Securities

12 Months Ended

Dec. 31, 2015

Marketable Securities [Abstract]

Securities [Text Block]

(2) Securities

Trading Securities

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

	December 31, 2015					December 31, 2014
	Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)
U.S. government agency debentures	$	61,295	$	(71	)	$	85,092	$	(62	)
U.S. government agency residential mortgage-backed securities	10,989		17			31,199		269
Municipal and other tax-exempt securities	31,901		210			38,951		18
Other trading securities	18,219		(16		)	33,458		(38		)
Total trading securities	$	122,404	$	140		$	188,700	$	187

Investment Securities

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

	December 31, 2015
	Amortized		Carrying		Fair		Gross Unrealized2
	Cost		Value1		Value		Gain		Loss
Municipal and other tax-exempt securities	$	365,258	$	365,258	$	368,910	$	3,935	$	(283	)
U.S. government agency residential mortgage-backed securities – Other	26,721		26,833		27,874		1,063		(22		)
Other debt securities	205,745		205,745		232,375		26,689		(59		)
Total investment securities	$	597,724	$	597,836	$	629,159	$	31,687	$	(364	)

¹  Carrying value includes$112 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 securities	$	405,090	$	405,090	$	408,344	$	4,205	$	(951	)
U.S. government 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 investment securities	$	651,745	$	652,360	$	673,626	$	22,874	$	(1,608	)

¹  Carrying value includes $615 thousand of net unrealized gain which remains in 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 December 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 securities:
Carrying value	$	56,431		$	257,290		$	17,585		$	33,952		$	365,258		3.28
Fair value	56,505			258,212			17,748			36,445			368,910
Nominal yield¹	1.46		%	1.85		%	3.16		%	5.77		%	2.22		%
Other debt securities:
Carrying value	$	11,423		$	43,383		$	86,461		$	64,478		$	205,745		8.64
Fair value	11,594			46,662			98,535			75,584			232,375
Nominal yield	4.27		%	4.57		%	5.67		%	5.96		%	5.45		%
Total fixed maturity securities:
Carrying value	$	67,854		$	300,673		$	104,046		$	98,430		$	571,003		5.21
Fair value	68,099			304,874			116,283			112,029			601,285
Nominal yield	1.94		%	2.24		%	5.24		%	5.89		%	3.38		%
Residential mortgage-backed securities:
Carrying value													$	26,833		³
Fair value													27,874
Nominal yield4													2.75		%
Total investment securities:
Carrying value													$	597,836
Fair value													629,159
Nominal yield													3.35		%

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 4.1 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

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

	December 31, 2015
	Amortized		Fair		Gross Unrealized1
	Cost		Value		Gain		Loss			OTTI²
U.S. Treasury securities	$	1,000	$	995	$	—	$	(5	)	$	—
Municipal and other tax-exempt securities	56,681		56,817		873		(737		)	—
Residential mortgage-backed securities:
U.S. government agencies:
FNMA	3,156,214		3,187,215		41,502		(10,501		)	—
FHLMC	1,940,915		1,949,335		14,727		(6,307		)	—
GNMA	763,967		761,801		2,385		(4,551		)	—
Other	—		—		—		—			—
Total U.S. government agencies	5,861,096		5,898,351		58,614		(21,359		)	—
Private issue:
Alt-A loans	56,387		62,574		6,574		—			(387		)
Jumbo-A loans	71,724		76,544		5,260		—			(440		)
Total private issue	128,111		139,118		11,834		—			(827		)
Total residential mortgage-backed securities	5,989,207		6,037,469		70,448		(21,359		)	(827		)
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,919,044		2,905,796		5,396		(18,644		)	—
Other debt securities	4,400		4,151		—		(249		)	—
Perpetual preferred stock	17,171		19,672		2,501		—			—
Equity securities and mutual funds	17,121		17,833		752		(40		)	—
Total available for sale securities	$	9,004,624	$	9,042,733	$	79,970	$	(41,034	)	$	(827	)

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 securities	$	1,005	$	1,005	$	—	$	—		$	—
Municipal and other tax-exempt securities	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 available for sale securities	$	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.

