Investment Securities (Tables)

6 Months Ended

Jun. 30, 2011

Investment Securities

Summary of amortized cost and estimated fair value for the major categories of securities available-for-sale

			Gross		Gross
	Amortized		Unrealized		Unrealized
(in thousands)	Cost		Gains		Losses			Fair Value
June 30, 2011
U.S. Treasury	$	13,036	$	40	$	—		$	13,076
Federal agency - Debt	1,841,579		6,534		(881		)	1,847,232
Federal agency - MBS	518,421		17,961		(1,656		)	534,726
CMOs - Federal agency	3,383,652		73,040		(2,791		)	3,453,901
CMOs - Non-agency	98,596		591		(8,104		)	91,083
State and municipal	344,561		13,496		(253		)	357,804
Other debt securities	48,826		2,746		(7,451		)	44,121
Total debt securities	6,248,671		114,408		(21,136		)	6,341,943
Equity securities and mutual funds	2,088		4,024		—			6,112
Total securities	$	6,250,759	$	118,432	$	(21,136	)	$	6,348,055
December 31, 2010
U.S. Treasury	$	14,070	$	47	$	(4	)	$	14,113
Federal agency - Debt	1,142,520		5,029		(5,221		)	1,142,328
Federal agency - MBS	540,768		13,379		(2,801		)	551,346
CMOs - Federal agency	3,442,238		65,494		(10,585		)	3,497,147
CMOs - Non-agency	126,819		1,147		(9,671		)	118,295
State and municipal	334,596		9,399		(615		)	343,380
Other debt securities	50,564		2,018		(8,952		)	43,630
Total debt securities	5,651,575		96,513		(37,849		)	5,710,239
Equity securities and mutual funds	6,545		3,891		—			10,436
Total securities	$	5,658,120	$	100,404	$	(37,849	)	$	5,720,675
June 30, 2010
U.S. Treasury	$	19,096	$	50	$	(1	)	$	19,145
Federal agency - Debt	1,084,703		6,432		(289		)	1,090,846
Federal agency - MBS	447,363		19,350		—			466,713
CMOs - Federal agency	2,455,952		74,401		(2,116		)	2,528,237
CMOs - Non-agency	234,330		1,753		(19,005		)	217,078
State and municipal	347,469		13,120		(167		)	360,422
Other debt securities	71,048		2,723		(6,624		)	67,147
Total debt securities	4,659,961		117,829		(28,202		)	4,749,588
Equity securities and mutual funds	8,128		3,427		—			11,555
Total securities	$	4,668,089	$	121,256	$	(28,202	)	$	4,761,143

Schedule of gross realized gains and losses on sales of securities available-for-sale

	For the three months ended						For the six months ended
	June 30,						June 30,
(in thousands)	2011			2010			2011			2010
Gross realized gains	$	2,621		$	491		$	2,781		$	4,993
Gross realized losses	(932		)	(136		)	(962		)	(2,504		)
Net realized gains	$	1,689		$	355		$	1,819		$	2,489

Schedule of remaining maturities of debt securities included in the securities portfolio

(in thousands)	One year or less		Over 1 year through 5 years		Over 5 years through 10 years		Over 10 years		Total
U.S. Treasury	$	10,072	$	3,004	$	—	$	—	$	13,076
Federal agency - Debt	1,258,008		525,285		63,939		—		1,847,232
Federal agency - MBS	45		198,026		288,692		47,963		534,726
CMOs - Federal agency	319,152		2,416,854		665,121		52,774		3,453,901
CMOs - Non-agency	11,569		41,943		37,571		—		91,083
State and municipal	42,026		168,958		92,198		54,622		357,804
Other	5,049		15,714		23,358		—		44,121
Total debt securities	$	1,645,921	$	3,369,784	$	1,170,879	$	155,359	$	6,341,943
Amortized cost	$	1,640,997	$	3,291,398	$	1,161,517	$	154,759	$	6,248,671

Schedule of total impairment losses recognized in earnings on other-than-temporarily impaired securities

(in thousands)	For the three months ended				For the six months ended
Impairment Losses on	June 30,				June 30,
Other-Than-Temporarily Impaired Securities	2011		2010		2011		2010
Non-agency CMOs	$	294	$	212	$	458	$	1,215
Perpetual preferred stock	—		294		—		294
Total	$	294	$	506	$	458	$	1,509

Schedule of roll forward of credit-related other-than-temporary impairment recognized in earnings for debt securities

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2011		2010		2011		2010
Balance, beginning of period	$	19,609	$	18,710	$	19,445	$	17,707
Subsequent credit-related impairment	294		186		458		1,189
Initial credit-related impairment	—		26		—		26
Balance, end of period	$	19,903	$	18,922	$	19,903	$	18,922

Summary of the gross unrealized losses and fair value of investment securities aggregated by investment category and length of time

	Less than 12 months				12 months or greater				Total
(in thousands)	Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss		Fair Value		Estimated Unrealized Loss
June 30, 2011
Federal agency - Debt	$	334,928	$	881	$	—	$	—	$	334,928	$	881
Federal agency - MBS	94,035		1,656		—		—		94,035		1,656
CMOs - Federal agency	384,986		2,791		—		—		384,986		2,791
CMOs - Non-agency	10,142		224		43,089		7,880		53,231		8,104
State and municipal	11,688		204		725		49		12,413		253
Other debt securities	—		—		15,756		7,451		15,756		7,451
Total securities	$	835,779	$	5,756	$	59,570	$	15,380	$	895,349	$	21,136
December 31, 2010
U.S. Treasury	$	5,028	$	4	$	—	$	—	$	5,028	$	4
Federal agency - Debt	561,205		5,221		—		—		561,205		5,221
Federal agency - MBS	109,381		2,801		—		—		109,381		2,801
CMOs - Federal agency	755,751		10,585		—		—		755,751		10,585
CMOs - Non-agency	7,718		18		61,571		9,653		69,289		9,671
State and municipal	25,845		558		700		57		26,545		615
Other debt securities	—		—		14,407		8,952		14,407		8,952
Total securities	$	1,464,928	$	19,187	$	76,678	$	18,662	$	1,541,606	$	37,849
June 30, 2010
U.S. Treasury	$	4,029	$	1	$	—	$	—	$	4,029	$	1
Federal agency - Debt	50,516		289		—		—		50,516		289
CMOs - Federal agency	293,008		2,116		—		—		293,008		2,116
CMOs - Non-agency	24,327		455		124,892		18,550		149,219		19,005
State and municipal	2,810		57		4,645		110		7,455		167
Other debt securities	4,585		31		16,933		6,593		21,518		6,624
Total securities	$	379,275	$	2,949	$	146,470	$	25,253	$	525,745	$	28,202