Investment Securities (Tables)

3 Months Ended

Mar. 31, 2017

Investment Securities

Amortized cost and estimated fair value by type of investment security

The amortized cost and estimated fair value by type of investment security at March 31, 2017 are as follows:

	Held to Maturity
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value
	(Dollars in Thousands)
Other securities	$	2,400	$	—	$	—	$	2,400	$	2,400
Total investment securities	$	2,400	$	—	$	—	$	2,400	$	2,400

	Available for Sale
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value(1)
	(Dollars in Thousands)
Residential mortgage-backed securities	$	4,022,345	$	19,789	$	(51,991)	$	3,990,143	$	3,990,143
Obligations of states and political subdivisions		239,106		10,820		(296)		249,630		249,630
Equity securities		28,075		278		(482)		27,871		27,871
Total investment securities	$	4,289,526	$	30,887	$	(52,769)	$	4,267,644	$	4,267,644

(1) Included in the carrying value of residential mortgage-backed securities are $799,348 of mortgage-backed securities issued by Ginnie Mae and $3,190,795 of mortgage-backed securities issued by Fannie Mae and Freddie Mac.

The amortized cost and estimated fair value by type of investment security at December 31, 2016 are as follows:

	Held to Maturity
			Gross		Gross
	Amortized		unrealized		unrealized		Estimated		Carrying
	cost		gains		losses		fair value		value
	(Dollars in Thousands)
Other securities	$	2,400	$	—	$	—	$	2,400	$	2,400
Total investment securities	$	2,400	$	—	$	—	$	2,400	$	2,400

	Available for Sale
			Gross		Gross		Estimated
	Amortized		unrealized		unrealized		fair		Carrying
	cost		gains		losses		value		value(1)
	(Dollars in Thousands)
Residential mortgage-backed securities	$	3,946,144	$	18,246	$	(69,920)	$	3,894,470	$	3,894,470
Obligations of states and political subdivisions		244,622		10,783		(433)		254,972		254,972
Equity securities		28,075		314		(482)		27,907		27,907
Total investment securities	$	4,218,841	$	29,343	$	(70,835)	$	4,177,349	$	4,177,349

(1) Included in the carrying value of residential mortgage-backed securities are $850,033 of mortgage-backed securities issued by Ginnie Mae, $3,026,832 of mortgage-backed securities issued by Fannie Mae and Freddie Mac and $17,605 issued by non-government entities.

Amortized cost and fair value of investment securities, by contractual maturity

	Held to Maturity				Available for Sale
	Amortized		Estimated		Amortized		Estimated
	Cost		fair value		Cost		fair value
	(Dollars in Thousands)
Due in one year or less	$	1,200	$	1,200	$	—	$	—
Due after one year through five years		1,200		1,200		—		—
Due after five years through ten years		—		—		1,939		2,025
Due after ten years		—		—		237,167		247,605
Residential mortgage-backed securities		—		—		4,022,345		3,990,143
Equity securities		—		—		28,075		27,871
Total investment securities	$	2,400	$	2,400	$	4,289,526	$	4,267,644

Gross unrealized losses on investment securities and the related fair value

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2017, were as follows:

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
	(Dollars in Thousands)
Available for sale:
Residential mortgage-backed securities	$	2,429,619	$	(41,397)	$	364,014	$	(10,594)	$	2,793,633	$	(51,991)
Obligations of states and political subdivisions		21,991		(296)		—		—		21,991		(296)
Equity securities		14,066		(184)		5,452		(298)		19,518		(482)
	$	2,465,676	$	(41,877)	$	369,466	$	(10,892)	$	2,835,142	$	(52,769)

Gross unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2016 were as follows:

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
	(Dollars in Thousands)
Available for sale:
Residential mortgage-backed securities	$	2,513,872	$	(52,245)	$	396,695	$	(17,675)	$	2,910,567	$	(69,920)
Obligations of states and political subdivisions		31,104		(433)		—		—		31,104		(433)
Equity securities		14,066		(184)		5,452		(298)		19,518		(482)
	$	2,559,042	$	(52,862)	$	402,147	$	(17,973)	$	2,961,189	$	(70,835)

Reconciliation of credit-related impairment charges on available-for-sale investment

The following tables present a reconciliation of credit-related impairment charges on available-for-sale investment recognized in earnings for the three months ended March 31, 2017 and March 31, 2016 (Dollars in Thousands):

Balance at December 31, 2016	$	13,931
Sale of other-than-temprarily impaired available-for-sale securities during period		(13,931)
Balance at March 31, 2017	$	—

Balance at December 31, 2015	$	13,577
Impairment charges recognized during period		124
Balance at March 31, 2016	$	13,701