XML 44 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Securities Available for Sale and Held to Maturity (Tables)
 3 Months Ended
Mar. 31, 2014
Securities Available for Sale and Held to Maturity [Abstract]  
Amortized cost and estimated fair value of available for sale and held to maturity securities
The following table is a summary of the amortized cost and estimated fair value of securities available for sale and held to maturity ($ in thousands):

 
 
Securities Available for Sale
  
Securities Held to Maturity
 
 
 
  
Gross
  
Gross
  
Estimated
  
  
Gross
  
Gross
  
Estimated
 
 
 
Amortized
  
Unrealized
  
Unrealized
  
Fair
  
Amortized
  
Unrealized
  
Unrealized
  
Fair
 
March 31, 2014
 
Cost
  
Gains
  
(Losses)
  
Value
  
Cost
  
Gains
  
(Losses)
  
Value
 
U.S. Treasury securities
 
$
100
  
$
-
  
$
-
  
$
100
  
$
-
  
$
-
  
$
-
  
$
-
 
U.S. Government agency obligations
                                
Issued by U.S. Government agencies
  
124,095
   
813
   
(1,540
)
  
123,368
   
-
   
-
   
-
   
-
 
Issued by U.S. Government sponsored agencies
  
40,694
   
40
   
(133
)
  
40,601
   
100,361
   
292
   
(120
)
  
100,533
 
Obligations of states and political subdivisions
  
166,161
   
6,452
   
(176
)
  
172,437
   
65,757
   
3,032
   
-
   
68,789
 
Mortgage-backed securities
                                
Residential mortgage pass-through securities
                                
Guaranteed by GNMA
  
13,771
   
541
   
(49
)
  
14,263
   
12,177
   
201
   
(2
)
  
12,376
 
Issued by FNMA and FHLMC
  
229,915
   
3,511
   
(938
)
  
232,488
   
12,395
   
37
   
(10
)
  
12,422
 
Other residential mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,535,141
   
12,173
   
(17,246
)
  
1,530,068
   
822,135
   
3,020
   
(5,160
)
  
819,995
 
Commercial mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
225,065
   
7,199
   
(192
)
  
232,072
   
142,744
   
236
   
(2,489
)
  
140,491
 
Asset-backed securities and structured financial products
  
35,891
   
1,153
   
-
   
37,044
   
-
   
-
   
-
   
-
 
Total
 
$
2,370,833
  
$
31,882
  
$
(20,274
)
 
$
2,382,441
  
$
1,155,569
  
$
6,818
  
$
(7,781
)
 
$
1,154,606
 
 
                                
December 31, 2013
                                
U.S. Treasury securities
 
$
501
  
$
1
  
$
-
  
$
502
  
$
-
  
$
-
  
$
-
  
$
-
 
U.S. Government agency obligations
                                
Issued by U.S. Government agencies
  
129,653
   
1,125
   
(1,485
)
  
129,293
   
-
   
-
   
-
   
-
 
Issued by U.S. Government sponsored agencies
  
40,681
   
19
   
(521
)
  
40,179
   
100,159
   
-
   
(1,580
)
  
98,579
 
Obligations of states and political subdivisions
  
165,810
   
6,243
   
(315
)
  
171,738
   
65,987
   
2,806
   
(281
)
  
68,512
 
Mortgage-backed securities
                                
Residential mortgage pass-through securities
                                
Guaranteed by GNMA
  
14,099
   
459
   
(84
)
  
14,474
   
9,433
   
142
   
(72
)
  
9,503
 
Issued by FNMA and FHLMC
  
239,880
   
3,147
   
(1,909
)
  
241,118
   
12,724
   
30
   
(162
)
  
12,592
 
Other residential mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,300,375
   
12,459
   
(22,093
)
  
1,290,741
   
837,393
   
-
   
(15,072
)
  
822,321
 
Commercial mortgage-backed securities
                                
Issued or guaranteed by FNMA, FHLMC or GNMA
  
235,317
   
7,278
   
(423
)
  
242,172
   
143,032
   
85
   
(3,791
)
  
139,326
 
Asset-backed securities and structured financial products
  
62,689
   
1,248
   
-
   
63,937
   
-
   
-
   
-
   
-
 
Total
 
$
2,189,005
  
$
31,979
  
$
(26,830
)
 
$
2,194,154
  
$
1,168,728
  
$
3,063
  
$
(20,958
)
 
$
1,150,833
 
Securities with gross unrealized losses, segregated by length of impairment
The table below includes securities with gross unrealized losses segregated by length of impairment ($ in thousands):

