Securities (Tables)

3 Months Ended

Mar. 31, 2015

The fair value and net unrealized gain (loss) included in trading securities is as follows (in thousands):



	March 31, 2015					December 31, 2014					March 31, 2014
	Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)
U.S. Government agency debentures	$	26,283	$	40		$	85,092	$	(62	)	$	28,588	$	14
U.S. agency residential mortgage-backed securities	17,179		5			31,199		269			23,595		83
Municipal and other tax-exempt securities	54,164		(4		)	38,951		18			27,280		58
Other trading securities	20,418		53			33,458		(38		)	7,108		(19		)
Total	$	118,044	$	94		$	188,700	$	187		$	86,571	$	136

Investment Securities (Held-to-Maturity) [Table Text Block]

The amortized cost and fair values of investment securities are as follows (in thousands):



	March 31, 2015
	Amortized		Carrying		Fair		Gross Unrealized²
	Cost		Value¹		Value		Gain		Loss
Municipal and other tax-exempt	$	396,063	$	396,063	$	400,112	$	4,443	$	(394	)
U.S. agency residential mortgage-backed securities – Other	33,109		33,545		35,253		1,708		—
Other debt securities	204,979		204,979		222,606		18,500		(873		)
Total	$	634,151	$	634,587	$	657,971	$	24,651	$	(1,267	)


¹	Carrying value includes $436 thousand of net unrealized gain which remains in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheets related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio in 2011.


²	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.



	December 31, 2014
	Amortized		Carrying		Fair		Gross Unrealized²
	Cost		Value¹		Value		Gain		Loss
Municipal and other tax-exempt	$	405,090	$	405,090	$	408,344	$	4,205	$	(951	)
U.S. agency residential mortgage-backed securities – Other	35,135		35,750		37,463		1,713		—
Other debt securities	211,520		211,520		227,819		16,956		(657		)
Total	$	651,745	$	652,360	$	673,626	$	22,874	$	(1,608	)


¹	Carrying value includes $615 thousand of net unrealized gain which remains in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheets related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio in 2011.


²	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.



	March 31, 2014
	Amortized		Carrying		Fair		Gross Unrealized²
	Cost		Value¹		Value		Gain		Loss
Municipal and other tax-exempt	$	440,303	$	440,303	$	441,532	$	3,182	$	(1,953	)
U.S. agency residential mortgage-backed securities – Other	44,489		45,917		47,834		1,957		(40		)
Other debt securities	182,756		182,756		195,697		13,114		(173		)
Total	$	667,548	$	668,976	$	685,063	$	18,253	$	(2,166	)


¹	Carrying value includes $1.4 million of net unrealized gain which remains in Accumulated other comprehensive income (“AOCI”) in the Consolidated Balance Sheets related to certain securities transferred from the Available for Sale securities portfolio to the Investment securities portfolio in 2011.


²	Gross unrealized gains and losses are not recognized in AOCI in the Consolidated Balance Sheets.

The amortized cost and fair values of investment securities at March 31, 2015, by contractual maturity, are as shown in the following table (dollars in thousands):



	Less than One Year			One to Five Years			Six to Ten Years			Over Ten Years			Total			Weighted Average Maturity²
Municipal and other tax-exempt:
Carrying value	$	51,635		$	287,099		$	19,461		$	37,868		$	396,063		3.62
Fair value	51,726			288,383			19,757			40,246			400,112
Nominal yield¹	1.72		%	1.76		%	4.04		%	5.36		%	2.21		%
Other debt securities:
Carrying value	13,799			39,787			85,557			65,836			204,979			9.31
Fair value	13,896			40,991			92,995			74,724			222,606
Nominal yield	3.36		%	4.70		%	5.62		%	5.83		%	5.35		%
Total fixed maturity securities:
Carrying value	$	65,434		$	326,886		$	105,018		$	103,704		$	601,042		5.56
Fair value	65,622			329,374			112,752			114,970			622,718
Nominal yield	2.07		%	2.12		%	5.33		%	5.65		%	3.28		%
Residential mortgage-backed securities:
Carrying value													$	33,545		³
Fair value													35,253
Nominal yield⁴													2.74		%
Total investment securities:
Carrying value													$	634,587
Fair value													657,971
Nominal yield													3.26		%


¹	Calculated on a taxable equivalent basis using a 39% effective tax rate.


