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Securities (Tables)
 12 Months Ended
Dec. 31, 2012
Securities  
Schedule of amortized cost and estimated fair value of securities available-for-sale and held-to-maturity

 

 

 

At December 31, 2012

(In Thousands)

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Estimated
Fair
Value

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs (1)

 

$

200,152

 

$

5,258

 

$

(583)

 

$

204,827

 

Non-GSE issuance REMICs and CMOs

 

11,296

 

9

 

(86)

 

11,219

 

GSE pass-through certificates

 

20,348

 

1,029

 

(2)

 

21,375

 

Total residential mortgage-backed securities

 

231,796

 

6,296

 

(671)

 

237,421

 

Obligations of GSEs

 

98,670

 

214

 

(5)

 

98,879

 

Fannie Mae stock

 

15

 

-

 

(15)

 

-

 

Total securities available-for-sale

 

$

330,481

 

$

6,510

 

$

(691)

 

$

336,300

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

1,693,437

 

$

27,787

 

$

(2,955)

 

$

1,718,269

 

Non-GSE issuance REMICs and CMOs

 

5,791

 

112

 

-

 

5,903

 

GSE pass-through certificates

 

257

 

6

 

(1)

 

262

 

Total residential mortgage-backed securities

 

1,699,485

 

27,905

 

(2,956)

 

1,724,434

 

Other

 

656

 

-

 

-

 

656

 

Total securities held-to-maturity

 

$

1,700,141

 

$

27,905

 

$

(2,956)

 

$

1,725,090

 

 

(1) Real estate mortgage investment conduits and collateralized mortgage obligations

 

 

At December 31, 2011

(In Thousands)

 

Amortized
Cost

 

Gross
Unrealized
Gains

 

Gross
Unrealized
Losses

 

Estimated
Fair
Value

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

286,862

 

$

11,759

 

$

(1)

 

$

298,620

 

Non-GSE issuance REMICs and CMOs

 

16,092

 

-

 

(297)

 

15,795

 

GSE pass-through certificates

 

24,168

 

1,026

 

(2)

 

25,192

 

Total residential mortgage-backed securities

 

327,122

 

12,785

 

(300)

 

339,607

 

Freddie Mac and Fannie Mae stock

 

15

 

4,580

 

(15)

 

4,580

 

Total securities available-for-sale

 

$

327,137

 

$

17,365

 

$

(315)

 

$

344,187

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

Residential mortgage-backed securities:

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

2,054,380

 

$

45,929

 

$

(146)

 

$

2,100,163

 

Non-GSE issuance REMICs and CMOs

 

15,105

 

92

 

(1)

 

15,196

 

GSE pass-through certificates

 

475

 

24

 

-

 

499

 

Total residential mortgage-backed securities

 

2,069,960

 

46,045

 

(147)

 

2,115,858

 

Obligations of GSEs

 

57,868

 

140

 

-

 

58,008

 

Obligations of states and political subdivisions

 

2,976

 

83

 

-

 

3,059

 

Total securities held-to-maturity

 

$

2,130,804

 

$

46,268

 

$

(147)

 

$

2,176,925

 
Schedule of estimated fair values of securities with gross unrealized losses in continuous unrealized loss position for less than twelve months and for twelve months or longer

 

 

At December 31, 2012

 

 Less Than Twelve Months

 

Twelve Months or Longer

 

Total

(In Thousands)

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

67,841

 

 

$

(583

)

 

$

-

 

 

$

-

 

 

$

67,841

 

 

$

(583

)

 

Non-GSE issuance REMICs and CMOs

 

-

 

 

-

 

 

10,709

 

 

(86

)

 

10,709

 

 

(86

)

 

GSE pass-through certificates

 

57

 

 

(1

)

 

47

 

 

(1

)

 

104

 

 

(2

)

 

Obligations of GSEs

 

24,995

 

 

(5

)

 

-

 

 

-

 

 

24,995

 

 

(5

)

 

Fannie Mae stock

 

-

 

 

-

 

 

-

 

 

(15

)

 

-

 

 

(15

)

 

Total temporarily impaired securities available-for-sale

 

$

92,893

 

 

$

(589

)

 

$

10,756

 

 

$

(102

)

 

$

103,649

 

 

$

(691

)

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

413,651

 

 

$

(2,759

)

 

$

12,259

 

 

$

(196

)

 

$

425,910

 

 

$

(2,955

)

 

GSE pass-through certificates

 

48

 

 

(1

)

 

-

 

 

-

 

 

48

 

 

(1

)

 

Total temporarily impaired securities held-to-maturity

 

$

413,699

 

 

$

(2,760

)

 

$

12,259

 

 

$

(196

)

 

$

425,958

 

 

$

(2,956

)

 

 

 

At December 31, 2011

 

 Less Than Twelve Months

 

Twelve Months or Longer

 

Total

(In Thousands)

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Estimated
Fair Value

 

Gross
Unrealized
Losses

 

Available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

360

 

 

$

(1

)

 

$

-

 

 

$

-

 

 

$

360

 

 

$

(1

)

 

Non-GSE issuance REMICs and CMOs

 

495

 

 

(21

)

 

15,261

 

 

(276

)

 

15,756

 

 

(297

)

 

GSE pass-through certificates

 

623

 

 

(2

)

 

-

 

 

-

 

 

623

 

 

(2

)

 

Freddie Mac and Fannie Mae stock

 

-

 

 

-

 

 

-

 

 

(15

)

 

-

 

 

(15

)

 

Total temporarily impaired securities available-for-sale

 

$

1,478

 

 

$

(24

)

 

$

15,261

 

 

$

(291

)

 

$

16,739

 

 

$

(315

)

 

Held-to-maturity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GSE issuance REMICs and CMOs

 

$

53,347

 

 

$

(146

)

 

$

-

 

 

$

-

 

 

$

53,347

 

 

$

(146

)

 

Non-GSE issuance REMICs and CMOs

 

1,247

 

 

(1

)

 

-

 

 

-

 

 

1,247

 

 

(1

)

 

Total temporarily impaired securities held-to-maturity

 

$

54,594

 

 

$

(147

)

 

$

-

 

 

$

-

 

 

$

54,594

 

 

$

(147

)