HELD-TO-MATURITY SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 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 March 31, 2016 and December 31, 2015:
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March 31, 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 |
45,210 |
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45,848 |
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25,909 |
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|
25,227 |
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After 10 years |
5,290,743 |
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5,375,859 |
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5,506,592 |
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5,484,407 |
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Total Federal agencies: mortgage-backed securities |
5,335,953 |
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5,421,707 |
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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 |
274,849 |
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279,716 |
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283,960 |
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284,907 |
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After 10 years |
328,593 |
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334,055 |
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336,092 |
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|
334,004 |
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Total other agencies |
603,442 |
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613,771 |
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620,052 |
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|
618,911 |
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Total U.S. Government backed agencies |
5,939,395 |
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6,035,478 |
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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 |
6,749 |
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6,765 |
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7,037 |
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6,913 |
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Total municipal securities |
6,749 |
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6,765 |
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7,037 |
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6,913 |
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Total held-to-maturity securities |
$ |
5,946,144 |
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$ |
6,042,243 |
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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 March 31, 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 |
March 31, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
5,335,953 |
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$ |
89,932 |
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$ |
(4,178 |
) |
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$ |
5,421,707 |
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Other agencies |
603,442 |
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|
10,329 |
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— |
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|
613,771 |
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Total U.S. Government backed agencies |
5,939,395 |
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|
100,261 |
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(4,178 |
) |
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6,035,478 |
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Municipal securities |
6,749 |
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16 |
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— |
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6,765 |
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Total held-to-maturity securities |
$ |
5,946,144 |
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$ |
100,277 |
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|
$ |
(4,178 |
) |
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$ |
6,042,243 |
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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 March 31, 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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March 31, 2016 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
231,302 |
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$ |
(1,252 |
) |
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$ |
273,252 |
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$ |
(2,926 |
) |
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$ |
504,554 |
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$ |
(4,178 |
) |
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 |
231,302 |
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(1,252 |
) |
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273,252 |
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(2,926 |
) |
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504,554 |
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(4,178 |
) |
Municipal securities |
— |
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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 temporarily impaired securities |
$ |
231,302 |
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$ |
(1,252 |
) |
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$ |
273,252 |
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$ |
(2,926 |
) |
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$ |
504,554 |
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$ |
(4,178 |
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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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