XML 44 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investment Securities (Tables)
 3 Months Ended
Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Schedule of amortized cost, gross unrealized gains and losses, and fair value of investment securities
The amortized cost, gross unrealized gains and losses, and fair value of the Company’s investment securities as of March 31, 2013 and December 31, 2012 were as follows:

(dollars in thousands)
Amortized Cost

 
Gross
Unrealized Gains

 
Gross
Unrealized Losses

 
Fair Value

March 31, 2013
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
709,315

 
$
15,059

 
$
(15
)
 
$
724,359

Debt Securities Issued by States and Political Subdivisions
799,521

 
25,942

 
(2,227
)
 
823,236

Debt Securities Issued by Corporations
187,399

 
1,991

 
(834
)
 
188,556

Mortgage-Backed Securities:
 

 
 

 
 

 
 

    Residential - Government Agencies
919,419

 
25,337

 
(394
)
 
944,362

    Residential - U.S. Government-Sponsored Enterprises
31,538

 
1,860

 
—

 
33,398

    Commercial - Government Agencies
580,362

 
1,301

 
(4,724
)
 
576,939

Total Mortgage-Backed Securities
1,531,319

 
28,498

 
(5,118
)
 
1,554,699

Total
$
3,227,554

 
$
71,490

 
$
(8,194
)
 
$
3,290,850

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
285,139

 
$
5,207

 
$
—

 
$
290,346

Debt Securities Issued by Corporations
23,544

 
—

 
(172
)
 
23,372

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
3,260,767

 
76,752

 
(2,229
)
 
3,335,290

    Residential - U.S. Government-Sponsored Enterprises
28,360

 
1,840

 
—

 
30,200

Total Mortgage-Backed Securities
3,289,127

 
78,592

 
(2,229
)
 
3,365,490

Total
$
3,597,810

 
$
83,799

 
$
(2,401
)
 
$
3,679,208

 
 
 
 
 
 
 
 
December 31, 2012
 

 
 

 
 

 
 

Available-for-Sale:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
855,070

 
$
14,936

 
$
(17
)
 
$
869,989

Debt Securities Issued by States and Political Subdivisions
753,207

 
30,159

 
(955
)
 
782,411

Debt Securities Issued by Corporations
82,450

 
1,984

 
—

 
84,434

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
1,041,669

 
27,283

 
(292
)
 
1,068,660

    Residential - U.S. Government-Sponsored Enterprises
35,234

 
2,064

 
—

 
37,298

    Commercial - Government Agencies
524,055

 
1,907

 
(1,197
)
 
524,765

Total Mortgage-Backed Securities
1,600,958

 
31,254

 
(1,489
)
 
1,630,723

Total
$
3,291,685

 
$
78,333

 
$
(2,461
)
 
$
3,367,557

Held-to-Maturity:
 

 
 

 
 

 
 

Debt Securities Issued by the U.S. Treasury and Government Agencies
$
190,168

 
$
5,198

 
$
—

 
$
195,366

Debt Securities Issued by Corporations
24,000

 
4

 
—

 
24,004

Mortgage-Backed Securities:
 
 
 
 
 
 
 

    Residential - Government Agencies
3,349,403

 
86,673

 
(1,366
)
 
3,434,710

    Residential - U.S. Government-Sponsored Enterprises
31,494

 
2,102

 
—

 
33,596

Total Mortgage-Backed Securities
3,380,897

 
88,775

 
(1,366
)
 
3,468,306

Total
$
3,595,065

 
$
93,977

 
$
(1,366
)
 
$
3,687,676
Analysis of the contractual maturities of investment securities
The table below presents an analysis of the contractual maturities of the Company’s investment securities as of March 31, 2013.  Mortgage-backed securities are disclosed separately in the table below as these investment securities may prepay prior to their scheduled contractual maturity dates.
(dollars in thousands)
Amortized Cost

 
Fair Value

Available-for-Sale:
 

 
 

