Investment Securities (Tables)

6 Months Ended

Jun. 30, 2012

Schedule of Unrealized Loss on Investments [Table Text Block]

The gross unrealized losses and fair value of the Company’s investments with unrealized losses, aggregated by investment category and the length of time individual securities have been in a continuous unrealized loss position, at June 30, 2012 and December 31, 2011 are as follows:



	Less Than 12 Months				12 Months or Greater				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2012
Debt securities:
Residential CMO securities - nonagency	$	501,091	$	7,243	$	393,745	$	21,381	$	894,836	$	28,624
Asset-backed securities	—		—		7,616		2,938		7,616		2,938
Corporate securities	—		—		2,916		2,071		2,916		2,071
Total debt securities	$	501,091	$	7,243	$	404,277	$	26,390	$	905,368	$	33,633
December 31, 2011
Debt securities:
Residential CMO securities - nonagency	$	573,928	$	16,646	$	226,507	$	24,191	$	800,435	$	40,837
Residential CMO securities - agency	6,224		78		—		—		6,224		78
Asset-backed securities	—		—		7,477		3,096		7,477		3,096
Corporate securities	—		—		2,404		2,583		2,404		2,583
Total debt securities	$	580,152	$	16,724	$	236,388	$	29,870	$	816,540	$	46,594

Schedule of Available for Sale and Held to Maturity Securities [Table Text Block]

The amortized cost and fair value of investment securities with gross unrealized gains and losses were as follows as of June 30, 2012 and December 31, 2011:



	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value		Carrying Amount
June 30, 2012
Available for sale:
Residential collateralized mortgage obligations (CMO) securities - agency	$	70	$	7	$	—	$	77	$	77
Residential CMO securities - nonagency	1,851,998		18,957		28,624		1,842,331		1,842,331
Residential mortgage-backed securities (MBS) - agency	266		15		—		281		281
Asset-backed securities (ABS)	10,554		—		2,938		7,616		7,616
Equity securities	77		144		—		221		221
Total available for sale securities	$	1,862,965	$	19,123	$	31,562	$	1,850,526	$	1,850,526
Held to maturity:
Residential CMO securities - agency	$	146,163	$	5,840	$	—	$	152,003	$	146,163
Residential MBS - agency	34,176		1,998		—		36,174		34,176
Corporate securities	10,276		—		2,071		8,205		10,276
Total held to maturity securities	$	190,615	$	7,838	$	2,071	$	196,382	$	190,615
December 31, 2011
Available for sale:
Residential CMO securities - agency	$	96	$	8	$	—	$	104	$	104
Residential CMO securities - nonagency	1,919,046		17,609		40,837		1,895,818		1,895,818
Residential MBS - agency	317		21		—		338		338
Asset-backed securities	10,573		—		3,096		7,477		7,477
Equity securities	77		108		—		185		185
Total available for sale securities	$	1,930,109	$	17,746	$	43,933	$	1,903,922	$	1,903,922
Held to maturity:
Residential CMO securities - agency	$	159,882	$	6,029	$	78	$	165,833	$	159,882
Residential MBS - agency	19,132		1,464		—		20,596		19,132
Corporate securities	10,504		—		2,583		7,921		10,504
Total held to maturity securities	$	189,518	$	7,493	$	2,661	$	194,350	$	189,518

Schedule of Other Than Temporary Impairment [Table Text Block]

Information regarding impairment related to credit loss recognized on securities in other noninterest income and impairment related to all other factors recognized in AOCI for the six months ended June 30, 2011 are as follows:



Debt securities:	Impairment Related to Credit Loss		Impairment Related to All Other Factors		Total Impairment
Balance, January 1, 2011	3,354		502		3,856
Additional charges on securities for which OTTI was previously recognized	685		(499	)	186
Reduction for securities on which a reduction in value was taken against earnings ⁽¹⁾	(4,039	)	—		(4,039	)
Accretion of impairment related to all other factors	—		(3	)	(3	)
Balance, June 30, 2011	—		—		—


(1)	The value for these securities for which impairment is related to credit loss were written down to a zero value during 2011 reflecting that the Company does not anticipate the ability to collect cash flows on these investments at any point in the future. This reduction in value was taken through earnings and thus, is reflected in the rollforward as a reduction of the credit loss balance to zero.

Investment Income [Table Text Block]

During the three and six months ended June 30, 2012 and 2011, interest and dividend income on investment securities was comprised of the following:



	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Interest income on available for sale securities	$	18,728	$	27,457	$	37,599	$	53,085
Interest income on held to maturity securities	1,409		1,637		2,809		2,009
Other interest and dividend income	562		239		840		483
	$	20,699	$	29,333	$	41,248	$	55,577

- Definition

Tabular disclosure of credit-related impairment and impairment related to all other factors on securities where other than temporary impairment (OTTI) related to credit losses has been 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.

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- Definition

Tabular disclosure of investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.

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