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Investment Securities (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Investments, Debt and Equity Securities [Abstract] |
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| 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 September 30, 2013 and December 31, 2012 were as follows:
| | | | | | | | | | | | | | | | | (dollars in thousands) | Amortized Cost |
| | Gross
Unrealized Gains |
| | Gross
Unrealized Losses |
| | Fair Value |
| September 30, 2013 | |
| | |
| | |
| | |
| Available-for-Sale: | |
| | |
| | |
| | |
| Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 449,001 |
| | $ | 7,011 |
| | $ | (191 | ) | | $ | 455,821 |
| Debt Securities Issued by States and Political Subdivisions | 589,108 |
| | 9,469 |
| | (11,338 | ) | | 587,239 |
| Debt Securities Issued by Corporations | 280,305 |
| | 1,347 |
| | (6,396 | ) | | 275,256 |
| Mortgage-Backed Securities: | |
| | |
| | |
| | |
| Residential - Government Agencies | 702,921 |
| | 15,571 |
| | (1,018 | ) | | 717,474 |
| Residential - U.S. Government-Sponsored Enterprises | 23,829 |
| | 1,434 |
| | — |
| | 25,263 |
| Commercial - Government Agencies | 224,711 |
| | — |
| | (8,628 | ) | | 216,083 |
| Total Mortgage-Backed Securities | 951,461 |
| | 17,005 |
| | (9,646 | ) | | 958,820 |
| Total | $ | 2,269,875 |
| | $ | 34,832 |
| | $ | (27,571 | ) | | $ | 2,277,136 |
| Held-to-Maturity: | |
| | |
| | |
| | |
| Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 414,558 |
| | $ | 4,082 |
| | $ | (1,947 | ) | | $ | 416,693 |
| Debt Securities Issued by States and Political Subdivisions | 253,893 |
| | 2,556 |
| | (22 | ) | | 256,427 |
| Debt Securities Issued by Corporations | 194,094 |
| | 177 |
| | (3,731 | ) | | 190,540 |
| Mortgage-Backed Securities: | | | | | | | |
| Residential - Government Agencies | 3,422,851 |
| | 41,365 |
| | (53,289 | ) | | 3,410,927 |
| Residential - U.S. Government-Sponsored Enterprises | 23,375 |
| | 1,450 |
| | — |
| | 24,825 |
| Commercial - Government Agencies | 324,628 |
| | 239 |
| | (2,788 | ) | | 322,079 |
| Total Mortgage-Backed Securities | 3,770,854 |
| | 43,054 |
|
| (56,077 | ) |
| 3,757,831 |
| Total | $ | 4,633,399 |
| | $ | 49,869 |
| | $ | (61,777 | ) | | $ | 4,621,491 |
| | | | | | | | | 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 |
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| 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 September 30, 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 | $ | 74,862 |
| | $ | 75,212 |
| Due After One Year Through Five Years | 254,924 |
| | 259,762 |
| Due After Five Years Through Ten Years | 644,469 |
| | 635,390 |
| Due After Ten Years | 344,159 |
| | 347,952 |
| | 1,318,414 |
| | 1,318,316 |
| Mortgage-Backed Securities: | |
| | |
| Residential - Government Agencies | 702,921 |
| | 717,474 |
| Residential - U.S. Government-Sponsored Enterprises | 23,829 |
| | 25,263 |
| Commercial - Government Agencies | 224,711 |
| | 216,083 |
| Total Mortgage-Backed Securities | 951,461 |
| | 958,820 |
| Total | $ | 2,269,875 |
| | $ | 2,277,136 |
| | | | | Held-to-Maturity: | |
| | |
| Due in One Year or Less | $ | 80,251 |
| | $ | 80,591 |
| Due After One Year Through Five Years | 334,307 |
