HELD-TO-MATURITY SECURITIES (Tables)
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9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014:
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September 30, 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 |
24,901 |
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24,783 |
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24,901 |
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24,263 |
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After 10 years |
2,769,071 |
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2,799,820 |
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3,136,460 |
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3,140,194 |
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Total Federal agencies: mortgage-backed securities |
2,793,972 |
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2,824,603 |
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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 |
106,687 |
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109,015 |
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54,010 |
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54,843 |
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After 10 years |
249,813 |
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251,151 |
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156,553 |
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155,821 |
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Total other agencies |
356,500 |
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360,166 |
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210,563 |
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210,664 |
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Total U.S. Government backed agencies |
3,150,472 |
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3,184,769 |
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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 |
7,216 |
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7,138 |
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7,981 |
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7,594 |
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Total municipal securities |
7,216 |
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7,138 |
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7,981 |
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7,594 |
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Total held-to-maturity securities |
$ |
3,157,688 |
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$ |
3,191,907 |
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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 September 30, 2015 and December 31, 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 |
September 30, 2015 |
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Federal Agencies: |
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Mortgage-backed securities |
$ |
2,793,972 |
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$ |
39,101 |
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$ |
(8,470 |
) |
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$ |
2,824,603 |
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Other agencies |
356,500 |
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3,968 |
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(302 |
) |
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360,166 |
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Total U.S. Government backed agencies |
3,150,472 |
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43,069 |
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(8,772 |
) |
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3,184,769 |
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Municipal securities |
7,216 |
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— |
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(78 |
) |
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7,138 |
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Total held-to-maturity securities |
$ |
3,157,688 |
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$ |
43,069 |
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$ |
(8,850 |
) |
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$ |
3,191,907 |
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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 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, 2015 and December 31, 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
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September 30, 2015 |
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Federal Agencies: |
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Mortgage-backed securities |
$ |
286,835 |
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$ |
(1,200 |
) |
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$ |
372,269 |
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$ |
(7,270 |
) |
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$ |
659,104 |
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$ |
(8,470 |
) |
Other agencies |
110,529 |
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(272 |
) |
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7,073 |
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(30 |
) |
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117,602 |
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(302 |
) |
Total U.S. Government backed securities |
397,364 |
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(1,472 |
) |
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379,342 |
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(7,300 |
) |
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776,706 |
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(8,772 |
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Municipal securities |
— |
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— |
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7,138 |
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(78 |
) |
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7,138 |
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(78 |
) |
Total temporarily impaired securities |
$ |
397,364 |
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$ |
(1,472 |
) |
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$ |
386,480 |
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$ |
(7,378 |
) |
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$ |
783,844 |
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$ |
(8,850 |
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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 |
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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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