Quarterly report pursuant to Section 13 or 15(d)

Available-for-Sale and Other Securities (Tables)

v3.2.0.727
Available-for-Sale and Other Securities (Tables)
 3 Months Ended
Jun. 30, 2015
Securities [Abstract]  
Contractual maturities of investment securities

Listed below are the contractual maturities (under 1 year, 1-5 years, 6-10 years, and over 10 years) of available-for-sale and other securities at June 30, 2015 and December 31, 2014:

June 30, 2015 December 31, 2014
Amortized Amortized
(dollar amounts in thousands) Cost Fair Value Cost Fair Value
U.S. Treasury:
Under 1 year $ 7,083 $ 7,085 $ --- $ ---
1-5 years 5,446 5,515 5,435 5,452
6-10 years --- --- --- ---
Over 10 years --- --- --- ---
Total U.S. Treasury 12,529 12,600 5,435 5,452
Federal agencies: mortgage-backed securities:
Under 1 year 32,515 32,602 47,023 47,190
1-5 years 201,594 204,837 216,775 221,078
6-10 years 228,390 232,017 184,576 186,938
Over 10 years 5,647,118 5,691,814 4,825,525 4,867,495
Total Federal agencies: mortgage-backed securities 6,109,617 6,161,270 5,273,899 5,322,701
Other agencies:
Under 1 year 1,703 1,710 33,047 33,237
1-5 years 8,265 8,693 9,122 9,575
6-10 years 152,433 155,589 103,530 105,019
Over 10 years 161,679 163,192 204,016 203,712
Total other agencies 324,080 329,184 349,715 351,543
Total U.S. Treasury, Federal agency, and other agency securities 6,446,226 6,503,054 5,629,049 5,679,696
Municipal securities:
Under 1 year 252,645 244,911 256,399 255,835
1-5 years 389,879 391,985 269,385 274,003
6-10 years 997,694 1,006,042 938,780 945,954
Over 10 years 453,343 475,428 376,747 392,777
Total municipal securities 2,093,561 2,118,366 1,841,311 1,868,569
Private-label CMO:
Under 1 year --- --- --- ---
1-5 years 1,065 1,109 --- ---
6-10 years --- --- 1,314 1,371
Over 10 years 38,217 36,895 42,416 40,555
Total private-label CMO 39,282 38,004 43,730 41,926
Asset-backed securities:
Under 1 year --- --- --- ---
1-5 years 146,428 146,936 228,852 229,364
6-10 years 128,509 128,725 144,163 144,193
Over 10 years 552,443 515,656 641,984 582,441
Total asset-backed securities 827,380 791,317 1,014,999 955,998
Corporate debt:
Under 1 year 29,986 29,990 18,767 18,953
1-5 years 308,150 315,987 314,773 323,503
6-10 years 109,769 108,607 145,611 143,720
Over 10 years --- --- --- ---
Total corporate debt 447,905 454,584 479,151 486,176
Other:
Under 1 year --- --- 250 250
1-5 years 3,950 3,897 3,150 3,066
6-10 years --- --- --- ---
Over 10 years --- --- --- ---
Non-marketable equity securities 332,095 332,095 331,559 331,559
Mutual funds 11,823 11,823 16,151 16,161
Marketable equity securities 962 1,731 536 1,269
Total other 348,830 349,546 351,646 352,305
Total available-for-sale and other securities $ 10,203,184 $ 10,254,871 $ 9,359,886 $ 9,384,670
Amortized cost, fair value, and gross unrealized gains and losses recognized in accumulated other comprehensive income
Unrealized
Amortized Gross Gross Fair
(dollar amounts in thousands) Cost Gains Losses Value
June 30, 2015
U.S. Treasury $ 12,529 $ 71 $ --- $ 12,600
Federal agencies:
Mortgage-backed securities 6,109,617 68,308 (16,655) 6,161,270
Other agencies 324,080 5,121 (17) 329,184
Total U.S. Treasury, Federal agency securities 6,446,226 73,500 (16,672) 6,503,054
Municipal securities 2,093,561 44,281 (19,476) 2,118,366
Private-label CMO 39,282 1,133 (2,411) 38,004
Asset-backed securities 827,380 1,946 (38,009) 791,317
Corporate debt 447,905 8,292 (1,613) 454,584
Other securities 348,830 769 (53) 349,546
Total available-for-sale and other securities $ 10,203,184 $ 129,921 $ (78,234) $ 10,254,871
Unrealized
Amortized Gross Gross Fair
(dollar amounts in thousands) Cost Gains Losses Value
December 31, 2014
U.S. Treasury $ 5,435 $ 17 $ --- $ 5,452
Federal agencies:
Mortgage-backed securities 5,273,899 63,906 (15,104) 5,322,701
Other agencies 349,715 2,871 (1,043) 351,543
Total U.S. Treasury, Federal agency securities 5,629,049 66,794 (16,147) 5,679,696
Municipal securities 1,841,311 37,398 (10,140) 1,868,569
Private-label CMO 43,730 1,116 (2,920) 41,926
Asset-backed securities 1,014,999 2,061 (61,062) 955,998
Corporate debt 479,151 9,442 (2,417) 486,176
Other securities 351,646 743 (84) 352,305
Total available-for-sale and other securities $ 9,359,886 $ 117,554 $ (92,770) $ 9,384,670
Available for sale securities in an unrealized loss position table text block
Less than 12 Months Over 12 Months Total
Fair Unrealized Fair Unrealized Fair Unrealized
(dollar amounts in thousands ) Value Losses Value Losses Value Losses
June 30, 2015
Federal agencies:
Mortgage-backed securities 1,165,377 (6,575) 284,316 (10,080) 1,449,693 (16,655)
Other agencies 1,484 (17) --- --- 1,484 (17)
Total Federal agency securities 1,166,861 (6,592) 284,316 (10,080) 1,451,177 (16,672)
Municipal securities 521,393 (15,835) 231,486 (3,641) 752,879 (19,476)
Private-label CMO --- --- 22,246 (2,411) 22,246 (2,411)
Asset-backed securities 234,815 (1,490) 259,598 (36,519) 494,413 (38,009)
Corporate debt 90,201 (580) 21,677 (1,033) 111,878 (1,613)
Other securities 765 (35) 1,483 (18) 2,248 (53)
Total temporarily impaired securities $ 2,014,035 $ (24,532) $ 820,806 $ (53,702) $ 2,834,841 $ (78,234)
Less than 12 Months Over 12 Months Total
Fair Unrealized Fair Unrealized Fair Unrealized
(dollar amounts in thousands ) Value Losses Value Losses Value Losses
December 31, 2014
Federal agencies:
Mortgage-backed securities 501,858 (1,909) 527,280 (13,195) 1,029,138 (15,104)
Other agencies 159,708 (1,020) 1,281 (23) 160,989 (1,043)
Total Federal agency securities 661,566 (2,929) 528,561 (13,218) 1,190,127 (16,147)
Municipal securities 568,619 (9,127) 96,426 (1,013) 665,045 (10,140)
Private-label CMO --- --- 22,650 (2,920) 22,650 (2,920)
Asset-backed securities 157,613 (641) 325,691 (60,421) 483,304 (61,062)
Corporate debt 49,562 (252) 88,398 (2,165) 137,960 (2,417)
Other securities --- --- 1,416 (84) 1,416 (84)
Total temporarily impaired securities $ 1,437,360 $ (12,949) $ 1,063,142 $ (79,821) $ 2,500,502 $ (92,770)
Realized securities gains and losses

