|
INVESTMENT SECURITIES (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| INVESTMENT SECURITIES |
|
| Amortized cost and estimated fair value of investments in debt and equity securities |
|
|
|
December 31, 2013 |
|
|
|
|
Investment Securities Available-for-Sale |
|
|
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(Dollars in thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Sponsored Enterprise (“GSE”) and Agency Notes |
|
$ |
12,968 |
|
$ |
— |
|
$ |
51 |
|
$ |
12,917 |
|
|
GNMA guaranteed mortgage certificates |
|
5,815 |
|
204 |
|
— |
|
6,019 |
|
|
GSE mortgage-backed securities |
|
840,787 |
|
9,538 |
|
17,227 |
|
833,098 |
|
|
Collateralized mortgage obligations |
|
98,708 |
|
82 |
|
2,361 |
|
96,429 |
|
|
Municipal bonds |
|
65,593 |
|
1,836 |
|
— |
|
67,429 |
|
|
Money market, mutual funds and certificates of deposit |
|
18,337 |
|
— |
|
49 |
|
18,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,042,208 |
|
$ |
11,660 |
|
$ |
19,688 |
|
$ |
1,034,180 |
|
|
|
|
December 31, 2013 |
|
|
|
|
Investment Securities Held-to-Maturity |
|
|
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
|
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
GSE mortgage-backed securities |
|
$ |
502,556 |
|
$ |
650 |
|
$ |
14,389 |
|
$ |
488,817 |
|
|
Collateralized mortgage obligations |
|
20,863 |
|
61 |
|
654 |
|
20,270 |
|
|
Municipal bonds |
|
3,410 |
|
125 |
|
— |
|
3,535 |
|
|
Foreign bonds |
|
2,000 |
|
11 |
|
— |
|
2,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
528,829 |
|
$ |
847 |
|
$ |
15,043 |
|
$ |
514,633 |
|
|
|
|
December 31, 2012 |
|
|
|
|
Investment Securities Available-for-Sale |
|
|
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
(Dollars in thousands) |
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Government Sponsored Enterprise (“GSE”) and Agency Notes |
|
$ |
26,085 |
|
$ |
282 |
|
$ |
— |
|
$ |
26,367 |
|
|
GNMA guaranteed mortgage certificates |
|
6,732 |
|
254 |
|
— |
|
6,986 |
|
|
GSE mortgage-backed securities |
|
940,452 |
|
25,416 |
|
186 |
|
965,682 |
|
|
Collateralized mortgage obligations |
|
157,581 |
|
1,250 |
|
364 |
|
158,467 |
|
|
Municipal bonds |
|
75,534 |
|
4,479 |
|
— |
|
80,013 |
|
|
Pooled trust preferred securities |
|
10,382 |
|
— |
|
1,660 |
|
8,722 |
|
|
Money market, mutual funds and certificates of deposit |
|
21,110 |
|
144 |
|
— |
|
21,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,237,876 |
|
$ |
31,825 |
|
$ |
2,210 |
|
$ |
1,267,491 |
|
|
|
|
December 31, 2012 |
|
|
|
|
Investment Securities Held-to-Maturity |
|
|
|
|
|
|
Gross |
|
Gross |
|
Estimated |
|
|
|
|
Amortized |
|
Unrealized |
|
Unrealized |
|
Fair |
|
|
|
|
Cost |
|
Gains |
|
Losses |
|
Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
GNMA guaranteed mortgage certificates |
|
$ |
536 |
|
$ |
1 |
|
$ |
— |
|
$ |
537 |
|
|
GSE mortgage-backed securities |
|
430,256 |
|
9,781 |
|
— |
|
440,037 |
|
|
Collateralized mortgage obligations |
|
38,909 |
|
135 |
|
— |
|
39,044 |
|
|
Municipal bonds |
|
5,497 |
|
182 |
|
— |
|
5,679 |
|
|
Foreign bonds |
|
2,000 |
|
10 |
|
— |
|
2,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
477,198 |
|
$ |
10,109 |
|
$ |
— |
