Securities (Tables)

6 Months Ended

Jun. 30, 2013

Securities

Schedule of amortized cost and estimated fair value of securities available-for-sale and held-to-maturity

	At June 30, 2013
(In Thousands)	AmortizedCost	GrossUnrealizedGains	GrossUnrealizedLosses		EstimatedFairValue
Available-for-sale:
Residential mortgage-backed securities:
GSE (1) issuance REMICs and CMOs (2)	$    222,623	$   1,440	$   (3,605	)	$    220,458
Non-GSE issuance REMICs and CMOs	9,175	3	(36	)	9,142
GSE pass-through certificates	18,566	937	(2	)	19,501
Total residential mortgage-backed securities	250,364	2,380	(3,643	)	249,101
Obligations of GSEs	98,673	—	(5,184	)	93,489
Fannie Mae stock	15	—	(14	)	1
Total securities available-for-sale	$    349,052	$   2,380	$   (8,841	)	$    342,591
Held-to-maturity:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$ 1,611,169	$ 17,832	$ (16,910	)	$ 1,612,091
Non-GSE issuance REMICs and CMOs	4,648	85	—		4,733
GSE pass-through certificates	195,520	5	(7,220	)	188,305
Total residential mortgage-backed securities	1,811,337	17,922	(24,130	)	1,805,129
Obligations of GSEs	80,924	—	(4,004	)	76,920
Other	622	—	—		622
Total securities held-to-maturity	$ 1,892,883	$ 17,922	$ (28,134	)	$ 1,882,671

(1) Government-sponsored enterprise

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

	At December 31, 2012
(In Thousands)	AmortizedCost	GrossUnrealizedGains	GrossUnrealizedLosses		EstimatedFairValue
Available-for-sale:
Residential mortgage-backed securities:
GSE issuance REMICs and CMOs	$    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

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 June 30, 2013
	Less Than Twelve Months		Twelve Months or Longer		Total
(In Thousands)	EstimatedFair Value	GrossUnrealizedLosses	EstimatedFair Value	GrossUnrealizedLosses	EstimatedFair Value	GrossUnrealizedLosses
Available-for-sale:
GSE issuance REMICs and CMOs	$ 186,581	$   (3,605)	$        —	$    —	$ 186,581	$   (3,605	)
Non-GSE issuance REMICs and CMOs	—	—	8,712	(36)	8,712	(36	)
GSE pass-through certificates	167	(1)	45	(1)	212	(2	)
Obligations of GSEs	93,489	(5,184)	—	—	93,489	(5,184	)
Fannie Mae stock	—	—	1	(14)	1	(14	)
Total temporarily impaired securities available-for-sale	$ 280,237	$   (8,790)	$   8,758	$   (51)	$ 288,995	$   (8,841	)
Held-to-maturity:
GSE issuance REMICs and CMOs	$ 662,993	$ (16,638)	$ 37,945	$ (272)	$ 700,938	$ (16,910	)
GSE pass-through certificates	188,174	(7,220)	—	—	188,174	(7,220	)
Obligations of GSEs	76,920	(4,004)	—	—	76,920	(4,004	)
Total temporarily impaired securities held-to-maturity	$ 928,087	$ (27,862)	$ 37,945	$ (272)	$ 966,032	$ (28,134	)

	At December 31, 2012
	Less Than Twelve Months		Twelve Months or Longer		Total
(In Thousands)	EstimatedFair Value	GrossUnrealizedLosses	EstimatedFair Value	GrossUnrealizedLosses	EstimatedFair Value	GrossUnrealizedLosses
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	)