|
Investment Securities (Tables)
|
6 Months Ended |
|
Jun. 30, 2014
|
| Investments Debt And Equity Securities [Abstract] |
|
| Summary of Amortized Cost and Approximate Fair Value of Investment Securities |
The amortized cost and approximate fair value of investment
securities as of June 30, 2014 and December 31, 2013 are
summarized in the tables below:
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June 30, 2014 |
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Amortized
Cost |
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|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
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|
Fair Value |
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| (amounts in thousands) |
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Available for Sale:
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|
|
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|
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Mortgage-backed securities (1)
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|
$ |
404,445 |
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|
$ |
2,181 |
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|
$ |
(5,015 |
) |
|
$ |
401,611 |
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|
Equity securities (2)
|
|
|
23,074 |
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|
377 |
|
|
|
(1 |
) |
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|
23,450 |
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$ |
427,519 |
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|
$ |
2,558 |
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|
$ |
(5,016 |
) |
|
$ |
425,061 |
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December 31, 2013 |
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|
Amortized
Cost |
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|
Gross
Unrealized
Gains |
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|
Gross
Unrealized
Losses |
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|
Fair Value |
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| (amounts in thousands) |
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Available for Sale:
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|
|
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|
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Mortgage-backed securities (1)
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|
$ |
461,988 |
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|
$ |
207 |
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|
$ |
(10,659 |
) |
|
$ |
451,536 |
|
|
Corporate notes
|
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|
25,000 |
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|
344 |
|
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|
(21 |
) |
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|
25,323 |
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|
Equity securities(2)
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|
23,074 |
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|
0 |
|
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|
(2,360 |
) |
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|
20,714 |
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$ |
510,062 |
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|
$ |
551 |
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|
$ |
(13,040 |
) |
|
$ |
497,573 |
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| (1) |
Comprised primarily of
mortgage-backed securities issued by government-sponsored agencies,
including FHLMC, FNMA, and GNMA. |
| (2) |
Comprised primarily of equity
securities in a foreign entity. |
|
| Statement of Proceeds from Sale of Available for Sale Investment Securities |
The following table presents proceeds from the sale of
available-for-sale investment securities and gross gains and gross
losses realized on those sales for the three and six months ended
June 30, 2014 and 2013:
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Three months ended June 30, |
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Six months ended June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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| (amounts in thousands) |
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Proceeds from sale of available-for-sale securities
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|
$ |
25,359 |
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|
$ |
0 |
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|
$ |
213,249 |
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|
$ |
0 |
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Gross gains
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|
$ |
359 |
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|
$ |
0 |
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$ |
3,191 |
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$ |
0 |
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Gross losses
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|
0 |
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0 |
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0 |
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0 |
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Net gains
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$ |
359 |
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$ |
0 |
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$ |
3,191 |
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$ |
0 |
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| Summary of Available-for-Sale Debt Securities by Stated Maturity |
The following table presents available-for-sale debt securities by
stated maturity. Debt securities backed by mortgages have
expected maturities that differ from contractual maturities because
borrowers have the right to call or prepay and are, therefore,
classified separately with no specific maturity date:
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June 30, 2014 |
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Amortized
Cost |
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|
Fair
Value |
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| (amounts in thousands) |
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Due in one year or less
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$ |
0 |
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$ |
0 |
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Due after one year through five years
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0 |
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0 |
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Due after five years through ten years
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0 |
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0 |
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Due after ten years
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0 |
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0 |
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Mortgage-backed securities
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|
404,445 |
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|
401,611 |
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|
Total debt securities
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$ |
404,445 |
|
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$ |
401,611 |
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| Gross Unrealized Losses and Fair Value, Aggregated by Investment Category |
The Bancorp’s investments’ gross unrealized losses and
fair value, aggregated by investment category and length of time
that individual securities have been in a continuous unrealized
loss position, at June 30, 2014 and December 31, 2013
were as follows:
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June 30, 2014 |
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Less Than 12 Months |
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12 Months or More |
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Total |
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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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|
Fair Value |
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|
Unrealized
Losses |
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| (amounts in thousands) |
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Available for Sale:
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Mortgage-backed securities (1)
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|
$ |
59,038 |
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|
$ |
(613 |
) |
|
$ |
121,905 |
|
|
$ |
(4,402 |
) |
|
$ |
180,943 |
|
|
$ |
(5,015 |
) |
|
Equity securities (2)
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|
0 |
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0 |
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5 |
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|
(1 |
) |
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5 |
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(1 |
) |
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Total
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|
$ |
59,038 |
|
|
$ |
(613 |
) |
|
$ |
121,910 |
|
|
$ |
(4,403 |
) |
|
$ |
180,948 |
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|
$ |
(5,016 |
) |
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December 31, 2013 |
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| |
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Less Than 12 Months |
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|
12 Months or More |
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Total |
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| |
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
|
Fair Value |
|
|
Unrealized
Losses |
|
| (amounts in thousands) |
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Available for Sale:
|
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|
Mortgage-backed securities (1)
|
|
$ |
425,623 |
|
|
$ |
(10,061 |
) |
|
$ |
5,274 |
|
|
$ |
(598 |
) |
|
|
430,897 |
|
|
$ |
(10,659 |
) |
|
Corporate notes
|
|
|
4,982 |
|
|
|
(18 |
) |
|
|
4,997 |
|
|
|
(3 |
) |
|
|
9,979 |
|
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|
(21 |
) |
|
Equity securities (2)
|
|
|
20,714 |
|
|
|
(2,360 |
) |
|
|
0 |
|
|
|
0 |
|
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|
20,714 |
|
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|
(2,360 |
) |
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Total
|
|
$ |
451,319 |
|
|
$ |
(12,439 |
) |
|
$ |
10,271 |
|
|
$ |
(601 |
) |
|
$ |
461,590 |
|
|
$ |
(13,040 |
) |
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Comprised primarily of
mortgage-backed securities issued by government-sponsored agencies,
including FHLMC, FNMA, and GNMA |
| (2) |
Comprised primarily of equity
securities in a foreign entity. |
|