Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Investment securities are summarized as follows:

	June 30, 2012
			Recognized in OCI ¹						Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	543,367	$	—	$	—	$	543,367	$	14,780	$	435	$	557,712
Asset-backed securities:
Trust preferred securities – banks and insurance	262,511		—		53,472		209,039		282		63,637		145,684
Other	23,383		—		2,873		20,510		246		8,542		12,214
Other debt securities	100		—		—		100		—		—		100
	$	829,361	$	—	$	56,345	$	773,016	$	15,308	$	72,614	$	715,710
Available-for-sale
U.S. Treasury securities	$	4,379	$	259	$	—	$	4,638					$	4,638
U.S. Government agencies and corporations:
Agency securities	138,364		5,298		138		143,524						143,524
Agency guaranteed mortgage-backed securities	476,200		20,463		50		496,613						496,613
Small Business Administration loan-backed securities	1,179,718		18,481		1,960		1,196,239						1,196,239
Municipal securities	118,189		3,273		2,385		119,077						119,077
Asset-backed securities:
Trust preferred securities – banks and insurance	1,757,601		13,052		844,019		926,634						926,634
Trust preferred securities – real estate investment trusts	40,361		—		25,930		14,431						14,431
Auction rate securities	7,149		94		77		7,166						7,166
Other	54,795		932		9,435		46,292						46,292
	3,776,756		61,852		883,994		2,954,614						2,954,614
Mutual funds and other	212,792		202		18		212,976						212,976
	$	3,989,548	$	62,054	$	884,012	$	3,167,590					$	3,167,590



	December 31, 2011
			Recognized in OCI ¹						Not recognized in OCI
(In thousands)	Amortized cost		Gross unrealized gains		Gross unrealized losses		Carrying value		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	564,468	$	—	$	—	$	564,468	$	8,807	$	1,083	$	572,192
Asset-backed securities:
Trust preferred securities – banks and insurance	262,853		—		40,546		222,307		207		78,191		144,323
Other	24,310		—		3,381		20,929		303		7,868		13,364
Other debt securities	100		—		—		100		—		5		95
	$	851,731	$	—	$	43,927	$	807,804	$	9,317	$	87,147	$	729,974
Available-for-sale
U.S. Treasury securities	$	4,330	$	304	$	—	$	4,634					$	4,634
U.S. Government agencies and corporations:
Agency securities	153,179		5,423		122		158,480						158,480
Agency guaranteed mortgage-backed securities	535,228		18,211		102		553,337						553,337
Small Business Administration loan-backed securities	1,153,039		12,119		4,496		1,160,662						1,160,662
Municipal securities	120,677		3,191		1,700		122,168						122,168
Asset-backed securities:
Trust preferred securities – banks and insurance	1,794,427		15,792		880,509		929,710						929,710
Trust preferred securities – real estate investment trusts	40,259		—		21,614		18,645						18,645
Auction rate securities	71,338		164		1,482		70,020						70,020
Other	64,646		1,028		15,302		50,372						50,372
	3,937,123		56,232		925,327		3,068,028						3,068,028
Mutual funds and other	162,606		167		6		162,767						162,767
	$	4,099,729	$	56,399	$	925,333	$	3,230,795					$	3,230,795

¹The gross unrealized losses recognized in OCI resulted from a previous transfer of available-for-sale (“AFS”) securities to held-to-maturity (“HTM”).

Contractual Maturities Debt Securities



	Held-to-maturity				Available-for-sale
(In thousands)	Amortized cost		Estimated fair value		Amortized cost		Estimated fair value
Due in one year or less	$	54,912	$	55,321	$	450,929	$	420,393
Due after one year through five years	207,047		201,654		1,108,393		1,006,558
Due after five years through ten years	172,813		154,922		690,377		602,812
Due after ten years	394,589		303,813		1,527,057		924,851
	$	829,361	$	715,710	$	3,776,756	$	2,954,614

Summary Of Amount Of Gross Unrealized Losses For Debt Securities And Estimated Fair Value

The following is a summary of the amount of gross unrealized losses for debt securities and the estimated fair value by length of time the securities have been in an unrealized loss position:

	June 30, 2012
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value
Held-to-maturity
Municipal securities	$	225	$	11,399	$	210	$	14,646	$	435	$	26,045
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		117,109		145,346		117,109		145,346
Other	—		—		11,415		11,232		11,415		11,232
	$	225	$	11,399	$	128,734	$	171,224	$	128,959	$	182,623
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	$	54	$	21,836	$	84	$	7,168	$	138	$	29,004
Agency guaranteed mortgage-backed securities	48		11,668		2		241		50		11,909
Small Business Administration loan-backed securities	235		56,975		1,725		165,355		1,960		222,330
Municipal securities	169		5,420		2,216		11,478		2,385		16,898
Asset-backed securities:
Trust preferred securities – banks and insurance	1,162		37,728		842,857		706,134		844,019		743,862
Trust preferred securities – real estate investment trusts	—		—		25,930		14,431		25,930		14,431
Auction rate securities	27		2,038		50		1,057		77		3,095
Other	—		—		9,435		15,701		9,435		15,701
	1,695		135,665		882,299		921,565		883,994		1,057,230
Mutual funds and other	18		20,053		—		—		18		20,053
	$	1,713	$	155,718	$	882,299	$	921,565	$	884,012	$	1,077,283



