Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 18.   Fair Value Measurements

We use fair value measurements to record fair value adjustments to certain of our assets and liabilities and to determine fair value disclosures. Investment securities, available-for-sale, warrants and derivatives are recorded at fair value on a recurring basis. In addition, we may be required, in specific circumstances, to measure certain of our assets at fair value on a nonrecurring basis, including investment securities, held-to-maturity, loans held for sale, loans held for investment, REO and certain other investments.

Fair Value Determination

Fair value is based on quoted market prices or by using market based inputs where available. Given the nature of some of our assets and liabilities, clearly determinable market based valuation inputs are often not available; therefore, these assets and liabilities are valued using internal estimates. As subjectivity exists with respect to many of our valuation estimates used, the fair values we have disclosed may not equal prices that we may ultimately realize if the assets are sold or the liabilities settled with third parties.

Below is a description of the valuation methods for our assets and liabilities recorded at fair value on either a recurring or nonrecurring basis. While we believe the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain assets and liabilities could result in a different estimate of fair value at the measurement date.

Assets and Liabilities

Cash

Cash and cash equivalents and restricted cash are recorded at historical cost. The carrying amount is a reasonable estimate of fair value as these instruments have short-term maturities and interest rates that approximate market.

Investment Securities, Available-for-Sale

Investment securities, available-for-sale, consist of U.S. Treasury bills, Agency discount notes, Agency callable notes, Agency debt, Agency MBS, Non-agency MBS, and corporate debt securities that are carried at fair value on a recurring basis and classified as available-for-sale securities. Fair value adjustments on these investments are generally recorded through other comprehensive income. However, if impairment on an investment, available-for-sale is deemed to be other-than-temporary, all or a portion of the fair value adjustment may be reported in earnings. The securities are valued using quoted prices from external market participants, including pricing services. If quoted prices are not available, the fair value is determined using quoted prices of securities with similar characteristics or independent pricing models, which utilize observable market data such as benchmark yields, reported trades and issuer spreads. These securities are primarily classified within Level 2 of the fair value hierarchy.

Investment securities, available-for-sale, also consist of a collateralized loan obligation, which include the interests we hold in the deconsolidated 2006-A Trust, and a municipal bond, whose values are determined using internally developed valuation models. These models may utilize discounted cash flow techniques for which key inputs include the timing and amount of future cash flows and market yields. Market yields are based on comparisons to other instruments for which market data is available. These models may also utilize industry valuation benchmarks, such as multiples of EBITDA, to determine a value for the underlying enterprise. Given the lack of active and observable trading in the market, our collateralized loan obligation and municipal bond are classified in Level 3.

Investment securities, available-for-sale, also consist of equity securities which are valued using the stock price of the underlying company in which we hold our investment. Our equity securities are classified in Level 1 or 2 depending on the level of activity within the market.

Investment Securities, Held-to-Maturity

Investment securities, held-to-maturity consist of commercial mortgage-backed-securities. These securities are generally recorded at amortized cost, but are recorded at fair value on a non-recurring basis to the extent we record an OTTI on the securities. Fair value measurements are determined using quoted prices from external market participants, including pricing services. If quoted prices are not available, the fair value is determined using quoted prices of securities with similar characteristics or independent pricing models, which utilize observable market data such as benchmark yields, reported trades and issuer spreads.

Loans Held for Sale

Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The fair value is determined using actual market transactions when available. In situations when market transactions are not available, we use the income approach through internally developed valuation models to estimate the fair value. This requires the use of significant judgment surrounding discount rates and the timing and amounts of future cash flows. Key inputs to these valuations also include costs of completion and unit settlement prices for the underlying collateral of the loans. Fair values determined through actual market transactions are classified within Level 2 of the fair value hierarchy, while fair values determined through internally developed valuation models are classified within Level 3 of the fair value hierarchy.

Loans Held for Investment

Loans held for investment are recorded at outstanding principal, net of any deferred fees and unamortized purchase discounts or premiums and net of an allowance for loan losses. We may record fair value adjustments on a nonrecurring basis when we have determined that it is necessary to record a specific reserve against a loan and we measure such specific reserve using the fair value of the loan’s collateral. To determine the fair value of the collateral, we may employ different approaches depending on the type of collateral.