²	Expected maturities may differ from contractual maturities, because borrowers may have the right to call or prepay obligations with or without penalty.


³	The average expected lives of residential mortgage-backed securities were 2.7 years based upon current prepayment assumptions.


⁴	The nominal yield on residential mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary - Unaudited for current yields on the investment securities portfolio.

Available For Sale Securities [Table Text Block]

The amortized cost and fair value of available for sale securities are as follows (in thousands):



	March 31, 2015
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,000	$	1,001	$	1	$	—		$	—
Municipal and other tax-exempt	60,298		60,818		1,242		(722		)	—
Residential mortgage-backed securities:
U. S. government agencies:
FNMA	3,844,253		3,930,186		87,993		(2,060		)	—
FHLMC	2,040,364		2,079,310		39,989		(1,043		)	—
GNMA	698,346		703,206		6,031		(1,171		)	—
Other	4,533		4,867		334		—			—
Total U.S. government agencies	6,587,496		6,717,569		134,347		(4,274		)	—
Private issue:
Alt-A loans	63,765		69,369		6,601		—			(997		)
Jumbo-A loans	85,269		90,662		5,769		—			(376		)
Total private issue	149,034		160,031		12,370		—			(1,373		)
Total residential mortgage-backed securities	6,736,530		6,877,600		146,717		(4,274		)	(1,373		)
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,157,985		2,164,842		13,849		(6,992		)	—
Other debt securities	9,405		9,155		—		(250		)	—
Perpetual preferred stock	22,171		24,983		2,812		—			—
Equity securities and mutual funds	18,679		19,776		1,117		(20		)	—
Total	$	9,006,068	$	9,158,175	$	165,738	$	(12,258	)	$	(1,373	)

¹ Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.

² Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.



	December 31, 2014
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,005	$	1,005	$	—	$	—		$	—
Municipal and other tax-exempt	63,018		63,557		1,280		(741		)	—
Residential mortgage-backed securities:
U. S. government agencies:
FNMA	3,932,200		3,997,428		71,200		(5,972		)	—
FHLMC	1,810,476		1,836,870		29,043		(2,649		)	—
GNMA	801,820		807,443		8,240		(2,617		)	—
Other	4,808		5,143		335		—			—
Total U.S. government agencies	6,549,304		6,646,884		108,818		(11,238		)	—
Private issue:
Alt-A loans	65,582		71,952		6,677		—			(307		)
Jumbo-A loans	88,778		94,005		5,584		—			(357		)
Total private issue	154,360		165,957		12,261		—			(664		)
Total residential mortgage-backed securities	6,703,664		6,812,841		121,079		(11,238		)	(664		)
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,064,091		2,048,609		4,437		(19,919		)	—
Other debt securities	9,438		9,212		26		(252		)	—
Perpetual preferred stock	22,171		24,277		2,183		(77		)	—
Equity securities and mutual funds	18,603		19,444		871		(30		)	—
Total	$	8,881,990	$	8,978,945	$	129,876	$	(32,257	)	$	(664	)

¹ Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.

² Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.



	March 31, 2014
	Amortized		Fair		Gross Unrealized¹
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury	$	1,033	$	1,034	$	1	$	—		$	—
Municipal and other tax-exempt	69,434		70,065		1,548		(917		)	—
Residential mortgage-backed securities:
U. S. government agencies:
FNMA	4,380,066		4,409,566		65,393		(35,893		)	—
FHLMC	2,158,750		2,162,580		25,644		(21,814		)	—
GNMA	885,058		888,989		9,612		(5,681		)	—
Other	13,426		14,434		1,008		—			—
Total U.S. government agencies	7,437,300		7,475,569		101,657		(63,388		)	—
Private issue:
Alt-A loans	73,244		77,557		4,597		—			(284		)
Jumbo-A loans	106,258		111,691		5,741		—			(308		)
Total private issue	179,502		189,248		10,338		—			(592		)
Total residential mortgage-backed securities	7,616,802		7,664,817		111,995		(63,388		)	(592		)
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,159,704		2,123,762		1,329		(37,271		)	—
Other debt securities	35,031		35,119		275		(187		)	—
Perpetual preferred stock	22,171		24,281		2,110		—			—
Equity securities and mutual funds	14,102		14,645		602		(59		)	—
Total	$	9,918,277	$	9,933,723	$	117,860	$	(101,822	)	$	(592	)