 
 
Less than 12 Months
  
12 Months or More
  
Total
 
 
 
  
Gross
  
  
Gross
  
  
Gross
 
 
 
Estimated
  
Unrealized
  
Estimated
  
Unrealized
  
Estimated
  
Unrealized
 
March 31, 2014
 
Fair Value
  
(Losses)
  
Fair Value
  
(Losses)
  
Fair Value
  
(Losses)
 
U.S. Government agency obligations
 
  
  
  
  
  
 
Issued by U.S. Government agencies
 
$
74,562
  
$
(752
)
 
$
9,671
  
$
(788
)
 
$
84,233
  
$
(1,540
)
Issued by U.S. Government sponsored agencies
  
87,241
   
(253
)
  
-
   
-
   
87,241
   
(253
)
Obligations of states and political subdivisions
  
14,018
   
(166
)
  
583
   
(10
)
  
14,601
   
(176
)
Mortgage-backed securities
                        
Residential mortgage pass-through securities
                        
Guaranteed by GNMA
  
8,909
   
(49
)
  
156
   
(2
)
  
9,065
   
(51
)
Issued by FNMA and FHLMC
  
83,252
   
(948
)
  
-
   
-
   
83,252
   
(948
)
Other residential mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,266,804
   
(21,777
)
  
50,045
   
(629
)
  
1,316,849
   
(22,406
)
Commercial mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
151,393
   
(2,681
)
  
-
   
-
   
151,393
   
(2,681
)
Total
 
$
1,686,179
  
$
(26,626
)
 
$
60,455
  
$
(1,429
)
 
$
1,746,634
  
$
(28,055
)
 
                        
December 31, 2013
                        
U.S. Government agency obligations
                        
Issued by U.S. Government agencies
 
$
68,908
  
$
(1,485
)
 
$
-
  
$
-
  
$
68,908
  
$
(1,485
)
Issued by U.S. Government sponsored agencies
  
138,478
   
(2,101
)
  
-
   
-
   
138,478
   
(2,101
)
Obligations of states and political subdivisions
  
55,963
   
(586
)
  
796
   
(10
)
  
56,759
   
(596
)
Mortgage-backed securities
                        
Residential mortgage pass-through securities
                        
Guaranteed by GNMA
  
14,732
   
(155
)
  
161
   
(1
)
  
14,893
   
(156
)
Issued by FNMA and FHLMC
  
118,466
   
(2,071
)
  
-
   
-
   
118,466
   
(2,071
)
Other residential mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
1,534,381
   
(36,750
)
  
23,458
   
(415
)
  
1,557,839
   
(37,165
)
Commercial mortgage-backed securities
                        
Issued or guaranteed by FNMA, FHLMC or GNMA
  
177,412
   
(4,214
)
  
-
   
-
   
177,412
   
(4,214
)
Total
 
$
2,108,340
  
$
(47,362
)
 
$
24,415
  
$
(426
)
 
$
2,132,755
  
$
(47,788
)
Gains and losses as a result of calls and disposition of securities
Gains and losses as a result of calls and dispositions of securities, as well as any associated proceeds, were as follows ($ in thousands):

 
 
Three Months Ended March 31,
 
Available for Sale
 
2014
  
2013
 
Proceeds from calls and sales of securities
 
$
26,274
  
$
35,748
 
Gross realized gains
  
389
   
219
 
Gross realized (losses)
  
-
   
(15
)
Contractual maturities of available for sale and held to maturity securities
The amortized cost and estimated fair value of securities available for sale and held to maturity at March 31, 2014, by contractual maturity, are shown below ($ in thousands).  Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

 
 
Securities
  
Securities
 
 
 
Available for Sale
  
Held to Maturity
 
 
 
  
Estimated
  
  
Estimated
 
 
 
Amortized
  
Fair
  
Amortized
  
Fair
 
 
 
Cost
  
Value
  
Cost
  
Value
 
Due in one year or less
 
$
9,597
  
$
9,658
  
$
2,284
  
$
2,315
 
Due after one year through five years
  
126,829
   
130,841
   
12,984
   
13,928
 
Due after five years through ten years
  
70,137
   
72,255
   
134,545
   
136,620
 
Due after ten years
  
160,378
   
160,796
   
16,305
   
16,459
 
 
  
366,941
   
373,550
   
166,118
   
169,322
 
Mortgage-backed securities
  
2,003,892
   
2,008,891
   
989,451
   
985,284
 
Total
 
$
2,370,833
  
$
2,382,441
  
$
1,155,569
  
$
1,154,606