In cases where our collateral is a fixed or other tangible asset, including commercial real estate, our determination of the appropriate method to use to measure fair value depends on several factors including the type of collateral that we are evaluating, the age of the most recent appraisal performed on the collateral, and the time required to obtain an updated appraisal. Typically, we obtain an updated third-party appraisal to estimate fair value using external valuation specialists.

For impaired collateral dependent commercial real estate loans, we typically obtain an updated appraisal as of the date the loan is deemed impaired to measure the amount of impairment. In situations where we are unable to obtain a timely updated appraisal, we perform internal valuations which utilize assumptions and calculations similar to those customarily utilized by third party appraisers and consider relevant property specific facts and circumstances. In certain instances, our internal assessment of value may be based on adjustments to outdated appraisals by analyzing the changes in local market conditions and asset performance since the appraisals were performed. The outdated appraisal values may be discounted by percentages that are determined by analyzing changes in local market conditions since the dates of the appraisals as well as by consulting databases, comparable market sale prices, brokers’ opinions of value and other relevant data. We do not make adjustments that increase the values indicated by outdated appraisals by using higher recent sale comparisons.

Impaired collateral dependent commercial real estate loans for which ultimate collection depends solely on the sale of the collateral are charged off to the estimated fair value of the collateral less estimated costs to sell. For certain of these loans, we charged off to an amount different than the value indicated by the most recent appraisal. This was primarily the result of both factors causing the appraisal to be outdated as outlined above and other factors surrounding the loans not considered by appraisals, such as pending loan sales and other transaction specific factors. As of June 30, 2011 and December 31, 2010, we charged off an additional $76.3 million, net, and $58.2 million, net, respectively, in loan balances compared with amounts that would have been charged off based on the appraised values of the collateral. In addition, we have impaired collateral dependent commercial real estate loans with a carrying amount as of June 30, 2011 of $6.2 million for which we do not have appraisals. Valuations for the real estate collateral securing these loans are based on observable transactions and industry metrics.

Our policy on updating appraisals related to these originated impaired collateral dependent commercial real estate loans generally is to obtain current appraisals subsequent to the impairment date if there are significant changes to the underlying assumptions from the most recent appraisal. Some factors that could cause significant changes include the passage of more than twelve months since the time of the last appraisal; the volatility of the local market; the availability of financing; the inventory of competing properties; new improvements to, or lack of maintenance of, the subject property or competing surrounding properties; a change in zoning; environmental contamination; or failure of the project to meet material assumptions of the original appraisal. This policy for updating appraisals does not vary by commercial real estate loan type.

We continue to monitor collateral values on partially charged-off impaired collateral dependent commercial real estate loans and may record additional charge offs upon receiving updated appraisals. We do not return such partially charged-off loans to performing status, except in limited circumstances when such loans have been formally restructured and have met key performance criteria including compliance with restructured payment terms. We do not return such partially charged-off loans to performing status based solely on the results of appraisals.

In cases where our collateral is not a fixed or tangible asset, we typically use industry valuation benchmarks to determine the value of the asset or the underlying enterprise.

When fair value adjustments are recorded on loans held for investment, we typically classify them in Level 3 of the fair value hierarchy.

We determine the fair value estimates of loans held for investment for fair value disclosures primarily using external valuation specialists. These valuation specialists group loans based on credit rating and collateral type, and the fair value is estimated utilizing discounted cash flow techniques. The valuations take into account current market rates of return, contractual interest rates, maturities and assumptions regarding expected future cash flows. Within each respective loan grouping, current market rates of return are determined based on quoted prices for similar instruments that are actively traded, adjusted as necessary to reflect the illiquidity of the instrument. This approach requires the use of significant judgment surrounding current market rates of return, liquidity adjustments and the timing and amounts of future cash flows.

Other Investments

Other investments accounted for under the cost or equity methods of accounting are carried at fair value on a nonrecurring basis to the extent that they are determined to be other-than-temporarily impaired during the period. As there is rarely an observable price or market for such investments, we determine fair value using internally developed models. Our models utilize industry valuation benchmarks, such as multiples of EBITDA, to determine a value for the underlying enterprise. We reduce this value by the value of debt outstanding to arrive at an estimated equity value of the enterprise. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event will be used to corroborate our private equity valuation. Fair value measurements related to these investments are typically classified within Level 3 of the fair value hierarchy.