¹	Gross unrealized gain/loss recognized in AOCI in the consolidated balance sheet.


²	Amounts represent unrealized loss that remains in AOCI after an other-than-temporary credit loss has been recognized in income.

The amortized cost and fair values of available for sale securities at March 31, 2015, by contractual maturity, are as shown in the following table (dollars in thousands):



	Less than One Year			One to Five Years			Six to Ten Years			Over Ten Years				Total			Weighted Average Maturity⁵
U.S. Treasuries:
Amortized cost	$	—		$	1,000		$	—		$	—			$	1,000		2.80
Fair value	—			1,001			—			—				1,001
Nominal yield	—		%	0.87		%	—		%	—		%		0.87		%
Municipal and other tax-exempt:
Amortized cost	$	9,807		$	25,059		$	2,084		$	23,348			$	60,298		8.30
Fair value	9,904			25,836			2,295			22,783				60,818
Nominal yield¹	3.61		%	4.25		%	6.35		%	1.94		%	⁶	3.32		%
Commercial mortgage-backed securities:
Amortized cost	$	—		$	915,951		$	907,546		$	334,488			$	2,157,985		8.24
Fair value	—			918,759			913,201			332,882				2,164,842
Nominal yield	—		%	1.44		%	1.77		%	1.33		%		1.56		%
Other debt securities:
Amortized cost	$	5,005		$	—		$	—		$	4,400			$	9,405		15.18
Fair value	5,005			—			—			4,150				9,155
Nominal yield	2.12		%	—		%	—		%	1.71		%	⁶	1.93		%
Total fixed maturity securities:
Amortized cost	$	14,812		$	942,010		$	909,630		$	362,236			$	2,228,688		8.27
Fair value	14,909			945,596			915,496			359,815				2,235,816
Nominal yield	3.11		%	1.52		%	1.78		%	1.38		%		1.61		%
Residential mortgage-backed securities:
Amortized cost														$	6,736,530		²
Fair value														6,877,600
Nominal yield⁴														1.92		%
Equity securities and mutual funds:
Amortized cost														$	40,850		³
Fair value														44,759
Nominal yield														1.28		%
Total available-for-sale securities:
Amortized cost														$	9,006,068
Fair value														9,158,175
Nominal yield														1.84		%


¹	Calculated on a taxable equivalent basis using a 39% effective tax rate.


²	The average expected lives of mortgage-backed securities were 3.3 years based upon current prepayment assumptions.


³	Primarily common stock and preferred stock of corporate issuers with no stated maturity.


⁴	The nominal yield on mortgage-backed securities is based upon prepayment assumptions at the purchase date. Actual yields earned may differ significantly based upon actual prepayments. See Quarterly Financial Summary –– Unaudited following for current yields on available for sale securities portfolio.


⁵	Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty.


⁶	Nominal yield on municipal and other tax-exempt securities and other debt securities with contractual maturity dates over ten years are based on variable rates which generally are reset within 35 days.