Due in One Year or Less
$
288,391

 
$
289,275

Due After One Year Through Five Years
194,296

 
201,181

Due After Five Years Through Ten Years
643,116

 
653,907

Due After Ten Years
570,432

 
591,788

 
1,696,235

 
1,736,151

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
919,419

 
944,362

    Residential - U.S. Government-Sponsored Enterprises
31,538

 
33,398

    Commercial - Government Agencies
580,362

 
576,939

Total Mortgage-Backed Securities
1,531,319

 
1,554,699

Total
$
3,227,554

 
$
3,290,850

 
 
 
 
Held-to-Maturity:
 

 
 

Due in One Year or Less
$
60,160

 
$
60,543

Due After One Year Through Five Years
224,979

 
229,803

Due After Ten Years
23,544

 
23,372

 
308,683

 
313,718

Mortgage-Backed Securities:
 

 
 

    Residential - Government Agencies
3,260,767

 
3,335,290

    Residential - U.S. Government-Sponsored Enterprises
28,360

 
30,200

Total Mortgage-Backed Securities
3,289,127

 
3,365,490

Total
$
3,597,810

 
$
3,679,208
Schedule of investment securities in an unrealized loss position
The Company’s investment securities in an unrealized loss position, segregated by continuous length of impairment, were as follows:
 
Less Than 12 Months
 
12 Months or Longer
 
Total
(dollars in thousands)
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

 
Fair Value

 
Gross Unrealized Losses

March 31, 2013
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
2,205

 
$
(12
)
 
$
490

 
$
(3
)
 
$
2,695

 
$
(15
)
Debt Securities Issued by States
     and Political Subdivisions
244,042

 
(2,227
)
 
100

 
—

 
244,142

 
(2,227
)
Debt Securities Issued by Corporations
104,234

 
(834
)
 
—

 
—

 
104,234

 
(834
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 


 


     Residential - Government Agencies
11,788

 
(46
)
 
17,623

 
(348
)
 
29,411

 
(394
)
     Commercial - Government Agencies
454,656

 
(4,724
)
 
—

 
—

 
454,656

 
(4,724
)
Total Mortgage-Backed Securities
466,444

 
(4,770
)
 
17,623

 
(348
)
 
484,067

 
(5,118
)
Total
$
816,925

 
$
(7,843
)
 
$
18,213

 
$
(351
)
 
$
835,138

 
$
(8,194
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by Corporations
$
23,372

 
$
(172
)
 
$
—

 
$
—

 
$
23,372

 
$
(172
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
    Residential - Government Agencies
423,581

 
(2,207
)
 
11,430

 
(22
)
 
435,011

 
(2,229
)
Total
$
446,953

 
$
(2,379
)
 
$
11,430

 
$
(22
)
 
$
458,383

 
$
(2,401
)
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 

 
 

 
 

 
 

 
 

 
 

Available-for-Sale:
 
 
 
 
 
 
 
 
 
 
 
Debt Securities Issued by the U.S. Treasury
     and Government Agencies
$
2,295

 
$
(14
)
 
$
564

 
$
(3
)
 
$
2,859

 
$
(17
)
Debt Securities Issued by States
     and Political Subdivisions
72,400

 
(955
)
 
—

 
—

 
72,400

 
(955
)
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
7,325

 
(57
)
 
22,389

 
(235
)
 
29,714

 
(292
)
     Commercial - Government Agencies
261,883

 
(1,197
)
 
—

 
—

 
261,883

 
(1,197
)
Total Mortgage-Backed Securities
269,208

 
(1,254
)
 
22,389

 
(235
)
 
291,597

 
(1,489
)
Total
$
343,903

 
$
(2,223
)
 
$
22,953

 
$
(238
)
 
$
366,856

 
$
(2,461
)
Held-to-Maturity:
 
 
 
 
 
 
 
 
 
 
 
Mortgage-Backed Securities:
 
 
 
 
 
 
 
 
 
 
 
     Residential - Government Agencies
$
351,762

 
$
(1,366
)
 
$
—

 
$
—

 
$
351,762

 
$
(1,366
)
Total
$
351,762

 
$
(1,366
)
 
$
—

 
$
—

 
$
351,762

 
$
(1,366
)