The amortized cost and fair values of available for sale securities at December 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 Years6			Total			Weighted Average Maturity5
U.S. Treasury securities:
Amortized cost	$	—		$	1,000		$	—		$	—		$	1,000		2.04
Fair value	—			995			—			—			995
Nominal yield	—		%	0.87		%	—		%	—		%	0.87		%
Municipal and other tax-exempt securities:
Amortized cost	9,733			22,433			2,776			21,739			56,681			8.03
Fair value	9,779			22,982			2,832			21,224			56,817
Nominal yield¹	3.35		%	4.38		%	3.67		%	2.01		%	3.26		%
Commercial mortgage-backed securities:
Amortized cost	—			822,161			1,756,875			340,008			2,919,044			7.39
Fair value	—			818,007			1,749,403			338,386			2,905,796
Nominal yield	—		%	1.57		%	2.08		%	1.23		%	1.84		%
Other debt securities:
Amortized cost	—			—			—			4,400			4,400			31.66
Fair value	—			—			—			4,151			4,151
Nominal yield	—		%	—		%	—		%	1.71		%	1.71		%
Total fixed maturity securities:
Amortized cost	$	9,733		$	845,594		$	1,759,651		$	366,147		$	2,981,125		7.44
Fair value	9,779			841,984			1,752,235			363,761			2,967,759
Nominal yield	3.35		%	1.65		%	2.08		%	1.28		%	1.86		%
Residential mortgage-backed securities:
Amortized cost													$	5,989,207		2
Fair value													6,037,469
Nominal yield4													1.95		%
Perpetual preferred stock. equity securities and mutual funds:
Amortized cost													$	34,292		³
Fair value													37,505
Nominal yield													—		%
Total available-for-sale securities:
Amortized cost													$	9,004,624
Fair value													9,042,733
Nominal yield													1.91		%

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

²  The average expected lives of mortgage-backed securities were 3.8 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):

	Year Ended December 31,
	2015			2014			2013
Proceeds	$	1,600,380		$	2,664,740		2,436,093
Gross realized gains	15,849			24,923			25,711
Gross realized losses	(3,791		)	(23,384		)	(14,991	)
Related federal and state income tax expense	4,691			599			4,170

A summary of investment and available for sale securities that have been pledged as collateral for repurchase agreements, public trust funds on deposit and for other purposes, as required by law was as follows (in thousands):

	December 31,
	2015		2014
Investment:
Carrying value	$	231,033	$	63,495
Fair value	234,382		65,855
Available for sale:
Amortized cost	6,831,743		5,855,220
Fair value	6,849,524		5,893,972

The secured parties do not have the right to sell or re-pledge these securities.

Temporarily Impaired Securities as of December 31, 2015

(In thousands)

	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Investment:
Municipal and other tax-exempt securities	73	$	127,319	$	207	$	13,380	$	77	$	140,699	$	284
U.S. Agency residential mortgage-backed securities – Other	1	5,533		22		—		—		5,533		22
Other debt securities	11	1,082		41		1,715		18		2,797		59
Total investment securities	85	$	133,934	$	270	$	15,095	$	95	$	149,029	$	365

	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
Treasury	1	$	995	$	5	$	—	$	—	$	995	$	5
Municipal and other tax-exempt securities	20	$	9,909	$	27	$	11,664	$	710	$	21,573	$	737
Residential mortgage-backed securities:
U.S. government agencies:
FNMA	55	1,188,022		10,262		18,236		239		1,206,258		10,501
FHLMC	40	726,713		4,827		77,545		1,480		804,258		6,307
GNMA	15	364,919		1,951		102,109		2,600		467,028		4,551
Total U.S. agencies	110	2,279,654		17,040		197,890		4,319		2,477,544		21,359
Private issue1:
Alt-A loans	4	—		—		9,264		387		9,264		387
Jumbo-A loans	8	—		—		8,482		440		8,482		440
Total private issue	12	—		—		17,746		827		17,746		827
Total residential mortgage-backed securities	122	2,279,654		17,040		215,636		5,146		2,495,290		22,186
Commercial mortgage-backed securities guaranteed by U.S. government agencies	213	1,582,469		11,419		484,258		7,225		2,066,727		18,644
Other debt securities	2	—		—		4,151		249		4,151		249
Perpetual preferred stock	—	—		—		—		—		—		—
Equity securities and mutual funds	61	782		5		991		35		1,773		40
Total available for sale securities	419	$	3,873,809	$	28,496	$	716,700	$	13,365	$	4,590,509	$	41,861

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

Temporarily Impaired Securities as of December 31, 2014

(In thousands)

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

	Number of Securities	Less Than 12 Months				12 Months or Longer				Total
		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Available for sale:
Municipal and other tax-exempt securities	22	$	10,838	$	12	$	12,176	$	729	$	23,014	$	741
Residential mortgage-backed securities:
U. S. government 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 stock	2	2,898		77		—		—		2,898		77
Equity securities and mutual funds	68	—		—		1,205		30		1,205		30
Total available for sale securities	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.

On a quarterly basis, the Company performs separate evaluations of impaired debt and equity investments and available for sale securities to determine if the unrealized losses are temporary.