|
$ |
487,307 |
| |
| Summary of continuous unrealized loss position for periods of less than 12 months and 12 months or longer |
|
|
|
At December 31, 2013 |
|
|
|
|
Less than 12 months |
|
12 months or longer |
|
Total |
|
|
|
|
|
|
Unrealized |
|
|
|
Unrealized |
|
|
|
Unrealized |
|
|
(Dollars in thousands) |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
|
GSE and agency notes |
|
$ |
12,816 |
|
$ |
51 |
|
$ |
— |
|
$ |
— |
|
$ |
12,816 |
|
$ |
51 |
|
|
Mortgage-backed securities |
|
1,075,483 |
|
31,616 |
|
— |
|
— |
|
1,075,483 |
|
31,616 |
|
|
Collateralized mortgage obligations |
|
71,780 |
|
876 |
|
36,463 |
|
2,139 |
|
108,243 |
|
3,015 |
|
|
Subtotal, debt securities |
|
$ |
1,160,079 |
|
$ |
32,543 |
|
$ |
36,463 |
|
$ |
2,139 |
|
$ |
1,196,542 |
|
$ |
34,682 |
|
|
Mutual Funds |
|
1,261 |
|
49 |
|
— |
|
— |
|
1,261 |
|
49 |
|
|
Total temporarily impaired securities |
|
$ |
1,161,340 |
|
$ |
32,592 |
|
$ |
36,463 |
|
$ |
2,139 |
|
$ |
1,197,803 |
|
$ |
34,731 |
|
|
|
|
At December 31, 2012 |
|
|
|
|
Less than 12 months |
|
12 months or longer |
|
Total |
|
|
|
|
|
|
Unrealized |
|
|
|
Unrealized |
|
|
|
Unrealized |
|
|
(Dollars in thousands) |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
Fair Value |
|
Losses |
|
|
Mortgage-backed securities |
|
$ |
24,184 |
|
$ |
186 |
|
$ |
— |
|
$ |
— |
|
$ |
24,184 |
|
$ |
186 |
|
|
Pooled trust preferred securities |
|
— |
|
— |
|
8,722 |
|
1,660 |
|
8,722 |
|
1,660 |
|
|
Collateralized mortgage obligations |
|
68,565 |
|
364 |
|
— |
|
— |
|
68,565 |
|
364 |
|
|
Total temporarily impaired securities |
|
$ |
92,749 |
|
$ |
550 |
|
$ |
8,722 |
|
$ |
1,660 |
|
$ |
101,471 |
|
$ |
2,210 |
| |
| Summary of maturities investment securities |
|
|
|
December 31, 2013 |
|
December 31, 2012 |
|
|
|
|
Amortized |
|
Estimated |
|
Amortized |
|
Estimated |
|
|
(Dollars are in thousands) |
|
Cost |
|
Fair Value |
|
Cost |
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
Available-for-sale: |
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
4,241 |
|
$ |
4,286 |
|
$ |
5,635 |
|
$ |
5,696 |
|
|
Due after one year through five years |
|
8,016 |
|
8,328 |
|
6,415 |
|
6,643 |
|
|
Due after five years through ten years |
|
49,623 |
|
50,659 |
|
61,677 |
|
64,402 |
|
|
Due after ten years |
|
16,693 |
|
17,085 |
|
38,459 |
|
38,546 |
|
|
Mortgage-backed securities |
|
945,310 |
|
935,546 |
|
1,104,765 |
|
1,131,135 |
|
|
Money market and mutual funds |
|
18,325 |
|
18,276 |
|
20,925 |
|
21,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,042,208 |
|
$ |
1,034,180 |
|
$ |
1,237,876 |
|
$ |
1,267,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Held-to-maturity: |
|
|
|
|
|
|
|
|
|
|
Due in one year or less |
|
$ |
2,540 |
|
$ |
2,573 |
|
$ |
4,142 |
|
$ |
4,177 |
|
|
Due after one year through five years |
|
2,490 |
|
2,543 |
|
2,850 |
|
2,913 |
|
|
Due after five years through ten years |
|
380 |
|
430 |
|
505 |
|
599 |
|
|
Due after ten years |
|
— |
|
— |
|
— |
|
— |
|
|
Mortgage-backed securities |
|
523,419 |
|
509,087 |
|
469,701 |
|
479,618 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
528,829 |
|
$ |
514,633 |
|
$ |
477,198 |
|
$ |
487,307 |
| |