Investment Securities (Tables)

12 Months Ended

Dec. 31, 2011




(In thousands)	2011		2010
Available for sale:
U.S. government and federal agency obligations	$	364,665	$	455,537
Government-sponsored enterprise obligations	315,698		201,895
State and municipal obligations	1,245,284		1,119,485
Agency mortgage-backed securities	4,106,059		2,491,199
Non-agency mortgage-backed securities	316,902		455,790
Asset-backed securities	2,693,143		2,354,260
Other debt securities	141,260		176,964
Equity securities	41,691		39,173
Total available for sale	9,224,702		7,294,303
Trading	17,853		11,710
Non-marketable	115,832		103,521
Total investment securities	$	9,358,387	$	7,409,534




(Dollars in thousands)	Amortized Cost		Fair Value		Weighted Average Yield
U.S. government and federal agency obligations:
Within 1 year	$	7,753	$	8,010	5.42	%
After 1 but within 5 years	158,173		173,356		1.64
After 5 but within 10 years	162,604		183,299		1.49
Total U.S. government and federal agency obligations	328,530		364,665		1.65
Government-sponsored enterprise obligations:
Within 1 year	56,255		56,683		2.62
After 1 but within 5 years	130,587		133,969		1.85
After 5 but within 10 years	37,274		37,435		1.66
After 10 years	87,413		87,611		1.94
Total government-sponsored enterprise obligations	311,529		315,698		1.99
State and municipal obligations:
Within 1 year	104,945		106,281		3.44
After 1 but within 5 years	513,033		529,531		2.75
After 5 but within 10 years	375,836		390,333		3.00
After 10 years	227,026		219,139		2.27
Total state and municipal obligations	1,220,840		1,245,284		2.79
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,989,464		4,106,059		3.07
Non-agency mortgage-backed securities	315,752		316,902		6.10
Asset-backed securities	2,692,436		2,693,143		1.12
Total mortgage and asset-backed securities	6,997,652		7,116,104		2.46
Other debt securities:
Within 1 year	63,547		64,266
After 1 but within 5 years	71,643		76,994
Total other debt securities	135,190		141,260
Equity securities	18,354		41,691
Total available for sale investment securities	$	9,012,095	$	9,224,702




(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
December 31, 2011
U.S. government and federal agency obligations	$	328,530	$	36,135	$	—		$	364,665
Government-sponsored enterprise obligations	311,529		4,169		—			315,698
State and municipal obligations	1,220,840		35,663		(11,219		)	1,245,284
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,989,464		117,088		(493		)	4,106,059
Non-agency mortgage-backed securities	315,752		8,962		(7,812		)	316,902
Asset-backed securities	2,692,436		7,083		(6,376		)	2,693,143
Total mortgage and asset-backed securities	6,997,652		133,133		(14,681		)	7,116,104
Other debt securities	135,190		6,070		—			141,260
Equity securities	18,354		23,337		—			41,691
Total	$	9,012,095	$	238,507	$	(25,900	)	$	9,224,702
December 31, 2010
U.S. government and federal agency obligations	$	434,878	$	20,659	$	—		$	455,537
Government-sponsored enterprise obligations	200,061		2,364		(530		)	201,895
State and municipal obligations	1,117,020		19,108		(16,643		)	1,119,485
Mortgage and asset-backed securities:
Agency mortgage-backed securities	2,437,123		57,516		(3,440		)	2,491,199
Non-agency mortgage-backed securities	459,363		10,940		(14,513		)	455,790
Asset-backed securities	2,342,866		12,445		(1,051		)	2,354,260
Total mortgage and asset-backed securities	5,239,352		80,901		(19,004		)	5,301,249
Other debt securities	165,883		11,081		—			176,964
Equity securities	7,569		31,604		—			39,173
Total	$	7,164,763	$	165,717	$	(36,177	)	$	7,294,303




Significant Inputs	Range
Prepayment CPR	1% - 25%
Projected cumulative default	11% - 56%
Credit support	0% - 18%
Loss severity	33% - 57%




(In thousands)	2011			2010		2009
Balance at January 1	$	7,542		$	2,473	$	—
Credit losses on debt securities for which impairment was not previously recognized	170			353		3,619
Credit losses on debt securities for which impairment was previously recognized	2,368			4,716		—
Credit losses reversed on securities sold	—			—		(1,146		)
Increase in expected cash flows that are recognized over remaining life of security	(149		)	—		—
Balance at December 31	$	9,931		$	7,542	$	2,473




	Less than 12 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
December 31, 2011
State and municipal obligations	$	65,962	$	712	$	110,807	$	10,507	$	176,769	$	11,219
Mortgage and asset-backed securities:
Agency mortgage-backed securities	72,019		493		—		—		72,019		493
Non-agency mortgage-backed securities	23,672		784		118,972		7,028		142,644		7,812
Asset-backed securities	1,236,526		4,982		87,224		1,394		1,323,750		6,376
Total mortgage and asset-backed securities	1,332,217		6,259		206,196		8,422		1,538,413		14,681
Total	$	1,398,179	$	6,971	$	317,003	$	18,929	$	1,715,182	$	25,900
December 31, 2010
Government-sponsored enterprise obligations	$	10,850	$	530	$	—	$	—	$	10,850	$	530
State and municipal obligations	345,775		7,470		82,269		9,173		428,044		16,643
Mortgage and asset-backed securities:
Agency mortgage-backed securities	660,326		3,440		—		—		660,326		3,440
Non-agency mortgage-backed securities	15,893		36		170,545		14,477		186,438		14,513
Asset-backed securities	487,822		1,029		24,928		22		512,750		1,051
Total mortgage and asset-backed securities	1,164,041		4,505		195,473		14,499		1,359,514		19,004
Total	$	1,520,666	$	12,505	$	277,742	$	23,672	$	1,798,408	$	36,177




(In thousands)	2011			2010			2009
Proceeds from sales of available for sale securities	$	11,202		$	78,448		$	202,544
Proceeds from sales of non-marketable securities	8,631			192			5,308
Total proceeds	$	19,833		$	78,640		$	207,852
Available for sale:
Gains realized on sales	$	177		$	3,639		$	10,311
Losses realized on sales	—			(151		)	(9,989		)
Other-than-temporary impairment recognized on debt securities	(2,537		)	(5,069		)	(2,473		)
Non-marketable:
Gains realized on sales	2,388			52			1,087
Losses realized on sales	—			—			(170		)
Fair value adjustments, net	10,784			(256		)	(5,961		)
Investment securities gains (losses), net	$	10,812		$	(1,785	)	$	(7,195	)