total temporarily impaired securities |
$ |
752,484 |
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$ |
(6,135 |
) |
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$ |
693,757 |
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$ |
(17,138 |
) |
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$ |
1,446,241 |
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$ |
(23,273 |
) |
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