Investment Securities (Tables)

9 Months Ended

Sep. 30, 2012



	September 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	$	511,354	$	—	$	—	$	511,354	$	13,674	$	922	$	524,106
Asset-backed securities:
Trust preferred securities – banks and insurance	262,078		—		52,997		209,081		231		90,575		118,737
Other	23,017		—		2,814		20,203		235		7,613		12,825
Other debt securities	100		—		—		100		—		—		100
	$	796,549	$	—	$	55,811	$	740,738	$	14,140	$	99,110	$	655,768
Available-for-sale
U.S. Treasury securities	$	4,405	$	237	$	—	$	4,642					$	4,642
U.S. Government agencies and corporations:
Agency securities	112,747		4,629		92		117,284						117,284
Agency guaranteed mortgage-backed securities	443,714		21,907		8		465,613						465,613
Small Business Administration loan-backed securities	1,152,178		24,107		1,003		1,175,282						1,175,282
Municipal securities	112,467		3,355		2,175		113,647						113,647
Asset-backed securities:
Trust preferred securities – banks and insurance	1,740,291		26,059		801,062		965,288						965,288
Trust preferred securities – real estate investment trusts	40,422		—		25,015		15,407						15,407
Auction rate securities	7,100		92		79		7,113						7,113
Other	51,519		838		6,982		45,375						45,375
	3,664,843		81,224		836,416		2,909,651						2,909,651
Mutual funds and other	216,721		820		—		217,541						217,541
	$	3,881,564	$	82,044	$	836,416	$	3,127,192					$	3,127,192



	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 on held-to-maturity (“HTM”) securities primarily resulted from a previous transfer of available-for-sale (“AFS”) securities to 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	$	49,885	$	50,155	$	450,217	$	416,979
Due after one year through five years	201,851		196,829		1,032,915		958,822
Due after five years through ten years	170,597		148,633		690,633		597,124
Due after ten years	374,216		260,151		1,491,078		936,726
	$	796,549	$	655,768	$	3,664,843	$	2,909,651

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:

	September 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	$	875	$	22,211	$	47	$	4,979	$	922	$	27,190
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		143,572		118,439		143,572		118,439
Other	—		—		10,427		11,968		10,427		11,968
	$	875	$	22,211	$	154,046	$	135,386	$	154,921	$	157,597
Available-for-sale
U.S. Government agencies and corporations:
Agency securities	$	11	$	6,922	$	81	$	6,993	$	92	$	13,915
Agency guaranteed mortgage-backed securities	7		1,482		1		236		8		1,718
Small Business Administration loan-backed securities	194		42,067		809		72,357		1,003		114,424
Municipal securities	58		5,491		2,117		11,401		2,175		16,892
Asset-backed securities:
Trust preferred securities – banks and insurance	—		—		801,062		739,539		801,062		739,539
Trust preferred securities – real estate investment trusts	—		—		25,015		15,407		25,015		15,407
Auction rate securities	—		—		79		3,044		79		3,044
Other	112		24,888		6,870		15,337		6,982		40,225
	382		80,850		836,034		864,314		836,416		945,164
Mutual funds and other	—		—		—		—		—		—
	$	382	$	80,850	$	836,034	$	864,314	$	836,416	$	945,164



	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 September 30, 2012									Nine Months Ended September 30, 2012
	HTM			AFS			Total			HTM			AFS			Total
Balance of credit-related OTTI at beginning of period	$	(6,467	)	$	(315,183	)	$	(321,650	)	$	(6,126	)	$	(314,860	)	$	(320,986	)
Additions recognized in earnings during the period:
Credit-related OTTI not previously recognized ¹	—			—			—			(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	(657		)	(2,079		)	(2,736		)	(657		)	(19,255		)	(19,912		)
Subtotal of amounts recognized in earnings	(657		)	(2,079		)	(2,736		)	(998		)	(19,255		)	(20,253		)
Reductions for securities sold during the period				—			—						16,853			16,853
Balance of credit-related OTTI at end of period	$	(7,124	)	$	(317,262	)	$	(324,386	)	$	(7,124	)	$	(317,262	)	$	(324,386	)



(In thousands)	Three Months Ended September 30, 2011									Nine Months Ended September 30, 2011
	HTM			AFS			Total			HTM			AFS			Total
Balance of credit-related OTTI at beginning of period	$	(5,357	)	$	(290,209	)	$	(295,566	)	$	(5,357	)	$	(335,682	)	$	(341,039	)
Additions recognized in earnings during the period:
Credit-related OTTI not previously recognized ¹	(769		)	(3,007		)	(3,776		)	(769		)	(3,007		)	(3,776		)
Credit-related OTTI previously recognized when there is no intent to sell and no requirement to sell before recovery of amortized cost basis²	—			(9,558		)	(9,558		)	—			(17,821		)	(17,821		)
Subtotal of amounts recognized in earnings	(769		)	(12,565		)	(13,334		)	(769		)	(20,828		)	(21,597		)
Reductions for securities sold during the period				—			—						53,736			53,736
Balance of credit-related OTTI at end of period	$	(6,126	)	$	(302,774	)	$	(308,900	)	$	(6,126	)	$	(302,774	)	$	(308,900	)

¹Relates to securities not previously impaired.

²Relates to additional impairment on securities previously impaired.

Noncredit Related OTTI



(In thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
HTM	$	—	$	20,945	$	16,718	$	20,945
AFS	1,140		21,251		9,204		22,432
	$	1,140	$	42,196	$	25,922	$	43,377

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										Nine Months Ended
		September 30, 2012					September 30, 2011					September 30, 2012					September 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	$	22	$	657		$	85	$	769		$	120	$	998		$	202	$	769
	Available-for-sale	3,026		2,081			12,950		12,565			14,955		25,045			20,532		30,982
	Other noninterest-bearing investments:
	Nonmarketable equity securities	3,230		547			5,482		193			22,951		11,016			6,550		2,000
		6,278		3,285			18,517		13,527			38,026		37,059			27,284		33,751
	Net gains (losses)			$	2,993				$	4,990				$	967				$	(6,467	)
	Statement of income information:
	Net impairment losses on investment securities			$	(2,736	)			$	(13,334	)			$	(20,253	)			$	(21,597	)
	Equity securities gains, net			2,683					5,289					11,935					4,550
	Fixed income securities gains, net			3,046					13,035					9,285					10,580
	Net gains (losses)			$	2,993				$	4,990				$	967				$	(6,467	)

- 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