INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2012

INVESTMENT SECURITIES

Investment securities available-for-sale portfolio

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
	(In thousands)
As of March 31, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	19,903	$	715	$	—		$	20,618
U.S. Government agency and U.S. Government sponsored enterprise debt securities	514,003		844		(525		)	514,322
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	46,248		3,135		—			49,383
Residential mortgage-backed securities	893,214		31,786		(369		)	924,631
Municipal securities	78,414		4,358		—			82,772
Corporate debt securities:
Investment grade	1,151,013		7,227		(67,631		)	1,090,609
Non-investment grade (1)	24,616		13		(10,707		)	13,922
Other securities	10,276		187		—			10,463
Total investment securities available-for-sale	$	2,737,687	$	48,265	$	(79,232	)	$	2,706,720
As of December 31, 2011
Investment securities available-for-sale:
U.S. Treasury securities	$	19,892	$	833	$	—		$	20,725
U.S. Government agency and U.S. Government sponsored enterprise debt securities	575,148		1,709		(279		)	576,578
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	46,008		3,307		—			49,315
Residential mortgage-backed securities	963,688		30,854		(772		)	993,770
Municipal securities	76,255		3,696		(5		)	79,946
Corporate debt securities:
Investment grade	1,411,409		6,762		(95,610		)	1,322,561
Non-investment grade (1)	30,693		—		(11,078		)	19,615
Other securities	9,875		195		(2		)	10,068
Total investment securities available-for-sale	$	3,132,968	$	47,356	$	(107,746	)	$	3,072,578

(1)For the three months ended March 31, 2012, the Company recorded $99 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities in other comprehensive income. The Company recorded $633 thousand, on a pre-tax basis, of the credit portion of OTTI through earnings and $5.1 million of the non-credit portion of OTTI for pooled trust preferred securities and other mortgage-backed securities in other comprehensive income for the year ended December 31, 2011.

Schedule of other than temporary impairment, credit losses recognized in earnings

	Three Months Ended
	March 31,
	2012		2011
	(In thousands)
Beginning balance	$	115,412	$	124,340
Addition of other-than-temporary impairment that was not previously recognized	—		—
Additional increases to the amount related to the credit loss for which an other-than-temporary impairment was previously recognized	99		464
Reduction for securities sold	—		(9,561		)
Ending balance	$	115,511	$	115,243

Gross unrealized losses and related fair values of investment securities available-for-sale

	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
As of March 31, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	—	$	—		$	—	$	—		$	—	$	—
U.S. Government agency and U.S. Government sponsored enterprise debt securities	141,223		(525		)	—		—			141,223		(525		)
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—			—		—			—		—
Residential mortgage-backed securities	93,968		(369		)	—		—			93,968		(369		)
Municipal securities	—		—			—		—			—		—
Corporate debt securities:
Investment grade	450,019		(30,057		)	357,426		(37,574		)	807,445		(67,631		)
Non-investment grade	2,352		(30		)	9,389		(10,677		)	11,741		(10,707		)
Other securities	—		—			—		—			—		—
Total investment securities available-for-sale	$	687,562	$	(30,981	)	$	366,815	$	(48,251	)	$	1,054,377	$	(79,232	)

	Less Than 12 Months					12 Months or More					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
	(In thousands)
As of December 31, 2011
Investment securities available-for-sale:
U.S. Treasury securities	$	—	$	—		$	—	$	—		$	—	$	—
U.S. Government agency and U.S. Government sponsored enterprise debt securities	143,265		(279		)	—		—			143,265		(279		)
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—			—		—			—		—
Residential mortgage-backed securities	195,393		(772		)	—		—			195,393		(772		)
Municipal securities	1,158		(5		)	—		—			1,158		(5		)
Corporate debt securities:
Investment grade	754,055		(61,935		)	350,181		(33,675		)	1,104,236		(95,610		)
Non-investment grade	9,973		(565		)	9,595		(10,513		)	19,568		(11,078		)
Other securities	4,503		(2		)	—		—			4,503		(2		)
Total investment securities available-for-sale	$	1,108,347	$	(63,558	)	$	359,776	$	(44,188	)	$	1,468,123	$	(107,746	)

Schedule maturities of investment securities

	Amortized		Estimated
	Cost		Fair Value
	(In thousands)
Due within one year	$	625,794	$	621,332
Due after one year through five years	252,183		248,610
Due after five years through ten years	880,483		829,519
Due after ten years	979,227		1,007,259
Total investment securities available-for-sale	$	2,737,687	$	2,706,720