Warrants

Warrants are carried at fair value on a recurring basis and generally relate to privately held companies. Warrants for privately held companies are valued based on the estimated value of the underlying enterprise. This fair value is derived principally using a multiple determined either from comparable public company data or from the transaction where we acquired the warrant and a financial performance indicator based on EBITDA or another revenue measure. Given the nature of the inputs used to value privately held company warrants, they are classified in Level 3 of the fair value hierarchy.

FHLB SF Stock

Our investment in FHLB stock is recorded at historical cost. FHLB stock does not have a readily determinable fair value, but may be sold back to the FHLB at its par value with stated notice. The investment in FHLB SF stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses on our investment in FHLB stock have been recorded through June 30, 2011.

Derivative Assets and Liabilities

Derivatives are carried at fair value on a recurring basis and primarily relate to interest rate swaps, caps, floors, basis swaps and forward exchange contracts which we enter into to manage interest rate risk and foreign exchange risk. Our derivatives are principally traded in over-the-counter markets where quoted market prices are not readily available. Instead, derivatives are measured using market observable inputs such as interest rate yield curves, volatilities and basis spreads. We also consider counterparty credit risk in valuing our derivatives. We typically classify our derivatives in Level 2 of the fair value hierarchy.

Real Estate Owned

REO is initially recorded at its estimated fair value less costs to sell at the time of foreclosure if the related REO is classified as held for sale. REO held for sale is carried at the lower of its carrying amount or fair value subsequent to the date of foreclosure, with fair value adjustments recorded on a nonrecurring basis. REO held for use is recorded at its carrying amount, net of accumulated depreciation, with fair value adjustments recorded on a nonrecurring basis if the carrying amount of the real estate is not recoverable and exceeds its fair value. When available, the fair value of REO is determined using actual market transactions. When market transactions are not available, the fair value of REO is typically determined based upon recent appraisals by third parties. We may or may not adjust these third party appraisal values based on our own internally developed judgments and estimates. To the extent that market transactions or third party appraisals are not available, we use the income approach through internally developed valuation models to estimate the fair value. This requires the use of significant judgment surrounding discount rates and the timing and amounts of future cash flows. Fair values determined through actual market transactions are classified within Level 2 of the fair value hierarchy while fair values determined through third party appraisals and through internally developed valuation models are classified within Level 3 of the fair value hierarchy.

Other Foreclosed Assets

When we foreclose on a borrower whose underlying collateral consists of loans, we record the acquired loans at the estimated fair value at the time of foreclosure. Valuation of that collateral, which often is a pool of many small balance loans, is typically performed utilizing internally-developed estimates. These estimates rely upon default and recovery rates, market discount rates and the underlying value of collateral supporting the loans. Underlying collateral values may be supported by appraisals or broker price opinions. When fair value adjustments are recorded on these loans, we typically classify them in Level 3 of the fair value hierarchy.

Deposits

Deposits are carried at historical cost. The carrying amounts of deposits for savings and money market accounts and brokered certificates of deposit are deemed to approximate fair value as they either have no stated maturities or short-term maturities. Certificates of deposit are grouped by maturity date, and the fair value is estimated utilizing discounted cash flow techniques. The interest rates applied are rates currently being offered for similar certificates of deposit within the respective maturity groupings.

Credit Facilities

The fair value of credit facilities is estimated based on current market interest rates for similar debt instruments adjusted for the remaining time to maturity.

Term Debt

Term debt comprises term debt securitizations and our 2014 Senior Secured Notes. For disclosure purposes, the fair values of our term debt securitizations and 2014 Senior Secured Notes are determined based on actual prices from recent third party purchases of our debt when available and based on indicative price quotes received from various market participants when recent transactions have not occurred.

Other Borrowings

Our other borrowings comprise convertible debt and subordinated debt. For disclosure purposes, the fair value of our convertible debt is determined from quoted market prices in active markets or, when the market is not active, from quoted market prices for debt with similar maturities. The fair value of our subordinated debt is determined based on recent third party purchases of our debt when available and based on indicative price quotes received from market participants when recent transactions have not occurred.

