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Investment Securities (Tables)
 6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Major Components of Investment Securities Portfolio
The components of our available-for-sale investment securities portfolio at June 30, 2015 and December 31, 2014 are as follows:
 
 
June 30, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
8,952,703

 
$
54,705

 
$
(5,442
)
 
$
9,001,966

U.S. agency debentures
 
3,127,635

 
31,285

 
(3,967
)
 
3,154,953

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,641,311

 
11,995

 
(10,713
)
 
1,642,593

Agency-issued collateralized mortgage obligations—variable rate
 
687,418

 
4,892

 
(2
)
 
692,308

Equity securities
 
5,152

 
165

 
(1,378
)
 
3,939

Total available-for-sale securities
 
$
14,414,219

 
$
103,042

 
$
(21,502
)
 
$
14,495,759


 
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Carrying
Value
Available-for-sale securities, at fair value:
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
7,289,135

 
$
17,524

 
$
(4,386
)
 
$
7,302,273

U.S. agency debentures
 
3,540,055

 
30,478

 
(8,977
)
 
$
3,561,556

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
1,884,450

 
14,851

 
(14,458
)
 
1,884,843

Agency-issued collateralized mortgage obligations—variable rate
 
779,103

 
5,372

 
—

 
784,475

Equity securities
 
5,202

 
2,628

 
(322
)
 
7,508

Total available-for-sale securities
 
$
13,497,945

 
$
70,853

 
$
(28,143
)
 
$
13,540,655
Summary of Unrealized Losses on Available for Sale Securities
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of June 30, 2015:
 
 
June 30, 2015
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
552,547

 
$
(5,442
)
 
$
—

 
$
—

 
$
552,547

 
$
(5,442
)
U.S. agency debentures
 
511,643

 
(3,967
)
 
—

 
—

 
511,643

 
(3,967
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 

 

Agency-issued collateralized mortgage obligations—fixed rate
 
375,854

 
(1,213
)
 
404,495

 
(9,500
)
 
780,349

 
(10,713
)
Agency-issued collateralized mortgage obligations—variable rate
 
933

 
(2
)
 
—

 
—

 
933

 
(2
)
Equity securities
 
2,719

 
(1,378
)
 
—

 
—

 
2,719

 
(1,378
)
Total temporarily impaired securities: (1)
 
$
1,443,696

 
$
(12,002
)
 
$
404,495

 
$
(9,500
)
 
$
1,848,191

 
$
(21,502
)
 
 
(1)
As of June 30, 2015, we identified a total of 94 investments that were in unrealized loss positions, of which 17 investments totaling $404.5 million with unrealized losses of $9.5 million have been in an impaired position for a period of time greater than 12 months. As of June 30, 2015, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of June 30, 2015, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis.
The following table summarizes our unrealized losses on our available-for-sale securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2014:
 
 
December 31, 2014
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. treasury securities
 
$
2,297,895

 
$
(4,386
)
 
$
—

 
$
—

 
$
2,297,895

 
$
(4,386
)
U.S. agency debentures
 
249,266

 
(489
)
 
507,385

 
(8,488
)
 
756,651

 
(8,977
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations—fixed rate
 
662,092

 
(3,104
)
 
453,801

 
(11,354
)
 
1,115,893

 
(14,458
)
Equity securities
 
568

 
(322
)
 
—

 
—

 
568

 
(322
)
Total temporarily impaired securities (1):
 
$
3,209,821

 
$
(8,301
)
 
$
961,186

 
$
(19,842
)
 
$
4,171,007

 
$
(28,143
)
 
 
(1)
As of December 31, 2014, we identified a total of 115 investments that were in unrealized loss positions, of which 33 investments totaling $961.2 million with unrealized losses of $19.8 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis. Based on our analysis as of December 31, 2014, we deem all impairments to be temporary, and therefore changes in value for our temporarily impaired securities as of the same date are included in other comprehensive income. Market valuations and impairment analyses on assets in the available-for-sale securities portfolio are reviewed and monitored on a quarterly basis.
Summary of Remaining Contractual Principal Maturities and Fully Taxable Equivalent Yields on Securities
The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as available-for-sale as of June 30, 2015. The weighted average yield is computed using the amortized cost of fixed income investment securities, which are reported at fair value. For U.S. treasury securities and U.S. Agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as available-for-sale typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments.
 
