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Investment Securities (Tables)

9 Months Ended

Sep. 30, 2014

Investment securities available for sale

						Gross		Gross
				Amortized		unrealized		unrealized
September 30, 2014:				cost		gains		losses			Fair value
					($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities			$	999	$	―	$	(3)	$	996
	Obligations of state and political subdivisions
		(municipal securities)			588,255		26,229		(48)		614,436
	Residential mortgage-related securities:
		Government-sponsored enterprise ("GSE")			3,725,218		59,047		(43,225)		3,741,040
		Private-label			2,475		9		(2)		2,482
	GNMA commercial mortgage-related securities				1,007,068		1,751		(28,217)		980,602
	Other securities (debt and equity)				5,806		60		―		5,866
			Total investment securities available for sale	$	5,329,821	$	87,096	$	(71,495)	$	5,345,422

						Gross		Gross
				Amortized		unrealized		unrealized
December 31, 2013:				cost		gains		losses			Fair value
					($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities			$	1,001	$	1	$	-	$	1,002
	Obligations of state and political subdivisions
		(municipal securities)			653,758		23,855		(1,533)		676,080
	Residential mortgage-related securities:
		GSE			3,855,467		61,542		(78,579)		3,838,430
		Private-label			3,035		16		(37)		3,014
	GNMA commercial mortgage-related securities				673,555		1,764		(27,842)		647,477
	Asset-backed securities (1)				23,049		10		-		23,059
	Other securities (debt and equity)				60,711		855		(43)		61,523
			Total investment securities available for sale	$	5,270,576	$	88,043	$	(108,034)	$	5,250,585

HeldToMaturitySecuritiesTextBlock

Investment securities held to maturity:
	Obligations of state and political subdivisions
		(municipal securities)		$	301,941	$	6,875	$	(934)	$	307,882
			Total investment securities held to maturity	$	301,941	$	6,875	$	(934)	$	307,882

Investment securities held to maturity:
	Obligations of state and political subdivisions
		(municipal securities)		$	175,210	$	401	$	(5,722)	$	169,889
			Total investment securities held to maturity	$	175,210	$	401	$	(5,722)	$	169,889

(1) The asset-backed securities position is largely comprised of senior, floating rate, tranches of student loan securities issued by SLM Corp and guaranteed under the Federal Family Education Loan Program.

Amortized cost and fair values of investment securities available for sale by contractual maturity

		Available for Sale					Held to Maturity
($ in Thousands)		Amortized Cost			Fair Value		Amortized Cost			Fair Value
Due in one year or less		$	28,053	$	28,232		$	-	$	-
Due after one year through five years			224,059		236,326			765		774
Due after five years through ten years			333,788		347,187			105,931		106,998
Due after ten years			9,142		9,480			195,245		200,110
	Total debt securities		595,042		621,225			301,941		307,882
Residential mortgage-related securities:
	GSE		3,725,218		3,741,040			-		-
	Private-label		2,475		2,482			-		-
GNMA commercial mortgage-related securities			1,007,068		980,602			-		-
Equity securities			18		73			-		-
	Total investment securities	$	5,329,821	$	5,345,422		$	301,941	$	307,882

Ratio of Fair Value to Amortized Cost					100.3	%				102.0	%

Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length

			Less than 12 months					12 months or more						Total
			Number of	Unrealized			Fair	Number of	Unrealized			Fair	Unrealized			Fair
September 30, 2014:			Securities		Losses		Value	Securities		Losses		Value		Losses		Value
					($ in Thousands)
Investment securities available for sale:
	U.S. Treasury securities		1	$	(3)	$	996	0	$	―	$	―	$	(3)	$	996
	Obligations of state and political
		subdivisions (municipal securities)	5		(1)	$	1,799	13		(47)	$	5,647		(48)	$	7,446
	Residential mortgage-related securities:
		GSE	30		(1,472)		331,085	64		(41,753)		1,389,945		(43,225)		1,721,030
		Private-label	1		(1)		1,889	2		(1)		30		(2)		1,919
	GNMA commercial mortgage-related securities		12		(1,927)		363,315	15		(26,290)		390,443		(28,217)		753,758
		Total		$	(3,404)	$	699,084		$	(68,091)	$	1,786,065	$	(71,495)	$	2,485,149
Investment securities held to maturity:
	Obligations of state and political
		subdivisions (municipal securities)	39	$	(55)	$	14,443	119	$	(879)	$	55,522	$	(934)	$	69,965
		Total		$	(55)	$	14,443		$	(879)	$	55,522	$	(934)	$	69,965

					Less than 12 months					12 months or more				Total
			Number					Number
			of	Unrealized				of	Unrealized				Unrealized
December 31, 2013:			Securities	Losses		Fair Value		Securities	Losses		Fair Value		Losses		Fair Value
					($ in Thousands)
Investment securities available for sale:
	Obligations of state and political
		subdivisions (municipal securities)	113	$	(1,525)	$	47,044	1	$	(8)	$	273	$	(1,533)	$	47,317
	Residential mortgage-related securities:
		GSE	106		(57,393)		1,887,784	15		(21,186)		421,082		(78,579)		2,308,866
		Private-label	2		(37)		2,105	1		-		35		(37)		2,140
	GNMA commercial mortgage-related securities		19		(23,854)		443,462	1		(3,988)		45,950		(27,842)		489,412
	Other debt securities		5		(43)		6,452	0		-		-		(43)		6,452
		Total		$	(82,852)	$	2,386,847		$	(25,182)	$	467,340	$	(108,034)	$	2,854,187

Investment securities held to maturity:
	Obligations of state and political
		subdivisions (municipal securities)	298	$	(5,339)	$	124,435	10	$	(383)	$	5,010	$	(5,722)	$	129,445
		Total		$	(5,339)	$	124,435		$	(383)	$	5,010	$	(5,722)	$	129,445

Credit loss portion of other than temporary impairment

		Private-label
		Mortgage-Related		Trust Preferred
		Securities		Debt Securities			Total
		($ in Thousands)
Balance of credit-related other-than-temporary
	impairment at December 31, 2012	$	(532)	$	(6,336)	$	(6,868)
Reduction due to credit impaired securities sold			532		57		589
Balance of credit-related other-than-temporary							.
	impairment at December 31, 2013	$	―	$	(6,279)	$	(6,279)
Reduction due to credit impaired securities sold or abandoned			―		6,279		6,279
Balance of credit-related other-than-temporary							.
	impairment at September 30, 2014	$	―	$	―	$	―

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

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- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

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