Off-Balance Sheet Financial Instruments

Loan Commitments and Letters of Credit

Loan commitments and letters of credit generate ongoing fees at our current pricing levels, which are recognized over the term of the commitment period. For disclosure purposes, the fair value is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, the current creditworthiness of the counterparties and current market conditions. In addition, for loan commitments, the market rates of return utilized in the valuation of the loans held for investment as described above are applied to this analysis to reflect current market conditions.

Assets and Liabilities Carried at Fair Value on a Recurring Basis

Assets and liabilities have been grouped in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. Assets and liabilities carried at fair value on a recurring basis on the balance sheet as of June 30, 2011 were as follows:

					Significant
	Fair Value		Quoted Prices in		Other		Significant
	Measurement as of		Active Markets for		Observable		Unobservable
	June 30, 2011		Identical Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	($ in thousands)
Assets
Investment securities, available-for-sale:
Agency callable notes	$	124,990	$	—	$	124,990	$	—
Agency debt		56,964		—		56,964		—
Agency MBS		1,133,527		—		1,133,527		—
Assets-backed securities		19,890		—		19,890		—
Collateralized loan obligation		20,446		—		—		20,446
Corporate debt		5,778		—		5,061		717
Equity security		520		520		—		—
Municipal bond		3,235		—		—		3,235
Non-agency MBS		87,613		—		87,613		—
U.S. Treasury and agency securities		19,780		—		19,780		—
Total investment securities, available-for-sale		1,472,743		520		1,447,825		24,398
Investments carried at fair value:
Warrants		210		—		—		210
Other assets held at fair value:
Derivative assets		45,920		—		45,920		—
Total assets	$	1,518,873	$	520	$	1,493,745	$	24,608
Liabilities
Other liabilities held at fair value:
Derivative liabilities	$	78,184	$	—	$	78,184	$	—

Assets and liabilities carried at fair value on a recurring basis on the balance sheet as of December 31, 2010 were as follows:

					Significant
	Fair Value		Quoted Prices in		Other		Significant
	Measurement as of		Active Markets for		Observable		Unobservable
	December 31, 2010		Identical Assets (Level 1)		Inputs (Level 2)		Inputs (Level 3)
	($ in thousands)
Assets
Investment securities, available-for-sale:
Agency callable notes	$	162,888	$	—	$	162,888	$	—
Agency debt		103,430		—		103,430		—
Agency discount notes		164,974		—		164,974		—
Agency MBS		870,155		—		870,155		—
Collateralized loan obligation		12,249		—		—		12,249
Corporate debt		5,135		—		5,120		15
Equity security		263		263		—		—
Non-agency MBS		113,684		—		113,684		—
U.S. Treasury and agency securities		90,133		—		90,133		—
Total investment securities, available-for-sale		1,522,911		263		1,510,384		12,264
Investments carried at fair value:
Warrants		222		—		—		222
Other assets held at fair value:
Derivative assets		41,309		—		41,309		—
Total assets	$	1,564,442	$	263	$	1,551,693	$	12,486
Liabilities
Other liabilities held at fair value:
Derivative liabilities	$	78,287	$	—	$	78,287	$	—

A summary of the changes in the fair values of assets carried at fair value for the three months ended June 30, 2011 that have been classified in Level 3 of the fair value hierarchy was as follows:

	Investment Securities, Available-for-Sale
	Corporate		Collateralized		Municipal
	Debt		Loan Obligation		Bond		Total		Warrants			Total Assets
	($ in thousands)
Balance as of April 1, 2011	$	—	$	17,931	$	3,235	$	21,166	$	218		$	21,384
Realized and unrealized gains (losses):
Included in income		—		690		—		690		(8	)		682
Included in other comprehensive income, net		—		1,825		—		1,825		—			1,825
Total realized and unrealized gains (losses)		—		2,515		—		2,515		(8	)		2,507
Acquisitions:
Acquisitions		717		—		—		717		—			717
Balance as of June 30, 2011	$	717	$	20,446	$	3,235	$	24,398	$	210		$	24,608
Unrealized gains (losses) as of June 30, 2011	$	—	$	690	$	—	$	690	$	(8	)	$	682

