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:

	June 30, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(amounts in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	404,445	$	2,181	$	(5,015	)	$	401,611
Equity securities (2)		23,074		377		(1	)		23,450
	$	427,519	$	2,558	$	(5,016	)	$	425,061

	December 31, 2013
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
(amounts in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	461,988	$	207	$	(10,659	)	$	451,536
Corporate notes		25,000		344		(21	)		25,323
Equity securities(2)		23,074		0		(2,360	)		20,714
	$	510,062	$	551	$	(13,040	)	$	497,573

(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:

	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
(amounts in thousands)
Proceeds from sale of available-for-sale securities	$	25,359	$	0	$	213,249	$	0
Gross gains	$	359	$	0	$	3,191	$	0
Gross losses		0		0		0		0
Net gains	$	359	$	0	$	3,191	$	0

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:

	June 30, 2014
	Amortized Cost		Fair Value
(amounts in thousands)
Due in one year or less	$	0	$	0
Due after one year through five years		0		0
Due after five years through ten years		0		0
Due after ten years		0		0
Mortgage-backed securities		404,445		401,611
Total debt securities	$	404,445	$	401,611

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:

	June 30, 2014
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
(amounts in thousands)
Available for Sale:
Mortgage-backed securities (1)	$	59,038	$	(613	)	$	121,905	$	(4,402	)	$	180,943	$	(5,015	)
Equity securities (2)		0		0			5		(1	)		5		(1	)
Total	$	59,038	$	(613	)	$	121,910	$	(4,403	)	$	180,948	$	(5,016	)

	December 31, 2013
	Less Than 12 Months					12 Months or More					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
(amounts in thousands)
Available for Sale:
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		(21	)
Equity securities (2)		20,714		(2,360	)		0		0			20,714		(2,360	)
Total	$	451,319	$	(12,439	)	$	10,271	$	(601	)	$	461,590	$	(13,040	)

(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.