 
June 30, 2015
 
 
Total
 
One Year
or Less
 
After One Year to
Five Years
 
After Five Years to
Ten Years
 
After
Ten Years
(Dollars in thousands)
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
 
Carrying
Value
 
Weighted-
Average
Yield
U.S. treasury securities
 
$
9,001,966

 
1.07
%
 
$
400,332

 
0.32
%
 
$
7,866,030

 
1.14
%
 
$
735,604

 
0.75
%
 
$
—

 
—
%
U.S. agency debentures
 
3,154,953

 
1.65

 
847,396

 
1.82

 
2,159,703

 
1.53

 
147,854

 
2.49

 
—

 
—

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued collateralized mortgage obligations - fixed rate
 
1,642,593

 
1.98

 
—

 
—

 
—

 
—

 
598,642

 
2.55

 
1,043,951

 
1.65

Agency-issued collateralized mortgage obligations - variable rate
 
692,308

 
0.71

 
—

 
—

 
—

 
—

 
—

 
—

 
692,308

 
0.71

Total
 
$
14,491,820

 
1.28

 
$
1,247,728

 
1.34

 
$
10,025,733

 
1.22

 
$
1,482,100

 
1.65

 
$
1,736,259

 
1.28

The following table summarizes the remaining contractual principal maturities and fully taxable equivalent yields on fixed income investment securities classified as held-to-maturity as of June 30, 2015. Interest income on certain municipal bonds and notes (non-taxable investments) are presented on a fully taxable equivalent basis using the federal statutory tax rate of 35%. The weighted average yield is computed using the amortized cost of fixed income investment securities. For U.S. Agency debentures, the expected maturity is the actual contractual maturity of the notes. Expected maturities for mortgage-backed securities may differ significantly from their contractual maturities because mortgage borrowers have the right to prepay outstanding loan obligations with or without penalties. Mortgage-backed securities classified as held-to-maturity typically have original contractual maturities from 10 to 30 years whereas expected average lives of these securities tend to be significantly shorter and vary based upon structure and prepayments in lower rate environments.
 
 
June 30, 2015
 
 
Total
 
One Year
or Less
 
After One Year to
Five Years
 
After Five Years to
Ten Years
 
After
Ten Years
(Dollars in thousands)
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
 
Amortized Cost
 
Weighted-
Average
Yield
U.S. agency debentures
 
$
488,185

 
2.68
%
 
$
—

 
—
%
 
$
—

 
—
%
 
$
488,185

 
2.68
%
 
$
—

 
—
%
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,590,151

 
2.43

 
—

 
—

 
40,936

 
2.38

 
733,723

 
2.21

 
1,815,492

 
2.52

Agency-issued collateralized mortgage obligations - fixed rate
 
3,527,554

 
1.65

 
—

 
—

 
—

 
—

 
—

 
—

 
3,527,554

 
1.65

Agency-issued collateralized mortgage obligations - variable rate
 
117,109

 
0.65

 
—

 
—

 
—

 
—

 
—

 
—

 
117,109

 
0.65

Agency-issued commercial mortgage-backed securities
 
936,337

 
2.16

 
—

 
—

 
—

 
—

 
—

 
—

 
936,337

 
2.16

Municipal bonds and notes
 
76,555

 
6.04

 
3,544

 
5.50

 
29,733

 
5.92

 
36,791

 
6.14

 
6,487

 
6.34

Total
 
$
7,735,891

 
2.07

 
$
3,544

 
5.50

 
$
70,669

 
3.87

 
$
1,258,699

 
2.50

 
$
6,402,979

 
1.96
Held-to-maturity Securities
The components of our held-to-maturity investment securities portfolio at June 30, 2015 and December 31, 2014 are as follows:
 
 
June 30, 2015
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
488,185

 
$
7,049

 
$
(93
)
 
$
495,141

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,590,151

 
2,280

 
(4,829
)
 
2,587,602

Agency-issued collateralized mortgage obligations—fixed rate
 
3,527,554

 
6,194

 
(18,767
)
 
3,514,981

Agency-issued collateralized mortgage obligations—variable rate
 
117,109

 
285

 
(1
)
 
117,393

Agency-issued commercial mortgage-backed securities
 
936,337

 
4,870

 
(1,235
)
 
939,972

Municipal bonds and notes
 
76,555

 
8

 
(841
)
 
75,722

Total held-to-maturity securities
 
$
7,735,891

 
$
20,686

 
$
(25,766
)
 
$
7,730,811

 
 
(1)
Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.
 