A summary of the changes in the fair values of assets carried at fair value for the three months ended June 30, 2010 that have been classified in Level 3 of the fair value hierarchy was as follows:

	Investment Securities,
	Available-for-Sale
	Non-agency			Corporate								Total
	MBS			Debt		Total			Warrants			Assets
	($ in thousands)
Balance as of April 1, 2010	$	28		$	4,365	$	4,393		$	1,244		$	5,637
Realized and unrealized gains (losses):
Included in income		—			68		68			(560	)		(492	)
Included in other comprehensive income, net		—			339		339			—			339
Total realized and unrealized gains (losses)		—			407		407			(560	)		(153	)
Sales:
Sales		(28	)		—		(28	)		—			(28	)
Balance as of June 30, 2010	$	—		$	4,772	$	4,772		$	684		$	5,456
Unrealized gains (losses) as of June 30, 2010	$	—		$	68	$	68		$	(560	)	$	(492	)

Realized and unrealized gains and losses on assets and liabilities classified in Level 3 of the fair value hierarchy included in income for the three months ended June 30, 2011 and 2010, reported in interest income and gain on investments, net were as follows:

					Gain (Loss) on
	Interest Income				Investments, Net
	Three Months Ended June 30,
	2011		2010		2011			2010
	($ in thousands)
Total gains (losses) included in earnings for the period	$	690	$	68	$	(8	)	$	(560	)
Unrealized gains (losses) relating to assets still held at reporting date		690		68		(8	)		(560	)

A summary of the changes in the fair values of assets carried at fair value for the six months ended June 30, 2011 that have been classified in Level 3 of the fair value hierarchy was as follows:

	Investment Securities, Available-for-Sale
	Corporate			Collateralized Loan			Municipal
	Debt			Obligation			Bond			Total			Warrants			Total Assets
	($ in thousands)
Balance as of January 1, 2011	$	15		$	12,249		$	—		$	12,264		$	222		$	12,486
Realized and unrealized gains (losses):
Included in income		—			17,036			(1,496	)		15,540			1			15,541
Included in other comprehensive income, net		(15	)		10,161			—			10,146			—			10,146
Total realized and unrealized (losses) gains		(15	)		27,197			(1,496	)		25,686			1			25,687
Acquisitions and sales:
Acquisitions		717			—			4,731			5,448			—			5,448
Sales		—			(19,000	)		—			(19,000	)		(13	)		(19,013	)
Total acquisitions and sales		717			(19,000	)		4,731			(13,552	)		(13	)		(13,565	)
Balance as of June 30, 2011	$	717		$	20,446		$	3,235		$	24,398		$	210		$	24,608
Unrealized gains (losses) as of June 30, 2011	$	—		$	2,352		$	(1,496	)	$	856		$	(13	)	$	843

A summary of the changes in the fair values of assets and liabilities carried at fair value for the six months ended June 30, 2010 that have been classified in Level 3 of the fair value hierarchy was as follows:

	Investment Securities, Available-for-Sale
	Non-agency			Corporate		Collateralized
	MBS			Debt		Loan Obligation			Total			Warrants			Total Assets
	($ in thousands)
Balance as of January 1, 2010	$	61		$	4,457	$	1,326		$	5,844		$	1,392		$	7,236
Realized and unrealized gains (losses):
Included in income		—			125		636			761			(708	)		53
Included in other comprehensive income, net		—			190		(308	)		(118	)		—			(118	)
Total realized and unrealized gains (losses)		—			315		328			643			(708	)		(65	)
Sales:
Sales		(61	)		—		(1,654	)		(1,715	)		—			(1,715	)
Balance as of June 30, 2010	$	—		$	4,772	$	—		$	4,772		$	684		$	5,456
Unrealized gains (losses) as of June 30, 2010	$	—		$	125	$	—		$	125		$	(708	)	$	(583	)

Realized and unrealized gains and losses on assets classified in Level 3 of the fair value hierarchy included in income for the six months ended June 30, 2011 and 2010, reported in interest income and gain (loss) on investments, net were as follows:

	Interest Income				Gain (Loss) on Investments, Net
	Six Months Ended June 30,
	2011		2010		2011			2010
			($ in thousands)
Total gains (losses) included in earnings for the period	$	3,746	$	159	$	11,795		$	(106	)
Unrealized gains (losses) relating to assets still held at reporting date		2,347		125		(1,504	)		(708	)

Assets Carried at Fair Value on a Nonrecurring Basis

We may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. As described above, these adjustments to fair value usually result from the application of lower of cost or fair value accounting or write downs of individual assets. The table below provides the fair values of those assets for which nonrecurring fair value adjustments were recorded during the three and six months ended June 30, 2011, classified by their position in the fair value hierarchy. The table also provides the gains (losses) related to those assets recorded during the three and six months ended June 30, 2011.