The following table is a summary of realized securities gains and losses for the three-month and six-month periods ended June 30, 2015 and 2014:

Three Months Ended Six Months Ended
June 30, June 30,
(dollar amounts in thousands) 2015 2014 2015 2014
Gross gains on sales of securities $ 82 $ 490 $ 82 $ 17,480
Gross (losses) on sales of securities --- --- --- (20)
Net gain on sales of securities $ 82 $ 490 $ 82 $ 17,460
Trust Preferred Securities Data
Collateralized Debt Obligation Data
June 30, 2015
(dollar amounts in thousands) Actual
Deferrals Expected
and Defaults
# of Issuers Defaults as a % of
Lowest Currently as a % of Remaining
Amortized Fair Unrealized Credit Performing/ Original Performing Excess
Deal Name Par Value Cost Value Loss (2) Rating (3) Remaining (4) Collateral Collateral Subordination (5)
Alesco II (1) $ 41,646 $ 28,434 $ 25,212 $ (3,222) C 30/32 5 % 7 % 3 %
ICONS 19,515 19,515 15,590 (3,925) BB 19/21 7 16 56
MM Comm III 5,459 5,216 4,355 (861) BB 6/9 5 6 33
Pre TSL IX (1) 5,000 3,955 3,177 (778) C 28/38 17 9 8
Pre TSL XI (1) 25,000 20,399 15,380 (5,019) C 42/55 16 9 9
Pre TSL XIII (1) 27,530 19,999 16,735 (3,264) C 41/56 21 22 11
Reg Diversified (1) 25,500 5,706 2,468 (3,238) D 25/40 32 7 ---
Soloso (1) 12,500 2,440 618 (1,822) C 34/58 29 19 ---
Tropic III 31,000 31,000 18,535 (12,465) CCC+ 29/40 20 8 39
Total at June 30, 2015 $ 193,150 $ 136,664 $ 102,070 $ (34,594)
Total at December 31, 2014 $ 193,597 $ 139,194 $ 82,738 $ (56,456)
(1) Security was determined to have OTTI. As such, the book value is net of recorded credit impairment.
(2) These securities have been in a continuous loss position for longer than 12 months.
(3) For purposes of comparability, the lowest credit rating expressed is equivalent to Fitch ratings even where the lowest rating is based on another nationally recognized credit rating agency.
(4) Includes both banks and/or insurance companies.
(5) Excess subordination percentage represents the additional defaults in excess of both current and projected defaults that the CDO can absorb before the bond experiences credit impairment. Excess subordinated percentage is calculated by (a) determining what percentage of defaults a deal can experience before the bond has credit impairment, and (b) subtracting from this default breakage percentage both total current and expected future default percentages.