HELD-TO-MATURITY SECURITIES (Tables)
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3 Months Ended |
Mar. 31, 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 March 31, 2017 and December 31, 2016:
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March 31, 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 |
59,710 |
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59,420 |
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|
41,261 |
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|
40,791 |
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After 10 years |
6,887,466 |
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6,857,540 |
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7,157,083 |
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7,139,943 |
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Total Federal agencies: mortgage-backed securities |
6,947,176 |
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6,916,960 |
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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 |
382,617 |
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383,290 |
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398,341 |
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|
399,452 |
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After 10 years |
197,714 |
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195,990 |
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204,083 |
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|
201,180 |
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Total other agencies |
580,331 |
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579,280 |
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602,424 |
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|
600,632 |
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Total U.S. Government backed agencies |
7,527,507 |
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7,496,240 |
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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 |
6,010 |
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5,862 |
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6,171 |
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|
5,902 |
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Total municipal securities |
6,010 |
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5,862 |
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6,171 |
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5,902 |
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Total held-to-maturity securities |
$ |
7,533,517 |
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$ |
7,502,102 |
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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 March 31, 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 |
March 31, 2017 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
6,947,176 |
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$ |
11,534 |
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$ |
(41,750 |
) |
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$ |
6,916,960 |
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Other agencies |
580,331 |
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|
1,886 |
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(2,937 |
) |
|
579,280 |
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Total U.S. Government backed agencies |
7,527,507 |
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|
13,420 |
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(44,687 |
) |
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7,496,240 |
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Municipal securities |
6,010 |
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— |
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(148 |
) |
|
5,862 |
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Total held-to-maturity securities |
$ |
7,533,517 |
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$ |
13,420 |
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|
$ |
(44,835 |
) |
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$ |
7,502,102 |
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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 |
) |
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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 |
) |
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$ |
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 losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position, at March 31, 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
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March 31, 2017 |
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Federal agencies: |
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Mortgage-backed securities |
$ |
4,852,958 |
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$ |
(35,507 |
) |
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$ |
169,422 |
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$ |
(6,243 |
) |
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$ |
5,022,380 |
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$ |
(41,750 |
) |
Other agencies |
412,793 |
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(2,937 |
) |
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— |
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— |
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412,793 |
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(2,937 |
) |
Total U.S. Government backed securities |
5,265,751 |
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(38,444 |
) |
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169,422 |
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(6,243 |
) |
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5,435,173 |
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(44,687 |
) |
Municipal securities |
5,862 |
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(148 |
) |
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— |
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— |
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5,862 |
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(148 |
) |
Total temporarily impaired securities |
$ |
5,271,613 |
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$ |
(38,592 |
) |
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$ |
169,422 |
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$ |
(6,243 |
) |
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$ |
5,441,035 |
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$ |
(44,835 |
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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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