									Total Gains (Losses)
			Quoted Prices in						Three			Six
	Fair Value		Active Markets for		Significant Other		Significant		Months			Months
	Measurement		Identical		Observable		Unobservable		Ended			Ended
	as of		Assets		Inputs		Inputs		June 30,			June 30,
	June 30, 2011		(Level 1)		(Level 2)		(Level 3)		2011			2011
	($ in thousands)
Assets
Loans held for investment(1)	$	181,657	$	—	$	—	$	181,657	$	(46,221	)	$	(96,572	)
Investments carried at cost		1,586		—		—		1,586		(182	)		(355	)
REO(2)		36,932		—		—		36,932		(11,080	)		(13,116	)
Loans acquired through foreclosure, net		23,392		—		—		23,392		398			(7,405	)
Total assets	$	243,567	$	—	$	—	$	243,567	$	(57,085	)	$	(117,448	)

(1)	Represents impaired loans held for investment measured at fair value of the collateral less transaction costs of $16.6 million.
(2)	Represents REO measured at fair value of the collateral less transaction costs of $1.7 million.

The table below provides the fair values of those assets for which nonrecurring fair value adjustments were recorded during the three and six months ended June 30, 2010, classified by their position in the fair value hierarchy. The table also provides the gains (losses) related to those assets recorded during the three and six months ended June 30, 2010.

									Total Gains (Losses)
			Quoted Prices in						Three			Six
	Fair Value		Active Markets for		Significant Other		Significant		Months			Months
	Measurement		Identical		Observable		Unobservable		Ended			Ended
	as of		Assets		Inputs		Inputs		June 30,			June 30,
	June 30, 2010		(Level 1)		(Level 2)		(Level 3)		2010			2010
	($ in thousands)
Assets
Loans held for sale	$	58,444	$	—	$	58,444	$	—	$	(7,467	)	$	(7,467	)
Loans held for investment(1)		604,883		—		—		604,883		(85,815	)		(184,088	)
Investments carried at cost		1,300		—		—		1,300		(232	)		(2,246	)
REO(2)		78,034		—		—		78,034		(17,597	)		(36,599	)
Loans acquired through foreclosure, net		71,454		—		—		71,454		(23,699	)		(38,869	)
Total assets	$	814,115	$	—	$	58,444	$	755,671	$	(134,810	)	$	(269,269	)

(1)	Represents impaired loans held for investment measured at fair value of the loan’s collateral less transaction costs of $23.2 million.
(2)	Represents REO measured at fair value of the collateral less transaction costs of $2.6 million.

Fair Value of Financial Instruments

A financial instrument is defined as cash, evidence of an ownership interest in an entity, or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity on potentially favorable terms. The methods and assumptions used in estimating the fair values of our financial instruments are described above.

The table below provides fair value estimates for our financial instruments as of June 30, 2011 and December 31, 2010, excluding financial assets and liabilities for which carrying value is a reasonable estimate of fair value and those which are recorded at fair value on a recurring basis.

	June 30, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value
	($ in thousands)
Assets:
Loans held for investment, net	$	5,206,007	$	5,275,206	$	5,717,316	$	5,767,160
Investments carried at cost		32,826		62,834		33,062		64,735
Investment securities, held-to-maturity		136,250		142,302		184,473		195,438
Liabilities:
Deposits		4,785,790		4,792,446		4,621,273		4,628,903
Credit facilities		—		—		67,508		66,464
Term debt		697,910		690,388		979,254		921,169
Convertible debt, net		528,909		539,898		523,650		539,297
Subordinated debt		440,168		255,297		437,286		253,626
Loan commitments and letters of credit		—		21,255		—		32,972