Sales of available for sale securities resulted in gains and losses as follows (in thousands):



	Three Months Ended March 31,
	2015			2014
Proceeds	$	334,825		$	531,385
Gross realized gains	4,900			6,433
Gross realized losses	(573		)	(5,193		)
Related federal and state income tax expense	1,683			482

Securities Pledged As Collateral [Table Text Block]



	March 31, 2015		Dec. 31, 2014		March 31, 2014
Investment:
Carrying value	$	63,425	$	63,495	$	87,757
Fair value	65,723		65,855		90,765

Available for sale:
Amortized cost	6,065,705		5,855,220		5,177,411
Fair value	6,155,570		5,893,972		5,169,432

Schedule of Unrealized Loss on Investments [Table Text Block]

Impaired Securities as of March 31, 2015

(in thousands):



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax-exempt	37	$	41,048	$	173	$	53,662	$	221	$	94,710	$	394
U.S. Agency residential mortgage-backed securities – Other	—	—		—		—		—		—		—
Other debt securities	97	31,451		846		2,478		27		33,929		873
Total investment	134	$	72,499	$	1,019	$	56,140	$	248	$	128,639	$	1,267



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
Municipal and other tax-exempt	20	$	10,217	$	27	$	11,705	$	695	$	21,922	$	722
Residential mortgage-backed securities:
U. S. agencies:
FNMA	8	90,133		464		125,166		1,596		215,299		2,060
FHLMC	6	17,511		34		124,912		1,009		142,423		1,043
GNMA	4	—		—		123,884		1,171		123,884		1,171
Total U.S. agencies	18	107,644		498		373,962		3,776		481,606		4,274
Private issue¹:
Alt-A loans	4	10,154		997		—		—		10,154		997
Jumbo-A loans	8	—		—		9,570		376		9,570		376
Total private issue	12	10,154		997		9,570		376		19,724		1,373
Total residential mortgage-backed securities	30	117,798		1,495		383,532		4,152		501,330		5,647
Commercial mortgage-backed securities guaranteed by U.S. government agencies	68	97,374		151		894,815		6,841		992,189		6,992
Other debt securities	2	—		—		4,150		250		4,150		250
Perpetual preferred stocks	—	—		—		—		—		—		—
Equity securities and mutual funds	66	24		—		1,007		20		1,031		20
Total available for sale	186	$	225,413	$	1,673	$	1,295,209	$	11,958	$	1,520,622	$	13,631


¹	Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.

Impaired Securities as of December 31, 2014

(In thousands)



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax-exempt	78	$	112,677	$	426	$	60,076	$	525	$	172,753	$	951
U.S. Agency residential mortgage-backed securities – Other	—	—		—		—		—		—		—
Other debt securities	84	31,274		637		761		20		32,035		657
Total investment	162	$	143,951	$	1,063	$	60,837	$	545	$	204,788	$	1,608



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
Municipal and other tax-exempt	22	$	10,838	$	12	$	12,176	$	729	$	23,014	$	741
Residential mortgage-backed securities:
U. S. agencies:
FNMA	24	257,854		547		454,394		5,425		712,248		5,972
FHLMC	16	62,950		37		310,834		2,612		373,784		2,649
GNMA	5	8,550		12		128,896		2,605		137,446		2,617
Total U.S. agencies	45	329,354		596		894,124		10,642		1,223,478		11,238
Private issue¹:
Alt-A loans	4	11,277		307		—		—		11,277		307
Jumbo-A loans	8	—		—		10,020		357		10,020		357
Total private issue	12	11,277		307		10,020		357		21,297		664
Total residential mortgage-backed securities	57	340,631		903		904,144		10,999		1,244,775		11,902
Commercial mortgage-backed securities guaranteed by U.S. government agencies	104	223,106		454		1,238,376		19,465		1,461,482		19,919
Other debt securities	2	—		—		4,150		252		4,150		252
Perpetual preferred stocks	2	2,898		77		—		—		2,898		77
Equity securities and mutual funds	68	—		—		1,205		30		1,205		30
Total available for sale	255	$	577,473	$	1,446	$	2,160,051	$	31,475	$	2,737,524	$	32,921


¹	Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.