For debt securities, management determines whether it intends to sell or if it is more-likely-than-not that it will be required to sell impaired securities. This determination considers current and forecasted liquidity requirements, regulatory and capital requirements and securities portfolio management. Based on this evaluation as of December 31, 2015, we do not intend to sell any impaired available for sale securities before fair value recovers to our current amortized cost and it is more-likely-than-not that we will not be required to sell impaired securities before fair value recovers, which may be maturity.

Impairment of debt securities rated investment grade by all nationally-recognized rating agencies is considered temporary unless specific contrary information is identified. None of the debt securities rated investment grade were considered to be other-than-temporarily impaired at December 31, 2015.

At December 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/GSE1				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	$	—	$	—	$	240,353	$	241,217	$	5,276	$	5,293	$	—	$	—	$	119,629	$	122,400	$	365,258	$	368,910
U.S. government agency mortgage-backed securities -- Other	26,833		27,874		—		—		—		—		—		—		—		—		26,833		27,874
Other debt securities	—		—		151,442		175,460		—		—		—		—		54,303		56,915		205,745		232,375
Total investment securities	$	26,833	$	27,874	$	391,795	$	416,677	$	5,276	$	5,293	$	—	$	—	$	173,932	$	179,315	$	597,836	$	629,159

	U.S. Govt / GSE1				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	$	995	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	1,000	$	995
Municipal and other tax-exempt	—		—		33,798		34,503		9,912		9,348		—		—		12,971		12,966		56,681		56,817
Residential mortgage-backed securities:
U. S. government agencies:
FNMA	3,156,214		3,187,215		—		—		—		—		—		—		—		—		3,156,214		3,187,215
FHLMC	1,940,915		1,949,335		—		—		—		—		—		—		—		—		1,940,915		1,949,335
GNMA	763,967		761,801		—		—		—		—		—		—		—		—		763,967		761,801
Other	—		—		—		—		—		—		—		—		—		—		—		—
Total U.S. government agencies	5,861,096		5,898,351		—		—		—		—		—		—		—		—		5,861,096		5,898,351
Private issue:
Alt-A loans	—		—		—		—		—		—		56,387		62,574		—		—		56,387		62,574
Jumbo-A loans	—		—		—		—		—		—		71,724		76,544		—		—		71,724		76,544
Total private issue	—		—		—		—		—		—		128,111		139,118		—		—		128,111		139,118
Total residential mortgage-backed securities	5,861,096		5,898,351		—		—		—		—		128,111		139,118		—		—		5,989,207		6,037,469
Commercial mortgage-backed securities guaranteed by U.S. government agencies	2,919,044		2,905,796		—		—		—		—		—		—		—		—		2,919,044		2,905,796
Other debt securities	—		—		4,400		4,151		—		—		—		—		—		—		4,400		4,151
Perpetual preferred stock	—		—		—		—		6,406		7,429		10,765		12,243		—		—		17,171		19,672
Equity securities and mutual funds	—		—		4		478		—		—		—		—		17,117		17,355		17,121		17,833
Total available for sale securities	$	8,781,140	$	8,805,142	$	38,202	$	39,132	$	16,318	$	16,777	$	138,876	$	151,361	$	30,088	$	30,321	$	9,004,624	$	9,042,733

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.

At December 31, 2015, the entire portfolio of privately issued residential mortgage-backed securities was rated below investment grade by at least one of the nationally-recognized rating agencies. The gross unrealized loss on these securities totaled $827 thousand. Ratings by the nationally-recognized rating agencies are subjective in nature and accordingly ratings can vary significantly amongst the agencies. Limitations generally expressed by the rating agencies include statements that ratings do not predict the specific percentage default likelihood over any given period of time and that ratings do not opine on expected loss severity of an obligation should the issuer default. As such, the impairment of securities rated below investment grade by at least one of the nationally-recognized rating agencies was evaluated to determine if we expect not to recover the entire amortized cost basis of the security. This evaluation was based on projections of estimated cash flows based on individual loans underlying each security using current and anticipated increases in unemployment and default rates, changes in housing prices and estimated liquidation costs at foreclosure.

The primary assumptions used in this evaluation were:

	December 31,
	2015	2014
Unemployment rate	Decreasing to 4.8% over the next 12 months and remain at 4.8% thereafter.	Held constant at 5.6% over the next 12 months and remain at 5.6% thereafter.
Housing price appreciation/depreciation	Starting with current depreciated housing prices based on information derived from the FHFA1, appreciating 3.5% 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.
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.
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.

¹  Federal Housing Finance Agency

We also consider the current loan-to-value ratio and remaining credit enhancement as part of the assessment of the cash flows available to recover the amortized cost of the debt securities. Each factor is considered in the evaluation.