 
December 31, 2014
(Dollars in thousands)
 
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair Value
Held-to-maturity securities, at cost:
 
 
 
 
 
 
 
 
U.S. agency debentures (1)
 
$
405,899

 
$
4,589

 
$
(38
)
 
$
410,450

Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
2,799,923

 
5,789

 
(2,320
)
 
2,803,392

Agency-issued collateralized mortgage obligations—fixed rate
 
3,185,109

 
4,521

 
(14,885
)
 
3,174,745

Agency-issued collateralized mortgage obligations—variable rate
 
131,580

 
371

 
—

 
131,951

Agency-issued commercial mortgage-backed securities
 
814,589

 
1,026

 
(3,800
)
 
811,815

Municipal bonds and notes
 
83,942

 
18

 
(657
)
 
83,303

Total held-to-maturity securities
 
$
7,421,042

 
$
16,314

 
$
(21,700
)
 
$
7,415,656

 
 
(1)
Consists of pools of Small Business Investment Company debentures issued and guaranteed by the U.S. Small Business Administration, an independent agency of the United States.

The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of June 30, 2015:
 
 
June 30, 2015
 
 
Less than 12 months
 
12 months or longer
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency debentures
 
$
15,024

 
$
(93
)
 
$
—

 
$
—

 
$
15,024

 
$
(93
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
1,049,518

 
(4,247
)
 
21,869

 
(582
)
 
1,071,387

 
(4,829
)
Agency-issued collateralized mortgage obligations—fixed rate
 
2,418,601

 
(18,649
)
 
10,441

 
(118
)
 
2,429,042

 
(18,767
)
Agency-issued collateralized mortgage obligations—variable rate
 
8,150

 
(1
)
 
—

 
—

 
8,150

 
(1
)
Agency-issued commercial mortgage-backed securities
 
218,784

 
(671
)
 
107,974

 
(564
)
 
326,758

 
(1,235
)
Municipal bonds and notes
 
41,918

 
(355
)
 
27,070

 
(486
)
 
68,988

 
(841
)
Total temporarily impaired securities (1):
 
$
3,751,995

 
$
(24,016
)
 
$
167,354

 
$
(1,750
)
 
$
3,919,349

 
$
(25,766
)
 
 
(1)
As of June 30, 2015, we identified a total of 280 investments that were in unrealized loss positions, 52 of which have been in an impaired position for a period of time greater than 12 months. As of June 30, 2015, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of June 30, 2015, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis.
The following table summarizes our unrealized losses on our held-to-maturity securities portfolio into categories of less than 12 months and 12 months or longer as of December 31, 2014:
 
 
December 31, 2014
 
 
Less than 12 months
 
12 months or longer (1)
 
Total
(Dollars in thousands)
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
 
Fair Value of
Investments
 
Unrealized
Losses
Held-to-maturity securities:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. agency debentures
 
$
48,335

 
$
(38
)
 
$
—

 
$
—

 
$
48,335

 
$
(38
)
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
 
Agency-issued mortgage-backed securities
 
999,230

 
(2,320
)
 
—

 
—

 
999,230

 
(2,320
)
Agency-issued collateralized mortgage obligations—fixed rate
 
1,682,348

 
(9,705
)
 
783,558

 
(5,180
)
 
2,465,906

 
(14,885
)
Agency-issued commercial mortgage-backed securities
 
629,840

 
(3,800
)
 
—

 
—

 
629,840

 
(3,800
)
Municipal bonds and notes
 
79,141

 
(657
)
 
—

 
—

 
79,141

 
(657
)
Total temporarily impaired securities (2):
 
$
3,438,894

 
$
(16,520
)
 