Impaired Securities as of March 31, 2014

(In thousands)



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax-exempt	96	$	78,833	$	601	$	117,909	$	1,352	$	196,742	$	1,953
U.S. Agency residential mortgage-backed securities – Other	1	9,645		40		—		—		9,645		40
Other debt securities	31	12,516		130		798		43		13,314		173
Total investment	128	$	100,994	$	771	$	118,707	$	1,395	$	219,701	$	2,166



	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
	Number of Securities	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
Municipal and other tax-exempt¹	29	$	13,750	$	198	$	16,601	$	719	$	30,351	$	917
Residential mortgage-backed securities:
U. S. agencies:
FNMA	77	2,075,587		35,893		—		—		2,075,587		35,893
FHLMC	45	1,236,653		21,814		—		—		1,236,653		21,814
GNMA	14	423,725		5,681		—		—		423,725		5,681
Total U.S. agencies	136	3,735,965		63,388		—		—		3,735,965		63,388
Private issue¹:
Alt-A loans	5	—		—		15,725		284		15,725		284
Jumbo-A loans	8	11,744		308		—		—		11,744		308
Total private issue	13	11,744		308		15,725		284		27,469		592
Total residential mortgage-backed securities	149	3,747,709		63,696		15,725		284		3,763,434		63,980
Commercial mortgage-backed securities guaranteed by U.S. government agencies	128	1,545,035		30,151		207,246		7,120		1,752,281		37,271
Other debt securities	3	481		19		4,231		168		4,712		187
Perpetual preferred stocks	—	—		—		—		—		—		—
Equity securities and mutual funds	106	1,778		48		172		11		1,950		59
Total available for sale	415	$	5,308,753	$	94,112	$	243,975	$	8,302	$	5,552,728	$	102,414


¹	Includes securities for which an unrealized loss remains in AOCI after an other-than-temporary credit loss has been recognized in income.

Investments by Lowest Credit Rating [Table Text Block]

At March 31, 2015, the composition of the Company’s investment and available for sale securities portfolios by the lowest current credit rating assigned by any of the three nationally-recognized rating agencies is as follows (in thousands):



	U.S. Govt / GSE ¹				AAA - AA				A - BBB				Below Investment Grade				Not Rated				Total
	Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value
Investment:
Municipal and other tax-exempt	$	—	$	—	$	256,859	$	257,878	$	13,078	$	13,198	$	—	$	—	$	126,126	$	129,036	$	396,063	$	400,112
Mortgage-backed securities -- other	33,545		35,253		—		—		—		—		—		—		—		—		33,545		35,253
Other debt securities	—		—		151,442		169,373		—		—		—		—		53,537		53,233		204,979		222,606
Total investment securities	$	33,545	$	35,253	$	408,301	$	427,251	$	13,078	$	13,198	$	—	$	—	$	179,663	$	182,269	$	634,587	$	657,971



	U.S. Govt / GSE ¹				AAA - AA				A - BBB				Below Investment Grade				Not Rated				Total
	Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available for Sale:
U.S. Treasury	$	1,000	$	1,001	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,000	$	1,001
Municipal and other tax-exempt	—		—		38,504		39,556		10,567		10,047		—		—		11,227		11,215		60,298		60,818
Residential mortgage-backed securities:
U. S. government agencies:
FNMA	3,844,253		3,930,186		—		—		—		—		—		—		—		—		3,844,253		3,930,186
FHLMC	2,040,364		2,079,310		—		—		—		—		—		—		—		—		2,040,364		2,079,310
GNMA	698,346		703,206		—		—		—		—		—		—		—		—		698,346		703,206
Other	4,533		4,867		—		—		—		—		—		—		—		—		4,533		4,867
Total U.S. government agencies	6,587,496		6,717,569		—		—		—		—		—		—		—		—		6,587,496		6,717,569
Private issue:
Alt-A loans	—		—		—		—		—		—		63,765		69,369		—		—		63,765		69,369
Jumbo-A loans	—		—		—		—		—		—		85,269		90,662		—		—		85,269		90,662
Total private issue	—		—		—		—		—		—		149,034		160,031		—		—		149,034		160,031
Total residential mortgage-backed securities	6,587,496		6,717,569		—		—		—		—		149,034		160,031		—		—		6,736,530		6,877,600
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,157,985		2,164,842		—		—		—		—		—		—		—		—		2,157,985		2,164,842
Other debt securities	—		—		4,400		4,150		5,005		5,005		—		—		—		—		9,405		9,155
Perpetual preferred stock	—		—		—		—		11,406		12,623		10,765		12,360		—		—		22,171		24,983
Equity securities and mutual funds	—		—		4		497		—		—		—		—		18,675		19,279		18,679		19,776
Total available for sale securities	$	8,746,481	$	8,883,412	$	42,908	$	44,203	$	26,978	$	27,675	$	159,799	$	172,391	$	29,902	$	30,494	$	9,006,068	$	9,158,175


