INVESTMENT SECURITIES (Tables)

9 Months Ended

Sep. 30, 2012

INVESTMENT SECURITIES

Investment securities available-for-sale portfolio

			Gross		Gross			Estimated
	Amortized		Unrealized		Unrealized			Fair
	Cost		Gains		Losses			Value
			(In thousands)
As of September 30, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	398,666	$	1,368	$	(2	)	$	400,032
U.S. Government agency and U.S. Government sponsored enterprise debt securities	197,384		661		—			198,045
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	80,225		5,601		—			85,826
Residential mortgage-backed securities	981,123		23,105		(331		)	1,003,897
Municipal securities	108,834		4,774		(11		)	113,597
Corporate debt securities:
Investment grade	441,908		315		(29,504		)	412,719
Non-investment grade (1)	22,493		119		(9,002		)	13,610
Other securities	9,863		262		(3		)	10,122
Total investment securities available-for-sale	$	2,240,496	$	36,205	$	(38,853	)	$	2,237,848
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 nine months ended September 30, 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
	September 30,
	2012		2011
	(In thousands)
Beginning balance, July 1	$	115,511	$	115,243
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	—		—
Reduction for securities sold	—		—
Ending balance	$	115,511	$	115,243

	Nine Months Ended
	September 30,
	2012		2011
	(In thousands)
Beginning balance, January 1	$	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 September 30, 2012
Investment securities available-for-sale:
U.S. Treasury securities	$	32,117	$	(2	)	$	—	$	—		$	32,117	$	(2	)
U.S. Government agency and U.S. Government sponsored enterprise debt securities	—		—			—		—			—		—
U.S. Government agency and U.S. Government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities	—		—			—		—			—		—
Residential mortgage-backed securities	105,847		(331		)	—		—			105,847		(331		)
Municipal securities	2,941		(11		)	—		—			2,941		(11		)
Corporate debt securities:
Investment grade	89,753		(5,248		)	315,533		(24,256		)	405,286		(29,504		)
Non-investment grade	—		—			11,131		(9,002		)	11,131		(9,002		)
Other securities	4,507		(3		)	—		—			4,507		(3		)
Total investment securities available-for-sale	$	235,165	$	(5,595	)	$	326,664	$	(33,258	)	$	561,829	$	(38,853	)

	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	$	238,822	$	234,661
Due after one year through five years	435,042		435,116
Due after five years through ten years	541,958		523,140
Due after ten years	1,024,674		1,044,931
Total investment securities available-for-sale	$	2,240,496	$	2,237,848