$
783,558

 
$
(5,180
)
 
$
4,222,452

 
$
(21,700
)
 
 
(1)
Represents securities in an unrealized loss position for twelve months or longer in which the amortized cost basis was re-set for those securities re-designated from AFS to HTM effective June 1, 2014.
(2)
As of December 31, 2014, we identified a total of 292 investments that were in unrealized loss positions, of which 26 investments totaling $783.6 million with unrealized losses of $5.2 million have been in an impaired position for a period of time greater than 12 months. As of December 31, 2014, we do not intend to sell any impaired fixed income investment securities prior to recovery of our adjusted cost basis, and it is more likely than not that we will not be required to sell any of our securities prior to recovery of our adjusted cost basis, which is consistent with our classification of these securities. Based on our analysis as of December 31, 2014, we deem all impairments to be temporary. Market valuations and impairment analyses on assets in the held-to-maturity securities portfolio are reviewed and monitored on a quarterly basis.
Schedule of Nonmarketable and Other Securities
The components of our non-marketable and other investment securities portfolio at June 30, 2015 and December 31, 2014 are as follows:
(Dollars in thousands)
 
June 30, 2015
 
December 31, 2014
Non-marketable and other securities (1):
 
 
 
 
Non-marketable securities (fair value accounting):
 
 
 
 
Venture capital and private equity fund investments (2)
 
$
156,730

 
$
1,130,882

Other venture capital investments (3)
 
3,390

 
71,204

Other securities (fair value accounting) (4)
 
287

 
108,251

Non-marketable securities (equity method accounting) (5):
 
 
 
 
Venture capital and private equity fund investments
 
78,574

 
—

Debt funds
 
22,313

 
26,672

Other investments
 
118,406

 
116,002

Non-marketable securities (cost method accounting):
 
 
 
 
Venture capital and private equity fund investments (6)
 
127,073

 
140,551

Other investments (7)
 
16,189

 
13,423

Investments in qualified affordable housing projects, net (7)
 
122,544

 
121,155

Total non-marketable and other securities
 
$
645,506

 
$
1,728,140

 
(1)
During the second quarter of 2015 we adopted new accounting guidance related to our consolidated variable interest entities (ASU 2015-02) under a modified retrospective approach. Periods prior to January 1, 2015 have not been revised. See Note 1— "Basis of Presentation” and Note 4— "Variable Interest Entities" of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details regarding our non-marketable and other securities.
(2)
The following table shows the amounts of venture capital and private equity fund investments held by the following funds and our ownership percentage of each fund at June 30, 2015 and December 31, 2014 (fair value accounting):
 
 
June 30, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
SVB Strategic Investors Fund, LP
 
$
23,283

 
12.6
%
 
$
24,645

 
12.6
%
SVB Strategic Investors Fund II, LP (i)
 
—

 
—

 
97,250

 
8.6

SVB Strategic Investors Fund III, LP (i)
 
—

 
—

 
269,821

 
5.9

SVB Strategic Investors Fund IV, LP (i)
 
—

 
—

 
291,291

 
5.0

Strategic Investors Fund V Funds (i)
 
—

 
—

 
226,111

 
Various

Strategic Investors Fund VI Funds (i)
 
—

 
—

 
89,605

 
—

SVB Capital Preferred Return Fund, LP
 
62,901

 
20.0

 
62,110

 
20.0

SVB Capital—NT Growth Partners, LP
 
63,728

 
33.0

 
61,973

 
33.0

SVB Capital Partners II, LP (i)
 
—

 
—

 
302

 
5.1

Other private equity fund (ii)
 
6,818

 
58.2

 
7,774

 
58.2

Total venture capital and private equity fund investments
 
$
156,730

 
 
 
$
1,130,882

 
 
 
 
(i)
Funds were deconsolidated during the second quarter of 2015 upon adoption of ASU 2015-02 and are now reported under equity method accounting. Periods prior to January 1, 2015 have not been revised. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.
(ii)
At June 30, 2015, we had a direct ownership interest of 41.5 percent in other private equity funds and an indirect ownership interest of 12.6 percent through our ownership interest of SVB Capital—NT Growth Partners, LP and an indirect ownership interest of 4.1 percent through our ownership interest of SVB Capital Preferred Return Fund, LP.
(3)
The following table shows the amounts of other venture capital investments held by the following funds and our ownership percentage of each fund at June 30, 2015 and December 31, 2014 (fair value accounting):
 