¹	U.S. government and government sponsored enterprises are not rated by the nationally-recognized rating agencies as these securities are guaranteed by agencies of the U.S. government or government-sponsored enterprises.

Other-than-temporary impairement, Private Lable Mortgage-Backed Securities, Assumptions Used to Develop Projected Cash Flows [Table Text Block]

The primary assumptions used in this evaluation were:



	March 31, 2015	December 31, 2014	March 31, 2014

Unemployment rate	Held constant at 5.6% over the next 12 months and remain at 5.6% thereafter.	Held constant at 5.6% over the next 12 months and remain at 5.6% thereafter.	Held constant at 7.3% over the next 12 months and remains at 7.3% thereafter.
Housing price appreciation/depreciation	Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.2% over the next 12 months, then flat for the following 12 months and then appreciating at 2% per year thereafter.	Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.2% over the next 12 months, then flat for the following 12 months and then appreciating at 2% per year thereafter.	Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 4% over the next 12 months, then flat for the following 12 months and then appreciating at 2% per year thereafter.
Estimated liquidation costs	Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.	Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.	Reflect actual historical liquidations costs observed on Jumbo and Alt-A residential mortgage loans in securities owned by the Company.
Discount rates	Estimated cash flows were discounted at rates that range from 2.00% to 6.25% based on our current expected yields.	Estimated cash flows were discounted at rates that range from 2.00% to 6.25% based on our current expected yields.	Estimated cash flows were discounted at rates that range from 2.00% to 6.25% based on our current expected yields.

Schedule of Privately Issued Residential Mortgage-backed Securities [Table Text Block]



						Credit Losses Recognized
						Three months ended
						March 31, 2015			Life-to-date
	Number of Securities	Amortized Cost		Fair Value		Number of Securities	Amount		Number of Securities	Amount
Alt-A	14	$	63,765	$	69,369	1	$	92	14	$	36,219
Jumbo-A	30	85,269		90,662		—	—		29	18,220
Total	44	$	149,034	$	160,031	1	$	92	43	$	54,439

Rollforward Other-than-temporary Impairment Credit Losses Recognized in Earnings [Table Text Block]

The following is a tabular roll forward of the amount of credit-related OTTI recognized on available for sale debt securities in earnings (in thousands):



	Three Months Ended
	March 31,
	2015		2014
Balance of credit-related OTTI recognized on available for sale debt securities, beginning of period	$	54,347	$	67,346
Additions for credit-related OTTI not previously recognized	—		—
Additions for increases in credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost	92		—
Reductions for change in intent to hold before recovery	—		—
Sales	—		(12,999		)
Balance of credit-related OTTI recognized on available for sale debt securities, end of period	$	54,439	$	54,347

Fair Value Option Securities [Table Text Block]

The fair value and net unrealized gain (loss) included in fair value option securities is as follows (in thousands):



	March 31, 2015				December 31, 2014				March 31, 2014
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
U.S. agency residential mortgage-backed securities	$	434,077	$	4,271	$	311,597	$	1,624	$	156,525	$	(5,794	)
Other securities	—		—		—		—		4,359		284
Total	$	434,077	$	4,271	$	311,597	$	1,624	$	160,884	$	(5,510	)

Schedule of Restricted Equity Securities [Table Text Block]



	March 31, 2015		Dec. 31, 2014		March 31, 2014
Federal Reserve stock	$	35,018	$	35,018	$	33,741
Federal Home Loan Bank stock	177,667		106,476		51,902
Total	$	212,685	$	141,494	$	85,643