The Company calculates the current loan-to-value ratio for each mortgage-backed security using loan-level data. Current loan-to-value ratio is the current outstanding loan amount divided by an estimate of the current home value. The current home value is derived from FHFA data. FHFA provides historical information on home price depreciation at both the Metropolitan Statistical Area and state level. This information is matched to each loan to estimate the home price depreciation. Data is accumulated from the loan level to determine the current loan-to-value ratio for the security as a whole.

Remaining credit enhancement is the amount of credit enhancement available to absorb current projected losses within the pool of loans that support the security. The Company acquires the benefit of credit enhancement by investing in super-senior tranches for many of our residential mortgage-backed securities. Subordinated tranches held by other investors are specifically designed to absorb losses before the super-senior tranches which added an additional layer to the typical credit support for these types of bonds. Current projected losses consider depreciation of home prices based on FHFA data, estimated costs and additional losses to liquidate collateral and delinquency status of the individual loans underlying the security.

Credit loss impairment is recorded as a charge to earnings. Additional impairment based on the difference between the total unrealized loss and the estimated credit loss on these securities was charged against other comprehensive income, net of deferred taxes.

The Company recognized $157 thousand credit loss impairment on private-label residential mortgage-backed securities in earnings during 2015. No credit loss impairment was recognized in earnings on private-label residential mortgage-backed securities in 2014 and $938 thousand was recognized in 2013.

The Company recognized a $1.4 million of credit loss impairment in 2013 on certain below investment grade municipal securities based on an assessment of the issuer's on-going financial difficulties and bankruptcy filing in 2011. These below investment grade municipal securities were subsequently redeemed by the issuer during 2013.

A distribution of the amortized cost (after recognition of the other-than-temporary impairment), fair value and credit loss impairments recognized on our privately issued residential mortgage-backed securities is as follows (in thousands, except for number of securities):

						Credit Losses Recognized
						Year Ended
						December 31, 2015			Life-to-date
	Number of Securities	Amortized Cost		Fair Value		Number of Securities	Amount		Number of Securities	Amount
Alt-A	14	$	56,387	$	62,574	4	$	157	14	$	36,284
Jumbo-A	30	71,724		76,544		—	—		29	18,220
Total	44	$	128,111	$	139,118	4	$	157	43	$	54,504

Impaired equity securities, including perpetual preferred stocks, are evaluated based on management's ability and intent to hold the securities until fair value recovers over periods not to exceed three years. The assessment of the ability and intent to hold these securities focuses on the liquidity needs, asset/liability management objectives and securities portfolio objectives. Factors considered when assessing recovery include forecasts of general economic conditions and specific performance of the issuer, analyst ratings and credit spreads for preferred stocks which have debt-like characteristics. The Company has evaluated the near-term prospects of the investments in relation to the severity and duration of the impairment and based on that evaluation has the ability and intent to hold these investments until a recovery in fair value. Based on this evaluation, $1.7 million of other-than-temporary impairment losses were recorded in earnings on equity securities during 2015. All remaining impairment of equity securities was considered temporary at December 31, 2015 and December 31, 2014. A $373 thousand other-than-temporary impairment loss related to equity securities was recorded in earnings in 2014 and no impairment losses were recognized on equity securities in 2013.

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):

	Year Ended December 31,
	2015		2014			2013
Balance of credit-related OTTI recognized on available for sale debt, beginning of period	$	54,347	$	67,346		$	75,228
Additions for credit-related OTTI not previously recognized	—		—			618
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	157		—			320
Reductions for change in intent to hold before recovery	—		—			(3,589		)
Sales	—		(12,999		)	(5,231		)
Balance of credit-related OTTI recognized on available for sale debt securities, end of period	$	54,504	$	54,347		$	67,346

Fair Value Option Securities

Fair value option securities represent securities which the Company has elected to carry at fair value and separately identified on the Consolidated Balance Sheets with changes in the fair value recognized in earnings as they occur. Certain residential mortgage-backed securities issued by U.S. government agencies and derivative contracts are held as an economic hedge of the mortgage servicing rights. 

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

	December 31, 2015					December 31, 2014
	Fair Value		Net Unrealized Gain (Loss)			Fair Value		Net Unrealized Gain (Loss)
U.S. agency residential mortgage-backed securities	$	444,217	$	(2,060	)	$	311,597	$	1,624

Restricted Equity Securities

Restricted equity securities include stock we are required to hold as members of the Federal Reserve system and the Federal Home Loan Banks ("FHLB"). Restricted equity securities are carried at cost as these securities do not have a readily determined fair value because ownership of these shares is restricted and they lack a market. A summary of restricted equity securities follows (in thousands):

	December 31,
	2015		2014
Federal Reserve Bank stock	$	36,148	$	35,018
Federal Home Loan Bank stock	237,365		106,476
Other	171		—
Total	$	273,684	$	141,494