MoneyGram 2004 Annual Report Download - page 63

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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The amortized cost and market value of securities at December 31, 2004, by contractual maturity, are shown below. Actual maturities may differ from
contractual maturities because borrowers may have the right to call or prepay obligations, sometimes without call or prepayment penalties. Maturities of
mortgage-backed and other asset-backed securities depend on the repayment characteristics and experience of the underlying obligations.
Amortized Market
Cost Value
(Dollars in thousands)
In one year or less $ 30,154 $ 30,566
After one year through five years 233,181 239,993
After five years through ten years 927,440 972,166
After ten years 484,507 511,939
Mortgage-backed and other asset-backed securities 4,442,162 4,523,963
Preferred and common stock 59,411 56,866
Total $ 6,176,855 $ 6,335,493
At December 31, 2004 and 2003, net unrealized gains of $158.6 million ($99.1 million net of tax) and $173.0 million ($105.3 million net of tax), respectively,
are included in the Consolidated Balance Sheets in "Accumulated other comprehensive income (loss)." During 2004, 2003 and 2002, $16.0 million,
$14.4 million and $10.3 million, respectively, was reclassified from "Accumulated other comprehensive income (loss)" to earnings in connection with the sale
of the underlying securities.
Gross realized gains and losses on sales of securities classified as available-for-sale, using the specific identification method, and other-than-temporary
impairments were as follows for the year ended December 31:
2004 2003 2002
(Dollars in thousands)
Gross realized gains $ 31,903 $ 26,058 $ 20,594
Gross realized losses (6,364) (3,019) (4,094)
Other-than-temporary impairments (15,932) (27,917) (25,777)
Net securities gains and losses $ 9,607 $ (4,878) $ (9,277)
At December 31, 2004, the investment portfolio had the following aged unrealized losses:
Less Than 12 months 12 Months or More Total
Unrealized Unrealized Unrealized
Fair Value Losses Fair Value Losses Fair Value Losses
(Dollars in thousands)
Obligations of states and political sub-divisions $ 14,749 $ (136) $ 8,789 $ (113) $ 23,538 $ (249)
Mortgage-backed and other asset-backed securities 1,207,356 (9,135) 169,746 (3,770) 1,377,102 (12,905)
U.S. government agencies 106,769 (718) — — 106,769 (718)
Corporate debt securities 171,492 (1,331) 7,296 (321) 178,788 (1,652)
Preferred and common stock 15,884 (1,063) 7,200 (2,800) 23,084 (3,863)
Total $ 1,516,250 $ (12,383) $ 193,031 $ (7,004) $ 1,709,281 $ (19,387)
F-19