Investment Securities (Tables)

3 Months Ended

Mar. 31, 2014

Summary of Available-for-Sale Investment Securities



	March 31, 2014
(in thousands)	Amortized Cost⁽¹⁾		Gross Unrealized Gains	Gross Unrealized Losses		Fair Value
U.S. Treasury securities	$	17,792	—	—		17,792
U.S. Government agency securities	33,276		1,117	—		34,393
Securities issued by U.S. Government sponsored enterprises	112,051		1,269	—		113,320
Mortgage-backed securities issued by U.S. Government agencies	170,326		1,121	(2,228	)	169,219
Mortgage-backed securities issued by U.S. Government sponsored enterprises	2,395,669		12,306	(22,011	)	2,385,964
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	397,054		1,616	(4,761	)	393,909
State and municipal securities	6,257		199	(2	)	6,454
Equity securities	3,768		3,740	—		7,508
Other investments	4,089		—	(246	)	3,843
Total investment securities available for sale	$	3,140,282	21,368	(29,248	)	3,132,402

	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


⁽¹⁾	Amortized cost is adjusted for other-than-temporary impairment charges in 2014 and 2013, 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 March 31, 2014 and December 31, 2013, are presented below.



	March 31, 2014
	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	113,935		2,134	1,116	94	115,051	2,228
Mortgage-backed securities issued by U.S. Government sponsored enterprises	1,577,319		21,020	46,342	991	1,623,661	22,011
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	173,574		4,761	—	—	173,574	4,761
State and municipal securities	—		—	41	2	41	2
Equity securities	—		—	—	—	—	—
Other investments	1,984		105	1,859	141	3,843	246
Total	$	1,866,812	28,020	49,358	1,228	1,916,170	29,248

	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

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 March 31, 2014
(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	$	17,792	—	—	—	—	17,792
U.S. Government agency securities	114		9,097	24,065	—	—	33,276
Securities issued by U.S. Government sponsored enterprises	30,070		81,981	—	—	—	112,051
Mortgage-backed securities issued by U.S. Government agencies	26		1	—	170,299	—	170,326
Mortgage-backed securities issued by U.S. Government sponsored enterprises	346		2,890	1,965,354	427,079	—	2,395,669
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—	22	397,032	—	397,054
State and municipal securities	756		2,372	289	2,840	—	6,257
Equity securities	—		—	—	—	3,768	3,768
Other investments	—		—	—	2,000	2,089	4,089
Total amortized cost	$	49,104	96,341	1,989,730	999,250	5,857	3,140,282
Fair Value
U.S. Treasury securities	$	17,792	—	—	—	—	17,792
U.S. Government agency securities	114		9,427	24,852	—	—	34,393
Securities issued by U.S. Government sponsored enterprises	30,426		82,894	—	—	—	113,320
Mortgage-backed securities issued by U.S. Government agencies	26		1	—	169,192	—	169,219
Mortgage-backed securities issued by U.S. Government sponsored enterprises	366		3,084	1,950,681	431,833	—	2,385,964
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises	—		—	22	393,887	—	393,909
State and municipal securities	766		2,417	310	2,961	—	6,454
Equity securities	—		—	—	—	7,508	7,508
Other investments	—		—	—	1,859	1,984	3,843
Total fair value	$	49,490	97,823	1,975,865	999,732	9,492	3,132,402

Schedule of Activity for Available-for-Sale Securities



	Three Months Ended March 31,
(in thousands)	2014			2013
Proceeds from sales of investment securities available for sale	$	20,815		212,240
Gross realized gains	1,419			276
Gross realized losses	(88		)	(231	)
Investment securities gains, net	$	1,331		45

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

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