| | 336,102 |
| Due After Five Years Through Ten Years | 99,806 |
| | 100,778 |
| Due After Ten Years | 348,181 |
| | 346,189 |
| | 862,545 |
| | 863,660 |
| Mortgage-Backed Securities: | |
| | |
| Residential - Government Agencies | 3,422,851 |
| | 3,410,927 |
| Residential - U.S. Government-Sponsored Enterprises | 23,375 |
| | 24,825 |
| Commercial - Government Agencies | 324,628 |
| | 322,079 |
| Total Mortgage-Backed Securities | 3,770,854 |
| | 3,757,831 |
| Total | $ | 4,633,399 |
| | $ | 4,621,491 |
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| 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 |
| September 30, 2013 | |
| | |
| | |
| | |
| | |
| | |
| Available-for-Sale: | | | | | | | | | | | | Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 18,693 |
| | $ | (181 | ) | | $ | 2,149 |
| | $ | (10 | ) | | $ | 20,842 |
| | $ | (191 | ) | Debt Securities Issued by States and Political Subdivisions | 340,491 |
| | (11,337 | ) | | 114 |
| | (1 | ) | | 340,605 |
| | (11,338 | ) | Debt Securities Issued by Corporations | 201,817 |
| | (6,396 | ) | | — |
| | — |
| | 201,817 |
| | (6,396 | ) | Mortgage-Backed Securities: | | | | | | | | |
|
| |
|
| Residential - Government Agencies | 54,834 |
| | (382 | ) | | 9,417 |
| | (636 | ) | | 64,251 |
| | (1,018 | ) | Commercial - Government Agencies | 216,083 |
| | (8,628 | ) | | — |
| | — |
| | 216,083 |
| | (8,628 | ) | Total Mortgage-Backed Securities | 270,917 |
| | (9,010 | ) | | 9,417 |
| | (636 | ) | | 280,334 |
| | (9,646 | ) | Total | $ | 831,918 |
| | $ | (26,924 | ) | | $ | 11,680 |
| | $ | (647 | ) | | $ | 843,598 |
| | $ | (27,571 | ) | Held-to-Maturity: | | | | | | | | | | | | Debt Securities Issued by the U.S. Treasury and Government Agencies | $ | 183,850 |
| | $ | (1,947 | ) | | $ | — |
| | $ | — |
| | $ | 183,850 |
| | $ | (1,947 | ) | Debt Securities Issued by States and Political Subdivisions | 8,105 |
| | (22 | ) | | — |
| | — |
| | 8,105 |
| | (22 | ) | Debt Securities Issued by Corporations | 151,775 |
| | (3,731 | ) | | — |
| | — |
| | 151,775 |
| | (3,731 | ) | Mortgage-Backed Securities: | | | | | | | | | | | | Residential - Government Agencies | 1,577,637 |
| | (53,289 | ) | | — |
| | — |
| | 1,577,637 |
| | (53,289 | ) | Commercial - Government Agencies | 239,960 |
| | (2,498 | ) | | 19,891 |
| | (290 | ) | | 259,851 |
| | (2,788 | ) | Total Mortgage-Backed Securities | 1,817,597 |
| | (55,787 | ) | | 19,891 |
| | (290 | ) | | 1,837,488 |
| | (56,077 | ) | Total | $ | 2,161,327 |
| | $ | (61,487 | ) | | $ | 19,891 |
| | $ | (290 | ) | | $ | 2,181,218 |
| | $ | (61,777 | ) | | | | | | | | | | | | | 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 | ) |
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| Schedule of carrying value of company's federal home loan bank and federal reserve bank |
As of September 30, 2013, the carrying value of the Company’s Federal Home Loan Bank and Federal Reserve Bank stock was as follows: | | | | | | | | | (dollars in thousands) | September 30,
2013 |
| | December 31,
2012 |
| Federal Home Loan Bank Stock | $ | 58,564 |
| | $ | 60,200 |
| Federal Reserve Bank Stock | 19,055 |
| | 18,952 |
| Total | $ | 77,619 |
| | $ | 79,152 |
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