 
June 30, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Silicon Valley BancVentures, LP
 
$
3,390

 
10.7
%
 
$
3,291

 
10.7
%
SVB Capital Partners II, LP (i)
 
—

 
—

 
20,481

 
5.1

Capital Partners III, LP (i)
 
—

 
—

 
41,055

 
—

SVB Capital Shanghai Yangpu Venture Capital Fund (i)
 
—

 
—

 
6,377

 
6.8

Total other venture capital investments
 
$
3,390

 
 
 
$
71,204

 
 
 
 
(i)
Funds were deconsolidated during the second quarter of 2015 upon adoption of ASU 2015-02 and are now reported under equity method accounting, within "Other venture capital and private equity fund investments". Periods prior to January 1, 2015 have not been revised. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.

(4)
Investments classified as other securities (fair value accounting) represent direct equity investments in public companies held by our consolidated funds. At December 31, 2014, the amount primarily included total unrealized gains in one public company, FireEye, Inc. ("FireEye") that were realized during the first quarter of 2015. Funds were deconsolidated during the second quarter of 2015 upon adoption of ASU 2015-02. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.
(5)
The following table shows the carrying value and our ownership percentage of each investment at June 30, 2015 and December 31, 2014 (equity method accounting):
 
 
June 30, 2015
 
December 31, 2014
(Dollars in thousands)
 
Amount
 
Ownership %
 
Amount
 
Ownership %
Venture capital and private equity fund investments:
 
 
 
 
 
 
 
 
SVB Strategic Investors Fund II, LP (i)
 
$
11,516

 
8.6
%
 
$
—

 
—
%
SVB Strategic Investors Fund III, LP (i)
 
23,945

 
5.9

 
—

 
—

SVB Strategic Investors Fund IV, LP (i)
 
25,465

 
5.0

 
—

 
—

Other venture capital and private equity fund investments (i)
 
17,648

 
Various

 
—

 
—

 Total venture capital and private equity fund investments
 
78,574

 
 
 
—

 
 
Debt funds:
 
 
 
 
 
 
 
 
Gold Hill Capital 2008, LP (ii)
 
$
18,730

 
15.5

 
$
21,294

 
15.5

Other debt funds
 
3,583

 
Various

 
5,378

 
Various

Total debt funds
 
22,313

 
 
 
26,672

 
 
Other investments:
 
 
 
 
 
 
 
 
China Joint Venture investment
 
79,740

 
50.0

 
79,569

 
50.0

Other investments
 
38,666

 
Various

 
36,433

 
Various

Total other investments
 
$
118,406

 
 
 
$
116,002

 
 

 
(i)
Represents funds previously consolidated and reported under fair value accounting in (2) above prior to adoption of ASU 2015-02 during the second quarter of 2015. Periods prior to January 1, 2015 have not been revised. See Note 1— "Basis of Presentation” of the “Notes to Interim Consolidated Financial Statements (unaudited)” under Part I, Item 1 of this report for additional details.
(ii)
At June 30, 2015, we had a direct ownership interest of 11.5 percent in the fund and an indirect interest in the fund through our investment in Gold Hill Capital 2008, LLC of 4.0 percent.
(6)
Represents investments in 273 and 281 funds (primarily venture capital funds) at June 30, 2015 and December 31, 2014, respectively, where our ownership interest is typically less than 5% of the voting interests of each such fund and in which we do not have the ability to exercise significant influence over the partnerships operating activities and financial policies. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $127 million and $236 million, respectively, as of June 30, 2015. The carrying value, and estimated fair value, of these venture capital and private equity fund investments (cost method accounting) was $141 million and $234 million, respectively, as of December 31, 2014.
(7)
Prior period amounts have been revised to reflect the retrospective application of new accounting guidance adopted in the first quarter of 2015 related to our investments in qualified affordable housing projects (ASU 2014-01). See Note 1— "Basis of Presentation" of the "Notes to Interim Consolidated Financial Statements" under Part I, Item 1 in this report.
Schedule Of Investments In Qualified Affordable Housing Projects And Related Unfunded Commitments
The following table presents the balances of our investments in qualified affordable housing projects and related unfunded commitments at June 30, 2015 and December 31, 2014:
(Dollars in thousands)
 
