CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2011

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

4.           CASH AND CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS

              Cash and cash equivalents include cash, amounts due from banks, money-market funds, and other short-term investments with original maturities of less than 90 days. Short-term investments include short-term bank placements and overnight securities purchased under resale agreements, recorded at cost, which approximates market.

              The composition of cash and cash equivalents at December 31, 2011 and 2010 is presented as follows:

	December 31,
	2011		2010
	(Dollars in thousands)
Cash and amounts due from banks	$	761,892	$	1,028,929
Cash equivalents:
Money market funds		621		15,008
Other short-term investments		668,672		290,012
Total cash and cash equivalents	$	1,431,185	$	1,333,949

              Short-term investments include interest-bearing deposits in other banks and other short-term investments with original maturities of greater than 90 days and less than one year.

              The following table provides information on short-term investments as of and for the period ended December 31, 2011 and 2010.

	December 31,
	2011			2010
	(Dollars in thousands)
Balance at end of year	$	61,834		$	143,560
Average balance outstanding during the year		107,893			190,923
Maximum balance outstanding at any month-end		141,627			257,399
Weighted average interest rate at end of year		1.34	%		1.45	%