	December 31, 2011
	Less than 12 months				12 months or more				Total
(In thousands)	Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value		Gross unrealized losses		Estimated fair value


Held-to-maturity
Municipal securities	$	415	$	10,855	$	668	$	22,188	$	1,083	$	33,043
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		118,737		144,053		118,737		144,053
Other	—		—		11,249		13,364		11,249		13,364
Other debt securities	5		95		—		—		5		95
	$	420	$	10,950	$	130,654	$	179,605	$	131,074	$	190,555
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	$	60	$	13,308	$	62	$	3,880	$	122	$	17,188
Agency guaranteed mortgage-backed securities	102		52,267		—		—		102		52,267
Small Business Administration loan-backed securities	1,783		260,865		2,713		191,339		4,496		452,204
Municipal securities	1,305		15,011		395		4,023		1,700		19,034
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		880,509		695,365		880,509		695,365
Trust preferred securities – real estate investment trusts	—		—		21,614		18,645		21,614		18,645
Auction rate securities	158		27,998		1,324		34,115		1,482		62,113
Other	—		—		15,302		18,585		15,302		18,585
	3,408		369,449		921,919		965,952		925,327		1,335,401
Mutual funds and other	6		167		—		—		6		167
	$	3,414	$	369,616	$	921,919	$	965,952	$	925,333	$	1,335,568

Rollforward Of Total Amount Of Credit-Related OTTI

The following is a tabular rollforward of the total amount of credit-related OTTI, including amounts recognized in earnings:

(In thousands)	Three Months Ended June 30, 2012									Six Months Ended June 30, 2012
	HTM			AFS			Total			HTM			AFS			Total
Balance of credit-related OTTI at beginning of period	$	(6,126	)	$	(308,216	)	$	(314,342	)	$	(6,126	)	$	(314,860	)	$	(320,986	)
Additions recognized in earnings during the period:
Credit-related OTTI not previously recognized ¹	(341		)	—			(341		)	(341		)	—			(341		)
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis²	—			(6,967		)	(6,967		)	—			(17,176		)	(17,176		)
Subtotal of amounts recognized in earnings	(341		)	(6,967		)	(7,308		)	(341		)	(17,176		)	(17,517		)
Reductions for securities sold during the period				—			—						16,853			16,853
Balance of credit-related OTTI at end of period	$	(6,467	)	$	(315,183	)	$	(321,650	)	$	(6,467	)	$	(315,183	)	$	(321,650	)



(In thousands)	Three Months Ended June 30, 2011									Six Months Ended June 30, 2011
	HTM			AFS			Total			HTM			AFS			Total
Balance of credit-related OTTI at beginning of period	$	(5,357	)	$	(312,353	)	$	(317,710	)	$	(5,357	)	$	(335,682	)	$	(341,039	)
Additions recognized in earnings during the period:
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis²	—			(5,158		)	(5,158		)	—			(8,263		)	(8,263		)
Subtotal of amounts recognized in earnings	—			(5,158		)	(5,158		)	—			(8,263		)	(8,263		)
Reductions for securities sold during the period				27,302			27,302						53,736			53,736
Balance of credit-related OTTI at end of period	$	(5,357	)	$	(290,209	)	$	(295,566	)	$	(5,357	)	$	(290,209	)	$	(295,566	)

¹Relates to securities not previously impaired.

²Relates to additional impairment on securities previously impaired.

Noncredit Related OTTI



(In thousands)	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
HTM	$	16,718	$	—	$	16,718	$	—
AFS	—		1,181		8,064		1,181
	$	16,718	$	1,181	$	24,782	$	1,181

Gains And Losses, Including OTTI, Recognized In Statement Of Income

The following summarizes gains and losses, including OTTI, that were recognized in the statement of income:

		Three Months Ended										Six Months Ended
		June 30, 2012					June 30, 2011					June 30, 2012					June 30, 2011
	(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
	(In thousands)	Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses			Gross gains		Gross losses
	Investment securities:
	Held-to-maturity	$	49	$	341		$	71	$	—		$	98	$	341		$	117	$	—
	Available-for-sale	5,470		6,967			4,063		11,688			11,929		22,964			7,582		18,417
	Other noninterest-bearing investments:
	Nonmarketable equity securities	10,518		10,411			—		1,636			19,721		10,469			1,068		1,807
		16,037		17,719			4,134		13,324			31,748		33,774			8,767		20,224
	Net losses			$	(1,682	)			$	(9,190	)			$	(2,026	)			$	(11,457	)
	Statement of income information:
	Net impairment losses on investment securities			$	(7,308	)			$	(5,158	)			$	(17,517	)			$	(8,263	)
	Equity securities gains (losses), net			107					(1,636		)			9,252					(739		)
	Fixed income securities gains (losses), net			5,519					(2,396		)			6,239					(2,455		)
	Net losses			$	(1,682	)			$	(9,190	)			$	(2,026	)			$	(11,457	)

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 9

-Subparagraph (c)-(e)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 12

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 5.M)

-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 21

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 5

-Section M

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 115

-Paragraph 7, 13, 16, 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 320

-SubTopic 10

-Section 25

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

+ Details

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References+ Details