June 30, 2015
 
December 31, 2014
Investments in qualified affordable housing projects, net
 
$
122,544

 
$
121,155

Accrued expenses and other liabilities
 
63,637

 
65,921


The following table presents other information relating to our investments in qualified affordable housing projects for the three and six months ended June 30, 2015 and 2014:
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
2015
 
2014
 
2015
 
2014
Tax credits and other tax benefits recognized
$
3,214

 
$
3,113

 
$
6,427

 
$
6,225

Amortization expense included in provision for income taxes (i)
2,741

 
2,347

 
5,538

 
4,725

 
 
(i)
All investments are amortized using the proportional amortization method and are included in provision for income taxes.
Components of Gains and Losses (Realized and Unrealized) on Investment Securities
The following table presents the components of gains and losses (realized and unrealized) on investment securities for the three and six months ended June 30, 2015 and 2014:
 
 
Three months ended June 30,
 
Six months ended June 30,
(Dollars in thousands)
 
2015
 
2014
 
2015
 
2014
Gross gains on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
$
235

 
$
224

 
$
2,925

 
$
597

Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
9,199

 
88,003

 
18,021

 
199,439

Other venture capital investments
 
—

 
1,973

 
183

 
4,555

Other securities (fair value accounting)
 
281

 
13,816

 
9,068

 
130,566

Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
6,624

 
630

 
14,456

 
1,009

Debt funds
 
183

 
—

 
1,688

 
3,039

Other investments
 
—

 
2,484

 
865

 
2,708

Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
10,644

 
1,762

 
15,477

 
5,065

Other investments
 
218

 
5,021

 
576

 
5,155

Total gross gains on investment securities
 
27,384

 
113,913

 
63,259

 
352,133

Gross losses on investment securities:
 
 
 
 
 
 
 
 
Available-for-sale securities, at fair value (1)
 
(94
)
 
(16,704
)
 
(188
)
 
(17,017
)
Non-marketable securities (fair value accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(599
)
 
(50,558
)
 
(1,547
)
 
(50,659
)
Other venture capital investments
 
—

 
(1,297
)
 
(52
)
 
(2,041
)
Other securities (fair value accounting)
 
(120
)
 
(101,014
)
 
(792
)
 
(113,787
)
Non-marketable securities (equity method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments
 
(409
)
 
(116
)
 
(437
)
 
(116
)
Debt funds
 
—

 
(356
)
 
(588
)
 
(393
)
Other investments
 
(1,010
)
 
(584
)
 
(1,010
)
 
(759
)
Non-marketable securities (cost method accounting):
 
 
 
 
 
 
 
 
Venture capital and private equity fund investments (2)
 
(174
)
 
(353
)
 
(398
)
 
(509
)
Other investments
 
(3
)
 
(251
)
 
(9
)
 
(260
)
Total gross losses on investment securities
 
(2,409
)
 
(171,233
)
 
(5,021
)
 
(185,541
)
Gains (losses) on investment securities, net
 
$
24,975

 
$
(57,320
)
 
$
58,238

 
$
166,592

 
 
(1)
Includes realized gains (losses) on sales of available-for-sale equity securities that are recognized in the income statement. Unrealized gains (losses) on available-for-sale fixed income and equity securities are recognized in other comprehensive income. The cost basis of available-for-sale securities sold is determined on a specific identification basis.
(2)
For the three months ended June 30, 2015 and 2014, includes OTTI losses of $0.2 million from the declines in value for 8 of the 273 investments and $0.3 million from the declines in value for 12 of the 282 investments, respectively. For the six months ended June 30, 2015 and 2014, includes OTTI losses of $0.3 million from the declines in value for 17 of the 273 investments and $0.4 million from the declines in value for 18 of the 282 investments, respectively. We concluded that any declines in value for the remaining investments were temporary, and as such, no OTTI was required to be recognized.