Investment Securities Available for Sale (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Available-for-Sale Investment Securities

The amortized cost, gross unrealized gains and losses, and estimated fair values of investment securities available for sale at December 31, 2013 and 2012 are summarized below.



	December 31, 2013
(in thousands)	Amortized Cost ⁽¹⁾		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	17,791	—	—		17,791
U.S. Government agency securities	33,480		1,161	—		34,641
Securities issued by U.S. Government sponsored enterprises	112,305		1,440	—		113,745
Mortgage-backed securities issued by U.S. Government agencies	196,521		2,257	(3,661	)	195,117
Mortgage-backed securities issued by U.S. Government sponsored enterprises	2,443,282		9,718	(31,640	)	2,421,360
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	406,717		698	(8,875	)	398,540
State and municipal securities	6,723		168	(2	)	6,889
Equity securities	3,856		3,728	—		7,584
Other investments	4,074		—	(383	)	3,691
Total investment securities available for sale	$	3,224,749	19,170	(44,561	)	3,199,358

	December 31, 2012
(in thousands)	Amortized Cost ⁽¹⁾		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	356	—	—		356
U.S. Government agency securities	35,791		2,255	—		38,046
Securities issued by U.S. Government sponsored enterprises	289,523		3,787	—		293,310
Mortgage-backed securities issued by U.S. Government agencies	238,381		7,220	(8	)	245,593
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,832,076		37,646	(2,229	)	1,867,493
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	513,637		2,534	(1,682	)	514,489
State and municipal securities	15,218		582	(2	)	15,798
Equity securities	3,648		92	—		3,740
Other investments	3,000		—	(713	)	2,287
Total investment securities available for sale	$	2,931,630	54,116	(4,634	)	2,981,112


⁽¹⁾	Amortized cost is adjusted for other-than-temporary impairment charges in 2013 and 2012, which have been recognized in the consolidated statements of income in the applicable year, and were considered inconsequential.

Schedule of Unrealized Loss on Investments

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2013 and December 31, 2012 are presented below.



	December 31, 2013
	Less than 12 Months			12 Months or Longer		Total
(in thousands)	Fair Value		Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
U.S. Treasury securities	$	—	—	—	—	—	—
U.S. Government agency securities	—		—	—	—	—	—
Securities issued by U.S. Government sponsored enterprises	—		—	—	—	—	—
Mortgage-backed securities issued by U.S. Government agencies	121,607		3,363	2,951	298	124,558	3,661
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,885,521		31,640	—	—	1,885,521	31,640
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	282,898		8,875	—	—	282,898	8,875
State and municipal securities	—		—	40	2	40	2
Equity securities	—		—	—	—	—	—
Other investments	1,969		105	1,722	278	3,691	383
Total	$	2,291,995	43,983	4,713	578	2,296,708	44,561

	December 31, 2012
	Less than 12 Months			12 Months or Longer		Total
(in thousands)	Fair Value		Gross Unrealized Losses	Fair Value	Gross Unrealized Losses	Fair Value	Gross Unrealized Losses
U.S. Treasury securities	$	—	—	—	—	—	—
U.S. Government agency securities	—		—	—	—	—	—
Securities issued by U.S. Government sponsored enterprises	—		—	—	—	—	—
Mortgage-backed securities issued by U.S. Government agencies	3,314		8	2	—	3,316	8
Mortgage-backed securities issued by U.S. Government sponsored enterprises	286,452		2,229	—	—	286,452	2,229
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	42,036		325	168,906	1,357	210,942	1,682
State and municipal securities	—		—	35	2	35	2
Equity securities	—		—	—	—	—	—
Other investments	2,287		713	—	—	2,287	713
Total	$	334,089	3,275	168,943	1,359	503,032	4,634

Amortized Cost and Estimated Fair Value by Contractual Maturity of Investment Securities Available-for-Sale

For purposes of the maturity table, mortgage-backed securities and CMOs, which are not due at a single maturity date, have been classified based on the final contractual maturity date.



	Distribution of Maturities at December 31, 2013
(in thousands)	Within One Year		1 to 5 Years	5 to 10 Years	More Than 10 Years	No Stated Maturity	Total
Amortized Cost
U.S. Treasury securities	$	17,791	—	—	—	—	17,791
U.S. Government agency securities	114		9,157	24,209	—	—	33,480
Securities issued by U.S. Government sponsored enterprises	30,109		82,196	—	—	—	112,305
Mortgage-backed securities issued by U.S. Government agencies	40		1	729	195,751	—	196,521
Mortgage-backed securities issued by U.S. Government sponsored enterprises	782		3,450	2,024,280	414,770	—	2,443,282
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—	84	406,633	—	406,717
State and municipal securities	1,054		2,828	—	2,841	—	6,723
Equity securities	—		—	—	—	3,856	3,856
Other investments	—		—	—	2,000	2,074	4,074
Total amortized cost	$	49,890	97,632	2,049,302	1,021,995	5,930	3,224,749
Fair Value
U.S. Treasury securities	$	17,791	—	—	—	—	17,791
U.S. Government agency securities	114		9,501	25,026	—	—	34,641
Securities issued by U.S. Government sponsored enterprises	30,642		83,103	—	—	—	113,745
Mortgage-backed securities issued by U.S. Government agencies	41		1	753	194,322	—	195,117
Mortgage-backed securities issued by U.S. Government sponsored enterprises	829		3,684	2,000,297	416,550	—	2,421,360
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—	84	398,456	—	398,540
State and municipal securities	1,066		2,886	—	2,937	—	6,889
Equity securities	—		—	—	—	7,584	7,584
Other investments	—		—	—	1,722	1,969	3,691
Total fair value	$	50,483	99,175	2,026,160	1,013,987	9,553	3,199,358

Summary of Sales Transactions in the Investment Securities Available-for-Sale Portfolio

Other-than-temporary impairment charges of $264 thousand, $450 thousand, and $1.6 million respectively, are included in gross realized losses for the years ended December 31, 2013, 2012 and 2011. The specific identification method is used to reclassify gains and losses out of other comprehensive income at the time of sale.



(in thousands)	2013			2012			2011
Proceeds from sales of investment securities available for sale	$	407,718		1,139,558			2,002,922
Gross realized gains	$	3,822		$	39,592		$	76,654
Gross realized losses	(877		)	(450		)	(1,647		)
Investment securities gains, net	$	2,945		39,142			75,007